National
Economy Watch: More Housing Indexes Point Upward
U.S. house price appreciation continued in May, according to the Federal Housing Finance Agency, rising 0.7 percent from the previous month, as measured by the agency’s monthly House Price Index.
TODAY’S DEALS: The Richman Group Closes $291M in Affordable Tax Credit Funds
The Richman Group to add 3,000 affordable units to its portfolio; Quantum Capital arranges $19.3 million in financing for a San Diego portfolio; and Ariel Property brokers the sale of a five-building portfolio located in Queens, N.Y., for $38 million.
Economy Watch: Total Existing-Home Sales Dropped
The National Association of Realtors reported that total existing-home sales dropped 1.2 percent in June to an annualized rate of 5.08 million units—including single-family, condos, co-ops and townhouses—from a downwardly revised 5.14 million units in May.
Economy Poised for a Stronger Second Half of 2013
The ongoing housing recovery coupled with improvement in both consumer confidence and the labor market are expected to boost economic growth in the second half of the year, according to Fannie Mae’s Economic & Strategic Research Group.
TODAY’S DEALS: Harbor Group Sells 430-Unit Asset in Virginia Beach
ARA brokers a 430-unit sale; and Marcus & Millichap Capital Corp. arranges a $8.4 million refinancing for a mid-rise in Los Angeles.
Economy Watch: Unemployment Rates Edge Up in Many States
The Bureau of Labor Statistics reported that 28 states experienced unemployment rate upticks in June: 11 states had decreases, and 11 states and the District of Columbia saw no change.
TODAY’S DEALS: Passco Completes $28M Buy in Durham
Passco Companies buys a 280-unit asset; Centerline provides a $113.7 million refinance for a Northern California portfolio; and Walker & Dunlop closes loans for properties in the Mid-Atlantic.
Economy Watch: Detroit Files for Chapter 9
On Thursday, Detroit became the largest city in the nation ever to file for the municipal version of bankruptcy, Chapter 9.
TODAY’S DEALS: Cortland Partners Buys 1,037 Units in Texas and Florida
Cortland Properties completes three acquisitions totaling $130.3 million; SBV buys a 109-unit asset in Greensboro; and Cohen Financial secures more than $31 million for three multifamily properties.
Economy Watch: Downswing in Apartment Construction
The Census Bureau reported that housing starts came in at an annualized rate of 836,000 in June, or 9.9 percent below the May total of 928,000.