Commercial/multifamily mortgages outstanding up 7 per cent
The annual rise in commercial/multifamily mortgage debt outstanding was 7 per cent to the end of 2015 to reach $2.83 trillion. There was a 2.2 per cent rise in the fourth quarter, up 59.7 billion. The Mortgage Bankers’ Association has revealed that multifamily mortgage debt was up 3.4 per cent to $1.06 trillion.
"During 2015, commercial and multifamily mortgage debt grew by the largest amount since the series began in 2007; multifamily mortgage debt grew at the fastest pace since that series began in 1993; and the amount of commercial and multifamily mortgage debt held in agency and GSE portfolios and MBS, and on bank balance sheets, grew more than in any previous year on record," said Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research.
Commercial banks continue to hold the largest share of commercial/multifamily mortgages, with $1.08 trillion, or 38 percent of the total.
Seller adds value to former Sheen home
When Charlie Sheen sold his home in December for $6.6 million he took a $400K drop from the price he paid for it but it seems the buyer has added some extra ‘sheen’ to the home’s value. The 6-bedroom, 7-bathroom home in the famous Beverly Hills 90210 neighbourhood has been listed at $9.2 million according to Zillow, a cool $2.6 million profit if it sells for the asking price. Steve Levine of Hilton & Hyland is the listing agent.
Houston homes shake off oil downturn
Homes in the Houston market managed to shake off the downturn in the oil business with a 2 per cent rise in sales in February compared to a year earlier. The Houston Association of Realtors says that single-family homes in the $150,000 to $500,000 price range saw increases of 2.2 per cent year-over-year with 4,602 sales in the month.
“So far in 2016, the Houston housing market has remained healthy despite the ongoing strains facing the energy industry,” said HAR Chairman Mario Arriaga with First Group. “Sales are still down in the luxury home market, but, just as we saw in January, mid-range housing performed well and inventory levels grew. There was also a lot of activity among rental properties.”
The average price increased by 0.5 per cent to $260,872, a record high for a February in Houston, while the median price remained unchanged at $200,000.