Like seemingly everyone else in the third quarter, banks retreated from their already tepid return to commercial real estate lending.
Overall, lending for investment and multifamily properties was flat with multifamily lending up just 1% and investment property lending up just about a one-quarter of a percent. Multifamily lending remains pretty much on pace with its year-over-year increase of 5%, but investment property lending is way off its 9% a year growth over the last four quarters.
Total construction and development loans were down 3.3% in the third quarter from Q2 and down 17.3% year to year. Balances of real estate construction and development loans fell by more than $7 billion in the quarter while the balances on investment CRE and multifamily properties increased only by about $4 billion.
Read more...Bank CRE Lending Slows to a Crawl - CoStar Group
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