NAR Treasurer Bill Armstrong’s 2013 look-ahead podcast summarizes 2012’s achievements for commercial REALTORS® while at the same time looks into the tea leaves for 2013. The highlights:
NAR’s Chief Economist and Senior VP of Research Lawrence Yun notes the National Credit Union Association’s piece suggesting that credit unions are trying to pick up the slack left by our pinstriped friends the banks in the commercial credit market:
Commercial real estate loans are very difficult to obtain. The lack of government backing (outside of multifamily mortgages) and a higher capital charge on office, retail, industrial, and other commercial real estate-related mortgages have severely hindered credit flow and potential business deals. Moreover, the compliance costs related to the Dodd-Frank bill and the uncertainty regarding Basel III rules are said to be too burdensome for smaller independent community banks from lending on modest-sized loans. Large banks have enough legal staff to handle the compliance, but small banks do not.
NAR 2012 Treasurer Bill Armstrong’s podcast wrapping up the year in legislative issues for REALTORS® touched on a series of important issues affecting commercial real estate. Podcasts are great (I like to listen in the car), but when the issues include far-reaching legislation, it’s important to break out and take a closer look at the content in text – to make it visible to readers and in the search engines. So let’s break it out: