While the demand for apartments remained strong during the second quarter of 2013, increasing interest rates have put a damper on debt financing conditions, according to data from the National Multi Housing Council (NMHC).
NMHC’s quarterly survey of CEOs and senior executives of apartment-related firms nationwide found that 67 percent of the respondents said the cost of debt financing for apartments has risen since April 2013. Additionally, just 8 percent of respondents said debt financing conditions had improved.
“Interest rates have risen 90 basis points since the April survey was conducted, leading two-thirds of the survey respondents to cite worsening debt finance conditions,” said Mark Obrinsky, senior vice president for research and chief economist.
Read more...Study: Rising Interest Rates Dampen Debt Financing Conditions in Apartment Sector
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