Multifamily Drives Down Permits, New Construction
Multifamily activity drove down overall housing permits and new construction last month, though there was an increase in completed apartment buildings. Construction activity in the Northeast was exceptionally strong.
CMBS Delinquency Sinks
While there was little change in performance on commercial real estate loans owned by life insurers, securitized CRE loan delinquency plunged. The rates were mixed for loans backed by the government-sponsored enterprises.
Hotels Lead CMBS 30-Day Rate to Nearly 2-Year Low
A sharp decline in hotel late payments led overall delinquency on securitized commercial real estate loans to the lowest level in nearly two years. Apartment loan performance, however, deteriorated.
Fannie's New Business Lowest in 8 Months
It has been eight months since new business at the Federal National Mortgage Association was as low as it was in January. Delinquency, meanwhile, improved.
23-Month Low for Freddie's New Business
New monthly business fell to the lowest level in nearly two years at the Federal Home Loan Mortgage Corp. Serious delinquency on residential loans, however, improved.
Hilltop Holding's Home Lending Falling
Home lending volume turned lower in the final quarter of last year at Hilltop Holdings Inc., and a more sharp decline is likely ahead. Overall earnings increased, but mortgage income fell.
Housing Starts Strongest Since 2016 on Multifamily
As multifamily dragged down completed construction, it was responsible for pushing up new housing permits and driving housing starts to the highest level since 2016.
Freddie Finances Fewer Housing Units in 2017
The Federal Home Loan Mortgage Corp. provided financing for 110,000 fewer housing units last year than it did in 2016. Quarterly earnings deteriorated.
Ginnie MBS Issuance Slowest in 10 Months
Securitizations on behalf of the Government National Mortgage Association decreased to the lowest level in 10 months. The company's book of business is nearing $2 trillion -- including more than $100 billion in multifamily pools.
Fannie to Request Funds from Treasury on Loss
After-tax losses at the Federal National Mortgage Association will result in a request for funding from the Department of the Treasury. Single-family refinance volume sank last year. A record number of multifamily units were financed.