National
Economy Watch: Housing Starts Drop in November
Private housing starts in November came in at an annualized rate of 861,000 units, according to the Census Bureau. That’s 3 percent below the revised October estimate of 888,000, and adjusted for the fact that colder weather slows down housing construction.
TODAY’S DEALS: Post Brothers Completes Largest Market-Rate Philly Buy in 2012
Post Brothers acquires a Philly asset for $51 million; Berkeley Point Capital arranges a $29.1 million first mortgage to pay off an existing bridge loan; and Lee & Associates brokers a $15.6 million sale in Burbank, Calif.
Refinance Applications Fall to Lowest Level in Over a Month in Latest MBA Weekly Survey
Mortgage applications decreased 12.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 14, 2012.
Economy Watch: Homebuilders Feeling a Little More Optimistic
The National Association of Home Builders reported that builder confidence in the market for new single-family homes rose for an eighth consecutive month in December to 47 on the National Association of Home Builders/Wells Fargo Housing Market Index.
Economic Activity Continues to Underperform Despite Third Quarter Spike
The accelerated pace of economic activity seen in the third quarter has ebbed, revealing a continued sluggish recovery in the fourth quarter, according to Fannie Mae’s Economic & Strategic Research Group.
TODAY’S DEALS: Spirit Bascom Completes $43.4M Connecticut Purchase
Spirit Bascom Ventures buys a $43.4 million property in Connecticut; Kennedy Wilson grabs a $41 million asset in Washington; and NorthMarq arranges $38 million in acquisition financing supplied by a life insurance company.
TODAY’S DEALS: JP Morgan Sells 250-Unit Texas Asset
Cortland Partners buys an asset from JP Morgan in Texas; Grandbridge arranges $21 million for a student housing community in Minnesota; and Jones Lang LaSalle brokers an Inland Empire sale by Essex Property Trust to Western National.
Economy Watch: CPI Drops for First Time in Six Months
The Bureau of Labor Statistics reported on Friday that the U.S. Consumer Price Index declined 0.3 percent in November compared with October, the first time since May that the all-price index has edged down.
TODAY’S DEALS: AFL-CIO Invests $33.5M in Boston Public Housing Redevelopment
HIT provides $33.5 million for a public housing rehab; Mesa West Capital funds a $32.3 million loan in two weeks; and Walker & Dunlop places $19.8M for a pair of LIHTC assets in Virginia.
MBA Publishes White Paper on the Future of Multi-Housing Finance and the Government-Sponsored Enterprises
The Mortgage Bankers Association (MBA) released a white paper that underscores the importance of multifamily rental housing and examines the role of the Government Sponsored Enterprises in multifamily housing finance going forward.