On December 13, the Federal Reserve Board voted to keep the federal funds rate in the range of 5.25% and 5.5%, a 22-year high. The Fed’s post meeting statement was adjusted to reflect slowing economic...
Read MoreHigher interest rates and home costs have led to an increase in mortgage assumptions – whereby homebuyers undertake an existing mortgage from the seller – to lock in a lower rate. Mortgage assumptions, which are...
Read MoreAccording to data from the Department of Labor, job openings decreased in October to a 2 and a half year low. There were 8.7 million open jobs in October, compared to 9.3 million in September....
Read MoreOne out of every three securitized office mortgages that expired during the first nine months of 2023 was paid off by the end of September, according to Moody’s Analytics. This share is well below that...
Read MoreCredit card loans grew 1.6% in October, while 30+ day delinquency rates rose 0.16 percentage points. Currently delinquent consumers with annual household incomes of less than $50,000 were using an average of 80-90% of their...
Read MoreAccording to the Wall Street Journal, foreclosures on higher-risk commercial property loans – particularly mezzanine loans – are increasing. Mezzanine financing, which often serves as second-lien debt, allows borrowers to meet tighter bank underwriting standards....
Read MoreThe Bureau of Labor Statistics released the consumer price index for October, which showed continued easing of price pressures. Prices rose 3.2% year-over-year, down from September and August, but remain elevated compared to the Federal...
Read MoreOn November 14, under the direction of the FHFA, Fannie Mae and Freddie Mac (the GSEs) each announced a $70 billion cap for multifamily loan purchases in 2024. The level for 2024 is lower than...
Read MoreProposals to convert vacant office space to multifamily housing face financing and development challenges. Support from the government through tax incentives and grants may not be enough for investors to get on board, as residential...
Read MoreLarge U.S. banks are turning to synthetic credit risk transfers (CRT), amidst higher interest rates and proposed Basel lll capital regulations, to remove risk from their balance sheets. Until recently, CRT deals were rarely used...
Read MoreAccording to New York Federal Reserve data, U.S. credit card spending continues to rise and is up $154 billion year-over-year to $1.08 trillion. Credit card delinquency rates also now exceed pre-pandemic levels, with the Fed...
Read MoreU.S. subprime consumers are increasingly falling behind on their auto loan payments, according to Bloomberg. In September, 6.11% of subprime auto borrowers were 60 days past-due, the highest percentage since 1994, according to Fitch Ratings....
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