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Steve Mnuchin, President-elect Donald Trump’s choice for secretary of the U.S. Department of the Treasury, said he wants to restructure and privatize Fannie Mae and Freddie Mac, stating that leaving them under “government ownership” displaces private lending in the mortgage market, HousingWire reported Nov. 30.
Retired neurosurgeon and former presidential candidate Ben Carson on Dec. 5 accepted President-elect Donald Trump’s nomination to head the U.S Department of Housing and Urban Development, Reuters reported. At HUD, Carson would oversee mortgage lending and multiple housing programs.
The Federal Housing Finance Agency announced Dec. 1 that most areas will see a slight increase in loan limits Jan. 1, 2017 due to rising housing prices. In high-cost areas, loan limits will increase to $636,150 from $625,500. There were no areas with a decrease in the maximum loan limits.
The Federal Housing Finance Agency announced Nov. 22 that multifamily lending caps for the government-sponsored enterprises will be the same in 2017 as they were this year. Fannie Mae and Freddie Mac will each have a $36.5 billion cap on multifamily purchase volume next year.
Commercial real estate activity expanded in many fed districts, residential activity improved in most districts and single-family construction starts rose in a majority of districts, the Federal Reserve reported Nov. 30 in its latest Beige Book. Construction in the multifamily sector was mixed.
Hotel selling prices are down from their third quarter 2015 high, but fundamentals should be “marginally positive” in 2017, according to hospitality consulting firm Lodging Econometrics, MBA NewsLink reported Nov. 30. There have been 671 hotel sales in the U.S. this year, with the price per room averaging $136,934.
Industrial property owners are poised to greatly profit from the legalization of marijuana in several states, as cannabis growers look for space suitable for growing the plants, Bloomberg reported Nov. 30. Cannabis growers often are limited by the type of real estate and financing available to them.
The delinquency rate for commercial mortgage-backed securities rose above 3 percent for the first time since January, as loans from 2006 moved into the delinquent column after 10 years, according to ratings agency Morningstar, MBA NewsLink reported Dec. 1.
Average fixed mortgage rates rose for the fifth consecutive week, reaching a new high for the year, Freddie Mac reported Dec. 1 in its Primary Mortgage Market Survey.
Millennials and baby boomers are expected to dominate the housing market for the next 10 years, Realtor.com reported Nov. 30 in its 2017 National Housing Forecast. The report identified Phoenix as the country’s strongest housing market, followed by Los Angeles and Boston.
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