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Residential spending in the third quarter remained weak due to a “new housing crisis” caused by a scarcity of building lots and a lack of skilled labor, according to the Federal Open Market Committee’s September meeting notes released Oct. 12, Business Insider reported. The notes further revealed that property supply is not meeting demand.
The Federal Housing Finance Agency has increased its market rate lending caps at Fannie Mae and Freddie Mac twice this year and might do so again before the end of the year, National Real Estate Investor reported Oct. 12. The increases were prompted by strong multifamily lending and slumping commercial mortgage-back securities.
The Consumer Financial Protection Bureau on Oct. 12 issued a revised small entity compliance guide to the TILA-RESPA integrated disclosures, ABA Banking Journal reported. Updates relate to records retention, construction loans, disclosures of seller-paid costs and form completion, among others. CFPB also updated its Loan Estimate and Closing Disclosure forms.
Despite predictions of declining homeownership in the coming years, Freddie Mac reported Oct. 12 that it thinks the rate of ownership will be driven up by millennials who finally will settle down and purchase homes at the same pace as previous generations. Freddie also predicted an increase in homeownership among minorities.
The median home price in the inner cities of 31 major metro areas climbed 52 percent over the last six years, outpacing price growth in surrounding metro areas by 18 percent, real estate marketplace Redfin reported Oct. 10. The data reflects an economic recovery and refutes claims of disastrous inner city market conditions.
Average fixed mortgage rates during the past week ticked higher following an increase in Treasury yields and an anticipated December rate hike, Freddie Mac reported Oct. 13 in its Primary Mortgage Market Survey.
Foreclosure filings dropped 13 percent between August and September, marking a 24 percent decline in filings and the smallest number of foreclosures since December 2005, analytics firm ATTOM Data Solutions reported Oct. 13 in its Foreclosure Market Report.
Many retirees aged 70 or older have reversed course, leaving sunbelt states such as Florida and Arizona to return to the colder states where they originally lived, the National Association of Realtors reported Oct. 13.
Apartments close to National Hockey League arenas have higher rents than similar units elsewhere in a city, according to an Oct. 16 report from MarketWatch and apartment listing service RENTCafe. Columbus, Ohio, commanded the highest premium — apartment rents near the Blue Jackets’ arena were 69 percent higher than the city’s average.
The top five multifamily markets poised for growth all are on the West Coast, with Portland, Oregon, taking the top spot, according to a report from private equity firm Trion Properties, National Real Estate Investor reported Oct. 7.
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