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The U.S. Department of Housing and Urban Development changed its noise standards to reflect the market shift toward urban sensibilities and environments where noise levels generally are higher, MBA NewsLink reported Jan. 12. As a result, developers will be able to add more balconies and other exterior amenities.
The U.S. Department of Housing and Urban Development announced Jan. 9 that mortgage insurance premiums on FHA-backed loans will drop by 25 basis points. The change takes effect Jan. 27.
Freddie Mac reported Jan. 11 that it is the nation’s largest multifamily lender for the second consecutive year, reporting a record $56.8 billion in loan purchase and bond guarantee volume. In 2015, Freddie Mac’s volume was $47.3 billion.
Nearly 95 percent of foreign investors who participated in a survey by the Association of Foreign Investors in Real Estate said they plan to maintain or increase investments in U.S. commercial real estate this year, MBA NewsLink reported Jan. 12. Top cities for foreign investors: New York, Los Angeles and San Francisco.
The office vacancy rate declined in the fourth quarter of 2016 amid positive economic and labor news, but rent growth slowed slightly during the same period, according to analytics firm Reis, MBA NewsLink reported Jan. 12.
Borrowing money for apartment construction has become more difficult since the yield on benchmark Treasury bonds increased post-election, National Real Estate Investor reported Jan. 10. However, interest rate spreads offered by lenders remain similar to what was offered last year.
Average fixed mortgage rates during the past week dropped for the second consecutive week, mirroring a fall in Treasury yields, Freddie Mac reported Jan. 12 in its Primary Mortgage Market Survey.
Foreclosure filings in 2016 dropped 14 percent compared to 2015, the lowest level of foreclosures since 2006, analytics firm ATTOM Data Solutions reported Jan. 10 in its Year-End 2016 U.S. Foreclosure Market Report.
Land accounts for up to 81 percent of the average home value in San Francisco, according to a Jan. 11 Realtor.com report on top cities where land exceeds property value. The California cities of San Jose and Santa Ana also topped the list.
The average square footage of newly built homes dropped last year for the first time in seven years as more millennials entered the market as first-time homebuyers, the National Association of Home Builders reported Jan. 12. Buyers reportedly seek less space and more amenities, including energy-efficient features and home automation.
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