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John L. Scott Teams Up with Buyside to Help Homeowners Understand Real-time Buyer Demand for Their Home
Buyside's analytics platform allows John L. Scott Real Estate brokers to capitalize on data in order to better predict buyer intent WAYNE, PA (Oct. 29, 2019) – After record-breaking growth in 2018 and continued pace in 2019, Buyside, a real estate data analytics company, has solidified partnerships with over 50 percent of the REAL Trends Top 50 ranked brokerage firms. Now, Buyside's latest partnership is with industry leader John L. Scott Real Estate, a real estate company recognized as one of the top-20 residential real estate brands in the nation. As a pioneer in the real estate technology space best known for leveraging buyer data, Buyside represents a powerful new way for large brokerages — such as John L. Scott — to capture seller leads, generate and secure more listings, and close more transaction sides in-house. As a trailblazer in the hyperlocal real estate market in Washington, Oregon, Idaho and California, John L. Scott has provided countless clients with efficient and customized service since 1931, continuously investing in its brokers' success with the latest cutting-edge technology. REAL Trends' case study takes an in-depth look at the opportunities large brokerages have when they leverage one of their greatest untapped assets: data. It reveals that on average, Buyside clients experience a 42X return on investment. John L. Scott Real Estate is the latest company to utilize Buyside's proprietary algorithms, with the aim of helping take brokers take their businesses to the next level. With significant growth over the past two years, Buyside is doubling down on resources to drive continued customer success across its growing user base of nearly 200,000 agents at top brokerage firms nationwide. Buyside continues to provide exceptional training and support to its users, as well as enhancing the user experience through streamlined integrations. "We're thrilled to be partnering with some of the most productive, innovative brokerage firms in the country," said Charles J Williams IV, chief executive officer at Buyside. "In a sea of new tools and shiny objects, brokerage leaders must carefully invest their time and resources in solutions that deliver real ROI." When it comes to ROI, Teresa Duran, chief information officer at John L. Scott, is confident this new partnership will deliver great results. "Buyside brings us powerful insights about what's happening in the marketplace and allows us to more effectively bring buyers and sellers together," said Duran. "That, coupled with our recently updated home search app, are just two recent developments in our digital transformation efforts." Investments in technology, such as Buyside's aggregated analytics, are poised to cement John L. Scott brokers at the forefront of the industry by giving them a competitive advantage and providing unparalleled access to buyer insights. About Buyside Buyside is a data analytics and marketing company whose mission is to help real estate brokers profit from their largest untapped asset—data. Buyside collects online and offline search activity from homebuyers and homeowners, using it to power actionable insights and intelligent marketing tools that help brokers capture seller leads, win more listings, and close more transaction sides in-house. For more information, visit getbuyside.com or email [email protected] About John L. Scott Real Estate John L. Scott Real Estate, led by third-generation Chairman and CEO J. Lennox Scott, has been helping buyers and sellers realize their homeownership dreams since 1931. JLS has over 110 offices with more than 3,000 brokers in Washington, Oregon, Idaho and California. JLS is recognized as one of the top 20 residential real estate brands in the nation. Annually, John L. Scott closes nearly 34,000 transactions, totaling more than 14 billion dollars in sales volume. In support of the company's core value, Living Life as a Contribution®, the John L. Scott Foundation helped sponsor over 30 events for 20 children's hospitals in 2018, which helped raise over $15 million for children's healthcare.
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Bidding Wars Fell to New 8-Year Low in August with 10% of Redfin Offers Facing Competition
San Francisco, San Diego and Las Vegas were the most competitive housing markets in August, but local buyers were far less likely to face a bidding war than last summer SEATTLE, Sept. 4, 2019 -- 10.4 percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in August, down from more than 42 percent a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. August's bidding-war rate overtakes July's 11.4 percent rate as the lowest on record since at least 2011. The national bidding war rate reached a high of 59 percent in March 2018 before starting to drop as homebuyers reached their limit with sky-high housing prices and rising mortgage rates. "Despite remaining near three-year lows, mortgage rates have failed to bring enough buyers to the market to rev up competition for homes this summer," said Redfin chief economist Daryl Fairweather. "Recession fears have been enough to spook some would-be buyers from making the big financial commitment of a home purchase. But assuming a recession doesn't arrive this fall or winter, consumers will likely adjust to the new 'normal' of continued volatility in the stock and global markets, and the people who need and want to make a move will take advantage of low mortgage rates. As a result, I still expect homebuying competition to pick back up in the new year." The San Francisco metro was the most competitive market in August, with 31 percent of offers written by Redfin agents on behalf of their homebuying customers facing a bidding war. But even though that's more competitive than every other major market in the U.S., the local bidding war rate is down from 73.5 percent a year earlier and down slightly from 31.8 percent in July. San Francisco is followed by fellow California metro San Diego, which saw an 18.4 percent bidding war rate. Then come Las Vegas (17.1%), Boston (15%) and Los Angeles (14.4%). The rate in San Jose was 10.3 percent, down from 77 percent a year earlier, and in Seattle, another expensive West Coast metro, it was 9.4 percent, a big year-over-year dip from 37.8 percent in August 2018. "Competition in the Seattle area has certainly slowed down since the second half of 2018. Last year, five out of five offers I submitted faced competition; now, it's one in five," said local Redfin agent Michelle Santos. "Now, for desirable homes, competition is still fierce, and the winning offer is one that's above the list price and waives contingencies. At the same time, average homes sit on the market for quite some time before they get any offers." Atlanta led the pack of least competitive markets, with just 2.4 percent of the offers submitted by Redfin agents in August facing competition. It's followed by Miami (3.1%), Raleigh (4.2%), Philadelphia (4.3%) and Chicago (5%). To read the full report, please visit: https://www.redfin.com/blog/august-2019-real-estate-bidding-wars About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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RE/MAX Results Launches Buyside, Arming Agents with Real-time Buyer Demand Insights
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RE/MAX Results Launches Buyside, Arming Agents with Real-time Buyer Demand Insights
The largest RE/MAX franchise in the country partners with Buyside, becoming the first brokerage to bring real-time buyer demand insights to Minnesota & Western Wisconsin PHILADELPHIA, PA, April 10, 2019 -- RE/MAX Results, the largest and most productive RE/MAX franchise in the country by transaction sides, announced a company-wide launch of Buyside, a groundbreaking new platform providing its sales professionals and their customers unprecedented insight into the buyer demand in their marketplace. The platform aggregates buyer activity in real-time across major real estate search portals, leading brokerage websites and other platforms, helping reveal prospective buyers for a specific home. "RE/MAX Results has a longstanding history of providing the very best marketing & technology tools to support our sales associates. We continue to deliver on that promise, being the first brokerage in our market to arm our sales associates with Buyside, a platform that provides valuable intel about what's going on in the market and helps us successfully connect more home-buyers and sellers," said Brenda Tushaus, CEO of RE/MAX Results. The partnership between Buyside and RE/MAX Results will help its 1,100+ sales professionals connect with more prospective home sellers by providing insight into the number of buyers actively searching for a home just like theirs. This intel will help RE/MAX Results agents determine optimal pricing for the property and after being listed for sale, automatically connect them to agents within their network who have a matching buyer for the home. "We're thrilled to be working with RE/MAX Results," said Alissa Harper, VP of Growth at Buyside. "Our partnership provides their sales professionals with a considerable advantage in their market and an innovative new way to best serve their customers." Buyside's core products include Home Valuation Sites which allow homeowners to understand the approximate value of their home using multiple automated valuations, as well as insight into the real-time buyer demand in their market. A Buyer Market Analysis report from Buyside which helps listing agents navigate pricing scenarios with prospective sellers while showcasing a list of matching buyers available for the home. Lastly, the back-end matching platform from Buyside intelligently connects listings agents with buyers agents who are a match for the property - ensuring more targeted marketing of the home and a quicker sale. About Buyside Buyside is a data analytics & marketing company on a mission to help real estate brokers profit from their largest untapped asset: data. Buyside aggregates buyer activity from a variety of sources, using it to power actionable insights and intelligent marketing tools that help brokers: generate and capture seller leads, win more listings, and close more transaction sides in house. For more information, visit http://getbuyside.com. About RE/MAX Results RE/MAX Results operates out of the Twin Cities, St. Cloud, Rochester, Duluth/Superior, Mankato, and western Wisconsin markets. Based upon the principles of entrepreneurship and customer service, RE/MAX Results has grown to 38 offices and more than 1,100 Sales Executives, making it the largest and most productive RE/MAX franchise in the United States. For over 30 years, RE/MAX Results has been leading the way with the highest producing sales executives in the country. RE/MAX Results is committed to selecting the most capable people in real estate—providing the best, most streamlined operational infrastructure, management by participation, and the highest standards of professionalism in the industry. For more information, visit results.net.
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Inside Real Estate's kvCORE Platform Adds Robust Business Analytics to Help Real Estate Businesses Drive Bottom Line Results
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Introducing Secrets to Success Using Market Analytics
Market Analytics Success Guide Check out our new FREE Success Guide. Learn step-by-step tricks and tools using market analytics to win BIG in 2019! What you will learn: Marketing Effectiveness with Market Analytics Positioning Yourself as THE Neighborhood Expert Choosing the Right Marketing Analytics Tools for You The five products that will help you communicate market insights to consumers: BrokerMetrics® Recruit. Retain. Know Your Business. PRODUCT OVERVIEW BrokerMetrics® is a software toolkit that helps brokers and their teams become industry insiders and dominate their local markets. ListTrac You list it, we track it - analytics and reporting for your listing’s online performance PRODUCT OVERVIEW ListTrac provides unbiased, actionable marketing intelligence in one place for you to guide your online listing campaigns. RPR We specialize in helping MLS and Real Estate publishers monetize their websites without damaging their brand or user experience. PRODUCT OVERVIEW Realtors Property Resource® (RPR®) is an innovative website and app that brings together all available public records and MLS data and provides colorful, easy to share reports for every corner of real estate. MLS Tax Suite Comprehensive and Accurate Property Data at Your Fingertips PRODUCT OVERVIEW Since 1989, CRS Data has provided innovative data services that puts the power of clear and accurate property information in the hands of leading professionals. Market Snapshot® Stay top-of-mind & be the neighborhood expert with a follow-up system that gives your clients real-time, real estate market data & insights. PRODUCT OVERVIEW Stay relevant, keep contacts engaged and stake your claim as the market pro by empowering your contacts with accurate, real-time MLS market reports tailored to their needs.
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CoreLogic Reports National Rent Growth Remains Steady As Home Price Growth Slows
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Lovell Minnick Partners Acquires ATTOM Data Solutions, Leading Provider of Real Estate Data and Analytics
New Partnership Positions Market-Leading Property Data Expert for Sustained Growth PHILADELPHIA, LOS ANGELES and NEW YORK, January 8, 2019 – Lovell Minnick Partners, a private equity firm specializing in financial and related business services companies, today announced it has completed the acquisition of ATTOM Data Solutions ("ATTOM" or "the Company"), a leading provider of national real estate data and analytics. Lovell Minnick acquired ATTOM from Renovo Capital and Rosewood Private Investments. Financial terms of the private transaction were not disclosed. Headquartered in Irvine, California, ATTOM manages a comprehensive data platform that draws upon a wide range of sources to provide 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. ATTOM licenses its data to companies in the real estate, mortgage, insurance, marketing and adjacent industries. "ATTOM's data provides mission-critical insights to enterprise clients who seek to make well-informed business decisions with the benefit of historic, rich and near real-time data," said Jason Barg, Partner, Lovell Minnick Partners. "We're excited to partner with CEO Rob Barber and his team who have an excellent reputation for leadership and innovation in the real estate data and information services market." "ATTOM remains focused on expanding our seamless end-to-end data platform to deliver greater value for our customers as we continue to grow our market share in our core markets and build out our footprint in new end-markets across the U.S.," said Barber. "We look forward to the next chapter of our growth, supported by the experience and resources of Lovell Minnick Partners, as we further strengthen our position as the premier one-stop shop for high-quality real estate data." Lovell Minnick Partners has strong experience investing in technology-enabled service providers in the financial services sector, such as Engage People Inc., an innovative, market-leading solutions provider for the global loyalty and incentive industry, and more recently, SRS Acquiom, a market-leading provider of technology-enabled solutions to facilitate private market M&A transactions. Lovell Minnick Partners also has deep industry knowledge and relationships in the property sector developed through proprietary research and through prior investments in the space such as J.S. Held, a specialty advisory firm that provides property loss consulting among other services, and CenterSquare Investment Management, a global investment manager focused on actively managed real estate and infrastructure strategies. "ATTOM's management team has generated strong organic growth and successfully pursued accretive strategic opportunities such as their acquisition of neighborhood data provider Onboard Informatics in early 2018," said John Cochran, Partner, Lovell Minnick Partners. "We believe the Company's innovative technology platform, focus on superior data quality and customer service, and its recurring license revenue model position ATTOM extremely well for continued success in the space. We are eager to support management in executing their strategic plan to build the leading technology platform in the real estate data industry." ATTOM's extensive property database is also used to power consumer-facing websites such as RealtyTrac.com, Homefacts.com and HomeDisclosure.com. Morgan Lewis served as LMP's legal counsel. GCA Advisors acted as financial advisor to ATTOM, while Venable LLP served as ATTOM's legal counsel. Monroe Capital provided debt financing for the transaction. About Lovell Minnick Partners LLC Lovell Minnick Partners LLC is a private equity firm with expertise in investing in the financial and related business services sectors. With offices in Philadelphia, Los Angeles and New York, Lovell Minnick provides developing companies with equity capital to support private company recapitalizations, leveraged buyouts and pursue growth initiatives. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies. Targeted investment areas include asset management, wealth management, investment product distribution, specialty finance, insurance brokerage and services, financial and insurance technology and business services. For more information, please visit www.lmpartners.com. 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, APIs, market trends, marketing lists, match & append and more.
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CoreLogic Loan Performance Insights Finds Declining Mortgage Delinquency Rates for April as States Impacted by 2017 Hurricanes Continue to Recover
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Affordability Moves Hot Markets Eastward from the West Coast
Midland, Texas retains hottest housing market title; possible Amazon HQ2 contenders take No. 2 and No. 3 spots SANTA CLARA, Calif., July 5, 2018 -- The nation's hottest markets are increasingly scattered throughout the country instead of dotted along its pricey western edge as more affordable markets move up the ranks, according to realtor.com®'s list of June's hottest housing markets. On average, markets in the top 20 hottest markets that have prices lower than realtor.com®'s national median list price of $299,000 jumped 12 ranking spots year-over-year. At the same time, California ended its historic streak of dominating the hotness list, dropping out of the top five rankings for the first time in six years. Midland, Texas, took the top spot for the second month in a row, followed by Columbus, Ohio and Boston -- which were both on the list of headquarters contenders announced by Amazon. In the hottest markets, homes continue to sell quickly. Age of inventory in the top 20 markets averaged only 34 days, faster than last June (36 days) with the typical age of inventory registering 40 days or less in each of the top 20 markets. Amid the most competitive home-buying season in history, buyers are increasingly gravitating toward less-expensive locales. According to realtor.com®'s June data, eight of the 20 hottest markets featured list prices that fell below June's median list price of $299,000. These markets saw the biggest upward movement on the list, while higher price markets did not see significant upward movement. "As the record pace of sales continues to challenge would-be homebuyers, the hottest market rankings show that buyers are looking for markets that offer relative affordability," said Danielle Hale, chief economist at realtor.com®. "In the three cities that were on Amazon's list of possible HQ2 contenders - Columbus, Ohio, Boston and Dallas - affordability isn't taking as big a hit as in other hot markets despite properties selling faster than just about everywhere else. This would change if Amazon were to come to town." In Columbus, prices stayed consistent year-over-year and, at $250,000, still remain below the typical U.S. median. Although Boston is pricey - the typical listing runs $529,000 – prices increased only 6 percent annually, compared to 9 percent for the U.S. as a whole. Finally, in Dallas, where listing prices are above the typical U.S. median at $356,000, the change in prices was also more manageable at just a 1 percent increase from last year. According to realtor.com®'s June housing data, the nation's inventory of active home listings decreased 4 percent on an annual basis, a slower rate than the 8 percent average decrease in the previous 12 months. Coupled with 547,000 new listings hitting the market in June, a 2 percent increase year-over-year, there is some relief to tight inventory conditions. But, with a record low of 54 days on market and a record high median listing price, the U.S. housing market will continue to be a challenge for buyers for the foreseeable future. Realtor.com® Hotness Index **Realtor.com® reviewed listing views by market as an indicator of demand and median days on market as an indicator of supply. This analysis led to the identification of the 20 hottest medium-sized to large markets in the country. About realtor.com® Realtor.com®, The Home of Home SearchSM, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. 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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CoreLogic Reports May Home Prices Increased by 7.1 Percent, Consumers Express Desire to Buy Despite High Prices
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Pending Home Sales Inch Back 0.5 Percent in May
WASHINGTON (June 27, 2018) – Pending home sales decreased modestly in May and have now fallen on an annualized basis for the fifth straight month, according to the National Association of Realtors®. A larger decline in contract activity in the South offset gains in the Northeast, Midwest and West. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.5 percent to 105.9 in May from 106.4 in April. Lawrence Yun, NAR chief economist, says this year's spring buying season will go down as one of unmet expectations. "Pending home sales underperformed once again in May, declining for the second straight month and coming in at the second lowest level over the past year," he said. "Realtors® in most of the country continue to describe their markets as highly competitive and fast moving, but without enough new and existing inventory for sale, activity has essentially stalled." The lackluster spring, according to Yun, has primarily been a supply issue, and not one of weakening demand. If the recent slowdown in activity were because buyer interest is waning, price growth would start slowing, inventory would begin rising and homes would stay on the market longer. Instead, the underlying closing data in May showed that home price gains are still outpacing income growth, inventory declined on an annual basis for the 36th consecutive month, and listings typically went under contract in just over three weeks. "With the cost of buying a home getting more expensive, it's clear the summer months will be a true test for the housing market. One encouraging sign has been the increase in new home construction to a 10-year high," added Yun. "Several would-be buyers this spring were kept out of the market because of supply and affordability constraints. The healthy economy and job market should keep many of them actively looking to buy, and any rise in inventory would certainly help them find a home." Yun now forecasts for existing-home sales in 2018 to decrease 0.4 percent to 5.49 million – down from 5.51 million in 2017. The national median existing-home price is expected to increase around 5.0 percent. In 2017, existing sales increased 1.1 percent and prices rose 5.7 percent. The PHSI in the Northeast increased 2.0 percent to 92.4 in May, but is still 4.8 percent below a year ago. In the Midwest the index rose 2.9 percent to 101.4 in May, but is still 2.5 percent lower than May 2017. Pending home sales in the South declined 3.5 percent to an index of 122.9 in May (unchanged from a year ago). The index in the West inched forward 0.6 percent in May to 94.7, but is 4.1 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Median Listing Price for Homes Hits Record $299,000 in June; Days on Market Also At Record Low of 54 Days
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ATTOM Data Solutions and AVM Analytics Launch New Lender-Grade AVM Available for 80 Million U.S. Homes
New ATTOMIZED AVM Available in 2,194 U.S. Counties Located in all 50 States; Full White Paper Detailing "Black Box" Behind AVM Methodology Available to Download IRVINE, Calif. – June 26, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, and AVM Analytics, a valuation software development firm, today announced the launch of a new lender-grade automated valuation model — ATTOMIZED AVM. Valuations from the ATTOMIZED AVM are available for more than 80 million U.S. homes. The new ATTOMIZED AVM is now available for delivery via ATTOM's various data delivery platforms — bulk file, API, match-and-append, custom reports, and ATTOM Lists. "The new ATTOMIZED AVM fills an important gap in the world of property valuation products that primarily reside on one of two extremes: overpriced lender-grade AVMs that are only cost-effective for a select few giant corporations; and free AVMs available to the masses but diluted due to their inherent need to be all-inclusive — not to mention they are typically not available to be delivered in bulk," said Rob Barber, CEO with ATTOM Data Solutions. "The ATTOMIZED AVM targets the big middle between those two extremes, providing the marketplace with a lender-grade AVM delivered via bulk data delivery platforms that are flexible and cost-effective." The new ATTOMIZED AVM employs multiple valuation models to calculate the estimated value of a home and then applies a cascading model selection algorithm to choose the approach that is most accurate in the geographic area surrounding the individual property. Accuracy rates are run regularly, comparing historic ATTOMIZED AVM values to actual sales prices, to ensure the model is continuing to cascade to the most accurate approach in every geography nationwide. Request ATTOMIZED AVM white paper with detailed explanation of methodology and accuracy. The model also intentionally excludes several types of properties that can have a negative impact on the predictive value of other homes and that require more situation-specific data and modeling outside of the methodologies that work best for standard residential properties of one to four units. Some excluded property types are mobile homes, extremely high-end luxury homes, special use properties, homes on farm land, and multi-unit homes with five or more units. "What we exclude is important," said Clifford A. Lipscomb, vice chair and co-managing director with AVM Analytics. "Not only do we exclude certain anomalous property types, but we also exclude the subject property itself, making our monthly accuracy tests a true out-of-sample comparison." Each property's AVM includes a confidence score that represents the precision of the AVM estimate and provides the basis for a range of values around the AVM, which is also included in the data delivered to clients. For example, a property with an ATTOMIZED AVM value of $500,000 and a confidence score of 92 could be expected to sell within 8 percent of the AVM — a range of $460,000 to $540,000. The confidence score, generated via a re-sampling process, offers a conservative estimate of precision due to our consideration of the full distribution of prices in local markets. "The ATTOMIZED AVM provides our customers with greater transparency on two levels," said Andy Krause, principal data scientist with AVM Analytics, who manages the ongoing development of the ATTOMIZED AVM. "First, we deliver transparency on the individual valuation level by including greater details of the value estimate range and the process of selecting between our multiple models. Second, we offer transparency on the overall process we use for this AVM in the form of a detailed white paper available to download upon request. Access to this ‘black box' used to develop an AVM is extremely rare in the industry, but we believe this level of transparency will arm our clients with more complete information to help them make better-informed decisions." Join webinar introduction to the new ATTOMIZED AVM from ATTOM Data Solutions. 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, APIs, market trends, marketing lists, match & append and more. About AVM Analytics AVM Analytics is a valuation software development firm focused on providing insightful, transparent, and scalable solutions to clients interested in evaluating local real estate market dynamics. Its principals have more than 70 years of combined valuation experience spanning research and development activities in the appraisal and tax assessment industries, academic research, and automated valuation model design and development.
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Redfin Housing Demand Index Up 7 Percent in May
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U.S. Home Prices at Least Affordable Level Since Q3 2008
Home Prices Less Affordable Than Historic Averages In 59 Percent of Local Markets; 75 Percent of Local Markets Not Affordable for Average Wage Earners IRVINE, Calif. – June 21, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q2 2018 U.S. Home Affordability Report, which shows that the U.S. home prices in the second quarter were at the least affordable level since Q3 2008. The report calculates an affordability index based on percentage of income needed to buy a median-priced home relative to historic averages, with an index above 100 indicating median home prices are more affordable than the historic average, and an index below 100 indicating median home prices are less affordable than the historic average. (See full methodology below.) Nationwide, the Q2 2018 home affordability index of 95 was down from an index of 102 in the previous quarter and an index of 103 in Q2 2017 to the lowest level since Q3 2008, when the index was 86. "Slowing home price appreciation in the second quarter was not enough to counteract an 11 percent increase in mortgage rates compared to a year ago, resulting in the worst home affordability we've seen in nearly 10 years," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Meanwhile home price appreciation continued to outpace wage growth, speeding up the affordability treadmill for prospective homebuyers even without the rise in mortgage rates." Home prices rising faster than wages in 64 percent of local markets Nationwide the median home price of $245,000 in Q2 2018 was up 4.7 percent from a year, down from 7.4 percent appreciation in the first quarter but still above the average weekly wage growth of 3.3 percent. Since bottoming out in Q1 2012, median home prices nationwide have increased 75 percent while average weekly wages have increased 13 percent during the same period. Annual growth in median home prices outpaced average wage growth in 275 of the 432 counties analyzed in the report (64 percent), including Los Angeles County, California; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. Lowest home affordability indexes in Flint, Denver, Santa Fe, Nashville Counties with the lowest home affordability indexes in Q2 2018 were Genesee County (Flint), Michigan (70); Denver County, Colorado (72); Adams County (Denver area), Colorado (73); Santa Fe County, New Mexico (73); and Wilson County (Nashville area), Tennessee (75). Among 40 counties with a population of at least 1 million, those with the lowest home affordability indexes in Q2 2018 were Travis County (Austin), Texas (77); Alameda County (San Francisco area), California (81); Santa Clara County (San Jose), California (82); Oakland County (Detroit area), Michigan (82); and San Francisco County, California (83). Highest share of income needed to buy a home in Bay Area, Brooklyn Nationwide an average wage earner would need to spend 31.2 percent of his or her income to buy a median-priced home in Q2 2018, above the historic average of 29.6 percent. Counties with median home prices requiring the highest share of average wage earner income were Marin County (San Francisco area), California (133.2 percent); Kings County (Brooklyn), New York (123.1 percent); Santa Cruz County, California (121.5 percent); Monterey County (Salinas), California (100.3 percent); and San Francisco County, California (97.2 percent). Counties with median home prices requiring the lowest share of average wage earner income were Wayne County (Detroit), Michigan (13.5 percent); Clayton County, Georgia (13.7 percent); Rock Island (Quad Cities), Illinois (15.8 percent); Saginaw County, Michigan (16.4 percent); and Richmond County (Augusta), Georgia (16.4 percent). Median home prices not affordable for average wage earners in 75 percent of local markets An average wage earner would not qualify to buy a median-priced home in 326 of the 432 counties (75 percent) analyzed in the report based on a 3 percent down payment and a maximum front-end debt-to-income ratio of 28 percent. Counties where an average wage earner could not afford to buy a median-priced home in Q2 2018 included Los Angeles County, California; Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. 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, APIs, market trends, marketing lists, match & append and more.
