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Apartment Financing Conditions Are Mixed.
Washington -- The downturn in the housing market and tighter availability of credit are having a positive impact on multifamily rentals, according to the National Multi Housing Council's first-quarter survey of executives.
However, property sales are negatively impacted by the ongoing credit crunch.
The apartment industry trade group also reports that debt financing for apartment financing is more readily available, with an index measuring this rising from 17 in the prior quarter to 45 in the current quarter. Tightened underwriting standards and the "still-frozen" commercial mortgage-backed securities market have impacted debt financing availability.
However, those who thought that borrowing conditions worsened were down by half from 76% in the last survey.
Availability of equity financing is up slightly. However, index levels are at the second lowest levels on record, the NMHC reports.
An index that measures market tightness was below 50, indicating more slackness than tightness. The NMHC sees this as reflecting seasonal weakness (since there tends to be more ...
- Apartment Financing Conditions Are Mixed.
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Source: HighBeam Research, Apartment Financing Conditions Are Mixed.