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Palomar Press Briefing | November 3, 2021

 



 INDUSTRY NEWS

November 3, 2021

 

WATCH: JIM BAKER PRESIDENT OF CHASELAND CORP AND BAKER & LASSITER INC.

“What makes Palomar stand out, as I have said before, is they’ve got energy, they’ve got youth, and they’ve got experience, and that is really paramount to me that they get the job done and they make it happen fast.” – Jim Baker

COMMERCIAL PROPERTY VALUES, SALES VOLUME BREAK RECORDS AS RECOVERY GIVES WAY TO EXPANSION

The commercial real estate investment market has moved beyond simply recovering from the coronavirus pandemic into new frontiers of record-breaking growth. Commercial property sales volume over the first three quarters of the year exceeded $426B, setting a new record.

U.S NEW HOME SALES HIT SIX-MONTH HIGH AS THE MEDIAN PRICE STAYS ABOVE $400,000

Sales of new U.S. single-family homes surged to a six-month high in September, but higher house prices are making homeownership less affordable for some first-time buyers. New home sales jumped 14.0% to a seasonally adjusted annual rate of 800,000 units last month.

2021 CMBS DELINQUENCY RATE

The Trepp CMBS delinquency rate declined sharply in September with the latest number being a little over half the level seen at the peak of the COVID-19 pandemic. After two huge jumps in May and June 2020, the rate has now fallen for 15 consecutive months. The September number represented another sizable decline, with the rate falling almost 1% over the last two months.

COMMERCIAL REAL-ESTATE SALES AND VALUES SURGE TO RECORDS

Investors purchased a record amount of commercial real estate in the third quarter, defying warnings that the Covid-19 pandemic would erode these property values and starve the industry of cash. Instead, purchases of apartment buildings, life-science labs, and industrial properties rocketed commercial sales.

MORTGAGE RATES RISE TO AN 8-MONTH HIGH, TANKING REFINANCE DEMAND

Mortgage rates have been on a tear this month, rising yet again last week to the highest level in eight months, according to the Mortgage Bankers Association. That caused mixed demand for mortgages last week, resulting in no change from the week before

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