Greystone Provides $62 Million Freddie Mac Loan for Multifamily …

NEW YORK, Aug. 31, 2016 — Greystone, a real estate lending, investment and advisory company, today announced it has closed a $62,000,000 Freddie Mac loan for a 510-unit multifamily property in Marietta, GA. The loan for Watermark at East Cobb was closed by Keith Hires and Greg Krafcik of Greystone and arranged by Mike Galla and David Collie of iCap Realty Partners.

Greystone provided a $58,000,000 bridge loan in 2015 for the recapitalization of Watermark at East Cobb, and then guided Cortland Partners to a permanent exit with Freddie Mac’s Program Plus platform within 11 months. The 7-year floating rate Freddie Mac loan includes 2 years of Interest-only followed by 30-year amortization for the remaining term.

Watermark at East Cobb is a luxury rental community in the Atlanta metro area which offers residents two resort-style pools; tennis courts; an athletic center; playground; volleyball courts; outdoor kitchen; nature trail; fishing lake; and pet park. 

“Having seen the benefits of Greystone’s bridge-to-permanent financing process with Park 83 in Roswell, we were confident the takeout for Watermark at East Cobb would be equally successful,” said Mike Altman, Chief Investment Officer, Cortland Partners. “Greystone’s soup-to-nuts finance offerings and stellar execution have made our investment portfolio stronger, and we continue to seek Greystone out as a lending advisor and partner in future opportunities.”

“Greystone’s Agency lending platform has continued to prove itself as a highly attractive permanent financing option for multifamily property owners, and this financing has contributed to a record amount of Freddie Mac financing provided by Greystone in 2016,” said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leading commercial mortgage lender, consistently ranking as a top FHA and Fannie Mae lender in multifamily and healthcare financing. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Director of Communications, Greystone
212-896-9149
[email protected]

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5 Coastline Realty Agents Receive Awards

Carol Menz

Carol Menz

Carol Menz

Margaret Bethel

Margaret Bethel

Margaret Bethel

Ami Menz

Ami Menz

Ami Menz

Richard Parker

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Posted: Friday, July 1, 2016 10:27 am

5 Coastline Realty Agents Receive Awards

Sponsored

CapeMayCountyHerald.com

Carol Menz, Margaret Bethel, Ami Menz, Richard Parker and Kimberly Gipple of Coastline Realty in Cape May recently received NJ REALTORS Circle of Excellence Million Dollar Sales awards from the Cape May County Association of Realtors, an achievement only six percent of NJAR Members received. FIVE Award Winning Agents in ONE office. What an achievement! Together with their exceptional service and commitment to their customers, the awardees were cited for their high level of sales in 2015. 

Carol Menz, Broker/Owner, was awarded the Platinum Award for outstanding sales handling over $21 million in real estate sales, and is one of 17 realtors who achieved this award in Cape May County in 2015. Carol holds the National Association of Realtors Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), Graduate Realtor Institute (GRI), Seniors Real Estate Specialist (SRES), Short Sales and Foreclosure Resource (SFR), and Resort Second-Home Property Specialist (RSPS) designations, is the 2011 and 2015 Five Star Award Winner for NJ realtors who scored highest overall satisfaction, is in the NJAR Distinguished Sales Club, and has been an award winning agent since 2000. Carol is on the Board of Directors, Multiple Listing Service Director and is on the Professional Standards Committee, all for the Cape May County Association of Realtors.

Margaret Bethel, Sales Associate, received the Bronze Award for outstanding sales handling over $2.5 million in real estate transactions. Margaret has won the Circle of Excellence Award multiple times. She has been on the Board of Directors for the Cape May County Association of Realtors for four years. She also sits on the Grievance Committee and the Scholarship Committee.

Ami Menz, Broker Associate, received the Bronze Award for outstanding sales handling over $6.2 million in real estate transactions. Ami has won the Circle of Excellence Award multiple times. She holds the National Association of Realtors Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), Graduate Realtor Institute (GRI), Seniors Real Estate Specialist (SRES), and Resort Second-Home Property Specialist (RSPS) designations.

Richard Parker, Sales Associate, received the Bronze Award for outstanding sales handling over $4.5 million in real estate transactions. Richard has won the Circle of Excellence Award multiple times. Richard holds the National Association of Realtors Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), and Graduate Realtor Institute (GRI) designations.

