Total returns for commercial real estate and apartment investment fell in the third quarter, according to statistics from the National Council of Real Estate Investment Fiduciaries.
Financing volume has increased this year, as reflected in the Mortgage Bankers Association’s (MBA) originations volume index. Compared to the same period a year ago, the third quarter financing index is 30 percent higher.
The New York City multifamily foreclosure rate has returned to the second quarter level with respect to the number of properties scheduled for foreclosure auctions.
The seasonally-adjusted September starts of 260,000 units represent the highest starts level in four years, according to the National Association of Home Builders (NAHB). This rate of multifamily starts is likely to be sustainable, according to NAHB. And permits for the same month are at the highest reading since June 2008.
According to NAHB, condo and coop prices, at $181,000, have increased by 10 percent compared to prices in September 2011. Median prices have increased in each of the past nine months.
Condo and coop sales, meanwhile, remain unchanged in September, but are up 12.5 percent over sales levels a year ago.