Fannie and Freddie Floating a Plan to Juice More Private Mortgage Action

From the Wall Street Journal:

The Obama administration and a federal housing regulator are considering a program to draw private investment back into the government-dominated mortgage market by having Fannie Mae and Freddie Mac sell slices of securities that wouldn’t carry a federal guarantee but would pay a higher interest rate than current mortgage-backed bonds…

Officials see it as a step toward reducing the $10.4 trillion U.S. mortgage market’s dependence on government-controlled mortgage companies Fannie Mae and Freddie Mac.

The move would test the willingness of private investors to share the risk of funding home loans that are packaged by Fannie and Freddie. If the program were expanded significantly, it would likely raise mortgage rates over time because private investors would require greater returns than Fannie and Freddie currently do.

Under the pilot program, a small piece—perhaps 5% or 10%—of a bond issued by Fannie or Freddie would be sold without a federal guarantee, according to people familiar with the matter.

This plan for the single-family sector is similar to what Freddie’s done in multifamily:

Mr. Haldeman said the pilot program idea is “still in the talking stage.” Freddie Mac has tried the approach since 2009 with bonds issued to fund multifamily housing developments.

Administration officials say that by getting private investors involved, they will receive feedback on how much Fannie and Freddie should raise the fees they charge to guarantee mortgages. Those fees are expected to increase gradually next year.

Good News for Users of AANC’s Lease Online

Here’s some good news for all PTAA members who use the AANC lease online:

Blue Moon Forms Online for AANC customers can now capture signatures electronically for Lease documents using the Blue Moon Electronic Signature System. Electronic Signature functionality is a value added service available to AANC Online customers. Using the E-Signature functionality does not have any additional cost associated with its use beyond the standard cost of generating the Lease document. To learn how to activate this newly added feature to your account please click here. If you have any additional questions please contact your local affiliate or Blue Moon at tech@bluemoon.com or (512) 322-0999

Piedmont Triad Vacancy Rate Declines Most in U.S.

From a story in today’s Wall Street Journal:

Rental rates jumped 5.5% in San Jose, Calif., 4.5% in San Francisco and 3.7% in New York. Of the primary 82 markets tracked by Reis, the only one that didn’t see rates rise from a year ago was Las Vegas, which has plenty of foreclosed homes available for rent.

With millions of Americans burned by the housing crash becoming renters, landlords report few available apartment units. The vacancy rate for the third quarter, which wraps up the prime leasing season, fell to 5.6% from 7.1% a year earlier. That is the lowest since 2006…

When compared with a year earlier, North Carolina’s Greensboro/Winston-Salem region saw a 3.1 percentage point decline in vacancies, the nation’s largest. Charleston, S.C., and Austin, Texas, also saw declines near 3%.

New Haven, Conn.’s, 1.9% vacancy rate was the nation’s lowest. With 11%, Memphis, Tenn., has the highest rate, according to Reis.

Pigs, Poultry and Politics

If you’re a member of PTAA (or any other group under the TREBIC umbrella) you should plan on attending TREBIC’s Pigs, Poultry and Politics.  It’s your best chance to meet all of the candidates running for public office (state, county, municipal) in the districts that fall within the Guilford County area.  The Greensboro city council and mayoral races promise to be particularly interesting and many of the candidates will be in attendance.

When: October 13, 2011 – 4:30 to 7:00 pm
Where: Castle McCulloch, Jamestown NC
Purchase tickets here ($30 before the 13th, $35 at the door) 

Continued Strong Momentum for the U.S. Apartment Market in the Third Quarter

An excerpt from a press release issued by the MPF Research Division of RealPage:

The U.S. apartment sector again posted robust revenue growth in the third quarter of 2011, according to MPF Research, an industry-leading market intelligence division of RealPage, Inc.  National occupancy climbed 0.6 percentage points during the past three months, and effective rents jumped 1.6 percent. A discussion of the nation’s latest apartment performance results is available at www.realpage.com/MPFQ3Report …

Occupancy reached 94.8 percent as of the third quarter, up from 93.8 percent a year ago and from 91.8 percent when the market’s performance bottomed in late 2009. “While occupancy isn’t yet at an all-time high, the rate has moved a little ahead of the average level recorded over the course of the past decade or so,” Willett said. “The unusually small number of households leaving rental units to buy homes is really the key influence behind today’s strong apartment occupancy performance. Furthermore, it just doesn’t take much new demand to surpass the small block of new supply that’s coming online right now.”

Rents in U.S. apartments grew 4.2 percent between the third quarter of 2010 and third quarter of 2011. The total increase seen since pricing bottomed in late 2009 is right at 7 percent.

