Industry News

Commercial, multifamily mortgage debt grows to new high

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The level of commercial/multifamily mortgage debt outstanding grew by 2.8 percent in the third quarter, exceeding $3.2 trillion, which is a record, according to the Mortgage Bankers Association analysis of the Federal Reserve Board Flow of Funds data. The $3.22 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was an increase of $87.7 billion from the second quarter 2007, MBA reported. Multifamily mortgage debt outstanding grew to $813 billion, an increase of $23.5 billion, or 3 percent, from the second quarter. "The third quarter included the periods immediately before and immediately after the dramatic adjustments in the capital markets," Jamie Woodwell, MBA's senior director of commercial/multifamily research, said in a statement. "As a result, commercial/multifamily mortgage debt outstanding grew to a new record -- $3.2 trillion -- but the quarter-over-quarter change in mortgage debt outstanding fell from $107 billion last quarter to $87.7...