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SUBSCRIBE ? Volume 6 | Issue 3 | Monday, July 11, 2011
Quarterly Data Book
MBA Releases Commercial/Multifamily Quarterly Data Book for 1Q
The Mortgage Bankers Association released its Commercial Real Estate/Multifamily Finance Quarterly Data Book for the first quarter.
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Economic Outlook

Loan Production

Loans Outstanding

Loan Performance

Statistical Spotlight

Commercial/Multifamily Roundup

Industry Commentary

Article Abstracts

Economic Outlook
CRE Markets Show Natural Effects of Turn in Cycle
First quarter data on the commercial real estate markets show the natural effects of the turn of the real estate cycle.
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CRE 'Bubble' Fears Hinge on Economic Growth Risk
Commercial real estate pricing "bubble" fears are exaggerated unless events outside the industry derail economic growth, said Asieh Mansour, head of research in the Americas and senior managing director of global research at CB Richard Ellis, Los Angeles.
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Economic, Regulatory Uncertainties Still Hinder CRE Market
"The economy really needs to wear through some of that excess vacancy and create more demand," said Jamie Woodwell, vice president of commercial real estate research at the Mortgage Bankers Association.
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Loan Production
Commercial/Multifamily 1Q Originations Increase 89 Percent from Year Ago
First quarter commercial and multifamily mortgage originations soared 89 percent higher from the same period last year, although they came in 25 percent lower than the fourth quarter, the Mortgage Bankers Association reported.
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MBA Report: Commercial/Multifamily Originations Up by 44% in 2010
Commercial and multifamily mortgage origination volumes increased by 44 percent in 2010 from the previous year, with mortgage bankers reporting $118.8 billion in closed commercial and multifamily loans, the Mortgage Bankers Association reported.
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Wells Fargo Tops MBA Commercial/Multifamily 2010 Rankings
Wells Fargo Bank led all others as top commercial/multifamily mortgage originator in 2010, the Mortgage Bankers Association reported.
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REITs Ready for More Acquisitions
Publicly traded REITs in the United States hold $22.8 billion in acquisitions year-to-date with nearly $400 billion in total market capitalization, said SNL Financial, Charlottesville, N.C.
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Loans Outstanding
MBA: Commercial/Multifamily Mortgage Debt Outstanding Flat in Q1
Commercial/multifamily mortgage debt outstanding remained essentially unchanged at $2.4 trillion in the first quarter, decreasing by 0.1 percent from fourth quarter 2010, the Mortgage Bankers Association reported.
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Maturities Loom as Values, Fundamentals Recover
Commercial real estate values and fundamentals recover slowly as more commercial mortgage and commercial mortgage-backed securities maturities come due.
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Beige Book: Slow-to-Moderate CRE Recovery
Most districts in the past couple months observed a moderate commercial real estate recovery, said the June Federal Reserve Beige Book.
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Loan Performance
MBA 1Q Commercial/Multifamily Mortgage Delinquency Rates 'Mixed'
Delinquency rates among different commercial/multifamily mortgage investor groups proved mixed in the first quarter, the Mortgage Bankers Association said in its quarterly Commercial/Multifamily Delinquency Report.
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June CMBS Delinquencies Fall to 9.37 Percent
June delinquency rates for commercial mortgage-backed securities fell 23 basis points to 9.37 percent, the second consecutive monthly drop since 2008, said Trepp LLC, New York.
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CRE Distressed Property Volume Holds for 2012
More banks face struggles with rising delinquencies and commercial mortgage maturities this year despite fewer reported failures, said Delta Associates, Alexandria, Va.
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Statistical Spotlight
Coastal Markets Dominate Apartment Rent Growth
Two California apartment markets lead the nation in rent growth while New York City apartments rank highest in occupancy rates, said Axiometrics Inc., Dallas.
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Moody's: CRE Prices Post 3.7 Percent Decline
U.S. commercial real estate prices declined in April by 3.7 percent, said Moody's/REAL National--All Property Price Index.
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Nonresidential Starts Stall on Construction Spending
Nonresidential construction starts plunged 12 percent in May despite improvement in March and April, said McGraw-Hill Construction, New York.
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Commercial/Multifamily Roundup
Property Fundamentals Pick Up Amid Inflation Concerns
Amid inflation worries and new construction, consider average commercial real estate investment returns of nearly 10 percent this year and in 2012 to be "fairly good," said Victor Calanog, vice president for research and economics at Reis Inc., New York.
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Apartments, Retail Ready for Returns Through 2012, Analysts Say
The U.S. apartment and retail markets could deliver "outstanding" returns for owners and operators during the next 20 months, with retailers ready to fill up empty space in the next 12 to 18 months, analysts said.
Full Story

High-End Hotels Lead Industry Rebound
Luxury and upper-scale properties are driving a hotel industry rebound that began last summer.
Full Story

Fundamentals Overshadow Forecasts for Industrial Properties
Transaction volumes for industrial properties appear to belie forecasts for stronger growth this year.
Full Story


Industry Commentary
Slow Economic Recovery Hinders Office Market
A bifurcated office market should remain in place for the remainder of this year, leading to a more even and widespread recovery for 2012, said Ross Moore, executive vice president of research at Colliers USA, Boston.
Full Story

Positive Investor Outlook Boosts CRE Values
Positive investor sentiment rather than actual industry fundamentals likely drove recent commercial real estate prices higher during its recent upturn, said Serguei Chervachidze, capital markets economist at CBRE Econometric Advisors, Boston.
Full Story

CRE Investors Weigh Risk-Reward Scenario in Uncertain Times
Greater stability and increased transparency compared to other investments could make commercial real estate an attractive investment during uncertain times, a recent report said.
Full Story

Multifamily Capitalizes on Weak Housing Markets
Single-family market losses could translate into multifamily housing gains, particularly in southern California, Phoenix and Las Vegas.
Full Story

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"If our baseline predictions for the economy and jobs hold true, commercial real estate market fundamentals should improve and catch up with the healthier state of the capital markets by 2012. Today's fears of a bubble in real estate pricing are more about exogenous risks that may derail economic growth in the U.S."
--Asieh Mansour, head of research in the Americas and senior managing director of global research at CB Richard Ellis, Los Angeles.
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