IRVINE, CA—Many multifamily investors are uncertain as to the staying power of the expansion, and interest rates are likely to rise further, suggesting that price weakness could persist following the amazing run-up that we have seen, Ten-X's chief economist Peter Muoio tells GlobeSt.com. According to the firm's CRE Nowcast, overall CRE pricing declined in September for the fifth consecutive month, and pricing in the apartment sector declined for the third consecutive month. With the prolonged slump, pricing's annual growth rate is at the lowest level since Nowcast was initiated, and several sectors are in similar slowdowns.
We sat down with Muoio to chat about apartment-sector pricing and where he sees it heading.
GlobeSt.com: What is your overall view of the continued weakening of apartment prices?
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
