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Fannie Mae and Freddie Mac on June 3 launched the Uniform Mortgage-Backed Security, completing the their single-security initiative, MReport reported. The government-sponsored enterprises expect more efficiency and liquidity in the housing market, but critics argue that the UMBS won’t lower mortgage rates as touted.
The flex office space/co-working concept is one of the biggest drivers in the office sector, with New York City; Los Angeles; and Washington, D.C., among the top markets, according to the MarketFlash report from real estate firm CBRE, National Real Estate Investor reported June 6. The top 10 markets account for more than 70% of the nation’s flexible-office inventory.
Demand for cold-storage warehouse space is expected to heat up as strong online grocery sales could potentially create demand for up to 100 million square feet of chilled industrial space over the next five years, according to projections from the Food Marketing Institute and real estate firm CBRE, World Property Journal reported June 6.
Annual increases in homeowner spending on renovations are projected to slow this year in 29 of the nation’s 49 largest metros, the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University reported June 4. San Antonio, Pittsburgh and Dallas are among the markets expected to see a significant drop.
Albany, New York, with its moderate home price growth, expanding inventory and relatively slow selling times, is the nation’s best market for those looking to purchase a home, Realtor.com reported June 4. Chicago and San Antonio round out the top three best markets for homebuyers.
The Appraisal Institute on June 10 distributed to AI professionals a 45-Day Notice regarding proposed amendments to Bylaws and Regulation Nos. 1 and 2.
Local municipalities need to reduce the number of regulations and the costs associated with them in order to spur homebuilding, Mark Calabria, director of the Federal Housing Finance Agency, told attendees June 3 at a conference in Washington, HousingWire reported. Calabria said the supply of homes under construction is not enough to keep up with demand.
Forty percent of economists who responded to Bankrate’s Second-Quarter Economic Indicator survey released June 6 said they believe that the Federal Reserve will lower interest rates in the next year. Respondents cited escalating U.S. tensions with China, slowing international growth and depleting fiscal stimulus as key factors.
The office sector vacancy rate held steady in April at 13.7%, despite a steady stream of new office supply coming online, according to analytics firm Yardi Matrix, MBA NewsLink reported June 4. Office rents in April were up 1.1% percent to an average $36.40 per square foot.
Residential real estate and construction activity both grew across most Fed districts during the past month, the Federal Reserve reported June 5 in its latest Beige Book. Commercial real estate activity was steady in some districts, while others reported declining activity.
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