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CoreLogic Releases Most Recent HPI Forecast Validation Report
Analysis shows 16 metros had forecasts with less than a 1% difference from actual values CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest CoreLogic HPI Forecast Validation Report that compares its 12-month CoreLogic Home Price Index (HPI) Forecast to the actual CoreLogic Home Price Index. The report compares the changes in national and key metro-level forecasts made in June 2018 to the actual HPI index, which includes data through June 2019. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. National values are derived from state-level forecasts by weighing indices according to the number of housing units for each state. Published every six months, the Forecast Validation Report is designed to provide transparency into CoreLogic forecasting abilities. The report showed: Sixteen large metros had forecasts with less than a 1% difference from actual values, including the Phoenix, Houston and Milwaukee metros all coming in within 0.3%. The top 10 major metros all had forecasts within 0.5% of actual values. The national forecast prediction of a 5.7% increase was within 2.4% of the 3.3% increase of the HPI for the 12-month period ending in June 2019. Long-term affordability concerns, coupled with consumer sentiment about the general economic climate along with other economic factors caused actual home prices to increase at a slower rate. The most accurate metro-level forecast was for the Phoenix-Mesa-Scottsdale, AZ area, which at 5.9% came on target of the actual HPI increase of 5.9%. The widest metro gap was in the San Jose, California metro areas, with a 13% over-estimation of actual increase. CoreLogic noted that the variance in this under-valued metro was mainly due to a concern over long-term affordability. Severe inventory shortages and rising interest rates impacted the forecasts of several metros - including the Chicago and San Francisco areas - reflecting the overall market volatility of the past 12 months. Slowing home price appreciation across many markets over the last 12 months caused much more volatility in housing markets than has been observed over the last three years. "The latest HPI Forecast Validation report continues to demonstrate why CoreLogic is the gold standard when it comes to home price forecasting," said Ann Regan, executive, product management for CoreLogic. "While our national forecast results reflect the difficulties of forecasting in an extremely volatile market, our forecasts were still able to provide accurate, region-specific forecasts for major metro areas, providing HPI clients with the reliability they need in the current market." About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Kleard and Adwerx announce integration, bringing next-level automation to real estate agents
Seattle, WA – Kleard and Adwerx announce a new integration, giving real estate agents an automated way to stay top-of-mind with unrepresented buyers they meet at Kleard open houses. "Kleard, a 2019 NAR REach Company, is excited to partner with a 2017 REACH company and current NAR REALTOR Benefits® Program provider, Adwerx. Hosting open houses with Kleard allows agents to become much more productive and efficient, and the integration with Adwerx will give them further opportunity to grow their business," says Jonathan Martis, CEO of Kleard. If an agent hosting a Kleard open house has the Adwerx integration enabled, any unrepresented buyer who signs in on the Kleard app will get automatically added to the agent's sphere of influence campaign. As the buyer searches premium websites and social media platforms, the agent ads will display, allowing the agent to reach consumers in a personal way where it matters the most. "We've always focused on finding new and innovative ways to provide brilliantly simple digital advertising to small and mid-sized businesses so they can continue to grow and thrive through local branding. This integration with Kleard is yet another step to making marketing solutions that are usually only available to large companies more widely accessible," said Jed Carlson, CEO of Adwerx. To learn more about how Kleard and Adwerx can help you or your agents, please visit www.kleard.com. About Kleard Kleard is a top-rated software for real estate agents, teams and brokerages, allowing for verification of new as well as keeping track of existing leads. The app, both web and mobile, is used by thousands of agents throughout the U.S. and Canada, along in MLSs and REALTOR® associations that have partnerships with Kleard. About Adwerx Adwerx provides Brilliantly Simple Digital Advertising™ for real estate, mortgage, insurance, financial services, and other businesses. Ads powered by Adwerx have received billions of impressions on social media, mobile platforms, and the most widely read news sites. Adwerx has served over 200,000 customers across the U.S., Canada, and Australia and has been named to the Inc. 5000 list of America's Fastest Growing Private Companies for three consecutive years, as well as received Inc.'s Best Workplaces award. To see how Adwerx can work for you, please visit www.adwerx.com. Plus, NAR members receive 15% additional impressions on Adwerx campaigns, which can be combined with other eligible discounts. This exclusive benefit is available through the National Association of REALTORS®' REALTOR Benefits® Program.
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Austin Board of REALTORS adopts Remine for its 15,000 MLS subscribers
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Laurie Weston Davis Joins RateMyAgent
Australian-based reviews startup commits to U.S. market with the hire of a celebrated industry insider SAN DIEGO, Oct. 14, 2019 -- RateMyAgent, an agent review and marketing platform for real estate professionals to generate, aggregate, and syndicate client reviews, today announced that Laurie Weston Davis has joined the company as vice president of industry relations. This hire shows a deep commitment to the U.S. market to understand and align with the needs of today's real estate agent in a changing digital landscape. "There are few people in this industry who have participated in nearly every aspect of real estate as Laurie has done," said Mark Armstrong, co-founder and chief executive officer of RateMyAgent. "She has served as an agent, broker, local REALTOR® Association president, GeekyGirl, vendor board member and investor, and Inman influencer. She's able to share this breadth of knowledge as we build an agent-centric, comprehensive reviews platform." Laurie got her start in real estate over thirteen years ago while working with a small independent brokerage. She transitioned her business to a large franchise brokerage where she launched The Geeky Girls, given her aptitude for understanding and teaching emerging real estate technologies. Since then, she's become a sought after speaker, and highly regarded industry influencer. In addition to her role with RateMyAgent, Laurie serves as the CEO/Broker/Owner of Better Homes and Gardens Real Estate Lifestyle Property Partners in Pinehurst, North Carolina. "I know how important reviews are to my business," said Laurie Weston Davis. "When I learned more about the mission of RateMyAgent, I knew it was a partnership I wanted to be part of. Not to mention, the Australian leadership has a heart of gold. They are an absolute delight to build with." Savvy agents understand the power of third-party validation and social proof. Therefore, client reviews are a critical component of any digital strategy. From ranking in search to establishing professional credibility, RateMyAgent simplifies the process and maximizes reach across all digital platforms such as social media, ad networks, and websites. Agents can focus their effort on delivering incredible consumer experiences and allow the automated platform to ensure transparency for future clients. RateMyAgent is endorsed by the 2019 REACH program by the National Association of Realtors®. About RateMyAgent RateMyAgent is an Australia-based review platform now expanding rapidly in the United States. In Australia, RateMyAgent is used by agents who sell 80% of property across Australia and get reviews for 1 in 3 homes sold nationally. RateMyAgent launched in the United States in 2018 and has partnerships with MLS's from Florida to California, including CRMLS, the country's largest MLS. They are the first review platform to be included in NAR's REACH Accelerator Program. RateMyAgent is listed on the Australian stock exchange. More information about RateMyAgent can be found at www.ratemyagent.com.
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I Owe U: Student Debt Total Reaches $1.5 Trillion, Nearly Doubles U.S. Housing Market
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Locations Close to Public Transit Boost Residential, Commercial Real Estate Values
New Joint APTA and NAR Study Examines the Relationship between Real Estate Value and Public Transportation in Seven U.S. Metropolitan Regions WASHINGTON (October 14, 2019) -- Neighborhoods located within a half-mile of public transit services outperformed those in areas farther from public transit based on a number of factors, according to a report released today by the American Public Transportation Association and the National Association of Realtors®. "The Real Estate Mantra – Locate Near Public Transportation" highlighted the critical role public transportation plays in determining real estate values, revealing that commercial and residential real estate market sales thrive when residents have mobility options close by. The report explored seven metropolitan regions – Boston; Hartford; Los Angeles; Minneapolis-St. Paul; Phoenix; Seattle; and Eugene, OR – that provide access to heavy rail, light rail, commuter rail and bus rapid transit. Residential properties within these areas had 4-24% higher median sale prices between 2012 and 2016, the report found. Commercial property near public transit also witnessed value gains in the studied cities, where four of the regions saw median sales prices per square foot increase between 5-42%. Transportation costs in transit-oriented areas are significantly lower than in other regions, with an average annual savings of $2,500 to $4,400 for the typical household. One in four households in close proximity to transit does not own a vehicle, according to the study. The seven sample areas were examined by residential and commercial sales performance, rent, neighborhood characteristics, local government interventions and housing affordability. "Public transit's benefits go beyond moving people from point A to point B," said APTA President and CEO Paul P. Skoutelas. "Public transportation is a valuable investment in our communities, our businesses, and our country. Public transportation gets people to jobs and educational opportunities and helps businesses attract employees and customers." "Access to public transportation is an extremely valuable community amenity that increases the functionality and attractiveness of neighborhoods, making nearby communities more desirable places to live, work and raise a family," said NAR 2019 First Vice President Charlie Oppler, who spoke at Monday's press conference along with 2019 New York State Association of Realtors® President Moses Seuram. "The results of our report, conducted over multiple years alongside the American Public Transportation Association, should reiterate to policymakers at all levels of government the importance of investing in modern, efficient infrastructure that facilitates growth and helps our nation keep pace in a rapidly evolving world." Neighborhoods with high-frequency public transportation are in high demand. While property values and rents have risen, contributing to healthy local economies, the rapidly increasing demand for housing near public transit has resulted in constrained housing supplies. "As the conversation surrounding housing affordability continues, public transportation agencies are critical allies in working with elected officials and community leaders in the effort to increase housing opportunities and maximize value around stations," said Skoutelas. To read the full study, visit: NAR.realtor/transportation-and-infrastructure.