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Existing-Home Sales Backpedal, Decrease 0.4 Percent in May
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May Real Estate Market the Fastest on Record; Prices Up 6.3 Percent
The Typical Home Found a Buyer in 34 Days; Denver Homes Sold in Just Six Days SEATTLE, June 14, 2018--The typical home that sold in May went under contract in 34 days, according to Redfin, the next-generation real estate brokerage. May broke April's record of 36 days, which was the fastest month Redfin had recorded going back to 2010. Amid the speed, the national median home sale price rose to $305,600, a 6.3 percent increase from May 2017 across the 174 markets that Redfin tracks. The number of newly listed homes for sale increased 4.3 percent compared to May of last year, driving a 3.6 percent increase in the number of homes sold. However, the overall supply of homes declined 5.4 percent during the same time period. Just 2.5 months of supply remained at the end of the month, compared to the six months that generally signals a balanced market. Among homes that sold in May, 27.6 percent sold above their list price, the highest percentage Redfin has recorded, indicating strong competition for the few homes available. At the same time, nearly a quarter of homes for sale had a price drop in May, the highest percentage of price drops since September of 2017. "Prices are still increasing, but not at the same rate we saw earlier in the spring," said Redfin senior economist Taylor Marr. "The record percentage of homes sold above list price is at odds with the higher percentage of price drops in May. This tells us that while it's still very much a seller's market, price growth and rising mortgage rates may be pushing buyers to the limit of what they're able to pay." For the seventh month in a row, San Jose topped the nation with price growth over 25 percent. The supply of San Jose homes fell 13.8 percent compared to last year. That drop is actually the smallest decline in a 16-month stretch of inventory declines, an indication of the intensity of San Jose's inventory shortage. A bit of good news for San Jose buyers: the number of homes newly listed in May ticked up 11.2 percent compared to last year. After a prolonged period of inventory declines, some metro areas are finally seeing more homes hit the market. Washington, D.C. and Portland, OR have now had four months in a row of year-over-year increases in inventory. Seattle inventory increased for the second month in a row, up 17.4 percent in May compared to last year. "Two months of growing inventory is a positive sign for Seattle buyers, but the previous 43 consecutive months of inventory declines won't be reversed overnight," said Jessie Culbert, a Redfin agent in Seattle. "Even so, we can already feel a slight easing in the market. Homes are still selling quickly and often over-asking, but where last May a seller may have gotten 15 to 20 offers, this May it was two to five." Other May Highlights Competition Denver was the fastest market, with the typical home going under contract in just six days. Seattle and Tacoma, WA were the next fastest markets at seven median days on market, followed by Boston and Grand Rapids, MI at eight median days on market. The most competitive market in May was San Jose where 83.8% of homes sold above list price, followed by 79.6% in San Francisco, 76.2% in Oakland, 63.1% in Tacoma, WA, and 61.9% in Seattle. Prices San Jose had the nation's highest price growth, rising 27.6% since last year to $1,250,000. Tacoma, WA had the second highest price growth at 19.6% year-over-year, followed by Memphis, TN (16.9%), Las Vegas, (15.9%), and Rochester, NY (15.4%). No metros saw price declines in May. Sales Thirteen out of 73 metros saw sales surge by double digits from last year. Warren, MI led the nation in year-over-year sales growth, up 38.5%, followed by Baltimore, up 31.8%. Camden, NJ rounded out the top three with sales up 24.7% from a year ago. Buffalo, NY saw the largest decline in sales since last year, falling 17.2%. Home sales in Rochester, NY and Baton Rouge, LA declined by 16.6% and 12.8%, respectively. Inventory Indianapolis had the largest decrease in overall inventory, falling 37.7% since May of last year. Rochester, NY (-37.1%), Buffalo, NY (-32.8%), and Milwaukee (-22.9%) also saw far fewer homes available on the market than a year ago. Portland, OR had the highest increase in the number of homes for sale, up 35.3% year over year, followed by Detroit (28.4%) and Allentown, PA (24.4%). Pricing Strategy To see trends in sellers' pricing strategies, Redfin compares the list price to the Redfin Estimate, Redfin's automated home-value estimate. When sellers consistently price their homes below the Redfin Estimate in a market, this can indicate a common strategy to deliberately underprice to create a bidding war. The median list price-to-Redfin Estimate ratio was 93.2% in San Francisco, the lowest of any market. This indicates the typical home for sale in May was listed at 94.1% of its estimated value. Only 5.9% of homes in San Francisco, CA were listed for more than their Redfin Estimate. Conversely, the median list price-to-Redfin Estimate ratio was 102.4% in Miami and 102.1% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, 84.7% of homes were listed above their Redfin Estimate, the highest percentage of any metro. To read the full report, complete with data and charts, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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EXIT Realty Enhances Its Analytics and Marketing Suite by Adding SmartZip's Data-Driven Predictive Marketing and Referral Solutions Platform
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Move Over California -- Midland, Texas is the Hottest Market in America
Only four California markets made May 2018 list, the lowest since the inception of the index SANTA CLARA, Calif., June 7, 2018 -- New data from realtor.com®, The Home of Home Search℠, reveals Midland, Texas was the nation's hottest housing market for the second month in a row. Only four California markets appeared on the monthly list of the nation's 20 hottest markets in sharp contrast of two months ago when more than half of the hottest housing markets were in California. May hotness was well distributed with 9 other states represented in the top 20 list: Texas, Massachusetts, Ohio, Idaho, New York, Michigan, Colorado, Indiana, Washington and Wisconsin. In fact, only two months ago the list was dominated by California markets when the top 10 included: San Francisco; Vallejo, Calif.; San Jose, Calif; Santa Cruz, Calif.; Sacramento, Calif.; and Stockton, Calif. Several of these markets made the list of top areas Californians are looking to leave, released last week. "The California housing market has been hot for a long time – but may be too hot. Our May hotness index further confirms we're seeing that as prices in California continue to soar, people are increasingly looking elsewhere," said Javier Vivas, director of economic research for realtor.com®. "As we continue into what we expect to be the hottest home-buying season in history, look for a wide variety of locales to remain red-hot." Spill-over of demand for more affordable markets is also as evident as ever in the list, with seven Midwest metros in the top 20, the highest since we started tracking. Markets that saw the largest jump in hotness last month were Fort Wayne, Ind. and Grand Rapids-Wyoming, Mich., which moved up 20 and 16 spots, respectively, since April likely due to their cold climate delaying the start of spring buying season. Nationally, inventory declined 6 percent year over year in May and increased 6 percent compared to April 2018, according to realtor.com monthly data. Median listing prices only grew 8 percent year over year for the third month in a row, down from 10 percent in February. Part of this deceleration can be attributed to 557,000 new listings hitting the market in May, the highest number since July 2015. Realtor.com® creates the list by analyzing housing market supply and demand by using realtor.com® listing views as an indicator of demand and median days on market as an indicator of supply. May 2018 Realtor.com® Hotness Rankings **Realtor.com® reviewed listing views by market as an indicator of demand and median days on market as an indicator of supply. This analysis led to the identification of the 20 hottest medium-sized to large markets in the country. Offering the most comprehensive source of information for-sale MLS-listed properties, realtor.com® tracks national housing trends as well as data for the 500 largest U.S. metros. For May trend data on these markets as well other housing trend data, please visit: https://realtor.com/research/data About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most comprehensive source of for-sale MLS-listed properties, among competing national sites, and access to the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. 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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Housing Prices Hit New Highs, but Show Signs of Deceleration, Realtor.com May Housing Data Indicates
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Existing-Home Sales Slide 2.5 Percent in April
WASHINGTON (May 24, 2018) — After moving upward for two straight months, existing-home sales retreated in April on both a monthly and annualized basis, according to the National Association of Realtors®. All four major regions saw no gain in sales activity last month. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 2.5 percent to a seasonally adjusted annual rate of 5.46 million in April from 5.60 million in March. With last month's decline, sales are now 1.4 percent below a year ago and have fallen year-over-year for two straight months. Lawrence Yun, NAR chief economist, says this spring's staggeringly low inventory levels caused existing sales to slump in April. "The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home," he said. "Realtors® say the healthy economy and job market are keeping buyers in the market for now even as they face rising mortgage rates. However, inventory shortages are even worse than in recent years, and home prices keep climbing above what many home shoppers are able to afford." The median existing-home price for all housing types in April was $257,900, up 5.3 percent from April 2017 ($245,000). March's price increase marks the 74th straight month of year-over-year gains. Total housing inventory at the end of April increased 9.8 percent to 1.80 million existing homes available for sale, but is still 6.3 percent lower than a year ago (1.92 million) and has fallen year-over-year for 35 consecutive months. Unsold inventory is at a 4.0-month supply at the current sales pace (4.2 months a year ago). Properties typically stayed on the market for 26 days in April, which is down from 30 days in February and 29 days a year ago. Fifty-seven percent of homes sold in April were on the market for less than a month. "What is available for sale is going under contract at a rapid pace," said Yun. "Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listings views per property, revealed that the hottest metro areas in April were Midland, Texas; Boston-Cambridge-Newton, Mass.; San Francisco-Oakland-Hayward, Calif.; Columbus, Ohio; and Vallejo-Fairfield, Calif. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased for the seventh straight month to 4.47 percent in April (highest since 4.49 percent in September 2013) from 4.44 percent in March. The average commitment rate for all of 2017 was 3.99 percent. "With mortgage rates and home prices continuing to climb, an increase in housing supply is absolutely crucial to keeping affordability conditions from further deterioration," said Yun. "The current pace of price appreciation far above incomes is not sustainable in the long run." First-time buyers were 33 percent of sales in April (highest since last July), which is up from 30 percent last month but down from 34 percent a year ago. NAR's 2017 Profile of Home Buyers and Sellers – released in late 2017 – revealed that the annual share of first-time buyers was 34 percent. "Especially with mortgage rates going up in recent weeks, prospective buyers should visit with more than one lender to ensure they are getting the lowest rate possible," NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. "Receiving a rate quote from multiple lenders could lead to considerable savings over the life of the loan. Ask a Realtor® for a few recommendations of lenders to contact to get a quote." All-cash sales were 21 percent of transactions in April, which is up from 20 percent in March and unchanged from a year ago. Individual investors, who account for many cash sales, purchased 15 percent of homes in April (unchanged from last month and a year ago). Distressed sales – foreclosures and short sales – were 3.5 percent of sales in April (lowest since NAR began tracking in October 2008), down from 4 percent last month and 5 percent a year ago. Three percent of April sales were foreclosures and 0.5 percent were short sales. Single-family and Condo/Co-op Sales Single-family home sales declined 3.0 percent to a seasonally adjusted annual rate of 4.84 million in April from 4.99 million in March, and are 1.6 percent below the 4.92 million sales pace a year ago. The median existing single-family home price was $259,900 in April, up 5.5 percent from April 2017. Existing condominium and co-op sales increased 1.6 percent to a seasonally adjusted annual rate of 620,000 units in April (unchanged from a year ago). The median existing condo price was $242,500 in April, which is 3.4 percent above a year ago. Regional Breakdown April existing-home sales in the Northeast fell 4.4 percent to an annual rate of 650,000, and are 11.0 percent below a year ago. The median price in the Northeast was $275,200, which is 2.8 percent above April 2017. In the Midwest, existing-home sales were at an annual rate of 1.29 million in April (unchanged from March), and are 3.0 percent below a year ago. The median price in the Midwest was $202,100, up 4.6 percent from a year ago. Existing-home sales in the South decreased 2.9 percent to an annual rate of 2.33 million in April, but are still 2.2 percent above a year ago. The median price in the South was $227,600, up 3.9 percent from a year ago. Existing-home sales in the West declined 3.3 percent to an annual rate of 1.19 million in April, and are 0.8 percent below a year ago. The median price in the West was $382,100, up 6.2 percent from April 2017. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Realtors Say Commercial Market on the Upswing, Construction Activity Sluggish
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Realtors Midyear Forecast: Home Sales, Prices to Rise Despite Inventory, Affordability Challenges
WASHINGTON (May 17, 2018) – A stronger economy, wage growth and an improving job market are expected to march home sales and prices higher in 2018, but low supply and weakening affordability will tamper the rate of increases, according to speakers at a residential real estate forum during the 2018 REALTORS® Legislative Meetings & Trade Expo. Lawrence Yun, chief economist of the National Association of Realtors®, presented his 2018 midyear forecast and said despite headwinds a moderate and multiyear increase in home sales is likely ahead. After accelerating 3.8 percent in 2016, existing home sales rose only 1.1 percent to 5.5 million in 2017 and are forecast to finish 2018 at a pace of around 5.6 million (up 1.8 percent). He projects 5.7 million sales for 2019. "Overall fundamentals remain solid, driven by a growing economy and steady job creation, which will sustain home sales in 2018 slightly above last year's pace," said Yun. "The worsening housing shortage means home prices are primed to rise further this year too, hindering affordability conditions for homebuyers in markets across the country." Yun said the widespread shortage of homes for sale is the major factor limiting sales from being higher. While home sales have risen modestly since the start of the year, Yun said without more supply to fully satisfy demand and alleviate the upward pressure on prices, contract activity is likely to remain flat and will more or less continue sideways through the end of the year. Total housing inventory at the end of March was 1.67 million existing homes available for sale, which is 7.2 percent lower than a year ago (1.80 million). Inventory has trended down steadily for the past five years, said Yun, and the country is now experiencing the lowest inventory levels in a generation; unsold inventory is at a 3.6-month supply at the current sales pace, down from 3.8 months a year ago. Yun was joined onstage by Danielle Hale, chief economist at realtor.com®, who agreed there is an acute shortage, especially of affordable inventory. According to realtor.com® data there are 250,000 fewer starter homes, those priced under $200,000, now than there was two years ago, in May 2015. Millennials, boomers and investors may all be going after the same affordable inventory of homes, so competition is great, said Hale. "There is reason for optimism ahead though. We are starting to see new listings grow in recent months; the inventory shortage isn't over, it took us years to get into an inventory rut, so it's going to take us years to get out of it, but we do see signs of a turnaround," she said. Home price growth, up 48 percent from 2011 to 2017 and likely to rise an additional 4 percent in 2018, is far outpacing income growth, up only 15 percent during the same timeframe. Increased home prices on top of rising mortgage rates – Yun anticipates rates will rise to 4.6 percent in 2018 and 5 percent in 2019 – puts affordability at a six-year low, according to NAR's Housing Affordability Index, and will likely continue to fall in coming months. "Challenging affordability conditions have prevented a meaningful rise in the homeownership rate after having fallen to a 50-year low a few years ago," said Yun. "To increase homeownership, more home construction is needed, which could be boosted by delivering regulatory relief to community banks, removing the lumber tariff, re-examining stringent zoning laws and training more workers for the construction industry." On the topic of homeownership rates, Jessica Lautz, NAR's director of demographics and behavioral insights, presented findings during the forum from her thesis from Nottingham Trent University: "Is the Dream Still Alive? Tracking Homeownership Amid Changing Economic and Demographic Conditions". According to Lautz's doctoral work, the affordability crisis has impacted some segments of homebuyers more than others, specifically African American and Hispanic/Latino buyers and those with student debt. Student loan debt has risen dramatically and is a massive barrier to homeownership, said Lautz, and it is delaying home purchases among millennials who are paying their debt by a median of seven years. Her research found that consumers with student loan debt who were successful in buying purchased a home costing 17 percent less than those without any student debt. "The homeownership rate amongst some ethnic groups hasn't rebounded since the recession, and the ongoing affordability crisis has hampered potential buyers under 35, especially those with student debt, from accessing mortgage credit and making home purchases," said Lautz. Yun said consumer optimism that now is a good time to buy a home has fallen the past two years, according to data from NAR and other industry consumer sentiment surveys. While the lack of supply and challenging affordability conditions is chipping away at homebuyer optimism, Hale said buyers aren't giving up their dreams of purchasing a home. New survey data from realtor.com® found three-fourths of recent shoppers started their home search in 2017 and are still in the market in 2018. "Buyers know it's tough, 35 percent of shoppers anticipate a lot of competition, but they remain optimistic, and more than 70 percent expect to close in 2018," she said. Yun said affordability conditions would improve measurably if homebuilders increased their production of homes, especially in the affordable price ranges. He forecasts starts to come in around 1.3 million in 2018 and reach 1.4 million in 2019, but that is barely above year-ago levels and well below demand. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Metro Home-Price Growth Quickens to 5.7 Percent in the First Quarter
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Redfin Report: Shrinking Supply Sends Prices for Luxury Homes Up Nearly 8 Percent in First Quarter
Number of Luxury Homes for Sale Fell 20 Percent, Marking Four Consecutive Quarters of Inventory Declines SEATTLE, May 14, 2018 -- Luxury home prices in the first quarter of 2018 rose 7.9 percent compared to last year, to an average of $1.8 million, according to the latest report from Redfin, the next-generation real estate brokerage. The analysis tracks home sales in more than 1,000 cities across the country and defines a home as luxury if it is among the top 5 percent most expensive homes sold in the city in each quarter. The average price for the bottom 95 percent of homes was $330,000, up 7.5 percent compared to a year earlier. The strong price growth for luxury homes is due to decline in supply that has persisted since the second quarter of 2017. The number of homes for sale priced at or above $1 million fell 20.4 percent in the first quarter compared to a year earlier, while the number of homes priced at or above $5 million dropped 19.2 percent. The inventory shortage in the luxury market is newer and somewhat less severe than the inventory shortage for more affordable homes. The number of homes for sale priced below $1 million has been in decline since the third quarter of 2015 and fell 22.8 percent in the first quarter compared to last year. Competition for luxury homes is also escalating. The average luxury home that sold last quarter went under contract after 82 days on the market, nine days faster than the same period last year. While only 1.5 percent of luxury homes were bid up over the asking price, that's up from 1.3 percent in the first quarter of 2017. "For the first time since changes to the tax code went into effect, luxury buyers could no longer deduct more than $10,000 in state and local property taxes or interest for mortgages over $750,000. In a world of balanced supply and demand these changes would have dampened price growth. Instead, this quarter saw the strongest luxury price appreciation in four years, demonstrating that the current inventory crunch is extremely broad-based and affects buyers at every price range," said Redfin chief economist Nela Richardson. Several cities in Florida and Nevada saw strong luxury price growth in the first quarter. In Vero Beach, Florida, the average sale price for a luxury home soared 68 percent over last year to $2.65 million. The early January sale of a $17.5 million property likely played a role in driving up the average sale price in Vero Beach. Luxury home prices were up 51.3 percent in Reno, 26 percent in Las Vegas and 22.4 percent in Henderson, a Las Vegas suburb. Jaime Moore, a Redfin agent in Reno, said, "We're seeing an influx of buyers from high-cost areas such as Seattle, San Francisco and Southern California. Some come for retirement and the low taxes, others for tech jobs at companies like Tesla, Amazon and Switch. More companies are relocating here as the cost of living for the average employee has gotten too high in other cities. This is all leading many buyers to our area with larger pocketbooks than we have seen in the past and bidding wars and prices are reflecting that demand." Some cities saw luxury home prices decline in the first quarter. The average price for a luxury home fell furthest in Long Beach, California, down 26.1 percent year over year last quarter. Prices for high-end properties also fell in Washington, D.C. (-9.6%), Fort Lauderdale (-7.3%) and Clearwater (-4.5%). To read the full report, complete with city-specific data and charts, as well as a list of the 10 highest-priced home sales in Redfin markets in the first quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including theRedfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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CoreLogic Reports Declining Foreclosure Rates in February, Signaling a Strong Economy
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Seriously Underwater U.S. Properties Down 291,000 From Year Ago in Q1 2018, Smallest Annual Decrease Since Tracking Began in Q1 2013
Equity Rich U.S. Properties Down From Peak in Q2 2017, Up From Year Ago; Share of Properties with 20 to 50 Percent Equity Decreases 1.7 Million From Year Ago IRVINE, Calif. — May 3, 2018 — ATTOM Data Solutions, curator of the nation's premier multi-sourced property database, today released its Q1 2018 U.S. Home Equity & Underwater Report, which shows that at the end of the first quarter of 2018, more than 5.2 million (5,206,446) U.S. properties were seriously underwater (where the combined balance of loans secured by the property was at least 25 percent higher than the property's estimated market value), down by more than 291,000 properties from a year ago — the smallest year-over-year drop since ATTOM began tracking in Q1 2013. The 5.2 million seriously underwate r properties at the end of Q1 2018 represented 9.5 percent of all U.S. properties with a mortgage, up from 9.3 percent in the previous quarter but down from 9.7 percent in Q1 2017. "We've reached a tipping point in this housing boom where enough homeowners have regained both sufficient equity and sufficient confidence to tap into their home equity — resulting in a noticeably slower decline in seriously underwater properties and slower growth in equity rich properties," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "This tapping of equity could take the form of a cash-out refinance, home equity loan or simply a home sale. We saw the biggest quarterly drop in average homeownership tenure for homeowners who sold in the first quarter since Q4 2008, evidence that more homeowners are reaching that equity-tapping tipping point more quickly and deciding to sell." Properties with 20 to 50 percent equity down by 1.7 million from year ago More than 19.5 million (19,513,871) U.S. properties had between 20 and 50 percent equity (LTV of between 80 and 50 percent) at the end of Q1 2018, down by 1,714,099 from a year ago, an 8 percent decrease. Homes with 20 to 50 percent equity represented 36.1 percent of all properties with a mortgage as of the end of Q1 2018, down from 36.3 percent in the previous quarter and down from 37.6 percent in Q1 2017. Equity rich properties represent one in four properties with a mortgage More than 13.8 million (13,841,082) U.S. properties with a mortgage were equity rich at the end of Q1 2018, up by more than 122,000 from a year ago but still down from a peak of more than 14 million equity rich properties in Q2 2017. The 13.8 million equity rich properties represented 25.3 percent of all U.S. properties with a mortgage, down from 25.4 percent in the previous quarter but still up from 24.3 percent in Q1 2017. Highest share of equity rich properties in coastal California, Honolulu, Seattle States with the highest share of equity rich homes were Hawaii (41.6 percent); California (41.5 percent); New York (34.8 percent); Washington (33.1 percent); and Oregon (31.8 percent). Among 98 metropolitan statistical areas with a population of at least 500,000, those with the highest share of equity rich homes were San Jose, California (66.1 percent); San Francisco, California (56.0 percent); Los Angeles, California (45.4 percent); Honolulu, Hawaii (43.1 percent); and Seattle, Washington (39.1 percent). Highest share of seriously underwater properties in Scranton, Baton Rouge, Youngstown States with the highest share of seriously underwater homes at the end of Q1 2018 were Louisiana (20.1 percent); Mississippi (18.0 percent); Iowa (17.2 percent); West Virginia (15.9 percent); and Illinois (15.9 percent). Among 98 metropolitan statistical areas with a population of at least 500,000, those with the highest share of seriously underwater homes at the end of Q1 2018 were Scranton, Pennsylvania (21.9 percent); Baton Rouge, Louisiana (19.9 percent); Youngstown, Ohio (19.5 percent); New Orleans, Louisiana (18.5 percent); and Toledo, Ohio (18.0 percent). Along with New Orleans, among 51 metro areas with at least 1 million people, those with more than 13 percent of seriously underwater properties were Cleveland, Ohio (16.5 percent); Milwaukee, Wisconsin (16.0 percent); St. Louis, Missouri (14.7 percent); Chicago, Illinois (13.8 percent); Detroit, Michigan (13.6 percent); Virginia Beach, Virginia (13.4 percent); and Kansas City, Missouri (13.4 percent). 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, APIs and customized reports.
