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Urban land in the United States is worth more than $25 trillion and averages $511,000 per acre, according to a joint study from the universities of Illinois and Michigan, City Lab reported Nov. 2. Nearly half the total land value is concentrated in New York, Los Angeles, San Francisco, Washington and Chicago.
Economists expect Jerome Powell, President Trump’s nominee for Federal Reserve chair, to leave monetary policy mostly unchanged, including gradual, data-driven rate increases, National Real Estate Investor reported Nov. 3. One difference: Powell has indicated a willingness to ease regulations on small and community banks.
Sales of suburban office buildings during the third quarter increased by 4 percent while sales of buildings in central business districts decreased 49 percent, according to data firm Real Capital Analytics, National Real Estate Investor reported Nov. 3. Overall, office buildings declined 18 percent year over year.
The long-term retail forecast reached a “low-water mark” as bricks-and-mortar businesses continue to battle e-commerce and non-traditional retailers, according to the U.S. Retail Market Outlook report from online real estate broker Ten-X, MBA NewsLink reported Nov. 9. Overall retail deal volume dropped to $14.6 billion — a four-year low.
Commercial loan closings in the third quarter declined 4.7 percent from the second quarter but were up 16.9 percent from the same point last year, according to the CBRE Lending Momentum Index released Nov. 8, MBA NewsLink reported. Sales transaction volume was down, but maturing loans created refinancing demand.
Pittsburgh and Denver are among “downstream” energy markets (those associated with refining and processing energy products) that are poised for growth, while Houston and other extraction-heavy markets continue to struggle, according to commercial real estate firm JLL, MBA NewsLink reported Nov. 9.
Capital One announced on Nov. 7 its decision to stop originating mortgage and home equity loans, citing stiff competition that made it a challenge to be profitable, Bloomberg reported. The financial institution, which was the 12th largest mortgage lender among banks, will continue to make loans for affordable housing and multifamily properties.
Average fixed mortgage rates during the past week dropped slightly while Treasury yields fell roughly seven basis points, Freddie Mac reported Nov. 9 in its Primary Mortgage Market Survey.
The number of Americans who believe now is a good time to buy or sell a home dropped in October as the summer homebuying season ended, Fannie Mae reported Nov. 7 in its Home Purchase Sentiment Index. Increased concerns about job security and wages helped dull housing market interest.
Nearly half of Americans believe they will never be able to afford a home, despite more than 60 percent who said they want to purchase one, according to a study from financial services firm ING, MSN Money reported Nov. 7. Rising home prices and stagnant wages have discouraged many consumers.
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