National
Mortgage Applications Decrease as Rates Reach Two-year High in Latest MBA Weekly Survey
Mortgage applications decreased 11.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 28, 2013.
Economy Watch: More Evidence of Residential Strength
Another measure of the U.S. residential market, coming on the heels of strong Case-Shiller numbers last week, came in positive.
TODAY’S DEALS: HFF Arranges $371.7M for Tishman Condo in San Francisco
Tishman Speyer lands construction financing with help from HFF; BRE Properties sells a Los Angeles asset for $46.8 million; and NorthMarq Capital arranges a $14 million loan from a life insurance company for note acquisition deal.
Economy Watch: Construction Spend Rises in May
The Census Bureau said that U.S. construction spending during May was at an annualized rate of $874.9 billion, 0.5 percent above the revised April rate. The May figure is 5.4 percent above the May 2012 total of $830.4 billion.
TODAY’S DEALS: Capri Capital, Kennedy Wilson Buy 437 Units in Marina del Rey
Capri Capital and Kennedy Wilson complete a $225 million purchase; CBRE facilitates a 110-unit sale in San Diego; and Meridian Capital Group arranges a $12 million refinance loan for a Pennsylvania community.
Economy Watch: Mortgage Delinquencies Drop
Fannie Mae reported on Friday that the single-family serious delinquency rate for the mortgages that it owns and insures dropped in May to 2.83 percent from 2.93 percent in April, down to the lowest level since January 2009, when delinquencies were on the way up.
TODAY’S DEALS: CBRE Global Investors Acquires D.C.-Area Community
CBRE buys a 413-unit asset in Ashburn, Va. and HFF provides a $13.8 million mezzanine loan for an Edwards Companies development.
Economy Watch: Pending Home Sales Continue Rising
The National Association of Realtor’s Pending Home Sales Index, a forward-looking indicator based on residential contract signings, but not closings, increased 6.7 percent to 112.3 in May from 105.2 in April.
TODAY’S DEALS: NorthMarq Arranges $32M for California Construction
NorthMarq arranges construction financing for a JV development; Korman Communities sells a 124-unit community with help from HFF; and Crescent Communities buys two acres for a TOD development in Orlando.
Economy Watch: First Quarter GDP Revised Downward
Real gross domestic product increased at an annualized rate of 1.8 percent in the first quarter of 2013, according to the third and final estimate by the Bureau of Economic Analysis.