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Average fixed mortgage rates were flat during the past week as markets remained cautious following hints of a weak first quarter GDP, Freddie Mac reported May 4 in its Primary Mortgage Market Survey.
Seriously delinquent mortgages in the first quarter rose to 9.7 percent of all U.S. mortgaged property, up slightly from 9.6 percent at the end of 2016, analytics firm ATTOM Data Solutions reported May 2. However, the number of delinquent mortgages is down 12 percent compared to the same point last year.
Farm banks increased agricultural lending by 5.3 percent last year, holding $103.4 billion in loans and $15.5 billion in bank deposits, according to a May 3 report from the American Bankers Association.
Lenders are scrutinizing retail loan requests, but still are lending for acquisitions, refinancing and value-add redevelopment, according to commercial lender NorthMarq Capital, National Real Estate Investor reported May 3. Nearly $1.6 billion in retail loans were issued during the first quarter, about half what was issued at this point last year.
Delays in apartment construction have helped the sector’s overall performance by curbing the number of available new units and keeping the vacancy rate under 5 percent, according to research firm Real Page, National Real Estate Investor reported May 2.
Commercial and multifamily loan originations during the first quarter were 9 percent higher than originations during the first quarter 2016, the Mortgage Bankers Association reported May 4 in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Industrial properties led the way, up 40 percent from the same point last year.
The National Credit Union Administration announced May 3 that after more than six years of litigation to recoup losses suffered on residential mortgage-backed securities by failed corporate credit unions, it has recovered more than $5 billion thanks to recent multimillion dollar settlements, Mortgage Daily reported.
The Federal Reserve on May 3 kept interest rates unchanged and left open the possibility of a June rate hike, USA Today reported. The Fed cited job gains and reduced unemployment as causes for optimism, and said slowing first quarter economic growth is likely transitory.
Congressional Republicans are calling for an extended delay of the U.S. Department of Labor’s fiduciary rule, which would, among other things, define who is considered a financial adviser, according to a letter submitted to Labor Secretary Alexander Acosta and signed by 124 House Republicans, Investment News reported May 2.
Commercial real estate valuations grew 1 percent in April and 9.6 percent during the past 12 months, according to online real estate marketplace Ten-X, MBA NewsLink reported May 4. The hotel sector rose 1.3 percent in April, following 11 consecutive months of negative growth.
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