Passage of an appropriate comprehensive national disaster policy is a top legislative priority for REALTORS® nationwide. Charles McMillian testified on March 10 before the Committee on Financial Services and offered that NAR stands ready to work with leadership in Congress to develop a responsible natural disaster policy that addresses the needs of consumers, the economy and the nation. McMillian included commercial member reports about problems with commercial insurance availability and affordability. For the full testimony – Read more…
Archives for March 2010
Federal Reserve Survey Shows Economic Improvement
Of 12 districts the Fed surveys nationwide for economic conditions, 9 showed improvement, 2 had mixed results and just 1 remained sluggish. Read the regional descriptions of the “Beige Book.” Read more…
FDIC Forecasts More Bank Closures
One of every 10 dollars a bank holds is in question. Commercial real estate loans are widely viewed to be an area of coming problems, in part because such loans are normally made for periods of seven to 10 years, in anticipation that they will then be rolled over into new loans. Read more about how a regulatory change may help. Read more…
Commercial Market Improvement Will Come Slowly
NAR Chief Economist, Dr Lawrence Yun, predicts high vacancy rates and ubiquitous commercial rent concessions. Slight employment improvements will help absorption rates for office/warehouse space, and SIOR’s (Society of Industrial and Office Realtors) recent survey confirms the forecast of easing in this sector. More than half the members of SIOR® expect an improvement in Q2 2010. Rents are down for Office, Industrial, Retail and Multifamily, but not by as much as in Q4 -2009, and the trends are improving slightly. To read the February Commercial Forecast and table on specifics of four commercial sectors. Read more…
COMMERCIAL PROPERTY VALUE CONUNDRUM – AN OPPORTUNITY
The impact of reduced property values has meant limited refinancing capacity and lending on new purchases will continue to put pressure on commercial real estate values. Yet, with significant equity, it’s simply the best buying opportunity for commercial real estate since 1988/89. Fortunes will be made by some in this market and it’s also a time for property owners to vigorously appeal property taxes. Read more…
