Banker & Tradesman, March 12, 2018

Page 1

SUBSCRIBE TODAY! VISIT WWW.TRYRERS.COM

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

PAGE 6

County close-up: Norfolk Spotlight: Holbrook

The five-bedroom condo in this week’s top spot has everything a buyer could ask for – plus a 24-hour concierge in case there’s anything else. Located on the 39th floor of the Ritz Carlton’s South Tower, there are panoramic views of the city, a 261-squarefoot deck, a fireplace, five and a half bathrooms and a large chef’s kitchen.

GOSSIP REPORT

PAGE 8

WEEK OF MONDAY, MARCH 12, 2018

RESIDENTIAL REAL ESTATE BY THE NUMBERS

ANOTHER LOOK AT M U N I S

$20.5 billion Statewide last year LOs originated $20.5 billion in single-family home purchase mortgages. Source: The Warren Group’s Mortgage Market Share Module

3 Three towns in Massachusetts had no mortgages in 2017 – Mt. Washington, Gosnold and Monroe. Source: The Warren Group’s Mortgage Market Share Module

$137 million Blue Hills reported in its most recent earnings report that municipal deposits had reached $137 million at the end of 2017. See Bram Berkowitz’s article on this page for more about banks competing for municipal deposits.

Needham Bank The No. 2 and No. 3 loan originators in Norfolk County in January were both from Needham Bank. See By the Numbers on page 6 for the No. 1 loan originator. Source: The Warren Group’s Mortgage Market Share Module

COMPETITION HEATS UP FOR MUNICIPAL DEPOSITS Cost of Rate-Sensitive Municipal Deposits Rises Incrementally

$0 The five most expensive homes sold in the Bay State last week had no mortgages. See the Gossip Report on page 8 for more. Source: The Warren Group’s Statistics Module

BY BRAM BERKOWITZ

$46.2 million

BANKER & TRADESMAN STAFF

The residents of Holbrook refinanced nearly $46.2 million worth of mortgages for singlefamily homes in 2017. See By the Numbers on page 6 for more about Holbrook. Source: The Warren Group’s Mortgage Market Share Module

1,700 There were nearly 1,700 mortgages for single-family homes in Newton in 2017, more than any other municipality. Source: The Warren Group’s Mortgage Market Share Module

Boston Year to date through January, four of the top five communities for condo mortgage origination were neighborhoods of Boston; the fifth was Cambridge. Source: The Warren Group’s Mortgage Market

W

ith three rate hikes in 2017 and another three – or maybe four – expected this year, competition in the government banking sector is starting to heat up. Rates are rising and new players all over the state are getting into the space to try to get a piece of the action. “We are seeing a change with more community banks chasing to get into the municipal space in order to build a deposit base and fund loan growth,” said Justine DeNorscia, director of government banking at Whitinsville-based UniBank, which has its own division solely dedicated to government banking. “You have a much larger

percentage of financial institutions chasing the same deposits.” Municipal depositors are much more rate-sensitive than a typical consumer because of their fiduciary responsibility to the taxpayer. As a result, it is not uncomBram Berkowitz mon to see them looking for higher rates once the federal funds rate begins to jump. According to DeNorscia, yields on a 12-month certificate of deposit has gotten as high as 1.75 percent. John Duggan, vice president and government Continued on Page 11

COMMERCIAL INTERESTS

MILLENNIALS TO THE RESCUE

On Planet Reality, a Desperate Need for Housing

Can 495 Bounce Back? By Steve Adams | Banker & Tradesman Staff

By Scott Van Voorhis | Banker & Tradesman Columnist

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.

Commercial Real Estate PAGE 3

Commercial Real Estate PAGE 9


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.