National
2013 Mid-Year Outlook: Economic Growth On the Road to “Normal”
The U.S. may be well into a prolonged period of steady economic growth, but it hasn’t yet reached its full potential, according to Fannie Mae’s Economic & Strategic Research Group.
Economy Watch: Fewer Homes Underwater in First Quarter
CoreLogic reported that about 850,000 U.S. residential properties were no longer underwater as of the end of the first quarter of 2013 or, as the company put it, “returned to a state of positive equity.”
Detroit and Other Michigan Cities to Share $100 Million Demolition Grant
In an effort to solve the issue of blighted and dangerous properties across the state and reduce crime in neighborhoods, Gov. Rick Snyder last week announced that the U.S. Department of the Treasury granted $100 million under a pilot program that enables states to decide locally on actions that prevent foreclosures and support the housing recovery.
TODAY’S DEALS: ABR, Chartwell Holdings Buy 384-Units in Charlotte
Alex. Brown Realty and Chartwell complete a value-add buy in N.C.; Peak Capital Partners acquires a 216-unit community in Albuquerque; and Alliant Capital closes on a $1 million refinance loan.
Economy Watch: Job Openings Down
The Bureau of Labor Statistics released the Job Openings and Labor Turnover Summary, which casts a bit of a different light on the national employment picture.
TODAY’S DEALS: KBS Legacy Partners Acquires 305-Unit Asset
KBS Legacy Partners Apartment REIT completes a $33.6M buy in South Carolina; The Bascom Group closes a 175-unit acquisition in Palm Springs; and Alliant Capital closes three refinancing loans.
Economy Watch: Fed May Continue Stimulus (or Maybe Not)
According to St. Louis Federal Reserve President James Bullard, speaking at 19th Annual Conference of Montreal, which was organized by the International Economic Forum of the Americas, low U.S. inflation has been a surprise.
Arlington’s Newly Built Grayson Flats Sold for $33M
Insight Property Group and Buvermo Investments Inc. have sold the Grayson Flats apartments in Arlington last month for $33 million, or roughly $492,500 per unit. The buyer, an affiliate of local development company Silverwood Companies, acquired the property about a month after it was finished.
TODAY’S DEALS: Forestar Group Sells 289-Unit Austin Asset
ARA brokers a sale for The Forestar Group; Transwestern facilitates the sale of a Houston property for HIG Realty Partners; and Aries Capital arranges a $7.5 million seniors housing construction loan that also funds pre-construction costs.
Economy Watch: Employment Surprises on the Upside
The creation of 175,000 jobs in May by the U.S. economy, as reported by the Bureau of Labor Statistics, was taken as good news mainly because economists, pundits, and investors were expecting a mediocre or worse report (even though it was only a little better than mediocre).