Investors purchased $193 billion in commercial real estate during the third quarter, marking a reported record that surpassed pre-pandemic spending by 19%. Apartment buildings, life-science labs, and industrial spaces to support the e-commerce boom drove the record period, according to data from Real Capital Analytics reported by the Wall Street Journal. The report notes sales of the properties surged so much, they canceled out shrinking office and retail markets and defied dire predictions of the
A significant change could be coming to the Community Reinvestment Act in New York. The state Senate delivered a bill to Gov. Kathy Hochul on Friday that would expand the requirements of the state program to non-depository lenders. Hochul has 10 days to sign or reject the bill; HousingWire reports that the mortgage industry expects her to ink it. The Community Reinvestment Act compels banks to lend adequately in communities where they take deposits. Several
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