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CoreLogic Reports Home Prices Up Again in March, This Time by 7 Percent
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Pending Home Sales Move Up 0.4 Percent in March
WASHINGTON (April 30, 2018) — Pending home sales inched higher for the second consecutive month in March, but unrelenting inventory constraints once again kept overall activity below year ago levels, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.4 percent to 107.6 in March from a downwardly revised 107.2 in February. Even with last month's increase in activity, the index declined on an annualized basis (3.0 percent) for the third straight month. Lawrence Yun, NAR chief economist, says contract activity is moving sideways and not breaking higher despite the strong job-creating economy. "Healthy economic conditions are creating considerable demand for purchasing a home, but not all buyers are able to sign contracts because of the lack of choices in inventory," he said. "Steady price growth and the swift pace listings are coming off the market are proof that more supply is needed to fully satisfy demand1. What continues to hold back sales is the fact that prospective buyers are increasingly having difficulty finding an affordable home to buy." Added Yun, "As anticipated, the multiple winter storms and unseasonably cold weather contributed to the decrease in contract signings in the Northeast." Looking ahead to the upcoming peak months for home sales, Yun believes that affordability will be a significant topic of discussion and driving factor of if overall activity can break out above year ago levels. Price appreciation in most markets continues to outpace incomes, and the recent uptick in mortgage rates to over a four-year high only adds to the budget constraints aspiring buyers are feeling this spring. "Much of the country is enjoying a thriving job market, but buying a home is becoming more expensive," said Yun. "That is why it is an absolute necessity for there to be a large increase in new and existing homes available for sale in coming months to moderate home price growth. Otherwise, sales will remain stuck in this holding pattern and a growing share of would-be buyers — especially first-time buyers — will be left on the sidelines." Yun forecasts for existing-home sales in 2018 to be around 5.61 million — up from 5.51 million in 2017. The national median existing-home price is expected to increase around 4.4 percent. In 2017, existing sales increased 1.1 percent and prices rose 5.8 percent. The PHSI in the Northeast fell 5.6 percent to 90.6 in March, and is now 8.1 percent below a year ago. In the Midwest the index rose 2.4 percent to 101.3 in March, but is 6.0 percent lower than March 2017. Pending home sales in the South climbed 2.5 percent to an index of 128.6 in March, and are 0.3 percent higher than last March. The index in the West declined 1.1 percent in March to 94.7, and is 2.2 percent below a year ago. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Existing-Home Sales Climb 1.1 Percent in March
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54 Percent of U.S. Metros Post Median Home Prices Above Pre-Recession Peaks in Q1 2018
Houston, Dallas, Denver, San Jose, San Antonio Prices 50+ Percent Above Previous Peaks; Average U.S. Homeownership Tenure Posts Biggest Quarterly Drop Since Q4 2008; Report Includes Analysis of High-End Sales in Wake of Tax Reform IRVINE, Calif. – April 19, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q1 2018 U.S. Home Sales Report, which shows that median home prices in 57 of 105 metropolitan statistical areas analyzed in the report (54 percent) were above their pre-recession home price peaks in the first quarter. Nationwide the median home price of $240,000 in Q1 2018 was less than 1 percent below its pre-recession peak of $241,500 in Q3 2005, but still up 9.1 percent from a year ago. Metro areas with Q1 2018 median home prices the furthest above their pre-recession peaks were Houston, Texas (69 percent above); Dallas-Fort Worth, Texas (67 percent above); Denver, Colorado (62 percent above); San Jose, California (60 percent above); and San Antonio, Texas (57 percent above). Other major metros with at least 1 million people and with Q1 2018 median home prices at least 30 percent above pre-recession peaks were Nashville, Tennessee (46 percent above); Austin, Texas (45 percent above); Salt Lake City, Utah (42 percent above); Raleigh, North Carolina (35 percent above); Indianapolis, Indiana (31 percent above); and Oklahoma City, Oklahoma (30 percent above). "Rising interest rates and recently enacted tax reform that removed some tax incentives for homeownership were not enough to cool off red-hot home price appreciation in many parts of the country, with 30 of the 105 local markets analyzed posting double-digit gains in median home prices in the first quarter," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Home prices are still below pre-recession peaks in 46 percent of local markets, but nearly one-third of even those markets posted double-digit home price appreciation in the first quarter." Prices in Philadelphia, Hartford, Chicago, Baltimore, Tucson still below pre-recession peaks Median home prices in 48 of the 105 metro areas analyzed in the report (46 percent) were still below pre-recession peaks in Q1 2018, led by Bridgeport-Stamford-Norwalk, Connecticut (25 percent below); New Haven, Connecticut (22 percent below); Allentown, Pennsylvania (21 percent below); Philadelphia, Pennsylvania (20 percent below); and Hartford, Connecticut (19 percent below). Along with Philadelphia and Hartford, other major metros with at least 1 million people and with Q1 2018 median home prices at least 15 percent below pre-recession peaks were Chicago, Illinois (19 percent below); Baltimore, Maryland (17 percent below); Tucson, Arizona (16 percent below); Las Vegas, Nevada (16 percent below); and New York-Newark-Jersey City (15 percent below). San Jose, Flint, Spokane, Reno, Seattle post biggest annual home price increases Among the 105 metropolitan statistical areas analyzed in the report, those posting the biggest year-over-year increase in median home prices were San Jose, California (up 33 percent); Flint, Michigan (up 20 percent); Spokane, Washington (up 18 percent); Reno, Nevada (up 17 percent); and Seattle, Washington (up 16 percent). "In 2018 and in the next couple of years, we'll see more markets where home prices are entering boom territory. It's strange to say after so many years of stagnation, but buyers will want to beware right now in Denver, Miami, the LA area, Austin, San Francisco, Tampa and Seattle, where home prices are already 25 percent higher than they should be," said Ingo Winzer, founder and president at Local Market Monitor. "We don't think a bust is imminent — in fact we think prices in these markets will keep going up for several years — but dynamics like this have always ended badly in the past. If you're thinking of selling, this year or next would be a good time. If you're thinking of buying, either have a very short-term outlook or a very long one." Homeownership tenure posts largest quarterly drop since Q4 2008 U.S. homeowners who sold in Q1 2018 had been in their homes an average of 8.00 years, down 2 percent from 8.14 years in Q4 2017 — the biggest quarterly drop in average homeownership tenure since Q4 2008 — but still up from 7.69 years in Q1 2017. Among 40 metropolitan statistical areas with a population of at least 1 million, those with the biggest quarterly drop in average homeownership tenure were Cleveland, Ohio (down 6 percent); Seattle, Washington (down 6 percent); Salt Lake City, Utah (down 5 percent); Minneapolis-St. Paul, Minnesota (down 4 percent); and Sacramento, California (down 4 percent). Average home seller gains down from previous quarter, up from year ago U.S. homeowners who sold in Q1 2018 realized an average home price gain since purchase of $53,369, down from an average gain of $54,000 in Q4 2017 but still up from an average gain of $45,000 in Q1 2017. The average home seller gain of $53,369 in Q1 2018 represented an average 29.5 percent return as a percentage of original purchase price, down from a 29.8 percent return in the previous quarter but still up from a 25.7 percent return in Q1 2017. Among 154 metropolitan statistical areas analyzed in the report, those with the highest average home seller returns in Q1 2018 were San Jose, California (109.1 percent); San Francisco, California (73.6 percent); Seattle, Washington (66.0 percent); Kahului-Wailuku-Lahaina, Hawaii (65.3 percent); and Vallejo-Fairfield, California (58.8 percent). High-end share of home sales increases from year ago to highest level in a decade The report also included an analysis of high-end home sales trends in the wake of tax reform legislation passed in December that caps the mortgage interest deduction for federal income taxes at interest paid on $750,000 and caps the state and local tax deduction (including property taxes) at $10,000. Nationwide homes selling for more than $1 million accounted for 4.18 percent of all U.S. single family home and condo sales in Q1 2018, up from 4.02 percent of all sales in Q4 2017 and up from 3.38 percent of all sales in Q1 2017 to the highest level since Q4 2007. But the impact was varied depending on market. In San Jose, California, the nation's highest-priced metro area with a median sales price of $1,150,000 in Q1 2018, the share of homes selling above $1 million increased from 39.37 percent in Q1 2017 to 58.95 percent in Q1 2018. In Westchester County, New York, which had the highest average property tax among 1,414 counties analyzed by ATTOM Data Solutions, the share of home selling above $1 million decreased from 17.68 percent in Q1 2017 to 15.05 percent in Q1 2018. The analysis also looked at median price per square foot for homes that sold below and above $1 million. The median price per square foot of single family homes and condos that sold in the first quarter for under $1 million increased 10 percent from a year ago while the median price per square foot of homes that sold above $1 million increased 6 percent. The price-per-square foot trends also varied by market. In Westchester County, New York, the median price per square foot for homes that sold above $1 million increased 2 percent compared to a year ago while the median price per square foot for homes that sold below $1 million increased 11 percent. In Santa Clara County in the San Jose metro area, the median price per square foot for homes that sold above $1 million increased 17 percent from a year ago while the median price per square foot for homes that sold below $1 million increased 16 percent. Other high-level findings Sales to buyers using FHA loans (typically first-time homebuyers) accounted for 11.9 percent of all single family home and condo sales in Q1 2018, down from 12.6 percent in the previous quarter and down from 14.4 percent in Q1 2017 to the lowest level since Q1 2014 — a four-year low. Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 14.7 percent of all single family home and condo sales in Q1 2018, up from 13.6 percent in Q4 2017 but still down from 16.9 percent in Q1 2017. All-cash purchases represented 30.0 percent of all single family home and condo sales in Q1 2018, up from 28.7 percent in Q4 2017 but down from 31.5 percent in Q1 2017. Sales to institutional investors (entities purchasing at least 10 properties in a calendar year) accounted for 1.7 percent of all single family home and condo sales in Q1 2018, down from 3.6 percent in Q4 2017 and down from 2.0 percent in Q1 2017 to the lowest level as far back as data is available, Q1 2000. 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, APIs and customized reports.
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March Home Prices Up 8.9%, the Biggest Increase in Four Years
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NAR, realtor.com Report Housing Supply and Affordability Are at Odds in Markets Across U.S.
WASHINGTON (April 18, 2018) – At the national level, housing affordability is down from a year ago and fewer households can afford the active inventory of homes currently for sale on the market based on their income. That is according to joint research from the National Association of Realtors® and realtor.com®, a leading online real estate destination. Using data on mortgages, state and metro area-level income and listings on realtor.com®, the Realtors® Affordability Distribution Curve and Score is designed to examine affordability conditions at different income levels for all active inventory on the market. A score of one or higher generally suggests a market where homes for sale are more affordable to households in proportion to their income distribution. State affordability According to March data, the states with the lowest Affordability Score were Hawaii (0.52), California (0.57), Oregon (0.60), and the District of Columbia, Montana and Rhode Island (all at 0.64). In these areas, households at the median income level can afford only 19 to 23 percent of the active housing inventory. The states with the highest Affordability Score were Ohio (1.12), Indiana (1.09), Kansas (1.09), Iowa (1.07), and West Virginia (1.05). In these areas, a typical household can afford 54 to 62 percent of the active housing inventory currently on the market. Metro affordability By looking at the data by metropolitan statistical area (MSA), more metro areas experienced weakening (45) affordability conditions compared to improving conditions (35) from a year ago. The markets with the lowest affordability scores include Los Angeles-Long Beach, California (0.35), San Diego-Carlsbad, California (0.37), San Jose-Sunnyvale, California (0.43), Oxnard-Thousand Oaks-Ventura, California (0.45) and San Francisco-Oakland, California (0.48), where a typical household can only afford 3 to 11 percent of the active housing inventory. The Youngstown-Warren, Ohio-Pennsylvania market had the highest Affordability Score at 1.25, followed by Dayton, Ohio (1.19), Toledo, Ohio (1.18), Akron, Ohio (1.16), and Scranton-Wilkes-Barre, Pennsylvania (1.11). In these areas, the typical household can afford nearly 75 percent of the homes that are currently on the market. Lawrence Yun, NAR chief economist found a notable imbalance between what potential home buyers can afford and what is listed for sale. "The survey confirms that the lack of entry-level supply is putting affordability pressures on too many buyers – especially those at the lower end of the market, where demand is the strongest. This is why first-time buyers continue to struggle finding affordable properties to buy and are making up less than a third of home sales so far this year," said Yun.The Affordability Score decreased nationally from 0.86 to 0.84 between March 2017 and March 2018, because of rising prices across the country and a spike in mortgage rates. However, 14 states had better affordability compared to a year earlier, with the greatest increase in affordability in the District of Columbia (from 0.59 to 0.64), Vermont (from 0.81 to 0.84) Hawaii (from 0.50 to 0.52) and North Dakota (from 0.95 to 0.97). Thirty-five metro areas had better affordability compared to a year earlier, led by Austin-Round Rock, Texas (from 0.55 to 0.66), Syracuse, New York (1.04 to 1.1), North Port-Sarasota, Florida (0.60 to 0.66) and Palm Bay-Melbourne, Florida (0.71 to 0.77). "We've seen affordability improve as inventory declines have begun to lessen these areas. More balanced supply and demand dynamics have kept listing price growth below the national average, providing some much needed relief for stretched home buyers in these areas," according to Danielle Hale, chief economist for realtor.com®. "Wages are growing, which is welcome news for prospective buyers, but prices are increasing at a faster rate, up almost 6 percent in the first two months of 2018. Solutions to improve these conditions include more homeowners selling, investors releasing their portfolio of single-family homes back onto the market and more single-family housing construction," Yun said. The Realtors® Affordability Distribution Curve and Score was created to be a valuable resource for Realtors® and consumers to assess the affordability of markets in different income groups. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries. Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. 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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CoreLogic Reports US Single-Family Rent Prices Increased 2.8 Percent Year Over Year in January 2018
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U.S. Foreclosure Activity Decreases 19 Percent in Q1 2018 to Stay Below Pre-Recession Levels for Sixth Consecutive Quarter
But Foreclosure Starts Up From Year Ago in 37 Percent of Local Markets; Foreclosure Rate on 2014 Vintage FHA Loans Rises Above Long-Term Average; Average Foreclosure Timeline Drops 23 Percent From Previous Quarter IRVINE, Calif. – April 12, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q1 2018 U.S. Foreclosure Market Report, which shows a total of 189,870 U.S. properties with a foreclosure filing during the first quarter of 2018, up 4 percent from the previous quarter but still down 19 percent from a year ago and 32 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007 — the sixth consecutive quarter where U.S. foreclosure activity has been below its pre-recession quarterly average. The report also shows a total of 74,341 U.S. properties with foreclosure filings in March 2018, up 21 percent from an all-time low in the previous month but still down 11 percent from a year ago — the 30th consecutive month with a year-over-year decrease in U.S. foreclosure activity. An analysis of foreclosure activity by loan origination year shows that 45 percent of all properties in foreclosure as of the end of the first quarter were tied to loans originated between 2004 and 2008, down from 50 percent as of the end of Q4 2017 and down from 51 percent as of the end of Q1 2017. "Less than half of all active foreclosures are now tied to loans originated during the last housing bubble, one of several data milestones in this report showing that the U.S. housing market has mostly cleared out the backlog of bad loans that triggered the housing and financial crisis nearly a decade ago," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Meanwhile we are beginning to see early signs that some post-recession loan vintages are defaulting at a slightly elevated rate, a sign that some loosening of lending standards has occurred in recent years. Consequently, foreclosure starts are trending higher compared to a year ago in an increasing number of local markets — some of which are a bit surprising given the overall strength of housing in those markets." Foreclosure starts increase in 37 percent of local markets A total of 92,703 U.S. properties started the foreclosure process in Q1 2018, up 8 percent from the previous quarter but still down 10 percent from a year ago — the 11th consecutive quarter with a year-over-year decrease in U.S. foreclosure starts. Counter to the national trend, 82 of 219 metropolitan statistical areas analyzed in the report (37 percent) posted year-over-year increases in foreclosure starts in the first quarter, up from 20 percent of markets posting year-over-year increases in foreclosure starts in Q1 2017. Twenty-three of 53 metropolitan statistical areas with at least 1 million people (43 percent) posted a year-over-year increase in foreclosure starts in the first quarter, led by Indianapolis, Indiana (up 148 percent); Minneapolis-St. Paul, Minnesota (up 64 percent); Louisville, Kentucky (up 36 percent); Austin, Texas (up 30 percent); and Oklahoma City, Oklahoma (up 23 percent). Other markets posting double-digit percentage increases in foreclosure starts in Q1 2018 compared to a year ago were Milwaukee (up 21 percent) Dallas-Fort Worth (up 20 percent), San Antonio (up 17 percent), Las Vegas (up 15 percent), Birmingham, Alabama (up 13 percent), Charlotte (up 12 percent), Pittsburgh (up 12 percent), Raleigh (up 10 percent) and Nashville (up 10 percent). Bank repossessions down in 46 states and DC Lenders repossessed 65,413 U.S. properties through foreclosure (REO) in Q1 2018, down 2 percent from the previous quarter and down 28 percent from a year ago — the eighth consecutive quarter with a year-over-year decrease in U.S. REOs. Along with the District of Columbia, 46 states posted year-over-year decreases in REOs in the first quarter, including Florida (down 33 percent); New Jersey (down 24 percent); Texas (down 20 percent); Illinois (down 41 percent); California (down 36 percent); and Maryland (down 34 percent). "Maryland's housing market continues its stride to recovery, posting successive growth indicators since 2012," said Bernice E. Mensah, director of housing and economic research at the Maryland Department of Housing and Community Development. "The state's tightening housing market due in large part to sustained low unemployment rate, rising home prices, shrinking inventory of homes along with growing median income has helped turn the tide on foreclosure activity to its lowest level since Q3 2012. This has encouraged lenders to speed up their foreclosure processing to take advantage of growing home prices and clear up the foreclosure pipeline." Foreclosure activity below pre-recession levels in 56 percent of local markets Twenty-two states posted first quarter foreclosure activity totals below their pre-recession averages, led by Colorado, Michigan, California, Nevada and Georgia. Twenty-eight states and the District of Columbia posted first quarter foreclosure activity totals above their pre-recession averages, including New Jersey, New York, Pennsylvania, North Carolina and Maryland. First quarter foreclosure activity registered below pre-recession levels in 122 of the 219 metropolitan statistical areas analyzed in the report (56 percent), including Los Angeles, Chicago, Dallas-Fort Worth, Houston, and Miami. First quarter foreclosure activity continued to register above pre-recession levels in 97 of the 219 metro areas analyzed in the report (44 percent), including New York-Northern New Jersey, Philadelphia, Washington, D.C., Baltimore and Virginia Beach, Virginia. Atlantic City, Trenton, Philadelphia post highest metro foreclosure rates in Q1 2018 Nationwide one in every 706 U.S. housing units had a foreclosure filing in the first quarter of 2018. States with the highest foreclosure rates in the first quarter were New Jersey (one in 233 housing units with a foreclosure filing); Delaware (one in 317); Maryland (one in 385); Illinois (one in 425); and South Carolina (one in 458). Among 219 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2018 were Atlantic City, New Jersey (one in every 113 housing units with a foreclosure filing); Trenton, New Jersey (one in 198); Philadelphia, Pennsylvania (one in 284); Columbia, South Carolina (one in 311); and Fayetteville, North Carolina (one in 321). Along with Philadelphia, other major metros with a population of at least 1 million and foreclosure rates in the top 25 highest nationwide included Cleveland at No. 6, Baltimore at No. 10, Chicago at No. 11, Riverside-San Bernardino in Southern California at No. 20, New York-Northern New Jersey at No. 22, Birmingham, Alabama at No. 23, and Las Vegas at No. 25. Foreclosure rate on 2014 vintage FHA loans above historical average The report also broke down percentage of open loans in foreclosure by loan origination year (vintage). As of the end of the first quarter of 2018, 0.48 percent of all open U.S. loans secured by real property were actively in foreclosure across all loan vintages. Loan vintages with the highest share of open loans in foreclosure were 2006 and 2007 (both with 1.52 percent) followed by 2005 (1.13 percent), 2008 (1.03 percent), and 2004 (0.85 percent). Among post-recession loan vintages originated in 2010 or later the highest share of open loans in foreclosure was for loans originated in 2014 (0.41 percent). The report also analyzed the share of open loans backed by the Federal Housing Administration (FHA) in foreclosure by loan vintage. Nationwide for all loan vintages, 0.96 percent of open FHA-backed loans secured by real property were in foreclosure, with the 2014 loan vintage posting the highest share in foreclosure of any post-recession loan vintage (1.28 percent). The 2014 loan vintage had the highest share of open FHA-backed loans in foreclosure among post-recession vintages in 54 of 109 (50 percent) metropolitan statistical areas with at least 10,000 active FHA-backed loans as of the end of the first quarter, including in Chicago, Dallas, Atlanta, Philadelphia and Phoenix. Average foreclosure timeline drops 23 percent in first quarter Properties foreclosed in the first quarter of 2018 had been in the foreclosure process an average of 791 days, down 23 percent from an average 1,027 days for properties foreclosed in the fourth quarter of 2017 and down 3 percent from an average of 814 days for properties foreclosed in the first quarter of 2017. States with the longest average foreclosure timeline for properties foreclosed in Q1 2018 were Nevada (1,765 days), Hawaii (1,584 days), Florida (1,247 days), Indiana (1,245 days), and New Jersey (1,182 days). States with the shortest average time to foreclose in Q1 2018 were Virginia (193 days), Mississippi (212 days), Wyoming (252 days), West Virginia (270 days), and Arkansas (282 days). About ATTOM Data Solutions ATTOM Data Solutions blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties multi-sourced from more than 3,000 U.S. counties. 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. With more than 29.6 billion rows of transactional-level data and more than 7,200 discrete data attributes, the 9TB ATTOM data warehouse powers real estate transparency for innovators, entrepreneurs, disrupters, developers, marketers, policymakers, and analysts through flexible delivery solutions, including bulk file licenses, APIs and customized reports.
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CoreLogic Reports Early-Stage Delinquencies Declined in January as Impact from 2017 Hurricanes and Wildfires Fades
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March 2018 Home Prices Surpass 2017 High
Inventory is 1.29 million listings; down 8 percent YoY, up 3 percent MoM SANTA CLARA, Calif., April 4, 2018 -- Realtor.com® today released its March 2018 monthly housing trend report, which shows the U.S. median listing price jumped 8 percent year-over-year to $280,000 last month, beating last July's highpoint of $275,000. Days on market dropped 7 percent compared to last year to 63 days and total listings dropped 8 percent. Realtor.com® receives its for-sale data directly from 99 percent of all U.S. MLSs and updates 90 percent of it every 15 minutes. According to Javier Vivas, director of economic research for realtor.com®: Our latest inventory data tells us buyers are out in full force this spring. Never in history have there been more eyes on fewer homes than today. At the end of March, we observed price gains that put us on pace for half of the homes listed this summer to be above $300,000. Buyers are not just paying more for the same home; the mix of homes in the market is rapidly changing. The injection of new listings above $350,000 remains healthy, but inventory between $200,000 and $350,000 remains anemic and non-existent under $200,000. This bodes well for buyers in the upper and luxury tiers, but paints a darker picture for the entry-level market. If the pattern holds, one in 12 listings nationally will be listed above $1,000,000 this summer, while only one in three will be listed under the $200,000 – the sweet spot targeted by nearly half of all buyers. In February, above $1,000,000 homes made up only one in every 40 home sales. March housing trends show the inventory depletion we've seen over the last two buying seasons is carrying over to this year. It's going to be a languid search for buyers this season as they face the harshest, most competitive buying conditions yet. While days on market and total listings are decreasing at a slower rate than before, 36 of the largest 100 markets in the country are still seeing inventory move at least a week faster than this time last year. This includes cold weather markets that are thawing faster than expected and quickly catching up to the rest of the country. For trend data on the 500 largest U.S. metros, please visit: https://realtor.com/research/data About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. 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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CoreLogic Reports Home Prices Rose 6.7 Percent Year Over Year, Increasing for the Seventh Consecutive Month in February
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Median-Priced Homes Not Affordable for Average Wage Earners in 68 Percent of U.S. Housing Markets
73 Percent of Markets Less Affordable Than a Year Ago; Eight of 10 Highest-Priced Counties Post Negative Net Migration in 2017 IRVINE, Calif. – March 29, 2018 — ATTOM Data Solutions, curator of the nation's premier property database, today released its Q1 2018 U.S. Home Affordability Report, which shows that median home prices in Q1 2018 were not affordable for average wage earners in 304 of 446 U.S. counties analyzed in the report (68 percent). 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 3 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 304 counties where a median-priced home in the first quarter was not affordable for average wage earners included Los Angeles County, California; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. The 142 counties (32 percent of the 446 counties analyzed in the report) where a median-priced home in the first quarter was still affordable for average wage earners included Cook County (Chicago), Illinois; Harris County (Houston), Texas; Dallas County, Texas; Wayne County (Detroit), Michigan; and Philadelphia County, Pennsylvania. "Coastal markets are the epicenter of the U.S. home affordability crisis, but affordability aftershocks are now being felt further inland as housing refugees migrate from the high-cost coastal markets to lower-priced markets in the middle of the country where good jobs are available," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "That in turn is pushing home prices above historically normal affordability limits in those middle-America markets." Eight of top 10 highest-priced counties post declines in net migration in 2017 The report also incorporated recently released Census bureau data showing net migration of population in 2017 at the county level. Net migration is the difference between the number of people coming to a county and the number of people leaving a county, including both domestic and international migration. Eight of the top 10 counties with the highest median home prices in Q1 2018 posted negative net migration in 2017: Kings County (Brooklyn), New York (25,484 net migration decrease); Santa Clara County (San Jose), California (5,559 net migration decrease); New York County (Manhattan), New York (3,762 net migration decrease); Orange County, California (3,750 net migration decrease); and San Mateo, Marin, Napa and Santa Cruz counties in Northern California. The two exceptions among the top 10 highest-priced counties were San Francisco County, California (5,555 net migration increase); and Alameda County, California, also in the San Francisco metro area (1,286 net migration increase) — both of which had large positive international migration outweighing negative domestic migration. Among the 446 counties analyzed in the affordability report, those with the largest net migration increases in 2017 were Maricopa County (Phoenix), Arizona (49,770 net migration increase); Clark County (Las Vegas), Nevada (36,635 net migration increase); Riverside County, California, in the "Inland Empire" of Southern California (23,397 net migration increase); Denton County, Texas in the Dallas metro area (21,333 net migration increase); and Hillsborough County, Florida, in the Tampa-St. Petersburg metro area (20,603 net migration increase). Median home prices in those five counties ranged from $197,000 in Hillsborough County to $360,000 in Riverside County. "Home affordability continues to be a symptom relating to a cultural divide of wage earners," said Michael Mahon, president at First Team Real Estate, covering Southern California. "Median wage earners are finding coastal communities unaffordable across Southern California, which is driving migration of the consumer population to create housing demand booms in such counties as Riverside County — recently recognized as one of the fastest growing counties in the state." 41 percent of markets less affordable than historic averages Among the 446 counties analyzed in the report, 181 (41 percent) were less affordable than their historic affordability averages in the first quarter of 2018, up from 35 percent of counties in the previous quarter and up from 24 percent of counties in the first quarter of 2017. Counties that were less affordable than their historic affordability averages included Los Angeles County, California; Harris County (Houston), Texas; San Diego County, California; Kings County (Brooklyn), New York; and Dallas County, Texas. Counties with the lowest affordability index (least affordable relative to their own historic affordability averages) were Santa Fe County, New Mexico (72); Grayson County, Texas in the Sherman-Denison metro area (75); Adams County, Colorado in the Denver metro area (77); Ellis County, Texas in the Dallas metro area (78); and Denver County, Colorado (79). Most affordable counties in Atlantic City, Baltimore, Philadelphia, Cleveland Among the 446 counties analyzed in the report, 265 (59 percent) were more affordable than their historic affordability averages in the first quarter of 2018, including Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; Orange County, California; Miami-Dade County, Florida; and King County (Seattle), Washington. Counties with the highest affordability index (most affordable relative to their own historic affordability averages) were Atlantic County (Atlantic City), New Jersey (223); Baltimore City, Maryland (156); Camden County, New Jersey in the Philadelphia metro area (153); Cuyahoga County (Cleveland), Ohio (153); and Howard County, Maryland in the Baltimore metro area (150). "Affordable home prices that are still accessible to the average wage earner are helping to spur positive net migration to some Ohio counties, particularly in the Columbus and Cincinnati metro areas," said Matthew L. Watercutter, broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio. "But affordability could start to become a bigger challenge in Ohio if home price appreciation continues to outpace wage growth in most of the state's markets as it did in the first quarter." 73 percent of markets post worsening affordability compared to year ago A total of 326 of the 446 counties analyzed in the report (73 percent) posted a year-over-year decrease in their affordability index, meaning that home prices were less affordable than a year ago, including Los Angeles County, California; San Diego County, California; Miami-Dade County, Florida; Queens County, New York; and Riverside County, California. A total of 120 of the 446 counties analyzed in the report (27 percent) posted a year-over-year increase in affordability index, meaning that home prices were more affordable than a year ago, including Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix); Arizona; Orange County, California; and Kings County (Brooklyn), New York. Highest share of income needed to buy in Brooklyn, Santa Cruz, San Francisco, Maui Nationwide an average wage earner would need to spend 29.1 percent of his or her income to buy a median-priced home in the first quarter of 2018, slightly below the historic average of 29.6 percent of income. Counties where an average wage earner would need to spend the highest share of income to buy a median-priced home in Q1 2018 were Kings County (Brooklyn), New York (119.0 percent); Santa Cruz County, California (108.8 percent); Marin County, California in the San Francisco metro area (106.3 percent); Maui County, Hawaii (94.1 percent); and New York County (Manhattan), New York (92.5 percent). Counties where an average wage earner would need to spend the lowest share of income to buy a median-priced home were Baltimore City, Maryland (10.2 percent); Bibb County (Macon), Georgia (11.0 percent); Wayne County (Detroit), Michigan (11.3 percent); Clayton County, Georgia in the Atlanta metro area (12.0 percent); and Rock Island County (Quad Cities), Illinois (13.4 percent). Home price appreciation outpacing wage growth in 83 percent of markets Home price appreciation outpaced average weekly wage growth in 370 of the 446 counties analyzed in the report (83 percent), including Los Angeles County, California; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. Average weekly wage growth outpaced home price appreciation in 76 of the 446 counties analyzed in the report (17 percent), including Cook County (Chicago), Illinois; Duval County (Jacksonville), Florida; San Francisco County, California; Suffolk County (Boston), Massachusetts; and Lake County, Illinois in the Chicago metro area. About ATTOM Data Solutions ATTOM Data Solutions blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties multi-sourced from more than 3,000 U.S. counties. 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. With more than 29.6 billion rows of transactional-level data and more than 7,200 discrete data attributes, the 9TB ATTOM data warehouse powers real estate transparency for innovators, entrepreneurs, disrupters, developers, marketers, policymakers, and analysts through flexible delivery solutions, including bulk file licenses, APIs and customized reports.
