ORDER TODAY AND SAVE
MONTHLY TRANSFER DIRECTORY REPORTS
Call 617.896.5388 or email datasolutions@thewarrengroup.com
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
PAGE 6
County close-up: Suffolk Spotlight: West Roxbury
IN PERSON
PAGE 8
Timothy Bombard has been with East Cambridge Savings Bank since 1999, working in the lending division as vice president, until he was promoted chief lending officer in 2008 and president earlier this year. He’ll now lead the community bank into the future as its new president and CEO.
WEEK OF MONDAY, DECEMBER 11, 2023
COMMERCIAL INTERESTS
6.29 percent The average interest rate on a 30-year fixed-rate loan fell to 6.29 percent last week. See Nika Cataldo’s story on page 7. Source: Freddie Mac
1 Cross Country Mortgage employs October’s top loan originator in Suffolk County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module
BOSTON LOOKS TO NYC
TO GET CONSTRUCTION MOVING
$38.12 billion The total volume of residential mortgage lending in Massachusetts through Oct. 31. See Nika Cataldo’s story on page 7. Source: The Warren Group’s Marketshare Module
4.8 percent Rocket Mortgage originated 4.8 percent of the single-family mortgages in Suffolk County in October. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
A tower crane at work in Boston’s Seaport District in the summer of 2023. New housing construction has collapsed in the city of Boston in 2023, partly due to high interest rates.
78,494 The total number of residential mortgages originated in Massachusetts through Oct. 31. See Nika Cataldo’s story on page 7. Source: The Warren Group’s Marketshare Module
3 Cambridge Savings Bank employs October’s third-best loan originator in Suffolk County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module
7.79 percent The highest average mortgage rate so far this year. See Nika Cataldo’s story on page 7. Source: Freddie Mac
2.77 percent Leader Bank originated 2.77 percent of the single-family mortgages in Suffolk County in October. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
Wu Inspired by Tax Break that Created 117K Homes BY SCOTT VAN VOORHIS BANKER & TRADESMAN STAFF
W
ith housing construction stalled across Boston, the Wu administration is thinking big when it comes to ways to get apartment and condominium projects moving again. In particular, one idea city officials are
exploring would involve a multi-year tax deal or abatement for new residential buildings that meet the city’s standards on housing affordability, which are poised to go up next year, according to industry and other sources familiar with the discussions. One potential model is New York City’s recently expired “421-a” tax exemption program, named after its place in the New York state real estate law. Launched in 1971 and closed, revived and reworked several times since, the initiative is credited with spurring construction of 117,000 new condos and
apartments across 3,000 properties over its most recent decade, according to research by New York University’s Furman Center. In return for tax incentive deals, developers were required to lease or sell anywhere from 25 to 30 percent of their units at below-market rents and prices. The program accounted for 70 percent of all new housing projects that opened in the Big Apple in the 2010s, according to a study last year by the New York University Furman Center. Continued on Page 10
S TA B I L I Z AT I O N S O L U T I O N S
OPTIMISTIC PROGNOSIS
Despite Promise, Community Land Trusts Face Obstacles
Lenders, Challenged in 2023, Hope for a Better Market
A Missing Piece of Housing Plan By Steve Adams | Banker & Tradesman Staff
Commercial Real Estate PAGE 3
Photo by James Sanna | Banker & Tradesman staff
BANKING & LENDING BY THE NUMBERS
With Lower Mortgage Rates 2024 Can Be a ‘Fine Year’ for Residential Lending By Nika Catlado | Banker & Tradesman Staff
Banking & Lending PAGE 7