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How to Get More Leads from Homes.com
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Redfin and LinkedIn Reveal the 5 Best Emerging Tech Hubs for Software Engineers to Buy a Home
Charlotte and Buffalo boast 4% job growth for engineers, who need to spend less than 20% of their income on housingSEATTLE, Oct. 10, 2019 --  Charlotte, North Carolina and Buffalo, New York are among the best metro areas for software engineers to buy a home, according to a new analysis from Redfin, the technology-powered real estate brokerage, and LinkedIn, the employment-oriented social media platform. Both metros saw 4.1 percent year-over-year job growth in June for people in the field, and the typical software engineer would only need to spend 18.9 percent and 13.3 percent of their annual income, respectively, on housing. In comparison, the typical software engineer in San Francisco would need to spend 42.8 percent of their annual salary to afford a median-priced home. The two metros are more affordable options than tech hubs like San Francisco and Silicon Valley, where despite generous salaries and job growth of roughly 3.5 percent year-over-year, sky-high housing costs make homeownership difficult for typical software engineers. The typical home in the San Francisco metro sold for more than $1.4 million in July, out of reach for someone earning $186,300, the median income for a software engineer in the Bay Area. "Because homeownership in expensive places like San Francisco is no longer a realistic consideration even for many people in high-paying fields, smaller inland cities are becoming increasingly attractive to young, educated people looking to build a career and live comfortably," said Redfin chief economist Daryl Fairweather. "Grand Rapids and Columbus don't offer as many job opportunities or salaries as high as you'd find in San Francisco, but because housing and other costs are so much lower, skilled professionals can achieve a higher quality of life. Tech companies are following the talent by opening offices or offering the option for employees to work remotely—which is contributing to growth in job opportunities for people seeking affordable housing." Redfin worked with LinkedIn to curate a list of places with emerging tech scenes. LinkedIn provided data on job growth and median total compensation. To determine whether a metro is affordable on a typical software engineer's income for that area, Redfin used the rule that housing is affordable when it costs less than 30 percent of gross income. Based on those parameters, software engineers may want to consider a move to Charlotte, North Carolina or Buffalo, New York rather than Silicon Valley. Some other places to consider are Grand Rapids, Michigan, Colorado Springs and Columbus, Ohio, areas with 3-percent-plus job growth where the typical software engineer would need to spend 20 percent or less of their income on housing. Seattle, where home prices have more than doubled over the last seven years partly due to its growth as a tech hub, is still relatively affordable for people in the field. The typical Seattle software engineer would need to spend 20 percent of their earnings to buy a home in the metro, comparable to the share in Colorado Springs. To read the full report, including Redfin agent insights on what makes each metro an attractive place for software engineers to live and a list of LinkedIn job openings in each area, please visit: https://www.redfin.com/blog/most-affordable-places-for-software-engineers. 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Rising Financial Wealth Boosts Demand for Vacation Homes
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CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a July in at Least 20 Years, but Four States Post Annual Gains
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally, 3.8% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in July 2019, representing a 0.3 percentage point decline in the overall delinquency rate compared with July 2018, when it was 4.1%. As of July 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from July 2018. The July 2019 foreclosure inventory rate tied the prior eight months as the lowest for any month since at least January 1999. 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 to 59 days past due – was 1.8% in July 2019, down from 1.9% in July 2018. The share of mortgages 60 to 89 days past due in July 2019 was 0.6%, unchanged from July 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in July 2019, down from 1.6% in July 2018. This July's serious delinquency rate of 1.3% was the lowest for the month of July since 2005 when it was also 1.3%; it tied the April, May and June 2019 rates as the lowest for any month since it was also 1.3% in August 2005. 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 0.8% in July 2019, unchanged from July 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked at 2% in November 2008. "Homeowners have seen a big rise in home equity, which lowers foreclosure risk because owners have more ‘skin in the game,'" said Dr. Frank Nothaft, chief economist at CoreLogic. "Our latest Home Equity report found that between the first quarter of 2011 and the second quarter of 2019, average equity per borrower increased from $75,000 to $176,000 and rose $5,000 in the past year alone." The nation's overall delinquency remains near the lowest level since at least 1999. However, four states posted small annual increases in overall delinquency rates in July: Vermont (0.5 percentage points), New Hampshire (0.2 percentage points), Iowa (0.1 percentage points) and Minnesota (0.1 percentage points). Five states, including three of the four listed above, posted small annual gains in the share of mortgages that transitioned from current-to-30-days past due in July: Vermont (0.3 percentage points), New Hampshire (0.1 percentage points), Iowa (0.1 percentage points), Wisconsin (0.1 percentage points) and Florida (0.1 percentage points). In July 2019, 37 metropolitan areas recorded small increases in overall delinquency rates. Some of the highest gains were in the Midwest and Southeast. Metros with the largest increases were Dubuque, Iowa (2.5 percentage points), Davenport-Moline-Rock Island, Iowa-Illinois (1.5 percentage points) and Pine Bluff, Arkansas (1.1 percentage points). Panama City, Florida, and Goldsboro, North Carolina, both experienced increases of 0.5 percentage points. "The fundamentals of the housing market remain very solid with foreclosure rates hitting lows not seen in over 20 years," said Frank Martell, president and CEO of CoreLogic. "We expect foreclosure rates may very well drift even lower in the months ahead as wage growth and lower mortgage rates provide support for homeownership." The next CoreLogic Loan Performance Insights Report will be released on November 12, 2019, featuring data for August 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Housing Trends Foreshadow Housing Shortage Ahead
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'Wow' Moments and Relationships: An RPR Story
RPR is excited to present our new video commercial, "Wow Moment: Thank You." It's the story of a REALTOR, who armed with RPR at her side, helps an overwhelmed dad and his daughter find the perfect place to call home. Watch it now... We hope you enjoyed our new video! After all, you helped us create it. Through MyRPR stories, user feedback and real-life case studies, we unearthed really useful insight and realized that RPR "wow" moments occur in all types of situations and result in all types of beneficial outcomes. What exactly is an RPR "wow" moment? It's sending property reports in seconds. It's receiving info on school ratings on the fly. It's seeing a brand new listing pop up on the market and being the first to view it. It's hitting the "call agent" button within the listing. It's a series of steps, both big and small wins, and "a-ha" types of moments that all add up to you making an impactful and lasting impression on your clients. Because being a REALTOR® is about relationships, results, and making people's dreams of homeownership come true. It's Who We R®. If you were inspired by this commercial, please help us get the word out and share it on social media. Also, if you've experienced an RPR "wow" moment yourself, we'd love to hear about it. Please use this link to share the video and your story. To view the original post, visit the RPR blog.