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Pending Home Sales Reverse Course in February, Rise 3.1 Percent
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Existing-Home Sales Rebound 3.0 Percent in February
WASHINGTON (March 21, 2018) — Despite consistently low inventory levels and faster price growth, existing-home sales bounced back in February after two straight months of declines, according to the National Association of Realtors®. Sizeable sales increases in the South and West offset declines in the Northeast and Midwest. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 3.0 percent to a seasonally adjusted annual rate of 5.54 million in February from 5.38 million in January. After last month's increase, sales are now 1.1 percent above a year ago. Lawrence Yun, NAR chief economist, says sales were uneven across the country in February but did increase nicely overall. "A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump," he said. "The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar." Added Yun, "The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month. Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March." The median existing-home price for all housing types in February was $241,700, up 5.9 percent from February 2017 ($228,200). February's price increase marks the 72nd straight month of year-over-year gains. Total housing inventory at the end of February rose 4.6 percent to 1.59 million existing homes available for sale, but is still 8.1 percent lower than a year ago (1.73 million) and has fallen year-over-year for 33 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace (3.8 months a year ago). According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage moved higher for the fifth straight month to 4.33 percent in February (highest since 4.34 percent in April 2014) from 4.03 percent in January. The average commitment rate for all of 2017 was 3.99 percent. Properties typically stayed on the market for 37 days in February, which is down from 41 days in January and 45 days a year ago. Forty-six percent of homes sold in February were on the market for less than a month. "Mortgage rates are at their highest level in nearly four years, at a time when home prices are still climbing at double the pace of wage growth," said Yun. "Homes for sale are going under contract a week faster than a year ago, which is quite remarkable given weakening affordability conditions and extremely tight supply. To fully satisfy demand, most markets right now need a substantial increase in new listings." Realtor.com®'s Market Hotness Index, measuring time-on-the-market data and listings views per property, revealed that the hottest metro areas in February were San Francisco-Oakland-Hayward, Calif.; Midland, Texas; Vallejo-Fairfield, Calif.; San Jose-Sunnyvale-Santa Clara, Calif.; and Sacramento-Roseville-Arden-Arcade, Calif. First-time buyers were 29 percent of sales in February, which is unchanged from last month and down from 31 percent a year ago. NAR's 2017 Profile of Home Buyers and Sellers – released in late 2017 – revealed that the annual share of first-time buyers was 34 percent. NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty, says first-time buyers are seeing stiff competition for the available listings in their price range. "Realtors® in several markets note that entry-level homes for first-timers are hard to come by, which is contributing to their underperforming share of overall sales to start the year." she said. "Prospective buyers should start conversations with a Realtor® now on what they want in a new home. Even with the expected uptick in new listings in coming months, buyers in most markets will likely have to act fast on any available listing that checks all their boxes." All-cash sales were 24 percent of transactions in February, which is up from 22 percent in January and the highest since last February (27 percent). Individual investors, who account for many cash sales, purchased 15 percent of homes in February, which is down from 17 percent in January and unchanged from a year ago. Distressed sales – foreclosures and short sales – were 4 percent of sales in February, down from 5 percent in January and 7 percent a year ago. Three percent of February sales were foreclosures and 1 percent were short sales. Single-family and Condo/Co-op Sales Single-family home sales rose 4.2 percent to a seasonally adjusted annual rate of 4.96 million in February from 4.76 million in January, and are now 1.8 percent above the 4.87 million pace a year ago. The median existing single-family home price was $243,400 in February, up 5.9 percent from February 2017. Existing condominium and co-op sales declined 6.5 percent to a seasonally adjusted annual rate of 580,000 units in February, and are now 4.9 percent below a year ago. The median existing condo price was $227,300 in February, which is 5.7 percent above a year ago. Regional Breakdown February existing-home sales in the Northeast fell 12.3 percent to an annual rate of 640,000, and are now 7.2 percent below a year ago. The median price in the Northeast was $258,900, which is 3.6 percent above February 2017. In the Midwest, existing-home sales dipped 2.4 percent to an annual rate of 1.22 million in February (unchanged from a year ago). The median price in the Midwest was $179,400, up 4.5 percent from a year ago. Existing-home sales in the South jumped 6.6 percent to an annual rate of 2.41 million in February, and are now 3.4 percent above a year ago. The median price in the South was $215,700, up 5.4 percent from a year ago. Existing-home sales in the West surged 11.4 percent to an annual rate of 1.27 million in February, and are now 2.4 percent above a year ago. The median price in the West was $370,600, up 9.6 percent from February 2017. The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports Homeowner Equity Increased by $908 Billion in 2017
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Redfin: Home Prices Post Strongest Gain in Nearly Four Years as a Double-Digit Inventory Decline Constrained Sales
Affordability Pressures Mount as Mortgage Rates Rise SEATTLE, March 15, 2018 — Home prices increased 8.8 percent year over year in February, according to Redfin, the next-generation real estate brokerage. The median sale price was $285,700 across the markets Redfin serves. This was the strongest February for price appreciation since March 2014. February also marks six years, or 72 consecutive months, of year-over-year price increases since the market bottomed out and began to recover. Constrained by a lack of supply, February home sales were nearly flat, up just 0.4 percent compared to last year. February saw an 11.4 percent decline in the overall number of homes for sale, marking the 29th consecutive month of year-over-year supply declines. Notwithstanding affordability concerns and low inventory, buyer demand remained strong and market speed continued to increase. The typical home that sold last month went under contract in 53 days, a week faster than one year prior. More than one in five (21.1%) homes that sold last month went for more than their list price, up from 19.6 percent last February. Of the offers Redfin agents wrote for their clients in February, 56 percent encountered competition compared to 58 percent last February. "Mortgage rates pushed upwards in February to the highest levels in nearly three years as home prices increased by their fastest pace since March 2014," said Redfin Chief economist Nela Richardson. "A growing economy, healthy buyer demand and low inventory drove the ramp up in prices last month. Combining even slightly higher rates with price growth this strong will make it even more challenging for first-time buyers to find affordable homes to buy this year. The good news for sellers is modest rate increases are unlikely to curtail buyer demand. Just 6 percent of respondents to a survey commissioned by Redfin said they would cancel their home buying plans if rates rose above 5 percent." The median value of off-market homes was $283,300, as measured by the Redfin Estimate, up 8.9 percent from last year. 58.1 percent of homes on the market in February were priced above their Redfin Estimate value, with a Redfin-List-to-Estimate Ratio of 100.3 percent, indicating that sellers are slightly overpricing their homes. Other February Highlights Competition Seattle, WA was the fastest market, with half of all homes pending sale in just 8 days, down from 12 days from a year earlier. Denver, CO and San Jose, CA were the next fastest markets with 9 and 10 median days on market, followed by Oakland, CA (13) and San Francisco, CA (14). The most competitive market in February was San Jose, CA where 83.1% of homes sold above list price, followed by 74.4% in San Francisco, CA, 67.5% in Oakland, CA, 54.8% in Seattle, WA, and 44.4% in Tacoma, WA. Prices San Jose, CA had the nation's highest price growth, rising 34.1% since last year to $1,180,000. Detroit, MI had the second highest growth at 19.8% year-over-year price growth, followed by Fresno, CA (19.5%), Tacoma, WA (17.9%), and New Orleans, LA (17.7%). No metros saw price declines in February. Sales Long Island, NY saw the largest decline in sales since last year, falling 32.6%. Home sales in Minneapolis, MN and Miami, FL declined by 13.0% and 12.9%, respectively. 6 out of 73 metros saw sales surge by double digits from last year. Louisville, KY led the nation in year-over-year sales growth, up 24.7%, followed by Greenville, SC, up 18.4%. Oklahoma City, OK rounded out the top three with sales up 15.8% from a year ago. Inventory Rochester, NY had the largest decrease in overall inventory, falling 40% since last February. Buffalo, NY (-39.6%), Atlanta, GA (-33.1%), and Albany, NY (-30.7%) also saw far fewer homes available on the market than a year ago. Salt Lake City, UT had the highest increase in the number of homes for sale, up 49.9% year over year, followed by Baton Rouge, LA (31.8%) and Washington, DC (13.9%). Redfin Estimate The median list price-to-Redfin Estimate ratio was 93.3% in San Francisco, CA, the lowest of any market. This indicates the typical home for sale in February was listed at a price 6.7% below its estimated value. Only 8.1% of homes in San Francisco, CA were listed for more than their Redfin Estimate. Conversely, the median list price-to-Redfin Estimate ratio was 102.6% in Miami, FL and 102.3% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas. In Miami, FL, 86.4% of homes were listed above their Redfin Estimate, the highest percentage of any metro. To read the full report, complete with data and charts, please visit this page. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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CoreLogic Reports Early-Stage Delinquencies Increased Slightly in December But Serious Delinquency and Foreclosure Inventory Rates Declined Year Over Year
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Buying a Home Will Be More Expensive this Spring
Rising home prices and interest rates push average monthly mortgage payment up sharply SANTA CLARA, Calif., March 13, 2018 -- Rising home prices and steadily increasing interest rates have pushed the average monthly mortgage payment up nearly 13 percent nationally over the past year, further challenging home buyers this spring, according to a new analysis released today by realtor.com®, a leading online real estate destination. U.S. home listing prices on realtor.com® have increased 10 percent year over year; while interest rates on a 30-year fixed-rate mortgage have increased 28 basis points during the same time period, increasing the monthly mortgage payment of a median price home by an additional $168 a month. A realtor.com® analysis of the top 20 housing markets revealed monthly mortgage payments have increased dramatically in five markets, where home prices are rising faster than the national average. The monthly mortgage payment for a median priced home will increase an average of $449 in Seattle, $378 in San Francisco, $363 in Los Angeles, $242 in San Diego, $236 in Minneapolis and $213 in Atlanta. (A complete list of the top 20 markets follows.) "Buyers can expect to see more of their paychecks go to their mortgage payments this year," said Danielle Hale, chief economist for realtor.com®. "Tight inventory has limited options for buyers and sent home prices soaring in many markets. Now, home buyers will also have to factor in higher mortgage rates." "This spring's home buyers will have to decide: do they give up some desired home features to get into that lower price range, or do they dig deeper into their wallets?" she added. Although rising interest rates play a role, Hale said, the majority of the payment increase can be attributed to the housing market's prolonged inventory shortage, which has pushed home prices above pre-recession levels in most markets. In the top 20 markets combined, 64 percent of the incremental payment increase is coming from a rise in prices and a shift toward more expensive homes, a dynamic that will further challenge first-time buyers. "Despite mortgage rates still being historically low, the combination of higher prices and rising rates, will further challenge trade-up and first-time buyers, usually millennials or gen-'X'ers. They will have to borrow more money at a higher rate to close on a home in this market," Hale said. Year-Over-Year Difference in Mortgage Payments for the U.S. and Top 20 Largest Markets About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. 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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Let the Data Decide: Coldwell Banker Picks College Basketball Tournament Winners Based on Real Estate Market Intelligence
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Despite Record-High Costs, New Home Construction Showed Modest Growth in the Fourth Quarter, Redfin Finds
Builders Cited Labor and Land Shortage, Rising Lumber and Regulatory Costs as Top Barriers to Building More Homes SEATTLE , March 1, 2018 -- New construction homes accounted for 16.4 percent of all single-family homes for sale in the fourth quarter of 2017, up from 14.2 a year earlier, according to Redfin, the next-generation real estate brokerage. The median price of new single-family homes that sold last quarter was $377,800, the analysis found, up 1.6 percent year over year. Compared with existing homes, new construction sold at an average premium of $86,400 in the fourth quarter. Existing home prices increased 7.3 percent year over year. "New homes are more expensive than existing homes, and their prices tend to grow at a slower rate," said Redfin chief economist Nela Richardson. "However, new homes' slower price growth belies their advantage to buyers in the hottest markets. Buyers in these highly competitive markets have been attracted to new construction as a way to avoid bidding wars. They often find it's easier to negotiate with a single builder than to compete with several buyers and negotiate with a traditional seller." A key factor in the high price of new homes is rising construction costs. The estimated labor and materials cost of constructing a single-family home increased 1.2 percent year over year in the fourth quarter to $244,000 , the highest level since the Census Bureau began reporting it in 1988. Despite record-high construction costs, housing starts—the number of new residential homes that began construction—rose to 1.3 million in January, the strongest pace on record since 2007 and 7.3 percent above the January 2017 rate of 1.24 million. As housing starts provide insight into what's ahead for the housing market, this growth marked a key milestone in post-downturn recovery for housing. Still, the supply situation at present remains dire. In January, housing starts were 11.6 percent below the historical average (see chart). The total number of homes for sale in January was 14.4 percent below where it was a year prior, marking 28 consecutive months of declining inventory. With strong buyer demand expected to continue this year, there are still not nearly enough homes for sale. Though building more homes would seem like the obvious solution, a number of obstacles are standing in the way of construction. "We are growing, but not fast enough to keep up with demand," said Robert Dietz, chief economist for the National Association of Home Builders (NAHB). So Why Aren't More Homes Being Built? The largest challenges facing homebuilders and hindering residential construction, according to Dietz, include: Labor Shortage: Cost/availability of labor was builders' top concern in 2017, cited by 82% in a December NAHB survey. "The residential construction industry lost 1.5 million jobs during the Great Recession," said Dietz. "We haven't gained more than 800,000 back since then." Lumber Prices: Lumber prices have risen steadily since 2015 to their highest on record, peaking on February 23—up 45% year over year. Prices are likely to continue to rise due to a tariff on Canadian lumber added last year. According to Dietz, Canadian lumber accounts for one-third of all that used in constructing American homes. Land Shortage: Cost/availability of developed lots was cited by 58% of builders as a major challenge in 2017, and 65% expect the same in 2018. Zoning restrictions and evolving government regulation of where and how homes can be built exacerbate the land shortage. Regulatory Costs: According to the NAHB, there are more regulatory agencies involved in the building process at all levels of government than ever before, resulting in a 29.8% increase in regulatory costs between 2011 and 2016. The same study found that regulatory costs from all levels of government account for 24.3% of the final price of a home in the U.S., consistent with 2011, when regulatory costs accounted for an estimated quarter of a home's final price. Limited Credit Since the Recession: According to Dietz, lenders mostly granted loans for multi-family projects after the recession, which were considered less risky. This limited construction of single-family houses. The third quarter of 2017 marked 18 consecutive quarters of loan growth, according to the NAHB. While still strict, lending conditions have eased somewhat. Metro-Level Highlights for New Construction in the Fourth Quarter: Raleigh, NC had the highest portion of new home sales over the last three months, with 31.2% of all homes sold being new construction. Austin, TX and Nashville, TN followed behind at 26.3% and 26.1%, respectively. Three of the four metro areas with the lowest shares of new construction sales were in New York led by Buffalo, NY at just 0.9 percent of home sales followed by Rochester, NY (1.7%) and Hudson Valley , NY (2.0%). San Diego followed behind (2.2%), along with four other California metros that ranked in the bottom 20% of all metros for lowest portion of new construction—each with under one in 30 home sales being new construction. The metro areas with the highest year-over-year price growth per square foot for new construction sales last quarter were Tucson, AZ (16.3%), Chicago, IL (16%) and Las Vegas, NV (14%). The coastal Florida metros of Miami and West Palm Beach each posted price drops per square foot for new construction homes—falling 18.2% and 13.4% year-over-year. Honolulu, HI posted the largest year-over-year decline in price per square foot for new construction with a 36.2% drop. The estimated cost of constructing a new unit during fourth quarter was the highest in Long Island , NY at an average of $403,000 per home. Tucson, AZ ($280,000) , Hudson Valley , NY ($260,000) and Honolulu, HI ($258,000) rounded out the top four for average cost per unit permitted. North Port, FL , Raleigh, NC , and Austin, TX are building the most homes per capita at 29, 26 and 26 units per 10,000 residents, respectively. In contrast, Allentown, PA and Long Island , NY had far fewer new homes in the pipeline both with only 0.7 units permitted per 10,000 residents in each metro. A look at the total volume of building permits reveals that the metro areas poised to build the most new homes in the coming months are Houston, TX (10,182), Dallas, TX (9,249), Phoenix, AZ (6,933), and Seattle, WA (6,827). Those with the largest year-over-year increase in units permitted include Honolulu, HI (161%), Detroit, MI (104.9%) and Boston, MA (69.2%). In conjunction with its quarterly report on new residential construction, Redfin makes available on its Data Center a downloadable set of data on new construction prices, sales, inventory and other new residential market statistics. Redfin is also releasing building permit data—provided by the Census—allowing users to analyze average construction costs and compare the number of units built per capita across regions. Both datasets are available for download at the National, Metro, and County Levels since 2012. To read the full report, complete with data visualizations and downloadable datasets, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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U.S. Home Flipping Increases to 11-Year High in 2017 With More Than 200,000 Homes Flipped for Second Straight Year
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Pending Home Sales Stumble 4.7 Percent in January
WASHINGTON (February 28, 2018) — After seeing a modest three-month rise in activity, pending home sales cooled considerably in January to their lowest level in over three years, according to the National Association of Realtors®. All major regions experienced monthly and annual declines in contract signings last month. The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 4.7 percent to 104.6 in January from a downwardly revised 109.8 in December 2017. After last month's retreat, the index is now 3.8 percent below a year ago and at its lowest level since October 2014 (104.1). Lawrence Yun, NAR chief economist, says pending sales took a noticeable step back to start 2018. "The economy is in great shape, most local job markets are very strong and incomes are slowly rising, but there's little doubt last month's retreat in contract signings occurred because of woefully low supply levels and the sudden increase in mortgage rates," said Yun. "The lower end of the market continues to feel the brunt of these supply and affordability impediments. With the cost of buying a home getting more expensive and not enough inventory, some prospective buyers are either waiting until listings increase come spring or now having to delay their search entirely to save up for a larger down payment." Added Yun, "Even though contract signings were down, Realtors® indicated that buyer traffic in most areas was up January compared to a year ago. The exception was likely in the Northeast, where the frigid cold snap the first two weeks of the month may have contributed some to the region's large decline." The number of available listings at the end of January was at an all-time low for the month and a startling 9.5 percent below a year ago. In addition to new home construction making progress closer to its historical annual average of 1.5 million starts, Yun believes that two other factors must start occurring to alleviate the excruciatingly low supply levels that are slowing sales: institutional investors beginning to unload their portfolio of single-family properties back onto the market, and more hesitant homeowners deciding to sell. "As new multi-family supply catches up with demand and slows rents, some large investors may begin putting their holdings of affordable single-family homes up for sale, which would be great news, particularly for first-time buyers," said Yun. "Furthermore, sellers last year typically stayed in their home for 10 years before selling (an all-time high); although higher mortgage rates will likely discourage some homeowners from wanting a new home with a higher rate, there are possibly many pent-up sellers who may look to finally trade-up or move down this year." In 2018, Yun forecasts for existing-home sales to be around 5.50 million – roughly unchanged from 2017 (5.51 million). The national median existing-home price this year is expected to increase around 2.7 percent. In 2017, existing sales increased 1.1 percent and prices rose 5.8 percent. The PHSI in the Northeast dropped 9.0 percent to 87.0 in January, and is now 12.1 percent below a year ago. In the Midwest the index fell 6.6 percent to 98.2 in January, and is now 4.1 percent lower than January 2017. Pending home sales in the South declined 3.9 percent to an index of 121.9 in January, and are now 1.1 percent lower than last January. The index in the West decreased 1.2 percent in January to 97.9, and is 2.5 percent below a year ago. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Existing-Home Sales Slip 3.2 Percent in January
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Remine Is Coming to the Chicagoland Area
Over 40,000 customers will have access to Remine Big Data FAIRFAX Va., Feb. 20, 2018 -- Midwest Real Estate Data (MRED) has signed a multi-year license to offer Remine's big data platform as a core offering to its customers. "MRED was named a finalist for the 2017 Inman Innovator Award. We pride ourselves in providing our members with the best and most innovative technology. We see Remine as paramount to continuing these efforts," said Rebecca Jensen, MRED President/CEO. "We are excited to provide MRED customers with this transformative business tool that allows agents, for the first time, to access merged consumer and property data visualized on a map. We can't wait to launch!" Jonathan Spinetto, Remine COO and Co-Founder said, "We are thrilled to partner with MRED as they continue to provide forward-thinking technology that empowers their customers. MRED agents are joining an emerging agent base that now has the data and tools to find new, off-market opportunities to grow their business right within Remine's unique Platform." About Remine Remine is the fastest-growing MLS platform in history. Many of the nation's most influential MLSs have signed to include Remine as core functionality for their 600,000 agents. Remine leverages big data solutions to empower the agent of the future. Visit Remine.com. About MRED Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to more than 40,000 brokers and appraisers and over 7,300 offices. MRED serves Chicago and the surrounding "collar" counties and provides property information encompassing northern Illinois, southern Wisconsin, and northwest Indiana. MRED delivers over twenty products and services to its customers. MRED is the 2013 Inman News Most Innovative MLS/Real Estate Trade Association, and for eight consecutive years the MRED Help Desk has been identified as one of the best small business centers in the United States and Canada by BenchmarkPortal. For more information please visit MREDLLC.com.
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Fourth Quarter Home Prices Up 5.3 Percent; Nearly Two-Thirds of Markets at All-Time High
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Data Drives Moxi Works and Sisu to Align in Strategic Partnership
SILICON SLOPES, UT — Feb 13, 2018 – The real estate market is booming, and there's never been more people competing for a slice of the profits. Smooth talking and likeability used to be the secret weapons of top producing agents and teams in the industry. Now, top producers are using tech solutions to give them the edge, all of them relying on one key component – data. As real estate teams and agents move towards more data driven sales processes, software companies Moxi Works and Sisu have partnered up to provide brokerages, teams, and agents with massive amounts of data and analytics to create a competitive edge. Sisu began a few years ago when a team of real estate agents in Salt Lake City leveraged a system of disciplined tracking and analysis of agent activities to more than double their sales numbers. Recognizing the power of the system, founder and CEO Brian Charlesworth took action and began developing the system of accountability into the full-fledged software platform, Sisu Team, that gamifies and visualizes the data to increase the top line revenue of real estate teams. "Top producers in real estate today are already creating an edge using data/activity tracking and analysis. Sisu makes this data both more meaningful and easier to track, bringing that edge to any agent or team that invests in the software," Charlesworth says. Moxi Works offers the first true open platform in the real estate industry, known as the Moxi Cloud, which now includes over 40 best-in-class tools and services. The Moxi Cloud integrates Moxi's own products (such as Moxi Engage CRM, Moxi Present, Moxi Talent, and more), as well as solutions from 40+ partners that span from lead generation to marketing and about 10 other critical functions in-between. Both platforms become exponentially more powerful when users have more data to plug into them, thus increasing agent engagement. Mike McHenry, VP of Channels and Partnerships said, "Data is the currency that holds a brokerage together; it's the bacon of our industry. We're ecstatic that a company like Sisu is out there and is partnering with us to provide better data and analytics to give our brokerages' agents a competitive edge. Moreover, it guides agents in how they can best take action with the data that is now at their fingertips." Sisu Team will leverage and add these key components using the Moxi Works open cloud platform: Goal Setting and Accountability. By eliminating duplicate agent entry and using data gathered in Moxi Engage and Moxi Present, Sisu Team will make it easier for agents to set activity and sales goals and provide team leaders, broker/owners with accountability coaching reports. Data Visualization. Visual data is high impact data. Sisu Team uses browser or TV monitor dashboards to communicate agents, teams and brokerage progress towards goals, and also helps team leads and managers identify trends and opportunities for improvement. Gamification. Sisu Team brings this highly successful practice to the real estate world. Team leaders can set up challenges to push key objectives and create a more engaging, entertaining, and motivating work environment with leaderboards displaying the results. Users who utilize the Moxi Engage CRM together with Sisu Team will enjoy these benefits: One point of data entry. Rather than inputting data into both systems, Moxi Engage is a complete, end-to-end real estate CRM system system providing brokerage website with lead capture, elegant drip marketing campaigns, transaction management, post transaction workflow, and continued sphere of influence marketing. Sisu Team leverages these automated steps and provides team leads, and broker/owners with better optics into agent data and accountability. Automation. The Moxi Cloud integrates dozens of leading real estate technology solutions – making it the central source for pipeline, client and transaction data. The Sisu Team platform utilizes this vast repository of data to create TV monitor leaderboards, sales challenges, and accountability coaching reports, thus increasing agent engagement. These are just a few of the synergies that the two tech companies will pursue with this partnership. Moxi has already built an impressive platform filled with data from industry leading applications. Sisu will contribute its performance data to that mix, and will undoubtedly become more effective and efficient as it plugs into the Moxi Open Cloud Platform and leverages the data stored there. As a result of the partnership, real estate brokerages, teams, and agents will receive more actionable insights from data sharing between the two platforms. With an even more complete suite of tools to manage every aspect of selling real estate, Moxi Works and Sisu will help these teams and brokerages create and sustain a competitive edge in today's saturated – but opportunity filled – market.