Kimberly Gipple, Realtor Sales Associate, received the Bronze Award for outstanding sales handling over $2.9 million in real estate transactions in just seven short months after returning to being a full-time real estate agent.

You can reach Carol, Margaret, Ami, Richard and Kimberly seven days a week in the office at 609-884-5005, or any time on their cell phones; Carol (609-374-0325), Margaret (609-408-1012), Ami (609-425-5756), Richard (609-602-8234), Kimberly (609-972-9302). Visit the office website at www.CoastlineRealty.com. Call them today for award-winning services!


More about Coastline Realty

  • ARTICLE: Coastline Realty Welcomes Bonnie Allamong
  • ARTICLE: Kimberly Gipple of Coastline Realty Receives RSPS Certification
  • ARTICLE: 5 Coastline Realty Agents Receive Awards
  • ARTICLE: Carol and Ami Menz of Coastline Realty, Cape May Receive RSPS Certification

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  • ARTICLE: Coastline Realty Welcomes Bonnie Allamong

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US Pending Home Sales Index Rose 1.3% in July

A house in Walpole, Mass., was listed as sold in May. The National Association of Realtors’ pending home sales index reached a post-housing bust peak of 115.0 in April and now sits at the second-highest level of 2016.
ENLARGE

WASHINGTON—A measure of homes under contract for sale rose in July, a sign of steady demand amid low interest rates and rising employment.

The National Association of Realtors’ pending home sales index, which tracks contract signings for purchases of previously owned homes, increased a seasonally adjusted 1.3% to 111.3 in July, the trade group said Wednesday. Sales then typically close within a month or two of signings.

Economists surveyed by The Wall Street Journal had expected a 0.7% rise.

The index had registered at a downwardly revised 109.9 in June. It reached a post-housing bust peak of 115.0 in April and now sits at the second-highest level of 2016.

July’s reading was 1.4% above its year-ago level.

“More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale,” said Lawrence Yun, NAR’s chief economist.


News Corp.
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, owner of The Wall Street Journal, also owns Move Inc., which operates a website and mobile products for the National Association of Realtors.

The housing market has been a relative bright spot in the economy in recent years, though it has shown signs of cooling amid high prices and tight inventories. Last week, the Realtors group reported that the pace of existing-home sales fell 3.2% last month from June to a seasonally adjusted annual rate of 5.39 million.

A separate report shows home prices posting another strong gain. The SP CoreLogic
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Case-Shiller Indices, covering the entire nation, rose 5.1% in the 12 months ended in June, identical to the increase reported in May.

“While some of the near-term signals on the housing market have been mixed, we still expect the housing recovery to continue over time,” said Daniel Silver, economist at J.P. Morgan Chase.

Pending sales were up in July across most of the country. In the Northeast the index rose 0.8% to 96.8, in the South it was up 0.8% to 123.9 and in the West it jumped 7.3% to 108.7.

Pending sales fell in the Midwest. The index for the region decreased 2.9% to 105.8 in July.

Low mortgage rates and continuing job creation may be luring more would-be buyers into the market.

The housing market has been a relative bright spot in the economy in recent years, though it has shown signs of cooling amid high prices and tight inventories. Last week, the Realtors group reported that the pace of existing-home sales fell 3.2% last month from June to a seasonally adjusted annual rate of 5.39 million.

A separate report Tuesday showed home prices posted another strong gain. The SP CoreLogic Case-Shiller Indices, covering the entire nation, rose 5.1% in the 12 months ended in June, identical to the increase reported in May.

“There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market,” Mr. Yun said.

Low mortgage rates and continued job creation are luring more would-be buyers into the market.

The average 30-year fixed-rate mortgage has held below 3.5% for nine consecutive weeks, Freddie Mac said last week.

U.S. employers, meanwhile, have been generating jobs at a healthy clip in recent months. Nonfarm payrolls rose a seasonally adjusted 255,000 in July, the Labor Department said early in August. The August report is due out Friday.

Even so, the U.S. homeownership rate fell to the lowest level in more than 50 years in the second quarter of 2016, a reflection of the lingering effects of the housing bust, financial hurdles to buying and shifting demographics across the country.

Write to Jeffrey Sparshott at jeffrey.sparshott@wsj.com

NAR Good Neighbor Award Finalists Honored for Good Works in Their Communities

The National Association of REALTORS® has named 10 Realtors® as finalists for REALTOR® Magazine’s 2016 Good Neighbor Awards. This award honors Realtors® who have made an extraordinary impact on their communities through volunteer work.