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Altus Group Partners with CREA and its Member Boards and Associations to Expand the MLS Home Price Index Nationally
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People Who Bought Homes in 2012 Have Earned a Total of $203 Billion in Equity
People who bought a home at the bottom of the market have earned a median $141,000 or 261% in home equity since 2012 SEATTLE, Sept. 26, 2019 -- People who purchased homes in 2012 have earned a total of $203 billion in home equity, according to a new report from Redfin, the technology-powered real estate brokerage. Individually, the typical homeowner who bought the year prices reached their lowest point following the Great Recession has earned $141,000, or 261 percent, in home equity. The typical home that sold in 2012 has increased $110,000 in value, from a median sale price of $210,000 in 2012 to an estimated value of $320,000 in September 2019. The typical 2012 homebuyer started off with $54,000 in home equity and has $195,000 today. The report is based on a Redfin analysis of the home equity earned from roughly 1.4 million homes purchased across 138 markets in the U.S. in 2012. "The opportunity to build wealth through home equity when prices hit their low point was available only to a fortunate subset of Americans who had enough cash for a down payment," said Redfin chief economist Daryl Fairweather. "And now many people who weren't able to buy into homeownership during that window of time find themselves on the other side of the housing market coin: Many areas are just plain unaffordable for people who don't have equity built up to trade in for a new home. And those who are waiting in the wings, hoping to buy a home when the next recession hits, probably won't be as lucky as buyers were in 2012. Even if home prices do come down slightly, the housing market won't be impacted nearly as much as it was during the Great Recession and home equity gains won't be nearly as big." The massive 12-figure total equity growth is driven by large, expensive coastal markets—mostly in California—where home values have increased by at least two-thirds and the typical homeowner has earned more than $300,000 in equity since 2012. The metros with the biggest total home equity gains in dollars are Los Angeles ($15 billion), Seattle ($8 billion) and Oakland ($7.9 billion). The list of places with the biggest percent increases in home equity includes many metros near large U.S. military bases, including Tacoma, Washington (1453%) and Virginia Beach (1333%), home to the largest concentration of military personnel outside of the Pentagon. That commonality is partly explained by the fact that a lot of homebuyers in those areas would have been able to take advantage of a loan from the U.S. Department of Veterans Affairs (known as a VA loan) or from the Federal Housing Administration (FHA), which often have small or no down-payment requirements, meaning their home equity started out particularly low in 2012. "Just like many other places around the country, the Hampton Roads area, which includes Virginia Beach, was hit hard during the Great Recession. But because there's such a large military presence in Virginia Beach and its surrounding cities, our housing market will always be one of the most stable in the country," said local Redfin agent Jordan Hammond. "People in the military are able to obtain VA loans, and military buyers are also often able to obtain low interest rates. That turned out to be hugely beneficial for people in the area who bought homes in the wake of the recession." Ellen Campion, a Redfin agent in Tacoma, said the housing market in her area is large enough that the military population is just one of many factors that have contributed to massive home-equity growth. "Buyers were paying too much in 2005 and 2006, and once the recession hit, a lot of those people unfortunately had their homes foreclosed on," Campion said. "So during and after the recession, folks were desperate and had to sell their homes for less than what they paid, and investors and savvy homebuyers snapped them up, often with the help of FHA loans. Now we're in a situation where it's the best of all worlds for sellers who bought homes back around 2012. The Tacoma market is so hot right now that those sellers are often able to earn six figures by selling average homes." Nine of the 10 metros with the biggest median home equity growth in dollars are in California, led by San Francisco ($741,000), San Jose ($669,000) and San Rafael ($604,000). Seattle ($364,000), is the only non-California metro on the list. Compared with the metros with the highest percent equity growth, these areas all started in 2012 with high home prices, and local homebuyers likely made much higher down payment--close to 20 percent. Since then, Coastal California and Seattle have seen enormous growth in home values, which equates to huge dollar gains in equity. To read the report, including the full methodology and list of metro-level home equity data, please visit: https://www.redfin.com/blog/home-equity-gain-after-great-recession 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Home Improvement Projects Are Worth Cost and Time, Says Realtor Survey
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CoreLogic Reports August Home Prices Increased by 3.6% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for August 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from August 2018. On a month-over-month basis, prices increased by 0.4% in August 2019. (July 2019 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 each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase 5.8% by August 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.3% from August 2019 to September 2019. The CoreLogic HPI Forecast is a projection of home prices calculated 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. "The 3.6% increase in annual home price growth this August marked a big slowdown from a year earlier when the U.S. index was up 5.5%," said Dr. Frank Nothaft, chief economist at CoreLogic. "While the slowdown in appreciation occurred across the country at all price points, it was most pronounced at the lower end of the market. Prices for the lowest-priced homes increased by 5.5%, compared with August 2018, when prices increased by 8.4%. This moderation in home-price growth should be welcome news to entry-level buyers." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 37% of metropolitan areas have an overvalued housing market as of August 2019. 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. As of August 2019, 23% of the top 100 metropolitan areas were undervalued, and 40% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 16% were undervalued and 44% were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic, together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The survey found that approximately 75% of millennial renters indicate they will likely purchase a home in the future. However, despite a desire from the entire millennial cohort to purchase a home, there is a clear difference between older and younger millennials' living situation preferences. Generally, older millennials (30-38) aspire to own a single, stand-alone home in the suburbs that is somewhat secluded. Meanwhile, younger millennials (21-29) lean towards modern apartment rentals in urban settings, with 55% of younger millennials saying they prefer to also live in lively neighborhoods. Still, 79% of younger millennials are confident that they will be homeowners in the future. "The millennial cohort has now entered the housing market in force and is already driving major changes in buying and selling patterns. Almost half of the millennials over 30 years old have bought a house in the last three years. These folks are increasingly looking to move out of urban centers in favor of the suburbs, which offers more privacy and a greener environment," said Frank Martell, president and CEO, CoreLogic. "Perhaps most significantly, almost 80% of all millennials are confident they will become homeowners in the future." The next CoreLogic HPI press release, featuring September 2019 data, will be issued on Tuesday, November 5, 2019 at 8:00 a.m. ET. About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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OJO Labs Expands Its Suite of Leading Technology Products with Acquisition of Real Estate Software Platform RealSavvy
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W+R Studios Announces Cloud Agent Suite Will Be Free to Try Until 2020
This special promotion, beginning October 1st includes free access and an extended trial to Cloud CMA (including Homebeat), Cloud Streams, Cloud MLX, and Cloud Attract. Huntington Beach, CA (October 1, 2019) - Privately held software company, W+R Studios, announced today a nationwide campaign to offer their popular Cloud Agent Suite free to all real estate agents through the end of 2019. Beginning October 1st, agents can get up to 3 months of free service on real estate's most popular tools. The Cloud Agent Suite includes Cloud CMA (plus Homebeat), Cloud Streams, Cloud MLX, and Cloud Attract. Cloud CMA helps agents generate awesome reports designed to win more listings. Homebeat allows agents to automate their Cloud CMA reports to stay top of mind with past clients and homeowners. Cloud Streams is a listing alert tool built to send alerts faster than any portal. Award-winning Cloud MLX is a modern MLS front-end that allows agents to search the MLS similar to how you search Google. And last but not least, Cloud Attract creates lead generating landing pages in seconds that agents can share with their sphere of influence to generate leads. "We've had an incredible year," stated W+R Studios' co-founder Greg Robertson. "And we wanted to finish it off with something big, so we thought why not let everyone try ALL our products free" continued Mr. Robertson. "Many of our customers already get access to Cloud CMA as part of their MLS membership, but we wanted to make it easy for them to try all other products - including Homebeat - and see how well they all work together as part of the full Cloud Agent Suite." Homebeat—the newest add on for Cloud CMA—launched in August 2019 and is already a hit. Agents love the ease of use for setting up clients on automated online CMAs. Homebeat CMAs update in real time and leverage an agent's best asset: MLS data. "Automated CMAs has been a requested feature of Cloud CMA for many years and we were very excited to be able to build Homebeat this year and fill the need that agents have of staying top of mind after a transaction has closed." concluded Mr. Robertson. To find out more, visit cloudagentsuite.com. Product availability depends on MLS participation. The cost of the Cloud Agent Suite will be $99 per month (or $89/mo with an annual commitment) after the free trial promotion ends. There are no contracts and agents can cancel or change their level of service at any time. About W+R Studios‍ Founded in 2008, W+R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a "less is more" approach to software design, elegant user interfaces, and using the latest in agile programming, W+R Studios' software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 26 years of experience each developing and marketing real estate software solutions.