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CoreLogic Reports December Home Prices Up More than 6 Percent Year-Over-Year for Fifth Consecutive Month
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Average Home Seller Profits at 10-Year High of $54,000 in Q4 2017
But Homeowners Staying Put Longer as Average Homeownership Tenure Rises to New High; Kansas City, San Jose, Nashville Led Major Metros in Home Price Appreciation in 2017; All-Cash Purchase Share Increases Following Four Years of Declines IRVINE, Calif. – Feb. 1, 2018 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Year-End and Q4 2017 U.S. Home Sales Report, which shows that home sellers in Q4 2017 realized an average home price gain since purchase of $54,000, up from $53,732 in the previous quarter and up from $47,133 in Q4 2016 to the highest since Q3 2007 — a more than 10-year high. That $54,000 average home seller profit represented an average 29.7 percent return on investment compared to the original purchase price, up from 28.8 percent in the previous quarter and up from 26.8 percent in Q4 2016 to the highest average home seller ROI since Q3 2007. "It's the most profitable time to sell a home in more than 10 years yet homeowners are staying put longer than we've ever seen," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets as well." Among 155 metropolitan statistical areas with sufficient historical data, those with the highest average home seller ROI were San Jose, California (90.9 percent ROI); San Francisco, California (73.3 percent); Merced, California (64.6 percent); Seattle, Washington (64.4 percent); and Santa Cruz, California (59.8 percent). "The biggest story for the greater Seattle housing market in 2017 was persistently low inventory levels which continued to push home prices higher," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "Sales in King County dropped modestly, but that can be blamed on rising prices which are forcing many buyers to look in neighboring counties to the north and south of Seattle where homes are significantly less expensive. I expect more of the same in 2018; an ongoing shortage of inventory combined with an economy that continues to add jobs means the Seattle market will remain very competitive and increasingly expensive." Kansas City, San Jose, Nashville lead major metros in home price appreciation The U.S. median home price in 2017 was $235,000, up 8.3 percent from 2016 to a new all-time high. Annual home price appreciation in 2017 slowed slightly compared to the 8.5 percent in 2016. Among 112 metropolitan statistical areas with a population of 200,000 or more and sufficient home price data, those with the biggest year-over-year increase in home prices were Ocala, Florida (up 14.3 percent); Kansas City, Missouri (up 13.4 percent); San Jose, California (up 13.3 percent); Salem, Oregon (up 12.9 percent); and Nashville, Tennessee (up 12.5 percent). Along with Kansas City, San Jose and Nashville, other major metro areas with a population of at least 1 million with a double-digit percentage increase in home prices in 2017 were Las Vegas (up 12.3 percent); Salt Lake City (up 10.9 percent); Seattle (up 10.8 percent); Orlando (up 10.7 percent); Tampa-St. Petersburg (up 10.7 percent); Portland (up 10.5 percent); and Jacksonville, Florida (up 10.1 percent). 64 of the 112 metros (57 percent) reached new record home price peaks in 2017, including Los Angeles, Dallas, Houston, Atlanta, and San Francisco. "Southern California closed out 2017 with sales volume increases, providing sellers with a continued positive rate of return growth on their homeowner equity, and we are forecasting a further bullish market in 2018," said Michael Mahon, president of First Team Real Estate, covering the Southern California market. "Low available listing inventories, greater consumer cash flows from tax plan changes, continued gains in the stock market and continued declines in unemployment, are all contributing factors to high consumer confidence, which we believe will further elevate property values in 2018." "Although Ohio continues to work through a long tail of lingering distress, strong buyer demand for both distressed and non-distressed properties pushed home prices to new all-time highs in the majority of markets across the state," said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio. "That strong buyer demand is evident in the increasing share of all-cash purchases statewide — more than one in three buyers in Ohio purchased with cash in 2017." Homeownership tenure at new record high nationwide, down in Denver, Dallas, Santa Cruz Homeowners who sold in the fourth quarter of 2017 had owned their homes an average of 8.18 years, up from 8.12 years in the previous quarter and up from 7.78 years in Q4 2016 to the longest average home seller tenure as far back as data is available, Q1 2000. Counter to the national trend, 10 of the 108 metro areas analyzed in the report posted a year-over-year decrease in average home seller tenure: Norwich-New London, Connecticut (down 5 percent); Denver, Colorado (down 3 percent); Bremerton-Silverdale, Washington (down 2 percent); Eugene, Oregon (down 2 percent); Colorado Springs, Colorado (down 2 percent); Provo-Orem, Utah (down 2 percent); Dallas-Fort Worth, Texas (down 1 percent); Manchester-Nashua, New Hampshire (down 1 percent); Chattanooga, Tennessee (down less than 1 percent); and Santa Cruz, California (down less than 1 percent). Cash sales share increases in 2017 following four years of declines Nationwide all-cash purchases accounted for 29.0 percent of single family home and condo sales in 2017, up slightly from 28.7 percent in 2016 and still well above the pre-recession average of 20.3 percent between 2000 and 2007. The increase in cash sales share in 2017 followed four consecutive years of annual decreases. Among 156 metropolitan statistical areas with a population of at least 200,000 and sufficient cash sales data, those with the highest share of all-cash purchases in 2017 were Mobile, Alabama (69.8 percent); Binghamton, New York (60.9 percent); Macon, Georgia (57.7 percent); and Columbus, Georgia (56.2 percent). U.S. distressed sales share drops to 10-year low, up in 12 states and DC Distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 14.0 percent of all U.S. single family home and condo sales in 2017, down from 15.5 percent in 2016 and down from a peak of 38.6 percent in 2011. Counter to the national trend, the share of distressed sales increased in 2017 in the District of Columbia (up 31 percent) and 12 states, including Delaware (up 21 percent); New Jersey (up 9 percent); Ohio (up 6 percent); Louisiana (up 19 percent); and New York (up 10 percent). Among 203 metropolitan statistical areas with a population of at least 200,000 those with the highest share of distressed sales in 2017 were Atlantic City, New Jersey (39.4 percent); Mobile, Alabama (32.0 percent); Montgomery, Alabama (29.9 percent); Fayetteville, North Carolina (27.3 percent); and Akron, Ohio (25.3 percent). Among 52 metropolitan statistical areas with a population of at least 1 million, those with the highest share of distressed sales in 2017 were Philadelphia, Pennsylvania (23.8 percent); Baltimore, Maryland (23.1 percent); Cleveland, Ohio (22.8 percent); Memphis, Tennessee (20.4 percent); and Columbus, Ohio (20.2 percent). Highest share of institutional investor purchases in Memphis Institutional investors nationwide accounted for 2.6 percent of all single family home and condo sales in 2017, down from 3.0 percent in 2016. Among 182 metropolitan statistical areas with a population of at least 200,000 and sufficient institutional investor sales data, those with the highest share of institutional investor sales in 2017 were Memphis, Tennessee (10.0 percent); Columbus, Georgia (8.6 percent); Birmingham, Alabama (8.3 percent); Killeen, Texas (7.3 percent); and Macon, Georgia (7.3 percent). FHA buyer share at lowest level since 2014 Nationwide buyers using Federal Housing Administration (FHA) loans accounted for 13.6 percent of all single family home and condo purchases in 2017, down from 15.4 percent in 2016 to the lowest level since 2014 but still well above the pre-recession average of 7.0 percent between 2000 and 2007. Among 182 metropolitan statistical areas with a population of at least 200,000 and sufficient FHA buyer data, those with the highest share of FHA buyers in 2017 were El Paso, Texas (29.4 percent); Beaumont-Port Arthur, Texas (27.9 percent); Merced, California (27.2 percent); Elkhart-Goshen, Indiana (26.3 percent); and Salt Lake City, Utah (24.4 percent). About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Pending Home Sales Tick Up 0.5 Percent in December
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U.S. Foreclosure Activity Drops to 12-Year Low in 2017
But New York Foreclosure Auctions, New Jersey REOs Both at 11-Year High; Biggest Backlogs of Legacy Foreclosures in New York, New Jersey, Florida IRVINE, Calif. – Jan. 18, 2018 – ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Year-End 2017 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005. Those 676,535 properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units, down from 0.70 percent in 2016 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005. ATTOM's year-end foreclosure report is a count of unique properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,500 counties nationwide, with address-level data on more than 23 million foreclosure filings historically also available for license or customized reporting. See full methodology below. The report also includes new data for December 2017, when there were 64,651 U.S. properties with foreclosure filings, up 1 percent from the previous month but still down 25 percent from a year ago — the 27th consecutive month with a year-over-year decrease in foreclosure activity. "Thanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified — and low-risk — borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searches for how low foreclosures can go," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "There are a few notable local market exceptions playing a different version of foreclosure limbo in which a backlog of legacy foreclosure activity left over from the last housing crisis is still winding its way through a labyrinthine foreclosure process, resulting in incongruous jumps in various stages of foreclosure activity in markets such as New York, New Jersey and DC." Foreclosure starts at new record low nationwide, increase in DC and five states Lenders started the foreclosure process on 383,701 U.S. properties in 2017, down 20 percent from 2016 and down 82 percent from a peak of 2,139,005 in 2009 to a new all-time low going back as far as foreclosure start data is available — 2006. "Across Southern California, while foreclosures have maintained historically low levels during much of 2017, housing affordability has become the concern that has many watching the market for a potential shift in the near future," said Michael Mahon, president of First Team Real Estate, covering the Southern California market, which also posted an 11-year low in foreclosure starts in 2017. "With wage growth not meeting equity growth across many Southern California markets — coupled with rising interest rates — there are some concerns that foreclosures could be on the rise in 2018." Counter to the national trend, the District of Columbia and five states posted year-over-year increases in foreclosure starts in 2017, including Illinois (up 2 percent); Oklahoma (up 23 percent); Louisiana (up 2 percent); DC (up 54 percent); West Virginia (up 32 percent); and Vermont (up 27 percent). New York foreclosure auctions at 11-year high, counter to 11-year low nationwide A total of 318,165 U.S. properties were scheduled for public foreclosure auction (the same as a foreclosure start in some states) in 2017, down 27 percent from 2016 and down from a peak of 1,600,593 in 2010 to a new all-time low going back as far as foreclosure auction data is available — 2006. "The data for the Seattle market tells a very big story, and that is we are not seeing a housing bubble forming," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where scheduled foreclosure auctions in 2017 dropped 47 percent to an 11-year low. "With foreclosure rates at less than 0.4 percent of total housing units, the market is remarkably stable. That said, we are certainly suffering from serious affordability issues, but this is not translating into defaults on loans." The District of Columbia and seven states posted a year-over-year increase in scheduled foreclosure auctions in 2017, including New York (up 9 percent to the highest level since 2006); Oklahoma (up 4 percent); Connecticut (up 7 percent); and Maine (up 2 percent). New Jersey bank repossessions at 11-year high, counter to 11-year low nationwide Lenders repossessed 291,579 properties through foreclosure (REO) in 2017, down 23 percent from 2016 and down 72 percent from a peak of 1,050,500 in 2010 to the lowest level since 2006 — an 11-year low. Counter to the national trend, the District of Columbia and seven states posted a year-over-year increase in REOs in 217, led by New Jersey (19 percent increase to the highest level since 2006); Delaware (up 16 percent); Montana (up 12 percent); DC (up 10 percent); and Wyoming (up 10 percent). New Jersey, Delaware, Maryland post top state foreclosure rates in 2017 States with the highest foreclosure rates in 2017 were New Jersey (1.61 percent of housing units with a foreclosure filing); Delaware (1.13 percent); Maryland (0.95 percent); Illinois (0.86 percent); and Connecticut (0.78 percent). Rounding out the top 10 states with the highest foreclosure rates were Florida (0.72 percent); South Carolina (0.70 percent); Ohio (0.70 percent); Nevada (0.67 percent); and New Mexico (0.63 percent). Atlantic City, Trenton, Philadelphia post top metro foreclosure rates in 2017 Among 217 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2017 were Atlantic City, New Jersey (2.72 percent of housing units with a foreclosure filing); Trenton, New Jersey (1.68 percent); Philadelphia, Pennsylvania (1.26 percent); Fayetteville, North Carolina (1.17 percent); and Rockford, Illinois (1.14 percent). Rounding out the top 10 were Cleveland, Ohio (1.06 percent); Columbia, South Carolina (1.05 percent); Baltimore, Maryland (1.05 percent); Chicago, Illinois (1.04 percent); and Albuquerque, New Mexico (0.99 percent). Average time to foreclose jumps above 1,000 days nationwide U.S. properties foreclosed in the fourth quarter of 2017 had been in the foreclosure process an average of 1,027 days, a 14 percent jump from the previous quarter and a 28 percent increase from a year ago to the longest since ATTOM began tracking average foreclosure timelines in Q1 2007. States with the longest average time to foreclose in Q4 2017 were Indiana (2,370 days); Nevada (1,933 days); Florida (1,493 days); New Jersey (1,298 days) and Georgia (1,263 days). Among 233 counties nationwide with sufficient data, those with the longest average time to foreclose in Q4 2017 were Queens County, New York; Marion County (Indianapolis), Indiana (2,810 days); Orange County (Orlando), Florida (2,109 days); Henry County (Atlanta), Georgia (2,075 days); and Cherokee County (Atlanta), Georgia (1,988 days). Biggest backlogs of legacy foreclosures in New York, New Jersey, Florida Nationwide, 50 percent of all loans actively in foreclosure as of the end of 2017 were originated between 2004 and 2008 — down from 55 percent a year ago. States with the highest number of legacy foreclosures on loans originated between 2004 and 2008 were New York (25,886), New Jersey (20,172), Florida (19,494), California (9,847), and Illinois (8,732). Legacy foreclosures on loans originated between 2004 and 2008 represented 74 percent of all active loans in foreclosure in the District of Columbia, higher than any state with at least 100 active loans in foreclosure, followed by Hawaii (67 percent), New Jersey (58 percent), Massachusetts (58 percent), Florida (55 percent), and Nevada (55 percent). Counties with the highest total number of legacy foreclosures were Nassau County (Long Island), New York (6,782); Cook County (Chicago), Illinois (5,478); Kings County (Brooklyn), New York (4,677); Miami-Dade County, Florida (3,804); and Suffolk County (Long Island), New York (3,417). Report methodology The ATTOM Data Solutions Year-End 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 year. Some foreclosure filings entered into the database during the year may have been recorded in the previous year. Data is collected from more than 2,500 counties nationwide, and those counties account for more than 90 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 and quarterly reports, if more than one type of foreclosure document is received for a property during the year or quarter, only the most recent filing is counted in the report. The annual, 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 Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Existing-Home Sales Fade in December; 2017 Sales Up 1.1 Percent
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SmartZip Accelerates its Enterprise Footprint with New Marketing Automation Capabilities and Top-Tier Franchise, Broker and Mortgage Customers
Industry leaders like AmeriFirst Home Mortgage and Help U Sell are the latest enterprises to leverage SmartZip's scalable predictive marketing platform to increase their agent productivity, recruit new members, and retain top talent PLEASANTON, CA (JANUARY 22, 2018)--SmartZip Analytics, Inc., the pioneer in predictive marketing solutions for the home services ecosystem, continues its strategic expansion in the enterprise space. The Company is rolling out SmartTargeting, its scalable, optimized predictive marketing platform, to thousands of agents and loan officers across franchises, brokers and mortgage lenders nationwide. SmartTargeting is fueling the success of some of the industry's largest brands, including AmeriFirst Home Mortgage, Help U Sell, NextHome Inc., Engel and Völkers West Coast, Metro Brokers and more. The platform offers customized and automated solutions so brands can recruit and retain talent while boosting the production of their individual agents. Truly scalable — with unlimited customization To best serve clients of any size, SmartTargeting offers multiple user support with an unlimited number of seats. This means that whether a team lead wants to be the sole administrator for their small group, or a large brand wants to purchase accounts for thousands of agents and their support staff, the platform responds accordingly. As companies or agents grow, the platform can grow with them; additional homeowner analytics, prospecting lists or automated marketing campaigns can be added at an enterprise level or by individual agents at any time. Metro Brokers, a franchise network with 42 real estate offices and 800+ agents across Colorado, has optimized SmartTargeting to fit their specific needs and model. "SmartZip's leading-edge solutions help us offer highly differentiated tools to our brokers and agents," said Metro Brokers' CEO, Millard H, "Rip" Ripley. "Our brokers and agents are independents who license and leverage our brand, but retain their unique identities. [Our] unique franchise model challenges us to find a plug-and-play platform with capabilities that can work in an integrated as well as a standalone format, so franchisees can choose what works best for them. SmartZip's suite of tools allows us to do just that." Automated marketing to win new, repeat and referral business As a comprehensive customer acquisition platform, SmartTargeting is designed to help agents acquire new clients, repeat business and word-of-mouth referrals. The platform can be set up to hone in on the most likely home sellers from within an agent's local market area or their personal contacts; it can also work to keep agents top-of-mind for repeat and referral business from within their sphere of influence. Once these key audience demographics are selected, agents can quickly set up marketing campaigns that run automatically to keep agents' brand in front of the specified targets on a consistent basis. And since SmartTargeting's data and analytics are always kept fresh, enterprises and agents can rest easy that their marketing dollars are being optimally used. SmartTargeting's expansive marketing library offers more than 500 branded mailer and online ad designs. For a more tailored approach, enterprise leaders can leverage a custom marketing catalog available exclusively to their agents, ensuring each promotion maintains brand integrity. These predictive marketing campaigns caught the eye of NextHome Inc., a forward-thinking franchise company with more than 260 offices and 2,000 agents nationwide. "At NextHome Inc., we pride ourselves on offering fully-automated and highly-integrated technology and marketing products to our agents. SmartZip's enterprise solution fits perfectly and seamlessly into our long term strategy and growth," said James Dwiggins, Chief Executive Officer of NextHome, Inc. "The predictive marketing technology, referral solution, and features like brand control... make SmartZip a unique partner that gives our agents and brokers an advantage in the market." New simplified user experience SmartTargeting understands that working agents don't have hours to dedicate to new technology. The platform's newest release has simplified every aspect of the user experience, from account setup and contact insights, to campaign management and analysis. Rather than clicking through dozens of screens to get the updates they are looking for, users are greeted with a new dashboard that grows smarter each time they log in. The intuitive dashboard offers real-time updates on their prediction performance, automated marketing campaigns, incoming leads and the contacts they should check in with next. Paul Benson, CEO of Engel & Völkers San Francisco Real Estate Inc., confirmed that SmartTargeting solved many pain points felt by individual agents across varying experience levels. "One of the appeals of this platform to me was that it incorporates all the elements an agent needs to be successful. It can help an established agent become a top producer and a newer agent to develop the habits they will need to be successful." Integrated recruiting tools SmartTargeting doesn't just solve agent pain points; it also seeks to close the gap for brokers and large brands by offering built-in recruiting and reputation management tools.Within the platform, individual leaders can request and display past client testimonials on a branded reputation website that automatically refreshes itself as new testimonials roll in. The tool can also be used by hiring managers to request company recommendations from current employees and advertise them to attract new talent. Full-speed ahead in 2018 As SmartZip onboards thousands of new agents across its enterprise client base, user feedback is fueling more innovation, and the company plans to roll out additional updates for both enterprises and their individual users in the coming months. "Marketing is the bread and butter of this industry, but current piecemeal solutions are neither targeted, automated nor integrated," said Gupta. "This costs brokers time, money, resources and lost opportunities. SmartTargeting is designed to fix all this, and can be powerful, nimble and valuable for individuals at every level of the organization — whether it's a boutique brokerage, a powerhouse franchise or a nationwide real estate conglomerate. We are thrilled to be fueling the success of so many forward-thinking real estate companies." As a sponsor at Inman Connect New York, SmartZip will be available for demos and product tours, and Gupta will be a featured roundtable facilitator at the Indie Broker Summit event opening ICNY. SmartZip is a pioneer in predictive marketing solutions for the home services ecosystem. SmartZip's SmartTargeting platform leverages predictive analytics, multi-channel marketing automation, smart prospecting apps and reputation and referral management tools to help businesses win new clients, repeat business and word-of-mouth referrals. SmartTargeting's integrated end-to-end system can be optimized for any size organization, from enterprises and franchises, to boutique brokerages, teams and individual practitioners. SmartZip is backed by Intel Capital, Claremont Creek Ventures, Crest Capital, Javelin Venture Partners, Cue Ball Capital, Toba Capital and ORIX Growth Capital, and is headquartered in Pleasanton, CA.
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CoreLogic: Most Cities Shortlisted for Amazon’s Second Headquarters Are Already 'Hot' Housing Markets
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Realtors® Housing Minute: A Video Recap of Market Activity in November
WASHINGTON, Dec. 29, 2017 -- Fueled by strong job growth and the strengthening economy, existing-home sales and contract signings both increased in November. Watch this 50-second, animated video from the National Association of Realtors® summarizing how the housing market performed in November, as well as a look at current consumer sentiment and NAR's 2018 housing forecast. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries. Information about NAR is available at www.nar.realtor.