This year marks the 17th year the Good Neighbor Awards program has recognized Realtor® volunteers. The Realtors® being honored have donated their time, money and passion to improve and enrich the lives of the people in their communities. Since 2000, the Good Neighbor Awards has donated more than $1 million to the nonprofit organizations these Realtors® volunteer for.

“The Good Neighbor Award signifies the dedication that each of these Realtors® has for their communities,” says National Association of Realtors® President Tom Salomone. “I am proud to announce this year’s ten finalists for their profound impact that they are making to help others.”

On September 28, five winners will be named from among the 10 finalists. Winners will receive a $10,000 grant and national media exposure for their community charity, including a feature in the November/December issue of REALTOR® Magazine. The winners will also receive travel expenses to the 2016 REALTORS® Conference Expo in Orlando, Florida, where they will accept their awards at a presentation in front of thousands of their peers. The five honorable mentions will receive a $2,500 grant for their nonprofits.

Nominees were judged on the impact they have made through personal contribution of time as well as financial and material contributions to benefit their cause.

The public can also vote for their favorite of the 10 Good Neighbor finalists. The finalist who gets the most votes – the Web Choice Winner – will take home an additional $1,000 donation.

Cast your vote at realtor.com/goodneighbor between Aug. 30 – Sept. 26.

Tommy Arnold, Jr., Keller Williams Louisville East, Louisville, Kentucky

In 2008, Arnold hosted Thanksgiving dinner for a few dozen lesbian, gay, bisexual and transgender college students who were not welcome to go home to their families. This modest effort inspired him to found Feast on Equality, an event that has raised $500,000 for the LGBT Center at the University of Louisville to fund themed housing and study-abroad programs, leadership development and emergency funds. Most recently, the LGBT Center and the School of Medicine partnered to pilot program to teach medical students about the specific needs of LGBT patients.

Cindy Barrett, Keller Williams Realty, Spartanburg, South Carolina

Cindy and her husband cofounded Christmas in Action in 1996 to help low-income people in their community remedy health and safety issues such as leaky roofs, electrical fire hazards and rotting floors. Since then, she has inspired thousands of volunteers — including college students from around the country who flock to Spartanburg to use their time off from school in a meaningful way — to complete free home repairs on more than 800 homes for low-income seniors, people with disabilities and veterans.

Pam Harrison, RE/MAX Executive, Millersville, Maryland

For 10 years, Harrison has run food drives to make sure people in her county don’t go hungry. Among the many events and fundraisers she has masterminded for the Anne Arundel County Food Bank is a friendly competition involving 120 real estate professionals, sponsored by industry partners like mortgage and title companies and home inspectors. In 2015, she raised $64,000 and collected more than 70,000 pounds of food, which is enough to feed more than 42,000 people for an entire month.

Susan Gruen Helsinger, Douglas Elliman Real Estate, Merrick, New York

After her teenage son died suddenly at school from an undiagnosed heart abnormality, Helsinger knew she needed to do something to prevent similar tragedies. She founded The Jason F. Gruen Research Foundation and for 30 years, she has fought to bring awareness, fund research and equipment, and screen teen athletes so that those with cardiac issues can seek treatment. Helsinger has raised nearly $2 million to fund efforts to understand these ailments and diagnose them early.

For more information, visit www.realtor.org.

New Fitch Ratings for Fannie Mae’s CAS Notes

Fannie Mae BHFannie Mae has received additional ratings for several Connecticut Avenue Securities (CAS) notes, part of an ongoing effort to improve transparency and liquidity at the GSE.

Fitch Ratings bestowed the new ratings Tuesday, a month after the company announced it would likely rate the CAS notes.

Fannie’s announcement Tuesday stated that the new credit ratings make CAS notes eligible for purchase in the secondary market and “are now likely to receive more favorable financing terms, further enhancing their liquidity. Eight types of Class M-2 notes dating from 2013 through 2015 were rated “BB+sf, outlook stable.”

Laurel Davis, vice president for credit risk transfer, Fannie Mae, said the new ratings “reflect the strong performance of the underlying collateral of our Connecticut Avenue Securities and the strength of Fannie Mae’s credit risk management processes.,” adding that Fannie is “committed to enhancing our offerings as we lead the effort of building a strong and transparent market for credit risk sharing.”

