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Home Affordability Slips Again for Average Workers Across U.S. in Third Quarter Amid Ongoing Price Runup
Typical Home Still Within Means of Average Wage Earner in Third Quarter of 2021; But Historic Affordability Drops in Three-Quarters of U.S. Housing Markets; National Median Home Price Rises 18 Percent to Another New High IRVINE, Calif. - Sept. 23, 2021 -- ATTOM, curator of the nation's premier property database, today released its third-quarter 2021 U.S. Home Affordability Report, showing that median-priced single-family homes are less affordable in the third quarter compared to historical averages in 75 percent of counties across the nation with enough data to analyze. That is up from 56 percent of counties in the third quarter of 2020, to the highest point in 13 years, as home prices have increased faster than wages in much of the country. The report determined affordability for average wage earners by calculating the amount of income needed to meet monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 430 of the 572 counties analyzed in the third quarter of 2021 are less affordable than past averages. The latest number is up from 317 of the same group of counties in the third quarter of 2020 – a downturn that developed as the median national home price shot up 18 percent to a record high of $315,500. While major ownership costs on median-priced homes do remain within the financial means of average workers across the nation in the third quarter of 2021, the percentage of counties where affordability is worse than historical averages has hit its highest point since the third quarter of 2008. The latest pattern – home prices still manageable but getting less affordable – has resulted in major ownership costs on the typical home consuming 24.9 percent of the average national wage of $64,857 in the third quarter of this year. That is up from 24.3 percent in the second quarter of 2021 and 22.3 percent in the third quarter of last year. Still, the latest level is within the 28 percent standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes. Those mixed patterns in the third quarter have followed similar trends from earlier in 2021 as the U.S. housing market continues booming despite damage to large segments of the U.S. economy caused by the Coronavirus pandemic that struck in early 2020. Home prices have continued rising in most of the country for the 10th straight year as a glut of home buyers chase a tight supply of homes for sale made even worse by the pandemic. The surge has come amid historically low home-mortgage rates and a desire of many households, largely unscathed financially by the crisis, to seek the relative safety a house or condominium and space for developing work-at-home lifestyles. Mortgage rates below 3 percent throughout most of the past year have helped offset the impact of rising prices, but not enough to prevent the cost of home ownership from getting closer to the unaffordable benchmark. "The typical median-priced home around the U.S. remains affordable to workers earning an average wage, despite prices that keep going through the roof. Super-low interests and rising pay continue to be the main reasons why," said Todd Teta, chief product officer with ATTOM. "But affordability keeps inching in the wrong direction as the housing market boom keeps roaring ahead. That's pushing average workers closer and closer to the point where lenders might be reluctant to give them a mortgage. With much still uncertain about how the pandemic and many other forces could still affect the economy, affordability remains a crucial measure of market stability that could easily keep going in the same direction or swing back the other way." As historic affordability slides this quarter, major home-ownership expenses on typical homes still are affordable to average local wage earners in 303 of the 572 counties in the report (53 percent), based on the 28-percent guideline. The largest counties include Cook County (Chicago), IL; Harris County (Houston), TX; Dallas County, TX; Bexar County (San Antonio), TX, and Wayne County (Detroit), MI. The most populous of the 269 counties where major expenses on median-priced homes are unaffordable for average local workers in the third quarter of 2021 (47 percent of the counties analyzed) are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, (outside Los Angeles), CA, and Miami-Dade County, FL. Home prices up at least 10 percent in almost two-thirds of country Median single-family home prices in the third quarter of 2021 are up by at least 10 percent from the third quarter of 2020 in 381, or 67 percent, of the 572 counties included in the report. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the third quarter of 2021. Among the 43 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the third quarter of 2021 are in Middlesex County (outside Boston), MA (up 32 percent); Maricopa County (Phoenix), AZ (up 24 percent); Travis County (Austin), TX (up 23 percent); Hillsborough County (Tampa), FL (up 22 percent) and Clark County (Las Vegas), NV (up 22 percent). Counties with a population of at least 1 million that have the smallest year-over-year median-price increases in the third quarter of 2021 are New York County (Manhattan), NY (up less than 1 percent); Fairfax County, VA (outside Washington, DC) (up 5 percent); Santa Clara County (San Jose), CA (up 6 percent); Suffolk County, NY (eastern Long Island) (up 7 percent) and Dallas County, TX (up 7 percent). Price gains outpace wage growth in three-quarters of markets Home-price appreciation is greater than weekly wage growth in the third quarter of 2021 in 428 of the 572 counties analyzed in the report (75 percent), with the largest including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Miami-Dade County, FL, and Dallas County, TX. Average annualized wage growth is outpacing home-price appreciation in the third quarter of 2021 in 144 of the counties in the report (25 percent), including Cook County (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles); Santa Clara County (San Jose), CA, and Alameda County (Oakland), CA. Less than 28 percent of average local wages required to buy a home in half the nation Major ownership costs on median-priced homes in the third quarter of 2021 consume less than 28 percent of average local wages in 303 of the 572 counties analyzed in this report (53 percent). Counties requiring the smallest portion are Schuylkill County, PA (outside Allentown) (9.5 percent of annualized weekly wages needed to buy a home); Fayette County, PA (outside Pittsburgh) (10.6 percent); Cambria County, PA (outside Pittsburgh) (10.9 percent); Macon County (Decatur), IL, (11.3 percent) and Bibb County (Macon), GA (11.4 percent). Among the 43 counties in the report with a population of at least 1 million, those where home ownership typically consumes less than 28 percent of average local wages in the third quarter of 2021 include Wayne County (Detroit), MI (12.8 percent); Philadelphia County, PA (15.2 percent); Cuyahoga County (Cleveland), OH (16.4 percent); Harris County (Houston), TX (21.6 percent) and Cook County (Chicago), IL (21.8 percent). A total of 269 counties in the report (47 percent) require more than 28 percent of annualized local weekly wages to afford a typical home in the third quarter of 2021. Counties that require the greatest percentage of wages are Kings County (Brooklyn), NY (78.7 percent of annualized weekly wages needed to buy a home); Santa Cruz County, CA (77.7 percent); Marin County, CA (outside San Francisco) (75.1 percent); Maui County, HI (66.2 percent) and Monterey County, CA (outside San Francisco) (63.7 percent). Aside from Kings County, NY, counties with a population of at least 1 million where home ownership consumes the highest percentage of average annualized local wages in the third quarter include Orange County, CA (outside Los Angeles) (57.9 percent); Queens County, NY (56 percent); Nassau County, NY (outside New York City) (55.3 percent) and Alameda County (Oakland), CA (54.3 percent). More than $75,000 in annual wages needed to afford median-priced home in just one of every five markets Annual wages of more than $75,000 are needed in the third quarter of 2021 to afford the typical home in just 106, or 19 percent, of the 572 markets in the report. The top 33 highest annual wages required to afford the typical home are all on the east or west coasts, led by New York County (Manhattan), NY ($247,479); San Mateo County (outside San Francisco), CA ($246,824); San Francisco County, CA ($241,125); Marin County (outside San Francisco), CA ($232,106) and Santa Clara County (San Jose), CA ($223,718). The lowest annual wages required to afford a median-priced home in the third quarter of 2021 are in Schuylkill County, PA (outside Allentown) ($15,834); Fayette County, PA (outside Pittsburgh) ($16,497); Cambria County, PA (outside Pittsburgh) ($16,895); Robeson County, NC (outside Fayetteville) ($19,358) and Bibb County (Macon), GA ($19,471). Homeownership less affordable than historic averages in three-quarters of counties Among the 572 counties analyzed in the report, 430 (75 percent) are less affordable in the third quarter of 2021 than their historic affordability averages, up from 56 percent of the same group of counties that were less affordable historically in the third quarter of 2020. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Wayne County (Detroit), MI (index of 71); Tarrant County (Fort Worth), TX (78); Oakland County, MI (outside Detroit) (78); Maricopa County (Phoenix), AZ (79) and Travis County (Austin), TX (79). Counties with the worst affordability indexes in the third quarter of 2021 include Canyon County, ID (outside Boise) (index of 58); Blount County, TN (outside Knoxville) (64); Ada County (Boise), ID (67); Grayson County, TX (outside Dallas) (67) and Rutherford County (Murfreesboro), TN (68). Among counties with a population of at least 1 million, those where the affordability indexes worsened most from the third quarter of 2020 to the third quarter of 2021 are Middlesex County, MA (outside Boston) (index down 19 percent); Maricopa County (Phoenix), AZ (down 15 percent); Hillsborough County (Tampa), FL (down 14 percent); Clark County (Las Vegas), NV (down 14 percent) and Pima County (Tucson), AZ (down 13 percent). Only a quarter of markets are more affordable than historic averages Among the 572 counties in the report, 142 (25 percent) are more affordable than their historic affordability averages in the third quarter of 2021, down from 44 percent of the same group in the third quarter of last year. Counties with a population of at least 1 million that are more affordable than their historic averages (indexes of more than 100 are considered more affordable compared to historic averages) include New York County (Manhattan), NY (index of 142); Suffolk County, NY (eastern Long Island) (116); Montgomery County, MD (outside Washington, D.C.) (114); Santa Clara County (San Jose), CA (112) and Fairfax County, VA (outside Washington, D.C.) (109). Outside of New York County, NY, counties with the best affordability indexes in the third quarter of 2021 include Macon County (Decatur), IL (index of 157); San Francisco County, CA (142); Charleston County, SC (137) and San Mateo County, CA (outside San Francisco) (127). Counties with a population of least 1 million residents where the affordability index improved most or declined the least from the third quarter of last year to the same period this year are New York County (Manhattan), NY (index up 12 percent); Santa Clara County (San Jose), CA (up 7 percent); Fairfax County, VA (outside Washington, DC) (up 1 percent); Contra Costa County, CA (outside San Francisco) (down less than 1 percent) and Suffolk County, NY (eastern Long Island (down 1 percent). Report Methodology The ATTOM U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics in 572 U.S. counties with a combined population of 252 million. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $315,500 in the third quarter of 2021 required an annual wage of $57,727, based on a $63,100 down payment, a $252,400 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income was less than the $64,857 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide affordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Recent Home Buyers Are Overwhelmingly Open to Renting Out Their Home, According to Realtor.com Survey
In the age of the sharing economy, younger homeowners see their home as a potential income stream and are open to having renters SANTA CLARA, Calif., Sept. 23, 2021 -- In today's sharing economy, recent homebuyers are overwhelmingly open to using their home as a way to generate income and offset expenses. Realtor.com's latest survey found that while many owners are using traditional methods such as taking on a roommate, some are also employing more creative tactics when it comes to generating income from their home, such as renting out their outdoor space or parking spot. "As the next generation of home buyers has embraced ridesharing and short-term rentals, it's a natural next step that they begin to think of their biggest asset -- their home -- as a potential income stream," said George Ratiu, manager of economic research, Realtor.com®. "For people looking to take advantage of the sharing economy, in addition to traditional approaches it may be worthwhile to explore creative solutions, such as listing your home as a vacation rental when you leave town, or renting your outdoor space or pool. Even a small amount of income each month can multiply over a year or more and can turn into bigger returns. The survey of 3,026 consumers, which was conducted online by HarrisX in July 2021, found that: Sixty-nine percent of recent homebuyers would rent out part of their home if it had a separate entrance, kitchen and bathroom. Thirty-two percent of consumers have already rented out a room, space or outdoor feature of their property, most commonly taking on a long-term roommate (10%) or renting a room on a short-term basis such as on Airbnb (8%). Creative rental solutions that consumers have employed include: Renting outdoor spaces such as a parking spot (7%), or a yard/pool (6%). Six percent of those surveyed have rented their whole home while they were away and 7% have lived in a smaller unit on their property while renting out the main house. Consumers said that the biggest reason to rent out part or all of their home was: Extra income to save (53%), extra spending money (37%), to lessen the burden of general monthly expenses (35%), to offset major home expenses such as the mortgage (29%), and to cover a family vacation (16%). Rental preferences among homeowners include: Fifty-two percent of consumers would feel comfortable renting a part of their home that has its own entrance, kitchen and bathroom to someone they already knew, 30% would be comfortable as long as they could vet the renter and 29% would be comfortable with a renter that was vetted by a third-party, such as an app. A surprising 16% of people would rent a space to anyone if they really needed the money. Recent buyers were less picky about vetting, with 32% saying they would rent to someone they know and 23% being open to anyone. Among all respondents, long-term renters (24%) were preferred to medium-term (21%) or short-term renters (18%). "It is important to keep in mind that while today's sharing economy may make it sound easy to make rental income off of your home, there are many factors to consider before taking the leap. You should familiarize yourself with tenant rights in your state and locality, and understand any community restrictions. Along with those, making sure that renters have been properly vetted and that home insurance will cover any potential damage, are additional things to look into before inviting renters into your home," said Ratiu. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. The total sample size was 3,026 adults. The survey was carried out online from July 21-23, 2021. The sampling margin of error of this poll is ±1.8 percentage points. The figures represent a national view of U.S. adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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During a Frenzied 2021 Market, Busy Real Estate Agents Processed More than 120,000 Offers Using ShowingTime's Offer Management Platform
ShowingTime also announced igloohome joined its Premier Lock Vendor program, a program that provides additional integration features for lockbox vendors with Bluetooth capabilities CHICAGO -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that its Offer Manager platform, used by listing agents and buyer's agents across North America, helped them manage more than 120,000 offers during the real estate industry's multiple-offer frenzy of the past year. Offer Manager provides agents with an experience that is intuitive, presenting a ‘submit an offer' button that can be used from any device. It reduces the number of panic-laden "Did you get my offer?" calls, emails and text messages between agents, and instead infuses clarity into one of the many challenging tasks real estate agents face: communicating clearly with each other about offers. "Before Offer Manager, it was the 'Wild West' – agents were inundated with multiple modes of offers, including faxes, emails and even text messages with pictures of offers," said Michael Barbaro, broker/owner at Huntsman, Meade & Partners Comp in New Haven, Conn. "Some people didn't even follow up, so if you weren't expecting their offer and you didn't know to look for it, and you're fielding another 15+ other offers, it could just be overlooked. The lack of a system was the worst possible scenario for the industry." "Delays often result from communication barriers between agents, leading to confusion on the status of offers while essential documentation can easily be misplaced," said ShowingTime President Michael Lane. "With Offer Manager, listing agents and buyer's agents have a full view of the status of an offer from start to finish, all from within the interface of their existing ShowingTime showing management service. The same philosophy that has guided the development of our showing management products was in place here: provide agents with a streamlined process that will pay dividends in efficiency and productivity to fuel their growth." Offer Manager works in parallel with ShowingTime's 'schedule a showing' process and is deployed MLS-wide in many U.S. and Canadian markets. A version for brokers, teams and individual agents, Offer Manager Premium, is also available. "We received so many offers at the end of 2020 and the beginning of 2021 that it was beginning to put a strain on our admin staff and we clearly needed a solution," said Joe Kipping of Keller Williams Tampa Bay Home Team. "Before Offer Manager, all offer management would be done with an email inbox, a spreadsheet and Google Drive. Now, I can view the offer quickly and I know the buyer's agent will be sent a notification letting them know the offer was received, saving me a lot of time." MLSs in Mississippi, Nevada and North Carolina are rolling out the product for members, while multiple offices, teams and agents have signed up for Offer Manager Premium. In addition, the company announced that igloohome, the consumer brand under igloocompany, joined its Premier Lock Vendor program. They provide agents with smart lockboxes for hassle-free home access and Bluetooth® technology to provide one-tap access. "We're pleased to be a ShowingTime Premier Lock vendor," said igloocompany CEO and Founder Anthony Chow. "We share a common desire to facilitate easier, safer access to homes." About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in more than 370 Multiple Listing Services representing 1.4 million real estate professionals across Canada and the U.S. For more information, visit www.showingtime.com. About igloocompany igloocompany is the market leading smart access solution provider. The company operates a consumer line of business branded igloohome and an enterprise-focused line under iglooworks. With igloohome smart locks, consumers can grant time-sensitive access to their properties remotely leveraging on their unique technology - algoPIN™. iglooworks offers businesses a suite of solutions for remote monitoring and management of access for property and infrastructure management. Currently headquartered in Singapore, it has 13 regional offices including a U.S. presence in Texas. For more information, visit www.igloocompany.co.
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The Best Home Buying Deals of The Year Are Here, According to Realtor.com
The week of Sept. 12 kicks off the best time to buy and is the optimal week to shop for a home in New York City, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland SANTA CLARA, Calif., Sept. 13, 2021 -- The best time to buy a home in America is officially here. Between Sept. 12 and Oct.17, the majority of markets across the country will hit their home buying sweet spot with more homes for sale, lower prices and less buyer competition compared to the average week of the year, according to Realtor.com's Best Time to Buy Report. This week kicks off the season with optimal home buying conditions in New York, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland, but the majority (18 markets) won't hit their prime until the week of Oct. 3 (see chart below for optimal weeks by market). Those who buy a home during their market's best time to buy week on average will see 166,000 (31%) more listings than the average week of the year and have an additional 100,000 more new listings to choose from nationwide. They will have 18% less competition from other buyers than the peak and 6% less than the typical week. They could see prices $10,000 (2.6%) below their seasonal high and will have 7 more days, on average, to consider a home before it's gone. "Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales -- which is good news for homebuyers," said Danielle Hale, chief economist, Realtor.com®. "As families across the country focus on getting back into school routines, there are fewer buyers in the market, creating a great opportunity especially for first-time homebuyers to make a purchase with somewhat less competition." Based on an analysis of listing data since 2018, Realtor.com® has found that this time period offers the best balance of market conditions for homebuyers. While the current market is still challenging, especially for first-time homebuyers, the key factors -- available homes and buyers in the market -- align best starting Sept. 12 to reduce prices and competition with the majority of major metro areas hitting their sweet spot by Oct. 17. There will be more homes to choose from Although the year began with extreme inventory shortages, the market began to consistently see more listings this summer adding 100,000 or more new listings in 15 of the last 17 weeks. On average, the best time to buy in each market will mean 166,000 (31%) more active listings than the average week and have an additional 100,000 new listings to choose from nationwide. That is 46% more than the start of the year. The week of Oct. 3, we expect to see 7.2% more active listings than the average week, and 17.6% more than the start of a typical year. If 2021 follows the typical seasonal pattern, there should be around 705,000 listings on the market in October nationwide, which is roughly 100,000 more active listings than during the peak summer season in July. Buyers will face less competition Fall sees a seasonal slowdown partly driven by the opening of schools, as many buyers put their home search on hold when their children return to the classroom. July is typically the peak for homebuyer demand, as measured by views per property on Realtor.com®. The summer has the highest concentration of buyers looking at each home for sale, which translates to competition for buyers looking to lock down a home. On average, the best time to buy in each market will see 18% less competition than the July peak and 6% less than the average week. Prices may begin to dip Prices and affordability remain at the forefront of many buyers' minds, especially after the double-digit price growth earlier in the year. During the best week to buy, homes may be more affordable. During the week of Oct. 3 prices could dip 2.6% compared to a typical season high. On a median listing price of $385,000, buyers could save approximately $10,000. And in the largest housing markets, prices could dip more than 10% from their peak. The best week to buy is also a peak period for price reductions, with an average of 7.0% of homes dropping their price. Based on inventory estimates, this could mean roughly 50,000 homes nationally will see price reductions. An added help to buyers: mortgage rates remain near historical lows (2.87% in August). Homes are selling a bit slower Homes have been selling at a blistering pace, forcing many buyers to make a purchase sight unseen, or to make more concessions to close a deal. But the best week to buy should bring some relief to those who need more time to make their decision. In June, the national median time on market for a home was just 37 days, down from 56 days in 2020. On average, home buyers will have 7 additional days to consider a home. During the week of Oct. 3, we expect the pace to slow by 18%, compared to the peak pace earlier in the year. That means by October, it should slow to about 44 days. Best Time to Buy for the Top 50 Largest Metro Areas Methodology: Realtor.com® analyzed six supply and demand metrics at a national and metropolitan level using data for 2018-2019 period (2020 data was omitted due to anomalies caused by the pandemic). Those metrics include: 1) listing prices, 2) inventory levels, 3) new "fresh" listings, 4) time on market, 5) homebuyer demand (Realtor.com® views per property), and 6) price reductions. Each week of the year was ranked using each of those metrics by how favorable the conditions were for buyers (e.g. high score for lower prices). The week with the highest composite score across all metrics was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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August 2021 U.S. Foreclosure Activity Rises Following the End of the Foreclosure Moratorium
Foreclosure Starts Increase 27 Percent from Last Month; While Completed Foreclosures Increase 22 Percent from Last Year IRVINE, Calif. - September 9, 2021 -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac, the largest online marketplace for foreclosure and distressed properties, released its August 2021 U.S. Foreclosure Market Report, which shows there were a total of 15,838 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 27 percent from a month ago and up 60 percent from a year ago. Numbers reflect the first month since the government moratorium has lifted. "As expected, foreclosure activity increased as the government's foreclosure moratorium expired, but this doesn't mean we should expect to see a flood of distressed properties coming to market," said Rick Sharga, Executive Vice President at RealtyTrac, an ATTOM company. "We'll continue to see foreclosure activity increase over the next three months as loans that were in default prior to the moratorium re-enter the foreclosure pipeline, and states begin to catch up on months of foreclosure filings that simply haven't been processed during the pandemic. But it's likely that foreclosures will remain below normal levels at least through the end of the year." Illinois, Nevada, and New Jersey had the highest foreclosure rates Nationwide one in every 8,677 housing units had a foreclosure filing in August 2021. States with the highest foreclosure rates were Illinois (one in every 3,848 housing units with a foreclosure filing); Nevada (one in every 4,738 housing units); New Jersey (one in every 4,868 housing units); Delaware (one in every 5,348 housing units); and Ohio (one in every 5,517 housing units). Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2021 were Bakersfield, CA (one in every 1,796 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,886 housing units); Cleveland, OH (one in every 2,259 housing units); Rockford, IL (one in every 3,037 housing units); and Las Vegas, NV (one in every 3,718 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2021 included Cleveland, OH and Las Vegas, NV were: Chicago, IL (one in every 3,754 housing units); Riverside, CA (one in every 4,098 housing units); and Birmingham, AL (one in every 4,649 housing units). Foreclosure starts increase 27 percent from last month Lenders started the foreclosure process on 8,348 U.S. properties in August 2021, up 27 percent from last month and up 49 percent from a year ago. "While foreclosure starts increased significantly compared to last month and last year, it's very important to keep these numbers in context," Sharga noted. "Both last year's and last month's foreclosure starts were artificially low due to the government's moratorium. But in August of 2019, the last year we had ‘normal' foreclosure activity, there were almost 28,000 foreclosure starts – over three times more than this year." States that had the greatest number of foreclosure starts in August 2021 were California (1,240 foreclosure starts); Texas (1,060 foreclosure starts); Florida (643 foreclosure starts); Illinois (506 foreclosure starts); and New York (479 foreclosure starts). Those major metropolitan areas with a population greater than 1 million with the greatest number of foreclosure starts in August 2021 included New York, NY (486 foreclosure starts); Chicago, IL (439 foreclosure starts); Los Angeles, CA (401 foreclosure starts); Houston, TX (322 foreclosure starts); and Dallas-Fort Worth, TX (248 foreclosure starts). Foreclosure completion numbers increase across the board Lenders repossessed 2,474 U.S. properties through completed foreclosures (REOs) in August 2021, up 2 percent from last month and up 22 percent from last year. States that had at least 100 REOs in August 2021 and saw the greatest monthly increase included: New York (up 136 percent); Michigan (up 62 percent); Illinois (up 24 percent); Florida (up 19 percent); and Texas (up 13 percent). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2021 included Chicago, IL (177 REOs); New York, NY (84 REOs); Detroit, MI (78 REOs); Baltimore, MD (58 REOs); and Tampa, FL (43 REOs). Report Methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. About RealtyTrac (Powered by ATTOM's Property Data) RealtyTrac.com is the largest online marketplace for foreclosure and distressed properties, helping individual investors and real estate agents looking to gain a competitive edge in the distressed market. Realtytrac.com enables real estate professionals the ability to find, analyze and invest in residential properties.
