What to Expect From the April Jobs Report | Interview with Bernie Lo

Apartment Financing Costs Hold at Record Lows | by Michael Tucker

What's Behind The Latest Economic Slowdown | Interview with Bernie Lo

Bank of Japan Moves to Ease Monetary Policy | Interview with Lisa Oake

Are US Stocks in a Fed-Inflated Bubble? | Interview with Alix Steel on Taking Stock

Fidelity Global Strategies' Jurrien Timmer and Chandan Economics President Sam Chandan discuss the US stock market rally with Alix Steel on Bloomberg Television's Taking Stock.

Watch the replay on the Bloomberg website or using the embedded player below:

New York City Apartment Investors Seek Big Returns in Buying Small | by Oshrat Carmiel

Bloomberg reports: Invesco Real Estate, manager of almost $50 billion of property investments, wanted to expand the number of apartment buildings it owned in Manhattan. To do so, it had to start thinking small.

Multifamily Finance Readies for a Haircut | by Erika Morphy

Workout Shops Eye Windfall Managing Slice Of $73.5B in Distressed Commercial Property Loans | by Joy Wiltermuth

Downside of a Low Interest Rate Policy With No Timetable for Exit | Interview with Pimm Fox on Taking Stock

In forcing a hunt for yield, the Federal Reserve's broad market interventions are distorting asset prices, argues Sam Chandan. The time is ripe for monetary policy officials to articulate a clear exit strategy, even if the exit timetable is further in the future. Pimm Fox hosts Sam Chandan and Oppenheimer Funds Chief Economist Jerry Webb.

How Solid is the Recovery in US Housing Markets? Interview with Degan McDowell and Rich Edson

Dr Sam Chandan speaks with Fox Business anchors Degan McDowell and Rich Edson about the durability of the housing recovery and some of the challenges it faces over the next year.

Watch the replay at the Fox Business website or using the embedded video below:

Chandan: Don't Bank on Low Interest Rates Forever | by Paul Bubny

GlobeSt writes: Capital will flow this year to the markets with the greatest diversity in terms of investor types, Sam Chandan said Wednesday at a market forecast breakfast.

Read the full story at the GlobeSt website.

End of Stimulus? Why It Isn't Necessarily Bad News | by Jean Chua

CNBC writes: The Federal Reserve's minutes on Thursday hinted at an earlier-than-expected end to its unprecedented bond buying program, triggering a sell-off in equities as investors worried about an end to historically low interest rates.

Read the story at the CNBC website.

Equity Residential's Archstone Buy Reverses Slide in Apartment REITs | by Hui-yong Yu

A Silver Lining in the Fiscal Cliff? Stocks May Become Cheap | by Jean Chua

As markets continue to wait with bated breath over the outcome of “fiscal cliff” talks, one fund manager said, the worst case scenario may not be so bad. According to Mike Crofton, president and CEO of Philadelphia Trust Company, stock markets will most certainly tumble if the United States goes over the ‘cliff,’ and that could present a great opportunity for investors to scoop up stocks.

Hurricane Sandy Recovery Could Take Weeks as Millions Struggle | from CNBC Wires

Uncertainty is Main Reason for Uneven CRE Market | by Carrie Rossenfeld

Trigild Conference Coverage: American Companies Sitting on Cash

Covering the Trigild Lender Conference, BisNow writes: Chandan Economics president Sam Chandan noted American companies are sitting on piles of cash, and “corporate profits are not being reinvested or reflected in the job market.” Two years ago, lack of credit hindered the economy and growth; today, it’s uncertainty. He talked about values rising faster than the economy is improving.

Cap Rates Continue to Drop for Net Lease Properties | by Erika Morphy

Is the Housing Recovery Back on Track | Interview with Fox Business News

Is a durable housing recovery underway? Can it be maintained absent stronger job growth? Sam Chandan debates the state of the market with Fox Business commentators. Watch the video below or at the Fox Business website.

What to Expect from the September FOMC Meeting | Interview with Lisa Oake

Sam Chandan speaks with CNBC's Lisa Oake before the September monetary policy meeting. He argues that while further intervention is likely, the impact on the real economy will be limited.

Banks' Real Estate Loan Defaults Continue to Slow | by Carisa Chappell

The National Association of Real Estate Investment Trusts writes:

As the Housing Market Recovers, Will the Apartment Boom End | by Diana Olick

CNBC writes: The latest reports on new and existing home sales seem to indicate that the housing market is beginning to find its footing again. While most believe the recovery will be slow, U-shaped, and bumpy, the free fall appears to be over for both sales and prices ... what effect that recovery will have on the recently booming apartment sector, which benefited from the housing crash?