Grant Bailey, managing director, Fitch Ratings, said the ratings in CAS notes reflect agency’s confidence in the strength of the notes’ performance and “the structural features that reduce credit risk to investors over time.”

Since issuance, Fitch stated, the M-2 classes have had a steady increase in their credit enhancement percentage, as the reference pool has paid down and losses have been minimal.

“Based on its review of Fannie Mae’s acquisition platform,” the company stated, “Fitch believes that Fannie Mae has a well-established and disciplined credit-granting process in place and views its lender approval and oversight processes for minimizing counterparty risk and ensuring sound loan quality acquisitions as positive.”

As of August 2, Fannie has brought 14 CAS deals to market, issued $18 billion in notes, and transferred a portion of the credit risk to private investors on single-family mortgage loans with an outstanding unpaid principal balance of approximately $621.5, the GSE announced. Fannie also has transferred a portion of the credit risk on approximately $741.8 billion in single-family mortgages through all of its risk transfer programs.

All of the new ratings are assigned to transactions with a legal final maturity of 10 years, Fitch stated.

Fannie Mae Connecticut Avenue Securities Receives Additional …

“The credit ratings on these notes reflect the strong performance to date of the loans and the structural features that reduce credit risk to investors over time,” said Grant Bailey, managing director, Fitch Ratings.

Fitch Ratings has assigned ratings to the following Connecticut Avenue Securities notes:

CAS 2013-C01 Class M-2 notes – Rating: BB+sf, outlook stable
CAS 2014-C01 Class M-2 notes – Rating: BBsf, outlook stable           
CAS 2014-C02 Class 1M-2 notes – Rating: BBsf, outlook stable
CAS 2014-C02 Class 2M-2 notes – Rating: BB+sf, outlook stable
CAS 2014-C03 Class 1M-2 notes – Rating: B+sf, outlook stable
CAS 2014-C03 Class 2M-2 notes – Rating: BB+sf, outlook stable
CAS 2015-C01 Class 1M-2 notes – Rating: B+sf, outlook stable
CAS 2015-C01 Class 2M-2 notes – Rating: BBsf, outlook stable

As of August 2, 2016, Fannie Mae has brought 14 CAS deals to market since the program began, issued $18.1 billion in notes, and transferred a portion of the credit risk to private investors on single-family mortgage loans with an outstanding unpaid principal balance of approximately $621.5 billion pursuant to CAS transactions. Fannie Mae has transferred a portion of the credit risk on approximately $741.8 billion in single-family mortgages through all of its risk transfer programs.

Fannie Mae is the leading manager of single-family residential credit risk in the industry and continues to drive innovation in the space through the development and employment of its proprietary underwriting and quality control tools, which are unique to the industry. Tools such as Desktop Underwriter® and Collateral Underwriter™ give Fannie Mae the ability to further manage loan quality through the delivery process and increase transparency to enable parties to evaluate risk early in the loan origination process.

In addition to its flagship CAS program, Fannie Mae continues to reduce risk to taxpayers through its Credit Insurance Risk Transfer (CIRT) reinsurance program and other forms of risk transfer.

To view the full Fitch Ratings’ release, visit https://www.fitchratings.com/site/pr/1010974.

About Connecticut Avenue Securities
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. For more information on individual CAS transactions and Fannie Mae’s approach to credit risk transfer, visit http://www.fanniemae.com/portal/funding-the-market/credit-risk/index.html. To view the periods in 2016 during which Fannie Mae may issue Connecticut Avenue Securities (CAS), please view our 2016 CAS Issuance Calendar.

Statements in this release regarding the company’s future CAS transactions are forward-looking. Actual results may be materially different as a result of market conditions or other factors listed in “Risk Factors” or “Forward-Looking Statements” in the company’s annual report on Form 10-K for the year ended December 31, 2015 and its quarterly report on Form 10-Q for the quarter ended June 30, 2016. This release does not constitute an offer or sale of any security. Before investing in any Fannie Mae issued security, potential investors should review the disclosure for such security and consult their own investment advisors.  

Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-connecticut-avenue-securities-receives-additional-fitch-ratings-300320055.html

SOURCE Fannie Mae

Related Links

http://www.fanniemae.com

Fannie Mae’s Serious Delinquency Rate Declines

Fannie Mae BHHaving fallen below its 2016 cap of $339.3 billion in March, Fannie Mae’s gross mortgage portfolio contracted further in both April, May June and now July, shrinking at an annual rate of 24.7 percent and serious delinquency decreased 2 basis points, according to Fannie Mae’s July 2016 Monthly Volume Summary.

Fannie Mae’s serious delinquency rate, or the share of loans backed by Fannie Mae that were seriously delinquent, declined by two basis points from June to July down to 1.30 percent. Fannie Mae completed 6,958 loan modifications in July, down from 7,629 in June.

The 24.7 percent rate of contraction in July was almost five times the rate of shrinkage in June and 5.1 percent. With July’s contraction, the aggregate unpaid principal balance (UPB) of Fannie Mae’s gross mortgage portfolio was $308.88 billion at the end of the month—down by about $6.6 billion from June, according to Fannie Mae. The portfolio has declined at an annual rate of 17.3 percent over the first seven months of 2016.

Fannie Mae’s total book of business, which includes the gross mortgage portfolio plus total Fannie Mae mortgage-backed securities and other guarantees minus Fannie Mae MBS in the portfolio, increased at a compound annualized rate of 0.2 percent in July up to a value of about $3.103 trillion, according to Fannie Mae.

In January 2016, Fannie Mae’s gross mortgage portfolio experienced a rare expansion, increasing at an annual rate of 5 percent. With July’s contraction, the portfolio has now contracted in all but four months since June 2010. The four months in which the portfolio expanded were January 2016, March 2015, January 2015, and December 2012. At the beginning of that stretch in June 2010, the amount of unpaid principal balance (UPB) of the loans in the portfolio was $818 billion.

Click here to view the complete Monthly Volume Summary for July.

NAR: There Aren’t Many Homes For Buyers To Buy Anymore

NAR: Existing Home Sales slip in July 2016,; Home Supply remains tight

Tight Inventory Keeping Buyers From Buying?

Home sales dropped in July, according to the National Association of REALTORS®, marking the first time in four months that home sales slipped on a seasonally-adjusted, annualized basis; and, taking some steam from this year’s roaring market for existing homes.

Current mortgage rates are their lowest in history — but buyers are having a hard time finding “good homes” to buy.

5.39 million existing homes sold on a seasonally-adjusted, annualized basis last month, an decrease of three percent from the month and a small decline from July one year ago.

July’s Existing Home Sales data is lower on a year-over-year basis. This had not happened in nine months.

First-time home buyer activity accounted for 32 percent of last month’s market, which is near a 4-year high.

Click to see today’s rates (Aug 30th, 2016)

Home Supply Remains Constricted

The National Association of REALTORS® (NAR) released its July 2016 Existing Home Sales report, which showed 5.39 million homes sold on a seasonally-adjusted, annualized basis.

An “existing home” is a pre-owned house that is being sold again and does not include newly constructed homes.

Existing Home Supply rose slightly, to 4.7 months nationwide. A reading lower than six months is generally believed to indicate a “seller’s market”.

Low home supply might actually be good news, indirectly.

Homeowners are realizing the staggering equity they have built since early this decade. NAR reports that year-over-year home prices have risen 53 months in a row.

As owners become sellers, more homes become available, bringing the market back into balance. At least, that’s the hope. For now, homes remain scarce.

First-Time Home Buyers Show Up In Force

Fortunately, first-time home buyers are not deterred by a challenging environment.

In July, these buyers represented 32 percent of the market, which is near the multi-year high. Low mortgage rates are likely enticing new buyers.

Although homes prices are rising in real terms, low mortgage rates are holding monthly payments in check, which is helping to keep homes affordable.

NAR says it’s possible a wider selection of affordable homes are coming on-market. Homeowners are finally listing their homes for sale as they upsize or downsize.

Today’s market is becoming more favorable to those who have never owned a home before.

Click to see today’s rates (Aug 30th, 2016)

Home Buyers Can’t Pass Up Low Mortgage Rates

A wave of rate-friendly news has been a boon to U.S. buyers this summer.

In May, lackluster job growth signaled potential weakness in the economy. In response, investors snatched up mortgage bonds, which are considered among of the safest investments. This drove down rates.

But that was only the beginning.

In June, Brexit happened. This is the term coined to describe Britain’s historic vote to leave the European Union, a 28-member conglomerate of countries from which no country has ever exited.

