News Digest - August 14, 2023

News Digest - August 14, 2023

By Administrator

Pending Home Sales Rose in June, First Increase in Four Months

Pending home sales rose in June, up 0.3% from May, while month over month, contract signings increased in the Northeast and Midwest but decreased in the South and West.

MBA Forecast: Higher Rates, Uncertainty Slowing Commercial/Multifamily Lending in 2023

Total commercial and multifamily mortgage borrowing and lending is expected to fall to $504 billion this year, which is a 38% decline from 2022’s total of $816 billion, according to an updated baseline forecast released in early August by the Mortgage Bankers Association.

Industrial Sector Continues to Drive Local CRE Growth

Industrial remains the “it” sector of commercial real estate in the Midwest, and though there has been a pullback in sales activity as demand patterns continue to shift, experts’ concerns stem primarily from overwhelming demand, not a lack of it. 

NAR’s YUN: Good Time for Investors to Sell

Real estate investors have done well. Rents have risen and home price appreciation has been quite exceptional. Now it’s time for investors to sell, says Lawrence Yun, NAR chief economist.   

Why so many Americans feel Trapped in their Homes by their Low-rate Mortgages

The recent spike in mortgage rates has created a so-called “golden handcuff” effect through which nearly 82% of homeowners feel “locked-in” by their existing low-rate mortgage, according to data from