Today’s News Synopsis:

Aaron Norris of the Norris Group gives this week’s Norris Group real estate headline roundup.  Housing starts decreased 18.7% in November as a result of the decrease in multifamily properties.  Mortgage lenders are not optimistic about the future of mortgages as fewer people are wanting one with the increase in interest rates.  The CFPB just released their latest data showing what they have planned for the future.

In The News:

New York Times – “Sign of a Real Estate Slowdown as Queens Clock Tower Changes Hands” (12-15-16)

“Things are getting choppy in New York’s once-rocketing residential real estate market.  Last week, the developers of what was planned as the city’s tallest tower outside of Manhattan gave up and sold their site next to the historic clock tower building in Queens Plaza to the Durst Organization for $173.5 million.”

NAHB – “Multifamily Weakness Pushes Overall Housing Starts Down 18.7 Percent in November” (12-16-16)

“A sharp decline in multifamily starts pushed overall housing production down 18.7 percent in November to a seasonally adjusted annual rate of 1.09 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Overall permit issuance was also down 4.7 percent.”

Fannie Mae – “Post-Election Surge in Mortgage Rates Paints Gloomy Picture for Lenders” (12-16-16)

“Mortgage lender expectations for near-term mortgage demand plummeted amid the rapid rise in interest rates following the U.S. presidential election, according to Fannie Mae’s fourth quarter 2016 Mortgage Lender Sentiment Survey.”

CNBC – “Homebuilders super happy but not building more homes: Here’s what’s up with that” (12-16-16)

“At face value the numbers make no sense. A monthly survey of homebuilder confidence in December released Thursday from the National Association of Home Builders spikes to the highest level in 11 years.”

Freddie Mac – “Freddie Mac Prices $496 Million Multifamily K-Deal, K-F26” (12-16-16)

“Freddie Mac (OTCQB: FMCC) recently priced a new offering of Structured Pass-Through Certificates (K Certificates) backed by floating-rate multifamily mortgages with predominantly ten-year termst.”

Bloomberg – “Fed Hawk Lacker Says May Need More Than Three Hikes in 2017” (12-16-16)

“Jeffrey Lacker, one of the Federal Reserve’s most hawkish policy makers, warned that the U.S. central bank may have to raise rates more than three times next year and said he doesn’t know if policy makers are already behind the curve on inflation.”

DS News – “Here’s What the CFPB Has in Store for 2017” (12-16-16)

“As 2016 comes to a close, those in the industry are offering their predictions and forward thinking plans for the new year and the Consumer Financial Protection Bureau is no different.”