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CREXi Commercial Listings Go Live on RPR
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Median-Priced Homes Remain Unaffordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
Rising Home Prices Outpacing Wages in 76 percent of U.S. Housing Markets; Home Prices Less Affordable Than Historic Average in 61 Percent of Local Markets IRVINE, Calif. - Sept. 26, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q3 2019 U.S. Home Affordability Report, which shows that median home prices in the third quarter of 2019 were not affordable for average wage earners in 371 of 498 U.S. counties analyzed in the report (74 percent). The largest populated counties where a median-priced home in the third quarter of 2019 was not affordable for average wage earners included Los Angeles County, CA; Cook County (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA and Orange County, CA. Those same counties were in the top five in Q2 2019. The 127 counties (26 percent of the 498 counties analyzed in the report) where a median-priced home in the third quarter of 2019 was still affordable for average wage earners included Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia County, PA; Cuyahoga County (Cleveland), OH; and Allegheny County (Pittsburgh), PA. 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). "Buying a home continues to be a rough road to navigate for the average wage earner in the United States. Prices are going up substantially faster than earnings in 2019 without any immediate end in sight, which continues to make home ownership difficult or impossible for a majority of single-income households and even for many families with two incomes," said Todd Teta, chief product officer with ATTOM Data Solutions. "If there is any silver lining to the picture, it's that mortgage rates have fallen back to historic lows. That's softening the blow of rising prices and actually making home ownership a bit more attainable in most areas of the country." Home price appreciation outpacing wage growth in 76 percent of markets Home price appreciation outpaced average weekly wage growth in 379 of the 498 counties analyzed in the report (76 percent), including Westchester County (New York), NY; Los Angeles County, CA; Suffolk County (Boston), MA; Arlington County (Washington), VA; and Monterey County (Salinas), CA. Average annualized wage growth outpaced home price appreciation in 119 of the 498 counties analyzed in the report (24 percent), including San Diego County, CA; Orange County (Los Angeles), CA; Miami-Dade County, FL; Kings County (Brooklyn), NY and Queens County, NY. 67 percent of markets require at least 30 percent of wages to buy a home Among the 498 counties analyzed in the report, 335 (67 percent) require at least 30 percent of their annualized weekly wages to buy a home in the third quarter of 2019. Those counties that required the greatest percent included Kings County (Brooklyn), NY (110.4 percent of annualized weekly wages needed to buy a home); Santa Cruz County, CA (105 percent); Marin County (San Francisco), CA (102.4 percent); Maui County, HI (87.9 percent); and Monterey County, CA (87.5 percent). A total of 163 of the 498 counties analyzed in the report (33 percent) required less than 30 percent of their annualized weekly wages to buy a home in the third quarter of 2019. Those counties that required the smallest percent included Calhoun County (Battle Creek), MI (14.4 percent of annualized weekly wages needed to buy a home); Wayne County (Detroit), MI (14.9 percent); Clayton County (Atlanta), GA (15.2 percent); Rock Island County (Davenport), IL (15.5 percent); and Montgomery County, AL (16.2 percent). 61 percent of markets less affordable than historic averages Among the 498 counties analyzed in the report, 304 (61 percent) were less affordable than their historic affordability averages in the third quarter of 2019, down from 70 percent of counties in the previous quarter and 73 percent of counties in the third quarter of 2018. Counties with a population greater than 1 million and that were less affordable than their historic affordability averages (indexes of less than 100 are considered less affordable compared to their historic averages) included Los Angeles County, CA (index of 96); Harris County (Houston), TX (89); Maricopa County (Phoenix), AZ (93); Orange County, CA (99); and Miami-Dade County, FL (98). Counties with the lowest affordability index were Delaware County (Philadelphia), PA (index of 58); Lackawanna County (Scranton), PA (68); Genesee County (Flint), MI (69); Delaware County (Muncie), IN (69); and Saginaw County, MI (72). 39 percent of markets more affordable than historic averages Among the 498 counties analyzed in the report, 194 (39 percent) were more affordable than their historic affordability averages in the third quarter of 2019, including Cook County (Chicago), IL; San Diego County, CA; Queens County, NY; King County (Seattle), WA; and Santa Clara County (San Jose), CA. Counties with the highest affordability index (indexes of more than 100 are considered more affordable compared to their historic averages) were Onslow County (Jacksonville), NC (130); Clark County (Louisville, KY), IN (128); Atlantic County (Atlantic City), NJ (127); Cumberland County (Vineland), NJ (126); Litchfield County (Torrington), CT (124); and Warren County (Stroudsburg), NJ (124). 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, real estate market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Pending Home Sales Grow 1.6% in August
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U.S. Navy Veteran Wins $75,000 Veteran Homebuyer Giveaway
SANTA CLARA, Calif., Sept. 27, 2019 -- Realtor.com and Veterans United Home Loans announced that recently retired U.S. Navy Veteran, Chief Gunner's Mate Rico Baker has won the $75,000 prize (less tax withholding) in the Veterans United Home Loans and realtor.com® Home Giveaway Sweepstakes. Baker, who is returning home to his roots in Oklahoma, is a third generation member of the Navy. His grandfather served in WWI, while his father served during WWII. In his 20 years of service, Baker served in three deployments and seven duty stations around the world, including South America and the Persian Gulf. Baker retired from the Navy in August and now works as an engineer. "Prior homebuyer giveaway sweepstakes have given Veterans United a chance to meet incredible families. Rico and his family were no different. Their zest for life, service to our country and love for each other pours out of all four of them," said Veterans United Chief Marketing Officer Kris Farmer. "We are incredibly proud to partner with realtor.com® for the $75,000 Veteran Homebuyer Giveaway." Baker said, "Never, when I filled out the form for Veterans United would I have known my life would change in an instant, but I dreamed big and I was blessed with the gift of a lifetime. Thank you so much." Baker, along with his wife, Eliza, and their two children, have lived in Illinois, California, and Oklahoma while Baker served in the Navy. They now call Edmond, Okla., their home. "It is incredibly exciting for all of us at realtor.com® to share this moment with Rico and his family as we celebrate the fourth time we've partnered with Veterans United on a home giveaway," said Tricia Smith, realtor.com® senior vice president. "Rico has devoted two decades to the American people through his time in the Navy, serving both domestically and abroad. This is just a small token in the face of all his sacrifices. He represents all who serve and have served, to protect and defend the U.S. Their dedication makes the American Dream possible for all of us." The giveaway was open to qualifying U.S. military service members and U.S. military Veterans, subject to the Official Rules. Entries to the giveaway closed at 11:59 a.m. ET, May 31, 2019, at www.realtor.com/75-anniversary-veterans-giveaway. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a 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. About Veterans United Home Loans Based in Columbia, Missouri, the full-service nationwide lender financed more than $10.5 billion in loans in 2018. Veterans United is the largest VA lender in the country. Its mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. Earlier this year, Veterans United was named No. 23 of the Fortune 100 Best Companies to Work For, according to Great Place to Work® and Fortune Magazine. The company's employee-driven charitable arm, Veterans United Foundation, is committed to enhancing the lives of Veterans and military families nationwide by focusing on supporting military families and nonprofit organizations that strengthen local communities. Veterans United Home Loans and its employees have donated more than $51 million to the Foundation since its founding in November 2011. Learn more at EnhanceLives.com. NMLS ID #1907 (www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC.
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Matterport Announces AI Capabilities that Will Turn Smartphones into 3D Capture Devices
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WebsiteBox Introduces a New Real Estate Website Platform with Three Simple Pricing Plans
WebsiteBox, a technology firm that empowers over 35,000 real estate agents and brokerages, has launched a new version of its do-it-all website platform. The new platform has been created based on input from WebsiteBox clients and partners, with loads of new designs, new IDX integration with over 300 MLS boards, and new CRM functions. Furthermore, WebsiteBox has introduced three new turnkey pricing plans offering a combination of cost-certainty and affordability. TORONTO, Sept. 25, 2019 -- In its continuous effort to help real estate professionals grow their business, WebsiteBox has launched a new and improved version of its website platform. The new platform makes the setup of a new website quick and easy. Real estate agents, teams and offices can go from start to finish in minutes. They can enjoy a more modern and professional look and feel, with over 20 designs to choose from. The new websites are also easier to customize, with over 40 different building blocks to create a truly unique online presence. Another major improvement to the new platform is near real-time MLS data processing. Previously, WebsiteBox processed MLS data every 24 hours, whereas the new platform processes MLS data in almost real time. Furthermore, the new platform easily integrates with Google G Suite - Including integration with Gmail, Google Contacts, Google Calendar, and Google Drive - so that real estate professionals can better communicate and engage with their leads and clients. WebsiteBox has also improved the way they package their services, offering three new turnkey pricing plans: Basic Plan: Perfectly suited for real estate professionals just looking to build and establish their online presence. The Basic Plan includes one professional real estate website pre-populated with SEO friendly content and localized to their specific area of operation. This plan is available for just a $99 set-up fee with no ongoing monthly/annual fees. Standard Plan: Encompasses a series of features designed to help real estate professionals convert their websites to a robust productivity tool capable of automatically managing their listings, leads and clients. This plan offers features such as automatic display of MLS listings (IDX), a powerful Customer Relationship Management (CRM) and SSL certificate to keep their leads and client data safe. This plan is available for a $99 set-up fee and $99 annual fee. Plus Plan: This plan offers all the benefits included in the Standard Plan and other features designed to help real estate professionals generate leads. Some of the key benefits of this plan include a lead capture app for obtaining the contact information of interested visitors, a blog app that helps write blogs and manage content, and up to 10 websites. This plan is available for just $199/year, plus a one-time setup fee of $99. "In view of the options available in the market for real estate professionals, we strongly believe that our new platform and new pricing plans will make an impact for two key reasons," says Peyman Aleagha, founder and CEO, WebsiteBox Corp. "At WebsiteBox, we know how important it is for real estate professionals to get their budget under control. That's why we introduced three affordable turnkey plans with no hidden fees. "Furthermore, unlike other solutions that require the client to build their website from scratch, WebsiteBox provides a fully-featured website that is pre-populated with SEO-friendly, localized content, listings and imagery. This allows real estate professionals to set up their website in a matter of minutes and for those who want to further customize their website, they can do so through our easy and intuitive website editor," Peyman added. To find out more, please visit www.WebsiteBox.com. About WebsiteBox Toronto-based technology firm that empowers over 35,000 real estate agents and brokerages, offering do-it-all real estate IDX websites from a one-time fee of $99 – the lowest price in the industry. WebsiteBox provides IDX (Internet Data Exchange) integration with over 300 multiple-listing-service boards throughout the United States and Canada.