Markets to European Central Bank: Get Germany on Board | by Dhara Ranasinghe

Apartment Financing Costs Hit Record Lows in Second Quarter | by Michael Tucker

Mortgage Bankers Association NewsLink reports: Apartment lending standards continued to ease in the second quarter, reported Chandan Economics, New York, reflecting higher property prices, lower cap rates and increasingly robust competition among lenders. "The cost of financing apartment acquisitions and refinancing maturing apartment loans fell to record lows in the second quarter," said Sam Chandan, the firm's president and chief economist.

Weaker Consumer Confidence Weighs on Real Estate Sector | Interview with Matt Bechard

NAREIT writes: "Consumer sentiment continues to be dampened by discouraging financial news, according to Sam Chandan, president and chief economist with Chandan Economics. Chandan spoke about the state of the economy and its impact on commercial real estate in a video interview with REIT.com in New York at REITWeek 2012: NAREIT’s Investor Forum."

Watch the video at REIT.com

Monetary Policy and the Cost of Political Inaction | Interview with Martin Soong

Sam Chandan spoke with CNBC's Martin Soong regarding monetary policy developments in the United States intended to stimulate growth. Dr Chandan contends that a further reduction in benchmark rates will have a limited impact.

Outlook for the US Commercial Real Estate Market | Interview with Jim Fried

Sam Chandan speaks with Fried on Business' Jim Fried about the latest developments in Europe, the reasons for the slowdown in the US economy and labor market, and their implications for the commercial real estate markets.

The Volcker Rule and the Regulation of US Banks | Interview with Lisa Oake

In this interview with CNBC's Lisa Oake, Sam Chandan discusses some of the challenges in regulating large, complex financial institutions.

Banks' Commercial Real Estate Loan Default Rates Continue to Decline | by Carisa Chappell

NAREIT writes: The bank default rate among commercial real estate loans in the first quarter of 2012 fell to its lowest level in nearly three years, according to an analysis released May 30 ... “The overall decline in the default rate reflects a relatively larger improvement in legacy apartment loan performance,” said Sam Chandan, president and chief economist with Chandan Economics.

Landlords Manage Around April's Flat Retail Sales | by Mike Leon

BisNow writes: Retail sales were flat in April, but retail landlords needn't fret, says Chandan Economics research chief James Keenoy. "The fact that consumers are spending is good, but this spending is coming from use of credit rather than gains in income which leads us to question whether the spending increases are sustainable or not."

Visit BisNow for the complete analysis.

Is the Housing Recovery in Sight? Interview with Fox Business Anchor Cheryl Casone

Sam Chandan offers a guarded assessment of the latest housing data, pointing to recent weakness in the job market as one reason that gains in home sales will be measured.

Watch the video here or at the Fox Business website: foxbusiness.com

Favorable Demographics Help Carolinas Economy | by Savannah Duncan

Real Estate Business writes: Economic conditions in the Carolinas and in Charlotte in particular are the envy of many other parts of the country, according to Sam Chandan, president of New York-based Chandan Economics and professor of real estate at the Wharton School of Business.

Read the column at rebusinessonline.com.

The Swirl of Issues in Washington | Interview with Miriam Lamey at ALM's Net Lease 2012

From GlobeSt: RealShare Net Lease Keynote speaker Dr Sam Chandan sat down to provide his take on the “uncertainty” about what’s happening politically in Washington. Chandan noted this confusion was more connected to politics, rather than the business community.

Watch the interview at GlobeSt.com.

Limiting Market Exposure Through Net Lease Sector | by Brad Thomas

In its coverage of Sam Chandan's keynote address at ALM's Net Lease 2012, Seeking Alpha writes: the single tenant net lease sector has become a growing investment option due to long-term leases, fixed rental growth and favorable cap rates. Conversely, more institutions, pension funds, and REITs are expanding into the safe-margin sector.

In Search for Yield, Investors Flock to Net Lease Properties | by Jacqueline Hlavenka

GlobeSt writes | More institutions, pension funds and non-traded REITs are expanding into the triple-net-lease arena in 2012, but as the capital flows into the space, competition for the best properties is heating up. Panelists at ALM Real Estate Media Group’s RealShare Net Lease 2012 conference agreed the NNN sector would continue to see action due to long-term leases, fixed rental growth and favorable cap rates, reflecting the state of today’s slow-growing economy.