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U.S. Home Price Index Annual Growth Reaches All-Time High in July, CoreLogic Reports
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NAR Good Neighbor Award Finalists Honored for Strengthening Their Communities
WASHINGTON (September 2, 2021) -- For the 22nd consecutive year, the National Association of Realtors is honoring 10 finalists for its 2021 Good Neighbor Awards Program. This award honors Realtors® who have made significant, tangible volunteer contributions in their communities to improve the lives of their neighbors in need. "Despite the many challenges navigating COVID-19 restrictions and running a nonprofit during the pandemic, these Realtors® were there to help their communities at a time their contributions were needed most," said NAR President Charlie Oppler. "I am so proud to honor this year's Good Neighbor Award finalists for continuing the Realtor® tradition of giving back and making a difference." Beginning today, the public can vote for their favorite of the 10 Good Neighbor finalists. The top three finalists will be recognized as Web Choice Favorites and take home an additional donation of $2,500, $1,250 and $1,250, respectively. Cast your vote at realtor.com/goodneighbor between September 2 and October 1. Both the winners, as determined by judges, and the Web Choice Favorites will be announced on October 6. The five winners will receive a $10,000 grant and national media exposure for their charity, including a feature in the fall issue of REALTOR® Magazine. The winners will be honored during the 2021 REALTORS® Conference & Expo in San Diego, Calif. Five honorable mentions will receive $2,500 grants: The 10 NAR Good Neighbor Awards finalists are as follows: Dawn M. Adams, The Palmetto Real Estate Company, Aiken, S.C. Since 2011, Adams has been helping to rescue and rehabilitate victims of human trafficking both in the U.S. and internationally. As a board member with Abolish Slavery Coalition (AbolishSlavery.org), Adams organizes multi-agency task forces that help locate those who were kidnapped, while helping rescued victims begin the process of restoring normalcy in their lives. Bob Bell, Mile Hi Property, Denver, Colo. Every Friday, Bell and hundreds of volunteers meet to pack and deliver weekend meals for 10,000 at-risk children scattered across 72 Denver-area schools. By eliminating overhead and relying on his dedicated volunteers, Bell has turned Food for Thought into a powerhouse, with 497,205 backpacks of food delivered to date, the equivalent of almost 4 million meals. Sharon Chambers-Gordon, Windermere Professional Partners, Tacoma, Wash. Founder of Raising Girls, a nonprofit that helps low-income young women boost their confidence and self-esteem, Chambers-Gordon and her volunteer team donate menstrual hygiene products to tweens and teens who might otherwise skip school and sports because of embarrassment or financial constraints. Chris Cockerham, F.C. Tucker/Bloomington REALTOR®, Bloomington, Ind. Cockerham helps combat homelessness by taking advantage of his expertise and contacts in the real estate industry. He has spent more than a year helping New Hope for Families find a new permanent location, which doubled its shelter capacity and raised $1.2 million, in large part from local REALTORS®. Sydney Ealy, Brooks & Davis Real Estate, Houston, Texas In 2014, Ealy founded TWST4Girls, a nonprofit organization that offers a variety of educational programs and one-on-one mentoring for low-income girls. The opportunities are designed to help girls aged 11-17 boost self-esteem, learn important life skills, and start on a path toward higher education. Brent Gieseke, Exit Realty Professionals, Kansas City, Mo. Gieseke wears many hats as a volunteer serving the needs of refugee families. Since 2018, he's helped acquire and renovate homes, called "Blessing Houses," while teens from refugee families work at his side to learn job and life skills designed to help in their acclimation to life in America. Kibe Lucas, KW The Kibe Lucas Team, Wasilla, Alaska For 20 years, Lucas has been a passionate board member for the Children's Place, a nonprofit that offers hope to families impacted by child abuse and neglect. He has leveraged his real estate experience to secure land for a new headquarters, raise half a million dollars, and recruit countless supporters to promote the well-being of more than 4,000 American children. Denny and Linda Ellsworth-Moore, Coldwell Banker Hubbell BriarWood-Delta, Lansing, Mich. Since 2004, Denny Moore and Linda Ellsworth-Moore have volunteered with Child and Family Charities, a nonprofit that supports children in need. The couple has raised $345,000 and collects donations of bikes, school supplies, clothing, and holiday gifts, with special emphasis on bikes for foster children. Christina Sauger, Charles Rutenberg Realty Inc., Clearwater, Fla. Sauger founded The Harbor Dish, a nonprofit that provides healthy meals and companionship to anyone regardless of their ability to pay. The mobile program includes hosting large-scale community dinners on a pay-what-you-can model, and delivers hot meals to seniors, foster children, domestic violence survivors and others in need. Raymond Siddell, Keller Williams Legacy Group, Cedar Rapids, Iowa Siddell mobilized his community's emergency response after a violent derecho damaged 90% of the homes and buildings in his hometown. During his efforts he discovered an underlying food insecurity in the region, leading him to create Together We Achieve. This now permanent food pantry has distributed 1.2 million pounds of food to local residents in one year. NAR's Good Neighbor Awards is supported by primary sponsor realtor.com®, plus Chase and The Center for REALTOR® Development. "Volunteers help bring and hold communities together, especially during challenging times like those we continue to face today," said realtor.com® CMO Mickey Neuberger. "The Good Neighbor Awards finalists exemplify that spirit of volunteerism, and we are proud to celebrate and recognize the impact these changemakers have had and the lives they've touched." Nominees were judged on their personal contribution of time as well as financial and material contributions to benefit their cause. Realtor.com® makes buying, selling and living in homes easier and more rewarding for everyone. realtor.com® pioneered the world of digital real estate 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers to the right local agent in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted partner, providing connections to transaction-ready consumers and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.7 trillion and operations worldwide. Chase serves more than 60 million American households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing. Customers can choose how and where they want to bank: More than 4,700 branches in 44 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com. The Center for REALTOR® Development (CRD) is NAR's home for learning. With 10 designations and certifications, 11 learning pathways, over 100 microcourses, and an award-winning podcast, there is a learning experience for every real estate professional. Sharpen your skills and boost your business by investing in yourself. Get started at learning.realtor. The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
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Realtor.com August Housing Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market
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CoreLogic Investor Homebuying Report Shows Slowing Purchase Activity Amid Shifting Market Dynamics: A Decade in Review
Report shows small investors make up a more significant share of real estate purchases Significant migration out of California pushes investor activity to more affordable areas IRVINE, Calif., August 30, 2021 -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, shared its Investor Homebuying report highlighting home U.S. purchase trends between 2011 and 2020. In the report, CoreLogic investigates activity nationally by both price tier and investor size and looks at which regions have had the most and least activity. A decade ago, there was a flurry of home purchase activity following the 2006 housing market crash as investors began capitalizing on low-cost, high-growth properties. However, this purchase activity peaked in 2018 and since then, the pace of investment has slowed. In 2019, the investment rate (the share of home purchases made by investors) in the U.S. housing market was 16.3%, and by 2020, it had slowed to 15.5%. Despite the decreasing rates, overall, investors have maintained a strong presence in the market during the last 10 years. Smaller investors are making up a more significant share of investors than at any point in the past and continue to gain their market share at the expense of their larger counterparts. This is likely due to large out-migration from expensive areas to more affordable ones, allowing smaller investors to snap up properties at lower rates. "At this critical juncture — the first year into the new decade and continually moving farther away from the pandemic — when the hot housing market cools down, we may see investor activity increase as they try to buy more properties at lower prices," said Molly Boesel, principal economist at CoreLogic. "Although investors seem to have given some of their coveted market share to buyers, it's hard to say how long this trend will last — or what the long-term implications will be on a larger scale." State and Metro Takeaways California dominated investor activity in 2011, with Los Angeles, San Jose, San Diego, San Francisco, Sacramento, Stockton and Riverside all in the top 10 areas with the highest investor activity. Despite this, no California metro areas made the top 10* in 2020. Cities in the Mountain West, the western Midwest and the South led investment activity by 2020, and investment has grown in metro areas like Boise, Idaho; Phoenix and Salt Lake City, as they tend to have lower prices and growing populations fueled by out-migration in California. Download the report here. Methodology: This report uses the industry-leading CoreLogic public record database. An investor is defined as an entity (individual or corporate) who retained three or more single-family properties simultaneously within the past 10 years. This report enhances the definition of an investor purchase that was introduced in a 2019 CoreLogic report. The previous report identified an investor purchase by looking for a corporate or non-individual identifier on the deed. Examples include LLCs, CORPs, and INCs, to name a few. This report includes those purchases but in addition, uses probabilistic record linkage methods to identify more investor purchases by seeing how many properties a person with the same name and address retains at any one time. About CoreLogic CoreLogic is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Buying a Starter Home is More Affordable than Renting in Nearly Half of the Biggest U.S. Metros
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Matterport launches Notes, an interactive collaboration and communication tool for its digital twins
Notes enables real-time collaboration, communication, group field notes, documentation to unlock big productivity gains for teams SUNNYVALE, Calif., Aug. 25, 2021 -- Matterport, Inc., the leading spatial data company driving the digital transformation of the built world, today announced the open beta launch of Notes, a conversational, real-time team collaboration, communication and file sharing tool directly inside Matterport digital twins. With Notes, home buyers and renters can invite friends and family to visually locate and tag their favorite rooms and features of a property; corporate teams in the workplace can collaborate on space planning and office layouts; and enterprise organizations can manage facilities, assign tasks, and make key operating decisions across a portfolio of remote locations faster. "Notes is a game-changer for teamwork and efficiency," commented Japjit Tulsi, Chief Technology Officer at Matterport. "Increasingly, companies are adopting business collaboration and communication functionality in order to improve work across distributed workforces to save time and money. Notes is an industry-first, bringing collaborative conversations to digital twins. By enabling interaction with specific locations and objects directly within the digital twin, Notes saves considerable time and significantly improves coordination, teamwork, efficiency and productivity across multiple stakeholders," he added. Using Notes, users can have conversations directly within a Matterport space. Anyone who is invited to a space can ask questions or insert comments, view, reply to, and create conversation threads, and receive instant email notifications when new activity happens. New users can be easily added via @mentions. Additionally, multiple users can securely share and access files and engage in rich threads which include attachments, images, documents, and videos. With built-in privacy features, only invited participants can view and comment on Notes, even if a Matterport space is publicly available. Watch how Notes works here: Notes also provides task management capabilities within the digital twin, including functionality to resolve a task note when completed and categorization of tasks with hashtags and colors. File uploads in digital twins are securely stored in the Matterport Cloud and only accessible to those with access to the space. All of these capabilities can be applied at scale across an entire portfolio of projects and properties at an enterprise level. Notes is being used across a wide range of industries, including: Residential real estate: homeowners can communicate more easily with contractors and designers for home projects; document insurance claims visually; or invite friends and family to tag and discuss what they like about homes they are considering renting or buying. Commercial real estate: landlords can provide faster information to service teams working on building maintenance and facilities management. Architecture, engineering and construction: architects can collaborate on interior architecture decisions remotely; building engineers can address remote inspections and site assessments, while construction teams can connect vendors, assign subcontractor tasks and coordinate on-side trades all remotely and in real-time. Retail: store managers can communicate directly with central teams on merchandising and store layouts for greater consistency and faster execution across multiple locations at once – all from just a laptop or smartphone. Learn how to get started today with Notes here. About Matterport Matterport, Inc. (Nasdaq: MTTR) is leading the digital transformation of the built world. Our groundbreaking spatial data platform turns buildings into data to make spaces more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins.
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Affordable Housing Concerns and Food Insecurity Linked, NAR Report Finds
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Homebuyer Traffic Cools in July, Though Showings Remain at Historic Levels Per Data from ShowingTime
110 markets still averaged more than 20 showings per listing during the first five days listings are active – Lakeland, Fla., was one of the few markets that recorded a month-over-month increase in showings, while Seattle, Denver, Memphis and Orlando lead in double-digit showings CHICAGO (August 20, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, found that showing activity slowed during July compared to prior months, but still remained at historic levels with 110 markets averaging more than 20 showings per listing during the first five days, per data from the ShowingTime Showing Index. "In general, there are definite signs of cooling demand," said ShowingTime President Michael Lane. "However, buyer traffic is still at historically high levels compared to pre-pandemic showings." Of the top 30 markets tracked by ShowingTime, only Lakeland, Fla., recorded a month-over-month increase in showings per listing. The slowdown is consistent with the normal seasonality of residential real estate. According to the Showing Index, 41 markets still averaged double-digit showings per listing during the month, led by Seattle, Denver, Memphis and Orlando. That was down from June, when 64 markets averaged double-digit showings per listing. In May, 113 markets recorded double-digit showings per listing, while in April that number was 146. The South’s modest jump of 7.7 percent year-over-year growth in buyer demand put the region at the top of the country in July, followed by the West’s meager 0.4 percent uptick. The U.S. overall saw a 5.3 percent drop in showing traffic, with the Northeast seeing a 15.2 percent dip and the Midwest realizing a drop of 0.2 percent. "Although real estate demand continues to be in historic territory, for the first time this year the ShowingTime Showing Index posted a 5.3 percent year-over-year decline in July," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "The average number of showings per listing have been declining for four months now, at a faster rate than the typical slowdown in this part of the year. Showings per listing declined by 33% from March levels in 2021, while in a typical pre-pandemic year, July would be about 20 percent slower than March." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Three Quarters of Millennials Would Consider a 3D Printed Home, According to Realtor.com Survey
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Opportunity Zone Redevelopment Areas Still Reaping Benefits of National Home-Price Boom in Second Quarter 2021
Median Values Again Rise Annually By At Least 15 Percent in Half of Zones; Opportunity Zone Price Spikes Remain on Par with Those Outside of Zones IRVINE, Calif. - Aug. 12, 2021 -- ATTOM, curator of the nation's premier property database, today released its second-quarter 2021 Opportunity Zones report analyzing qualified low-income zones established by Congress in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 5,236 zones across the United States with sufficient sales data to analyze, meaning they had at least five home sales in the second quarter of 2021. The report found that median single-family home prices increased from the second quarter of 2020 to the second quarter of 2021 in 75 percent of Opportunity Zones and rose by at least 15 percent in about half of them. Price patterns in Opportunity Zones continued to roughly track trends in other areas of the U.S., even surpassing them in some ways, much as they did in the first quarter of this year. Home values in Opportunity Zones did continue to lag well behind the national median of $305,000 in the second quarter of 2021. About three-quarters of the zones with enough data to analyze had typical second-quarter prices below the national figure. Some 39 percent also still had median prices of less than $150,000 in the second quarter of this year. But that was down from 47 percent a year earlier as values inside some of the nation's poorest communities kept surging ahead with the broader national housing market, despite the Coronavirus pandemic remaining a threat to the U.S. economy. Even as the national economy was gradually recovering during the Spring of 2021 from the economic damage that came after the pandemic hit early last year, the impact continued to hit hardest in lower-income communities that comprise most of the zones targeted for tax breaks designed to spur economic redevelopment. Nevertheless, Opportunity Zones largely kept pace with national home-price trends as increases roughly paralleled the nationwide boom now in its 10th year. Opportunity Zones are defined in the Tax Act legislation as census tracts in or along side low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas that have 1,200 to 8,000 residents, with an average of about 4,000 people. "Housing markets kept chugging along in some of the nation's poorest neighborhoods during the second quarter of this year in another sign that the decade long home-price boom across the nation knows pretty much no boundaries. Values kept rising inside specially designated Opportunity Zones at around the same rate as they did in other areas even as the Coronavirus pandemic continued causing economic hardship," said Todd Teta, chief product officer with ATTOM. "For sure, property values in Opportunity Zones remain depressed. But the price spikes there not only suggest that those communities are a very viable option for households priced out of more-upscale neighborhoods. They also indicate the ongoing potential for the economic revival that underpins the Opportunity Zone tax breaks." High-level findings from the report include: Median prices of single-family houses and condominiums rose from the second quarter of 2020 to the second quarter of 2021 in 2,901 (75 percent) of the Opportunity Zones with sufficient data to analyze and increased in 2,916 (64 percent) of the zones from the first quarter to the second quarter of this year. By comparison, median prices rose annually in 81 percent of census tracts outside of Opportunity Zones and quarterly in 70 percent of them. (Of the 5,236 Opportunity Zones included in the report, 3,850 had enough data to generate usable median prices in the second quarters of both 2020 and 2021; 4,577 had enough data to make comparisons between the first quarter of 2021 and the second quarter of 2021). Measured year over year, median home prices rose at least 15 percent in the second quarter of 2021 in 2,011 (52 percent) of Opportunity Zones with sufficient data. Prices rose that much during that time period in 51 percent of other census tracts throughout the country. Opportunity Zones did even better when comparing areas where prices rose at least 25 percent from the second quarter of 2020 to the second quarter of 2021. Measured year over year, median home prices rose by that level in 1,366 (35 percent) of Opportunity Zones but in only 30 percent of census tracts elsewhere in the country. Typical home values in four of every 10 Opportunity Zones increased annually in the second quarter of 2021 by more than the 22-percent increase in the overall national single-family median home price during that time period. Among states with at least 20 Opportunity Zones, those with the largest percentage of zones where median prices rose, year over year, during the second quarter of 2021 included New Hampshire (median prices up, year over year, in 95 percent of zones), Massachusetts (94 percent), Idaho (91 percent), Utah (90 percent) and Arizona (89 percent). Of all 5,236 zones in the report, 2,021 (39 percent) still had median prices in the second quarter of 2021 that were less than $150,000 and 914 (17 percent) had medians ranging from $150,000 to $199,999. The total percentage of zones with typical values below $200,000 was down from 65 percent in the second quarter of 2020 to 56 percent in the second quarter of 2021. Median values in the second quarter of 2021 ranged from $200,000 to $299,999 in 1,081 Opportunity Zones (21 percent) while they topped the national median of $305,000 in 1,183 (23 percent). The Midwest continued in the second quarter of 2021 to have the highest portion of Opportunity Zone tracts with a median home price of less than $150,000 (63 percent), followed by the South (45 percent), the Northeast (41 percent) and the West (6 percent). Median household incomes in 88 percent of Opportunity Zones were less than the medians in the counties where they were located. Median incomes were less than three-quarters of county-level figures in 56 percent of zones and less than half in 16 percent. Report methodology The ATTOM Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM compared median home prices in census tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in the second quarter of 2021. Median household income data for tracts and counties comes from surveys taken the U.S. Census Bureau (www.census.gov) from 2015 through 2019. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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NAR Names Feather Winner of 2021 Pitch Battle Competition at iOi Summit
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94% of Metro Areas Saw Double-Digit Price Growth in Second Quarter of 2021
The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. Over a 3-year period, 46 markets had price gains of over $100,000. WASHINGTON (August 12, 2021) -- Continued low levels of housing inventory, combined with record-low mortgage rates spurring housing demand, have caused an increase in median sales prices for existing single-family homes in all but one of 183 measured markets during the second quarter of 2021. That is according to the National Association of Realtors®' latest quarterly report, which reveals that 94% of 183 metro areas also experienced double-digit price increases (89% in the first quarter of 2021). The median sales price of single-family existing homes rose 22.9% to $357,900, an increase of $66,800 from one year ago. All regions saw double-digit year-over-year price growth, which was led by the Northeast (21.8%), followed by the South (21.0%), West (20.9%), and Midwest (17.1%). "Home price gains and the accompanying housing wealth accumulation have been spectacular over the past year, but are unlikely to be repeated in 2022," said Lawrence Yun, NAR chief economist. "There are signs of more supply reaching the market and some tapering of demand," he continued. "The housing market looks to move from 'super-hot' to 'warm' with markedly slower price gains." That said, 12 metro areas did report price gains of over 30% from one year ago, eight of which are in the South and West regions, including Pittsfield, Mass. (46.5%); Austin-Round Rock, Texas (45.1%); Naples-Immokalee-Marco Island, Fla. (41.9%); Boise City-Nampa, Idaho (41%); Barnstable, Mass. (37.8%); Boulder, Colo. (37.7%); Bridgeport-Stamford-Norwalk, Conn. (37.1%); Cape Coral-Fort Myers, Fla. (35.6%); Tucson, Ariz. (32.6%); New York-Jersey City-White Plains, N.Y.-N.J. (32.5%); San Francisco-Oakland-Hayward, Calif. (31.9%); and Punta Gorda, Fla. (30.8%). Yun notes that home prices are increasing sharply in the San Francisco and New York metro areas. Over the past three years, the typical price gain on an existing single-family home totaled $89,900, with price gains in all 182 markets. In 46 out of 182 markets, homeowners typically experienced price gains of over $100,000. The largest price gains were in San Francisco-Oakland-Hayward, Calif. ($315,000); San Jose-Sunnyvale-Sta. Clara, Calif. ($294,000); Anaheim-Sta. Ana Irvine, Calif. ($279,500); Barnstable, Mass. ($220,600); and Boise-City-Nampa, Idaho ($206,300). With home prices rising, the monthly mortgage payment on an existing single-family home financed with a 30-year fixed-rate loan and 20% down payment rose to $1,215. This is an increase of $196 from one year ago. The monthly mortgage payment grew even as the effective 30-year fixed mortgage rate decreased to 3.05% (3.29% one year ago). Among all homebuyers, the monthly mortgage payment as a share of the median family income rose to 16.5% in the second quarter of 2021 (14.0% one year ago). "Housing affordability for first-time buyers is weakening," Yun explained. "Unfortunately, the benefits of historically-low interest rates are overwhelmed by home prices rising too fast, thereby requiring a higher income in order to become a homeowner." Among first-time buyers, the mortgage payment on a 10% down payment loan jumped to 25% of income (21.2% one year ago). A mortgage is affordable if the payment amounts to no more than 25% of the family's income. In 17 metro areas, a family needed more than $100,000 to affordably pay a 10% down payment mortgage (14 metro areas in 2021 Q1. These metro areas are in California (San Jose-Sunnyvale-Sta. Clara, San Francisco-Oakland-Hayward, Anaheim-Sta. Ana-Irvine, San Diego-Carlsbad, Los Angeles-Long Beach-Glendale), Hawaii (Urban Honolulu), Colorado (Boulder, Denver-Aurora), Washington (Seattle-Tacoma-Bellevue), Florida (Naples-Immokalee-Marco Island), Connecticut (Bridgeport-Stamford-Norwalk), New York (Nassau, New York-Newark-Jersey City), Massachusetts (Boston, Barnstable), District of Columbia-Virginia-Maryland-West Virginia (Washington-Arlington-Alexandria), and Oregon-Washington (Portland-Vancouver-Hillsboro). There were only 84 metro area markets in which a family needed less than $50,000 to afford a home, down from 104 markets in 2021 Q1. The most affordable markets – where a family can typically afford to buy a home financed with a 10% down payment with an income of $25,000 or less – are in the Rust Belt areas of Youngstown-Warren Boardman, Ohio ($24,401); Peoria, Illinois ($24,013); Cumberland, Maryland ($23,773); and Decatur, Illinois ($21,481). "Housing supply will be critical in moderating the growing housing costs and rising rents," Yun said. "Any disincentive to produce more housing inventory, such as extending the eviction moratorium, will only worsen the current shortage," Yun said. Yun noted that NAR has requested "expeditious release" of rental subsidy funds in order to assist those who may be facing eviction. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Serious Improvement: CoreLogic Reports That in May, the U.S. Serious Delinquency Rate Fell to Lowest Level Since June 2020
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Realtor.com's 2021 Hottest ZIP Codes in America Are Hotter Than Ever Before
Homes sell in less than a week in the 2021 Hottest ZIPs - three times faster than last year's hottest ZIPs SANTA CLARA, Calif., Aug. 12, 2021 -- The 2021 Hottest ZIPs in America are hotter than ever before, with homes in the top 10 selling three times faster than last year's list, according to the seventh annual Realtor.com Hottest ZIP Codes Report released today. Among this year's top 10, a few key factors are driving buyer demand, including homes listed at relatively affordable asking prices and with ample space for the money, as well as sizable populations of high-income millennials and close proximity to local amenities and outdoor activities. The 10 Hottest ZIP Codes in America, in rank order, are: 80916 East Colorado Springs, Colo. (Colorado Springs); 14617 West Irondequoit, N.Y. (Rochester); 01960 Peabody, Mass. (Boston); 03103 Manchester Proper, N.H. (Manchester); 27616 Brentwood, N.C. (Raleigh); 43228 Lincoln Village, Ohio (Columbus); 01757 Milford, Mass. (Worcester); 03301 Concord Proper, N.H. (Concord); 48336 Farmington, Mich. (Detroit); and 37067 Franklin, Tenn. (Nashville). The U.S. is in the middle of one of the hottest housing markets of all time. Home prices reached record-highs in five of the first six months of 2021, which has helped fuel demand for the relatively affordable areas on Realtor.com®'s Hottest ZIP Codes list. Homes in the top 10 are flying off the market in six days on average, 31 days faster than the rest of the country and 10 days faster than their respective metros in June – and three times faster than last year's list (18 days). Additionally, Realtor.com® home listing views are up 156% year-over-year in these areas, which is 3.9 times higher than June's national average. "By definition, the ZIPs that make our annual hottest report are very competitive, but this year, they are white hot. Homes in this year's ZIPs are under contract in less than a week, which is three times faster than the contract times for last year's hottest markets," said Realtor.com® Chief Economist Danielle Hale. "While there's no question that buyers have faced a challenging housing market during the pandemic, our Hottest ZIPs list also highlights some of the silver linings. The rise in remote work has given some buyers more flexibility to live wherever they want, and many are finding larger homes at lower prices, as well as a higher quality of life, in the 2021 Hottest ZIPs." Smaller budgets buy bigger homes in Hottest ZIPs With demand for more space being met with a lack of affordable housing inventory, Americans are scouring the market for areas where they can get more home for their money. In seven of this year's top 10 Hottest ZIPs, median asking prices were 27.6%, or $106,000, lower than the national average in June. Eight of the top 10 saw median listing prices that were lower than in their overall metro areas in June and five ZIPs have asking prices that were at least 20% lower, including: No.1 ZIP 80916 in East Colorado Springs, which is 36% below overall Colorado Springs, along with West Irondequoit (ZIP 14617), 27.9% lower; S. Manchester Proper (ZIP 03103), 23.2% lower; Brentwood (ZIP 27617), 22.4% lower; and Lincoln Village (ZIP 43228), 21.6% lower. Homebuyers are also finding more space for their money in the 2021 Hottest ZIPs. At a median of 1,850 square feet, homes in the Hottest ZIPs are 110 square feet larger than the typical U.S. home for sale, and each square foot is priced on average 3.7% lower than in surrounding metro areas, giving buyers a chance to get more home for their money. Many of these ZIPs are starter-home neighborhoods in metros where homes are larger. The three Hottest ZIPs where buyers get the most bang for their buck are: West Irondequoit (ZIP 14617) at $118 per square foot; Lincoln Village (ZIP 43228) at $146 per square foot; and Farmington (ZIP 48336) at $159 per square foot. Hottest ZIPs reside in more suburban metros with higher millennial incomes The 2021 Hottest ZIPs also show skyrocketing buyer interest in more suburban areas with strong millennial job markets. Among the 2021 Hottest ZIPs, only Peabody, Mass. (ZIP 01960) and Farmington, Mich. (ZIP 48336) are located in one of the 20 largest U.S. metropolitan areas by population: Boston and Detroit, respectively. The remaining ZIPs are in relatively less-dense secondary metros, with populations under three million. Overall, this year's top 10 ZIPs are located an average of 16 miles, or 21 minutes, from the downtown areas of the surrounding metros. While most of the Hottest ZIPs don't offer a robust city life, they do offer strong job markets where younger Americans are gaining ground. In fact, the median household income for millennials aged 25-34 in the Hottest ZIPs is $71,127, which is 6.7% higher than the national average for this group at $66,661. Older millennials (aged 35-44) bring home a median income of $88,698 in the 2021 Hottest ZIPs, 6.3% above the national average for this group. With many now 40-years-old, older millennials have established a solid financial foundation in the Hottest ZIPs where their dollars go further. "Prior to COVID, homeownership may have been a few years off for younger millennials, many of whom are building their careers, but flexible work arrangements are now enabling some to make a homebuying play. Building on older millennials' success establishing themselves as homeowners in up-and-coming areas across secondary metros, younger millennials are pioneering into new ZIPs where relatively higher incomes make them more competitive buyers," said Realtor.com® Senior Economist George Ratiu. Hottest markets are homeownership hotspots for younger and older millennials America's Hottest ZIP Codes also have a proven track record with millennial homeownership. In fact, young millennials, ages 25-34 years old, in the Hottest ZIPs have a homeownership rate of 46%, which beats their national average of 44%. Moreover, half of the top 10 ZIPs meet or beat the national homeownership rate for young millennials, including: West Irondequoit (ZIP 14617) at 82.8%, Brentwood (ZIP 27616) at 57.1%, Peabody (ZIP 01960) at 49.8%, Farmington (ZIP 48336) at 54.0% and Milford (ZIP 01757) at 44.3% Older, more established millennials are also successful in the top 10 Hottest ZIPs. In fact, 73% of millennials aged 35-44 own homes in these areas versus their national average of 57%. Half of the top 10 ZIPs have older millennial homeownership rates that beat or meet the national average, including: West Irondequoit (ZIP 14617) at 85.8%, Brentwood (ZIP 27616) at 67.3%, Farmington (ZIP 48336) at 65.7%, Milford (ZIP 01757) at 58.9% and Peabody (ZIP 01960) at 57.9%. Preparation is key for any homebuyer in today's frenzied market, especially younger buyers with fewer resources. In addition to staying up-to-date on housing market insights and tips, home shoppers can use tools like the Realtor.com® Real Estate app, where they can sign up for custom search alerts about new listings and price drops on saved homes. 2021 Hottest ZIP Codes in America 1) ZIP 80916 East Colorado Springs, Colo. (Colorado Springs) – ZIP 80916 is located on the east side of town and is home to the Colorado Springs Airport and Peterson Airforce Base. The area is known for its affordable homes, built in the 1970s and 80s, and the quick commute to military bases and defense contractors, such as Lockheed Martin and Northrop Grumman. In recent years, the ZIP has seen an influx of buyers from California and Texas looking to enjoy the outdoors and take advantage of top-rated schools including Irwin Charter High School, rated eight out of 10 by GreatSchools.org. On the weekend, locals enjoy hiking and rock climbing in places like Garden of the Gods and Pike's Peak. Colorado Springs is no stranger to the Hottest ZIPs list, ZIP 80911, also in Colorado Springs, ranked No. 1 in 2020. Housing Stats: Homes in ZIP 80916 spend an average of four days on market, eight days less than the Colorado Springs metro as a whole and 33 days less than the national median. The median listing price is $318,000, up 19.8% year-over-year, but 36% lower than the metro and 17% lower than the national median. While this ZIP lags behind in homeownership with fifty-one percent of residents and 40% of younger millennials owning a home, it shows promise thanks to young households. Seventy-four percent of the population in this ZIP is under age 45. 2) ZIP 14617 West Irondequoit, N.Y. (Rochester) – ZIP 14617 is in the northwestern part of the state on Lake Ontario and is part of New York's third largest metro area. Rochester offers a unique blend of history and innovation: Homes and commercial buildings date back a century or more, while the city's downtown is undergoing development and revitalization. During COVID, the area drew home buyers from Boston and New York City looking for more affordable real estate. In addition to a great school system, Iroquois Middle School is rated eight out of 10 on GreatSchools.org, and lower cost of living, Rochester offers a family-friendly environment, including more than 3,500 acres of nationally recognized parks, outdoor festivals, amusement parks, baseball games at Frontier Field, the Buffalo Bills' training camp in the warmer months and nearby ski slopes and sledding hills in the winter. No stranger to Realtor.com®'s Hottest ZIPs list, West Irondequoit (ZIP 14617) ranked No. 3 last year. Housing stats: Homes in ZIP 14617 sell in an average of just six days, six day faster than the metro area and 31 days faster than the national median. Median listing price is $175,000, up 9.4% from last year, but 28% and 55% lower than metro and U.S. respectively. Eighty percent of residents in ZIP 14617 are homeowners, and younger millennial homeownership is 83% -- both well above the national average. 3) ZIP 01960 Peabody, Mass. (Boston) – ZIP 01960 is part of Massachusetts' North Shore, just 20 miles northeast of Boston. Near major highways like I-95, Peabody offers convenient access to vacation spots along New England's rocky coastline and into the ski mountains of New Hampshire and Maine. Homes are more affordable compared to Boston proper and its adjacent suburbs. Locals view Peabody as its own city, filled with hotels and restaurants, as well as the Northshore Mall, one of the region's largest shopping centers. With its abundance of single-level, ranch-style houses, more affordable asking prices, lower taxes and retirement-friendly lifestyle, the area attracts empty nesters looking for homes that will be more manageable in their retirement years. Peabody ranked No. 5 on Realtor.com®'s Hottest ZIPs list in 2018. Housing stats: Homes in Peabody sell in an average of three days, 19 days faster than the Boston metro area and 34 days faster than the national median. The median listing price is $625,000, 11% lower than the metro, but 62% higher than the national median. Sixty-three percent of residents in this ZIP are homeowners and, while millennial homeownership is above the U.S. average, just 10% of households are aged 25-34. 4) ZIP 03103 Manchester Proper, N.H. (Manchester) – ZIP 03103 is on the southside of New Hampshire's most populous city, and offers affordability, a healthy job market and access to outdoor activities such as hiking and skiing. Manchester's bustling downtown, Elm Street, features a number of restaurants and Manchester's Verizon Wireless Arena for hockey games and concerts. The city also boasts Northeast Delta Dental Stadium, home to the city's double A Fisher Cats baseball team. The state has no income or sales tax, and ZIP 03103 boasts more affordable homes than some of the neighboring towns. The area's biggest employers are Elliot Health Systems, Southern NH University and Catholic Medical Center, but there is also a burgeoning start-up scene. About 20 miles from the Mass. border, Manchester has become a popular destination for Boston commuters looking for affordability and outdoor space, a trend which became even more prevalent during the pandemic. Housing stats: Homes in ZIP 03103 spend an average of five days on the market, moving five days faster than the metro and 32 days faster than the national average. Median list price is $315,000, up 30% year-over-year, but 23% lower than metro and 18% lower than the U.S. average. Homeownership lags behind national figures here with 46% of residents in this ZIP and 35% of millennials owning their homes, but the area is young. Sixty-one percent of the population is under age 45. 5) ZIP 27616 Brentwood, N.C. (Raleigh) – ZIP 27616 is centrally located about 20 minutes from downtown Raleigh, Rolesville and Wake Forest. This ZIP offers a range of homes from townhomes to luxury homes priced from $600,000-$700,000. Over the past year, the area has seen an influx of buyers from New York and major metro areas on both coasts who are interested in seeing their dollar go further. The area's largest employer is Duke University and Health System, but the Research Triangle region is home to a number of local tech companies like SAS Institute and satellite offices for IBM and Cisco Systems. One of the biggest perks of the area is its planned communities, including 5401 North which offers parks, restaurants, schools, shops and community events. Housing Stats: Homes in ZIP 27616 spend an average of five days on market, 10 days less than the Raleigh metro as a whole and 32 days less than the national median. The median listing price is $319,000, up 0.8% year-over-year, and 22% lower than the metro and 17% lower than the national median. Sixty-seven percent of residents in ZIP 27616 are homeowners and younger millennial homeownership is 58%. 6) ZIP 43228 Lincoln Village, Ohio (Columbus) – ZIP 43228 is just 10 miles west of downtown Columbus and offers affordable home options for those looking to size up for a growing family, or those sizing down. There are plenty of state and city parks with biking, hiking and walking trails, while the Short North Arts District has lots of restaurants and shopping. Employers range from venture capital firms and startups like Drive Capital and Root Insurance, to well-known names such as Nationwide Insurance and Wendy's. For those who enjoy sports, there's Ohio State athletics, the NHL's Blue Jackets, AAA baseball at Huntington Park and the Columbus Crew soccer team. Schools in the area are rated highly including Columbus Preparatory Academy, rated eight out of 10 by GreatSchools.org. Thanks to its affordability, Columbus has been seeing an influx of people moving from bigger cities like New York City and Chicago. Housing stats: Homes in ZIP 43228 sell in an average of just five days, 10 days faster than the metro area and 32 days faster than the national average. The median listing price is $235,000, up 56.7% from last year, but 22% and 39% lower than the metro area and the U.S., respectively. Homeownership lags a bit in this zip. Forty-two percent of residents are homeowners, while the millennial homeownership rate is 33%. However, it has plenty of young people, with 69 percent of the population under age 45, 7) ZIP 01757 Milford, Mass. (Worcester) – ZIP 01602 is located on the southeast side of Worcester and just an hour outside of Boston, offering quick access to both areas' large job markets. Although Milford has lost its primary commuter rail access during the pandemic, the ZIP is within 10 minutes of the Mass. Pike, which leads straight into Boston. The area's largest employer is Dell EMC, but the rise in remote work is making the area a more attractive option for young professionals who don't need to commute into the city every day. Buyers will find their city-level salaries can purchase a lot more house in Milford, where home prices are not only lower than Boston, but have declined slightly since last year – a rarity in today's market. And with plenty of hiking and biking trails and breweries like CraftRoots, Milford is attracting younger buyers ready to pursue the full-time hipster lifestyle. Housing stats: Homes in Milford spend an average six days on market, 11 days less than the Worcester metro as a whole and 31 days less than the national median. The median listing price is $455,000, 6% and 18% higher than the metro area and the national median, respectively, but notably below nearby Boston's $699,000 median asking price. Sixty-two percent of residents in this ZIP are homeowners and millennial homeownership is 44% among those aged 25-34, and 59% in the 34-44 age bracket. 8) ZIP 03301 Concord Proper, N.H. (Concord) – ZIP 03301, located in the heart of New Hampshire's capital city, is the state's political and cultural center. Its historic downtown boasts two performing arts centers and three museums, including the McAuliffe-Shepard Discovery Center, which features interactive space-themed exhibits and a planetarium. With no state income or sales tax, and relatively affordable housing options, Concord is a budget-friendly place to live. Locals enjoy easy access to New Hampshire's lakes region and the White Mountains for outdoor recreation. The area's outdoor access and affordability make it attractive to a wide range of demographics. Concord's largest employers are Concord Hospital and Steeplegate Regional Mall, but the recent boom in remote work has made Concord an even more attractive place to live. Housing stats: Homes in ZIP 03301 spend an average of nine days on the market, eight days less than the metro area and 28 days less than the U.S. average. The median list price is $343,000, up 14.4% year over year, but still 10% and 11% lower than metro and U.S. medians, respectively. Homeownership lags behind in this ZIP where 47% of residents are homeowners, and millennial homeownership is below the national average at just 26%. 9) ZIP 48336 Farmington, Mich. (Detroit) – ZIP 48336 is a commuter-friendly town with easy access to Detroit – only 15-20 minutes away by car – and nearby Southfield and Ann Arbor. Farmington is the closest suburban neighborhood to the city where home buyers can still get both land and a substantially-sized home (typically between 2,000-3,000 sq ft). In addition to affordability and space, buyers with families are drawn to this "bedroom community" because of its many desirable schools like Farmington High School, rated a seven out of 10 on GreatSchools.org and proximity to universities like Michigan State and several hospitals, as well as community events and outdoor spaces. You can find a good mix of housing styles, sizes and price ranges – there are options for first-time buyers and also those looking for "trophy homes" – and the little downtown area has a small movie theater, shopping and restaurants. Housing stats: Homes in ZIP 48336 spend an average of just eight days on the market, 13 and 29 days faster than metro and U.S., respectively. The median listing price is $244,000, up 8.6% from last year, but 13% lower than the metro area and 37% lower than U.S. Sixty-four percent of residents are homeowners and the millennial homeownership rate is above the national average at 54%. 10) ZIP 37067 Franklin, Tenn. (Nashville) – ZIP 37067 is located just 21 miles from downtown Nashville. It's an easy drive to Music City's urban attractions, but the rolling hills, farms, open space and beautiful landscape feel far away. The historic town, which is beloved for its classic Southern charm, hospitality and welcoming community, is just minutes from modern amenities like Whole Foods Market and LifeTime Fitness. The downtown Main Street boasts annual family festivals and boutique shopping. With some of the best public schools in Tennessee, including Grassland Middle School and Moore Elementary School, both rated nine out of 10 on GreatSchools.org, and a significantly lower cost of living than the national average, Williamson County has seen an influx of residents looking to flee more crowded and expensive areas during the pandemic. Housing stats: Homes in ZIP 37067 spend an average of just five days on the market, moving 10 days faster than the metro area and 32 days faster than the U.S. average. The median listing price is $847,000, up 30.6% from last year, and 97% and 120% higher than the metro and U.S., respectively. Fifty-eight percent of residents of this ZIP are homeowners – on par with the national average – but the home ownership rate among millennials is 35%. Realtor.com® 2021 Hottest Zip Codes: Top 10 Housing Metrics (June 2021) Methodology Realtor.com® analyzed over 29,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code from January-June, 2021. Eligible ZIP codes had at least 13 active listings each month to calculate a Hotness ranking. Limited to one ZIP code per metropolitan area. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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Homeowner Equity Surges Across U.S. During Second Quarter in Yet Another Sign of a Healthy Housing Market
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National Association of Realtors Announces Partnership with 1-800-GOT-JUNK?