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HUD and Census Bureau Report Residential Construction Activity in November 2017
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CoreLogic Reports Fourth Consecutive Month with More Than 6 Percent Year-Over-Year Home Price Growth in November
January 02, 2018, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its CoreLogic Home Price Index (HPI™) and HPI Forecast™ for November 2017, which shows home prices are up both year over year and month over month. Home prices nationally increased year over year by 7 percent from November 2016 to November 2017, and on a month-over-month basis home prices increased by 1 percent in November 2017 compared with October 2017,* according to the CoreLogic HPI. Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 4.2 percent on a year-over-year basis from November 2017 to November 2018, and on a month-over-month basis home prices are expected to decrease by 0.4 percent from November 2017 to December 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Rising home prices are good news for home sellers, but add to the challenges that home buyers face," said Dr. Frank Nothaft, chief economist for CoreLogic. "Growing numbers of first-time buyers find limited for-sale inventory for lower-priced homes, leading to both higher rates of price growth for 'starter' homes and further erosion of affordability." According to CoreLogic Market Condition Indicators (MCI) data, an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 37 percent of metropolitan areas have an overvalued housing stock as of November 2017. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. Also, as of November, 36 percent of the top 100 metropolitan areas were undervalued and 26 percent were at value (this percent share is based on 99 markets for this report since data for Honolulu is currently unavailable). When looking at only the top 50 markets based on housing stock, 50 percent were overvalued, 14 percent were undervalued and 36 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level, while an undervalued housing market is one in which home prices are at least 10 percent below the sustainable level. "Without a significant surge in new building and affordable housing stock, the relatively high level of growth in home prices of recent years will continue in most markets," said Frank Martell, president and CEO of CoreLogic. "Although policymakers are increasingly looking for ways to address the lack of affordable housing, much more needs to be done soon to see a significant improvement over the medium term." *October 2017 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results. About CoreLogic CoreLogic (NYSE: CLGX) 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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Pending Home Sales Inch Up 0.2 Percent in November
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Median Down Payment for U.S. Homes Purchased in Q3 2017 Increases to a New High of $20,000
Average Down Payment of $76,645 Also at New High; Median Down Payment 7.6 Percent of Median Home Price, a 4-Year High; Purchase Loans Up 7 Percent, HELOCs Up 12 Percent, Refis Down 19 Percent from Year Ago IRVINE, Calif. – Dec. 14, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Residential Property Loan Origination Report, which shows that the median down payment for single family homes and condos purchased with financing in the third quarter was $20,000, up from $18,161 in the previous quarter and up from $14,400 in Q3 2016 to a new high as far back as data is available, Q1 2000. The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 1,700 counties accounting for more than 87 percent of the U.S. population. Counts and dollar volumes for the two most recent quarters are projected based on available data at the time of the report (see full methodology below). The average down payment of $20,000 was 7.6 percent of the median sales price of $263,000 for financed home purchases in the third quarter, up from 7.1 percent in the previous quarter and up from 6.1 percent in Q3 2016 to the highest level since Q3 2013 — a four-year high. "Buying a home has become a full-contact sport in many markets across the country, and buyers with the beefiest down payments — not to mention all-cash buyers — are often able to muscle out those with scrawnier savings," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "Despite the increasingly competitive nature of homebuying, the number of residential property purchase loans nationwide increased to a 10-year high in the third quarter." Median down payment tops $50,000 in a dozen markets The median down payment was more than $50,000 in 12 of the 99 metropolitan statistical areas analyzed in the report, led by San Jose California ($247,000); San Francisco, California ($170,000); Los Angeles, California ($118,000); Oxnard-Thousand Oaks-Ventura, California ($105,000); and Boulder, Colorado ($99,900). "Across Southern California factors such as low available listing inventory have resulted in many consumers turning to cash or leveraging investment accounts for cash as alternative methods for funding home ownership and beating out competitors for acceptance of their purchase offers in a highly competitive market," said Michael Mahon president at First Team Real Estate, covering the Southern California market. Other markets with median down payments above $50,000 were San Diego, California; New York, New York; Fort Collins, Colorado; Bridgeport, Connecticut; Boston, Massachusetts; Seattle, Washington; and Naples, Florida. "Rising home prices in the Seattle area combined with changes in the mortgage underwriting process have pushed the median down payment over $50,000 and the average down payment to over $100,000," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "We've also seen an increase in new mortgages which is an indication of rising home sales. Most interesting to me is the big jump in new lines of credit which is likely a result of frustrated buyers deciding to stay in their existing homes and remodel rather than deal with the highly competitive Seattle housing market." Purchase and HELOC originations increase, refinance originations down Nearly 2.4 million loans (2,386,518) secured by residential property (1 to 4 units) were originated in the third quarter, up 17 percent from the previous quarter but still down 5 percent from a year ago. Of the total 2.4 million loan originations during the quarter, nearly 1.1 million were purchase loans (1,011,144), up 8 percent from the previous quarter and up 7 percent from a year ago to the highest level since Q3 2007 — a 10-year high. A total of 981,773 refinance loans secured by residential property were originated in the third quarter, up 28 percent from the previous quarter but still down 19 percent from a year ago. A total of 393,602 home equity lines of credit (HELOCs) secured by residential property were originated in the third quarter, up 19 percent from the previous quarter and up 12 percent from a year ago to the highest level since Q2 2008, a more than nine-year high. Raleigh, New York, Roanoke, Honolulu, Little Rock post biggest purchase loan increases Among 120 metropolitan statistical areas analyzed in the report for loan origination trends, those with the biggest increase in purchase loan originations secured by residential property were Raleigh, North Carolina (up 55 percent); New York, New York (up 39 percent); Roanoke, Virginia (up 39 percent); Honolulu, Hawaii (up 38 percent); and Little Rock, Arkansas (up 34 percent). Counter to the national trend, 58 of the 120 metro areas analyzed in the report (48 percent) posted a year-over-year decrease in residential property purchase loan originations, including Houston (down 10 percent); Miami (down 6 percent); Atlanta (down 15 percent); Boston (down 7 percent); and Detroit (down 7 percent). San Jose, Honolulu, Rochester, San Diego, Bridgeport post biggest refi loan decreases Among 120 metropolitan statistical areas analyzed in the report for loan origination trends, those with the biggest year-over-year decrease in residential property refinance loan originations were San Jose, California (down 58 percent); Honolulu, Hawaii (down 56 percent); Rochester, New York (down 49 percent); San Diego, California (down 49 percent); and Bridgeport, Connecticut (down 48 percent). Counter to the national trend, 22 of the 120 metro areas analyzed in the report (18 percent) posted year-over-year increases in residential property refinance loan originations, including New York (up 7 percent); Kansas City (up 15 percent); Oklahoma City (up 51 percent); Raleigh, North Carolina (up 2 percent); and Grand Rapids, Michigan (up 6 percent). Reno, Fort Wayne, Peoria, Bremerton, Dallas post biggest HELOC increases Among 120 metropolitan statistical areas analyzed in the report, those with the biggest year-over-year increase in residential property HELOC loan originations were Reno, Nevada (up 80 percent); Fort Wayne, Indiana (up 74 percent); Peoria, Illinois (up 46 percent); Bremerton, Washington (up 45 percent); and Dallas, Texas (up 43 percent). Counter to the national trend, 43 of the 120 metro areas analyzed in the report (36 percent) posted a year-over-year decrease in HELOC loan originations, including Houston (down 17 percent); Miami (down 3 percent); Atlanta (down 6 percent); San Francisco (down 1 percent); and St. Louis (down 4 percent). Share of co-borrowers increases in 87 percent of markets The report also found that 23.4 percent of all purchase loan originations on single family homes in Q3 2017 involved co-borrowers — multiple, non-married borrowers listed on the mortgage or deed of trust — up from 22.8 percent in the previous quarter and up from 21.1 percent in Q3 2016. The share of co-borrowers increased from a year ago in 33 of 38 U.S. cities analyzed in the report (87 percent), including Las Vegas, Nevada; Houston, Texas; San Antonio, Texas; Phoenix, Arizona; and Colorado Springs, Colorado. Counter to the national trend, the share of co-borrowers decreased from a year ago in five markets: Austin, Texas; Dallas, Texas; Miami, Florida; Aurora, Colorado; and Memphis, Tennessee. Cities with the highest share of co-borrowers in Q3 2017 were San Jose, California (51.1 percent); Miami, Florida (42.7 percent); Seattle, Washington (36.7 percent); Los Angeles, California (30.4 percent); and Portland, Oregon (30.1 percent). Share of FHA and VA loans drops from a year ago Loans backed by the Federal Housing Administration (FHA) accounted for 12.9 percent of all residential property loans originated in the third quarter, down from 13.6 percent in the previous quarter and down from 13.2 percent in Q3 2016. Loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 6.6 percent of all residential property loans originated in the third quarter, up from 6.5 percent in the previous quarter but down from 7.5 percent in Q3 2016. Report methodology ATTOM Data Solutions analyzed recorded mortgage and deed of trust data for single family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations. Origination counts and dollar volumes are projected for the most recent two quarters based on historical share of mortgage and deed of trust data recorded and collected within 45 days from the end of a quarter — which is when ATTOM pulls data for the report. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Existing-Home Sales Soar 5.6 Percent in November to Strongest Pace in Over a Decade
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CoreLogic Reports September Mortgage Delinquency Rates Lowest in More Than a Decade
December 12, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 5 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in September 2017. This represents a 0.2 percentage point year-over-year decline in the overall delinquency rate compared with September 2016 when it was 5.2 percent. As of September 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down from 0.8 percent in September 2016. Both August and September of this year experienced the lowest foreclosure inventory rate since June 2007 when it was also 0.6 percent, and the September foreclosure inventory rate was the lowest for the month of September in 11 years when it was 0.5 percent in September 2006. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies, defined as 30-59 days past due, was 2.4 percent in September 2017, up 0.3 percentage points from 2.1 percent in September 2016. The share of mortgages that were 60-89 days past due in September 2017 was 0.7 percent, unchanged from September 2016. The serious delinquency rate, those that are 90 days or more past due, declined 0.4 percentage points year over year from 2.3 percent in September 2016 to 1.9 percent in September 2017. The 1.9 percent serious delinquency rate in June, July, August and September of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of September since 2007 when the serious delinquency rate was 1.8 percent. "September's early-stage delinquency rate increased by 0.3 percent from a year ago, the largest increase since June 2009. This does not reflect a deterioration in credit, but rather the impact of the hurricanes in Texas, Florida and Puerto Rico," said Dr. Frank Nothaft, chief economist for CoreLogic. "September's early-stage delinquency transition rate rose to 2.6 percent in Texas and it rose to 3.2 percent in Florida, which is higher than the 1 percent that's typical for both states. Texas and Florida's early-stage delinquency transition rates in September are much lower than New Orleans in September 2005 when the transition rate reached 17.4 percent as a result of Hurricane Katrina." Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 1.3 percent in September 2017, up from 0.9 percent in September 2016. The September rate was the highest for any month in nearly three years, since November 2014 when it was 1.4 percent. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "While natural hazard risk was elevated in 2017, the economic fundamentals that drive mortgage credit performance are the best in two decades," said Frank Martell, president and CEO of CoreLogic. "The combination of strong job growth, low unemployment rates, steady economic performance and prudent underwriting has led to continued improvement in mortgage performance heading into next year." For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX) 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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zavvie Reveals Colorado's Hottest Neighborhoods with 'Hot Hoodz'
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U.S. Home Flipping Returns Drop to Two-Year Low in Q3 2017
YTD 2017 Home Flips Still on Pace to Equal 10-Year High 0f 2016; Lowest Ratio of Flips Per Investor Since Q2 2008 IRVINE, Calif. – Dec. 7, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Home Flipping Report, which shows that single family homes and condos flipped in the third quarter yielded an average gross flipping profit of $66,448 per flip, representing an average 47.7 percent return on investment for flippers — down from 48.7 percent in the previous quarter and down from 51.2 percent in Q3 2016 to the lowest average gross flipping ROI since Q2 2015. The report also shows that 48,685 single family homes and condos were flipped nationwide in the third quarter, a home flipping rate of 5.1 percent — down from 5.6 percent in the previous quarter and unchanged from a year ago. Year-to-date through the third quarter of 2017 a total of 153,727 single family homes and condos nationwide have been flipped, nearly equal with the 153,854 flipped through the first three quarters of 2016, when the number of homes flipped increased to a 10-year high. For the report, a home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period based on publicly recorded sales deed data collected by ATTOM Data Solutions in more than 950 counties accounting for more than 80 percent of the U.S. population (see full methodology below). "Home flipping profits continue to be squeezed by a dwindling inventory of distressed properties available to purchase at a discount and increasing competition from fair-weather home flippers often willing to operate on thinner margins," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "A more than nine-year low in the ratio of flips per investor is evidence of this increased competition, which is pushing many investors to new metro areas that often have weaker market fundamentals but also come with a bigger supply of discounted distressed properties to flip." Home flipping rate increases in 47 percent of markets The Q3 2017 home flipping rate increased from a year ago in 44 of the 93 metropolitan statistical areas analyzed in the report (47 percent), led by Baton Rouge, Louisiana (up 140 percent); Winston-Salem, North Carolina (up 58 percent); Salem, Oregon (up 51 percent); Indianapolis, Indiana (up 51 percent); and Buffalo, New York (up 47 percent). Along with Indianapolis and Buffalo, metro areas with a population of 1 million or more that posted a year-over-year increase in home flipping rates of at least 10 percent were Louisville, Kentucky (up 22 percent); San Antonio, Texas (up 22 percent); New York, New York (up 21 percent); Cleveland, Ohio (up 17 percent); Birmingham, Alabama (up 17 percent); Charlotte, North Carolina (up 15 percent); Dallas-Fort Worth, Texas (up 14 percent); Rochester, New York (up 13 percent); Detroit, Michigan (up 12 percent); Hartford, Connecticut (up 11 percent); and Memphis, Tennessee (up 10 percent). The Q3 2017 home flipping rate decreased from a year ago in 49 of the 93 metropolitan statistical areas analyzed for the report (53 percent), including Los Angeles (down 6 percent); Washington, D.C. (down 6 percent); Miami (down 15 percent); Boston (down 5 percent); and San Francisco (down 2 percent) "Across Southern California, investors are finding home flips for investment purchases to be a challenge due to an aging housing inventory requiring greater repair cost coupled with higher acquisition costs due to low available inventory," said Michael Mahon, president at First Team Real Estate, covering the Southern California housing market. ‘That equates to increased risk for return on investment that is keeping many potential investors on the sidelines." Other major markets where the Q3 2017 home flipping rate decreased from a year ago included Seattle (down 8 percent), Minneapolis-St. Paul (down 18 percent); Tampa-St. Petersburg (down 9 percent); Baltimore (down 2 percent); and Denver (down 2 percent). "Although the number of flips in the Seattle market dropped back to levels not seen since early 2016, they are still well above the levels seen before the recession. I anticipate that the number of flips will continue to fall as home price growth eats into profits, which have been on the decline since 2013," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "The Seattle region housing market remains very tight in terms of inventory and this has put substantial upward pressure on prices. Flippers can function to exacerbate this issue, so the sooner we see the number of flips drop back to pre-recession levels, the better." Home flipping returns increase in 37 percent of markets, counter to national trend Counter to the national trend, average gross home flipping ROI in Q3 2017 increased from a year ago in 34 of the 93 metropolitan statistical areas analyzed in the report (37 percent), led by Baton Rouge, Louisiana (up 116 percent); Spokane, Washington (up 46 percent); Indianapolis, Indiana (up 35 percent); Fresno, California (up 34 percent); and Greensboro-High Point, North Carolina (up 34 percent). Metro areas with the highest average gross home flipping ROI for properties flipped in the third quarter were Pittsburgh, Pennsylvania (147.7 percent); Baton Rouge, Louisiana (122.2 percent); Philadelphia, Pennsylvania (114.0 percent); Baltimore, Maryland (101.5 percent); and Cleveland, Ohio (98.6 percent). Metro areas with the lowest average gross home flipping ROI for properties flipped in the third quarter were Austin, Texas (18.7 percent); Reno, Nevada (22.3 percent); Dallas-Fort Worth, Texas (22.7 percent); Kansas City (24.0 percent); and Salt Lake City, Utah (24.9 percent). Highest home flipping rates in DC, Nevada, Tennessee, Louisiana, Alabama With home flips representing 8.3 percent of all home sales in Q3 2017, the District of Columbia posted a higher home flipping rate than any state, followed by Nevada (7.6 percent); Tennessee (7.4 percent); Louisiana (7.4 percent); Alabama (7.1 percent); and Arizona (6.9 percent). Among 93 metropolitan statistical areas analyzed in the report, those with the highest home flipping rates in Q3 2017 were Memphis, Tennessee (12.0 percent); Baton Rouge, Louisiana (9.3 percent); York-Hanover, Pennsylvania (8.7 percent); Lakeland-Winter Haven, Florida (8.5 percent); and Tampa-St. Petersburg, Florida (8.5 percent). Other high-level takeaways from the report: The 48,685 homes flips in Q3 2017 were completed by 38,928 investors, a ratio of 1.251 flips per investor, the lowest ratio of flips per investor since Q2 2008. The share of homes flipped in Q3 2017 that were purchased by the flipper with financing represented 34.6 percent of all homes flipped in the quarter, down from 35.5 percent in the previous quarter but still up from 32.3 percent in Q3 2016. The share of homes flipped in Q3 2017 that were purchased by the flipper in some stage of foreclosure or as bank-owned homes represented 38.8 percent of all homes flipped during the quarter, down from 40.2 percent in the previous quarter and down from 43.9 percent in Q3 2016. The average square footage of homes flipped in Q3 2017 was 1,405, down from 1,412 in the previous quarter to the smallest average square footage on record for the report, going back to Q1 2000. Homes flipped in Q3 2017 were purchased at an average discount of 23.9 percent below estimated full market "after repair" value, down from an average discount of 24.2 percent in the previous quarter to the lowest average discount since Q4 2013. Homes flips completed in Q3 2017 took an average of 181 days, down from 185 days in the previous quarter and down from 182 days in Q3 2016. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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CoreLogic US Home Price Report Marks Second Consecutive Month of 7 Percent Year-Over-Year Increases in October
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Markets in Colorado, New Hampshire, Illinois, DC, and Tennessee Top List of Where Homebuyers are Most Likely to Move in Q4 2017
Top Pre-Mover Markets Post Lower Unemployment Rates, Slightly Weaker Wage Growth; Hottest Second Home Pre-Mover Markets Myrtle Beach, Asheville, Daytona Beach IRVINE, Calif. – Nov. 30, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 Pre-Mover Housing Index, which shows that the markets with the highest pre-mover indices during the third quarter — predictive of strong sales activity in the fourth quarter — were Colorado Springs, Colorado; Manchester-Nashua, New Hampshire; Chicago, Illinois; Washington, D.C.; and Nashville, Tennessee. Using data collected from purchase loan applications on residential real estate transactions, the ATTOM Data Solutions Pre-Mover Housing Index is based on the ratio of homes with a "pre-mover" flag during a quarter to total single family homes and condos in a given geography, indexed off the national average. An index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 30 to 90 days in a given market (see full methodology below). The top five markets — among 123 total metro areas analyzed for the report — all posted a pre-mover index of 196 or higher. Other markets in the top 10 for highest pre-mover index in the third quarter were Reno, Nevada (189); Tampa-St. Petersburg, Florida (188); Las Vegas, Nevada (180); Jacksonville, Florida (179); and Kingsport-Bristol, Tennessee (178). Among the same 123 metro areas analyzed for the report, those with the lowest pre-mover indices in the third quarter were Rochester, New York (35); Akron, Ohio (47); Myrtle Beach, South Carolina (47); Providence, Rhode Island (52); and Cleveland, Ohio (52). "Home buyers are most likely to move — and homeowners are more likely to move up — in markets with plenty of available jobs along with a reasonable supply of homes for sale," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Markets with this enviable and increasingly rare combination of jobs and housing inventory tend to be in secondary and even tertiary markets that are somewhat off the beaten path. Even in more mainstream markets, the counties with the highest pre-mover indices tend to be in outlying areas where more inventory is available or can be built." Top pre-mover counties post lower unemployment rates, slightly weaker wage growth Out of 331 U.S. counties analyzed for the report, 213 posted a pre-mover index above the national average in the third quarter. The average September unemployment rate in those 213 counties was 3.8 percent, compared to an average unemployment rate of 4.2 percent in the 118 counties that posted a pre-mover index below the national average in the third quarter. Weekly wages grew 6.4 percent from a year ago on average in the 213 counties with a Q3 2017 pre-mover index above the national average while average weekly wages grew 6.5 percent from a year ago on average in the counties with a Q3 2017 pre-mover index below the national average. Highest share of second home pre-movers in Myrtle Beach, Asheville, Daytona BeachAmong 123 metropolitan statistical areas with at least 100,000 single family homes and condos and at least 100 pre-movers in Q3 2017, those with the highest share of pre-movers indicating interest in second home purchases were in Myrtle Beach, South Carolina (14.2 percent); Asheville, North Carolina (10.7 percent); Deltona-Daytona Beach-Ormond Beach, Florida (10.3 percent); Atlantic City, New Jersey (9.6 percent); and Cape Coral-Fort Myers, Florida (9.4 percent). Highest share of investment home pre-movers in Memphis, Jackson, Boulder Among 123 metropolitan statistical areas with at least 100,000 single family homes and condos and at least 100 pre-movers in Q3 2017, those with the highest share of pre-movers interested in investment property purchases were Memphis, Tennessee (29.9 percent); Jackson, Mississippi (13.7 percent); Boulder, Colorado (12.6 percent); Indianapolis, Indiana (11.0 percent); and Kansas City, Missouri (9.2 percent). Counties with highest and lowest pre-mover indices in Q3 2017 Among 331 U.S. counties with at least 50,000 single family homes and condos and at least 50 pre-movers in the third quarter, those with the highest pre-mover index were Loudon County, Virginia in the Washington, D.C. area (304); El Paso County, Colorado in the Colorado Springs metro area (300); Prince William County, Virginia in the Washington, D.C. metro area (298); Will County, Illinois in the Chicago metro area (298); and Champaign County, Illinois (258). Among the 331 counties analyzed for the report, those with the lowest pre-mover index in Q3 2017 were Wayne County, Michigan in the Detroit metro area (32); Queens County, New York (37); San Mateo County, California in the San Francisco metro area (40); Monroe County, New York in the Rochester metro area (42); and Stark County, Ohio in the Canton metro area (44). Report methodology Using data collected from purchase loan applications on residential real estate transactions, the ATTOM Data Solutions Pre-Mover Housing Index is based on the ratio of homes with a "pre-mover" flag to total single family homes and condos in a given geography, indexed off the national average. Any index above 100 is above the national average and indicates an above-average ratio of homes that will likely be sold in the next 30 to 90 days in a given market. Historical pre-mover data going back to Q1 2014 shows that 59 percent of homes with a pre-mover flag sell within 30 days of the estimated loan settlement date that is provided in the pre-mover data, and 76 percent sell within 90 days of that settlement date. About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Pending Home Sales Strengthen 3.5 Percent in October
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Housing Supply Shortages Slowing First-time Buyers; Signs of Hope Exist for More New Construction
CHICAGO (November 6, 2017) – Stubbornly low inventory conditions in a large swath of the country are behind the below-average share of first-time buyers in recent years, but there is gaining evidence that an increase in homebuilding is around the corner. That is according to NAR's Jessica Lautz, managing director of survey research and communications at the National Association of Realtors®, and Robert Dietz, chief economist at the National Association of Home Builders (NAHB), at a timely session yesterday on housing supply and affordability at the 2017 REALTORS® Conference & Expo. Lautz and Dietz shared their prospective insights on the causes and effects of the nation's continued shortage of new and existing homes for sale and how Realtors® can successfully help their clients navigate these challenging market conditions. Lautz, highlighting findings from NAR's 2017 Profile of Home Buyers and Sellers, said supply constraints at the lower end of the market are a big part of the reason why first-time buyers made up only 34 percent of sales over the past year and have lagged the historical average of 39 percent for several years. With low inventory pushing prices upward, successful buyers have needed higher household incomes and in the past year made smaller down payments. Additionally, the time a home was on the market before fell to a new survey low this year of three weeks. "The month's supply of homes continues to be way under a balanced market of six months, home prices have risen year-over-year for 67 straight months and multiple offers on listings for sale are a common occurrence," said Lautz. "Without enough listings on the market, affordability is decreasing and buyers are increasingly saying finding the right home is their top struggle." Much of Dietz's presentation covered why the homebuilding industry is struggling to construct more homes. He said building lags overall demand for a variety of reasons, including an aging workforce that is causing a shortage of construction workers, low lot availability, steadily rising costs of building materials and land, and the difficulties builders are having in obtaining construction loans. "It's more expensive to build homes and it's having an effect on supply. Over the last five years, the total effect of building codes, land use, environmental laws and other rules have caused regulatory costs to rise 29 percent," said Dietz. Despite these continuous challenges hampering the building industry, Dietz did offer some signs of hope for improvements in coming years. He pointed to the post-election surge in builder confidence and the pace of single-family housing starts slowly trending towards normalized levels. "There's also been the start of a shift to building smaller homes and townhomes," said Dietz. "I'm bullish on townhouses over the next few years. They are the perfect bridge from renting to homeownership for first-time buyers." Another topic of discussion during the session was about the growing consumer appetite for energy-efficient features and green building. Realtors® are responding to these preferences by increasingly promoting green features in listings, and homebuilders are finding that buyers are willing to pay more for green homes. "There's an incredible growth opportunity for green building in coming years," said Dietz. Changing consumer home preferences amidst tight inventory conditions can be a challenging endeavor for buyers and sellers. That is why, according to Lautz, consumers now more than ever are seeking the experience and guidance of a Realtor®, a member of NAR, to help them buy and sell a home. "For your buyer clients, help them understand that it is OK, and not uncommon, for them to not get the first home they make an offer on," said Lautz. Lautz and Dietz both concluded their remarks with optimism that housing demand – driven by millennials and their overwhelming desire to eventually own a home – will only increase in coming years. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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HUD and Census Bureau Report New Residential Sales in October 2017
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Existing-Home Sales Grow 2.0 Percent in October
WASHINGTON (November 21, 2017) — Existing-home sales increased in October to their strongest pace since earlier this summer, but continual supply shortages led to fewer closings on an annual basis for the second straight month, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September. After last month's increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago. Lawrence Yun, NAR chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home," he said. "While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated." Added Yun, "The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida. However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms." The median existing-home price for all housing types in October was $247,000, up 5.5 percent from October 2016 ($234,100). October's price increase marks the 68th straight month of year-over-year gains. Total housing inventory at the end of October decreased 3.2 percent to 1.80 million existing homes available for sale, and is now 10.4 percent lower than a year ago (2.01 million) and has fallen year-over-year for 29 consecutive months. Unsold inventory is at a 3.9-month supply at the current sales pace, which is down from 4.4 months a year ago. Properties typically stayed on the market for 34 days in October, which is unchanged from last month and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month. Realtor.com®'s Market Hotness Index, measuring time on the market data and listings views per property, revealed that the hottest metro areas in October were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Boston-Cambridge-Newton, Mass. "Listings — especially those in the affordable price range — continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying," said Yun. "With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter." According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90 percent in October (matches highest rate since June) from 3.81 percent in September. The average commitment rate for all of 2016 was 3.65 percent. First-time buyers were 32 percent of sales in October, which is up from 29 percent in September but down from 33 percent a year ago. NAR's 2017 Profile of Home Buyers and Sellers — released last month— revealed that the annual share of first-time buyers was 34 percent. NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty, says the pending tax reform legislation in both the House and Senate is a direct attack on homeowners and homeownership, with the result being a tax increase on millions of middle-class homeowners in both large and small communities throughout the U.S. "Making changes to the mortgage interest deduction, eliminating or capping the deduction for state and local taxes and modifying the rules on capital gains exemptions poses serious harm to millions of homeowners and future buyers," said Mendenhall. "With first-time buyers struggling to reach the market, Congress should not be creating disincentives to buy and sell a home. Furthermore, adding $1.5 trillion to the national debt will raise future borrowing costs for our children and grandchildren." All-cash sales were 20 percent of transactions in October, unchanged from September and down from 22 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in October, down from 15 percent last month and unchanged from a year ago. Distressed sales — foreclosures and short sales — were 4 percent of sales in October, unchanged from last month and down from 5 percent year ago. Three percent of October sales were foreclosures and 1 percent were short sales. Single-family and Condo/Co-op Sales Single-family home sales climbed 2.1 percent to a seasonally adjusted annual rate of 4.87 million in October from 4.77 million in September, but are still 1.0 percent under the 4.92 million pace a year ago. The median existing single-family home price was $248,300 in October, up 5.4 percent from October 2016. Existing condominium and co-op sales increased 1.7 percent to a seasonally adjusted annual rate of 610,000 units in October (unchanged from a year ago). The median existing condo price was $236,800 in October, which is 6.9 percent above a year ago. Regional Breakdown October existing-home sales in the Northeast rose 4.2 percent to an annual rate of 740,000, (unchanged from a year ago). The median price in the Northeast was $272,800, which is 6.6 percent above October 2016. In the Midwest, existing-home sales inched forward 0.8 percent to an annual rate of 1.31 million in October, but are still 1.5 percent below a year ago. The median price in the Midwest was $194,700, up 7.1 percent from a year ago. Existing-home sales in the South increased 1.9 percent to an annual rate of 2.16 million in October, but are still 1.8 percent lower than a year ago. The median price in the South was $214,900, up 4.6 percent from a year ago. Existing-home sales in the West grew 2.4 percent to an annual rate of 1.27 million in October, and are now 0.8 percent above a year ago. The median price in the West was $375,100, up 7.8 percent from October 2016. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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What Happens to the Real Estate Market When Supply Falls for 25 Straight Months?
