As some banks step away from construction lending, the Federal Housing Administration (FHA) is stepping into the gap, with competitive rates and faster processing times. Federal officials are combining the offices that process FHA loans. That will cut down on the time it takes secure FHA loans and make the process much more consistent. However, FHA financing still takes a much longer time to close than other types of loans… Read more »
The residential market’s recovery continues to strengthen, with the latest reports from both the National Association of Realtors and S&P Dow Jones Indices showing upward movement. However, the National Association of Home Builders reported last week that builder confidence in January went in the opposite direction. NAR reported Tuesday that existing-home sales inched upward 0.4% in January to a seasonally adjusted annual rate of 5.47 million… Read more »
Morgan Stanley analysts last week predicted U.S. commercial real estate prices would grow by a big fat zero percent in 2016, replacing a previous forecast of 5 percent growth over the course of the year. It was a surprising prediction for a market which has seen prices easily blow past their pre-financial crisis highs. Values for office buildings, hotels, shopping malls and the like have appreciated rapidly in recent years, thanks in part to insatiable investor demand… Read more »
The final phase of the Loop 303/Interstate 10 connection in Goodyear is getting underway by Arizona Department of Transportation. The $83 million project will build the south half of the interchange and complete the four remaining ramps connecting the two freeways. Loop 303 will be extended south to Van Buren Street with an interconnect to Cotton Lane south of Van Buren Street. Cotton Lane parallels the 303 in most locations…Read more »
Amid a choppy global economic outlook, demand for industrial real estate has remained strong. Economic indicators suggest demand for space should be “fair to good,” but it has actually been “great,” “The only economic driver I can point to is the fact that inventory levels have been rising at a much faster pace than U.S. retail sales over the last couple years,”… Read more »