Chandan: Distortions from Fed's Low Interest Rates May Prove Toxic for Economy | by Zhi Ying Ng

CNBC writes | While the Federal Reserve has reiterated it would keep interest rates near zero until late 2014, Sam Chandan, Chief Economist at Chandan Economics, says that low interest rates distort asset prices and are "toxic" for the economy. "An extraordinarily low interest rate environment has become our drug of choice in this country," he adds.

Read the analysis at the CNBC website: cnbc.com

Case-Schiller Falls to New Lows | by Guelda Voien

The Real Deal writes | US single-family home prices are back to early 2003 levels, according to the Standard & Poor’s/Case-Shiller home price indices for January, released today. In an appearance on Fox Business, Chandan Economics founder Sam Chandan elaborated on the reasons for the price declines, specifically pointing his finger at distressed properties and discount-seeking investors.

US Commercial Property Deals May Rise 20 Percent in 2012, Roberts Says | by Dan Levy

State of the Economy | Interview with Jim Fried

Sam Chandan speaks with Jim Fried about current trends in the national economy and the outlook for growth. Fried on Business airs in South Florida on 880 AM and is also available as an Internet-based radio program covering a wide range of business and real estate issues. Jim Fried is host of the program and president of Sandstone Realty Advisors.

Commercial Lending Increases After Two-Year Decline | by Darren Currin

The Journal Record writes: The thawing of commercial real estate credit appears to be picking up pace as Chandan Economics reported today that commercial property lending among banks in the United States was up in the fourth quarter of 2011, marking the first time in two years. The last time commercial lending spiked upwards was in the first quarter of 2010, according to the data.

Positive Trends in Commercial Real Estate Lending

The International Business Times writes: US banks have increased lending on commercial properties in the fourth quarter of last year. The first such increase since Q1 2010 comes on the back of falling default rates and banks successfully offloading foreclosed property according to Chandan Economics, the New York-based real estate researcher that reported the growth.

Good News for the Credit Markets | by Mike Leon

BisNow writes: A report yesterday by Chandan Economics shows that commercial real estate bank lending has increased for the first time since Q1 2010, with default rates for commercial and multifamily loans at their lowest point since 2009. “The data is a reflection of properties being refinanced and better credit conditions in general,” research manager James Keenoy tells us.

US Banks Step Up Commercial Real Estate Lending in Fourth Quarter | by Ilaina Jonas

Housing Is Improving But Access to Mortgages Is Not | Interview with Connell McShane

Sam Chandan speaks with Fox Business Network's Connell McShane regarding home sales data for January. Although the data show a small rise in sales, Dr Chandan explains that investors and distress sales outnumber first-time homebuyers. Difficulties in qualifying for mortgages remain an obstacle for the latter group.

Is January's Jobs Report a Game Changer? | by Matt Valley | Summarizing the consensus amongst economists, Matt Valley writes that the recovery "a number of factors could still hamper the pace of employment growth." Sam Chandan adds: the unemployment rate fell by 20 basis points in January to 8.3 percent, the lowest level since February 2009. That’s partly because the labor force participation rate continues to fall, rendering the highly touted decline in the unemployment rate woefully misleading.

Blackstone Raises $6 Billion for New Property Fund | by Anjli Raval and Dan McCrum

The Financial Times reports that Blackstone Group "has secured more than $6 billion in pledged capital for a new property fund, largely comprised of distressed assets." Distressed funds have faced challenges in deploying capital, Sam Chandan explains:

Will Housing Improve in 2012? In a speech earlier in the week, President Clinton suggested that a recovery in housing is the key to a broader economic recovery. In this interview with Dagen McDowell and Connell McShane, Sam Chandan offers an update on conditions in the housing market and the outlook for ownership and rental demand in 2012.

Watch the video at Fox Business News.

Euro Investors Slow Investment Into New York City Commercial Market | by Tom Acitelli | Manhattan’s commercial property market will see less investment from Eurozone countries in 2012, as the continent continues to struggle with it sovereign debt crisis, writes Tom Acitelli.

European banks are undercapitalized, adds Sam Chandan, and many of them are in the position of having to increase their capital cushions. They generally have two choices to do that: they can find equity, or they can sell some assets.

Realtors Revise Home Sales Data Sam Chandan speaks with Fox Business News' Ashley Webster following a downward revision in historical home sales data by the National Association of Realtors. Looking forward, Dr Chandan argues that a sustainable recovery in housing rests upon stronger job creation. Very low mortgage rates have characterized the market for some time but, on their own, are insufficient to reverse the decline in homeownership.