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CoreLogic Reports the Negative Equity Share Fell to 3.8% in the Second Quarter of 2019
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More than Half Say 'Now Is a Good Time to Buy,' According to Realtor Survey
WASHINGTON (September 23, 2019) – New consumer findings from a National Association of Realtors® survey show that more than half of polled Americans believe that now is a good time to buy a home. Optimism fared well in the third quarter of 2019 as 63% of people said they believe that now is a good time for a home purchase, with 34% of those respondents saying they believe that strongly. NAR's chief economist Lawrence Yun said the favorable outlook also contains a degree of caution. "Mortgage rates are at historically low levels, so I see no sign of the optimism about home buying fading," he said. "However, the fact that slightly fewer are expressing strong intensity compared to recent prior quarters is implying some would-be buyers have concerns about the direction of the economy." Among those that stated that now is a good time to purchase a home, the silent generation (those born between 1925 and 1945) were most likely to express that belief. Seventy-five percent from that demographic said that now is a good time to buy. They were closely followed by older boomers (those born between 1946 and 1954), as 72% from that age group agreed that now is a good time to purchase a home. When NAR's third quarter Housing Opportunities and Market Experience (HOME) survey asked whether now is a good time to purchase a home, of those who have an income under $50,000, 54% answered "yes." Answers in the affirmative increased as household incomes increased. In the $50,000 to $100,000 bracket, 64% said now is a good time to buy a home, and among those polled who have an income of $100,000, 72% said that it is currently a good time to buy. "Not surprisingly, as incomes increase, the process of buying a home is less of a strain," said Yun. "This has always been the case, but in this third quarter survey, we see it to an even greater extent – high earners are more open to buying a home." The NAR survey also asked respondents about their thoughts on selling a home in the current market. Seventy-four percent of those polled said that now is a good time to sell a home – a modest increase over 73% last quarter. Of those respondents, 45% said they "strongly" believe now is a good time for selling a home, while the remaining 29% said they hold that belief "moderately." Those in the West region were most likely to hold this sentiment, as 81% of the region's respondents said "now is a good time to sell." In comparison, in the Northeast, 67% said now is a good time to sell a home. In regard to household income and thoughts on selling a home, the poll found that those in the higher wage brackets were more likely to state a belief in favor of now being a good time to sell a home. Among the surveyed who answered that now is a good time to sell, 82% of them earn more than $100,000. However, of those who earn less than $50,000, only 64% said now is a good time to sell. Respondents were also questioned about their outlook toward the U.S. economy. Fifty-two percent of those surveyed said they believe the U.S. economy is improving. This is a decrease from the second quarter of 2019, when 55% said they believed the economy is improving. Millennials (those born between 1980 and 1998) were the most pessimistic, only 49% said the economy is improving and 51% said it is not improving. Fifty-four percent of the silent generation – in this case, the most optimistic group – said the economy is improving. Forty percent of those in urban areas also believe the economy is improving, compared to 62% in rural areas. About NAR's HOME Survey From July through September, a sample of U.S. households was surveyed via a random-digit-dial, including a mix of cell phones and landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. Each month approximately 900 qualified households responded to the survey. The data was compiled for this report representing a total of 2,705 household responses. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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U.S. Home Flipping Returns Drop to Nearly Eight-Year Low in Q2 2019
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Redfin Survey: 38% of Homebuyers and Sellers Hesitant to Move to a Place Where They'd Be in the Political Minority
Just 22% would be hesitant about moving to a place where they'd be in the racial minority SEATTLE, Sept. 20, 2019 -- Thirty-eight percent of homebuyers and sellers would be hesitant about moving to an area where most residents have differing political views from their own, down from 41 percent in 2017 and 42 percent in 2016, according to a new report from Redfin, the technology-powered real estate brokerage. They're much more likely to be open to the idea of moving to a place where they'd be in the racial, ethnic or religious minority, with just 22 percent saying they'd be hesitant about it. The report's findings are based on a June Redfin-commissioned survey of more than 3,000 U.S. residents who bought or sold a primary residence in the last year, or plan to in the next 12 months. Where possible and applicable, results were compared with those from similar past surveys. "This decade's tumultuous political climate has widened the aisle between parties not only in Congress and the voting booth, but in our nation's communities," said Redfin chief economist Daryl Fairweather. "While the share of homebuyers and sellers who hesitate about moving to a place where most people have different ideologies has been declining, I imagine tensions will start to flare again as we head into the 2020 election year. As more people—especially young professionals—head inland from blue coastal cities seeking affordability in smaller inland metros, it's likely they will seek out communities where they'll live, work and send their kids to school with like-minded people. We expect to see red places in the middle of the country become redder and the blues bluer as the migration trends we've been reporting continue." Sixteen percent of respondents would be enthusiastic about moving to an area where most residents have differing political views, a notable increase from 9 percent in 2017 and 8 percent in 2016. Nearly half of homebuyers and sellers—46 percent—would be neutral at the prospect. Broken down by age, 23 percent of respondents aged 25 to 34 would be enthusiastic about moving to an area where most residents do not share their political views, a higher share than any other age group. Just 6 percent of people aged 65 and over would be enthusiastic at the prospect. When the responses are broken down by race, 40 percent of white homebuyers and sellers said they'd be hesitant about moving to an area where most residents have different political views, a higher share than any other racial group. Black and African American respondents were most likely to be enthusiastic at the prospect (22 percent reported enthusiasm, versus 14 percent of white respondents). Non-white respondents to the surveys included people who indicated their race was black or African American, East Asian or Asian American, Latinx or Hispanic American, Middle Eastern or Arab American and Native American. Young people are most likely to be enthusiastic about moving to an area where most people are a different race than they are Twenty-nine percent of homebuyers and sellers would be enthusiastic about moving to an area where they'd be in the racial, ethnic or religious minority. A smaller share—22 percent—would feel hesitant at the prospect, and just about half of respondents said they feel neutral about it. The June 2019 survey was the first time Redfin asked this question. Forty-one percent of people under 25 years old would feel enthusiastic about moving to an area where most residents are a different race, ethnicity or religion than they are, more than any other age group. The older the respondent, the less likely they were to say they'd be enthusiastic about moving to a place where they would find themselves in the minority, with just 16 percent of people aged 65 and older reporting enthusiasm. Forty-three percent of black or African American people would be enthusiastic about moving to an area where most residents are of a different race, ethnicity or religion, a higher share than any other respondent racial group. White respondents were the least likely to say they'd be enthusiastic about moving to a place where they'd be in the minority, with just 26 percent indicating that response. Just 10 percent of black or African American respondents said they would be hesitant to move to an area where they'd be in the minority, less than any other group, versus 25 percent of white respondents, more than any other group. It's possible respondents felt more comfortable expressing their hesitancy about moving to a place where they'd be in the political minority than moving to a place where they'd be in the racial minority, as it has become acceptable and common place to openly avoid interaction with people of different political opinions. To read the full report, including graphs, please visit: https://www.redfin.com/blog/housing-race-politics-study 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Existing-Home Sales Increase 1.3% in August
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Showing Index Records Nationwide Growth for the First Time in More Than a Year, Indicating Increasing Strength in Buyer Demand
Midwest, Northeast, South and West Regions all Experience Year-Over-Year Increases, Which Could Mean More Buyer Competition is Likely This Fall September 19, 2019 – More prospective home buyers across the country came out in August compared to the same time last year as U.S. showing traffic grew for the first time in 13 months, according to the latest ShowingTime Showing Index report. All four regions tracked by the Showing Index saw an uptick in buyer activity, contributing to the first nationwide year-over-year increase since July 2018. For the fourth consecutive month the Northeast Region saw its largest year-over-year increase at 5.9 percent, the biggest jump recorded in the region since March 2018. The South also saw more showing traffic, with a 2.7 percent increase in activity compared to 2018. The West Region came in with a 2.2 percent increase, its first year-over-year gain since January 2018. The Midwest recorded a more modest increase of 1.3 percent. "The trend we saw in year-over-year buyer traffic in previous months continued across the U.S.," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "For all four regions there were more showings per listing this year compared to last year, making it the most competitive August in the last five years. If this trend continues, we are likely to see even more buyer competition this fall." 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, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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The "Black Friday" of Homebuying is Almost Here
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HouseFax adds 'Radon Risk' data to Comprehensive Property History Reports
