So Cal Multifamily Sales Pulse - July 14, 2024 - July 20, 2024
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Here's What's Happening In The Market, Here’s What This Means For You
| Top Economic Officials See Rate Cuts Back on the Table One reason Fed Chair Jerome Powell doesn't project when cuts might come is because sudden changes are too easy and common. |
Skyrocketing Multifamily Expenses Are More Than Insurance Payroll and benefits, utilities, and repairs and maintenance have all seen 'drastic' growth. |
| Why Multifamily Finance Is Poised to Come Back to Life The Fed is now consistently messaging lowering rates as a next step. |
Multifamily Distress Nearly Triples In 6 Months CMBS apartment loan delinquencies pop amid refinancing troubles. |
| Inflation Cools Again, Bolstering Case For September Rate Cut The consumer price index rose 3% year-over-year in June, down from 3.3% in May. |
Apartment Demand Surges to Almost Three-Year High, but Rent Growth Is Sluggish South Registers Smaller Rent Increase Than Rest of US, Report Says. |
| Multifamily Cap Rates, IRR Unchanged as Sector Awaits Interest Rate Action The spread between going-in and exit cap rates showed a slight decrease to 11 basis points during the quarter. |
Biden to Propose 5% Cap on Rent Increases The plan would need to pass Congress. |
| Trepp: Multifamily CMBS Delinquency Moves Past 2% The special servicing rate for apartments fell in June but remained above 5%. |
Recent Inflation Data 'Do Add Somewhat To Confidence' Fed Can Cut Rates: Powell Powell cited a recent turnaround in inflation readings following hotter-than-expected data in the first quarter. |
| Why Biden's Rent Cap Proposal Isn't Going to Happen Legislative processes and political realities suggest that national rent control won't work this year at least. |
Multifamily Distress Leaps 185% As Delinquencies Pile Up Distress rates in the CMBS market continued to climb in June, with the number of troubled multifamily loans nearly tripling since the start of the year. |
| Investors Are Growing Increasingly Confident About A 'Soft Landing' Where inflation falls toward the Federal Reserve's target without high interest rates sending the economy into a tailspin. |
US Corporate Bankruptcies In June Reach Highest Monthly Level Since Early 2020 The highest number recorded in a single month since at least the start of 2020 and surpassing half-year figures seen in over a decade. |
| CRE Losses Could Expose These Banks to Liquidity Risk Seven banks with more than $100 billion in assets have an uninsured deposit ratio greater than 50%. |
Buyers Start to Line Up for Bank CRE Loans Many banks are starting to give up on the long haul and look to shed some of their portfolios. |
| Allstate Seeks 34% Hike In California Homeowner Insurance Premiums If approved by regulators, it would be the largest rate increase in seven years. |
Consumer Spending Slump Could Continue Beyond Rate Cuts Consumer spending has come to nearly a halt amid inflation that while cooling is still elevated. |
| Commercial Real-Estate Bond Market Faces Turbulence The CRE meltdown is spilling over into the bond market, with defaults mounting in a once-secure segment of mortgage bonds. |
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