GSEs Get Roped into Payroll Tax Tug-of-War Proposals in Congress that would see an extension of the payroll tax cut offset by new revenue from agency financing fees may present new headwinds for the housing market. GlobeSt's Erika Morphy explains:

CRE Default Rate Flat in Texas Austin Business Journal's Cody Lyon reports on the findings of the Chandan's third quarter bank default and lending report and trends for Texas-based banks. Lyon writes that Texas default rates have been largely unchanged over the last year:

Texas commercial default rates remained essentially flat over the past year. In the third quarter 2011, 3.08 percent of Texas commercial loans on bank’s books were in default, mirroring the same quarter last year and slightly down from the 3.26 percent reported second quarter 2011.

Housing Hitting Bottom? Following the release of new data showing a rise in home sales, Connell McShane speaks with Sam Chandan about the sector's outlook. In spite of record-low mortgage rates, rising rents, and declining house prices, the increase in sales activity has been relatively modest. Dr Chandan explains why a sustained improvement in housing is unlikely to assert itself in the near- to medium-term.

Visit our new page – Chandan on the Housing Market – for this and other recent commentary on housing market conditions.

Lenders Eye a Project's Location | by Cody Lyon | Lending conditions are improving even as historical loan performance trends remain mixed, explains Cody Lyon. Among other examples, Lyon cites a $35 million construction loan for RiverView Apartments in Austin made by Bank America. Jones Lang LaSalle Capital Markets' Jimmy Board tells Lyon that banks are among the sources of credit reengaging with borrowers:

Coach Commits to Moving to New York City's Hudson Yards | by Ilaina Jonas | Related Companies' 26-acre development on Manhattan's West Side has announced its first major commitment, explains Ilaina Jonas. Retailer Coach said it intends to purchase 600,000 square feet in one of the project's towers. Construction at Hudson Yards is expected to begin in mid-2012 with completion projected for 2015.

Read the full story at the Reuters website.

Refinancing Plan for Struggling Homeowners | Sam Chandan speaks with Fox News' Jenna lee regarding the Administration's most recent proposals for supporting homeowners by expanding access to mortgage refinancing. Dr Chandan explains that the program is limited in its scope since it applies to bank-held mortgages and cases where borrowers with negative equity have remained current on their payments.

Why the Administration’s New Tax Proposals Won’t Create Jobs | Interview with Dagen McDowell | Sam Chandan speaks with Fox Business Networks' Dagen McDowell about the economics of the Administration's latest proposals to spur job creation. While lowering payroll taxes should encourage employment in principle, weak business confidence and concerns about the sustainability of demand in the event of a relapse into recession are constraining payroll expansion.

Details of September Jobs Report Disappoint | by Sam Chandan | September's employment report surpassed economists’ baseline expectations but still fell woefully short in bolstering confidence that we are on the cusp of a more robust jobs recovery. Private employers expanded payrolls by 137,000 jobs, more than offsetting the anticipated drag from cutbacks in government employment. The private tally included approximately 45,000 Verizon workers who had been on strike the prior month.

Office Sector Enters New Stage of Recovery | by Elaine Misonzhnik | Falling cap rates in cardinal markets are forcing investors to examine opportunities in secondary markets. Dr Sam Chandan explains that investors are seeking higher returns than can be found in the markets that have dominated the investment recovery thus far. Elaine Misonzhnik writes: "While office buildings in New York, Washington, D.C. and San Francisco come with fewer risks, cap rates for assets in those markets are now nearing pre-downturn levels, according to Sam Chandan."

Real Estate Investors Like Texas | by Cody Lyon | Following his commercial real estate market update at the National Association for Business Economics' annual meeting in Dallas, Dr Sam Chandan spoke with Cody Lyon about the outlook for Texas and national real estate markets. Dr Chandan offered an upbeat assessment of Texas markets, saying that "... while not without risks, Texas markets have attracted attention because of their stronger underlying economies and momentum in the job market — trends we do not see in most other parts of the country."

Mortgage Metrics Dropped in Second Quarter | by Carl Gaines | Both loan-to-value ratios and debt yields declined between the first and second quarters, Carl Gaines writes in GlobeSt's coverage of Chandan's latest report on the quality of newly-originated mortgages. Gaines goes on to explain as follows:

Will the Fed's Rate Decision Bolster the Economy? | by Matt Hudgins | Following the Federal Open Market Committee's announcement that the target Fed Funds rate will remain at historically low levels through mid-2013, Matt Hudgins warns "commercial real estate investors to be prepared in case capital costs rise despite the Fed’s efforts." Sam Chandan offers that "low short- and long-term interest rates relieve some of the upward pressure on cap rates and mortgage financing costs.” Still, the Fed's move is not a panacea.