Mortgage rates tanked to new three-year lows. And there they’ve stayed for the last 8 weeks. Mortgage rates have not been this low for this long in history.

Evidently, home buyers are getting the message. Homes are suddenly more affordable. A home buyer today  can purchase a home worth $14,000 more today as compared to the start of 2016.

Mortgage rates have dropped fast enough to keep homes affordable, and well within the budgets of millions of buyers.

Also contributing to home sales: buyer-friendly mortgage programs.

Click to see today’s rates (Aug 30th, 2016)

5 Low-Downpayment Programs That Spur Home Sales

Mortgage rates alone are not enough to extend opportunity to buyers. The more important piece is actually available mortgage programs.

Today’s market offers first time home buyer down payment flexibility, the likes of which hasn’t been seen in nine years.

Even mainstays of affordable housing, such as FHA loans, have made it even easier to buy. Mortgage insurance premiums were reduces last year. And, more lenders are offering these loans at the FHA-suggested 580 minimum score.

Conventional lenders have eased downpayment requirements. The minimum down for loans backed by Fannie Mae and Freddie Mac is now 3%. The Conventional 97 mortgage and the HomeReadyTM loan are both lenient about the amount of money you need upfront.

The USDA home loan goes further than even FHA and conventional loans: it requires zero downpayment. And, closing costs can come from a gift or even a seller contribution.

Another zero-down loan comes from the U.S. Department of Veterans Affairs. The VA loan is a veteran-only mortgage for which current and former military service members earn eligibility with as little as 90 days of active service.

These mortgage programs and others are even more affordable because of today’s record-breaking mortgage rates. Home sales are rising, with little question that today’s home buying environment is one of the best in history.

What Are Today’s Mortgage Rates?

The U.S. housing market is advancing through 2016, and into 2017.  It’s an excellent time to buy a home, and the first step is getting a rate quote for your home mortgage.

Get today’s live mortgage rates now. Your social security number is not required to get started, and all quotes come with access to your live mortgage credit scores.

Click to see today’s rates (Aug 30th, 2016)

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

Try the Mortgage Calculator

Commercial Real Estate Expansion Expected to Remain on Slow, Upward Path

WASHINGTON, Aug. 29, 2016 /PRNewswire/ — Buoyed by a steadily improving labor market and strong demand for multifamily housing, commercial real estate activity should remain on an upward trajectory, with a growing share of it is expected to be in smaller markets, according to the National Association of Realtors® quarterly commercial real estate forecast.

National office vacancy rates are forecast by Realtors® to fall 1.5 percent to 10.4 percent over the coming year as employment gains boost demand for office space. The vacancy rate for industrial space is expected to decline 0.7 percent to 8.7 percent, and retail availability to decrease 1.0 percent to 10.5 percent. Only vacancies in the multifamily sector are expected to edge higher over the next year, from 5.9 percent to 6.1 percent, as new apartment construction comes onto the market.

Lawrence Yun is chief economist and senior vice president of research at the National Association of Realtors(r). Yun oversees and is responsible for a wide range of research activity for the association including NAR's Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1 million Realtor(r) members.

Lawrence Yun is chief economist and senior vice president of research at the National Association of Realtors(r). Yun oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1 million Realtor(r) members.


Lawrence Yun, NAR chief economist, says the commercial real estate sector is on firm ground in spite of the numerous global and domestic headwinds that continue to keep U.S. economic growth in a headlock. “Ongoing overseas weakness and the slowdown in business investment despite historically low interest rates held second quarter growth at a tepid and disappointing pace,” he said. “Only steady job creation, solid consumer spending and residential construction – albeit not enough of it – kept the economy afloat during the first half of the year.”

Adds Yun, “Tightening vacancy rates and rising rents are clear positive fundamentals, but commercial real estate property prices have been bid up too high and look to weaken in the upcoming months1.”

Strengthening local job markets has fueled sustained demand for commercial space and has pushed vacancy rates down in all commercial sectors. However, a growing concern from Realtors®, who mostly have clients that rely on financing to secure deals, is that underwriting standards have stiffened in light of increased regulatory scrutiny.

“Any further tightening in credit standards, which never fully normalized after the recession, would inflict the most pressure on the small and mid-sized businesses that mostly look to community banks and credit unions for commercial property financing,” adds Yun. “Not having the necessary access to capital could keep a lid on building and leasing activity and in turn keep the economy from getting closer to its long-term average of 3 percent growth.”