Realtors® will be able to book discounted service for themselves or on behalf of clients CHICAGO (August 5, 2021) -- The National Association of Realtors today announced a new partnership within the REALTOR Benefits Program. 1-800-GOT-JUNK? will be providing $50 off full-service junk removal services to all NAR members and their families, in addition to all national, state and local association staff. This new partnership will also allow Realtors® to extend the benefit to their clients, who can then take advantage of the service at a discounted rate throughout their home sale or purchase process. According to the REALTOR Benefits® Program team, the 2020 RBP member perception survey revealed that members were very interested in pass-through offerings for their clients. "By teaming up with 1-800-GOT-JUNK?, not only will our members have access to discounts for themselves and family members, but they will be able to easily share discounted, value-added offers with their homebuyers and sellers," said Rhonny Barragan, NAR vice president of strategic alliances. 1-800-GOT-JUNK? provides full-service residential and commercial junk removal services, hauling virtually all non-hazardous materials that can be handled by a two-person team, including mattresses, furniture, electronics, appliances, televisions and exercise equipment. Based in Vancouver, Canada, the company currently has 160 franchises across Canada, Australia and the U.S. "Since 1989, 1-800-GOT-JUNK? has provided a critical service in the market, and its seamless, hassle-free junk removal capabilities are in demand today more than they've ever been," said Brian Scudamore, founder & CEO. "At 1-800-GOT-JUNK? we love to be part of our customers' moves by making their junk disappear so they can make their house a home. We are thrilled about this partnership with NAR and our local teams are ready to send junk packing!" NAR members can use their $50 benefit when booking services on behalf of their clients or when making their own arrangements. The REALTOR Benefits® Program is the association's official member benefits program, connecting members with savings and unique offers on products and services just for Realtors® from roughly three dozen companies recognized as leaders in their respective industries. Learn more at https://www.nar.realtor/realtor-benefits-program. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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RPR Releases its 2021 'State of the Listing Presentation' Survey Results
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Realtors Believe Drones, Cyber Security Are Real Estate Industry's Most Impactful Emerging Technologies
Drones, cyber security, 5G and virtual reality are expected to have the biggest impact on the real estate business in the next two years. WASHINGTON (August 3, 2021) -- Realtors view drones and cyber security as the most impactful emerging technologies to their business, according to a new report from the National Association of Realtors®. NAR's 2021 Technology Survey examined NAR members' current tech usage and attitudes about the future of real estate technology. In addition to drones (37%) and cyber security (34%), Realtors® believe that 5G (31%) and virtual reality (30%) will also have a significant impact on their business in the next 24 months. "The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate," said NAR CEO Bob Goldberg. "The great work being done by NAR, including our Strategic Business, Innovation and Technology group, has ensured that Realtors® will continue to have access to the latest technology and remain at the forefront of the innovations driving the market forward." The survey also examined the current use of technology by Realtors®, finding that the most valuable tools used in the past 12 months were eSignature (78%), local MLS apps/technology (54%), social media (53%), lockboxes (48%) and video conferencing (39%). Many brokerages are providing these technologies to their agents. Thirty-seven percent of respondents agreed that their brokerage provides them with all the technology tools they need to be successful, and 27% strongly agreed. The top tools provided by brokerages were eSignature (57%), personal websites (54%), customer relationship management (54%) and transaction management (50%). Roughly one out of three Realtors® – 36% – said that their broker does not charge any technology fees, and 50% said that the price their broker charged was reasonable. NAR's report found that Realtors® are willing to pay for this technology, even if their brokerages do not. Thirty-six percent of Realtors® spend on average between $50-$250 per month on technology to use in their business. Eighteen percent spend between $251-$500, and nearly one out of four Realtors® – 23% – spend more than $500 monthly on technology. When asked about desired technology tools that are not currently provided by their broker, cyber security topped the list at 19%, followed by lead generation (16%), eNotary (11%), CRM (10%) and personal websites (10%). According to the survey, Realtors® are using social media now more than ever in their businesses. The top social network is Facebook, used by 90% of Realtors®, followed by Instagram (52%), LinkedIn (48%), YouTube (24%) and Twitter (19%). Video has also played an ever-increasing role in the marketing of properties on social media. Thirty-seven percent use video in their marketing and 35% do not use video but hope to in the near future. "There is no denying that social media has become an integral tool to promote a listing," Goldberg said. "The pandemic has caused more of our members to use social media and video to creatively market themselves and their properties." The top reasons Realtors® cited for using social media in their business included that they are expected to have a presence on social media (54%), it helps build and maintain relations with existing clients (49%) and they use it to promote listings (49%). Additionally, 36% of Realtors® use social media to find new prospects and 33% say it helps them network with other real estate pros. Social media also topped the list when it comes to lead generation. The top three tech tools that have given respondents or their agents the highest number of quality leads in the last 12 months were social media (52%), CRM (31%) and their MLS site (28%). These current and future real estate tech topics will be front and center at NAR's iOi Summit, taking place August 17-18 in Dallas, Texas. Over 500 real estate practitioners, technologists and investors will convene to share insights and unveil cutting-edge real estate products and ideas. "iOi is all about innovation," Goldberg said. "This event brings together proptech leaders and thinkers whose products, services and solutions will help shape the real estate industry and drive it forward." Learn more about and register for the iOi Summit. The 2021 Technology Survey is available to download here. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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CFPB Releases Online Tool to Help Renters and Landlords Access Federal Assistance
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Realtor.com Investor Report: Top Markets Where Investors Are Impacting the Inventory Crunch
Nationally, investors took more inventory off the market than they contributed in April; their purchases represented 5.7% of all home sales SANTA CLARA, Calif., July 29, 2021 -- Despite the common perception that investors are always in competition with everyday buyers, new findings from the Realtor.com Investor Report shows that isn't always the case. According to the data, investors are exacerbating the inventory shortage in 31 of the top 50 U.S. markets, but in roughly 19 markets – including Atlanta, Dallas, Baltimore, Los Angeles and San Francisco – they are actually helping to replenish the number of homes for sale. Realtor.com® analyzed U.S. deed records from January 2000-April 2021 to determine the number of investor sales versus purchases in the 50 largest U.S. markets. In this report, areas where investors are contributing inventory refers to places where investors are selling more homes than they are buying. Places where investors are taking away inventory are locales where investors are buying more homes than they sell. "Today's buyers are facing a tough market and data shows they aren't just competing with each other. With deep pockets and more flexibility, investors can be daunting competition for the typical homebuyer. Right now, data shows investors are buying more homes than they are selling, and while they get a lot of attention in today's market, it's worth remembering that they can also contribute to inventory levels," said Realtor.com® Chief Economist Danielle Hale. "Whether a market is appealing to investors depends on a variety of factors, including how local home prices compare to rents. When home prices are rising and rents are more stagnant, investors are more likely to sell off properties and contribute inventory. On the other hand, the higher rents are compared to home prices the more attractive the market is to investors looking to buy homes and convert them into rental properties." Investors help buyers in big metros with limited homes for sale In April, investors added to the number of homes on the market in 19 of the 50 largest U.S. metros, with Atlanta (+399 homes), Dallas (+239 homes), Baltimore (+188 homes), Los Angeles (+112 homes) and San Francisco (+93 homes) seeing the biggest contributions. Compared to the markets where investors took away inventory in April, these metros tend to be bigger, with fewer homes for sale and higher listing prices. Compared to nationwide inventory declines in April (-53%), the top 10 markets where investors are contributing saw a smaller drop, at an average -44% during the same timeframe. However, some of these metros saw even bigger inventory gaps from last year, including the two markets where investors contributed the most inventory in April: Atlanta (-63.4%) and Dallas (-69.7%). At an average population size of 5.5 million, these markets also encompass some of the nation's biggest tech hubs, such as San Francisco and San Jose. Home to some of the most expensive real estate in the U.S., these metros had an average median listing price of $668,000 in April, well above the national median price of $375,000. Hale added, "High home prices, slower rent growth, and uncertainty over the future of work in these markets are likely causing investors to reevaluate their property portfolios in these areas. And with homes still selling quickly, even in these metros, an investor deciding to sell can look forward to being able to reposition their dollars elsewhere in a very short period of time." Investors are snatching up homes in smaller markets with higher inventory levels Investors took away inventory in 31 of the largest U.S. markets, led by Phoenix (-429 homes), Charlotte, N.C. (-287 homes), Miami (-256 homes),Tampa (-224 homes) and Chicago (-221 homes). Compared to the markets where investors helped buyers, these metros are smaller and less crowded, with more available home listings relative to all households, lower home prices, and relatively higher rental price growth. While average home prices are more affordable in these top markets, rental prices grew at a faster year-over-year pace on average (+4.6%) than in top markets with more investor sales (+0.1%) in April. In Tampa, where the $327,000 median listing price was below the national average of $375,000 in April, rents grew 4.5 times faster than the national rate, up 12.4% year-over-year. The markets where investors are competing with homebuyers and taking away inventory tend to offer the perfect storm of factors for converting homes into rental properties. These markets have relatively more homes available, at 3.7 properties for every 1,000 residences versus 2.8 in markets where investors are adding to inventory. While these metros have experienced more rapid year-over-year inventory declines in April (-57%), rapid rent price gains keep calculations favorable for buying which means that until rent trends change, investors are likely to be homebuyer foes, not friends. "Getting ahead in today's market is tough, especially when you are contending with professional investors," said Lexie Holbert, home and living expert at Realtor.com®. "Setting up price alerts on Realtor.com® is a really helpful trick for getting ahead of the competition. When a home that meets your parameters hits the market, you'll get a notification so you can get in and try to make an offer." Realtor.com® Investor Report, April 2021 – Top 10 Markets by Net Positive Contributions to Inventory, April 2021 Realtor.com® Investor Report, April 2021 – Top 10 Markets by Net Negative Contributions to Inventory Realtor.com® Investor Report, April 2021 – 50 Largest U.S. Metropolitan Areas Methodology In this analysis we examined deed records dating from January 2000 to April 2021 nationally and in the 50 largest metro areas. We included only single family homes, condos, townhomes and rowhomes and we excluded multi-family buildings which is not a market the typical homebuyer is competitive in. We attempted to capture business-oriented, buy and hold investor purchases. We defined an investor as a buyer or seller that was/is an absentee-owner and that has a name which includes the following: LLP, LP, LLC, GP, or TRUST. In addition to this broad definition, we also excluded keywords and sale types relating to home builders, relocation service companies, iBuyers, government bodies and financial institutions. Data limitations mean that this analysis likely excludes small investors not registered under a company name. Census estimates show that in 2018 41.2% of rental units were owned by individual investors while 47.5% of units were owned by Trusts, LLPs, LPs, or LLCs, General Partnerships, Real Estate Investment Trusts, or Real Estate Corporations. Ownership entity for more than half of the remaining units was not reported. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Pending Home Sales Fall 1.9% in June
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Realtor.com Survey Shows With Only Weeks Until School Starts, More Than a Third of College Students Still Haven't Finalized Fall 2021 Housing Plans
35% of college students say they cannot afford to rent an apartment in their college town SANTA CLARA, Calif., July 28, 2021 -- Thirty-five percent of college students headed to school this fall say they cannot afford to rent an apartment in their college town and 19% say their parents are helping them pay rent this year when they didn't need help last year, according to a new Realtor.com® survey released today. When asked what's impacting their struggles, 44% blame the overall real estate market in their college town. "The shortage of affordable housing inventory in the U.S. pushed prices to record-highs and forced more prospective homebuyers into the rental market in June, driving the U.S. median rent price to a new high of $1,575, an 8.1% increase year-over-year," said Realtor.com® Economist George Ratiu. "In addition, many university towns have become attractive destinations for retirees and remote workers, further adding pressure on local real estate markets. With the uncertainty brought about by COVID compounding the rising prices and lower inventory, students are facing a more challenging housing market in their college towns than ever before." Danny (21), a college student in Illinois said, "The rent is incredibly high from where we are and they know they'll get away with it because they know we'll pay it… we're literally in a cornfield in the middle of Illinois. There's no reason that there needs to be rent this high." While finances are playing a significant role in housing plans for this year, so is timing. Thirty percent of students delayed confirming fall 2021 housing due to a lack of certainty about their school holding in-person classes. Those delays have had a ripple effect with 34% of college students not having finalized their housing for fall and 22% of those students saying they waited too long to secure on-campus housing and now it's full, forcing them to change their plan. Despite the challenges, students are eager to get back to school. Half of those who lived at home last year are planning to move out for the fall, but they're really having to pound the pavement to find the right fit. Nearly 40% of those planning to live off-campus and away from home said they looked at 6 or more listings in person while searching for a place to live and over 30% said finding an apartment this year was much harder than last year. Nearly a quarter said the places they looked at rented very fast because there was so much competition. "With speed a necessity for searchers in the fast-paced market, tailoring your home or rental search to listings close to campus will help keep you focused," said Realtor.com® housing and lifestyle expert, Lexie Holbert. "Our school search filter lets you search listings around schools of all levels, including universities, to find rentals and for-sale properties near campus. It also lets you save the search and set an alert, so you'll know when something matching your search criteria hits the market." "There's multiple people going for the same house and it's super competitive, almost to the point where people will gatekeep their agents' information," said Kayla (19), a college student in Eugene, Ore. "We've been looking since a little bit before Thanksgiving of 2020. We looked probably until mid April. We were waking up literally every morning and searching... and then just go back in later in the afternoon and check again," said Owen (19), a college student in Bozeman, MT. Financial challenges aren't just impacting students' ability to find housing but how students will live this year too. Fifty-one percent of students say they have adjusted their living situation in order to save money with 21% moving home to save money, 13% taking on more roommates and 10% choosing to live in lower quality accommodations to save money. Methodology: Realtor.com® commissioned JUV to conduct a national survey of students planning to attend college in the fall of 2021. This survey was conducted online within the United States from July 12 - July 17, 2021. The survey was conducted among 501 young adults who are current college students or recent graduates by JUV Consulting. The sampling margin of error of this poll is 4%. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Annual Foreign Investment in U.S. Existing-Home Sales Falls 27% to $54.4 Billion, Lowest Level in a Decade
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Illinois, Florida and New Jersey Dominate Markets Most at Risk from Damage Related to Coronavirus Pandemic
Chicago Area and East Coast States Remain More Exposed to Pandemic's Impact During Second Quarter of 2021; Most Vulnerable Areas Are More Scattered Around Nation Than in Prior Quarter; Western States Continue to Have Most Favorable Market Conditions IRVINE, Calif. -- July 22, 2021 -- ATTOM, curator of the nation's premier property database, today released its second-quarter 2021 Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the ongoing Coronavirus pandemic, still endangering the U.S. economy. The report shows that states along the East Coast, as well as Illinois, were most at risk in the second quarter of 2021 – with clusters in New Jersey, Delaware, the Chicago area and central Florida – while the West remained far less exposed. But the 50 most at-risk counties around the U.S. were spread over a wider area than in the first quarter of 2021, as most states had no more than two counties in the top group in the most recent time period. The report reveals that Florida, New Jersey, other East Coast states and Illinois had 37 of the 50 counties most exposed to the potential economic impact of the pandemic in the second quarter of 2021. They included seven counties in the Chicago metropolitan area, four near New York City, all three in Delaware and four in central Florida. However, only Florida, New Jersey, Illinois, Louisiana and Delaware had more than two counties in the top 50, compared to eight states in the first quarter of 2021. The top 50 were scattered across 18 states in the second quarter, compared to 15 the prior time period. The only three western counties in the top 50 during the second quarter of this year were in northern California and southern Arizona. Markets were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded the estimated property value and the percentage of average local wages required to pay for major home ownership expenses on median-priced houses or condominiums. The conclusions are drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Rankings were based on a combination of those three categories in 564 counties around the United States with sufficient data to analyze in first and second quarters of 2021. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. See below for the full methodology. The findings follow a year when the national housing market continued its decade-long boom even amid the pandemic, with median single-family home prices rising more than 10 percent across much of the country. While small indicators of a possible slowdown have emerged in 2021 in the form of declining home affordability and slumping investor activity, fuel for further price gains has come from the pandemic receding, employment growing and the broader economy improving. Still, the pandemic remains a threat to the economy and the housing market as new virus variants appear and clusters of virus cases continue to plague pockets of the country. "The Coronavirus pandemic is easing, and the U.S. economy is gradually coming back to life, which suggests that the nation's housing market will indeed escape any major damage from the crisis. No major signs are showing anything different at this point. Nevertheless, the pandemic is still out there and remains a potent threat to home sales and values, as well as to the broader economy," said Todd Teta, chief product officer with ATTOM. "Amid a generally upbeat outlook, we continue to see areas that appear more at risk for a fall, especially in specific areas of the East Coast and Midwest. As we have throughout the pandemic, we will keep a close eye on those areas in case the situation worsens and the pandemic surges again." Most vulnerable counties clustered around Chicago, New York City, Delaware and central Florida Eighteen of the 50 U.S. counties most vulnerable in the second quarter of 2021 to housing market troubles connected to the pandemic (from among the 564 counties with enough data to be included in the report) were in metropolitan areas around New York, NY, and Chicago, IL, as well in Delaware and central Florida. They included seven that cover Chicago (Cook County) and its suburbs (De Kalb, Kane, Kendall, Lake, McHenry and Will counties) and four in the New York City metropolitan area (Ocean, Passaic and Sussex counties in New Jersey and Orange County in New York). The four in central Florida were Highlands County (Sebring), Indian River (Vero Beach), Lake County (outside Orlando) and Osceola County (Kissimmee). All three Delaware counties – New Castle (Wilmington), Kent (Dover) and Sussex (Georgetown) – made the top 50 list as well in the second quarter of 2021. Additional counties in Florida, New Jersey and Illinois also made the top-50 list. Those in Florida were Bay County (Panama City), Clay County (outside Jacksonville) and Marion County (Ocala), FL, while those in New Jersey included Atlantic County (Atlantic City), Cumberland County (Vineland), Gloucester County (outside Philadelphia, PA), Mercer County (Trenton) and Warren County (near Allentown, PA). Others in Illinois were Kankakee County, Madison County (outside St. Louis, MO), Saint Clair County (outside St. Louis, MO) and Tazewell County (outside Peoria). In addition, Louisiana had three counties in the top 50 during the second quarter – Bossier Parish (Shreveport), Livingston Parish (outside Baton Rouge) and Tangipahoa Parish (north of New Orleans). The only western counties among the top 50 most at risk from problems connected to the Coronavirus outbreak in the second quarter of 2021 were Butte County (Chico), CA; Humboldt County (Eureka), CA and Mohave County, AZ (outside Las Vegas, NV). Higher levels of unaffordable housing, underwater mortgages and foreclosure continue to appear in most-at-risk counties Major home ownership costs (mortgage payments, property taxes and insurance) on median-priced single-family homes consumed more than 30 percent of average local wages in 23 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the second quarter of 2021. At least 15 percent of mortgages were underwater in the first quarter of 2021 (the latest data available on owners owing more than their properties are worth) in 33 of the 50 most at-risk counties. Nationwide, 10 percent of mortgages fell into that category. Those with the highest underwater rates among the 50 most at-risk counties were Saint Clair County (outside St. Louis, MO) (43.6 percent of mortgages underwater); Delaware County, PA (outside Philadelphia) (36.4 percent); Muscogee County (Columbus), GA (29 percent); Monroe County (Stroudsburg), PA (28.2 percent) and Kankakee County, IL (27.1 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2021 in 40 of the 50 most at-risk counties. Nationwide, one in 4,046 homes were in that position. (Foreclosure actions have dropped about 80 percent over the past year amid a federal moratorium on lenders taking back properties from homeowners behind on their mortgages during the virus pandemic.) The highest rates in the top 50 counties were in Gloucester County, NJ (outside Philadelphia) (one in 747 residential properties facing possible foreclosure); Cumberland County (Vineland) NJ (one in 773); Tazewell County, IL (outside Peoria) (one in 905); Tangipahoa Parish (north of New Orleans) (one in 1,129) and Ocean County (Toms River), NJ (one in 1,336). Counties least at-risk concentrated in South and Midwest Thirty-six of the 50 counties least vulnerable to pandemic-related problems from among the 564 included in the second-quarter report were in the South and Midwest. Texas had 13 of the 50 least at-risk counties, including five in the Dallas metropolitan area (Collin, Dallas, Denton, Ellis and Tarrant counties) and two in the Austin metro area (Travis and Williamson counties). Minnesota had five, including four in the Minneapolis metro area (Dakota, Hennepin, Ramsey and Scott counties). Others among the top-50 least at-risk counties with a population of 500,000 or more included Harris County (Houston), TX; Middlesex County, MA (outside Boston); Salt Lake County (Salt Lake City), UT; Macomb County, MI (outside Detroit) and Suffolk County (Boston), MA. Less-vulnerable counties again have lower levels of unaffordable housing, underwater mortgages and foreclosure activity Major home ownership costs (mortgage, property taxes and insurance) on the median-priced single-family home consumed less than 30 percent of average local wages in 44 of the 50 counties that were least at-risk from market problems connected to the virus pandemic in the second quarter of 2021. More than 15 percent of mortgages were underwater in the first quarter of 2021 (with owners owing more than their properties are worth) in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Washington County, WI (outside Milwaukee) (1.9 percent underwater); Chittenden County (Burlington), VT (2.9 percent); Salt Lake County (Salt Lake City), UT (3.6 percent); Dallas County, TX (3.7 percent) and Tarrant County (Fort Worth), TX (4.1 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2021 in none of the 50 least at-risk counties. Those with the lowest rates in those counties included Missoula County, MT (no residential properties facing possible foreclosure); Chittenden County (Burlington), VT (one in 69,734); Olmstead County (Rochester), MN (one in 65,380); Davidson County (Nashville), TN (one in 44,624) and Rutherford County (Murfreesboro), TN (one in 39,564). Report methodology The ATTOM Special Coronavirus Market Impact Report is based on ATTOM's second-quarter 2021 residential foreclosure and home affordability reports and first-quarter 2021 underwater property report. (Press releases for those reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the percentage of residential properties with a foreclosure filing during the second quarter of 2021, the percentage of average local wages needed to afford the major expenses of owning a median-priced home in the second quarter of 2021 and the percentage of properties with outstanding mortgage balances that exceeded their estimated market values in the first quarter of 2021. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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June's Rapid Slowdown in Demand Brings Home Showing Traffic to More Normal Levels per Data from ShowingTime
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Wall Street Journal and Realtor.com Release Summer 2021 Emerging Housing Markets Index Report
