National
Economy Watch: Unemployment Claims Bounce Back Upward
Proving itself to be the volatile indicator that it’s frequently asserted to be, the number of initial unemployment claims spiked upward for the week ending October 13th to 388,000, according to the U.S. Department of Labor.
TODAY’S DEALS: Distressed Miami Property to See New Life with $20M Redevelopment
A $20 million affordable redevelopment breaks ground in Miami; Bridge Partners buys a 352-unit asset; and Mesa West Capital provides $21 million in acquisition financing.
Economy Watch: Housing Starts Spike in September
The Census Bureau reported on Wednesday that housing starts jumped in September to an annualized rate of 872,000 units. That’s 15 percent more than the revised August estimate of 758,000, and a whopping 34.8 percent above the September 2011 rate.
TODAY’S DEALS: HCP to Buy 133 Senior Communities for $1.73B
HCP to buy $1.73 billion in seniors housing; PRG buys a 216-unit asset in Durham; and Boston Capital invests in two affordable seniors rehabilitation projects.
Economy Watch: Homebuilders a Bit More Perky
The National Association of Home Builders reported on Tuesday that its housing market index edged up by one point in October to 41, meaning that the industry is more optimistic than at any time since June 2006, when the index was headed the other way in the face of the gathering storm in homebuilding.
TODAY’S DEALS: EdR Completes a $67M Acquisition in Arizona
EdR buys an Arizona asset; Waterton Associates completes its sixth Denver purchase in 2012; and NorthMarq Capital arranges a $22.65 million mortgage.
Economy Watch: Retail Sales Advance in September
The Census Bureau reported on Monday that U.S. retail sales for September were up 1.1 percent compared with August, and up 5.4 percent compared with September 2011.
NAREIT Explores 2012 Multifamily REITs
According to a recent report from the National Association of Real Estate Investment Trusts, the U.S. REIT market as a whole underperformed in the third quarter of 2012, but outpaced the broader market in the first nine months of the year.
TODAY’S DEALS: Sacramento Assets Trade for $58.8M
ARA completes two Sacramento transactions; Aimco closes a $190.7 million loan to finance a major Venice, Calif., redevelopment initiative; and Meridian Capital negotiates $34.8 million in financing for fractured condos, multifamily and cooperative properties.
Economy Watch: Wholesale Prices Up in September Due to Energy
The Bureau of Labor Statistics reported on Friday that the Producer Price Index for finished goods rose 1.1 percent in September. At the earlier stages of processing, prices received by manufacturers of intermediate goods rose 1.5 percent in September, and the crude goods index advanced 2.8 percent.