Prospects Uncertain for Multifamily Units During Economic Comeback
According to Fannie Mae’s Economic & Strategic Research (ESR) Group, the U.S. economy is poised for a comeback in Q3, but big job losses and shrinking city and state budgets could hamper multifamily development.
Existing single-family home sales increased by 20.7 percent in June to 4.72 million annualized units while new home sales rose 13.8.
However, despite the good news on from the housing market, multifamily starts jumped 17.5 percent in June. It sounds good, but Fannie Mae says many of these projects were already deep into the planning stages when Covid-19 hit.
The ESR group believes that construction starts for multifamily units will be relatively weak in the coming quarters compared to single-family starts.
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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.