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In spite of the overbuilding
Commercial/Multifamily Debt Growth Largest Since Recession
Multifamily and commercial mortgage debt grew by $44.3 billion in the first quarter of 2018, a quarter-over-quarter increase of 1.4 percent, and the largest gain since before the Great Recession. The total debt at the end of the quarter was $3.21 trillion with the multifamily portion increasing by 19.3 billion or 1.5 percent. It was the third straight quarter that overall debt grew, the first time that has occurred since 2007.
In spite of the overbuilding and declining rents, the article seems desperate to say that the apartment market is "strong". In fact, it uses the word "strong" eight times in the article, as if repetition creates truth.