BOISE, Idaho, Sept. 17, 2019 -- HouseFax is helping the real estate community "know before you buy," enhancing the company's comprehensive property history reports with the addition of Radon risk data. This new information, which is not typically found on property listing websites, is helping to offer the most detailed look into the history and true condition of a home and ensure that real estate clients can make the most informed decisions about a home transaction. "Very few home buyers are aware that significant radon exposure in residential real estate is the second leading cause of lung cancer," says Dr. Chris Apfel, President and CEO of SageMedic Corporation, a noted cancer diagnostic expert and member of the National HouseCheck Board of Directors. "According to the Center of Disease Control (CDC), radon is estimated to account for 20,000 lung cancer deaths in the United States annually. Having this information in the HouseFax report is critically important for any home buyer to ensure they are sufficiently informed of potential health risks." Radon is an odorless, colorless and radioactive gas and a byproduct of natural soil decay that can be found in low and harmless doses almost everywhere. However, at critically high doses, radon is a dangerous carcinogen that causes lung cancer. "HouseFax is a critical tool within the National HouseCheck family, providing the most detailed home data available for our clients," says Dennis Conforto, HouseCheck Chairman and CEO. "HouseCheck is built on a commitment to protect the value, health and safety of the home and those within it. Helping to identify any potential risk within a home is our obligation and this addition is a small but significant extension of that commitment." HouseCheck COO, Bill Klehm, adds, "HouseFax continues to break new ground, identifying critical information gaps and filling in the blanks for the benefit and protection of all real estate consumers." Factors that can determine the levels of Radon found within a home can include the type of structure, condition of the foundation, climate, how often windows are open, and even the type of appliances. Higher radon levels are often easily remedied with a few simple steps. However, without the data, many are unaware of their risks and level of exposure. To learn more about HouseFax Property History reports, Radon risk and other important information, please visit https://housefax.com. About HouseCheck National HouseCheck Corporation is transforming the real estate industry for home sellers, buyers and Real Estate professionals. HouseCheck is your Real Estate service, technology and data source for unmatched transparency and the most comprehensive, detailed look at the history of a home. Through its expanding family of services – HouseCheck Home Inspection, HouseFax, HouseTrack, HouseCheck Home Warranty, and more – HouseCheck delivers total protection and peace of mind for all involved in real estate transactions. Learn more about how HouseCheck is changing the way homes are bought and sold for the better at https://HouseCheck.com or by calling 844-94-CHECK (24325).
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REALTORS' Guide to Mastering Direct Mail
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CoreLogic Reports an 11.4% Year-Over-Year Decrease in Mortgage Fraud Risk in the Second Quarter of 2019
Risk index decreases for the first time since Q3 2016 as lower interest rates brought an influx of low-risk refinancesiBuyers represent a new wrinkle in the area of fraud detection CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Mortgage Fraud Report. The report shows an 11.4% year-over-year decrease in fraud risk at the end of the second quarter, as measured by the CoreLogic Mortgage Application Fraud Risk Index, which is the first decrease since the third quarter of 2016. The analysis found that during the second quarter of 2019, an estimated one in 123 mortgage applications, or 0.81% of all applications, contained indications of fraud, compared with the reported one in 109, or 0.91% in the second quarter of 2018. The CoreLogic Mortgage Fraud Report analyzes the collective level of loan application fraud risk experienced in the mortgage industry each quarter. CoreLogic develops the index based on residential mortgage loan applications processed by CoreLogic LoanSafe Fraud Manager™, a predictive scoring technology. The report includes detailed data for six fraud type indicators that complement the national index: identity, income, occupancy, property, transaction and undisclosed real estate debt. "The decrease in fraud risk mid-2019 appears temporary, based on unexpected interest rate drops and the resulting influx of low-risk refinance transactions," said Bridget Berg, principal of Fraud Solutions Strategy for CoreLogic. "The absolute number of risky loans has not decreased but are simply part of a larger mortgage market at this time." Report Highlights: New York, New Jersey and Florida remain the top three states for mortgage application fraud risk. For the first time since 2017, New Jersey outpaced Florida and moved into the second highest position. Eight of the top 10 riskiest states showed stable or decreasing risk over the past year. States with the greatest year-over-year risk growth include Idaho, Alabama, Mississippi, New York and Delaware. States with the largest decreases include Kansas, Missouri, Massachusetts, Illinois and New Mexico. Jumbo loans for home purchases is the only segment showing a risk increase. Nationally, all fraud types showed decreased risk. Undisclosed Real Estate Debt fraud risk had the greatest decrease year over year, followed by decreases in Property and Income fraud types. iBuyers — or companies that use technology to instantly make an offer on a home — accounted for more than 1% of all home sales in 2018 and are a contributing factor in the overall decline of fraud risk. To view the full CoreLogic Mortgage Fraud Report, click here. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Redfin Report: Rochester, Buffalo and Hartford at Least Risk of a Housing Downturn in the Next Recession
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CoreLogic Reports Stark Contrast Between Rising Mortgage Delinquencies in Eight States while National Rate Remains at 20-Year Low
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 4% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in June 2019, representing a 0.3 percentage point decline in the overall delinquency rate compared with June 2018, when it was 4.3%. As of June 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from June 2018. The June 2019 foreclosure inventory rate tied the prior seven months as the lowest for any month since at least January 1999. 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 to 59 days past due – was 2.1% in June 2019, up from 2% in June 2018. The share of mortgages 60 to 89 days past due in June 2019 was 0.6%, unchanged from June 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in June 2019, down from 1.7% in June 2018. June's serious delinquency rate of 1.3% was the lowest for the month of June since 2005 when it was also 1.3%; it tied the April and May 2019 rates as the lowest for any month since it was also 1.3% in August 2005. 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 1.1% in June 2019, up from 0.9% in June 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2% and peaked at 2% in November 2008. "A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event," said Dr. Frank Nothaft, chief economist at CoreLogic. "This backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start." The nation's overall delinquency remains near the lowest level since at least 1999. However, several states and metropolitan areas posted small annual increases in June. The highest gains were in Vermont (+0.7%), New Hampshire (+0.3%), Nebraska (+0.2%) and Minnesota (0.2%), while the other four states – Michigan, Iowa, Wisconsin and Connecticut – experienced a nominal gain of just 0.1%. Some metropolitan areas also recorded small increases in overall delinquency rates. Metros with the largest increases were Janesville-Beloit, Wisconsin (+2.5 percentage points) and Pine Bluff, Arkansas (+1.6 percentage points). Panama City, Florida; Altoona, Pennsylvania; and Kokomo, Indiana all experienced increases of 0.6 percentage points. "While the nation continues to post near-record-low mortgage delinquency rates, we are seeing signs of emerging stress in some states," said Frank Martell, president and CEO of CoreLogic. "We saw rates jump in states such as Vermont, New Hampshire, Nebraska and Minnesota that weren't tied to a natural disaster." The next CoreLogic Loan Performance Insights Report will be released on October 8, 2019, featuring data for July 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/insights. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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U.S. Housing Inventory Declines for First Time in a Year
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RESAAS Announces Partnership with DocuSign to Accelerate the Digitization of the Real Estate Industry
VANCOUVER, BC (September 9, 2019) -- RESAAS Services Inc., a cloud-based technology platform for the real estate industry, is pleased to announce it has completed an integration with DocuSign, Inc. (DOCU). With the integration to the DocuSign Agreement Cloud for Real Estate, agent members of RESAAS can utilize DocuSign eSignature to electronically manage a variety of workflows from within the RESAAS Platform. RESAAS has become an agent's primary hub for unique real estate data. This ranges from freshly-signed new listings yet to be added to the MLS, through to valuable referral data, allowing agents to refer business to each other throughout the RESAAS network. With DocuSign, agents can now send unique data from inside RESAAS directly into their DocuSign account to connect and automate how they sign and execute agreements. "RESAAS provides tremendous value to real estate agents by offering technology that helps its members work more efficiently," said Wes Womack, Director of Real Estate Partnerships at DocuSign. "We are excited to partner to offer the first e-signature solution for RESAAS members to help them digitally transform their agreement processes." DocuSign and RESAAS share some large mutual clients. This integration will allow both companies to drive further value, efficiency and ROI for their customers. "DocuSign is the market-leader in the electronic signature space, and is a company we have been working closely with as RESAAS has grown," said Tom Rossiter, CEO at RESAAS. "This integration provides the robust foundation to connect more of our mutual customers, our prospective customers, and new partners. Doing so will allow for a faster and more secure experience for real estate agents and their clients." The integration between RESAAS and DocuSign is now live for all RESAAS members. Brokerage and Enterprise companies in the residential and commercial real estate industry can learn more about leveraging this partnership by contacting [email protected] About RESAAS Services Inc. RESAAS is a cloud-based and blockchain technology platform that enables real estate brokerages, franchises and associations to bring real-time communication, new business opportunities and unique data to their agents on a global basis. Visit www.resaas.com for more information.
