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The Appraisal Institute was among more than two dozen real estate trade organizations April 24 announcing their support of S 838/HR 1958, the Protecting Americans from Credit Entanglements Act of 2017 – legislation that would modify consumer protection requirements for Property Assessed Clean Energy loans, known as PACE loans.
The House Financial Services Committee on April 19 unveiled the updated version of the Financial CHOICE Act, which would replace the Dodd-Frank Act and significantly alter the Consumer Financial Protection Bureau, HousingWire reported. A hearing to discuss the Act is scheduled for this week.
Commercial and residential real estate activity was mixed in most districts in March, the Federal Reserve reported April 19 in its newest Beige Book. Office construction was restrained across most markets while apartment construction was strong. On the residential side, districts reported a shortage of both single-family homes and condos.
Commercial real estate construction showed continued growth in 2016, with year-over-year spending up 3.7 percent, according to the Construction Outlook report released April 19 by real estate firm JLL, MBA NewsLink reported. Full-year 2016 construction totaled $1.2 trillion, almost triple the overall economy’s inflation rate.
The industrial sector saw an estimated 45 million square feet completed during the first quarter, the most in nine years and a sign that the sector is bouncing back from several tough years, according to commercial real estate services firm CBRE, MBA NewsLink reported April 20.
Lenders to the hotel sector are tightening leverage and lowering loan amounts due to only moderate market growth and a shift in focus to top brands and markets with growing room demand, according to real estate firm Marcus & Millichap, MBA NewsLink reported April 20.
Lending for the commercial and industrial sectors has not increased since September, marking the first extended period without an increase since the financial crisis ended, according to Merrill Lynch, Business Insider reported April 17. Consumer lending also slowed, showing only a slight increase since the presidential election.
Institutional investors said they will be active this year and anticipate committing $62 billion in new capital, but that’s 19 percent lower than what was committed last year, according to a joint survey from real estate data firm Institutional Real Estate and research firm Kingsley Associates, Commercial Property Executive reported April 18.
The inventory of for-sale housing is at its lowest point in a decade, which is causing home prices to outpace incomes and creating difficulty for prospective buyers, Freddie Mac reported April 18 in its monthly outlook. Based on tight inventory, Freddie predicts a drop in home sales for the year.
Housing starts decreased 6.8 percent in March, despite low inventory in the residential market and a spring homebuying season that’s expected to be stronger than usual, the U.S. Census Bureau reported April 18.
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