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PricewaterhouseCoopers Second Quarter 2006 Korpacz Real Estate Investor Survey(R) Finds No Slowdown in US Commercial
US commercial real estate is still perceived as a favorable allocation alternative for investors -- despite concerns about higher energy costs, rising interest rates and the possibility of higher capitalization rates down the road, according to PricewaterhouseCoopers' Second Quarter 2006 Korpacz Real Estate Investor Survey®.
While the relative strengths of individual property sectors vary from market to market, underlying fundamentals continue to evoke a strong sentiment of confidence among investors about the future.
"With the overall economy showing continued strong gains in employment as well as high levels of consumer confidence, investors seem poised to continue their long-standing infatuation with the US commercial property markets," said William Croteau, U.S. Real Estate Sector Leader for PricewaterhouseCoopers.
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Rules get tougher on 'piggyback' mortgages
An exhaustive study of the performance of piggyback loans found them anywhere from 43 percent to 50 percent more likely to go into default.
KENNETH HARNEY
Wall Street is sounding the alarm on one of the most popular ways to buy a house in many high-cost areas around the country -- ''piggyback'' programs that mesh simultaneously closed first-lien mortgages and second-lien credit lines or mortgages.
As of July 1, the most influential ratings agency in the mortgage arena, Standard & Poor's Corp., has upped the ante for lenders who seek to fund piggyback deals through capital market financings. The move is likely to raise interest rates and fees for some home purchasers this summer, say mortgage experts, and could reduce the volume and availability of piggyback programs overall.