Erika Morphy of Globe St reports on the multifamily market, noting that the volume of multifamily loans that were at least 30 days past due or in nonaccrual status in the fourth quarter increased to $3.46 billion, up 43.1% from the previous quarter and an 81.2% increase year over year. Matt Tracy of Reuters reports on Fitch Ratings data showing that lending by banks to …
Home Sales Spike
New data from the National Association of Realtors (NAR) revealed that home sales in February spiked. Sales of existing homes jumped 9.5% in February to 4.38 million units. Although sales were down 3.3% annually, it was the largest monthly gain since February 2023. The West and South regions saw the highest growth in sales, while sales in the …
White House Policy Proposals
Jeff Mason of Reuters reports on President Joe Biden’s recent comments on housing, noting that his proposed housing plan would require congressional approval, which might be difficult to achieve in an election year. The plan intends to give first-time homebuyers a $10,000 mortgage relief tax credit. Additionally, a $10,000 tax credit for those selling “starter” homes will free up housing …