Choose your path
Wells Fargo CEO Tim Sloan on Oct. 3 told the Senate Committee on Banking, Housing and Urban Affairs that the bank would refund borrowers who were improperly charged fees for mortgage rate lock extensions, HousingWire reported. Approximately 110,000 borrowers were charged nearly $98 million in fees between September 2013 and this past February.
Las Vegas; Orlando, Florida; and Sacramento, California; are among the nation’s larger metros where commercial property investors can find deals, according to research firm Real Capital Analytics, National Real Estate Investor reported Oct. 4. Commercial property markets in those cities haven’t fully recovered from the Great Recession a decade ago.
Rents in the retail sector increased 0.4 percent during the third quarter, although mall vacancies also increased slightly, mainly due to the confirmed closing of some JCPenney and Sears stores, according to commercial analytics firm Reis, MBA NewsLink reported Oct. 5.
Home prices were 7 percent higher in August than at the same point last year, and homes in a third of the nation’s cities are considered “overvalued” – including those in Denver; Nashville, Tennessee; and Austin, Texas – according to research firm CoreLogic, MBA NewsLink reported Oct. 4.
Average fixed mortgage rates reached a six-week high during the past week, as Treasury rates rose by eight basis points, Freddie Mac reported Oct. 5 in its Primary Mortgage Market Survey.
Federal Housing Finance Agency Director Mel Watt on Oct. 3 told the House Financial Services Committee that the capital buffer for Fannie Mae and Freddie Mac will reach zero in less than three months without congressional action on housing finance reform, HousingWire reported. Future losses could require a taxpayer bailout.
Retail, office and industrial net lease cap rates declined during the third quarter, marking a change from the two previous quarters during which they recorded increases, according to commercial real estate firm The Boulder Group, Commercial Property Executive reported Oct. 4.
A stronger than expected demand for hotel rooms is keeping hospitality construction humming, with the number of new rooms opening this year up 9 percent compared to last year, according to lodging research firm STR, National Real Estate Investor reported Oct. 2.
Seven out of 10 big city dwellers believe they will continue to live in large cities into their eighties, citing access to quality healthcare, technology and transportation as reasons to reside in their urban areas, according to a report issued Sept. 26 by real estate investment firm Welltower.
Aspiring homebuyers will be able to crowdfund their down payments as part of a pilot program from mortgage banking firm CMG Financial that allows borrowers to accept gifts of up to $7,500 toward a loan from the lender, MarketWatch reported Oct. 7.
Pop up content here.