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Terradatum Partners with Restb.ai to Include Image Tagging A.I. in Listing Videos
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ShowingTime Acquires Centralized Showing Service, Accelerating Its Growth with Enhanced Offerings to an Expanded Audience
Chicago, IL, September 06, 2019 -- ShowingTime, the real estate industry's leading showing management and market stats technology provider, announced today it has acquired Centralized Showing Service to better serve the needs of clients in the residential real estate industry. The two established companies bring together a combined 43 years of experience helping real estate professionals and their clients use technology to efficiently manage showings and feedback, while also providing market reports, recruiting tools and other software products. The companies' offerings are used in the U.S. and Canada by associations/multiple listing services, offices, brokers, teams, agents, buyers and sellers. "Our executive leadership team is confident that this acquisition will enable us to leverage our two platforms to best serve the needs of clients now and in the future," said ShowingTime Founder and CEO Scott Woodard. "We'll continue investing in research and development to provide innovative, streamlined products and solutions to the residential real estate industry," he added. "We are excited about this opportunity to join ShowingTime," said Centralized Showing Service President and Owner Bob Faherty. "Our clients will have access to technology-rich products that blend the best features of both companies' offerings and equip them to serve their clients even more efficiently." About ShowingTime ShowingTime is a showing management and market stats technology provider offering solutions that simplify the appointment scheduling process for real estate professionals, buyers and sellers. Its MarketStats division provides interactive tools and easy-to-read market reports for associations/multiple listing services, brokers, teams, agents and other real estate companies, as well as recruiting software for brokers. For more information, contact us at [email protected] About Centralized Showing Service (CSS) In 1996, brothers Bob and Kevin Faherty created a call center solution to help the real estate community schedule showings more efficiently. For more than 20 years, Centralized Showing Service has focused on providing excellent service and online productivity tools for agents to easily book and manage showings.
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CoreLogic Reports July Home Prices Increased by 3.6% Year Over Year
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Free Google for Real Estate eBook Now Available
Google processes around 70,000 searches per second and over 5.8 billion searches per day, but Google is more than just a search engine. Google offers internet users a large range of tools and services free of charge. Learn how to use Google's free products to grow, manage, and organize your business with the Google for Real Estate eBook. This free guide will walk you through what each of the programs does, why you should use it, and specific examples of how the program can help your business. Programs covered include: Gmail, Drive, Calendar, Keep, My Maps, My Business, and Analytics. Download Google for Real Estate for free here! To view the original post, visit the Homes.com blog.
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Pending Home Sales Decline 2.5% in July
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Most Areas Targeted for New Opportunity Zone Redevelopment Incentives Have Home Prices Well Below National Levels
New tax breaks are aimed at spurring improvement in low-income Opportunity Zone areas of the United States; almost half have median home prices below $150,000 IRVINE, Calif. – August 29, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released a special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017 (see full methodology below). In this report, ATTOM looked at nearly 3,100 zones with sufficient sales data to analyze, which included areas with at least five home sales in the second quarter of 2019 as well as an average of at least five sales per quarter since Q3 2018. The analysis found that roughly 80 percent of those zones had median home prices in the second quarter of 2019 that were below the national figure of $266,000 and that half had median prices of less than $150,000. The report further compared Opportunity Zones to surrounding regions and found that median Q2 2019 prices in about one in four zones were less than 50 percent of the typical value in the Metropolitan Statistical Areas where they exist. "Opportunity Zones are among the poorest areas of the country, with some of the lowest home prices. This should come as no surprise because the zones are designed to be in or alongside economically distressed neighborhoods," said Todd Teta, chief product officer with ATTOM Data Solutions. "But the differences between these and other areas in most parts of the nation are stark. The numbers provide key benchmarks for how much room there is for these areas to grow and how much new investment they need." High-level findings from the report include: States with the highest percentage of census tracts meeting Opportunity Zone requirements include Wyoming (17 percent), Mississippi (15 percent), Alabama (13 percent), North Dakota (12 percent) and New Mexico (12 percent). Washington, DC, also is among the leaders (14 percent). Nationwide, 10 percent of all tracts qualify. Among the 3,073 Opportunity Zones with sufficient data to analyze, California has the most, with 374, followed by Florida (317), Texas (164), Pennsylvania (154), North Carolina (145) and Tennessee (138). Of the tracts analyzed, 47 percent had a median price in Q2 2019 of less than $150,000. The median ranged from $150,000 to $199,999 in 17 percent, from $200,000 up to the national median of $266,000 in 16 percent and more than $266,000 in 19 percent. Within Opportunity Zones, 86 percent had median Q2 2019 sales prices that were less than the median sales price for the surrounding Metropolitan Statistical Area. Roughly 26 percent had median sales prices less than half the figure for the MSA. Only 14 percent had median sales prices that were equal to or above the median sales price in the MSA. States that had highest percentage of Opportunity Zone tracts with a median price less the half the MSA figure included Alabama (55 percent), Pennsylvania (53 percent), Illinois (51 percent), Ohio (47 percent) and Georgia (45 percent). States with the smallest percentages included Washington (1 percent), Nevada (3 percent), Oregon (4 percent) Colorado (4 percent) and Indiana (4 percent). Regionally, the Midwest had the highest rate of Opportunity Zone tracts with a median home price of less than $150,000 (73 percent), followed by the South (57 percent), the Northeast (53 percent) and the West (13 percent). The Midwest also had the highest percentage of Opportunity Zone tracts where the median price was less than that of surrounding MSAs (89 percent), followed by the Northeast (87 percent), the South (85 percent) and the West (85 percent). In addition, the report found that among Opportunity Zones with at least 10 sales in each of the five latest quarters, 41 had Q2 2019 medians of $400,000 or more. They included areas of King County, WA; Denver County, CO; Coconino County, AZ; Deschutes County, OR and Alameda and Contra Costa counties in California. At the opposite end, 50 zones had Q2 2019 medians of less than $50,000. They included areas of Philadelphia, PA; Baltimore, MD; Montgomery, AL; Duval County, FL and Jefferson County, AL. Report methodology The ATTOM Data Solutions Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM Data Solutions compared median home prices in tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in Q2 2019, plus an average of five sales per quarter for the latest four quarters. Median household income data for tracts and counties comes from surveys taken the U.S. Census Bureau (www.census.gov) from 2013 through 2017. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included the West region for this report. 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 introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Home Buyers Gear Up for Potential 2020 Recession
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Northeast Region Sees Third Consecutive Month of Increased Year-Over-Year Buyer Traffic in July as U.S. Showing Activity Continues to Stabilize
Midwest, South and West Regions Report More Moderate Year-Over-Year Declines August 21, 2019 – The Northeast recorded its third consecutive month of heightened home buyer activity in July compared to the same time last year, while the U.S. as a whole reported its smallest decline in year-over-year showing activity in the past 12 months, according to the latest ShowingTime Showing Index® report. The 2.7 percent year-over-year increase in showing activity in the Northeast represents the largest such increase in the region since April 2018. Year-over-year declines in showing activity continued in the other regions but at lower rates, with the West Region's 4.1 percent year-over-year decline its lowest since March 2018. The South's 1.1 percent decline was its lowest since September 2018, while the Midwest was down 3.3 percent compared to the same time last year. "Buyer traffic has a lot of seasonal variation, so we need to compare last year's numbers to understand the trend," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "While spring buyer traffic per listing was down sharply compared to 2018, from April onward we've seen a steady rebound. In July, national traffic was already roughly in line with last year's numbers, and if the current trend continues, listings on average could see more showings this fall than what we saw in the fall of 2018." 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, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month. Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership. To view the full report, visit showingtime.com/showingtime-showing-index/. About ShowingTime ShowingTime is the residential real estate industry's leading showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers and sellers, resulting in more showings, more feedback and more efficient sales. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers and other real estate companies. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada. For more information, contact us at [email protected]
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Homes.com and IXACT Contact Integration to Provide Real-Time Lead Generation and Conversion Tools for Agents
