From his Memphis, Tenn. office, Simon Wadsworth conjures the Oracle of Omaha when assessing the current environment. “Warren Buffet once said, ‘Try to be fearful when others are greedy and greedy when others are fearful,’” says Wadsworth, CFO of MidAmerica Apartment Communities. “That’s the principle we’re trying to follow.”
Apartment Finance Today (AFT) – September/October 2009 [22 - 23].
Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.6 percent to a seasonally adjusted annual rate1 of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2 percent lower than the 4.90 million-unit level in June 2008.
Lawrence Yun, NAR chief economist, is hopeful about the gain.
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Multifamily Financial Distress Doubles – Distressed Assets – Multifamily Executive Magazine
Author: admin / Category: US Economy, US Real EstateDistress is piling up in the multifamily market, but it’s still not as bad the other real estate sectors, according to the most recent Troubled Assets Radar from Real Capital Analytics (RCA), a New York-based research firm that tracks commercial real estate.
According to the report, which measures assets in default, foreclosure, or bankruptcy, to date in 2009, 588 apartment communities, totaling $8.1 billion, fell into distress. Overall, 1,133 apartment communities, totaling $17.7 billion, were in trouble across the country.
Those numbers don’t surprise Debbie Corson, a principal at Atlanta-based Apartment Realty Advisors. “We’re getting a lot of calls and doing a lot of opinions of values for lenders, special servicers, and owners who are trying to figure out where the market is and what the value of these assets are,” she says.
via Multifamily Financial Distress Doubles – Distressed Assets – Multifamily Executive Magazine.