Second quarterly report includes new data points on real estate taxes, and surfaces 13 new markets in the top 20, with Billings, MT, coming in at number one. NEW YORK and SANTA CLARA, Calif., July 20, 2021 -- The Wall Street Journal and Realtor.com today released the WSJ/Realtor.com Summer 2021 Emerging Housing Markets Index. The index ​analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation. The Top-20 Emerging Markets for Summer 2021 are: Billings, Mont. Coeur d'Alene, Idaho Fort Wayne, Ind. Rapid City, S.D. Raleigh, N.C. Portland-South Portland, Maine Waco, Texas Johnson City, Tenn. Bangor, Maine Huntsville, Ala. Topeka, Kan. Jefferson City, Mo. Elkhart-Goshen, Ind. Colorado Springs, Colo. Eureka-Arcata-Fortuna, Calif. Springfield, Ohio Manchester-Nashua, N.H. Concord, N.H. Burlington, N.C. Elizabethtown-Fort Knox, Ky. Beginning this quarter, the index's methodology will include real estate tax data to offer a more comprehensive look at property ownership in each city. Areas with higher effective real estate taxes are ranked lower, while areas with lower effective real estate taxes are ranked higher. The addition of this metric generally boosted the ranking of areas in the South and West and caused many metro areas in the Northeast and Midwest, as well as Texas and Alaska, to be ranked lower. Taking a Deeper Dive Into the Top Markets: Returning Markets: The list saw 7 repeat markets among the top 20 including last quarter's number one spot, Coeur D'Alene, ​ID, and the new number one market, Billings, MT. Biggest Movers: Three markets among the top 20 jumped roughly 100 spots from last quarter. The biggest mover, Huntsville, AL, shot up 214 spots this quarter. Unemployment Improved: Across the 300 markets, unemployment dropped from 6.3% on average in the first quarter to 5.5% on average in the second quarter. Several of the returning top markets saw even stronger improvements. Smaller Markets Continue to Rank Well: Similar to last quarter, the top 20 emerging housing markets list is dominated by smaller markets. The average population size among the top 20 was just over 300,000, placing them overwhelmingly in the smaller half of the top markets. The largest market on the list is Raleigh, NC, which with a population of 1.4 million, is slightly smaller than last quarter's largest market that made the top 20, Austin, TX (2.2 million). Hot Real Estate Markets, but Affordable Home Prices Mean Room to Rise: The top 20 markets have a median listing price of $349,900 compared with a median of $361,900 in the top 300 largest U.S. markets. These lower prices mean that there is more room for home prices to grow, with prices in the top-20 areas increasing 13.7% year over year compared with 8.0% on average among all 300 areas evaluated. Markets Falling Out of the Top-20: In general, the markets that fell out of the top 20 didn't fall far. Nine of the 13 are still within the top 50, 11 of 13 are within the top 60, and 12 of 13 are within the top 100. The addition of real estate taxes to the index was not helpful for Madison, WI, which dropped 22 spots in the ranking due to that inclusion, alone. Read the full report here. Methodology: The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health & quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on average unique viewers per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as per capita "everyday splurge" stores in an area; commute (6.25%); and estimated effective real estate taxes (6.25%). About The Wall Street Journal The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. Published by Dow Jones, The Wall Street Journal engages readers across print, digital, mobile, social, and video. Building on its heritage as the preeminent source of global business and financial news, the Journal includes coverage of U.S. & world news, politics, arts, culture, lifestyle, sports, and health. It holds 38 Pulitzer Prizes for outstanding journalism. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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ATTOM Integrates Transportation Noise Data Into Its Vast U.S. Property Data Warehouse
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Realtor.com June Rental Report: Rents Surge to New Highs Nationwide
The U.S. median rental price increased 8.1% year-over-year to a median of $1,575 SANTA CLARA, Calif., July 15, 2021 -- The shortage of affordable housing inventory forced more prospective homebuyers into the rental market in June, driving the U.S. median rent price to a new high of $1,575, an 8.1% increase year-over-year, according to the Realtor.com® Monthly Rental Report released today. Additionally, rental prices in 44 of the 50 largest metros broke new records led by Riverside, Memphis, Tampa and Phoenix, which posted gains above 20% year-over-year. "The surge we're seeing in rental prices is likely to exacerbate the K-shaped, or uneven, nature of the pandemic recovery in the U.S. Rents are rising at a faster pace than income, which is adding to the challenges faced by lower-income Americans as they struggle to recover from job losses and other hardships brought about by COVID," said Realtor.com® Chief Economist Danielle Hale. "Looking forward, rents aren't expected to slow unless we see a fundamental shift in the number of homes for sale and for rent." Hale added, June's 3.2% price growth over May was more than just the usual seasonal trend of increasing summer rents. Rents typically fluctuate by less than 1% on a monthly basis. In June, rents in all but two of the 50 largest U.S. metros posted month-over-month gains of 1.0% or higher. Miami topped the list at an increase of 7.7% over May, a gain that would be exceptional over the course of 12-months, let alone one. Rents surge to new highs in 44 of the 50 largest U.S. metros The spike in demand for housing is putting pressure on markets already challenged by availability and affordability. Similar to the shortage of homes for sale, the number of homes available to rent is historically low, driving competition and surging rental prices. In June, rents in 44 of the 50 largest U.S. markets hit the highest levels seen in the past two years of Realtor.com® data. Additionally, nearly half of these metros posted month-over-month gains at or above the unusually high national rate. For the second straight month, Riverside, Calif., Memphis, Tenn., Tampa and Phoenix held the top spots by rent growth. Rents in these markets grew at a faster pace in June than last month, posting year-over-year gains of 20% or more in June. Riverside saw the highest growth in June, up 24.2% over last year and 4.6% from May (+19.2%) to a median $2,112. Strong demand for more space widens the rent gap between unit sizesThe desire for larger living space increased significantly during the pandemic, and this trend continued to play out this month. Two-bedroom rents increased at the fastest pace of all unit sizes in June, up 10.2% year-over-year to a new high of $1,770. Two-bedroom rents were up 13.6% in June compared to 2019, rising $212 per month in just two years. Although the gap between two-bedroom rents and smaller unit sizes is getting larger, one-bedroom (+8.0%) and studio (+4.0%) rents also posted significant gains in June, with one-bedroom rents reaching a new high of $1,466. More common to crowded cities, studios saw the steepest declines during COVID but are finally catching up with the overall rental market recovery. In June, studio rents rose 5.8% over 2019 to a new two-year high of $1,294. Realtor.com® June 2021 Rental Data - Top 10 Markets for Year-over-Year Rent Increases Realtor.com®June 2021 Rental Data - 50 Largest Metropolitan Areas Methodology Rental data as of June 2021. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Elm Street Technology Acquires IXACT Contact and Morris Marketing
Broadens solutions portfolio and accelerates Canadian presence. July 13, 2021 - Dallas and Toronto -- Elm Street Technology, LLC, a leading provider of residential real estate technology and marketing solutions, today announced the acquisitions of Morris Real Estate Marketing Group, and IXACT Contact Solutions, specialists in marketing solutions and repeat and referral lead generation conversion technology across the Canadian real estate sector. Both the acquisitions of Morris Marketing and IXACT complements and expands Elm Street's Elevate platform, which provides an end-to-end suite of real estate technology and marketing services. "Morris Marketing is an established company with a strong reputation and substantial client-base in the Canadian market, which was clearly very attractive to us," said Prem Luthra, President and CEO of Elm Street Technology. "Combine that with the outstanding IXACT product offering and its placement within the Elm Street Technology product suite, we couldn't be more excited to see the future impact of our combined initiatives." Elm Street Technology's Elevate platform, which aims to maximize real estate professionals' business efficiency by providing a single vendor and point of contact, is currently used by tens of thousands of real estate agents, teams and brokerages across the United States and Canada. Elevate offers a variety of seamlessly-integrated tools including IDX websites, lead generation services, CRM, email, social, text and blog marketing automation, recruiting and retention campaigns and more, all backed by comprehensive customer support and training. "We are thrilled to align our company with Elm Street Technology," stated Allan Goldstein, President and CEO of Morris Marketing and IXACT. "Our collective North American presence will allow rapid product and service expansion across our combined clients, providing the real estate sector with a truly intuitive, seamless user-experience across digital and other marketing mediums." "Since our inception, Elm Street Technology has expanded our offering and customer base through strategic acquisitions," adds Prem Luthra. "Morris Marketing and IXACT are the ninth and tenth companies to join the Elm Street Technology family in our short tenure and we look forward to building on the power of the brands and solutions they've created. Our company cultures are perfectly aligned around providing incredible products and services to the real estate community, in the United States and now across Canada." Early in 2020, Elm Street Technology announced a strategic partnership with Aquiline Capital Partners, a private investment firm based in New York and London investing in businesses across the financial services sector. This partnership has enabled Elm Street Technology to accelerate its organic growth and to pursue strategic acquisitions. Past acquisitions have included companies such as VoicePad, FlowROI, IDX Broker, eMerge, AgentJet, Listingbook, RLS2000 and Consolidated Knowledge. About Elm Street Technology, LLC Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate - to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. For more information, please visit tryelevate.com. About Morris Real Estate Marketing Group / IXACT Contact Solutions Based in Toronto, Ontario, Canada, Morris Marketing is a family-owned, third generation company focused on providing customizable and automated lead generation and conversion tools for the real estate sector. Founded in 1929, the company has evolved with the needs of their client-base for close to a century, earning a well-respected reputation for outstanding support and service, and launching the popular IXACT Contact Solutions CRM. For more information, please visit morrismarketinggroup.com or ixactcontact.com. About Aquiline Capital Partners LLC Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. The firm had $6.4 billion in assets under management as of March 31, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline.com
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Realtor.com Housing Report: New Listings Stage a Comeback in June as Home Prices Hit a New High
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Home Affordability Declines for Average Workers Across U.S. in Second Quarter as Prices Soar
Average Wages Still Above Levels Needed To Afford Typical Home in Second Quarter of 2021; But Historic Affordability Dropped in Almost Two-Thirds of U.S. Housing Markets; National Median Prices Hits New High, Up 22 Percent Over Last Year IRVINE, Calif. - June 24, 2021 -- ATTOM, curator of the nation's premier property database, today released its second-quarter 2021 U.S. Home Affordability Report, showing that median home prices of single-family homes and condos in the second quarter of this year are less affordable than historical averages in 61 percent of counties across the nation with enough data to analyze. That was up from 48 percent of counties in the second quarter of 2020, to the highest point in two years, as home prices have increased faster than wages in much of the country. The report determined affordability for average wage earners by calculating the amount of income needed to meet monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 347 of the 569 counties analyzed in the second quarter of 2021 are less affordable than past averages. The latest number is up from 275 of the same group of counties in the second quarter of 2020 – a backslide that developed amid a 22 percent spike in the median national home price over the same period last year to a record of $305,000. While major ownership costs on median-priced homes do remain within the financial means of average workers across the nation in the second quarter of 2021, the percentage of counties where affordability is worse than historical averages has hit its highest point since the second quarter of 2019. The latest pattern – home prices still manageable but getting less affordable – has resulted in major ownership costs on the typical home consuming 25.2 percent of the average national wage of $63,986 in the second quarter of this year. That is up from 22.7 percent in the first quarter of 2021 and 22.2 percent in the second quarter of last year, to the highest point since the third quarter of 2008. Still, the latest level is within the 28 percent standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes. Those mixed trends in the second quarter have developed during a 12-month period in which a glut of home buyers chasing a tight supply of homes for sale has spiked prices in most parts of the nation. The surge has come amid rock-bottom home-mortgage rates and a desire of many households largely untouched by the financial damage caused by the worldwide Coronavirus pandemic to seek the relative safety of a house and yard and more space for developing work-at-home lifestyles. Mortgage rates below 3 percent have helped cushion the impact of rising prices, but not enough to prevent the cost of home ownership from getting closer to the unaffordable benchmark. "Average workers across the country can still manage the major expenses of owning a home, based on lender standards. But things have gone in the wrong direction this quarter in a majority of markets as the national housing market boom roars onward," said Todd Teta, chief product officer with ATTOM. "While super-low mortgage rates have certainly helped in a big way, prices have simply shot up too much to maintain historic affordability levels. The near future of affordability remains very uncertain, as it has throughout the pandemic. ATTOM continues to watch those trends closely. For the moment, the situation is a mix of positive and negative trends." A majority of markets still require less than 28 percent of wages to buy a home Major ownership costs on median-priced homes in the second quarter of 2021 consume less than 28 percent of average local wages in 327 of the 569 counties analyzed in this report (57 percent). Counties requiring the smallest portion are Schuylkill County, PA (outside Allentown) (5.5 percent of annualized weekly wages needed to buy a home); Bibb County (Macon), GA (8 percent); Cambria County, PA (outside Pittsburgh) (8.2 percent); Macon County (Decatur), IL, (9.1 percent) and Peoria County, IL (10.4 percent). Among the 43 counties in the report with a population of at least 1 million, those where home ownership typically consumes less than 28 percent of average local wages in the second quarter of 2021 include Wayne County (Detroit), MI (10.7 percent); Cuyahoga County (Cleveland), OH (12.9 percent); Philadelphia County, PA (18.1 percent); Harris County (Houston), TX (20.2 percent) and Franklin County (Columbus), OH (21 percent). A total of 242 counties in the report (43 percent) require more than 28 percent of annualized local weekly wages to afford a typical home in the second quarter of 2021. Counties that require the greatest percentage of wages are Kings County (Brooklyn), NY (100.8 percent of annualized weekly wages needed to buy a home); Marin County, CA (outside San Francisco) (81.4 percent); Santa Cruz County, CA (76.2 percent); Queens County, NY (68.7 percent) and Monterey County, CA (outside San Francisco) (65.9 percent). Aside from Kings County, NY, and Queens County, NY, counties with a population of at least 1 million where home ownership consumes the highest percentage of average annualized local wages in the second quarter include Nassau County, NY (outside New York City) (63 percent); Orange County, CA (outside Los Angeles) (59.2 percent) and Alameda County (Oakland), CA (54 percent). Home prices up at least 10 percent in almost two-thirds of country Median single-family home prices in the second quarter of 2021 are up by at least 10 percent from the second quarter of 2020 in 348, or 61 percent, of the 569 counties included in the report. Counties were included if they had a population of at least 100,000 and at least 50 single-family home and condo sales in the second quarter of 2021. Among the 43 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the second quarter of 2021 are in San Bernardino County, CA (up 25 percent); Mecklenburg County (Charlotte), NC (up 24 percent); Maricopa County (Phoenix), AZ (up 21 percent); Hillsborough County (Tampa), FL (up 20 percent) and Middlesex County (outside Boston), MA (up 20 percent). Counties with a population of at least 1 million that have the smallest year-over-year increases (or price declines) in the second quarter of 2021 are New York County (Manhattan), NY (down 21 percent); Wayne County (Detroit), MI (down 2 percent); Bronx County, NY (up 2 percent); Kings County (Brooklyn), NY (up 3 percent) and Santa Clara County (San Jose), CA (up 4 percent). Price gains outpace wage growth in almost three-quarters of markets Home-price appreciation is greater than annualized wage growth in the second quarter of 2021 in 409 of the 569 counties analyzed in the report (72 percent), with the largest including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County (Phoenix), AZ; San Diego County, CA, and Orange County, CA (outside Los Angeles). Average annualized wage growth is outpacing home-price appreciation in the second quarter of 2021 in 160 of the 569 counties in the report (28 percent), including Cook County (Chicago), IL; Kings County (Brooklyn), NY; Bexar County (San Antonio), TX; Santa Clara County (San Jose), CA, and Wayne County (Detroit), MI. Annual wages needed to afford median-priced home exceed $75,000 in less than 20 percent of markets Annual wages of more than $75,000 are needed in the second quarter of 2021 to afford the typical home in just 104, or 18 percent, of the 569 markets in the report. The top 20 highest annual wages required to afford the typical home are all on the east or west coasts, led by San Mateo County (outside San Francisco), CA ($246,090); Marin County (outside San Francisco), CA ($245,914); San Francisco County, CA ($237,588); New York County (Manhattan), NY ($212,246) and Santa Clara County (San Jose), CA ($220,850). The lowest annual wages required to afford a median-priced home in the second quarter of 2021 are in Schuylkill County, PA (outside Allentown) ($9,055); Cambria County, PA (outside Pittsburgh) ($12,688); Bibb County (Macon), GA ($13,415); Robeson County, NC (outside Fayetteville) ($16,951) and Chautauqua County, NY (outside Buffalo) ($17,977). Homeownership less affordable than historic averages in almost two-thirds of counties Among the 569 counties analyzed in the report, 347 (61 percent) are less affordable in the second quarter of 2021 than their historic affordability averages, up from 48 percent of the same group of counties that were less affordable historically in the second quarter of 2020. Counties with a population of at least 1 million that are less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to historic averages) include Mecklenburg County (Charlotte), NC (index of 77); Dallas County, TX (80); Oakland County, MI (outside Detroit) (81); Fulton County (Atlanta), GA (82) and Tarrant County (Fort Worth), TX (82). Counties with the worst affordability indexes in the second quarter of 2021 include Delaware County, PA (outside Philadelphia) (index of 48); Rankin County (Jackson), MS (52); Canyon County, ID (outside Boise) (59); Montgomery County (Dayton), OH (63) and Gaston County, NC (outside Charlotte) (67). Among counties with a population of at least 1 million, those where the affordability indexes worsened annually are Mecklenburg County (Charlotte), NC (index down 14 percent); San Bernardino County, CA (down 14 percent); Wake County (Raleigh), NC (down 11 percent); Hillsborough County (Tampa), FL (down 11 percent) and Maricopa County (Phoenix), AZ (down 11 percent). Roughly 40 percent of markets are more affordable than historic averages Among the 569 counties in the report, 222 (39 percent) are more affordable than their historic affordability averages in the second quarter of 2021, down from 51 percent of the same group in the second quarter of last year. Counties with a population of at least 1 million that are more affordable than their historic averages (indexes of more than 100 are considered more affordable compared to historic averages) include New York County (Manhattan), NY (index of 159); Montgomery County (outside Washington, D.C.), MD (118); Suffolk County, NY (outside New York City) (113); Santa Clara County (San Jose), CA (109) and Fairfax County, VA (outside Washington, D.C.) (108). Outside of New York County, NY, counties with the best affordability indexes in the second quarter of 2021 include Schuylkill County, PA (outside Allentown) (index of 201); Macon County (Decatur), IL (175); Ontario County (outside Rochester), NY (157) and Bibb County (Macon), GA (155). Counties with a population of least 1 million residents where affordability indexes improved the most, year over year, are New York County (Manhattan), NY (index up 40 percent); Santa Clara County (San Jose), CA (up 10 percent); Wayne County (Detroit), MI (up 8 percent); Bronx County, NY (up 4 percent) and Kings County (Brooklyn), NY (up 3 percent). Report Methodology The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 569 U.S. counties with a combined population of 250.8 million. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed rate mortgage and a 20 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 80 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $305,000 in the second quarter of 2021 required an annual wage of $57,594, based on a $61,000 down payment, a $244,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income was less than the $63,986 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide affordable for average workers. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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NAR Earns Recognition for its National Ad Campaigns Promoting Fair Housing and the Community Impact of Realtors
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Realtor.com Survey Shows More than 40% of Aspiring Gen Z Homeowners Plan to Buy Within the Next Five Years
Nearly half of future Gen Z homebuyers see themselves living in the suburbs SANTA CLARA, Calif., June 24, 2021 -- Nearly three-quarters of Gen Z prefers home buying over renting long-term, with a significant number of these aspiring homeowners planning to enter the housing market within the next five years. However, as many Gen Zers are either in their college years or just starting their careers in the face of the pandemic's economic uncertainties, job stability is their No. 1 barrier to buying, according to a new Realtor.com® survey released today. Between the ages of 18 and 25, the oldest members of Gen Z are in the phase of life where they are beginning to plan for the future and homeownership is a top priority, according to a Realtor.com®'s survey of more than 700 members of Generation Z who have never purchased a home, via HarrisX. Nearly two-thirds (64%) of Gen Zers said their COVID experience has not impacted their homeownership plans. More than one-quarter of those surveyed feel even more strongly about buying a home as a result of the pandemic. "Gen Z values homeownership. However, the oldest members of this generation are just entering the professional stage of life and not yet in a financial position to make a big play as first-time buyers – especially in the current housing market, which is challenging even older generations who have had many more years to save for a down payment," said George Ratiu, Senior Economist, Realtor.com®. "With nearly three-quarters of those surveyed preferring to buy versus renting long-term, the housing industry should be prepared for millions of Gen Z buyers to bring a new wave of demand along a similar stage-of-life timeline as the millennial generation before them." What Gen Z desires from homeownership Among surveyed Gen Zers who prefer buying versus renting long-term, half say owning a home is important to ensuring their family has room to grow into. However, with the vast majority not yet in an established relationship, 40% said now isn't the right time to buy because they don't know exactly what their future housing needs will be. In terms of when aspiring Gen Z homeowners think they'll be ready to buy, 43% say within the next five years. Roughly the same amount (44%) expect to enter the housing market within the next five to 10 years. Long-term, nearly half (49%) of future Gen Z homebuyers see themselves living in the suburbs and 19% plan to live in a rural area, both of which typically offer more spacious abodes. The remaining one-in-three surveyed prefer urban city life. Gen Z is currently career- and finances-focused Given more than one-third of Gen Z is still in their college years, Realtor.com®'s survey shows their current priorities are building their careers and the financial foundation needed to purchase a home. When asked what is preventing Gen Z from buying now, half of future homeowners said the No. 1 barrier is job stability. Among those who prefer buying over renting long-term, just under two-thirds said they would be searching for a home right now if they had enough money for a down payment. Aspiring Gen Z homeowners are taking action to address these barriers. While only 43% are currently employed, nearly half (45%) of those surveyed are already saving toward buying a home. At the same time, the vast majority (75%) of Gen Z did not move home during the pandemic to save on rent. Among those who did move home, just 17% saved money to put toward a down payment. "When it comes to where Gen Z homebuyers are deciding to live now and in the future, affordability is key," said Rachel Stults, deputy editor of Realtor.com®. "From exploring metros that offer both jobs and more affordable housing, to saving for a down payment, Gen Z homebuyers know how crucial it is to have a financial leg up when it comes time to buy. If they can learn anything from the experience of the millennial generation before them, it's the importance of laying the groundwork so that they can act quickly on a home in their budget. Prospective buyers should also plan for what they'll do if mortgage rates increase or other housing market conditions change quickly, particularly coming out of the pandemic. In short, whether they plan to buy in two years or 10 years, prospective Gen Z homeowners should be thinking several steps ahead." Future homebuyers can get a head start by using Realtor.com® resources like its News & Insights site and Home Made blog. The Realtor.com® Mortgage Calculator can also help home shoppers stay on top of financial factors like mortgage rates and associated costs of buying a home. Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. This survey was conducted online within the United States from March 26 - April 7, 2021. The survey was conducted among 3,998 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.6 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the general population, an oversample was collected for Gen Z not yet in the housing market. The oversample was weighted to align with the original sample. There are 708 Gen Z respondents, defined as those aged 25 and under who have never bought a home and are not planning to in 2021, with a margin of error of plus or minus 3.1 percentage points. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com®.
