National
Tight Credit, Flawed Appraisals and Erratic Supply Chain Hurt Jobs, Housing
The budding housing revival driven by pent-up consumer demand still faces a number of obstacles, including tight credit for builders along with a stretched lot and building supply system in many markets that are barely keeping up with demand.
TODAY’S DEALS: SoCal LIHTC Property Trades for $23.4M
Marcus & Millichap arranges the $23.4 million sale of LIHTC property; SBV Communities enters South Carolina with a 332-unit buy; and Alliant Capital closes on a $4.95 million loan.
Economy Watch: LPS: Home Prices Edge up in December
Ahead of Tuesday’s Case-Shiller numbers, Lender Processing Services released its LPS Home Price Index report, which is based on December 2012 residential real estate transactions. According to the index, U.S. home prices were up 0.1 percent in December compared with November, and up 5.8 percent year-over-year.
TODAY’S DEALS: TGM Associates Buys 712-Units in Chicago Suburb
TGM Associates buys a 712-unit asset from RREEF; Oak Grove Capital originates five loans in two weeks; and a Southern California LIHTC property sells for $23.4 million.
Economy Watch: Gas Prices Pause in Upward March
Gas prices did something a little unusual over the weekend: they went down slightly. According to AAA, Saturday’s national average was down a 10th of a cent per gallon compared with Friday, and Sunday’s average was down a bit more compared with Saturday, from $3.78 to $3.777 a gallon.
TODAY’S DEALS: Walker & Dunlop Provides $31.8M Refi for San Diego Portfolio
Walker & Dunlop arranges a $32.8 million refinance for a San Diego portfolio; and NorthMarq Capital arranges a $20 million bank loan for an off-campus student housing portfolio.
TODAY’S DEALS: JV Lands Acquisition Financing for N.C. Student Asset
Pierce Education and Core Properties land acquisition financing through HFF; Behringer Harvard acquires a 312-unit community in Jacksonville; and McKinley obtains a $14.2 million bridge loan with Bank of America.
Economy Watch: Housing Starts Drop in January
The Census Bureau reported on Wednesday that housing starts took a dip in January.
TODAY’S DEALS: GID Announces Phase II of Dallas Mixed-Use Development
GID Development reveals more details on its Dallas project; The Alexander Anderson Real Estate Group arranges $9.5 million for a 40-unit asset in Union City, N.J.; and Eastern Union’s $25 million in financings yield interest rates of 3.25 and 3.5 percent.
Economy Watch: Homebuilder Confidence Sees Downtick
For the homebuilding industry, the last year or so has been one of increasing optimism, buoyed by increasing sales.