After the S&P Downgrade | by Erika Morphy | Following the downgrade of US, S&P also lowered the credit ratings of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. What does the downgrade mean for the apartment sector? Higher costs of capital. In contrast, Treasury yields fell after they were downgraded. Sam Chandan explains that ""investors are nervous, and that will result in a flight to quality. That means capital flowing into Treasuries, in spite of the ratings adjustment, which may push yields even lower than we observed during the recession."

Is the Bloom Off the Homeownership Rose? | by Jerry Ascierto | Pointing out that the national homeownership rate has fallen to a 13-year low, Jerry Ascierto asks if the shift represents a cyclical move away from ownership or a structural adjustment.

Europe’s Newest Agreement No Panacea | Europe's newest plan to stave off a broader debt crisis may not be scaleable and flexible enough to offset the vagaries of bond investor sentiment, Sam Chandan offers in his assessing the latest developments on the Continent. The possibility of a Eurobond may address the crisis in a more robust manner, but will also add to upward pressure on Treasury yields in the United States:

Lessons for the US from the Italian Debt Crisis | Dr Sam Chandan describes how Europe’s intractable sovereign debt crisis has engulfed Italy, forcing the adoption of $56 billion in austerity measures that are projected to bring the country’s budget into balance in 2014. Italy is making more progress towards fiscal discipline than the United States, where policymakers are deadlocked over whether to cut back while the recovery remains fragile. The research shows that, under some circumstances, moves towards fiscal discipline can be expansionary.

Corporate Ladder: Top Economist Launches New Research Firm | by Jonathan Holin | In this interview with Multifamily Executive magazine, Dr Sam Chandan explains his plans for Chandan Economics and gives insight into the past, present, and future of the multifamily sector. In describing the key challenges for the sector, he cites rising interest rates, the sector’s changing relationship to housing, and reform of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac.

REIT Executive Pay Surpasses Pre-Recession Levels | by Matt Hudgins | A new survey from FTI Consulting shows that REIT CEO compensation increased significantly in 2010, NREI contributing writer Matt Hudgins explains. Commenting on the findings, Dr Sam Chandan adds that "REITs’ access to investor capital and leverage put them in an enviable position in 2010 and helped the sector emerge as the strongest buyers in the market last year ... That positioning, combined with strengthening market caps, is consistent with observable improvements in compensation."

Wide Spread in Banks' CRE Default Rates | 40 percent of banks have CRE default rates of less than 1 percent as of Q1 2011. That is good news for policymakers concerned about the ongoing impact of non-performing property loans on the health and lending capacity of regional and community banks. Balancing this finding, a large minority of institutions still face serious challenges from elevated distress. In the extreme, 75 institutions with $13 billion in CRE loans report default rates of 20 percent or more.

Construction Lending and Manhattan Exceptionalism | Outside of the apartment sector, where fundamentals have strengthened in the context of a moribund housing market, there is ample reason for developers in most markets to hold off on new construction projects until asset prices and space demand show signs of sustainable improvement. The data confirm that, at least for now, construction and related lending remain subdued.

Residential Market Outlook | In this live town hall discussion with Fox News' Jenna Lee and Dr Dani Babb, Sam Chandan comments on the latest housing data, which show a 3.8 percent drop in existing home sales in May, and his expectations for the newly introduced Emergency Homeowner Loan Program (EHLP). Expectations are low for the EHLP, he explains, in part because distressed homeowners only have until late-July to submit requests for assistance.

Watching the Watchers: The Metrics of the Real Estate Recovery | In Manhattan and other major markets, the consensus at mid-year holds that commercial real estate investment and credit market conditions have improved markedly since last summer. There is a lot of support for this assessment: clear evidence of rising transaction volume; an increasing diversity of lenders extending credit in support of property sales and the refinancing of maturing mortgages; and an uptick in the gross absorption of available space.

Second Mortgage-Holders Saddled with Negative Equity | In this interview with Fox Business' Cheryl Casone and Dennis Kneale, Sam Chandan comments on the sources and current policy alternatives for addressing the large number of home-owners with second mortgages and negative equity in their homes. Few options are available for these homeowners, apart from in-place federal assistance programs. In the current political environment, the Administration is not expected to propose any new programs.