By KIMBERLEY HAAS Programs that support ownership of multifamily properties are estimated to make up almost 30% of homebuyer assistance offerings and that may present unique opportunities in markets strapped for inventory. According to the Down Payment Resource’s Homeownership Program Index, 33 new programs supporting multifamily homebuyers and builders were added in Q4 2022. Multifamily…
Multifamily saw a stunning reversal in the fourth quarter of 2022 as apartment supply finally surpassed demand, creating a “swift and unprecedented” downturn. A new report from Apartments.com found that multifamily fundamentals declined in Q4, driven largely by limited absorption and supply/demand imbalances. “We ended the year with absorption barely remaining positive and vacancy rates…
Rent growth decelerated for the fifth straight month, but renters in lower-priced units are still feeling the squeeze as homeownership remains out of reach for most Americans. Single-family rents increased only 10.2% YOY in September, down from 13.9% in April 2022, according to recent data from CoreLogic. This is still double the pre-pandemic growth rate,…
Freddie Mac Multifamily has promoted two new underwriting vice presidents, the GSE announced in a press release. Caitlin Myhre has been promoted to vice president, Risk Distribution & Credit, where she will also oversee underwriting for structured offerings. She has worked for Freddie Mac since 2010, serving in multiple underwriting positions. In 2018, she left…
Ian Ouwerkerk has been named Freddie Mac Multifamily’s SVP of Underwriting and Credit, the GSE announced in a press release. He has served as interim SVP since Q1 2022. Ouwerkerk joined Freddie Mac in 2008. He previously served as VP of Multifamily underwriting and senior director of underwriting for the Southeastern region. As VP of…
Investment opportunities in multifamily housing slipped in Q1 2022, with the Freddie Mac Multifamily Apartment Investment Market Index (AIMI) falling by 4.8% from Q4 2021 and 2.4% year-over-year. AIMI analyzes multifamily rental income growth, property price growth, and mortgage rates to measure multifamily market investment conditions. A decline such as this indicates that attractive investment…
Commercial and multifamily delinquencies fell in Q1 2022, according to the Mortgage Bankers Association’s (MBA) Commercial/Multifamily Delinquency Report. MBA looked at commercial/multifamily delinquency rates for five of the largest investor groups: commercial banks and thrifts, commercial mortgage-backed securities (CMBS), life insurance companies, and Fannie Mae and Freddie Mac. These groups hold more than 80% of…
Commercial and multifamily mortgage loan originations rose 72% YOY in Q1 2022, though they were down 39% from Q4 2021 due to seasonality trends, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. “The strong momentum in commercial and multifamily borrowing and lending at the end of 2021 carried into…
Investment opportunities in multifamily housing lost some steam in Q4 2021, with the Freddie Mac Multifamily Apartment Investment Market Index (AIMI) falling by 4.8% from Q3 and 2.4% year-over-year. AIMI analyzes multifamily rental income growth, property price growth, and mortgage rates to measure multifamily market investment conditions. A decline such as this indicates that attractive…
Commercial and multifamily mortgage loan originations jumped in 2021 and are expected to continue booming in 2022, the Mortgage Bankers Association (MBA) reported at its 2022 Commercial/Multifamily Finance Convention and Expo. Originations rose 79% YOY in Q4 2021 and 44% from Q3. A preliminary measure of commercial and multifamily mortgage bankers’ originations volumes found 2021…
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