 

Planners Hope to Get Input on Population Growth

Planners in Forsyth County are looking for public feedback on population growth, and based on their projections for downtown Winston-Salem it would be a very good thing for PTAA to have representatives involved

Planners in Forsyth County are looking for public feedback on population growth, and based on their projections for downtown Winston-Salem it would be a very good thing for PTAA to have representatives involved:

But perhaps the most important growth downtown has been the number of people who live there.

From 2000 to 2010, the number of people living downtown roughly doubled, from about 1,200 residents to about 2,500, U.S. census figures show. Forsyth County planners expect that over the next 20 years, the county could grow by 120,000 people. Downtown could end up being home to about 30,000 of those people, planners estimate.

“Given the limited amount of land we have to fit 120,0000 people, where do they think that additional 120,000 people should be distributed?” said Paul Norby, planning department director.

To deal with that growth, the City-County Planning Department is reworking its Legacy Plan, an overarching document that guides development for all of Forsyth County.

Apartment Dynamics Featured in the Triad Business Journal

Apartment Dynamics is a long time member of PTAA and one of its principals, Mary Gwyn, is a member of the PTAA and AANC boards of directors. The Triad Business Journal did a nice article on the business that Mary and her husband Tom have built from scratch.

Apartment Dynamics is a long time member of PTAA and one of its principals, Mary Gwyn, is a member of the PTAA and AANC boards of directors.  The Triad Business Journal did a nice article on the business that Mary and her husband Tom have built from scratch.

The residential real estate market has faltered, but demand for apartments continues to grow. That’s been a boon for Apartment Dynamics, a High Point company that manages some 1,300 rental units across North Carolina. The company expects to increase its portfolio to about 2,200 units by the end of 2012 and even take an ownership stake in some of those properties.

That said, Apartment Dynamics won’t grow beyond the point where it can’t have high-touch relationships with renters and employees. “We know all our employees and they know us,” says Mary Gwyn, chief innovator for Apartment Dynamics.

Triad Biz Journal – Multifamily One Bright Spot in Triad Real Estate

The Triad Business Journal did a series of articles on the Piedmont Triad apartment industry in its most recent issue

The Triad Business Journal did a series of articles on the Piedmont Triad apartment industry in its most recent issue:

A Flurry of Activity

Must-Haves in Apartments

All in the Multifamily: Number of Apartment Projects Reflect a Bright Spot for Triad Housing

Triad Apartment Vacancies Down by a Third — WGHP

PTAA past president Sterling Kelly and Executive Director Jon Lowder were interviewed for a story about the apartment market in the Piedmont Triad.

[vodpod id=Video.15432444&w=425&h=350&fv=playerAvailable%3Dtrue%26amp%3BsearchAvailable%3Dfalse%26amp%3BcarouselType%3Dhorz%26amp%3BtitleAvailable%3Dfalse%26amp%3BlayoutColumns%3D1%26amp%3BisVideoFront%3Dtrue%26amp%3BomAccount%3Dtriblocaltvglobal%26amp%3BomnitureServer%3Dmyfox8.com%26amp%3BpropName%3Dwghp.com%26amp%3BadZone%3Dhp%26amp%3BadServ%3Dtrb.wghp%26amp%3BhostURL%3Dhttp%3A%2F%2Fwww.myfox8.com%26amp%3BswfPath%3Dhttp%3A%2F%2Fwghp.vid.trb.com%2Fplayer%2F%26amp%3BsingleURL%3Dhttp%3A%2F%2Fwghp.vidcms.trb.com%2Falfresco%2Fservice%2Fedge%2Fcontent%2F1c4415be-7fcd-44e3-8bbc-22634e9c405f%26amp%3BautoPlayVideo%3Dtrue]

Don’t You Forget About Me

Don’t forget about your prospective residents as soon as they sign on the dotted line… maintain the relationship to keep your residents happy and turn that into renewals!

From NAA’s Aptly Spoken

By Lauren Boston

Don’t You Forget About Me

Yesterday I went into the community clubhouse to renew my lease for yet another year—partly because I like my apartment, but also because I’m far too lazy to clean out my car, let alone pack everything up and move.

As I was sitting there waiting to sign the papers and eating a caramel chew that I swiped from the communal candy dish, I overheard a young couple rattling off a list of complaints to one of the leasing agents regarding the state of their “newly renovated” apartment.

According to these residents, problems include (but are not limited to) condensation on the walls, a broken dryer, chipping paint and a balcony door frame that feels as though it’s going to be ripped out of the wall whenever the door is opened. (They’ll understand what a blessing that last problem is when they get locked out and need to break into their own apartment).

Read more here.