NEW YORK, NY – The Orbach Group announced the launch of its new subsidiary, Orbach Affordable Housing Solutions, committed to the investment in and preservation of affordable residential units in New York City and across the country. The new subsidiary has $150 million of new acquisitions in the pipeline to expand its existing affordable portfolio. For each property bought, Orbach Affordable Housing Solutions plans to sign the maximum allowable Section-8/HAP or other applicable government extensions to ensure the buildings remain affordable. Orbach Affordable Housing Solutions will be led by Jay Reinhard, an industry expert with nearly two decades of experience, including 12 years as a Vice President at Related Companies.

“Our commitment to ensuring high-quality housing for New Yorkers of all income levels is unwavering,” said Meyer Orbach, Chairman of the Orbach Group. “Today’s announcement signifies both an expansion of our affordable housing portfolio, as well as a pledge to continue preserving the affordability of these units for generations to come.”

“Working in affordable housing for nearly two decades has been a tremendously rewarding experience,” said Jay Reinhard, President of Orbach Affordable Housing Solutions. “Rehabilitating buildings, making them current, working to make sure that everybody has a nice place to live is my life’s passion – and I am thrilled to take the next step in my career with Orbach Affordable Housing Solutions.”

This new subsidiary, Orbach Affordable Housing Solutions, will have more than 2,000 affordable units, and an approximate portfolio value of $400 million. The Orbach Group’s other properties – including more than 4,000 additional multifamily units – will continue to be managed by the parent company. Most of these properties are located in New York City, though others are located in New Jersey, Pennsylvania, and California. The Orbach Group, and now Orbach Affordable Housing Solutions, has a long history of renewing Section-8/HAP contracts to preserve housing for people of all income levels.

Prior to joining the Orbach Affordable Housing Solutions, Reinhard served as the President of the Affordable Housing Group at Cammebys International. During his time at Cammebys and Related, Reinhard completed roughly $1.5 billion in acquisitions, dispositions, and refinancing of affordable housing properties. He earned a dual degree in accounting and finance from the NYU Stern School of Business. He was born in Brooklyn.

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ORLANDO, FL – Florida’s housing market reported higher median prices, more closed sales, increased new listings and fewer days to a contract in May, according to the latest housing data released by Florida Realtors. Closed sales of single-family homes statewide totaled 25,518 last month, up 4.5 percent over the May 2015 figure.

“Florida’s housing market is growing at a more moderate pace,” said 2016 Florida Realtors President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “New listings for existing single-family homes rose 5.8 percent compared to a year ago, while new listings for townhouse-condo properties rose 4.3 percent. While tight housing supply is having an impact in many areas, still-low mortgage rates, increased jobs and economic growth will continue to boost housing demand.”

Meanwhile, sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in May received 96.2 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $221,050, up 10.5 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in April was $165,000, up 4.4 percent over the year-ago figure.

In May, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 54th month in a row, Veissi noted. The median is the midpoint; half the homes sold for more, half for less. 

According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in April 2016 was $233,700, up 6.2 percent from the previous year; the national median existing condo price was $223,300. In California, the statewide median sales price for single-family existing homes in April was $509,100; in Massachusetts, it was $350,000; in Maryland, it was $267,041; and in New York, it was $220,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,455 last month, up slightly (0.1 percent) compared to May 2015. Closed sales data reflected fewer small sales and cash-only sales in May: Small sales for townhouse-condo properties declined 40.4 percent while small sales for single-family homes dropped 37 percent. Closed sales may occur from 30 to 90-plus days after sales contracts are written.

“The renewed level of growth we’re seeing for sales of single-family homes statewide this month was largely due to the continued resurgence of local markets throughout North Florida and the I-4 corridor,” said Florida Realtors Chief Economist Brad O’Connor. “Many of these areas started their recoveries from the previous downturn later than most of the markets in the southern part of the state, so they only recently started hitting their stride.

“In addition, these markets are less reliant on international buyers, so they have not been negatively impacted by recent uncertainty in foreign real estate investment activity.”

Inventory was at a 4.4-months’ supply in May for single-family homes and at a 6.1-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.60 percent in May 2016, down from the 3.84 percent average recorded during the same month a year earlier.

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NEW YORK, NY – Mortgage rates rebounded modestly this week, with the benchmark 30-year fixed mortgage rate rising to 3.73 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.19 discount and origination points.

The larger jumbo 30-year fixed erased last week’s go, returning to 3.71 percent, and the average 15-year fixed mortgage rate bumped up to 2.97 percent mark. Adjustable mortgage rates were mostly higher, with the 5-year ARM inching higher to 3.06 percent and the 10-year ARM climbing to 3.44 percent.

After falling for three weeks in a row, mortgage rates reversed course and posted modest increases as tensions in financial markets about the looming Brexit vote eased somewhat. Investors despise uncertainty and rates had been driven down as nervous investors clamored for the safety of U.S. government bonds. Mortgage rates are closely related to the yields on long-term Treasuries. But stock markets around the globe staged a relief rally this week as investors sense that the United Kingdom will remain in the European Union. If the vote goes the other way, expect a renewed bout of market volatility that would push mortgage rates back down.

At the current average 30-year fixed mortgage rate of 3.73 percent, the monthly payment for a $200,000 loan is $923.96. 

SURVEY RESULTS

30-year fixed: 3.73% — up from 3.69% last week (avg. points: 0.19)

15-year fixed: 2.97% — up from 2.94% last week (avg. points: 0.23)

5/1 ARM: 3.06% — up from 3.05% last week (avg. points: 0.24)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. A small more than half – 55 percent – expect mortgage rates to remain more or less unchanged while 36 percent predict mortgage rates will keep rising over the next week. Just 9 percent believe mortgage rates will fall during the next seven days.

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