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Economy Watch: Consumers Feeling a Little Glum
The Reuters/University of Michigan consumer sentiment index—which has looked something like a seismograph needle jumping up and down in recent years—dipped downward again to end October at 73.2, down from the end of September reading of 77.5.
TODAY’S DEALS: Vantage to Acquire 650-Unit Apartment Outside Philly
Vantage enters a $70 million acquisition agreement; IPA brokers a Behringer Harvard sale in Connecticut; and IPA arranges a $31 million multifamily sale in Tampa, Fla.
Economy Watch: Fed Wants Big Banks to Beef Up Liquidity
The Federal Reserve proposed a rule to make too-big-to-fail banks and other deep-pocket entities less likely to fail.
TODAY’S DEALS: Portland Development Lands Financing Via HFF
TMT Developments lands construction financing for a 30-story, mixed-use tower; NorthMarq provides $16.2 million for a Miami apartment refinancing; and BMC arranges a cash-out refinance for a large loan in a tertiary market.
Economy Watch: Home Price Grows, Slows
In another indication that home price appreciation isn’t quite as fleet-footed as it has been recently, the Federal Housing Finance Agency said that its House Price Index was up 0.3 percent in August compared with the previous month.
TODAY’S DEALS: Diversified International, Alliance Residential Buy a Tempe Asset
Transwestern brokers a 84-unit sale in Tempe; and CBRE/New England arranges a $21.5 million sale in Boston.
Economy Watch: Jobs Report Mediocre Throughout
The delayed U.S. employment report for September from the Bureau of Labor Statistics turned in a modest 148,000 new jobs for the month and noted a downtick in the unemployment official rate, from 7.3 percent to 7.2 percent—though that was mostly because of a small decline in workforce participation.
TODAY’S DEALS: NorthMarq Arranges $38M Acquisition Financing for Minnesota Asset
NorthMarq Capital arranges financing for a 361-unit acquisition; Beech Street Capital Closes $32.7 million to refinance two assets in Orange County, Calif.
Economy Watch: Apartment Market Weakens a Little, According to NMHC
The National Multi Housing Council reported that all four indexes of its October Survey of Apartment Market Conditions dipped below 50 for the first time since July 2009.