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Home Prices Boom 10 Years After Housing Crisis
New report reveals surprising data as prices return to bubble levels SANTA CLARA, Calif., Nov. 13, 2017 -- Home prices have returned to the boom levels of a decade ago -- which foreshadowed the bursting of the real estate "bubble" and the onset of The Great Recession -- but today's housing market is starkly different, according to data released today from realtor.com®, a leading online real estate destination. Backed by tighter lending standards and more solid economic fundamentals, current price appreciation is being driven by strong supply-and-demand dynamics with no signs of boom era flipping or over-construction. On the surface, today's housing market looks suspiciously similar to the pre-recession years with rising home prices and feverish buyer demand. However, a deeper analytical assessment reveals material differences -- historically low inventory levels, much tighter lending standards and significant job and household growth -- and a strong housing market backed by economic fundamentals. Home Prices are Soaring The U.S. median home sales price in 2016 was $236,000, 2 percent higher than in 2006.1 In fact, 31 of the 50 largest U.S. metros are back to pre-recession price levels. Austin, Texas, has seen the largest price growth in the last decade with a 63 percent increase.1 It's followed by Denver, at 54 percent and Dallas at 52 percent. Three markets -- Las Vegas, Tucson, Ariz., and Riverside, Calif., -- remained more than 20 percent below 2006 price levels at the end of 2016, at 25 percent, 22 percent and 22 percent, respectively.1 Additionally, realtor.com® national data shows that listing prices have been up double-digits for the majority of 2017. "As we compare today's market dynamics to those of a decade ago, it's important to remember rising prices didn't cause the housing crash," said Danielle Hale, chief economist for realtor.com®. "It was rising prices stoked by subprime and low documentation mortgages, as well as people looking for short term gains -- versus today's truer market vitality -- that created the environment for the crash." Lending Standards are Tight The largest difference in the last decade is that lending standards are the tightest they have been in almost 20 years. Today, the Dodd-Frank Wall Street Reform and Consumer Protection Act requires loan originators to show verified documentation that a borrower is able to repay the loan. As a result, the median 2017 home loan FICO score was 734, significantly up from 700 in 2006, on a scale of 330 – 830.2 The bottom 10 percent of borrowers also have much higher credit scores with a FICO of 649 in 2017, from 602 in 2006.2 While veterans and others with specialized mortgages can still put zero percent down, these mortgages include additional restrictions to ensure they can be paid back. "Lending standards are critical to the health of the market," added Hale. "Unlike today, the boom's under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity." Flipping and Over-Building Are in Check A decade ago, the widespread belief that prices could never go down spurred rampant home flipping and building. Today, tight lending standards have kept flipping and over-building in check, but are contributing to severely constrained construction levels. Prior to the crash, flipping became increasingly mainstream with amateur flippers taking on multiple loans. In 2006, the share of flipped homes reached 8.6 percent of all sales, exceeding 20 percent in some metros such as Washington, D.C. and Chicago.3 With today's tight lending environment limiting borrowing power, flipping accounted for 5 percent of sales in 2016, a more restrained level.3 Over-building was another indicator of the unhealthy market conditions in the early 2000s. As prices rose, builders kept building, regardless of demand. In 2006, there were 1.4 single-family housing starts for every household formed, well above the healthy level of one necessary to keep up with the market.4 Today's market is well below normal construction levels at only 0.7 single-family household starts per household formation.4 While the lack of over-building is generally positive for the market, the current environment of under-building is having a material impact on supply and escalating prices. Today's Home Prices Driven by Economic Fundamentals Strong employment and demand paired with severely limited supply is driving price escalation today. Employment was also strong in 2006, but years of over-building put an oversupply drag on the market. In October 2017, unemployment is now at 4.1 percent -- a 17-year low, with more than 150,000 jobs created on average each month in 2017.5 In 30 of the 50 largest U.S. metros, unemployment is less than half of 2010 levels.5 In 2016, there were 8 million more workers on payrolls than in 2006 and 10 million more households.5 At the same time, there are 600,000 fewer total housing starts and nearly 700,000 fewer single-family housing starts.4 Hale added, "The healthy economy is creating more jobs and households, but not giving these people enough places to live. Rapid price increases will not last forever. We expect a gradual tapering as buyers are priced out of the market - not a market correction, but an easing of demand and price growth as renting or adding roommates becomes a more affordable alternative." Millennial job growth has also contributed to rising demand. In September, employment reached 79 percent in the 25-34 age group, back up to 2006 levels and 5 percent higher than 2010. In fact, millennials made up 52 percent of home shoppers this past spring and with the largest cohort of millennials expected to turn 30 in 2020, their demand for homes is only expected to increase. On top of escalating demand, the supply of homes available also is significantly constrained. In 2016, single-family inventory reached a 22-year historic low at 1.45 million homes for sale.6 October 2017 marked the 26th consecutive month of year-over-year declines in realtor.com inventory. The market is currently averaging 4.2 months supply, which is significantly faster than 2007's 6.4 months supply.6 Vacancies also are very tight with for-sale vacancies dropping to 1.3 million in 2016, compared to 1.9 million in 2006. Rental vacancies hit 3.2 million in 2016, compared to 3.7 in 2006.7 Single-family home price sales - NAR/Moody's Analytics Estimates Urban Institute Corelogic U.S. Census Bureau - Moody's Analytics Estimates Bureau of Labor Statistics National Association of Realtors Census, Housing Vacancy Survey Largest 50 Markets Price Appreciation Since 2006 About realtor.com® Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. 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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Redfin Migration Report: Top Migration Destinations Include Nation's Most Active Metros for Residential Construction
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Metro Home Prices Maintain Fast Growth in Third Quarter; Rise 5.3 Percent
CHICAGO (November 2, 2017) — Severely lacking inventory levels across the country pinched sales growth and kept home prices rising at a steady clip in nearly all metro areas in the third quarter, according to the latest quarterly report by the National Association of Realtors®. The national median existing single–family home price in the third quarter was $254,000, which is up 5.3 percent from the third quarter of 2016 ($241,300). The median price during the second quarter increased 6.1 percent from the second quarter of 2016. Single–family home prices last quarter increased in 92 percent of measured markets, with 162 out of 177 metropolitan statistical areas (MSAs) showing sales price gains in the third quarter compared with the third quarter of 2016 (the most since the second quarter of 2015, at 93 percent). Fifteen areas (8 percent) recorded lower median prices from a year earlier. Lawrence Yun, NAR chief economist, says the housing market's performance during the third quarter was underwhelming. "The stock market's climb to new record highs, the continued stretch of outstanding job growth and mortgage rates under 4 percent kept homebuyer demand at a very robust level throughout the summer," he said. "Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had out outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions." Added Yun, "While there was some moderation in price appreciation last quarter, home prices still far exceed incomes in several parts of the country – especially in the largest markets in the South and West where new home construction simply is not keeping up with job growth." Nineteen metro areas in the third quarter (11 percent) experienced double–digit increases, down from 23 areas in the second quarter (13 percent). Overall, there were more rising markets in the third quarter compared to the second quarter, when price gains were recorded in 87 percent of metro areas. Total existing–home sales, including single family and condos, slipped 3.1 percent to a seasonally adjusted annual rate of 5.39 million in the third quarter from 5.56 million in the second quarter, but are still 0.2 percent higher than the 5.38 million pace during the third quarter of 2016. At the end of the third quarter, there were 1.90 million existing homes available for sale, which was 6.4 percent below the 2.03 million homes for sale at the end of the third quarter in 2016. The average supply during the second quarter was 4.2 months – down from 4.6 months in the third quarter of last year. Last quarter, the uptick in the national family median income ($71,775) did little to stave off continued weakness in affordability from the combination of higher mortgage rates and home prices compared to a year ago. To purchase a single–family home at the national median price, a buyer making a 5 percent down payment would need an income of $55,142, a 10 percent down payment would require an income of $52,240, and $46,435 would be needed for a 20 percent down payment. "Affordability pressures are frustratingly occurring in places where jobs are plentiful and incomes are rising," added Yun. "Without a significant boost in new and existing inventory to alleviate price growth, job creation could slow in high cost areas in upcoming years if residents begin exiling to more affordable parts of the country." The five most expensive housing markets in the third quarter were the San Jose, California metro area, where the median existing single–family price was $1,165,000; San Francisco, $900,000; Anaheim–Santa Ana, California, $790,000; urban Honolulu, $760,200; and San Diego, $607,000. The five lowest–cost metro areas in the third quarter were Decatur, Illinois, $86,300; Youngstown–Warren–Boardman, Ohio, $88,900; Cumberland, Maryland, $96,400; Wichita Falls, Texas, $113,800; and Elmira, New York, $117,300. Metro area condominium and cooperative prices – covering changes in 61 metro areas – showed the national median existing–condo price was $237,200 in the third quarter, up 5.4 percent from the third quarter of 2016 ($225,100). Ninety–three percent of metro areas showed gains in their median condo price from a year ago. Regional Breakdown Total existing–home sales in the Northeast dropped 7.9 percent in the third quarter and are 0.5 percent below the third quarter of 2016. The median existing single–family home price in the Northeast was $283,800 in the third quarter, up 4.1 percent from a year ago. In the Midwest, existing–home sales declined 3.3 percent in the third quarter and are 0.8 percent below a year ago. The median existing single–family home price in the Midwest increased 5.6 percent to $202,400 in the third quarter from the same quarter a year ago. Existing–home sales in the South fell 4.4 percent in the third quarter but are 0.2 percent higher than the third quarter of 2016. The median existing single–family home price in the South was $226,100 in the third quarter, 5.5 percent above a year earlier. In the West, existing–home sales increased 2.8 percent in the third quarter and are 1.9 percent above a year ago. The median existing single–family home price in the West increased 7.0 percent to $373,700 in the third quarter from the third quarter of 2016. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic US Home Price Report Reveals Nearly Half of the Nation's Largest 50 Markets are Overvalued
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U.S. Distressed Sales Share Drops to 10-Year Low in Q3 2017
66 Percent of U.S. Markets Have Now Exceeded Pre-Recession Home Price Peaks; Homeownership Tenure Up to New High of 8.19 Years, New Record Profits for Sellers; Cash Sales Share Up Annually for Second Straight Quarter Following 15 Quarters Down IRVINE, Calif. – Nov. 2, 2017 — ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its Q3 2017 U.S. Home Sales Report, which shows that distressed home sales — including bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 12.5 percent of all home sales in Q3 2017, down from 13.5 percent in the previous quarter and down from 14.1 percent in Q3 2016 to the lowest level since Q3 2007. "Distressed sales nationally are now the exception rather than the rule, and we would expect the distressed sale share to return to the pre-recession norm of single-digit percentages within the next year given the current downward trajectory," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Distressed sales have become more localized in nature, with some of the biggest increases from a year ago in markets experiencing regional economic weakness or a natural disaster event that has triggered a jump in foreclosure activity." Distressed sales share increases in Corpus Christi, Indianapolis, Cedar Rapids, Baton Rouge Among 146 metropolitan statistical areas with a population of at least 200,000 and at least 100 distressed sales during the quarter, those with the highest share of distressed sales were Atlantic City, New Jersey (35.2 percent); McAllen-Edinburg, Texas (24.5 percent); Montgomery, Alabama (23.7 percent); Akron, Ohio (23.2 percent); and Youngstown, Ohio (22.5 percent). Metros with the smallest share of distressed sales in Q3 2017 were San Jose, California (3.1 percent); Salt Lake City, Utah (3.3 percent); Austin, Texas (4.1 percent); San Francisco, California (5.2 percent); and Provo-Orem, Utah (5.5 percent). Counter to the national trend, 29 of the 146 metros analyzed for distressed sales (20 percent) posted a year-over-year increase in the share of distressed sales, led by Corpus Christi, Texas (up 33 percent); Indianapolis, Indiana (up 30 percent); Cedar Rapids, Iowa (up 29 percent); Baton Rouge, Louisiana (up 25 percent); Provo, Utah (up 22 percent); and Oklahoma City, Oklahoma (up 22 percent). Major metros with an increase in the share of distressed sales compared to a year ago included New York, New York (up 6 percent); Dallas, Texas (up 13 percent); Houston, Texas (up 7 percent); Philadelphia, Pennsylvania (up 1 percent); and Phoenix, Arizona (up 6 percent). Median sales prices exceed pre-recession peaks in 66 percent of local markets The median sales price nationwide in the third quarter was $248,000, up 10 percent from a year ago to a new all-time high — 3 percent above the pre-recession high of $241,900 in Q3 2005. It was the second consecutive quarter where median home prices nationwide were above the pre-recession peak. Median home prices increased to new all-time highs in 55 of 126 metro areas analyzed for home price appreciation in the report (44 percent), including Los Angeles, Dallas, Atlanta, Detroit and Seattle. Median home prices have exceeded pre-recession peaks since the end of the recession in 83 of the 126 metro areas (66 percent). Median home prices are still below pre-recession peaks in 43 of 126 metropolitan areas analyzed for home price appreciation in the report (34 percent), including New York (6 percent below); Chicago (10 percent below); Philadelphia (2 percent below); and Washington, D.C. (3 percent below). Markets with median home prices in Q3 2017 still furthest below the pre-recession peak were York, Pennsylvania (60 percent below); Naples, Florida (24 percent below); Modesto, California (21 percent below); Bridgeport, Connecticut (20 percent below); Mobile, Alabama (19 percent below); and Las Vegas, Nevada (19 percent below). Ann Arbor, Ocala, Salt Lake City, San Jose, St. Louis post biggest home price increases Among the 126 metropolitan statistical areas analyzed in the report, those with the biggest year-over-year increase in median home prices were Ann Arbor, Michigan (up 16 percent); Ocala, Florida (up 16 percent); Salt Lake City, Utah (up 14 percent); San Jose, California (up 14 percent); St. Louis, Missouri (up 14 percent); Other markets in the top 10 for biggest home price increases were Reno, Nevada (up 13 percent); Seattle, Washington (up 13 percent); Las Vegas, Nevada (up 13 percent); Greeley, Colorado (up 12 percent); and Salem, Oregon (up 12 percent). Biggest home seller profits in San Jose, San Francisco, Seattle, Austin, Portland Home sellers in Q3 2017 sold for $58,000 more than their original purchase price on average, a percent gain of 31 percent above original purchase price on average — the highest average dollar gain and percent gain since Q2 2007. Among 128 metropolitan statistical areas with at least 200,000 people and sufficient historical home sales and price data, those with the highest average percent gain for home sellers in Q3 2017 were San Jose, California (80 percent); San Francisco, California (71 percent); Seattle, Washington (65 percent); Austin, Texas (59 percent); Portland, Oregon (58 percent). Counter to the national trend, 32 of the 128 metropolitan statistical areas (25 percent) analyzed for home seller gains posted a quarter-over-quarter decrease in average percent gains, including San Francisco, California, Santa Rosa, California, Modesto, California, Denver, Colorado, and Boulder, Colorado. Average homeownership tenure increases to new record high in third quarter U.S. homeowners who sold in the third quarter had owned an average of 8.19 years, up from an average of 7.97 years for homes sold in the previous quarter and up from 7.77 years for homes sold in Q3 2016 to a new record high as far back as ATTOM has data available, to Q1 2000. Among 99 metropolitan statistical areas with a population of at least 200,000 and sufficient historical data, those with the longest average homeownership tenure for homes sold in Q3 2017 were Springfield, Massachusetts (12.48 years); Worcester, Massachusetts (12.41 years); New Haven, Connecticut (12.35 years); Boston, Massachusetts (12.25 years); and Bridgeport, Connecticut (12.24 years). "The marked increase in the length of time that Seattle homeowners are staying in their homes is notable — in 2000, the average home ownership tenure was 5.5 years and today it is more than a decade," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where the average homeownership tenure of 10.16 years in the third quarter was the 18th longest in the country and a new record high for Seattle. "This would help explain, to a degree, why we are experiencing such a lack of inventory in the Seattle market. I wouldn't be surprised if we saw this number rise further as homeowners choose to stay in their homes and remodel rather than actively compete for a new home." Metro areas with the shortest average homeownership tenure were Oklahoma City, Oklahoma (6.52 years); Detroit, Michigan (7.08 years); Austin, Texas (7.11 years); Denver, Colorado (7.20 years); and Tulsa, Oklahoma (7.23 years). Counter to the national trend, the average homeownership tenure decreased from a year ago in 19 of the metro areas analyzed, including Portland, Oregon (down 1 percent); Cincinnati, Ohio (down 1 percent); Salt Lake City, Utah (down 1 percent); Honolulu, Hawaii (down 2 percent); and Dayton, Ohio (down 1 percent). Cash sales share increases in Grand Rapids, Tucson, Albany, Modesto, Chattanooga All-cash buyers accounted for 27.2 percent of single family home and condo sales in the third quarter, down from 28.2 percent in the previous quarter but up from 26.7 percent in Q3 2016 —the second consecutive quarter with a year-over-year increase following 15 consecutive quarters of year-over-year decreases. "Across Southern California, home price appreciation, and low listing inventory, are contributing factors demonstrating a pent-up demand for home buyers wishing to take advantage of the benefits associated with homeownership," said Michael Mahon, president at First Team Real Estate covering the Southern California market. With cash transactions accounting for nearly one out of five closed escrow transactions within our market, it is clear consumers continue to leverage all cash offers as a method of offer differentiation, in attempts of purchasing a home." Among 132 metropolitan statistical areas with a population of at least 200,000 and at least 1,000 single family home and condo sales in Q3 2017, those with the highest share of all-cash sales during the quarter were Mobile, Alabama (53.8 percent); Tucson, Arizona (50.4 percent); Scranton, Pennsylvania (49.1 percent); Grand Rapids, Michigan (48.5 percent); and Palm Bay-Melbourne-Titusville, Florida (46.6 percent). Seventy-six of the 132 metro areas analyzed for cash sales (58 percent) posted a year-over-year increase in share of cash sales, led by Grand Rapids, Michigan (up 110 percent); Tucson, Arizona (up 88 percent); Albany, New York (up 87 percent); Modesto, California (up 55 percent); and Chattanooga, Tennessee (up 49 percent). Institutional investor purchases up in Clarksville, Charlotte, Jacksonville, Nashville, Omaha The share of U.S. single family home and condo sales sold to institutional investors (entities buying at least 10 properties in a calendar year) represented 2.7 percent of all single family home and condo sales in the third quarter, up from 2.1 percent in the previous quarter but still down from 2.9 percent in Q3 2016 — the fourth consecutive quarter with a year-over-year decrease. Among 132 metropolitan statistical areas with a population of at least 200,000 and at least 1,000 single family home and condo sales in Q3 2017, those with the highest share of institutional investor purchases during the quarter were Memphis, Tennessee (9.3 percent); Birmingham, Alabama (8.3 percent); Clarksville, Tennessee (6.9 percent); Charlotte, North Carolina (6.6 percent); and Killeen, Texas (6.1 percent). Counter to the national trend, 39 of the 132 metro areas analyzed (30 percent) posted a year-over-year increase in share of institutional investor purchases, including Clarksville, Tennessee (up 48 percent); Charlotte, North Carolina (up 19 percent); Jacksonville, Florida (up 5 percent); Nashville, Tennessee (up 28 percent); and Omaha, Nebraska (up 6 percent). FHA buyer share drops to lowest level in 10 quarters Sales to FHA buyers (typically first-time homebuyers or other buyers with a low down payment) represented 13.5 percent of all single family home and condo sales in the third quarter, down from 14.2 percent in the previous quarter and down from 15.6 percent in Q3 2016 to the lowest level since Q1 2015. Among 132 metropolitan statistical areas with a population of at least 200,000 and at least 1,000 home in Q3 2017, those with the highest share of FHA sales were Ogden, Utah (30.9 percent); El Paso, Texas (29.8 percent); Indianapolis, Indiana (25.9 percent); Salt Lake City, Utah (23.3 percent); and York, Pennsylvania (23.2 percent). Metros with the lowest share of FHA sales in Q3 2017 were Honolulu, Hawaii (2.0 percent); Boulder, Colorado (2.7 percent); Madison, Wisconsin (2.8 percent); San Jose, California (3.2 percent); and Asheville, North Carolina (3.9 percent). About ATTOM Data Solutions ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable data to businesses, consumers, government agencies, universities, policymakers and the media in multiple ways, including bulk file licenses, APIs and customized reports.
