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WATCH: This week in real estate numbers

A 1 million-square-foot lease at 1 Manhattan West, twenty-six L.A. hotels trading hands and a $32 million Brickell development site. In real estate, it’s all about the numbers.

This past week, The Real Deal reported on Tishman Speyer and Cogswell Realty plans to sell 183 Madison Avenue, the amount of poor L.A. households that live in deficient or unaffordable housing and the huge drop in million-dollar mortgage volume in Palm Beach County.

To see some of the biggest news of the past week in 10 numbers, watch the video above.

For more videos, visit The Real Deal’s YouTube page

Fannie Mae keeps economic growth projections unchanged despite political tensions

As tension mounts in Washington, Fannie Mae kept its annual growth predictions unchanged for 2017.

The company explained even a potential government shutdown won’t be enough to derail the projected growth.

And a government shutdown isn’t the only political tension lingering. Fannie Mae also mentioned the looming geopolitical tensions which pose risks to the economy.

Fannie Mae held its economic forecast steady at 2% for the year, according to the August 2017 Economic and Housing Outlook report from Fannie Mae Economic and Strategic Research Group.

“We are keeping our full-year economic growth outlook at 2% as risks to our forecast are roughly balanced,” Fannie Mae Chief Economist Doug Duncan said. “On the upside, consumer spending growth might not moderate as much as we have accounted for in our forecast.”

“A build-up in inventory also should be positive for growth this quarter and nonresidential investment in structures will likely continue to improve as oil prices stabilize,” Duncan said. “In addition, the decline in the dollar and a pickup in global growth should support manufacturing and exports, although the outlook for the trade sector is clouded by uncertainty surrounding trade policy.”

The economy increased by 1.9% in the first half of this year, however Fannie Mae predicts the growth will increase to 2.1% during the second half. Fannie Mae attributes the expected pickup in growth to consumer spending and business investment. After subtracting sizably from growth last quarter, residential investment also will likely be a modest contributor during the second half of the year.

However, there are still setbacks the economy could experience through the second half of the year.

“Headwinds include tax policy uncertainty that could delay business investment, the risk of a partial government shutdown this fall if Congress fails to pass spending appropriations, a technical default if the debt ceiling isn’t raised, and an increase in global political unease,” Duncan said. “However, we believe these headwinds and tailwinds essentially net out overall, and we stand by our view that economic growth will remain on track for 2% in 2017.”

Freddie Mac names Stacey Goodman chief information officer

Freddie Mac has announced Stacey Goodman will join the company as executive vice president and chief information officer in September.

Goodman will be a member of the senior operating committee and will report directly to CEO Donald Layton. She brings more than 25 years of technology experience in the financial services industry to Freddie Mac. In her role, which is set to begin September 25, Goodman will lead the information technology division and provide corporate-wide leadership for the government-sponsored enterprise’s technology activities.

“Stacey is the right leader at the right time to take our technology and company transformation to the next level,” said Layton. “Her strong leadership skills and in-depth knowledge of financial services technology will enable us to deliver services to our clients and operate our company as well as the very best financial institutions.” 

Most recently, Goodman was executive vice president, chief information and operations officer at CIT. Prior to her tenure at CIT, she held several roles at Bank of America, last serving as managing director and divisional CIO of global technology and operations. She also served as managing director of IT at UBS.

Freddie Mac: Mortgage rates continue to hold amidst economic uncertainty

Mortgage rates remained largely unchanged this week amidst the lingering sense of economic uncertainty, according to the weekly Primary Mortgage Market Survey from Freddie Mac.

“Following a mild decline last week, the 10-year Treasury yield rose 1 basis point this week,” Freddie Mac Chief Economist Sean Becketti said. “The 30-year mortgage rate similarly remained relatively flat, falling just one basis point to 3.89%.”

Click to Enlarge

(Source: Freddie Mac)

The 30-year fixed-rate mortgage dropped one basis point to 3.89% for the week ending August 17, 2017. This is down from last week when mortgage rates hit 3.9%, but up from last year’s 3.43%.

The 15-year FRM also decreased slightly, hitting 3.16% for the week. This is down from 3.18% last week, but up from 2.74% last year.

However, the five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.16%, up from 3.14% last week and 2.76% last year.

“Mortgage rates are continuing to hold at low levels amidst ongoing economic uncertainty,” Becketti said.

Although most economists predicted the Federal Reserve will raise rates three times in 2017, weak economic data is now leading some experts to say the chance of a third rate hike in December is less certain.

Mortgage Rates Ridiculously Low, Freddie Mac Confirms

Shutterstock photo

(RTTNews.com) – Mortgage rates are continuing to hold at low levels amidst ongoing economic uncertainty, mortgage provider Freddie Mac announced Thursday.

The 30-year fixed-rate mortgage averaged 3.89% with an average 0.4 point during the week ending August 17, down from 3.90% in the prior week. It is now just one basis point above its 2017 low. A year ago at this time, the 30-year FRM averaged 3.43 percent.

The 15-year fixed-rate mortgage averaged 3.16%, down from 3.18% last week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16%, up from last week when it averaged 3.14 percent.

Separately, Freddie Mac announced that housing starts were lower than anticipated during the second quarter. While starts should improve in the second half of 2017, expect them to remain well below their long run average at around 1.24 million.

The company expects mortgage rates to stay below 4 percent for the remainder of the year, while home sales should reach 6.2 million units for 2017, a three percent increase over the 2016 pace. However, home sales would be much higher if inventory was not so tight.

Further, house price appreciation is expected to average 6.3 percent for full year 2017 on high demand and low inventory.

Freddie Mac appointed Stacey Goodman as executive vice president and chief information officer on September 25. Goodman will be a member of the senior operating committee and will report directly to CEO Donald H. Layton.

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