With new construction outside of the multifamily sector taking a breather during the first half of the year, overall demand outpaced supply and suppressed inventory levels in many areas. This was evident in the latest Realtors®Commercial Real Estate Market Survey, which measures quarterly activity from NAR’s commercial members. The survey revealed that inventory shortages are the number one concern for Realtors®, which is in turn pushing price growth upward. Prices for commercial properties increased 5.3 percent in the second quarter compared to a year ago, with the average transaction cost at $1.4 million.

“While inventory constraints and strong appreciation in apartment and retail properties pushed up prices in large commercial markets last quarter, overall sales volume was still down as investors looked for better deals and higher yields in smaller cities,” says Yun. “As a result, investments and leasing activity in middle-tier and smaller markets led the way and are expected to maintain their momentum in coming months.”

Given the global low yield environment, instability overseas and the probability of a rate hike by Federal Reserve at the end of the year, investors are expected to take a cautious approach in the months ahead, leading to a likely slowdown in commercial property prices – especially in Class A assets in larger markets. Meanwhile, prices in smaller markets should continue to climb with strong tenant demand and declining supply supporting growth.

According to Yun, the demand for apartments will continue to drive multifamily housing construction, albeit at a more moderate pace, as a growing share of builders shift from apartments to single-family homes. Expected completions being added in coming years should begin to moderate rents and nudge vacancies higher.

“The U.S. economy has its flaws and has been stuck in slow-growth mode ever since the Great Recession,” says Yun. “However, it’s still the top performing economy in the world, and U.S. commercial real estate should continue to remain a stable investment and attractive option for investors even as rates move upward.”

NAR’s latest Commercial Real Estate Outlook1 offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets.

The NAR commercial community includes commercial members, real estate boards, committees, subcommittees and forums; and NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.

Approximately 70,000 NAR members specialize in commercial real estate brokerage and related services including property management, counseling and appraisal. In addition, more than 200,000 members are involved in commercial transactions as a secondary business.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

1NAR forecasts for the Green Street Price Index to decline between three and five percent over the next 12 months. 

2Additional analysis will be posted under Economists’ Outlook in the Research blog section of Realtor.org in coming days at: http://economistsoutlook.blogs.realtor.org/.

The next commercial forecast and quarterly market report will be released Nov. 16 at 10:00 a.m. ET.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the “News, Blogs and Videos” tab on the website. Other commercial information and reports are posted in the Commercial Research area of the “Research and Statistics” tab.


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SOURCE National Association of Realtors

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http://www.realtor.org

Alain Pinel Realtors VP Named Vice Chair of National Association of Realtors Advisory Group

Jeff Barnett, vice president and regional manager for Alain Pinel REALTORS, has been named vice chair of the National Association of REALTORS® Large Residential Firms Real Estate Advisory Group.

The Large Residential Firms Real Estate Advisory Group, along with several other NAR groups, is part the organization’s Realtor Leadership 2017 program. Led by 213 others like Barnett, the program, referred to by NAR as its “Realtor Revolution,” is designed to help NAR’s 1.2 million members successfully navigate a changing landscape of economic, demographic and technological innovations reshaping the nation’s $3.3 trillion residential and commercial real estate industry.

“I’ve been part of this large-broker group for more than 10 years, working with policy makers in Washington D.C. that deal with issues affecting our industry,” says Barnett. “I’m deeply honored to have the opportunity to play a leadership role as we continue to study and address challenges and opportunities that will lead to improving our professional practice and, most importantly, client satisfaction.”

Barnett joined Alain Pinel Realtors in 1991 after beginning his career in real estate in the late 1980s at Fox Carskadon. As one of Alain Pinel Realtors’ original sales agents, Barnett rose quickly in the organization, eventually becoming vice president, regional manager and leading the firm’s Los Gatos office. Under Barnett’s leadership, the Los Gatos office has grown to more than 200 agents and well over one billion dollars in closed sales annually.

“Jeff is a doer and a great mentor to countless Realtors® who have had the good fortune to work with him,” notes Rainy Hake, COO of Alain Pinel Realtors. “His activities at the local, state and national level to advance the real estate profession dates back to almost the beginning of his nearly 30-year real estate career. We’re proud to see him in this new leadership role with NAR and honored to have him as part of our team.”

For more information, visit www.apr.com.