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Unusual Decline in Showings Reported for May Compared to April, Although Buyer Activity Remains at an All-time High Per Data from ShowingTime
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Home Flipping Rate and Gross Profits Decline Across U.S. in First Quarter of 2021
Home Flipping Rate Falls in First Quarter to Lowest Level Since 2000; Prices on Flipped Homes Drop, Leading to Smallest Profit Margin in 10 Years IRVINE, Calif. - June 17, 2021 -- ATTOM, curator of the nation's premier property database, today released its first-quarter 2021 U.S. Home Flipping Report showing that 32,526 single-family homes and condominiums in the United States were flipped in the first quarter. Those transactions represented only 2.7 percent of all home sales in the first quarter of 2021, or one in 37 transactions – the lowest level since 2000. The latest figure was down from 4.8 percent, or one in every 21 home sales in the nation during the fourth quarter of 2020 and from 7.5 percent, or one in 13 sales, in the first quarter of last year. The quarterly and yearly drops in the flipping rate marked the largest decreases since at least 2000. As the flipping rate dropped, both profits and profit margins also declined. The gross profit on the typical home flip nationwide (the difference between the median sales price and the median price paid by investors) declined in the first quarter of 2021 to $63,500. That amount was down from $71,000 in the fourth quarter of 2020, although still up slightly from $62,000 in the first quarter of last year. The slide pushed profit margin returns down, with the typical gross flipping profit of $63,500 in the first quarter of 2021 translating into a 37.8 percent return on investment compared to the original acquisition price. The gross flipping ROI was down from 41.8 percent in the fourth quarter of 2020, and from 38.8 percent a year earlier, to its lowest point since the second quarter of 2011 when the housing market was still mired in the aftereffects of the Great Recession in the late 2000s. Profits and profit margins went down in the first quarter as median prices on flipped homes decreased quarterly for the first time in two years. Homes flipped in the first quarter of 2021 were sold for a median price of $231,500, down 3.9 percent from $241,000 in the fourth quarter of 2020. That marked the first quarterly decrease in typical resale prices since the fourth quarter of 2018 and the largest quarterly decline since the first quarter 2011. The first quarter-of-2021 median, however, was still up from $222,000 in the first quarter of last year. Home flipping and profit margins dropped in the first quarter of 2021 amid an ongoing housing boom that spiked housing prices but created conditions less favorable for investors. Median values of single-family houses and condominiums shot up more than 10 percent across most of the nation last year as a rush of house hunters jumped into the market, chasing an already-tight supply of homes squeezed further by the Coronavirus pandemic that hit early in 2020. The glut of buyers came as mortgage rates dipped below 3 percent and many households sought houses as a way to escape virus-prone areas and gain space for developing work-at-home lifestyles. That price run-up also raised the possibility that home values during the housing boom, now in its 10th year, had increased to the point where they could flatten out during the roughly six-month period most investors need to renovate and flip homes. "It's too early to say for sure whether home flippers indeed have gone into an extended holding pattern. But the first quarter of 2021 certainly marked a notable downturn for the flipping industry, with the big drop in activity suggesting that investors may be worried that prices have simply gone up too high," said Todd Teta, chief product officer at ATTOM. "After riding the housing boom along with others for years, they now might be having second thoughts. Whether this is the leading edge of a broader market downturn is little more than speculation. But ATTOM will be following all market measures very closely over the coming months to find out." Home flipping rates down in 70 percent of local markets Home flips as a portion of all home sales decreased from the fourth quarter of 2020 to the first quarter of 2021 in 76 of the 108 metropolitan statistical areas analyzed in the report (70.4 percent). The rate commonly dropped from about 5 percent to 3 percent. (Metro areas were included if they had at a population of 200,000 or more and at least 50 home flips in the first quarter of 2021.) Among those metro areas, the largest quarterly decreases in the home flipping rate came in Memphis, TN (rate down 80 percent); Lakeland, FL (down 75 percent); San Francisco, CA (down 74 percent); Columbia, SC (down 73 percent) and Palm Bay, FL (down 73 percent). Aside from Memphis and San Francisco, the biggest quarterly flipping-rate decreases in 51 metro areas with a population of 1 million or more were in Dallas, TX (rate down 72 percent); Orlando, FL (down 71 percent) and Tampa, FL (down 69 percent). The biggest increases in home-flipping rates were in Springfield, MA (rate up 114 percent); Albuquerque, NM (up 103 percent); Springfield, IL (up 95 percent); South Bend, IN (up 86 percent) and Boston, MA (up 79 percent). Typical home flipping returns drop in almost two-thirds of markets The median $231,500 resale price of home flips nationwide in the first quarter of 2021 generated a typical gross flipping profit of $63,500 above the median investor purchase price of $168,000. That gross-profit figure was down from $71,000 in the fourth quarter of 2020, decreasing the typical return on investment in the first quarter of 2021 to 37.8 percent. Profit margins dipped from the first quarter of 2020 to the first quarter of 2021 in 66 of the 108 metro areas with enough data to analyze (61.1 percent). Markets with the biggest declines were Savannah, GA (return on investment down 80 percent); Tuscaloosa, AL (down 76 percent); Salisbury, MD (down 73 percent); Evansville, IN (down 71 percent) and Davenport, IA (down 68 percent). Among metro areas with a population of at least 1 million, the biggest quarterly investment-return decreases during the first quarter of 2021 were in Memphis, TN (ROI down 64 percent); Austin, TX (down 54 percent); Houston, TX (down 50 percent); New Orleans, LA (down 38 percent) and Louisville, KY (down 37 percent). Metro areas with the biggest quarterly increases in profit margins during the first quarter of 2021 included Springfield, MO (ROI up 120 percent); Provo, UT (up 118 percent); Omaha, NE (up 101 percent); Lynchburg, VA (up 101 percent) and Pittsburgh, PA (up 88 percent). Investors sell for at least double their purchase price in only five markets Median resale prices on home flips in the first quarter of 2021 were at least twice the median investor purchase price in only five of the 108 metro areas with enough data to analyze (4.6 percent). They were led by Pittsburgh, PA (225.6 percent return, up from 120.1 percent in the first quarter of 2020); Springfield, IL (119.5 percent return, up from 74.6 percent a year ago); Chattanooga, TN (104.6 percent return, up from 93 percent a year ago); Philadelphia, PA (103.5 percent return, down from 104.1 percent a year ago) and Fayetteville, NC (100 percent return, down from 131 percent a year ago). The smallest first-quarter-of-2021 profit margins on typical home flips were in Austin, TX (9.2 percent return, down from 19.8 percent a year ago); Boise, ID (9.4 percent return, down from 25 percent a year ago); Evansville, IN (10 percent return, down from 35.1 percent a year ago); Houston, TX (10.2 percent return, down from 20.6 percent a year ago) and Raleigh, NC (12.9 percent return, up from 10.2 percent a year ago). Raw profits still highest in the West, Northeast and South; lowest in the Midwest and South The highest raw profits in the first quarter of 2021, measured in dollars, were again concentrated in the West, Northeast and South. Among metro areas with enough data to analyze, the top 20 all were in those regions, led by New York, NY (gross profit of $166,375); Pittsburgh, PA ($152,041); Los Angeles, CA ($145,000); San Francisco, CA ($139,250) and San Diego, CA ($136,000). Nineteen of the smallest 20 raw profits were spread across southern and midwestern metro areas, with the lowest in Gulfport, MS ($11,594 profit); Evansville, IN ($14,100); South Bend, IN ($18,000); Houston, TX ($24,486) and Austin, TX ($27,950). Home flips purchased with cash tick upward Nationally, the portion of flipped homes in the first quarter of 2021 that had been purchased with cash by investors rose to 59.2 percent, up from 57.7 percent in the fourth quarter of 2020, although still down from 59.9 percent a year ago. Meanwhile, 40.8 percent of homes flipped in the first quarter of 2021 had been bought with financing. That was down from 42.3 percent figure in the prior quarter, but still up from 40.1 percent a year earlier. Among metropolitan statistical areas with a population of 1 million or more and sufficient data to analyze, those with the highest percentage of flips in the first quarter of 2021 that had been purchased with cash by investors included Detroit, MI (82.3 percent); Pittsburgh, PA (77.3 percent); Cleveland, OH (74.6 percent); Charlotte, NC (72.5 percent) and Tampa, FL (72.3 percent). Average time to flip nationwide drops to smallest number since 2013 Home flippers who sold homes in the first quarter of 2021 took an average of 159 days to complete the transactions, the lowest level since the third quarter of 2013. The latest number was down from an average of 175 in both the fourth quarter and first quarter of 2020. FHA buyers purchase smaller portion of flipped homes Of the 32,526 U.S. homes flipped in the first quarter of 2021, 10 percent were sold to buyers using loans backed by the Federal Housing Administration (FHA), down from 11.6 percent in the prior quarter and from 14.7 percent in the first quarter of 2020. Among the 108 metro areas with a population of at least 200,000 and at least 50 home flips in the first quarter of 2021, those with the highest percentage of flipped properties sold to FHA buyers — typically first-time home buyers — were Philadelphia, PA (24.3 percent); Bakersfield, CA (24.1 percent); Hartford, CT (23.6 percent); Tulsa, OK (22.4 percent) and Brownsville, TX (21.1 percent). Only 57 counties had a home flipping rate of at least 10 percent Home flips accounted for more than 10 percent of all sales in 57 of the 677 counties around the U.S. with at least 10 home flips in the first quarter of 2021. The top five were McCurtain County, OK (outside Texarkana, AR) (18.5 percent); Montgomery County, IN (outside Indianapolis) (14.3 percent); Greene County, AR (outside Jonesboro) (13.4 percent); Coshocton County, OH (13.2 percent) and Crisp County, GA (outside Albany) (13.1 percent). Report methodology ATTOM analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after-repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, and more. Also, introducing our latest solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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Home Shoppers Are Looking for More Flexibility in Their Home Space and Are Willing to Swap Short Commute Time for Affordability, According to Realtor.com Survey
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Molly McKinley to lead global marketing and industry relations at RateMyAgent
A longtime leader in real estate and brand marketing, McKinley expands her role at the fast-growing agent reviews platform SAN DIEGO, June 14, 2021 -- RateMyAgent, the leading review and digital marketing platform for real estate professionals, today announced the promotion of Molly McKinley to executive vice president of global marketing and industry relations. A celebrated branding and marketing expert with deep roots in real estate, McKinley has been serving as the company's vice president of brand marketing since January 2020. "Molly has not only been integral to our initial successes in the U.S. market, she has exceeded every ambitious goal we set while remaining strategic and committed to growing our brand reputation in the industry," said the company's co-founder Mark Armstrong. "Her deep knowledge and relationships across the real estate ecosystem, coupled with her marketing talent and branding instincts, make her the perfect fit for this new, elevated role at RateMyAgent." After its staggering success in Australia, where RateMyAgent is used by agents who sell 80% of property, the company entered the U.S. market in 2018. In less than two years, McKinley helped expand the user base to more than 120,000 U.S. agents who are empowered to build their online reputations through verified client reviews and related digital marketing activities. In her new role, McKinley will lead marketing for the company's forthcoming global rollouts, while continuing to focus on expanding RateMyAgent's U.S. footprint through agent-focused marketing efforts. The company's agent-driven mission was a natural fit for McKinley, who had previously been the vice president of corporate marketing and communication at Adwerx; she has also worked at Adobe, IBM, Relola and First. "My work at RateMyAgent has allowed me to continue growing in an industry I love, while helping agents become more thoughtful about their reputations, and more vocal about the excellent experiences they provide their clients," said McKinley. "It is so gratifying to work with and for people who truly believe in helping agents become more intentional — and ultimately, Undisruptable." Intention is the thread that connects every phase of McKinley's storied career, which began as an art dealer in San Francisco and has evolved to include teaching yoga classes; owning a successful marketing agency, Redtail Creative; and launching Intentionaliteas herbal loose leaf teas. She is the author of the soon to be released book, The Intentional Business: A Path to Purpose and Prosperity. "Throughout my career and in my own personal life, I always strive to find intention and true purpose. For me, that's what marketing is all about — illuminating better options for your customers, and helping them succeed beyond their wildest dreams," said McKinley. "I feel lucky to share that philosophy with the team at RateMyAgent, and I am thrilled that my new role will allow me to expand my reach across the global real estate industry." About RateMyAgent RateMyAgent is a real estate review platform that boasts more than 120,000 U.S. agent users; the tool is also used by 80% of agents who sell property across Australia, where it was first launched. RateMyAgent allows agents to request, verify and promote their glowing client reviews across the web, including to Google's local search results and social media platforms like Facebook and Instagram. Agents can claim their free profile by going to ratemyagent.com
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Housing-Market Competition Has Eased Slightly, But 7 in 10 Buyers Still Face Bidding Wars
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Realtor.com and LGBTQ+ Real Estate Alliance Survey Shows Housing Discrimination Remains an Issue
Members of the LGBTQ community are less likely to be homeowners; neighbors are key to feeling accepted SANTA CLARA, Calif., June 10, 2021 -- Realtor.com today announced it is collaborating with the LGBTQ+ Real Estate Alliance in an effort to help identify challenges and initiate positive change in the housing industry. The organizations also unveiled the findings of a new survey which reveals that LGBTQ discrimination in real estate remains a problem, members of the LGBTQ community are less likely to be homeowners, and neighbors who are accepting are key to feeling welcome in a new place. "Home means something different to everyone -- family, love, security, belonging -- and Realtor.com® believes that no matter the circumstance, every person deserves the opportunity to create a home that reflects who they are and what is most important to them," said Mickey Neuberger, CMO for Realtor.com®. "The LGBTQ+ Real Estate Alliance is an essential voice in the discussion of fair housing and we are excited to work with them on these very important issues. We're proud to stand with our LGBTQ+ community and are committed to diversity, equity and inclusion in housing." The report is based on an online survey of 1,538 LGBTQ community members living in the U.S conducted by Community Marketing & Insights, a 100% LGBTQ-owned and -operated research firm, from May 14-21, 2021. Discrimination in real estate remains a problem Executive Order 13988, enacted in Jan. 2021, aimed to prevent and combat discrimination on the basis of gender identity or sexual orientation. And while it was a significant step forward, housing discrimination in the LGBTQ community continues to be an issue. When survey respondents were asked if they have ever been discriminated against when applying for a rental lease or buying a home, almost 2 in 10 (17%) confirmed they had been discriminated against, 12% weren't sure but suspected discrimination and 71% had not experienced this. Discrimination was even more pronounced in the transgender community, with 44% having experienced or suspected discrimination. Fifty-two percent of respondents said this discrimination took place in the last 5 years. Of those who had experienced discrimination, 68% revealed it was because of their sexual orientation, 33% attributed it to their race or ethnicity and 25% said it was because of their gender or gender identity. Some respondents reported that they had experienced multiple forms of discrimination. "Discrimination against the LGBTQ+ community in housing is real, but we know the fear of discrimination is even greater," said Ryan Weyandt, CEO of the LGBTQ+ Real Estate Alliance. "Our community already must place an outsized emphasis in identifying safe and accepting communities. Discrimination and the fear of it is another burden. I don't believe we are going to see the number of LGBTQ+ homeowners rise without eliminating housing discrimination against us. It is an unnecessary barrier that should be illegal as it is for other diverse groups." Weyandt pointed out that the Fair Housing Act, which was passed in 1968, still not does protect Americans from discrimination against sexual orientation and gender identity. LGBTQ people less likely to be homeowners According to the survey, 49% of respondents own their primary residence, compared to about 66% of the general population. This number was even lower among transgender (35%), Black (29%) and Latinx (41%) community members. While there are many factors that contribute to this homeownership rate, economic and other forms of discrimination can discourage homeownership. This type of discrimination is especially prevalent among transgender and non-binary community members. City life remains popular among the community Survey results show that about half (49%) of the LGBTQ community currently lives in a big or medium-sized city. Twenty seven percent of respondents live in big cities, 22% in medium-sized cities, 13% in small cities, 25% in the suburbs, and 13% in small towns and rural areas. The study also found some differences by gender: Gay and bi+ men are more likely to live in big cities than lesbian and bi+ women, who live more evenly divided across community types. Transgender and non-binary community members are the least likely to be in big cities, making non-discrimination legal protections at the state and national level even more important. Seventy percent of survey takers said their city or town is "somewhat" to "very LGBTQ-friendly." However, it's important to note there is likely to be self-selection of inclusive areas. When asked what type of environments respondents would consider moving to in the next 10 years, city life remained popular with medium-sized cities (50%) being favored over big cities (40%). Some in the community were also interested in the suburbs (32%), small towns (26%), and rural areas (17%). The responses were in line with the established pattern of younger people being more interested in cities and older people interested in less crowded environments. Realtor.com® recently identified ten affordable LGBTQ-friendly cities. "Members of the LGBTQ community often seek out places where they feel safe as well as welcome," said Realtor.com®'s Deputy News Editor, Clare Trapasso. "These tend to be places with visible and supported LGBTQ communities, LGBTQ protections in place and where they believe they are less likely to be discriminated against." Lack of diversity holds LGBTQ members back from less urban areas When respondents living in cities were asked if there was anything holding them back, the No. 1 response was a lack of culture and entertainment in these less urban areas. The No. 2 reason was that these areas are not racially and ethnically diverse and accepting and No. 3 was a preference to be in communities with larger numbers or visible LGBTQ community members. On the flip side, when all survey respondents were asked what is most appealing about these areas, lower cost of living rose to the top as the best attribute. It was followed by outdoor space and larger yards, and then "better overall quality of life." Acceptance is key when choosing a home and neighbors have the most influence Regardless of location, acceptance is a key factor for respondents when it comes to deciding where to buy a home. When asked whether they would purchase a home if they had doubts about whether they would be accepted, the majority (55%) said no, 32% said they were unsure, and only 12% said yes. So, what would make a LGBTQ member feel welcome? No. 1 response: the people in the neighborhood. Seventy-six percent of respondents said neighbors who seem friendly, open, and accepting of LGBTQ neighbors would help make them feel welcome. The No. 2 attribute was a neighborhood or town that is racially and ethnically diverse, and No. 3 was local anti-discrimination laws that specifically include sexual orientation and/or gender identity as protected groups. Survey results: Methodology: In May of 2021, Realtor.com® worked with Community Marketing & Insights (CMI) to conduct a national quantitative research study among the LGBTQ community. The 10-minute online survey was conducted May 14-21, 2021. The panel used for the research was a random sample of CMI's proprietary research panel of 50,000 LGBTQ community members in the United States. The panel was developed over a 20-year period through continuing partnerships with more than 300 LGBTQ publications, websites, blogs, social media, apps, influencers, events, and organizations. A total of 1,538 LGBTQ community members living in the United States participated in the research. The report represents responses from 618 cisgender gay/bi+ men, 618 cisgender lesbian/bi+ women and an oversample of 302 transgender and non-binary participants. Participants were aged 18 to 74. Participation was from all 50 states, Washington, DC and Puerto Rico. See participant profile for more information. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com. About LGBTQ+ Real Estate Alliance The LGBTQ+ Real Estate Alliance is a 501(c)6 non-profit dedicated to empowering the LGBTQ+ community on the path to homeownership as we also advocate on behalf of the community on housing issues. The Alliance, founded in June 2020, is an all-inclusive organization that works to improve the professional lives of its members through a public-facing Alliance Referral Community. The Alliance began accepting members in October 2020 and has more than 50 chapters in the U.S., Canada and Puerto Rico. For more information visit realestatealliance.org.
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Realtor.com Housing Report: Home Prices Reach New High at $380,000 in May
Price Growth Remained in Double Digits for 10th Straight Month in May; Price Growth Moderation Expected Later in 2021 SANTA CLARA, Calif., June 3, 2021 -- The U.S. median home price continued its double-digit appreciation in May reaching a new an all-time high of $380,000, but in a good sign for home shoppers contending with a competitive housing market, the rate of price growth moderated for the second time in 13 months, according to the Realtor.com® Monthly Housing Trends Report released today. In what is looking more like a typical home-buying season, sellers continued to come to the market in May with new listings up 5.4% year-over-year. However, with less than half the total number of homes for sale compared to last year, homes are selling 32 days faster than a year ago and 18 days faster than 2017-2019. It is important to note that the housing market stalled during the early days of the pandemic last April and May, exaggerating many of the year-over-year comparisons. To provide perspective, 2017-2019 comparisons are provided when appropriate. "Home buyers looking to lock in still low mortgage rates face fierce competition for fewer homes for sale than last year's historic pandemic lows, pushing up the typical asking price in May to an all-time high for the fourth consecutive month," said Realtor.com® Chief Economist Danielle Hale. "The good news is that price momentum may be beginning to cool off. While still in the double-digits, May was the first non-weather related slowing in price appreciation since April 2020. And with a normal, summer seasonal peak in home prices expected this year, we could see growth fall back to a more normal single-digit pace in the fall." Hale said Realtor.com®'s May data indicates that large metros may be leading the national cooldown in price growth thanks to more new sellers. In May, the largest metros saw lower annual price gains than the national rate and some of the largest number of new homes added to the market. Prices hit all-time high as growth pace slows Nationally, the median list price grew to $380,000 in April, the latest all-time high seen according to Realtor.com® data, which dates back to 2012. Although the tenth consecutive month of double-digit price increases, the pace of growth slowed to 15.2% year-over-year in May, lower than the 17.2% year-over-year increase reported in April. Active listing prices in the nation's largest metros grew by an average of 7.4% in May compared to last year. Among the 50 largest U.S. metros, Austin, Texas (+32.2%), Riverside, Calif. (+21.5%), and Las Vegas (+18.5%) saw the largest increases. Tight inventory even as sellers add new listings Nationally, the total inventory of unsold homes (including pending listings) declined 20.8% from May 2020, while active listings were more than half of (-50.9%) last year's levels. New listings grew 5.4% compared to last year. Although more sellers are entering the market, there were 522,000 fewer homes actively for sale in May compared to a year ago, when the market had stalled due to the pandemic. Compared to the typical rate seen in May from 2017 to 2019, sellers added 23.3% fewer newly listed homes last month. The nation's 50 largest metros gained 12.4% new listings compared to last year in May, over twice the average national rate. Many of the metros that saw the largest gains were cities that were impacted by the pandemic first such as Buffalo, N.Y., up 64.3%, Philadelphia (+52.5%) and Washington, D.C.(+48.9%). Homes sold more than a month faster than last year With less than half the amount of homes for sale than this time last year, prospective homeowners are feeling the pressure to move quickly with average time on market reaching a new low in May at 39 days. This is 32 days faster than last year. Homes sold 19 days faster on average in May, compared to 2017 to 2019. May home sales were fastest in Rochester, N.Y., which saw a median 11 days on market, and Columbus, Ohio (13 days) and Denver (14 days). May 2021 Housing Overview by Top 50 Largest Metros *Some data for Pittsburgh has been excluded due to data quality. About Realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
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Nearly Three-Quarters of Pandemic Homebuyers Are Happy With Their Purchase, According to Realtor.com Survey
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Real Estate's Ben Caballero Shatters World Record With $2.46 Billion Sales Volume
Top-ranked real estate agent sold 6,438 new homes in 2020 DALLAS, May 26, 2021 -- Ben Caballero, a current Guinness World Record title holder and the No. 1-ranked real estate agent in the U.S. since 2013 by RealTrends, set a new record for home sales last year. He individually sold 6,438 homes worth more than $2.46 billion in 2020. Caballero shattered his current Guinness World Record, his second, for "The most annual home sales transactions through MLS by an individual sell side real estate agent is 5,801 and was achieved by Ben Caballero (USA) in Dallas, Texas, USA, in 2018." A new home sales expert who works directly with 60-plus builders in Houston, Dallas-Ft. Worth, Austin, and San Antonio, Caballero sold 3,556 homes in 2016, earning his original recognition as a Guinness World Record title holder, the first record of its kind for a real estate agent. The verified data for his individual sales came from the North Texas Real Estate Information Systems, Houston Association of REALTORS, San Antonio Board of REALTORS, and the Austin Board of REALTORS Multiple Listing Services. Caballero is the only individual real estate agent to repeatedly surpass the total annual production of the highest-ranked real estate teams, both in total sales transactions and total transaction volume. If he were a brokerage, his sales volume would place him among the top 125 largest U.S brokerages in the RealTrends 500 list. New sales record for Dallas-Ft. Worth Last year also marked a record sales year for Caballero in Dallas-Ft. Worth, the headquarters of his firm, HomesUSA.com. He sold 4,282 homes worth $1.655 billion in the Dallas-Ft. Worth market, smashing last year's sales record of 3,496 homes worth $1.384 billion. Caballero also is the only real estate agent in the world to exceed $2 billion in annual home sales and he did it three times: 2020 with $2.46 billion, 2019 with $2.25 billion, and 2018 with $2.27 billion. "As a Texan, I am proud to live and work in the world's greatest and most resilient housing market and home to one of the strongest economies in the world," Caballero said. "Looking at the market today, this record is going to stand for some time. What's most incredible is I get to do something I love every day and get paid for it. I built homes or 18 years and truly enjoy working with builders." Between 2004 and 2020, Caballero was responsible for 42,265 new home sales totaling $15.6 billion in volume. According to the World Bank, his sales volume is higher than the annual Gross Domestic Product of more than 70 countries. To put Caballero's accomplishments for last year in perspective, he averaged more than 120 new home sales a week or 17 new homes a day, or a pace of more than two home sales every business hour. Caballero attributes the ability to maintain his massive volume to technology that powers the HomesUSA.com platform, which he invented and uses to manage and market property listings on local Multiple Listing Services for his builder clients. Caballero plans to formally apply for a third Guinness World Record title for "Most annual home sales transactions through MLS by an individual sell side real estate agent." About Ben Caballero and HomesUSA.com® Ben Caballero, founder and CEO of HomesUSA.com, holds the current Guinness World Record title for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by RealTrends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the first real estate agent to exceed $1 billion in residential sales transactions in a single year. He is also the first real estate agent to exceed $2 billion in annual sales, which he accomplished the last three years straight. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. His podcast series is available on iTunes and Google Podcasts. Learn more at HomesUSA.com |Twitter: @bcaballero - @HomesUSA | Facebook: /HomesUSAdotcom.
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NAR's Member Profile Finds Realtors Cited Lack of Inventory as Top Reason Limiting Potential Clients from Completing Transactions
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Dotloop and Notarize Partner to Offer a Fully Digital Notary Experience
Integration makes completing the notarization seamless for real estate agents and their clients CINCINNATI, May 4, 2021 -- Dotloop and Notarize have announced a new partnership to enable remote online notarization for real estate agents and their clients. The partnership opens the door to a simple, streamlined real estate transaction, with clients now able to easily get their documents notarized quickly, 24/7, from anywhere. The integration between dotloop and Notarize helps to further digitize the real estate transaction, empowering agents with tools they need to provide a superior client experience. By clicking a button within dotloop's transaction management system, an agent can initiate a request for a remote online notarization meeting within the Notarize platform, which includes remote identity proofing and an audio-video session with a commissioned notary. From commercial lease agreements to parental guarantor forms and survey affidavits and more, it's only a click for an agent on dotloop to request a notarization. There is no need to exit or interrupt workflows to add notarization capabilities to contract processes. Dotloop clients will have instant access to a best-in-class, compliant MISMO RON standard certified, industry-leading remote online notarization experience. Once the transaction is completed, the notarized document is automatically updated in dotloop. "The Notarize partnership offers the ultimate convenience for real estate clients, especially when in-person meetings aren't always possible or necessary," said Joe Kazzoun, GM and VP, dotloop. "With the click of a button, clients can quickly and easily get their documents safely and securely notarized, all from the comfort of their own home." The Notarize platform uses secure technologies including dynamic knowledge-based authentication and credential analysis to allow clients to legally sign and notarize documents by video 24/7 via a computer, tablet or smartphone and complete deals how, when and where they want. "Consumers and real estate agents are clamoring for fully-digital solutions, and in this current market, a solution that combines speed, ease-of-use and security is a powerful tool," said Pat Kinsel, CEO and Co-founder of Notarize. "We're thrilled to partner with dotloop and integrate into their best-in-class platform, giving modern agents the tools they need to better serve their clients." The Notarize integration is accessible directly within the dotloop platform and offers agents and their clients significant time savings to notarize powers of attorney, lease agreements, survey affidavits, parental guarantors and other essential real estate documents in need of a notary stamp. Visit dotloop.com/integrations/notarize/ to learn more. About Dotloop Currently supporting more than 9,000 brokerages and teams across the U.S. and Canada, dotloop touches more than 50% of all U.S. transactions and has earned a near-perfect 98% Retention Rate, making it the No. 1 choice for half a million real estate professionals nationwide. A leading online transaction and productivity optimization platform, dotloop reduces complexity by replacing separate form creation, e-sign and transaction management systems with a single end-to-end solution. With robust compliance and a powerful mobile-first app, dotloop drives growth by helping real estate professionals streamline their businesses with workflow automation and real-time visibility into transactions. Each year, millions of agents, brokers, and clients trust dotloop to get deals done. Dotloop is based in Cincinnati, Ohio, and is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG). To learn more about dotloop, visit www.dotloop.com. About Notarize Notarize is the first platform to enable thousands of people each day to sign and notarize documents online. From adopting a child to buying a home, Notarize builds trusted products and services that support and bring trust to life's most important moments. For more information, visit notarize.com.
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SCV Selects Eight Companies for 2021 REACH Technology Scale-up Program
CHICAGO (April 26, 2021) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors, announced today the selection of eight technology companies for the 2021 REACH scale-up program. SCV, which is the most active global venture fund in real estate technology, operates the award-winning REACH growth program in five major, international markets. The 2021 REACH cohort will focus on scaling high-growth potential technology companies in and beyond the residential real estate sector. "In spite of a once-in-a-century health crisis and all of the challenges it has created, U.S. residential real estate has fared remarkably well over the past 13 months," said SCV President and NAR CEO Bob Goldberg. "However, there are factors which will pose long-term challenges to America's housing market, and every problem we face will require innovative solutions from both the private and public sectors. Through the REACH program, we are able to help facilitate these critical conversations by supporting forward-thinking small businesses, investments today which will allow us to overcome the complex problems of tomorrow. "We're excited to welcome eight transformative technologies to the 2021 REACH program alongside the nine companies named to the 2021 REACH Commercial program earlier this month." Companies selected for the 2021 REACH program offer pioneering tools and solutions for multiple aspects of the market, including financing, senior living services, home maintenance and repair, marketing tools and more. Collectively, these companies have raised more than $700 million in capital, employ more than 125 people worldwide and represent a valuation in excess of $1 billion. "The continued success of our industry is dependent on technology that benefits homebuyers, sellers and the Realtor® community," said Kia Nejatian, executive director of REACH. "This group of eight companies has been hand selected from an impressive pool of applicants based on the incredible potential for their solutions to transform the real estate transaction." The eight companies selected for the 2021 REACH program are: Aryeo: modern content management platform enabling creators and real estate professionals to collaborate seamlessly; Feather: next-generation approach to furniture and home decor rental; K4Connect: leading enterprise technology solutions for residents, staff and operators of senior living communities; Knock: fast-growing fintech company whose flagship product, Home Swap™, makes it easy for consumers to buy their dream home before even listing their current house; Landis: mission-driven program that helps agents provide their clients with an innovative and accelerated path to homeownership; Milestones: end-to-end digital customer experience platform for the next generation of homeowners; Plunk: the first mobile app leveraging AI to forecast home valuation and remodeling projects in real time; and Super: technology-enabled home care and repair subscription service. "We are very excited to welcome these eight companies into our global REACH community," said Dave Garland, managing partner of Second Century Ventures. "Growth is the root of everything we do at Second Century Ventures and REACH. By working hand-in-hand with the top entrepreneurs in the property technology field, we deliver scale to new technologies, help real estate professionals find new ways to use technology and in turn help advance the rapidly evolving global real estate ecosystem." REACH announced the companies selected to its commercial real estate technology program earlier this month. Both U.S. based cohorts will experience an intensive program which includes education, mentorship, a curated insight panel, exclusive networking opportunities and significant exposure to the global real estate marketplace. Learn more about the 2021 REACH program and how you can get involved at narreach.com. About REACH REACH is a unique real estate technology program created by Second Century Ventures, the most active venture fund in the global real estate technology space. Backed by the National Association of Realtors®, SCV and REACH leverage the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies launch into the real estate vertical and its adjacent markets. The program provides education, mentorship and market exposure to one of the world's largest industries. For more on REACH, visit www.narreach.com.
