Vacancies have risen and more units are expected to hit the market in 2015. Despite this news, apartment fundamentals remain strong due to more people choosing to rent than to buy. Here is the latest video by REIS Reports discussing the topic in more detail:
BY Margaret Chadbourn, Reuters
(MAY 15, 2014) – A Senate panel on Thursday approved legislation to wind down Fannie Mae and Freddie Mac and redesign the U.S. mortgage finance system, but sparse support among Democrats means the measure is unlikely to make it into law.
By Jessica Flur, Senior Editor
MULTI-HOUSING NEWS ONLINE
Washington, D.C.—Recently Senate Banking Committee Chairman Tim Johnson (D) and Ranking Member Mike Crapo (R) drafted the Federal Housing Administration Solvency Act of 2013. If passed, this bill would have a direct impact on Fannie Mae and Freddie Mac and calls for the creation of a new enterprise called the Federal Mortgage Insurance Corporation (FMIC).
MHN talks to Willy Walker, CEO of Walker & Dunlop, about this new proposed legislation and how the bill could affect multifamily if it passes.
By Dees Stribling, Contributing Editor
Existing home sales dropped by 0.4 percent month-over-month in February, according to the National Association of Realtors on Thursday, to an annualized rate of 4.6 million units, compared with 4.62 million in January. The February 2014 rate is also 7.1 percent lower than the same month last year. In fact, it was the lowest monthly rate since July 2012.
WASHINGTON (January 23, 2014) – Existing-home sales edged up in December, sales for all of 2013 were the highest since 2006, and median prices maintained strong growth, according to the National Association of Realtors®.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.0 percent to a seasonally adjusted annual rate of 4.87 million in December from a downwardly revised 4.82 million in November, but are 0.6 percent below the 4.90 million-unit level in December 2012.
(Reuters) – A drive to enact legislation to dismantle Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) has stalled after the government-run companies chalked up a string of quarterly profits and groups banking on their survival rallied to their cause.
A new report from Fannie Mae shows that everyone in the real estate market is primed for action, from buyers and sellers to the banks that make the deals possible. Fannie Mae’s latest survey indicates banks are easing up on lending restrictions, while buyers and sellers are becoming more engaged as prices and values increase and the market strengthens. A majority of survey takers believe home prices will continue to rise, although not as fast as the current pace, but even so the sentiment is expected to help keep the recovery on track.
Three sluggish markets that Witten advises to be careful of include Virginia Beach, Va., which has demand challenges; Metro D.C., where developers are building for a demand that isn’t there; and Raleigh/Durham, N.C., which is also demand challenged. But Witten made sure to mention that developers and investors shouldn’t write off these metros completely.
Earlier this year, there were signs that construction would spike in 2013, in the order of 150,000 to 200,000 units. Developers have since postponed many projects to 2014, so that 2013 figures hover closer to 130,000 units – not far off from the pre-recession 10-year annual average of around 125,000 units. The “bubble” now shows up in 2014, but if economic growth ramps up, then additional supply will most likely be absorbed relatively painlessly.