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Existing-Home Sales to Grow 3.7 Percent in 2018, but Inventory Shortages and Tax Reform Effects Loom
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Inventory Shortage Hits the Luxury Market, Sending Prices up 4.9 Percent in the Third Quarter
Redfin economist says there is still strong buyer demand for high-end homes SEATTLE — Luxury home prices rose 4.9 percent in the third quarter of 2017 compared to last year, to an average of $1.71 million, according to the latest luxury market report from Redfin, the next-generation real estate brokerage. The analysis tracks home sales in more than 1,000 cities across the country and defines the luxury market as the top 5 percent most expensive homes sold in the city in each quarter. The average price for non-luxury homes was $336,000 in the third quarter, up 5.3 percent compared to a year earlier. A sharp decline in the number of luxury homes on the market likely contributed to the price increase. The number of homes for sale priced at or above $1 million fell 18.1 percent compared to the same period last year, marking two consecutive quarters of a decline in the number of high-end homes for sale. The number of homes priced at or above $5 million saw a similar decline at 19 percent. This marked the first quarter in which luxury inventory fell year over year since Redfin began reporting on the luxury market in 2014. "There is still strong buyer demand for high-end homes," said Redfin chief economist Nela Richardson. "Despite declining inventory, luxury sales soared in the third quarter. Sales of homes priced at or above $1 million were up 11 percent from a year ago, while sales of homes priced at or above $5 million were up almost as much as 10 percent." Luxury homes are also moving off the market faster, with the typical luxury home finding a buyer in 70 days, four days sooner than last year.The city of Longmont, Colo., led the nation with the strongest year-over-year price growth in the luxury segment in the third quarter. The average price of a luxury property increased 34.7 percent compared to last year to $1.55 million. Strong luxury home price gains were seen in Fort Lauderdale, Fla., (+28.7%) and St. Petersburg, Fla., (+19.6%). The average price for a luxury home fell furthest in the third quarter in the cities of Delray Beach, Fla., San Francisco, Calif., and Boca Raton, Fla., where prices fell 26.9 percent, 14.7 percent and 13.8 percent respectively compared to last year. To read the full report, complete with city-specific data and charts, as well as a list of the five highest-priced home sales in Redfin markets in the third quarter, click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Vacant Property Rate Increases From a Year Ago in 54 Percent of U.S. Local Housing Markets in Q3 2017
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Pending Home Sales Flatten in September
WASHINGTON (October 26, 2017) — Pending home sales were unchanged in September, but activity declined on an annual basis both nationally and in all major regions, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, was at 106.0 in September (unchanged from a downwardly revised August figure). The index is now at its lowest reading since January 2015 (104.7), is 3.5 percent below a year ago, and has fallen on an annual basis in five of the past six months. Lawrence Yun, NAR chief economist, says the quest to buy a home this fall continues to be a challenging endeavor for many home shoppers. "Demand exceeds supply in most markets, which is keeping price growth high and essentially eliminating any savings buyers would realize from the decline in mortgage rates from earlier this year," he said. "While most of the country, except for the South, did see minor gains in contract signings last month, activity is falling further behind last year's pace because new listings aren't keeping up with what's being sold." Added Yun, "Hurricane Irma's direct hit on Florida weighed on activity in the South, but similar to how Houston has rebounded after Hurricane Harvey, Florida's strong job and population growth should guide sales back to their pre-storm pace fairly quickly." As has been the case most of the year, Yun says the ongoing supply constraints continue to squeeze prospective buyers the most at the lower end of the market. Last month, first-time buyers were 29 percent of all transactions, which matched the lowest share in exactly two years. Furthermore, existing sales were down notably on an annual basis in the price range below $250,000, but up solidly the higher up the price bracket. "Buyers looking for a little relief from the stiff competition from over the summer may unfortunately be out of luck in the coming months," said Yun. "Inventory starts to decline heading into the winter, and many would-be buyers from earlier in the year are still on the hunt to find a home." The PHSI in the Northeast rose 1.2 percent to 94.5 in September, but is still 2.4 percent below a year ago. In the Midwest the index climbed 1.4 percent to 102.9 in September, but remains 2.5 percent lower than September 2016. Pending home sales in the South decreased 2.3 percent to an index of 115.9 in September and are now 5.0 percent below last September. The index in the West grew 1.9 percent in September to 102.7, but is 2.9 percent below a year ago. Yun will present NAR's 2017 economic outlook and forecast on Friday, Nov. 3 at the 2017 REALTORS® Conference & Expo in Chicago. He will be joined onstage by U.C Berkeley Hass Real Estate Group Chair Ken Rosen, who will discuss recently released white papers on the causes for the decline in the U.S. homeownership rate. Rosen will also introduce creative policy ideas to promote safe, affordable and sustainable opportunities for creditworthy households wanting to buy a home. A news release highlighting the key highlights from Yun's presented forecast will be sent around noon ET. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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Black Knight and Homebot Announce Strategic Alliance to Deliver Powerful, Cutting-Edge Mobile Engagement Solution for the Real Estate Industry
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Redfin: Home Sales Fell 8.1 Percent in September, Third Month in a Row of Declining Sales
Lack of Inventory Stifling the Market Despite Still-Strong Demand SEATTLE — Home sales fell 8.1 percent compared to last year, the largest decline posted since July 2016, according to Redfin, the next-generation real estate brokerage. Meanwhile price-growth is strong, up 7.6 percent in September to a national median sale price of $288,000 across all markets Redfin serves. Nationally, the number of homes for sale plunged 10.9 percent, continuing the 24-month streak of declining inventory. The number of new listings in September fell 7.7 percent from a year ago, leaving 3.3 months of supply. Less than six months of supply signals the market is tilted in favor of sellers. The median days on market ticked up to 42 in September from 39 in August. The market was still five days faster than last September. The average sale-to-list price ratio was 98.4 percent and 23.6 percent of homes sold above their list price in September. Weather took its toll in several markets, with Hurricane Irma in Florida and Harvey in Houston. Real estate activity was put on hold as communities dealt with the storm and its aftermath. As a result of hurricane-related disruptions, Redfin expects real estate activity to be more volatile than normal in these markets. Home sales in Miami, Fort Lauderdale, West Palm Beach, Jacksonville, Orlando and Tampa all declined by more than 15 percent compared to last September. Miami sales took the biggest hit with a year-over-year decline of 38.4 percent. In Houston, home sales tumbled more than 25 percent in August, but recovered in September, and were essentially flat (0.2%) compared to a year ago. "The housing market is running on fumes due to low inventory," said Redfin chief economist Nela Richardson. "September marks the first time since 2014 that we've seen three consecutive months of year-over-year sales declines. The inventory shortage is most severe for affordable homes. There has not been an increase in homes priced under $260,000 in two years." In September, new listings from homes priced in the lowest tercile of the market (under $260,000) were down 14.9 percent year over year. Inventory for the middle tercile of new listings, priced between $260,000 and $470,000, was down 4.7 percent year over year. The only inventory increase was for listings above $470,000, up 2.3 percent from a year ago. "The good news is that so far markets affected by Hurricane Harvey, like Houston, are rebounding in terms of sales quickly," said Richardson. "That bodes well for Floridian markets." Other September Highlights Competition Seattle, WA was the fastest market, with nearly half of all homes pending sale in just 10 days, down from 12 days from a year earlier. San Jose, CA, Boston, MA, and Portland, OR were the next fastest markets at 14 median days on market, followed by Oakland, CA (15). The most competitive market in September was San Francisco, CA where 71.7% of homes sold above list price, followed by 71.6% in San Jose, CA, 64.6% in Oakland, CA, 47.7% in Seattle, WA and 42.7% in Tacoma, WA. Prices San Jose, CA had the nation's highest price growth, rising 16.3% since last year to a median of $1 million. Tucson, AZ had the second highest growth at 15.8% year-over-year price growth, followed by Tacoma, WA (14.5%), Las Vegas, NV (14%) and Seattle, WA (13.3%). Just 3 metros saw price declines in September: Camden, NJ (-6.4%), Baltimore, MD (-3.1%) and Newark, NJ (-2.7%). Sales Home sales in Miami, FL and Fort Lauderdale, FL declined by 38.4% and 32.4%, respectively, as Hurricane Irma ground the market to a halt. 12 of 74 metros saw sales increase from last year. Camden, NJ led the nation in year-over-year sales growth, up 8.8%, followed by Honolulu, HI, up 7.8%. Detroit, MI rounded out the top three with sales up 4.8% from a year ago. Inventory San Jose, CA had the largest decrease in overall inventory, falling 51.7% since last September. Rochester, NY (-27.3%), Buffalo, NY (-26.9%) and Oakland, CA (-26.5%) also saw far fewer homes available on the market than a year ago. Salt Lake City, UT had the highest increase in the number of homes for sale, up 39.6% year over year, followed by Baton Rouge, LA (34.0%) and Tulsa, OK (13.8%). To read the full report, complete with data and charts, please click here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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CoreLogic Releases First HPI Forecast Validation Report
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Realtor.com Names 2017's Hottest ZIP Codes in America
SANTA CLARA, Calif., Oct. 19, 2017 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move Inc., today announced its third annual list of the Hottest ZIP Codes in America, which illustrates the power of millennial gravitation toward affordable suburbs with local "it" factors. For the second year in a row, Watauga (76148) leads the list, followed by Livonia (48154); Kentwood (49548); Medford, Mass., (02155); Littleton, Colo. (80123); Castro Valley, Calif., (94546); Colorado Springs, Colo., (80922); Overland Park, Kan., (66210); Mira Mesa, Calif. (92126), and Hilliard, Ohio (43026). Realtor.com® analyzed 32,000 ZIP codes based on the time it takes properties to sell and how frequently homes are viewed in each ZIP code. Homes in this year's top 10 hottest markets sell in an average of 21 days – 50 days faster than in the rest of the country. Realtor.com® users view home listings in these markets four times more often than those in the rest of the country. One ZIP code was included per metro area. "While low inventory is a challenge, millennials are the largest generation in U.S. history and they are flexing their muscle when it comes to the housing market," said Danielle Hale, chief economist for realtor.com®. "Increasingly, the hottest housing markets are the ones that appeal to millennial preferences, and right now the standouts are relatively affordable suburbs with local 'it' factors such as hiking trails, great restaurants, and nightlife. With the largest cohort of millennials turning 30 in 2020, we can expect these types of areas to stay in demand in the years to come." Key factors heating things up in the top 10 hottest markets: Relative affordability. The median price for a home in these markets is $360,000 – 1.4 times more than the national median – with prices in five of the top 10 ZIPs exceeding the national average. However, when compared to their immediate surrounding metro area, the median home listing price is lower in six of the top 10 ZIPs and when compared to the county, eight are lower. Large shares of older millennials. Millennials aged 25 to 34 make up 17 percent of households in the top 10 ZIPs, compared to 15 percent nationally. Older millennial households comprise a greater share of households than their national share in eight out of the top 10 ZIPs. They also make up the largest share of mortgage originations, with 25-to-34-year-olds accounting for 36 percent of mortgages and 35-to-44-year-olds making up 30 percent. High millennial ownership rates. Eight of the top 10 ZIPs have a higher home ownership rate among 25-to-34-year-olds than in their surrounding county as a whole. The average 25-to-34-year-old home ownership rate in top 10 ZIPs is 50 percent, compared to 39 percent in their respective counties and 41 percent nationally. Strong job markets. The top 10 ZIP codes are located in counties with an average unemployment rate of 3.6 percent, well below the overall national unemployment rate of 4.4 percent. High salaries. In nine out of the top 10 ZIPS, the median household income is higher than the national median. The average household income among the top 10 is $75,829, 1.3 times the $57,462 national median. This is true for millennial segment as well; the average household income for 25-to-34-year-olds in the top 10 is $74,635, 1.3 times the $55,871 national median. Market Highlights – Top 10 ZIP Codes 1. 76148 – Watauga, Texas – Named the hottest ZIP code for the second consecutive year, due to its highly competitive housing market and desirable amenities. Watauga is an inner suburb of Fort Worth that has a young population, a strong economy and schools that have been rated among the best in the state. Residents also benefit from being part of a vibrant, multicultural metropolis, with great restaurants and cultural offerings like the Kimbell Art Museum and Fort Worth Zoo. Key housing stats: Average home listing views in ZIP 76148 are up 28 percent over last year, with homes receiving five times more views than those in the rest of the country. Homes in Watauga sell in 18 days, 5 percent slower than last year, with a median list price of $160,441, up 12.4 percent over last year. Tarrant County is expected to add 28,000 jobs this year, an increase of 3 percent. 2. 48154 – Livonia, Mich. – A western suburb of Metro Detroit, Livonia combines the best parts of suburban living with close proximity to the great attractions of the resurgent Motor City. It's just a half hour from downtown destinations such as the Detroit Institute of Art, the historic Eastern Market commercial district and the homes of four professional sports teams. Livonia also is equally close to many of the major employment centers scattered throughout the broader metro area, such as the headquarters of Ford Motor Company in Dearborn, Mich. and Beaumont Health in Royal Oak, Mich. It has also been ranked among the safest cities in Michigan and boasts more than 60 parks spread over 1,389 acres. Housing stats: More than 86 percent of millennials living in the ZIP own their own homes, compared to only 44 percent in the surrounding county. Homes in Livonia sell in 21 days, 25 percent more quickly than last year, with a median list price of $223,780, up 12.3 percent over last year. Wayne County is expected to add 7,000 jobs this year, an increase of 1 percent. 3. 49548 Kentwood, Mich. – Kentwood is part of the Grand Rapids area, one of the fastest-growing parts of the country. In recent years, Grand Rapids has become known for its booming economy, huge annual public art competition and a great local microbrewery and dining scene. Kentwood also is conveniently close to the Gerald R. Ford airport, which has been adding direct flights to major destinations throughout the country. Housing stats: The dominant buyer segment in Kentwood is millennials, who hold 42 percent of new mortgages in the ZIP and have a 62 percent home ownership rate. Homes in Kentwood sell in 16 days, 49 percent more quickly than last year, with a median list price of $118,833, up 22.4 percent over last year. Kent County is expected to add 5,000 jobs this year, an increase of 2 percent. 4. 02155 Medford, Mass. – Once overlooked as a sleepy city northwest of downtown Boston, Medford is now known for its lively dining options, ample recreation opportunities at Wright's Park and along the Mystic River, and the annual Mystic River Celebration devoted to the arts. The area is home to the renowned Tufts University, and the T provides easy public transportation access to downtown Boston. Residents also enjoy a low tax rate compared to other cities in the region. Housing stats: The dominant buyer segment in Medford is millennials, who make up 38 percent of new mortgage holders. Homes in Medford sell in 19 days, roughly 41 percent more quickly than last year, with a median list price of $541,158, up 12.9 percent over last year. Middlesex County is expected to add 18,000 jobs this year, an increase of 2 percent. 5. 80123 Littleton, Colo. – Situated on the southwest edge of Denver, ZIP 80123 spans communities including Littleton, Marston and Columbine Valley. This suburban hotspot boasts great shopping options, a fun and historic downtown area and plenty of great condo and single-family home options. That's not to mention its natural beauty and perfect placement for outdoor enthusiasts: Littleton alone features more than 59 parks and an active trail system. Plus, only a 30 minute drive to the base of the Rockies, it's one of the Denver suburbs with the best mountain access. Housing stats: The dominant buyer segment in ZIP 80123 is millennials, who hold 34 percent of new mortgages in the area and have a median household income of $72,126. Homes in Littleton sell in 22 days, 19 percent more quickly than last year, with a median list price of $533,873, down 3.8 percent compared to last year. Jefferson County is expected to add 5,000 jobs this year, an increase of 2 percent. 6. 94546 Castro Valley, Calif. – Castro Valley is a Bay Area community perfectly located for those who want to live close to the thriving tech scene in San Francisco and Silicon Valley at more affordable prices. Because of its central location – it takes about the same time to get to San Francisco, Silicon Valley and Berkeley – it's especially good for couples who work in different parts of the region. Housing stats: Millennials make up 35 percent of the new mortgage share in ZIP 94546. Homes in Castro Valley sell in 23 days, about 8 percent more quickly than last year, with a median list price of $728,267, up 6.9 percent over last year. Alameda County is expected to add 4,000 jobs this year, an increase of 1 percent. 7. 80922 Colorado Springs, Colo. – Located less than 25 minutes from Downtown Colorado Springs, the Colorado Springs Airport, and the University of Colorado at Colorado Springs, ZIP 80922 is about as convenient as it gets. That's especially true for the thousands who work at the nearby Peterson Air Force Base, but the area is also perfect for those simply seeking an active lifestyle: El Paso County has been called one of the healthiest counties in America. Recreational activity options abound, with miles of nearby trails for hiking, biking, and horse riding. Housing stats: The number of households in the ZIP grew by 19.5 percent from 2010 – 2017, and it has a home ownership rate of 80 percent among all age groups and 68 percent among millennials. Reflecting the high concentration of military service members in the area, 43 percent of new mortgages in 80922 are guaranteed by the U.S. Department of Veterans Affairs. Homes in Colorado Springs sell in 21 days, about 5 percent more quickly than last year, with a median list price of $273,322, up 4.6 percent over last year. El Paso County is expected to add 9,000 jobs this year, an increase of 3 percent. 8. 66210 Overland Park, Kan. – Overland Park gets high marks for all the major factors: Top-rated schools, affordable homes, and easy access to shopping and attractions like Kansas City, Mo.'s highly rated Nelson-Atkins Museum of Art. Near the juncture of I-435 and I-69, ZIP 66210 also includes Sprint's headquarters and the Kansas City metro area's largest office park, the 50-acre Corporate Woods. Housing stats: Millennials already comprise 20 percent of the area's households and are the dominant buying group in the area, holding 39 percent of new mortgages. Homes in Overland Park sell in 24 days, about 22 percent more quickly than last year, with a median list price of $236,454, up 0.5 percent over last year. Johnson County is expected to add 3,000 jobs this year, an increase of 1 percent. 9. 92126 Mira Mesa – ZIP 92126 encompasses the San Diego community of Mira Mesa, which was formerly populated mainly by military families of the nearby Marine Corps Air Station, Miramar – where many Top Gun flight scenes were filmed. Recently, Mira Mesa has become a booming area with a diverse populace and wide variety of independent stores, restaurants and microbreweries. Located 15 minutes from the beach and bordered by a 5,800-acre nature preserve called Mission Trails, Mira Mesa is also a prime location for Southern California-style recreation enthusiasts. Housing stats: From 2010 – 2017, the number of households in ZIP 92126 grew by 7.4 percent, compared to 5.7 percent in the U.S. as a whole. Homes typically sell within 22 days, about 30 percent more quickly than last year, with a median list price of $536,394, up 2.4 percent over last year. San Diego County is expected to add 5,000 jobs this year, an increase of 0.4 percent. 10. 43026 Hilliard, Ohio – A blend of small-town historical charm, museums and local eateries, Hilliard offers great price-per-square-foot home value and excellent schools. It also provides residents a mix of small-town historical charm, museums and local eateries. On top of that, it's a quick trip to Columbus, which is home to Ohio State University, multiple Fortune 500 Companies and the newly opened Scioto Mile, a sprawling park in the heart of the city. Housing stats: The dominant buyer segment in ZIP 43026 is millennials, who hold 41 percent of new mortgages and have a 59 percent home ownership rate. Homes in Hilliard sell in 25 days, about 37 percent more quickly than last year, with a median list price of $259,011, up 24.8 percent over last year. Franklin County is expected to add 16,000 jobs this year, an increase of 3 percent. For more information about the list, please visit: research.realtor.com. About realtor.com®Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. 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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Home Affordability Improves in 60 Percent of U.S. Markets in Q3 2017 Compared to Previous Quarter
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Redfin: Migration Patterns Show More People Leaving Politically Blue Counties
People are moving to purple and red counties, where homes are more affordable SEATTLE — In the first half of 2017, 7.4 percent more people moved out of politically blue counties than to them, according to a new analysis from Redfin, the next-generation real estate brokerage. Red counties saw about 1 percent more people moving in than moving out. Purple counties, where there's a more balanced share of Democrats and Republicans, saw 3.9 percent more migrants moving in than out. Redfin data showing migration of users by political makeup. (Graphic: Business Wire) The trend is even more pronounced in swing states, which saw blue counties lose 9.2 percent more people than they gained, while Republican counties gained 2.3 percent more than they lost. Redfin analyzed Redfin.com user search data, comparing where prospective homebuyers currently live to where they are searching for a home to buy. Redfin's user data covers more than 72 percent of the voting age population and is concentrated in urban metropolises, which gives the company a specific and recent look at where residents of blue counties are looking to move. Counties were classified as "blue" if the Democratic candidate for 2016 won by more than 20 percentage points and vice versa for "red" counties. High housing costs in blue counties are driving this trend. Nationwide, the average home in a blue county costs around $360,000—more than 62 percent more than that of homes in red counties ($223,000). "As blue counties are becoming increasingly less affordable, we see a great number of residents moving to red counties where they can afford the lifestyle they want," said Redfin chief economist Nela Richardson. "At Redfin, we see this as a sign of hope for a less divided country, where people with differing views gain better understanding and tolerance of each other through sheer proximity." However, politics can be a key factor for people in deciding where to move. A Redfin survey found that 41 percent of recent homebuyers reported hesitations about moving to a place where most people have political views different from their own. In contrast, fewer than one in 10 respondents was enthusiastic about moving to a different political climate, with the remaining half neutral. While the evidence that people will continue to self-sort by political beliefs is strong, Redfin contends that the housing affordability crisis in the bluest counties is unprecedented. With no sign of a drastic drop in prices anytime soon, there's an argument that many more people, regardless of politics, will move to where they can buy a comfortable home. To read the report, complete with data, interactive visuals and methodology, click here. About RedfinRedfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
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U.S. Foreclosure Activity Drops to More Than 11-Year Low in Q3 2017
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CoreLogic Reports Serious Delinquency Rate for Home Loans Holds Steady at a Near 10-Year Low
October 10, 2017, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in July 2017. This represents a 0.9 percentage point year-over-year decline in the overall delinquency rate compared with July 2016 when it was 5.5 percent. As of July 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.7 percent, down from 0.9 percent in July 2016 and the lowest since the rate was also 0.7 percent in July 2007. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies, defined as 30-59 days past due, was 2 percent in July 2017, down slightly from 2.3 percent in July 2016. The share of mortgages that were 60-89 days past due in July 2017 was 0.7 percent, unchanged from July 2016. The serious delinquency rate (90 days or more past due) declined from 2.5 percent in July 2016 to 1.9 percent in July 2017 and remains near the 10-year low of 1.7 percent reached in July 2007. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate. "While the U.S. foreclosure rate remains at a 10-year low as of July, the rate across the 100 largest metro areas varies from 0.1 percent in Denver to 2.2 percent in New York," said Dr. Frank Nothaft, chief economist for CoreLogic. "Likewise, the national serious delinquency rate remains at 1.9 percent, unchanged from June, and when analyzed across the 100 largest metros, rates vary from 0.6 percent in Denver to 4.1 percent in New York." Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 0.9 percent in July 2017, down from 1.1 percent in July 2016. By comparison, in January 2007 just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent. "Even though delinquency rates are lower in most markets compared with a year ago, there are some worrying trends," said Frank Martell, president and CEO of CoreLogic. "For example, markets affected by the decline in oil production or anemic job creation have seen an increase in defaults. We see this in markets such as Anchorage, Baton Rouge and Lafayette, Louisiana where the serious delinquency rate rose over the last year." For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX) 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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CoreLogic US Home Price Report Shows Prices Up 6.9 Percent in August 2017
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Pending Home Sales Fall 2.6 Percent in August; 2017 Forecast Downgraded
Pending home sales sank in August for the fifth time in six months, and slower activity in the areas hit hard by Hurricanes Harvey and Irma will likely pull existing sales for the year below the pace set in 2016, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, retreated 2.6 percent to 106.3 in August from 109.1 in July. The index is now at its lowest reading since January 2016 (106.1), is 2.6 percent below a year ago, and has fallen on an annual basis in four of the past five months. Lawrence Yun, NAR chief economist, says this summer's terribly low supply levels have officially drained all of the housing market's momentum over the past year. "August was another month of declining contract activity because of the one-two punch of limited listings and home prices rising far above incomes," he said. "Demand continues to overwhelm supply in most of the country, and as a result, many would-be buyers from earlier in the year are still in the market for a home, while others have perhaps decided to temporarily postpone their search." With little relief expected from the housing shortages that continue to plague several areas, Yun believes the housing market has essentially stalled. Further complicating any sales improvement in the months ahead is the fact that Hurricane Harvey's damage to the Houston region contributed to the South's decline in contract signings in August, and will likely continue to do so in the months ahead. Furthermore, the temporary pause in activity in Florida this month in the wake of Hurricane Irma will slow overall sales even more in the South. Yun now forecasts existing-home sales to close out the year at around 5.44 million, which comes in slightly below (0.2 percent) the pace set in 2016 (5.45 million). The national median existing-home price this year is expected to increase around 6 percent. In 2016, existing sales increased 3.8 percent and prices rose 5.1 percent. "The supply and affordability headwinds would have likely held sales growth just a tad above last year, but coupled with the temporary effects from Hurricanes Harvey and Irma, sales in 2017 now appear will fall slightly below last year," said Yun. "The good news is that nearly all of the missed closings for the remainder of the year will likely show up in 2018, with existing sales forecast to rise 6.9 percent." The PHSI in the Northeast fell 4.4 percent to 93.4 in August, and is now 4.1 percent below a year ago. In the Midwest the index decreased 1.5 percent to 101.8 in August, and is now 3.2 percent lower than August 2016. Pending home sales in the South retreated 3.5 percent to an index of 118.8 in August and are now 1.7 percent below last August. The index in the West declined 1.0 percent in August to 101.3, and is 2.4 percent below a year ago. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports 2.8 Million Residential Properties with a Mortgage Still in Negative Equity
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August National Showing Index Shows 7.1% Year-Over-Year Increase
Northeast Region exhibits largest increase, while West Region increases for first time since May CHICAGO, IL, Sept. 20, 2017 – Showings on the national level increased 7.1 percent in August from the same period last year, according to the August 2017 ShowingTime Showing Index™. The Northeast Region had the highest year-over-year increase in showings at 10.3 percent, while the West Region posted a slight month-over-month increase, unusual for August, resulting in a 4.1 percent gain. The Midwest Region was up 7.1 percent, while the South had a 4.5 percent increase in showings over August 2016. "August continued to be busy across the country compared to last year," ShowingTime Chief Analytics Officer Daniil Cherkasskiy said. "The South Region, as a whole, still saw a year-over-year increase despite Hurricane Harvey hitting Houston and other areas of the region. We anticipate seeing a bigger impact from Hurricane Irma on the South Region in next month's Showing Index." The Showing Index, released the third week of each month, will eventually be released on a weekly basis. Local MLS indices will also become available for select markets in October, distributed to MLS and association leadership to provide them with another resource to share with members and to communicate to local media. "The local MLS version will show a more complete view of buyer activity," ShowingTime President Michael Lane said. "Over time, MLSs, associations and their subscribers will be equipped to measure buyer demand week over week, month over month and year over year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services. It tracks the average number of appointments received on an active listing during the month. ShowingTime facilitates more than 4 million showings each month. To view the full report, visit www.showingtime.com/index. About ShowingTime ShowingTime is the leading market stats and showing management technology provider to the residential real estate industry, with more than 1.2 million active listings covered by its services. Its products are used by more than 180 MLSs and associations representing more than 900,000 real estate professionals across the United States and Canada.
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Existing-Home Sales Subside 1.7 Percent in August
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Purchase Lending Hits Highest Level Since 2007 Despite Continued Headwinds from Tight Lending
JACKSONVILLE, Fla. – September 11, 2017 – Today, the Data and Analytics division of Black Knight Financial Services, Inc. released its latest Mortgage Monitor Report, based on data as of the end of July 2017. Reviewing second quarter mortgage origination volumes, Black Knight finds that while overall mortgage lending saw a 20 percent increase over Q1 2017, total volumes were down 16 percent from Q2 2016. Additionally, although purchase lending hit its highest level in 10 years, the total number of purchase mortgages being originated still falls far below pre-crisis (2000 – 2003) averages. As Black Knight Data & Analytics Executive Vice President Ben Graboske explained, more stringent credit requirements enacted in the wake of the Great Recession may be hampering purchase lending volumes. "We saw positive growth in lending in the second quarter, with $467 billion in first lien mortgages originated," said Graboske. "While down 16 percent from a year ago, that marks a 20 percent increase in mortgage lending over Q1. Drilling down into the make-up of those originations, we see that refinance lending made up just 31 percent of all Q2 originations – the lowest such share in over 16 years. Refinance volumes were down as well, falling 20 percent from Q1, but that drop was more than offset by a 57 percent seasonal rise in purchase lending. Purchase originations totaled $321 billion in Q2 2017; up six percent from last year, and the highest quarterly volume since 2007. As a result of growing average loan amounts for purchase originations, the total dollar amount of purchase originations is higher than averages seen from 2000 – 2003, prior to both the peak in home prices and the Great Recession that followed. This is partly due to rising home prices, but also comes as a result of an all-but-total absence of second lien usage for purchases, a shift toward high-dollar/low-risk loans among non-agency lenders and a higher share of cash purchases at the lower end of the market.​ "However, the number of purchase loans being originated still lags the pre-crisis average by almost 30 percent; while overall purchase origination volumes are strong from a total dollar amount perspective, the market still does not appear to be performing at peak capacity. One key cause is the more stringent purchase lending credit requirements enacted in response to the financial crisis. Consider that borrowers with credit scores of 720 or higher accounted for 74 percent of all Q2 2017 purchase loans as compared to a pre-crisis average of 47 percent. Today, there are 65 percent fewer purchase loans being originated to borrowers with credit scores below 720 than in those years. The lack of credit availability for those borrowers is causing a strong headwind for the purchase market. Using 2000 – 2003 averages as a measure, as many as 645,000 purchase loans were not originated in Q2 due to tighter lending standards. To put it another way, the purchase market is operating at less than two-thirds of peak capacity because of these factors." Additionally, this month Black Knight assessed the impact of the recently announced extension of the federal government's Home Affordable Refinance Program (HARP) through the end of 2018. As 3.5 million borrowers have already utilized the program and after years of continual home price gains, the HARP-eligible borrower pool is relatively shallow. As of the end of July, there are only approximately 108,000 borrowers that would both meet HARP eligibility requirements and that have at least 75 BPS of interest rate incentive to refinance through the program. HARP eligibility is limited for the 2.5 million active GSE mortgages with current LTVs above 80 percent due to the requirement that loans have been originated pre-June 2009. Even expanding that to the bottom of the housing market in January 2012 – to include all borrowers negatively impacted by the downturn in home prices during the recession – would only increase the HARP-eligible/incented population by approximately 50,000. As was reported in Black Knight's most recent First Look release, other key results include: *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.**Seriously delinquent loans are those past-due 90 days or more.Totals are extrapolated based on Black Knight Financial Services' loan-level database of mortgage assets. About the Mortgage Monitor​ The Data & Analytics division of Black Knight Financial Services manages the nation's leading repository of loan-level residential mortgage data and performance information on the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The company's research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor Report. To review the full report, click here. About Black Knight Financial Services, Inc. Black Knight Financial Services, Inc. (NYSE: BKFS), a Fidelity National Financial (NYSE:FNF) company, is a leading provider of integrated technology, data and analytics solutions that facilitate and automate many of the business processes across the mortgage lifecycle. Black Knight Financial Services is committed to being a premier business partner that lenders and servicers rely on to achieve their strategic goals, realize greater success and better serve their customers by delivering best-in-class technology, services and insight with a relentless commitment to excellence, innovation, integrity and leadership.
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