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Dallas-based HomesUSA Realty Agent Navjot Singh Selected for Coveted '30 Under 30' Class of 2021
Only Texas agent to make the national list of rising young stars Dallas, Texas -- April 28, 2021 -- Navjot "Nav" Singh of HomesUSA Realty in Dallas, Texas, was named to the highly coveted Class of 2021 "30 Under 30" by the National Association of Realtors' Realtor Magazine. Nav is the only Texas-based real estate agent named to this year's class. Selected from more than 300 entries, Realtor Magazine notes, "During a year marked by the heartache of the COVID-19 pandemic — which also required substantial shifts in how people live and work — this year's class of 30 Under 30 not only persevered but found ways to go the extra mile for their clients and communities." Ben Caballero, a current Guinness World Record title holder and owner of HomesUSA.com and HomesUSA Realty, hired Nav as both an agent and his Chief Operating Officer. "Nav has a natural business acumen as well as a hunger to go the extra mile to help his clients whether they are buying a $200,000 bungalow or a multimillion-dollar home. He embodies the HomesUSA.com philosophy of putting our client's needs first," Ben said. Nav manages a team of 10 – the Singh Real Estate Group – at HomesUSA Realty, generating $18.1 million in total team sales and 67 team transaction sides last year. Nav handles the interview process, provides coaching and mentoring, as needed, for his nine agents. He also assists his team with business plan development, social media strategies and sales brainstorming. Nav notes he looks for agents who want to grow with HomesUSA Realty and are interested in selling both new and existing homes. For Nav, born and raised in Arlington, Texas, achieving national recognition at age 28 is especially poignant to both him and his family. As he told Realtor Magazine, "I remember when I was younger, my family lived in an apartment. When we moved into our brand-new house, it was one of my family's proudest and happiest moments." He added, "My dad and mom sacrificed so much as immigrants to give me a brighter future and better life. My parents moved to the United States in 1984 from India, and my dad has worked very hard. He went from driving a taxi to work on cars to eventually opening his own dealership. Along the way, he became a real estate investor and general contractor." Nav says that both his father and his uncle instilled in him "to work hard and be an honest man." Nav started working with his dad and uncle at a car dealership when he was 13, selling his first car when he was 15. A University of Texas Arlington graduate with a degree in psychology, Nav assumed he would become an entrepreneur like his dad and uncle. "I knew I wanted to be in business. I just didn't know what kind of business." He joined the family's dealership out of college, became a internet sales manager, and earned his real estate license to help his family buy investment properties. But Nav found a work-life balance was difficult to achieve at a dealership. He couldn't find the flexibility that gave him the time he wanted to spend with family and friends. Nav joined a progressive and fast-growing real estate firm, and three years later, he was a top producer, having found his calling. Last December, he joined HomesUSA Realty because of its owner: legendary agent and industry leader, Ben Caballero. "I knew that it was an opportunity to really take my career to the next level because it's amazing to see Ben's hustle and his work ethic after being in the business for more than 50 years," Nav pointed out. "He's still trying to revolutionize the real estate industry because there's so much further to go, and I see it as an opportunity of a lifetime," Nav added. While Nav continues to build his team at HomesUSA Realty, he still makes time for his close-knit family: his mom, dad, uncle, aunt, and cousins, whom he calls his "brother and sisters." "My life definitely revolves around my family. I lost my sister when she was just 17, and I was 19. She is a big reason why I am so dedicated to my family. One of my big goals is to make her proud," Nav said. According to Realtor Magazine, a panel of judges chose the Class of 2021 30 Under 30 based on qualities of innovation, leadership, involvement, and the ability to overcome setbacks. The list also strives "to have a good mix of honorees who showcase the best-of-the-best in real estate, from all parts of the country, different specialties, and various backgrounds," the magazine said. About HomesUSA Realty HomesUSA Realty is a burgeoning real estate brokerage based in Dallas, Texas, and owned by HomesUSA.com. Both real estate firms were founded by real estate entrepreneur and current Guinness World Record titleholder Ben Caballero. Ben is the only individual real estate agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and has been repeated or exceeded ever since. In 2018, he became the first individual agent to exceed more than $2 billion in annual home sales. HomesUSA Realty is one of Texas's fastest-growing brokerages, providing exceptional service and support to home buyers and sellers. All HomesUSA.com agents have a proven new home sales history, with a minimum of five years of real estate experience. Learn more here. About HomesUSA.com® HomesUSA.com was founded by its CEO Ben Caballero, who holds the current Guinness World Record title for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ranked by REAL Trends as America's top real estate agent for home sales since 2013, Ben is the most productive real estate agent in U.S. history. He is the only agent to exceed $1 billion in residential sales transactions in a single year, a feat first achieved in 2015 and repeated each year through 2018, when he completed more than $2 billion in home sales, another industry first. An award-winning innovator and technology pioneer, Ben works with more than 60 home builders in Dallas-Fort Worth, Houston, Austin, and San Antonio. HomesUSA.com owns and operates Dallas-based HomesUSA Realty.
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Help Is on the Way for Hopeful Homebuyers, According to Realtor.com Survey
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SCV Announces 2021 REACH Commercial Cohort
This year's corresponding REACH residential real estate technology cohort to be unveiled in the coming weeks CHICAGO (April 19, 2021) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors, announced today the selection of nine technology companies for the 2021 REACH Commercial scale-up program. SCV, which is the most active global venture fund in real estate technology with more than 130 portfolio companies worldwide, operates the award-winning REACH growth program in five major, international markets. The REACH Commercial program helps high-growth potential technology companies scale in and beyond the commercial real estate sector. "This pandemic has underscored the foundational role commercial properties play in the sustainability of vibrant communities," said SCV President and NAR CEO Bob Goldberg. "NAR has been on the frontlines on Capitol Hill and in every state capital this past year fighting to support our commercial practitioners as they work to attract investment, create jobs and revitalize communities. The unveiling of the 2021 REACH Commercial group is another critical step in our work to ensure commercial real estate can adapt to and flourish in the markets of the future." Companies selected for the 2021 REACH Commercial program offer innovative tools and solutions for multiple aspects of the CRE market. Collectively, these companies have raised over $34 million in capital, employ more than 400 people worldwide and represent a valuation of $200 million. "We have selected nine companies for our 2021 REACH Commercial program that are already well on their way to being market leaders in their spaces," said Bob Gillespie, executive director of REACH Commercial. "They bring solutions that fundamentally change commercial real estate design, investment and transaction management, as well as how we manage, experience and understand the properties in which we live and work. We have an outstanding 2021 cohort and look forward to helping them achieve exponential growth." The nine companies selected for the 2021 REACH Commercial program are: Valcre: premier end-to-end appraisal software solution for CRE Remarkably: marketing business intelligence platform for multifamily housing owners and operators Lex Markets: a first-of-its-kind securities market for commercial real estate Parafin: on-demand generative design for optimized designs, budgets and investment models ProDeal: award-winning CRE closing software platform Land Intelligence: actionable intelligence for new land development deals Otso: innovative commercial lease securitization for tenants, landlords and brokers Groundbreaker: all-in-one investment management software for small to medium commercial real estate investment firms Cove: modernized technology service platform to transform the way people engage with their physical environments "These nine companies have been selected from an impressive list of highly qualified candidates," said Tyler Thompson, managing partner of Second Century Ventures. "We are confident the nine technologies, and the founders who lead them, will not only help the market navigate post-pandemic challenges but will revolutionize the future of real estate. We look forward to announcing the companies selected for our residential technology scale-up in the coming weeks as these two cohorts will work together to leverage our rapidly expanding global community of real estate industry professionals, strategic partners, investors and mentors." REACH will announce the companies selected to its residential real estate technology program later this month. Both U.S.-based cohorts will experience a robust curriculum including education, mentorship, a curated insight panel, exclusive networking opportunities and significant exposure to the global real estate marketplace. Learn more about the 2021 REACH Commercial program and how you can get involved at narreach.com. About REACH REACH is a unique real estate technology program created by Second Century Ventures, the most active venture fund in the global real estate technology space. Backed by the National Association of Realtors®, SCV and REACH leverage the association's more than 1.4 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH program helps technology companies launch into the real estate vertical and its adjacent markets. The program provides education, mentorship and market exposure to one of the world's largest industries. For more on REACH, visit www.narreach.com. About the National Association of REALTORS® The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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A Third of Realtors Assisted Their Clients with Buying or Selling a Property that Had 'Green' Features in the Past Year
WASHINGTON (April 20, 2021) -- Thirty-two percent of Realtors said they had been directly involved with buying or selling a property that had green or eco-friendly features in the past 12 months, according to a new report from the National Association of Realtors. NAR's 2021 Realtors® and Sustainability Report surveyed Realtors® about sustainability issues facing the real estate industry. The association released the report in recognition of this year's upcoming Earth Day celebration. Sixty-five percent of respondents said promoting energy efficiency in listings was valuable, with 36% reporting that their multiple listing service had green data fields. Among Realtors® who did have MLS green data fields, 36% used them to promote green features, 25% highlighted energy information and 13% listed green certifications. More than half of those surveyed – 55% – said their clients were interested in sustainability. "A growing number of consumers are seeking homes with features that are good for the environment and, by extension, good for their wallets by reducing utility expenses in the long run," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "The pandemic has led to an increased focus on wellness and sustainability is an important variable in that overall equation for some people." A strong majority of Realtors® – 82% – said properties with solar panels were available in their market and 40% said solar panels increased the perceived property value. Twenty-two percent of respondents said that a high-performance home – defined as a systematic building science approach to home improvements that enhance indoor comfort, health, operational efficiency and durability – increased the dollar value offered compared to other similar homes. The home features that Realtors® believed were most important to clients included the windows, doors, and siding (39%); proximity to frequently visited places (38%); a comfortable living space (37%); a home's utility bills and operating costs (23%); and commuting costs (15%). A quarter of respondents – 25% – had clients who frequently or sometimes requested to see properties close to public transportation. Fourteen percent of those surveyed said that a neighborhood's walkability was very important to their clients while 8% said the same about access to bike lanes and paths. Methodology In March 2021, NAR invited a random sample of 65,471 active Realtors® to fill out an online survey. A total of 5,048 useable responses were received for an overall response rate of 7.7%. At the 95% confidence level, the margin of error is plus-or-minus 1.38%. The National Association of Realtors® is America's largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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NC REALTORS Selects IXACT Contact CRM as a Member Benefit
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Thinking of Selling Your Home? There May Be No Better Time Than Now
Nationally, the week of April 18-24 is the best time to list your home this year, according to a new realtor.com analysis SANTA CLARA, Calif., April 15, 2021 -- In today's market where homes are selling fast, often above asking and even sight unseen, it may not seem like there is actually a "best" time to list your house for sale. However, earlier in the year is generally better, and according to national market trends, sellers who list their home next week, April 18-24, should see more buyer interest, less competition from other sellers, a faster sale and a higher listing price, according to realtor.com's 2021 Best Time to List analysis released today. To determine the optimum time to list, realtor.com® looked at competition from other sellers, median listing prices, time it takes to sell, likelihood of price reductions and interest from buyers measured by views per property on realtor.com®. Because of COVID's disruption to the market in 2020, the analysis included 2018-2019 listing data. "Unlike 2020 when COVID upended the spring home-buying season and pushed buyer interest to later in the year, this year's housing market is following more typical seasonal trends," said realtor.com® Chief Economist Danielle Hale. "With half as many homes available for sale this year than last, sellers are well positioned for a quick sale at top dollar. However, for most sellers listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sale price. They'll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market." What makes the week of April 18 stand out? The short answer is it's the optimal time for high prices, robust buyer demand, low competition from other sellers and a quick home sale. Higher price: Homes listed next week typically sell for 2% higher than the average week and 10.4% higher than the start of the year. If 2021 follows the typical seasonal trend, a median priced home listed next week could sell for $7,500 above the average week and $36,000 more than the start of the year. Strong buyer demand: Homes listed this week typically get 11% more views on realtor.com® than the average week throughout the year. Less competition: Homeowners who listed during this week in 2018 and 2019 saw 5% fewer sellers on the market compared to the average week throughout the year. Faster sale: Historically, homes listed during this week sold 14.1% faster than the average week. In 2021 terms, this would translate to selling in just 59 days, eight days faster than homes listed in other weeks, on average. In addition to the historical data, homeowners wondering whether now is the right time to sell, may want to consider some potential housing market shifts on the horizon that could lessen their current advantage. Rising mortgage rates, which realtor.com® is forecasting will reach 3.4% by the end of the year, could dampen buyer demand later in the home-buying season. Additionally, improved vaccination rates will also likely bring more sellers back to the market, adding more inventory to the mix and increasing competition for sellers. "It's a seller's market right now, but you still need to ensure your home makes a great first impression, especially if you want to get the best price for your place," said Rachel Stults, deputy editor for realtor.com®. "The key is zeroing in on what buyers want. In the wake of the COVID-19 pandemic, buyers are looking for more space — or flexible space they can transform into what they need. Home offices and lush outdoor spaces also have become extremely important. If you have these things, make sure you highlight them. "It's also crucial to make sure your home is move-in ready: Do repairs and upgrades now, before you put your home on the market. Transform your space into something turnkey, because buyers don't want to wait to move in," she added. For homeowners considering a sale, realtor.com® offers its Sellers Marketplace, which includes estimated home valuations of what your home is worth as well as information on selling options. The best week to list varies from market to market When taking local market trends into account in the 50 largest U.S. metros, the best week to list varies by locale throughout March, April and May. But for the biggest group of markets, 13, the best week to put your home on the market is the week of April 18, which is followed by the week of March 28, with 11 markets. The markets where it's best to list the week of April 18, include: Buffalo, N.Y.; Cleveland; Columbus; Detroit; Grand Rapids, Mich.; Indianapolis; Nashville, Tenn.; New Orleans; Providence, R.I.; Riverside, Calif.; Rochester, N.Y.; Sacramento, Calif.; San Francisco and St. Louis. See the full market breakdown of below times to list below. Best Week to List - 50 Largest Metropolitan Areas Methodology Listing metrics (e.g. list prices) from 2018-2019 were measured on a weekly basis, with each week compared against a benchmark from the first week of the year. Averaging across the years yielded the "typical" seasonal trend for each metric. Percentile levels for each week were calculated along each metric (prices, listings, days on market, etc.), and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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PPP Loans to Real Estate Agents Extended Until May 31
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CoStar Group to Acquire Residential Listing Site Homes.com
Acquisition Expands CoStar's Effort to Provide Digital Tools and Advertising Solutions That Support Residential Real Estate Agents and Their Customers WASHINGTON -- April 14, 2021 - CoStar Group, Inc., the leading provider of commercial real estate information, analytics and online marketplaces, announced today that it has reached a definitive agreement to acquire Homes.com, a division of Dominion Enterprises, for $156 million in cash. Homes.com is a well-recognized residential property listing and marketing portal that supports over 500,000 residential agents and brokers in the home sale process. Approximately 5 million people visit the Homes.com website each month to search nearly 1.8 million residential property listings. Homes.com provides advertising and marketing services to residential brokers and agents based on listing feeds that cover more than 90% of all Multiple Listing Services (MLS) subscribers in the United States. The company is headquartered in Norfolk, Virginia. "We are excited to welcome the Homes.com team to the CoStar family," said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group. "We believe that the acquisition of Homes.com is highly complementary alongside Homesnap, the industry-leading workflow and marketing platform for residential real estate agents that we acquired in December last year. The combination of Homes.com's online portal and consumer traffic with Homesnap's powerful mobile tools and highly effective agent marketing solutions has the potential to create a differentiated service that uniquely focuses on selling a house faster and at a better price, rather than just trying to take agent fees." "Unfortunately," continued Florance, "current residential listing sites do not serve the interests of homeowners or their agents as they focus on selling advertisements on top of agent listings and increasingly offer competing brokerage services. These sites generate a portion of their revenue from directing potential homebuyers away from the listing agents to unrelated buyer agents that are advertising on top of listing agent listings. This is a practice we plan to no longer continue. Our plan in bringing Homesnap and Homes.com together is to help agents market their listings in support of the ‘your listing, your lead' philosophy – which stands in contrast to most players in the industry." "The Homes.com team and I are looking forward to working with our new colleagues at CoStar," said Dave Mele, President of Homes.com. "Together we will be dedicated to growing the Homes.com brand and building innovative solutions that expand the marketing options available to consumers and their agents." The transaction is expected to close in the first half of 2021, subject to customary closing conditions and regulatory review. We anticipate the acquisition of Homes.com will contribute approximately $5-10 million in incremental revenue to CoStar Group in the second half of 2021, subject to transaction timing. CoStar Group plans to provide additional information about the Homes.com acquisition during the first quarter 2021 financial results conference call scheduled for April 27, 2021.
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Bloomington, Ill., is the Best Market for First-Time Home Buyers
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Homeownership Remains Affordable for Average Workers Across Majority of U.S. Despite Price Spikes
Average Wage Above Level Needed To Afford Typical Home in First Quarter of 2021; Historic Affordability Improved in First Quarter In About Half of U.S. Housing Markets; National Median Home Price Up 18 Percent Over First Quarter of 2020 IRVINE, Calif. - Apr. 1, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its first-quarter 2021 U.S. Home Affordability Report, showing that median home prices of single-family homes and condos in the first quarter of this year were more affordable than historical averages in 52 percent of counties with enough data to analyze. That was down from 63 percent of counties in the first quarter of 2020 and 95 percent during the same period five years ago. But rising wages and falling mortgage rates still compensated for near-20 percent spikes in home prices over the past year, helping to keep median home prices affordable for average wage earners around the country. The report determined affordability for average wage earners by calculating the amount of income needed to meet monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced home, assuming an 80 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). The 80-percent down payment criterion marks an update to ATTOM's affordability analysis, which now shows smaller portions of income needed to afford home ownership than recent reports. Compared to historical levels, median home prices in 287 of the 552 counties analyzed in the first quarter of 2021 were more affordable than past averages. That was down from 349 of the same group of counties in the first quarter of 2020, a trend that came during a 12-month period when the national median home price shot up 18 percent, to $278,000, in the first quarter of 2021. Yet, with workplace pay rising and home mortgage rates continuing to hit historic lows, major expenses on a median-priced home nationwide still consumed just 23.7 percent of the average wage across the country in the first quarter of 2021. That figure was up from 22 percent in first quarter of 2020 and from 19.7 percent five years ago. But it remained well within the 28 percent standard lenders prefer for how much homeowners should spend on those major expenses. Those mixed trends – homes remaining affordable but not quite as much as they have historically – happened amid a surge over the past year of home buyers who largely escaped the economic damage caused by the recent worldwide Coronavirus pandemic. As those home seekers pursued a dwindling supply of homes for sale, prices shot up – just not enough to significantly outweigh the benefits of increased wages and average mortgage rates that sat below 3 percent. "The past year certainly has been an odd one for the U.S. housing market. Home prices surged at a remarkable pace even as the virus pandemic damaged the U.S. economy, which dropped historical affordability levels. But average workers untarnished by the pandemic were still able to afford the typical home because wages and rock-bottom interest rates worked to their favor in a big way," said Todd Teta, chief product officer with ATTOM Data Solutions. "Much remains uncertain about the housing market in 2021. A lot will depend on how well the broader U.S. economy recovers from the pandemic and whether there are still many more buyers looking to escape congested neighborhoods most prone to the virus, pushing prices even higher. But for now, our data shows that average workers are able to manage the costs associated with rising values." Among the 552 counties in the report, 327 (59 percent) had major home-ownership expenses on typical homes in the first quarter of 2021 that were affordable for average local wage earners, based on the 28-percent guideline. The largest of those counties were Cook County (Chicago), IL; Harris County (Houston), TX; Dallas County, TX; Bexar County (San Antonio), TX, and Wayne County (Detroit), MI. The most populous of the 225 counties where major expenses on median-priced homes were unaffordable for average local earners in the first quarter of 2021 (41 percent of the counties analyzed) were Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, (outside Los Angeles), CA and Miami-Dade County, FL. Home prices up at least 10 percent in two-thirds of country Median home prices in the first quarter of 2021 were up by at least 10 percent from the first quarter of 2020 in 360, or 65 percent, of the 552 counties included in the report. Counties were included if they had a population of at least 100,000 and at least 50 single-family home and condo sales in the first quarter of 2021. Among the 42 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the first quarter of 2021 were in Wayne County (Detroit), MI (up 24 percent); Suffolk County, NY (outside New York City) (up 20 percent); Bronx County, NY (up 19 percent); Maricopa County (Phoenix), AZ (up 19 percent) and Harris County (Houston), TX (up 18 percent). Counties with a population of at least 1 million that had the smallest year-over-year increases (or price declines) in the first quarter of 2021 were New York County (Manhattan), NY (down 2 percent); Santa Clara County (San Jose), CA (up 7 percent); Hennepin County (Minneapolis), MN (up 7 percent); Kings County (Brooklyn), NY (up 8 percent) and Orange County, CA (outside Los Angeles) (up 8 percent). Price appreciation up more than wage growth in almost 90 percent of markets Home price appreciation outpaced average weekly wage growth in the first quarter of 2021 in 474 of the 552 counties analyzed in the report (86 percent), with the largest counties including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ and San Diego County, CA. Average annualized wage growth outpaced home price appreciation in the first quarter of 2021 in only 78 of the 552 counties in the report (14 percent), including Santa Clara County (San Jose), CA; New York County (Manhattan), NY; Honolulu County, HI; San Francisco County, CA and Suffolk County (Boston), MA. Less than 28 percent of wages needed to buy a home in six of every 10 markets Major ownership costs on median-priced homes in the first quarter of 2021 consumed less than 28 percent of average local wages in 327 of the 552 counties analyzed in this report (59 percent). Counties requiring the smallest percent were Schuylkill County, PA (outside Allentown) (6.3 percent of annualized weekly wages needed to buy a home); Bibb County (Macon), GA (8.3 percent); Fayette County, PA (outside Pittsburgh) (8.4 percent); Macon County (Decatur), IL (9.9 percent) and Robeson County, NC (outside Fayetteville) (10.6 percent). Among the 42 counties in the report with a population of at least 1 million, those where home ownership typically consumed less than 28 percent of average local wages in the first quarter of 2021 included Wayne County (Detroit), MI (12.2 percent); Philadelphia County, PA (14.1 percent); Cuyahoga County (Cleveland), OH (14.4 percent); Fulton County (Atlanta), GA (19.4 percent) and Franklin County (Columbus), OH (19.5 percent). A total of 225 counties in the report (41 percent) required more than 28 percent of annualized local weekly wages to afford a typical home in the first quarter of 2021. Those counties that required the greatest percentage of wages were Kings County (Brooklyn), NY (75.7 percent of annualized weekly wages needed to buy a home); Marin County, CA (outside San Francisco) (75.5 percent); Santa Cruz County, CA (69.9 percent); Monterey County, CA, (outside San Francisco) (68.1 percent) and Maui County, HI (65.9 percent). Aside from Kings County, NY, counties with a population of at least 1 million where home ownership consumed more than 28 percent of average annualized local wages in the first quarter included Orange County, CA (outside Los Angeles) (57.7 percent); Queens County, NY (56.3 percent); Nassau County, NY (outside New York City) (53.5 percent) and Alameda County (Oakland), CA (51.6 percent). Average wages needed to afford median-priced home exceed $75,000 in less than 15 percent of markets Annual wages of more than $75,000 were needed in the first quarter of 2021 to afford the typical home in just 75, or 14 percent, of the 552 markets in the report. The highest annual wages required to afford the typical home were in New York County (Manhattan), NY ($247,802); San Mateo County (outside San Francisco), CA ($230,848); Marin County (outside San Francisco), CA ($218,830); San Francisco County, CA ($212,892) and Santa Clara County (San Jose), CA ($207,691). The lowest annual wages required to afford a median-priced home in the first quarter of 2021 were in Schuylkill County, PA (outside Allentown) ($10,089); Fayette County, PA (outside Pittsburgh) ($12,957); Bibb County (Macon), GA ($13,708); Robeson County, NC (outside Fayetteville) ($14,133) and Cambria County, PA (east of Pittsburgh) ($16,251). Slight majority of housing markets more affordable than historic averages Among the 552 counties analyzed in the report, 287 (52 percent) were more affordable in the first quarter of 2021 than their historic affordability averages, down from 63 percent of the same group of counties that were more affordable historically in the first quarter of 2020. Counties with a population of at least 1 million that were more affordable than their historic averages (indexes of more 100 are considered more affordable compared to historic averages) included New York County (Manhattan), NY (index of 128); Montgomery County, MD (outside Washington, D.C.) (121); Cook County (Chicago), IL (114); King County (Seattle), WA (110) and Santa Clara County (San Jose), CA (108). Counties with the best affordability indexes in the first quarter of 2021 included Schuylkill County, PA (outside Allentown) (index of 195); Macon County (Decatur), IL (188); Fayette County, PA (outside Pittsburgh) (171); Calcasieu Parish (Lake Charles), LA (149) and Bibb County (Macon), GA (146). Among counties with a population of at least 1 million, those where the affordability indexes improved the most from the first quarter of 2020 to the first quarter of 2021 were New York County (Manhattan), NY (index up 14 percent); Santa Clara County (San Jose), CA (up 7 percent); Orange County, CA (outside Los Angeles) (up 3 percent); Kings County (Brooklyn), NY (up 3 percent) and Hennepin County (Minneapolis), MN (up 2 percent). Slightly fewer than half of markets less affordable than historic averages Among the 552 counties in the report, 265 (48 percent) were less affordable than their historic affordability averages in the first quarter of 2021, up from 37 percent in the first quarter of last year. Counties with a population greater than 1 million that were less affordable than their historic averages (indexes of less than 100 are considered less affordable compared to their historic averages) included Wayne County (Detroit), MI (index of 78); Dallas County, TX (81); Tarrant County (Fort Worth), TX (82); Harris County (Houston), TX (83) and Maricopa County (Phoenix), AZ (86). Counties with the worst affordability indexes in the first quarter of 2021 were Canyon County, ID (outside Boise) (index of 67); Grayson County, TX (outside Dallas) (72); Ada County (Boise), ID (74); St. Louis City/County, MO (75) and Bonneville County (Idaho Falls), ID (76). Counties with a population of least 1 million residents where affordability indexes decreased the most from the first quarter of 2020 to the same period in 2021 included Wayne County (Detroit), MI (index down 11 percent); Harris County (Houston), TX (down 11 percent); Dallas County, TX (down 8 percent); Bronx County (down 8 percent) and Oakland County, MI (outside Detroit) (down 8 percent). Report Methodology The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 552 U.S. counties with a combined population of 245.7 million. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed rate mortgage and an 80 percent down payment. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a loan of 20 percent of the purchase price and a 28 percent maximum "front-end" debt-to-income ratio. For example, the nationwide median home price of $278,000 in the first quarter of 2021 required an annual wage of $52,523, based on a $222,400 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income was less than the $61,984 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for average workers. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through *flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Matterport Launches Capture App for Android
When it comes to helping you digitize physical spaces, Matterport has always believed the less friction the better. It's your world, and we want to help you capture it. That's why when we shipped our first 3D camera, we paired it with the Matterport Capture app so that anyone could download it on their iPhone or iPad and use it to scan spaces in a simple and intuitive way. As we expanded our lineup of supported cameras to include 3D LiDAR scanners, 360 cameras, and even the camera on your iPhone, the Capture app on iOS was always at the center of our user experience because we wanted to make using Matterport easy, flexible, and instantly familiar. Today, we've reached a major milestone In our quest to make 3D capture accessible to everyone. We are excited to announce that the Matterport Capture app is now generally available in the Google Play store, with support for over 3,500 unique Android devices in 12 different languages. Capture for Android works as flexibly and simply as on iOS, making it a cinch to connect a Matterport Pro2 or six of the most popular 360 cameras made by our partners, Insta360 and Ricoh. So if you or your company already uses the Matterport platform, the free app can be downloaded onto the compatible Android devices you already own, making it fast and easy to mobilize more people on your team to capture spaces. If you don't own a compatible camera, check out the options below. The Matterport Pro2 is the right pick if you are scanning a large volume of spaces and high accuracy and image quality are important to you. If portability and affordability are key factors, then choose a 360 camera. They are a great choice for scanning small to medium size spaces. You can compare cameras here. Check out this video to see how easy it is to get started. And then download the free Matterport Capture app on Google Play today. We're excited to know what you think. Learn more Below is more information on Matterport Capture for Android. Note that additional information on requirements and support can also be found on our support page. Minimum Requirements for Supported Android Devices Android OS - 8.X (Oreo), 9.X (Pie) , 10.X (Q), 11.X 3 GB of RAM or more Android devices certified by Google and unrooted. Modern devices with a 64-bit architecture Supported Cameras Matterport Pro2 3D camera Matterport Pro2 Lite 3D camera Matterport Pro 3D Camera Insta360 ONE X Insta360 ONE R Insta360 ONE X2 Ricoh Theta Z1 Ricoh Theta V Ricoh Theta SC2 Supported languages 12 languages including, English, French, German, Spanish, Italian, Dutch, Russian, Brazilian Portuguese, Japanese, Korean, Chinese (Simplified), Chinese (Traditional). We'll keep on building and adding to this list, and please stay tuned for updates on Matterport for Android, giving you the ability to capture 3D spaces using just the camera on your Android device To view the original post, visit the Matterport blog.
