U.S. mortgage originations stronger

Aug. 27, 2004 at 3:07 PM

WASHINGTON, Aug. 27 (UPI) -- Mortgage loan originations continued to rise in the second quarter for both commercial and multifamily real estate, the Mortgage Bankers Association said Friday.

The association said commercial mortgage bankers originated $33.2 billion, up 17.4 percent from the same period a year ago and up 54.1 percent from the first quarter.

"The second quarter extends a period of record capital flows to the commercial and multifamily real estate markets and sets 2004 on pace to exceed 2003's record origination volumes," said Doug Duncan, chief economist of the MBA.

Originations for office and retail properties increased by $2.3 billion and $1.7 billion from a year ago, respectively, or by 41 percent and 38 percent.

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