National
TODAY’S DEALS: Starlight Multi-Family Fund Buys a Texas Portfolio
A Canadian fund makes its first investment with a Texas acquisition; Militello Capital and QR Capital purchase two communities in Georgia; and Canyon funds a $42 million senior construction loan.
Economy Watch: Pending Home Sales Dip
Ahead of housing permit numbers from the government, which is a forward-looking indicator for the housing market, the National Association of Realtors reported that its forward-looking Pending Home Sales Index, which is based on contracts signed but not closed, dropped.
TODAY’S DEALS: Meridian Capital Arranges $250M in Refinancing for New York Property
Meridian Capital Group LLC negotiated a $250 million mortgage for the refinancing of the Aire multifamily property; a Mack-Cali subsidiary buys a 159-unit asset from Landmark Cos.; and IPA arranges a 1,176-unit sale in suburban Philadelphia.
Data Shows Americans Moving Less; What This Means for Multifamily
Americans are on the move, though not as much as in recent years. According to the U.S. Census Bureau, 35.9 million U.S. residents (or 11.7 percent) moved between 2012 and 2013. This shows a decline from the 12 percent of Americans who moved in 2012.
Economy Watch: Majority of States See Unemployment Rate Drops
The Bureau of Labor Statistics reported that 28 states had unemployment rate decreases in October compared with September, while 11 states and the District of Columbia saw increases and 11 states experienced no change.
Economy Watch: Negative Equity Nose Dives
Zillow reported that one of the persistent hangovers of the housing bubble and the recession that followed, namely negative residential equity, dropped in the third quarter of 2012 to 21 percent of all homeowners with a mortgage.
Economy Watch: Fed Mulls Tapering in the Near Future
The Federal Open Market Committee released the minutes from its Oct. 29-30 meeting, and one of the more closely watched subjects taken up in was tapering.
Economy Watch: Bernanke Defends Fed Stimulus
Probably with an eye toward his legacy, Fed Chairman Ben Bernanke spoke at the National Economists Club Annual Dinner in Washington, defending his actions as chairman and offering some reasons for the continued bond-buying program.
TODAY’S DEALS: Advenir Acquires 400 Units in North Miami
Advenir completes a $44.5 million acquisition; NorthMarq arranges $89.1 million to refinance a California portfolio; and Centerline provides a $19.5 million Fannie Mae refinance and obtains waivers for a Baltimore property in less than 60 days.
Economy Watch: Homebuilders Still Confident
Builder confidence in the market for newly built, single-family homes was unchanged in November from a downwardly revised level of 54 in October, according to the National Association of Home Builders.