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The American Dream is the No. 1 Reason Why Millennials Want to Buy a Home
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Now May Be the Best Time to Save Thousands on a Lease in the Nation's Largest Tech Hubs, According to Realtor.com Rental Report
In San Jose, Calf., renters signing a 12-month lease today would save nearly $5,000 compared to pre-pandemic prices SANTA CLARA, Calif., March 16, 2021 -- Rents continued their downward spiral in many of the nation's largest housing markets in February, but they may have hit their bottom, according to the realtor.com Monthly Rental Report released today. For those looking to move or return to the big city, acting now while rents are still at their lowest could mean saving thousands of dollars a year. "Housing markets like San Francisco, Santa Clara, Calif., Boston and Seattle have seen rents decline by double digits since the start of the pandemic and rent growth across the nation remains lower than pre-COVID levels. However, the downward trend is leveling off and rents may have hit their bottom in many markets," said realtor.com® Chief Economist Danielle Hale. "With the COVID-19 vaccination rates improving, returning to work and the city may be on the minds of many. For those looking to capitalize on rock-bottom rents, finding a new unit now could make sense. You'll not only save money, you'll have less competition finding the location that's best for you." In February, the U.S. median rent, which is calculated by averaging the median rent of the 50 largest metros, was up 0.6% to $1,452, well below its pre-COVID growth rate of 3.2%. With rent growth stabilizing over the past three months, rents could begin to return to pre-COVID growth rates in the coming months. Rent savings in tech markets could add up to thousands of dollars Although rents have begun to stabilize, and even rise by double-digits in some markets like New Orleans, Sacramento, Calif., Memphis and Riverside, Calif., where rents rose 18.7%, 11.0% 10.8% and 10.7%, respectively in February, that's not the case in many of the nation's largest tech hubs. In San Jose, Calif., situated in the heart of Silicon Valley, median rent was $2,690 in February, 13.2%, or $410, less than a year earlier. Renters signing a 12-month lease today would save nearly $5,000, compared to pre-pandemic prices for the same unit. They'd save almost as much in neighboring San Francisco, where rents were down nearly 13% from a year ago in February. Tech hub markets - Typical savings versus last year's rents February 2021 rental data - 50 largest metropolitan areas Methodology Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, one-bedroom, or two-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Millennials Dominate Buying Market, Generation Z Now Active Buyers, Says NAR Report
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REALM and Aidentified Integration Drives the Future of Luxury Real Estate through Technology and Innovation
DENVER, CO - March 17, 2021 -- REALM, the leading global real estate membership, comprised of top agents in over 28 states and nine countries, takes high-powered global networking to a new level by marrying its patented technology, unprecedented data integration, and personal connections of the world's top real estate professionals with Aidentified's unmatched sales and relationship intelligence technology. This dynamic pairing enables REALM members to be matched with clients based upon pre-existing relationships and enhances client data to a level that has never been seen before in the industry. "REALM has always been at the forefront of leading technological advances, driven by lifestyle, culture, and defining shifts in luxury," says REALM Founder and CEO, Julie Faupel. "The integration of Aidentified into REALM's proprietary technology is yet another example of how REALM is redefining the future of luxury real estate." "We believe that the connection between Aidentified and REALM inspires an unparalleled level of connectivity between real estate brokers and their clients," says Tom Aley, Chairman and CEO of Aidentified. "We extend the broker network by leveraging AI-informed non-obvious connections including job positions and board overlap, even down to households and neighbor connections. This exponentially multiplies the reach of their sphere and uncovers new opportunities for brokers to engage." REALM's expanded offering through Aidentified's technology has already attracted some of the most luxurious new developments in the world. "At 181 Fremont in San Francisco, relationships and technology are key to sharing our spectacular residences with clients from Silicon Valley and around the world," says Leo Mederios, Director of Sales for 181 Fremont Residences. "The addition of Aidentified's intelligence to REALM delivers deeper connections that will be a game-changer for us." Aidentified's data integration is now available to all members of REALM to drive connections with hyper-targeted, qualified prospects using predictive analytics and next level AI-based relationship intelligence mapping. REALM member Nina Hatvany of Compass in San Francisco responds. "REALM launched as the pandemic drastically curbed the ability of real estate agents to connect to their peers and clients in person. This data-driven technology platform offers focused matching algorithms that help pair clients to the type of properties they will prefer. It has become an invaluable tool that fosters relationships with other top agents across the country providing a smarter way to acquire and sell properties on behalf of our clients in a historically competitive market." This is another example of how REALM has continued to forge strong with a myriad of data-rich firms to deepen the offerings to luxury agents whose clients expect only the best. About REALM REALM is the first globally collaborative real estate platform that combines real-time data with human experience and networking. Its membership is comprised of the most accomplished real estate professionals ever assembled. A REALM membership is a relationship enhancer, with a game-changing technology platform that will enhance client data, provide a lifestyle profile for a member's clients, and then match elite REALM members anywhere in the world based on the clients they represent and the listings they have. To learn more, go to https://www.realmglobal.com About Aidentified Aidentified was founded by twin brothers Darr and Tom Aley after a number of successful data related ventures and work at Amazon, D&B, and Dow Jones. The unmet opportunity they saw was the "Holy Grail" of combining an individual's consumer and professional attributes into a unified single household profile, using new technology to surface relevant relationships. Leveraging 210 million U.S. profiles, Aidentified uses the latest AI and machine learning technologies that allow its customers to search for prospects based on recent wealth events that include stock trades, mergers and acquisitions, IPOs, management changes, new company investments, income, age, location, position within a company, personal interests and more. Aidentified's proprietary Relationship Mapping algorithms further help by connecting customers' personal and corporate networks and their client networks to find the strongest path to a prospect. (www.aidentified.com)
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Real Estate Agents Eligible for PPP Loans Until March 31
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Matterport Partnership with roOomy Accelerates Real Estate Transactions, Opens Up New Revenue Opportunities for Retailers
Virtually staged 3D experiences unlock new benefits for businesses and consumers alike SUNNYVALE, Calif., March 10, 2021 -- Matterport, the spatial data company leading the digital transformation of the built world, today announced its continued partnership with roOomy to provide virtual staging capabilities to residential and multifamily real estate customers. Potential buyers and renters can view staged properties and more deeply understand and visualize the potential for spaces 100% virtually, anytime from any device. Now, they can decide whether listings are right for them without in-person viewings, enabling the industry to thrive under social distancing restrictions. Consumers can also search for, decide on, and buy furnishings for their property within the Matterport digital twin. "Virtual staging is one of the key services our customers consistently request. Our partnership with roOomy provides real estate professionals, home buyers or renters, and retailers with completely new ways to promote, choose, and furnish the homes they want to live in," said Jay Remley, Chief Revenue Officer of Matterport. Together, Matterport and roOomy bring tangible benefits to agents and property managers. According to industry research, vacant homes sell for over $11,000 less and spend six more days on the market. Many agents and real estate managers have already leveraged virtual staging as an easy alternative to physical staging. Agents shorten days-on-market for listings and multifamily property managers give people the opportunity to decide on flooring and other upgrades. "We have been investigating how to improve our efficiency by moving from 'live' to 'virtual' staging. We started with Matterport over three years ago and have broadened our reach by attracting clients that are tech savvy. roOomy virtual staging adds another level of sophistication, allowing clients to imagine how their furniture might look in our apartments which saves us a tremendous amount of time," said Brittany Kate Gvazdinskas, COO, Safe Harbor Properties. View one of their virtually staged apartments here. Retailers are also realizing significant benefits using 3D digital twins in place of 2D photography. A survey conducted by roOomy revealed that people moving into new homes spend five times more on furnishings. However, 65% said that buying new furniture at once, shopping for pieces to design their space, and finding furnishings to match their existing furniture were top pain points. As a result, major home furnishing brands are responding by offering consumers the opportunity to make purchases directly within the virtual staging platform. "Virtual staging is truly driving the connection between retail and real estate," said Pieter Aarts, Co-Founder of roOomy. "Our partnership with Matterport delivers a dynamic experience for viewing properties and home interiors." To order a virtually staged Matterport 3D tour, customers simply share a copy of the Matterport model to be staged with roOomy, select a design style, and place their order here. Once virtual staging is complete, the customer receives panorama proofs for approval before the final high-resolution tour is prepared and shared. About Matterport Matterport is leading the digital transformation of the built world. Our groundbreaking spatial computing platform turns buildings into data making every space more valuable and accessible. Millions of buildings in more than 150 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal and marketing. Learn more at matterport.com and browse a gallery of digital twins. In February 2021, Matterport announced that it has entered into a definitive agreement to merge with Gores Holdings VI (NASDAQ: GHVI, GHVIU, and GHVIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, that will result in Matterport becoming a publicly listed company. Upon closing of the proposed transaction, the combined company will be named "Matterport, Inc." and intends to remain listed on NASDAQ under the ticker symbol "MTTR." About roOomy roOomy's technology is leading the way for real estate professionals and home furnishings retailers to better visualize their space and products. Through its patented ability we convert simple 2D imagery into assets that can be leveraged across 3D, augmented and virtual reality platforms at a scale and efficiency unavailable until now. roOomy takes it one step further and virtually stages Matterport Tours utilizing their Designer platform. With more prospective buyers and renters using digital applications to help with their decisions, nimble visualization tools become more important every day. roOomy's award-winning virtual staging and rendering services enables agents and brokers to showcase their listings as immersive experiences, in any style, with real products that can easily be shopped from the roOomy platform, all at a fraction of the cost of traditional staging methods. More information about roOomy is available at www.rooomy.com.
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BoomTown Selected for Facebook's Real Estate Top Provider Initiative
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More than 200,000 New Listings Are Missing from U.S. Housing Market, According to Realtor.com February Housing Report
Extreme weather across most of the country pushed new listings to a record low that will be difficult to dig out from, while prices hit a new high SANTA CLARA, Calif., March 4, 2021 -- February's extreme weather throughout the U.S. exacerbated the housing market's inventory woes, pushing the pace of new listings coming onto the market further behind pre-pandemic levels, according to the realtor.com Monthly Housing Trends Report released today. Unless the trend reverses itself, buyers will be in for a much more competitive homebuying season than last year. "Last month's record cold and snowstorms likely caused sellers to hit pause, even if only temporarily," said realtor.com® Chief Economist Danielle Hale. "However, in today's inventory-starved market, any setback is significant. Unless we see some big improvements in the new listings trends over the coming months buyers can expect stiff competition. And unlike last spring, buyers may also face affordability challenges as home prices and mortgage rates increase. Market dynamics continue to favor sellers." According to realtor.com® data, 14.8% of the year's total new listings came to market in January and February in 2017-2019, and new listings in these months were an even bigger share in 2020 as COVID scared off many would-be sellers later in the year. Approximately 207,000 fewer homes were newly listed for sale during the first two months of 2021, compared with the average for those two months over the last four years. New listings would need to increase by 25% year-over-year in March and April to bring the year to date figure back to April 2020's levels. Severe winter storms across the U.S. drive inventory down further The number of homes for sale in the U.S. in February was down 48.6% year-over-year, a new low that translated into 496,000 fewer homes for sale. New listings were down 24.5% year-over-year, with the biggest drop -- 35.2% -- occurring in the third week of February, the most extreme weather week of a very cold and snowy month. New listings recovered to a smaller decline of 26.9% year-over-year in February's final week as conditions eased. Housing inventory in the 50 largest U.S. metros declined by 47.4% over last year in February, an increase from January's 41.8% decline. New listings in the 50 largest U.S. metros were down 23.5% year-over-year. For some metros, the declines were far more significant with new listings falling 47% in Oklahoma City, Okla., 45% in Kansas City, Mo.-Kan. and 40% in Milwaukee-Waukesha-West Allis, Wis. Two of three metros with increases in new listings were in California. New listings were up 13.6% in San Jose, Calif., followed by San Francisco (1.1%), and Denver (1.1%) year-over-year. Listing prices reach new high In February, the median national home listing price grew 13.7% over last year to $353,000, surpassing last year's peak price unseasonably early. The slowdown from last month's growth rate of 15.4% was likely due to a change in the mix of homes for sale. Listing prices in the nation's 50 metros grew by an average of 11.5%, compared to last year. Regionally, the Northeast saw the biggest jump in listing prices, increasing at an average rate of 16.8% over last year. Prices were up 11.7% in the West, 10.9% in the Midwest and 9.5% in the South. At the metro level, Austin, Texas, (+37.2%), Rochester, N.Y. (+27.6%) and Buffalo, N.Y. (+25.0%) posted the highest year-over-year median listing price growth in February. Miami (-2.7%), Denver (-1.7%), and Orlando, Fla. (-1.1%), were the only top 50 metros to see their median listing price decline year-over-year in February. Buyers need to act fast The typical home spent 70 days on the market in February, 11 days less than last year. Time on market was even faster in the 50 largest U.S. metros where the typical home sold in 48 days, 12 days less than a year ago. Homes saw the greatest decline in time spent on the market compared to last year in Austin, Texas (-36 days), Charlotte, N.C. (-28 days) and Portland, Ore. (-27 days). Metros With the Largest Decline in Newly Listed Homes   *Some data for Pittsburgh, New York, and San Diego has been excluded due to data quality. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Planitar Heats Up Competition in 3D Virtual Tour Space with Its New iGUIDE PLANIX Camera System
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Buyers Carry Momentum Into 2021, Led By a Record Number of Home Tours In Austin, Boulder, Denver and Seattle Per Data from ShowingTime
Double-digit showings per listing in 16 of the top 20 cities tracked, including Columbus and Akron, Ohio, Portland, Ore., Omaha, Neb., and Springfield, Mass. CHICAGO - (February 23, 2021) -- ShowingTime, the residential real estate industry's leading showing management and market stats technology provider, reported that home shoppers carried their end-of-year showing activity momentum into January, with home tours across the country up 55.1 percent year-over-year as more listings came on the market in some metro areas. "Austin, Boulder, Denver and Seattle all logged substantial month-over-month increases in showings," said ShowingTime President Michael Lane. "With a limited number of homes to see, showings per listing jumped to levels we’ve never seen before. Seattle recorded more than 26 showings per listing in January, Denver had 23 and Austin recorded 18 showings per listing. The nationwide average in the markets we track is eight showings per listing." Other cities – including Ocean City, N.J., Madison, Wis., Salt Lake City, Utah and Columbus, Ohio – all recorded at least 70 percent increases in showings versus December. "It's clear that buyers decided to come out in January instead of waiting until spring to shop for homes," Lane said. "While the winter storms that affected most of the country in February will have a downward impact and will be reflected in our next report, we expect to continue seeing big jumps in buyer activity once cities thaw out and more listings come on the market." For the third consecutive month, the West Region experienced the most significant year-over-year increase in showing activity, with a jump of 90 percent. The other regions also recorded year-over-year increases, though at a slower pace than in December. The Midwest was up 57.3 percent, the Northeast 52.2 percent, and the South increased 51 percent. "As anticipated, demand for real estate remains elevated and continues to be affected by low levels of inventory," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "On average, each home is getting 50 percent or more requests this year compared to January of last year. As we head into the busy season, it’s likely we’ll push into even more extreme territory until the supply starts catching up with demand." The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month. About ShowingTime ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at [email protected]
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Home Price Increases in Opportunity Zone Redevelopment Areas Keeping Pace with Nationwide Gains
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Goodbye City Life: Rising Rents Match Homebuying Hotspots
Realtor.com January Rental Report finds declines in expensive high-tech hubs persist, while smaller markets that offer quality of life become less affordable SANTA CLARA, Calif., Feb. 18, 2021 -- Renters, much like homeowners, are favoring smaller more affordable markets that offer highly rated schools, strong local economies and more space over expensive tech hubs, a trend that is pushing rents up in many of the same markets where home prices are rising the most, according to the realtor.com® Monthly Rental Report released today. "Although rents across the U.S. have been growing at a slower pace since the onset of COVID-19 and the major tech hubs continue to see declines, some markets are seeing rents grow by double digits," said realtor.com® Chief Economist Danielle Hale. "Many of the same factors that attract homebuyers to an area -- highly rated schools, job opportunities, affordability and quality of life -- attract renters. Like homeowners, the pandemic has given many renters the freedom to work remotely, and the rental trends reflect that reality." In January, the U.S. median rent, which is calculated by averaging the median rent of the 50 largest metros, was up 0.8% to $1,442, below its pre-COVID growth rate of 3.2%. Despite the continued slower growth, January marked the first month since July 2020 where rental growth didn't slow further, indicating that rent growth may have reached a floor. Seven of the top 10 metros with the largest rent increases in January -- New Orleans*; Sacramento, Calif.; Rochester, N.Y.; Cleveland; Riverside, Calif.; Cincinnati and St. Louis -- were also among the metros where home prices grew more than 5% year-over-year. Renters typically have more flexibility to move, and with remote work allowing many people to live anywhere, markets that offer affordability are in hot demand. In California, Riverside and Sacramento have become desirable alternatives to the pricey Bay Area and Los Angeles housing markets. Despite a sizable 9.6% increase in the last year, the median rent in the Riverside metro was $1,858 in January, 25.4% lower than the median rent in neighboring Los Angeles. Likewise, the median rent in Sacramento was $1,649 in January, still 36.8% lower than the median rent in San Francisco despite its 11.0% rise in the last year. Four of the top 10 markets with the largest year-over-year rent increases in January are located in the Midwest, a region that in recent years has attracted affordability-minded homeseekers looking for an alternative to the pricer coastal markets. Markets With the Largest Rent Increases in January 2021 Markets With the Largest Rent Decreases in January 2021 Rental Data - 50 Largest Metropolitan Areas January 2021 *Editor's Note: New Orleans' exceptional year-over-year growth in median rent was driven by shifts in the underlying inventory of rental units. The number of studio units has declined by 17% year-over-year, while one-bedroom and two-bedroom unit inventory has increased by 50% and 31%, respectively. The larger space commands larger rents, therefore driving up the median rent in the area. Methodology Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, one-bedroom, or two-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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NAR's "That's Who We R" Advertising Campaign Highlights How Realtors Open Doors to Opportunity for Their Clients and the Communities They Serve
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Rental Beast and eCommission Announce Partnership to Offer Flexible Payment Option
This partnership will allow real estate agents the option to purchase a Rental Beast subscription using future commissions. SOMERVILLE, MA, 9 February 2021 -- Today, Rental Beast, the only fully integrated SaaS platform in the real estate market with a comprehensive listing database of nearly 9 million rentals nationwide, announced its partnership with eCommission to launch a new, innovative payment option called Access. Access will offer real estate agents the flexibility to purchase a Rental Beast subscription using future commissions as an alternative to cash or credit. Easy to use, convenient, and free for 90-days, Access allows agents to take control of their cash flow and keep growing their businesses. Agents can purchase a full year or two-year subscription using Access and gain immediate access to Rental Beast's suite of premium tools, paying for their subscription only after earning a commission. This partnership advances Rental Beast's goal of simplifying the rental market and helping real estate agents build a sustainable business with rentals. "We're absolutely thrilled to offer Access as a payment option for Rental Beast subscribers," said Ishay Grinberg, founder and CEO of Rental Beast. "In this difficult environment, real estate agents need tools to thrive, including flexible payment options. We believe this is especially game-changing for new agents, who can immediately access a tool that can greatly increase their earnings. We're so excited to make it easier for agents to build Rental Beast into their businesses." "Access gives agents the flexibility to invest in their businesses today without having to immediately come out of pocket," said Sean Whaling, eCommission Founder and CEO. "We are thrilled to offer our Buy Now, Pay Later solution to Rental Beast subscribers as a superior alternative to credit cards." Together, the two companies will increase the accessibility of crucial tools for real estate agents to monetize rentals, and, effective on February 10th, Access will be an available payment option for Rental Beast. Throughout 2021, Rental Beast plans to continue to expand and develop more tools to help real estate agents grow their businesses. About Rental Beast Rental Beast is an end-to-end SaaS platform empowering real estate professionals with powerful productivity tools and the nation's most comprehensive database of nearly nine million off-MLS rental properties. Sourced directly from property owners, updated in real time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types. About eCommission and Access™ eCommission is the company that operates Access. eCommission is the leading provider of working capital to real estate professionals since 1999, with more than $1.4 billion of commissions funded to satisfied customers nationwide. eCommission is a nationally endorsed alliance partner to the industry's largest real estate brands, independent brokerages, and technology companies. More information about eCommission and Access™ can be found at http://www.eCommission.com and http://www.buynowpayatclosing.com
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Buyers on Notice: Act Quickly and Be Prepared to Pay Up, According to Realtor.com January Housing Report
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New for Homesnap Concierge: Get Live Calls with Google Local Services Ads
When we launched Homesnap Concierge, our fully managed advertising and lead qualification service, our goal was simple: Deliver agents better leads at a lower cost than third-party advertising platforms like Zillow Premier Agent and realtor.com. So far, we believe we've made good on that promise. Concierge agents have generated nearly 400,000 high-intent homebuyer and seller leads to date and have saved hundreds of thousands of dollars on the promotion of their listings and business. Now, we're excited to announce we've made our industry-leading platform even better. Starting today, Concierge is one of the only services that lets real estate agents incorporate Google Local Services (GLS) Ads into their marketing campaigns. What is a Google Local Services Ad? A brand-new advertising product from Google, GLS Ads seamlessly facilitate contact from homebuyers and sellers to real estate agents in their market. They're prioritized at the top of the Google search page, above traditional paid search advertisements, and enable prospects to live call an agent directly from their desktop or mobile device. There's no friction, form fills, or needless clicks. Best of all, you'll only ever pay for quality leads. The Concierge team ensures that every call you receive from a GLS Ad originates from an interested buyer and seller. Should you receive a non-high-intent call, we'll work with Google on your behalf so you're not wasting a dime of your hard-earned money. With Concierge, you're guaranteed an advertising platform fully optimized to get you maximum ROI on your marketing spend. But that's not the only advantage of Concierge. Do-it-yourself GLS Ads require verification of your real estate business via snail mail – a process that can take weeks. However, as an exclusive Google launch partner, Homesnap will verify your business and help you receive a “Google Screened” badge, which engenders trust with prospects and helps you rank higher. You'll get your ads live sooner, and, most importantly, you'll gain an edge on your competition, as you'll be among the first verified agents in your market to go live. Pro Tip: Make sure you answer GLS calls. Google measures agent call responsiveness (calculated by the number of connected calls/total calls), which factors into your ranking position. The more you pick up, the higher your likelihood of being seen first. Still the same great Concierge benefits GLS Ads are an addition to our Concierge platform—not a replacement for any of its great features. Concierge remains the gold standard in white-glove treatment. Homesnap's experienced Concierge marketing team will continue to take a hands-on approach to optimizing and running agent advertising campaigns for an unlimited number of listings on major networks like Google, Facebook, and Instagram. We'll target the most-likely-to-transact leads on these platforms with hyper-targeted and personalized ads and qualify them for you. Then, we'll send you the qualified, hot leads right away, and continue to nurture the rest until they are ready to convert. You'll have full transparency into this process. We'll update you with key metrics daily — where advertisements are appearing, number of leads processed, lead contact information, qualification details, all leads acquired, and more — so you can follow your campaigns every step of the way. And you'll receive a dedicated account manager, whom you can contact at any time with questions or to make changes to your campaigns. The only difference? Now, with GLS Ads, it's even easier to get more high-quality leads for less. How's that for a promise? Talk to a team member to add Google Local Services Ads to your subscription today: [email protected] Not yet a subscriber? Schedule an introductory meeting with a Concierge team member. To view the original post, visit the Homesnap blog.
