National
Economy Watch: Number of Underwater Mortgages Drops
Black Knight (formerly LPS) released its Mortgage Monitor report, reporting that 5.52 percent of U.S. residential mortgages were delinquent for the month, down from 5.97 percent in February (more than 30 days late, but not in foreclosure).
TODAY’S DEALS: Lincoln Completes Largest Texas M-F Sale of 2014
ARA brokers Lincoln Property Co.’s sale of a 784-unit asset in Irving, Texas; NorthMarq Capital completes a $20.5 million refinance for a San Francisco property; and Dougherty Mortgage closes $5.5 million for an affordable asset in St. Paul, Minn.
Economy Watch: April Job Increases Broad-Based
Recent employment numbers came in better than expected, posting the largest employment rise in about two years, though it isn’t clear yet whether the increase is a one-off surge or the start of a longer-term pattern of healthy job creation—something that’s been a long time in coming
Economy Watch: Construction Spending Rises in March
The Census Bureau reported that construction spending during March was at an annualized rate of $942.5 billion, or 0.2 percent above the revised February rate. The March 2014 figure is 8.4 percent above the March 2013’s annualized rate of $869.2 billion.
Economy Watch: GDP Barely Rises in Q1
Real gross domestic product in the United States increased at an annualized rate of 0.1 percent in the first quarter of 2014, according to the “advance” estimate released by the Bureau of Economic Analysis.
TODAY’S DEALS: Abacus Capital Picks Up Chicago Asset from AEW JV
HFF arranges a 100-unit sale in Chicago; Boston Capital invests in two LIHTC developments in Boulder, Colo.; and Hendricks-Berkadia negotiates the sale of an apartment community in Tampa, Fla.
Economy Watch: Home Prices Still Rising, But Not as Fast
S&P Dow Jones Indices reported that the Case-Shiller Home Price Indices, which it publishes, showed that home prices are still going up on an annual basis, though not as much as they have been.
TODAY’S DEALS: Embrey Partners Sells 263 Units in Colorado
Inland Real Estate Group buys a Colorado asset from Embrey Partners; KeyBank provides $28.7 million for a development in North Carolina; and NorthMarq Capital closes on a $10.8 million refinance that won favorable pricing.
Axiometrics Report Highlights Apartment Rent Growth in March
The national apartment market experienced a slight uptick in annual effective rent growth during March 2014, increasing at a rate of 3.1 percent, according to the monthly report by Axiometrics.
Economy Watch: Pending Home Sales See Uptick
Housing numbers have been trending negative lately, at least in terms of sales (prices are still going up), but the National Association of Realtors reported that after months of going nowhere, its pending home sales rose in March.