Business Journal, Milwaukee - The number of commercial and multifamily mortgage loans taken out during the second quarter was 50 percent higher than the first quarter, but 54 percent lower than the same period last year, according to the Mortgage Bankers Association.
The rise signals that commercial and multifamily mortgage originations bottomed in the first quarter, according to Jamie Woodwell, MBA’s VP of commercial real estate research.
The year-over-year decrease included an 81 percent drop in loans for office properties, a 77 percent decrease in loans for hotel properties, a 70 percent decrease in loans for health care properties, a 65 percent decrease in loans for industrial properties, a 51 percent decrease in retail property loans and a 21 percent decrease in multifamily property loans, according to the MBA.
When compared to the first quarter, second quarter originations for health care properties saw a 173 percent increase. There was a 129 percent increase for hotel properties, a 93 percent increase for retail properties, a 73 percent increase for multifamily properties, a 28 percent decrease for office properties and a 46 percent decrease for industrial properties.
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