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U.S. Home Seller Profits Soar in 2020 as Prices Set New Records in Spite of Coronavirus Pandemic
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RateMyAgent Announces 2021 Agent of the Year Award Winners
Inaugural winners represent the future of real estate as they embody the commitment to create remarkable client experiences SAN DIEGO, Jan. 28, 2021 -- RateMyAgent, an agent review and digital marketing platform for real estate professionals to generate, aggregate, and syndicate client reviews, has announced its first ever U.S. based Agent of the Year Award winners. Seven regional winners were selected based on verified review data, transaction volume, and overall quality of their reviews. One of the seven regional winners was selected as the national, Agent of the Year. The winners were celebrated at the inaugural Agent of the Year event held virtually on January 27th in conjunction with Inman Connect, and can be replayed here. The Regional Winners are: New England: Marie Presti, The Presti Group, MA Mid-Atlantic: Ellen Gonik, Coldwell Banker Residential Brokerage,NJ Midwest: John Scaglione, Coldwell Banker Schmidt Realty, OH Southeast: Jeff Tricoli, Keller Williams Preferred Partners, FL Southwest: Wendy Foreman, eXP Realty, OK Mountain: Jan Baer, Baer Realty, CO West: Drew Coleman, Hassan Company Realtors, OR The Inaugural National Winner and 2021 US Agent of the Year is: Jeff Tricoli, Keller Williams Preferred Partners, FL The awards represent excellent customer service and celebrate agents who have created remarkable client experiences. This is the first industry-wide, brokerage-agnostic awards program based primarily on client satisfaction and quality review data, instead of transaction and sales volume alone. It's an important next step in changing the focus to improving the consumer experience and collectively raising the real estate bar together. "Congratulations to our first 2021 U.S Agent of the Year Award winners. The award acknowledges agents in our industry who go above and beyond for American homeowners. With performance-based reviews as a qualifier, receiving an Agent of the Year Award means to have received the highest satisfaction rating across the country – and this is something our winners should be tremendously proud of achieving," said Mark Armstrong, RateMyAgent co-founder and executive director. Access the full list of winners by National Top 100, Regional Top 20 and State Top 10 here. About RateMyAgent RateMyAgent is an Australia-based review platform now expanding rapidly in the United States. In Australia, RateMyAgent is used by agents who sell 80% of property across Australia and get reviews for 1 in 3 homes sold nationally. RateMyAgent launched in the United States in 2018 and has partnerships with MLS's from Florida to California, including CRMLS, the country's largest MLS. They are the first review platform to be included in NAR's REACH Accelerator Program. RateMyAgent is listed on the Australian stock exchange. More information about RateMyAgent can be found at www.ratemyagent.com
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Buyer Activity Continued Its Late-season Surge Across the U.S., Led by Denver, Colorado Springs and Three Utah Cities
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Realtor.com Adds Knock's Home Swap to Seller's Marketplace
Homeowners looking to buy and sell at the same time can now learn more about Knock's Home Swap and eligibility on realtor.com SANTA CLARA, Calif., Jan. 26, 2021 -- Buying and selling a home at the same time can be a tricky process, especially in a competitive housing market. To help homeowners learn about one way to ease the process, realtor.com® has added Knock's Home Swap offering to its Seller's Marketplace. Seller's Marketplace empowers homeowners to sell their home their way by providing information about selling options offered by third-party providers and eligibility in their area. "Signing a contract to buy a new home without having to sell at the same time can make the homebuying process simpler and far less stressful," said realtor.com® Chief Product Officer Rachel Morley. "There are a lot of options available for selling a home, and by adding information about Knock's Home Swap to Seller's Marketplace, consumers can explore more selling options that can help streamline the process of moving to a new home." Knock's Home Swap allows homeowners to make a non-contingent offer on a new home before they sell their old house on the open market. Home Swap is currently available in 15 markets across Arizona, Colorado, Florida, Georgia, North Carolina and Texas. "Homeownership is the American Dream. At the same time, it's often what holds people back," said Knock Co-Founder and CEO Sean Black. "Buying a home is complicated, especially when you have to sell a home. The Home Swap brings certainty, convenience and cost savings to the process, helping a homeowner to win the home of their dreams and move on their terms, avoiding repairs and showings. Unlike an iBuyer, Knock isn't in the business of buying and selling homes. The consumer works with their own agent to list and sell the old house on the open market for the maximum sale price. We're excited to bring the Home Swap to realtor.com®'s users and help them move more freely." Realtor.com® is the only national home search site that enables consumers to compare different selling options and determine the right fit with just a few clicks. Users simply provide basic information about their home and Seller's Marketplace will present them with information about available third-party providers and options in their area. Homeowners will see side-by-side estimates for sale price, timeline and more with no upfront cost or commitment. To learn more about Seller's Marketplace and home selling options, visit: realtor.com/sell/sellers-marketplace. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Realtor.com December Rental Report: Rents in Major Cities Continue to Decline Double Digits
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East Coast Housing Market Continues to Dominate Areas Most Vulnerable to Coronavirus Impact
Counties Most At Risk in Fourth Quarter of 2020 Remain Concentrated in States Running from Connecticut through Florida; New York City, Philadelphia and Chicago Areas Have Biggest Clusters of High-Risk Counties; West Region Remains Less Vulnerable IRVINE, Calif. - Jan. 21, 2021 -- ATTOM Data Solutions, curator of the nation's premier property database, today released its fourth-quarter 2020 Special Coronavirus Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the virus pandemic. The report shows that pockets of the Northeast and other parts of the East Coast remained most at risk in the fourth quarter – with clusters in the New York City and Philadelphia, PA areas – while the West continued to be less vulnerable. The report reveals that New Jersey, Illinois, California, Louisiana, New York, Florida and Maryland had 40 of the 50 counties most vulnerable to the economic impact of the pandemic in the fourth quarter of 2020. They included eight suburban counties in the New York City metropolitan area, four around Philadelphia, PA, and two near Washington, D.C. Another six sat in the Chicago, IL, suburbs and two were in the St. Louis, MO area. Five of the seven western counties in the top 50 during the fourth quarter were in northern California, while Illinois had eight of the nine midwestern counties among those most vulnerable. Outside of Florida and Maryland, the only southern state with more than two counties in the top 50 was Louisiana. Fourth-quarter trends generally continued those found in the third quarter of 2020, but with different concentrations around several major metropolitan areas. The number of counties among the top 50 most at-risk was up from five to eight in the New York, NY, area and from three to six in the Chicago, IL, area, but down from four to two in the Washington, D.C., region and from four to one in the Baltimore, MD area. Markets are considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceed the estimated property value and the percentage of average local wages required to pay for major home ownership expenses. The conclusions are drawn from an analysis of the most recent home affordability, equity and foreclosure reports prepared by ATTOM. Rankings were based on a combination of those three categories in 499 counties around the United States with sufficient data to analyze in the fourth quarter. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. See below for the full methodology. The findings come as the national housing market continues to withstand the effect of the virus pandemic while also remaining vulnerable to a fall. Home values shot up in 2020 by more than 10 percent in about three-quarters of the country, even as significant portions of the economy were shut down or idled, spiking unemployment. But amid a halting economic recovery, the ongoing market boom faces major questions connected to how long the pandemic will last, whether another recession looms and if a surge of buyers seen last year continues. "Areas of the U.S. most at risk from damage connected to the Coronavirus pandemic spread out somewhat in the fourth quarter of 2020. But they still fell mainly along the East Coast, with significant pockets in certain areas, while other parts of the country seem to be less vulnerable," said Todd Teta, chief product officer with ATTOM Data Solutions. "This report is not a sign that any area actually took a fall in the fourth quarter. It's more a gauge of areas that may be more vulnerable if the market falters. In the coming months, much will depend on whether the country can halt the pandemic. We will continue to keep a close watch on home sales and prices to see how everything shakes out in 2021 and if changes hit different regions in different ways." Most vulnerable counties clustered around New York City, Philadelphia and Chicago Eighteen of the 50 U.S. counties most at-risk in the fourth quarter of 2020 from housing market troubles connected to the pandemic (from among the 499 counties with enough data to be included in the report) were in metropolitan statistical areas around New York, NY, Philadelphia, PA, and Chicago, IL. They included eight in or near the New York City suburbs (Bergen, Essex, Ocean, Passaic and Sussex counties in New Jersey, along with Dutchess, Orange and Rockland counties in New York), and four around Philadelphia, PA (Burlington, Camden and Gloucester counties in New Jersey plus Delaware County, PA). The other six were in the Chicago, IL, suburbs (DuPage, Kane, Kendall, Lake, McHenry and Will counties). The New York and Chicago metropolitan areas saw increases from the third quarter of 2020 in the numbers of counties in the top 50 list. While seven of Connecticut's eight counties made the top 50 list in the third quarter of 2020, just two did in the fourth quarter – Litchfield and Windham counties. The number of counties on the list in the Baltimore, MD, metro area also fell notably in the fourth quarter, from four to one (Carroll County) and dropped from four to two in the Washington, D.C, area (Charles County, MD, and Prince George's County, MD). The only western counties among the top 50 most at risk from problems connected to the Coronavirus outbreak in the fourth quarter of 2020 were Butte County (Chico), CA; El Dorado County, CA (outside Sacramento); Humboldt County (Eureka), CA; Madera County, CA (outside Fresno); San Bernardino County, CA; Shasta County (Redding), CA; and Santa Fe County, NM. Louisiana also had four counties in the top 50 during the fourth quarter – Caddo Parish (Shreveport), Livingston Parish (outside Baton Rouge), Orleans Parish (New Orleans) and Tangipahoa Parish (north of New Orleans). Florida had another three – Bay County (Panama City) Charlotte County (outside Fort Myers) and Flagler County (outside Daytona Beach). Higher levels of unaffordable housing, underwater mortgages and foreclosure activity in most-at-risk counties Major home ownership costs (mortgage payments, property taxes and insurance) consumed more than 30 percent of average local wages in 36 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the fourth quarter of 2020. The highest percentages in those counties were in Rockland County (65 percent of average wages needed for major ownership costs); El Dorado County, CA, (outside Sacramento) (57.8 percent); Bergen County, NJ (outside New York City) (55.3 percent); Delaware County, PA (outside Philadelphia) (52 percent) and Beaufort County (Hilton Head), SC (51.7 percent). Nationwide, major expenses on the median-priced home typically consumed 29.6 percent of average wages. At least 15 percent of mortgages were underwater in the third quarter of 2020 (the latest data available on owners owing more than their properties are worth) in 33 of the 50 most at-risk counties. Nationwide, 12.3 percent of mortgages fell into that category. Those with the highest underwater rates in those counties were Lowndes County (Valdosta), GA (36.8 percent of mortgages underwater); Hardin County, KY (outside Louisville) (32.8 percent); Cumberland County (Vineland), NJ (30.8 percent); Caddo Parish (Shreveport), LA (28.6 percent) and Atlantic County (Atlantic City), NJ (27.8 percent). More than one in 2,500 residential properties faced a foreclosure action in the third quarter of 2020 (the latest available data) in 29 of the 50 most at-risk counties. Nationwide, one in 5,048 homes were in that position. (Foreclosure actions dropped about 80 percent last year amid a federal moratorium on banks taking back properties from homeowners behind on their mortgages during the virus pandemic.) Those with the highest rates in those counties were Hardin County, KY (outside Louisville) (one in 1,032 residential properties facing possible foreclosure); Onslow County (Jacksonville), NC (one in 1,090); Caddo Parish (Shreveport), LA (one in 1,361); Saint Clair County, IL (outside St. Louis, MO) (one in 1,409) and Livingston Parish, LA (outside Baton Rouge) (one in 1,562). Counties least at-risk concentrated in Colorado, Massachusetts, Minnesota and Texas Eighteen of the 50 counties least vulnerable to pandemic-related problems from among the 499 included in the fourth-quarter report were in Colorado, Massachusetts, Minnesota and Texas. They were concentrated in the Denver, Boston, Minneapolis, Houston and Dallas metro areas. The largest of the 50 least at-risk counties were Harris County (Houston), TX; King County (Seattle), WA; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX and Middlesex County, MA (outside Boston). Others among the 50 least at-risk counties with a population of at least 500,000 included Hennepin County (Minneapolis), MN; Suffolk County (Boston), MA; Essex County, MA (outside Boston); Norfolk County, MA (outside Boston) and Denver County, CO. Lower levels of unaffordable housing, underwater mortgages and foreclosure activity in less vulnerable counties Major home ownership costs (mortgage, property taxes and insurance) consumed less than 30 percent of average local wages in 33 of the 50 counties that were least at-risk from market problems connected to the virus pandemic in the fourth quarter of 2020. The lowest percentages in those counties were in Marion County (Indianapolis), IN (18.6 percent of average local wages required for major ownership costs); Benton County (Rogers), AR (19.6 percent); Potter County (Amarillo), TX (20.4 percent); Niagara County (Niagara Falls), NY (20.5 percent) and Macomb County, MI (outside Detroit) (20.6 percent). More than 15 percent of mortgages were underwater in the third quarter of 2020 (with owners owing more than their properties are worth) in none of the 50 least at-risk counties. Those with the lowest rates in those counties were Chittenden County (Burlington), VT (3.5 percent); King County (Seattle), WA (4.8 percent); Washington County, OR (outside Portland) (4.8 percent); Marion County (Salem), OR (5.2 percent) and Boulder County, CO (5.2 percent). More than one in 2,500 residential properties faced a foreclosure action in the third quarter of 2020 in none of the 50 least at-risk counties. Those with the lowest rates in those counties included Eau Claire County, WI (no residential properties facing possible foreclosure); Norfolk County, MA (outside Boston) (one in 277,275); Marion County (Salem) OR (one in 125,190); Clark County (Las Vegas), NV (one in 88,856); Suffolk County (Boston), MA (one in 83,310) and Middlesex County, MA (outside Boston) (one in 79,073). Report methodology The ATTOM Data Solutions Special Coronavirus Market Impact Report is based on ATTOM's third-quarter 2020 residential foreclosure and underwater property reports and fourth-quarter 2020 home affordability report. (Press releases for those reports show the methodology for each.) Counties with sufficient data to analyze were ranked based on the percentage of residential properties with a foreclosure filing during the third quarter of 2020, the percentage of properties with outstanding mortgage balances that exceeded estimated market values in the third quarter of 2020 and the percentage of average local wages need to afford the major expenses of owning a median-priced home in the fourth quarter of 2020. Ranks then were added up to develop a composite ranking across all three categories. Equal weight was given to each category. Counties with the lowest composite rank were considered most vulnerable to housing market problems. Those with the highest composite rank were considered least vulnerable. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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RealtyFeed and Generation Z Are the Future of Real Estate
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Is the Beach So Last Year?
Realtor.com report: "Snowbirds" typically searching for sun are favoring nearby ski towns more than ever as they look to escape closer to home SANTA CLARA, Calif., Jan. 15, 2021 -- Searches of homes in ski towns were up nearly 36% year-over-year in the fourth quarter of 2020, according to a new report from realtor.com®. Much of the increased demand is coming from residents of cold weather, Northern states, often referred to as Snowbirds, as they search for homes with outdoor recreation options closer to home during pandemic. "Historically, residents of the Midwest and Northeast have shown a preference for warmer cities, and contributed to much of the out-of-state demand in homes in sunny states, such as Florida," said realtor.com® Chief Economist Danielle Hale. "This year, we found that Snowbirds' interest in ski towns increased more than interest from other areas across the country. It's not surprising. Americans are increasingly searching for getaways that are within driving distance. Skiing is done outdoors and generally at a distance from others, making it a relatively safe sport during the pandemic. Many of these areas offer year-round outdoor activities, making them summer destinations as well." The analysis examined the home searches of residents from 10 "Snowbird" markets to nearly 200 resort-linked ski towns. It found residents of eight of these markets -- Boston; Chicago; Columbus, Ohio; Indianapolis; New York; Philadelphia; Providence, R.I. and Minneapolis -- were showing record interest in ski towns. The exceptions were Baltimore and Detroit, where searches for ski towns were still up year-over-year, but lower than the rest of the U.S. market overall. Views to ski towns from residents of Snowbird metros were up 44.5% in the fourth quarter year-over-year, higher than the 35.7% increase recorded nationwide. Overall, the top 10 ski towns that showed the greatest increase in home shopper interest from Snowbirds averaged a 127% increase in searches in the fourth quarter of 2020 compared to last year. Seven of the 10 top ski towns seeing the largest percentage increase in searches were located in Northeast and Midwest. Ranked in order of percentage increase, the top 10 ski towns in the fourth quarter of 2020 were: 1. Union Dale, Pa. Increase in searches (y/y): 225% Median list price: $185,000 Home to Elk Mountain Ski Resort, which offers 180 skiable acres and 27 trails, Union Dale is an alternative to the more touristy Poconos. It is less than a three-hour drive from both Philadelphia and New York City and just over 30 minutes from Scranton, Pa., the setting for the popular television sitcom, The Office. Scranton is one of the largest cities in Pennsylvania, giving Union Dale residents nearby access to water activities on Lake Scranton, minor league baseball and a vibrant art and restaurant scene. 2. Choteau, Mont. Increase in searches (y/y): 143% Median list price: $174,500 On the path between the Glacier and Yellowstone National Parks at the foot of the Rocky Mountain Front, Choteau provides a small town feel and a wide range of recreational activities from exploring ancient paleontology sites to golfing, hiking, boating, fishing and hunting. Ear Mountain, Freezout Lake and the Teton River are just a few of the area's scenic attractions. Teton Pass Ski Resort, about 20 miles north of Choteau, offers skiing and snowboarding. Great backcountry skiing and snowboarding are also nearby. 3. North Creek, N.Y. Increase in searches (y/y): 132% Median list price: $272,000 Home to the Gore Mt. Ski Center, North Creek is a mecca for outdoor activities, including downhill and backcountry skiing and snowshoeing in the winter and whitewater rafting, hiking, biking, fishing and camping in warmer months. North Creek is located near Lake George and is a four-drive from New York City. Owned by the State of New York and operated by Olympic Regional Development Authority, the Gore Mountain ski area has been expanded in recent years, which has resulted in an influx of private investment in new businesses as well as several new housing developments. 4. Eden, Utah Increase in searches (y/y): 122% Median list price: $1,190,000 Situated along the Ogden River at an elevation of 4,941 feet, downtown Eden is just 30 minutes from Salt Lake City and three world-class ski resorts -- Snowbasin, Powder Mountain and Nordic Valley. Its small town charm includes historic 25th Street, which is lined with shops and restaurants. At the end of 25th Street is Union Station, which houses a vintage car museum, art gallery and a collection of historical trains. In addition to skiing and snowboarding in the winter, Eden offers year-round outdoor activities, including golfing, hiking and biking trails. 5. Windham, N.Y. Increase in searches (y/y): 118% Median list price: $692,000 Windham is located in the Catskill Mountains, just 2.5 hours north of New York City, making it a perfect weekend getaway. It's known for Windham Mountain Resort, with ski trails, terrain parks and a mountain bike park. Area trails include the multi-use Windham Path, passing streams and a covered bridge, and the Escarpment Trail to the summit of Windham High Peak. The Five State Lookout offers far-reaching views of the Hudson River Valley and surrounding mountain ranges. 6. Boone, Iowa Increase in searches (y/y): 113% Median list price: $165,000 Named for the youngest son of Daniel Boone, this Central Iowa town is located about 40 miles north of Des Moines. The town grew rapidly following the arrival of the railroad in 1866, which easily connected it to Chicago to the east, Omaha to the west, St. Louis to the south and Minneapolis to the north. Today, Boone's close proximity to the Des Moines River and abundant parks makes it a good destination for outdoor activities year-round. In addition to hiking at Ledges State Park and skiing, snowboarding and tubing at Seven Oaks, the Boone & Scenic Valley Railroad's dinner train is a great way to enjoy a meal while viewing the changing of the leaves. 7. Otis, Mass. Increase in searches (y/y): 113% Median list price: $402,000 Otis is located in the Berkshires in western Massachusetts. Known for outdoor activities like hiking and water sports, as well as cultural experiences, the Berkshires is a two-hour drive from Boston and only three hours from New York City. This picturesque town is nestled along several lakes and ponds along the slopes of the Berkshire Range. Otis is home to Otis Range, a family-friendly ski resort, several campgrounds and forest preserves, and is a great starting point for hiking with the Taconic, Appalachian and Berkshire ranges all in the vicinity. 8. Lakeside, Mont. Increase in searches (y/y): 105% Median list price: $972,500 The cozy town of Lakeside lines the northwest shores of Flathead Lake at the base of Blacktail Mountain. It is just south of Kalispell and about two hours north of Missoula and is known for entertaining tourists who come to visit the Flathead area and Glacier National Park. Lakeside offers four seasons and something for everyone, including skiing the slopes of Blacktail Mountain and sailing and boating on Flathead Lake as well as biking, camping and horseback riding and a lively cultural and restaurant scene. 9. Paoli, Ind. Increase in searches (y/y): 103% Median list price: $135,000 Home to Paoli Peaks Mountain Resort, the town of Paoli is about 100 miles south of Indianapolis. Paoli was first settled in the early 1800s and holds the distinction of playing a role in the Underground Railroad. Today, Paoli is a close knit community that offers residents a suburban rural mix. In addition to skiing, snowboarding and tubing, Paoli is close to French Lick, which is known for its historic mineral springs. 10. Boyne Falls, Mich. Increase in searches (y/y): 100% Median list price: $321,700 Named for the falls on the nearby Boyne River, this small northern Michigan community is nestled along Lake Charlevoix, which has been named by USA Today as one of the Best Lakes in America. Surrounded by a rolling countryside, Boyne Falls is home to several ski resorts and recreation areas that offer four seasons of outdoor recreation from downhill and cross country skiing, snow biking, snowshoeing and ice skating at Boyne Mountain to golf, ziplining and biking. Nearby Deer Lake offers canoeing, swimming and boating. Methodology: Realtor.com® analyzed search activity to 180 towns with populations of at least 1,000 people and at least one ski resort. Towns are defined by ZIP code and will not match municipal boundaries. The analysis also was narrowed to explore searches from residents of 10 Snowbird metros, which are defined as Northeast and Midwest markets with the highest search traffic to warmer-climate vacation or second home markets. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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NAR Announces May Legislative Meetings Will Be Held Virtually in 2021
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63% of 2020 Homebuyers Made an Offer Sight Unseen, Shattering Previous Record
About 1 in 10 home tour requests to Redfin agents are for a remote video tour SEATTLE, Jan. 14, 2021 -- Nearly two thirds (63%) of people who bought a home last year made an offer on a property that they hadn't seen in person, the highest share since at least 2015. That's up from 32% a year earlier, and 45% in July, which was previously the high point, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin's report is based on a survey it commissioned in November and December of more than 1,900 homebuyers across 32 major markets. "The virtual home tour is here to stay," said Redfin chief economist Daryl Fairweather. "Homebuyers who are searching for a home out of town and don't have the time or ability to view the home in person will use virtual tours as their primary means of viewing a home. The increased use of this technology, coupled with more people relocating, mean the sight-unseen trend will continue, and the majority of homebuyers will make offers sight unseen during their search for a home in 2021." Video tours with a Redfin agent have surged this year, from less than 1% of Redfin tour requests at the beginning of 2020 to about 1 in 10 today. Similarly, monthly views of 3D walkthroughs on Redfin.com have increased 563% since February. "Live-video home tours have gone from futuristic fantasy to an everyday part of the homebuying process," said Connecticut-based Redfin agent, Mary Ellen Wisneski. "Over video I'm able to show my buyers closeups of anything in the home and describe peculiar details they can't experience in 3D walkthroughs or photographs—it's like they are actually there with me." Much of this virtual homebuying activity is being fueled by a surge in migration as remote work becomes much more common. In 2020, 27.8% of Redfin.com users were looking to relocate, an all-time high and up 2.3 percentage points from 25.5% in 2019. To read the full report, please click here. About Redfin Redfin is a technology-powered residential real estate company, redefining real estate in the consumer's favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we are the #1 nationwide brokerage website, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we've helped them buy or sell more than 235,000 homes worth more than $115 billion.
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Second Century Ventures Joins the Oxford Future of Real Estate Initiative
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Chime Successfully Executes Strategic Partner Program to Bolster Real Estate Sales Acceleration Platform
Growing technology ecosystem extends value of CRM to support agents, teams and brokerages amid rapid industry change PHOENIX, Jan. 06, 2021 -- Chime Technologies, an award-winning operating system for the real estate industry, today announced the success of a dedicated technology partner program rolled out in 2020 and spearheaded by Randy Carroll, Strategic Partner and Channel Manager. Randy and the team at Chime thoughtfully identified seven innovative technology partners with complementary tools and services to offer a complete platform purpose built to support this industry. With an unwavering commitment to arming real estate professionals with the tools needed to most effectively do their job, the dedicated partner program is an extension of Chime's proven approach to truly integrating systems for the betterment of the real estate community. To learn more about Chime's partner program, please click HERE. With deep roots in real estate, the forward-thinking team at Chime keenly understands the challenges facing real estate professionals today. Through a thoughtful partner strategy, the team at Chime identified market leaders including Aidentified, Brokermint, Curaytor, Dippidi, PieSynch, Verse.io and Ylopo to bolster the platform and empower agents to focus on what they do best – market and sell properties. Unlike individual point solutions that lack the sophistication to deliver the efficiencies and automation needed to compete in today's market, Chime uniquely offers an all in one platform to address critical pain points, effectively scale the business and support agents despite the rapid pace of change. Chime's partner program goes beyond the status quo of surface level integrations and siloed point solutions cobbled together for show. Instead, the product team maximizes the full potential of each best of breed partner to deliver a powerful technology stack critical for success this year and beyond. With a continued focus on helping agents close more deals without having to work harder, Chime looks forward to expanding its partner ecosystem this year. "Automation across the buying and selling process has become lynchpin to safely and effectively doing business today. Through our valued partnerships, Chime is well positioned to support agents from lead generation to transaction management in one, integrated platform," said Randy Carroll, Strategic Partner and Channel Manager, Chime. "We will continue to seek out like minded organizations, built on innovative technology and dedicated to serving the real estate industry, to arm agents with the tools needed for long term success." About Chime Technologies Chime is an all-in-one Sales Acceleration Platform for the real estate industry headquartered in Phoenix, Arizona. Its award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit www.chime.me.
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Realtor.com December Housing Report: Number of Homes for Sale Hits an All-Time Low
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Homeownership Slips Into Unaffordable Territory Across Majority of U.S. in Fourth Quarter of 2020
Average Wage Below Level Needed To Afford Typical Home in the U.S.; Affordability Worsened in Fourth Quarter in 55 Percent of Housing Markets; Median Home Prices Up At Least 10 Percent in Most of Nation IRVINE, Calif. - Dec. 31, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its fourth-quarter 2020 U.S. Home Affordability Report, showing that median home prices of single-family homes and condos in the fourth quarter of 2020 were less affordable than historical averages in 55 percent of counties with enough data to analyze, up from 43 percent a year ago and 33 percent three years ago. Yet rising wages and falling mortgage rates still helped keep median home prices close to affordable for average wage earners across the country. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a $100,000 loan and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below, which has changed from earlier reports to account for higher down payments and two-worker households). Compared to historical levels, 275 of the 499 counties analyzed in the fourth quarter of 2020, or 55 percent, were less affordable than past averages, up from 217 of the same group of counties in the fourth quarter of 2019 and 164 in the fourth quarter of 2017. The fallback came as continued spikes in median home prices of at least 10 percent over the past year in most of the country outpaced the impact of increasing wages and declining mortgage rates to historic lows. Those price increases occurred as the U.S. housing market kept booming despite economic troubles related to the ongoing Coronavirus pandemic. With prices rising faster than earnings, major home-ownership expenses consumed 29.6 percent of the average wage across the nation during the fourth quarter of 2020. That figure was up from 26.4 percent in the fourth quarter of 2019 and was above the 28 percent benchmark lenders prefer for how much homeowners should spend on those major expenses – mortgage payments, insurance and property taxes. Those costs exceeded the benchmark in 59 percent of the counties included in the fourth-quarter 2020 report. "Owning a home in the United States slipped into the unaffordable zone for average workers across the nation in the fourth quarter as the numbers continued a year-long slide in the wrong direction. The latest housing market data shows the average worker unable to meet the 28 percent affordability guideline used by lenders," said Todd Teta, chief product officer with ATTOM Data Solutions. "That's happened as home prices have continued rising throughout 2020 and the housing market has remained remarkably resilient in the face of the brutal economic fallout from the Coronavirus pandemic. The future remains wholly uncertain and affordability could swing back into positive territory. But for now, things are going in the wrong direction for buyers." Among the 499 counties in the report, 203 (41 percent) had major home-ownership expenses on typical homes in the fourth quarter that were affordable for average local wage earners. The largest of those counties, based on the 28-percent guideline, were Cook County (Chicago), IL; Harris County (Houston), TX; Philadelphia County, PA; Hillsborough County (Tampa), FL and Cuyahoga County (Cleveland), OH. The most populous of the 296 counties with unaffordable major expenses on median-priced homes for average earners in the fourth quarter of 2020 (53 percent of the counties analyzed) were Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, (outside Los Angeles), CA, and Miami-Dade County, FL. Home prices up at least 10 percent in more than three quarters of country Median home prices in the fourth quarter of 2020 were up by at least 10 percent from the fourth quarter of 2019 in 395, or 79 percent, of the 499 counties included in the report. Counties were included if they had a population of at least 100,000 and at least 50 single-family home and condo sales in the fourth quarter of 2020. Among the 41 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the fourth quarter of 2020 were in Cook County (Chicago), IL (up 32 percent); Philadelphia County, PA (up 22 percent); Fulton County (Atlanta), GA (up 22 percent); Travis County (Austin), TX (up 20 percent) and Contra Costa County, CA (outside San Francisco) (up 19 percent). Counties with a population of at least 1 million that had the smallest increases (or price declines) in the fourth quarter were Middlesex County, MA (outside Boston) (down 9 percent); New York County (Manhattan), NY (down 3 percent); Fairfax County, VA (outside Washington, DC) (up 3 percent); Queens County, NY (up 8 percent) and Montgomery County, MD (outside Washington, DC) (up 8 percent). Price appreciation up more than wage growth in over 90 percent of markets Home price appreciation outpaced average weekly wage growth in the fourth quarter of 2020 in 460 of the 499 counties analyzed in the report (92 percent), with the largest counties including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ, and San Diego County, CA. Average annualized wage growth outpaced home price appreciation in the fourth quarter of 2020 in only 39 of the 499 counties in the report (8 percent), including New York County (Manhattan), NY; Middlesex County, MA (outside Boston); Fairfax County, VA (outside Washington, DC); Honolulu County, HI, and Hidalgo County (McAllen), TX. Average wages needed to afford median-priced home exceed $75,000 in a quarter of markets Annual wages of more than $75,000 were needed in the fourth quarter of 2020 to afford the typical home in 124, or 25 percent, of the 499 markets in the report. The highest annual wages required to afford the typical home were in San Mateo County (outside San Francisco), CA ($282,117); New York County (Manhattan), NY ($297,010); San Francisco County, CA ($277,757); Marin County (outside San Francisco), CA ($270,893) and Santa Clara County (San Jose), CA ($250,700). The lowest annual wages required to afford a median-priced home in the fourth quarter of 2020 were in Bibb County (Macon), GA ($19,188); St. Lawrence County, NY (north of Syracuse) ($23,742); Trumbull County, OH (outside Youngstown) ($24,023); Calhoun County, AL (east of Birmingham) ($24,151) and Allen County (Lima), OH ($24,285). Majority of housing markets less affordable than historic averages Among the 499 counties analyzed in the report, 275 (55 percent) were less affordable in the fourth quarter of 2020 than their historic affordability averages, up from 43 percent of the same group of counties in the fourth quarter of 2019. Counties with at least 1 million people that were less affordable than their historic averages (indexes below 100 are considered less affordable compared to their historic averages) included Dallas County, TX (index of 83); Travis County (Austin), TX (84); Tarrant County (Fort Worth), TX (85); Oakland County, MI (outside Detroit) (85) and Philadelphia County, PA (86). Among counties with at least 1 million people, those where the affordability indexes declined the most from the fourth quarter of 2019 to the fourth quarter of 2020 were Cook County (Chicago), IL (index down 16 percent); Philadelphia County, PA (down 9 percent); Fulton County (Atlanta), GA (down 8 percent); Travis County (Austin), TX (down 7 percent) and Cuyahoga County (Cleveland), OH (down 7 percent). Number of markets more affordable than historic averages declines Among the 499 counties in the report, 224 (45 percent) were more affordable than their historic affordability averages in the fourth quarter of 2020, down from 57 percent in the fourth quarter of last year. Counties with a population greater than 1 million that were more affordable than their historic averages (indexes of more than 100 are considered more affordable compared to their historic averages) include Middlesex County, MA (outside Boston) (index of 138); New York County (Manhattan), NY (130); Montgomery County, MD (outside Washington, D.C.) (121); Fairfax County, VA (outside Washington, D.C.) (117) and King County (Seattle), WA (107). Counties with the best affordability indexes in the fourth quarter of 2020 were Richmond County (Staten Island), NY (index of 143); Bristol County, MA (outside Providence, RI) (142); Onslow County (Jacksonville), NC (141) and Middlesex County, MA (outside Boston) (138). The largest improvements in affordability indexes from the fourth quarter of 2019 to the fourth quarter of 2020 were in Richmond County (Staten Island), NY (up 35 percent); Terrebonne Parish (Houma), LA (up 29 percent); Middlesex County, MA (outside Boston) (up 23 percent); Essex County, MA (outside Boston) (up 18 percent) and New York County (Manhattan), NY (up 17 percent). Report Methodology The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 499 U.S. counties with a combined population of 232.4 million. The affordability index is based on the percentage of average wages needed to pay for major expenses on a median-priced home with a 30-year fixed rate mortgage and a $100,000 loan. Those expenses include property taxes, home insurance, mortgage payments and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments. The report determined affordability for average wage earners by calculating the amount of income needed for major home ownership expenses on a median-priced home, assuming a $100,000 loan and a 28 percent maximum "front-end" debt-to-income ratio. For instance, the nationwide median home price of $297,200 in the fourth quarter of 2020 required an annual gross income of $64,447, based on a $100,000 loan and monthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income is more than the $64,447 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for an average household with two wage earners. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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