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Curbio Named Winner at NAR's Second Annual iOi Summit Pitch Battle
SEATTLE (August 22, 2019) -- The National Association of Realtors announced that Curbio, a presale renovation technology startup company, won the Pitch Battle at NAR's second annual Innovation, Opportunity & Investment (iOi) Summit in Seattle. Second Century Ventures, NAR's strategic investment arm, hosted the pitch battle which featured a select group of startups focused on developing innovative solutions for the commercial and residential real estate marketplaces. Contestants presented live demos in front of venture capitalists, technology executives, innovators, brokers and real estate professionals to pitch their ideas and help define the future of real estate. Fourteen finalists competed in the battle live in front of conference attendees and thousands of virtual attendees through livestream. Curbio's pitch was delivered by Vice President of Marketing, Rikki Rogers, who was one of eight women in the battle. Curbio's solution allows agents to drive return on investment for the seller through presale renovation, with the goal of helping the homeowner sell quickly and for the best price possible. Curbio does not get paid until the property completes settlement. Rogers successfully quipped with the judges to illustrate Curbio's innovative model for success. "Our goal with this competition is to identify and showcase concepts poised to help drive the real estate industry forward," said NAR CEO Bob Goldberg. "This year's finalists are among the best new technology startups for real estate. The iOi Summit Pitch Battle is an exceptional platform for these startups to share their ideas not only with the judges, but also with potential investors, clients and Realtors®." As the victor – aside from the notable exposure – Curbio also received a prize package which includes $15,000, official Pitch Battle trophy, a booth at 2019 Realtors® Conference & Expo, with an exclusive opportunity to deliver a live demonstration in the NAR Booth Theatre, a forthcoming article featured in Realtor® Magazine and an additional story written by RISMedia. To see a full list of 2019's 14 finalists, visit nar.realtor/ioi. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Existing-Home Sales Climb 2.5% in July
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The Top U.S. Destinations For Movers Aren't Where You Think
Medium-sized metros offering relative affordability, strong employment and large boomer populations entice the most out-of-state buyers SANTA CLARA, Calif., Aug. 21, 2019 -- The typical home buyer only moves 15 miles from their current residence, but realtor.com's Top Moving Destinations analysis shows that metros that offer relative affordability, strong employment, and large boomer populations can entice people to pull the trigger on an out-of-state home purchase. Released today, the list is made up of mostly medium-sized markets, including: Charleston, S.C.; Boise, Idaho; Honolulu; Columbia, S.C.; Fort Myers, Fla.; Portland, Maine; Sarasota, Fla.; Greenville, S.C.; Tucson, Ariz.; and Las Vegas. Metros were ranked based on which area received the most out-of-state views on realtor.com® in the second quarter of 2019. Buyers Seek Bargains Without Going Too Far "Home prices have risen for seven consecutive years, far outpacing salary growth. Although interest rates are the lowest they have been in three years, cost has become a deal breaker for many buyers, especially in pricey West Coast metros," said realtor.com® Senior Economist, George Ratiu. "But instead of giving up on the American Dream, many buyers have decided to look for a home in medium-sized metros outside their state that offer price relief, and a similar lifestyle." Seven of the top 10 moving destinations attracted non-local buyers looking at homes with median prices 3 percent to 34 percent less expensive than their home markets, in Q2 2019. However, these destinations are not necessarily cheap; in fact, they are 16 percent higher than the national median of $315,000. But when compared to home prices in their current metro areas, they feel like a steal. For instance, Boise's median listing price of $372,500 looks more attractive compared to Los Angeles's $766,800 and Salt Lake City's $434,900. Movers are also looking to stay relatively close to home by seeking out markets that are just a quick plane ride away. Charleston, the No. 1 moving destination in America, is sought out by buyers in neighboring markets of Charlotte, N.C.; Atlanta; and New York. Boise, No. 2 on the list, is especially attractive to those in Los Angeles, Salt Lake City, and Sacramento, Calif. Booming Jobs and Low Taxes Drive Up Demand The promise of high paying jobs has always been a catalyst for buyer demand, but it's especially true for those considering relocation to a new state. According to realtor.com®'s analysis, the top 10 destinations have an average unemployment rate of 3.3 percent, which is 30 basis points lower than the national average, and 38 basis points below what out-of-state buyers encounter in their home metros. Sweetening the financial deal for out-of-state buyers are the tax incentives in these destinations. Eight of the top 10 are located in states that have lower overall tax burdens compared to the national average of 8.6, including Cape Coral-Fort Myers and North Port-Sarasota, Fla. with a 6.6 percent overall burden; Boise at 7.8 percent; and the three South Carolina metros- Charleston, Greenville and Columbia at 7.6 percent, according to WalletHub. Hot Spots Retirees and Vacationers The majority of the metros on the list are sunny locales that are popular with vacationers and retirees alike, as well as snowbirds escaping the Northern winters. In fact, the average population share of those aged 65-years and older was 19.5 percent among the top 10, compared to 16.2 nationally. The top retiree markets on this list were Sarasota, Fla.; Fort Myers, Fla.; and Tucson, Ariz. whose populations aged 65 years and older accounted for 32.3 percent, 28.7 percent, and 20.0 percent of the population, respectively. "The fact that the majority of the metros on the list are hot spots for retirees signals a shift in boomer preferences from the expensive cities where they built their careers to the more easy-going feel of vacation communities," added Ratiu. "Some of them may be initiating the purchase of their retirement home as a second home, while others may be purchasing it in their post-career stage of life." Additionally, 7.9 percent of homes sold in these markets are secondary homes, compared to the national average of just 2.7 percent. Fort Myers, Fla.; North Port, Fla.; and Tucson, Ariz. had the highest share of secondary home sales among the top 10 with 17.6 percent, 16.4 percent, and 9.2 percent, respectively. For more information, please visit: https://www.realtor.com/research/q2-2019-cross-market-demand-report/ About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a 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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NAR's Commitment to Excellence Program Selected as Learning! 100 Award Winner
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House Poor, No More
Realtor.com launches industry-first monthly payment filter to help buyers stay on budget SANTA CLARA, Calif., Aug. 19, 2019 -- "How much can I afford?" is one of the largest decisions that faces every home buyer, no matter his or her budget or where he or she wants to live. Realtor.com, the Home of Home Search, today announced an industry-first monthly payment filter that helps buyers stick to their budget by hiding homes that exceed their target monthly payment, as well as two new calculators that help take the financial guesswork out of home buying. "At realtor.com®, we go beyond listings search to help people figure out what homes are right for both their lifestyle and budget," said Chung Meng Cheong, chief product officer, realtor.com®. "The fear of overextending themselves financially is one of the biggest concerns for today's home buyers. Our new cost calculators give buyers deep insights into what specific home prices mean for their bottomline, while our new monthly payment filter prevents them from seeing homes outside their monthly budget so they can stay on track financially." The new features include: "How Much Home Can I Afford?" Calculator for iOS, Android, and Web: Helps estimate your ideal home budget. Simply click "More" on the realtor.com® iOS app or "Mortgage" on the Android app. You can then enter your annual income, monthly debt, desired down payment, and location and realtor.com® will help you calculate a target home price and estimated monthly payment based on current interest rates. Results include the full range of homes you can afford and allow you to customize your budget to be more conservative or aggressive. "Monthly Cost Calculator" for iOS and Android: Provides you with a detailed and transparent look at the estimated monthly payments on a new home. First select "More" on the realtor.com® iOS app or "Mortgage" on the Android app and tap "Monthly Cost Calculator." Then enter the anticipated home price, anticipated down payment, and any other parameters such as loan type, interest rates, etc. and realtor.com® will help calculate your total estimated monthly home cost and break it down by category. If you aren't sure about some of the information, the feature will use averages that you can update later. The calculator is also accessible from the Listing Details Page on the iOS and Android apps. Monthly Payment Filter for iOS: After you determine how much home fits into your monthly expenses, the realtor.com® Monthly Payment Filter can help you stick to your budget by filtering out all the homes that are estimated to exceed your range. Simply enter a home search, tap "Filter" and select "Monthly Payment" to enter your expected down payment and target monthly mortgage budget. The app will then return all the homes currently on the market that meet your search and approximate budget parameters. This feature, a first among national real estate portals, is especially helpful for first time buyers who are used to paying monthly rent, but have trouble budgeting based on total home price. This feature will be coming soon to the realtor.com® Android app. For more information about these tools, please visit: https://www.realtor.com/homemade/finding-the-right-home-and-the-right-price-for-you/ About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a 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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The Constellation Real Estate Group Acquires Assets of SmartZip
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Adwerx Named to Inc. 5000 List for Third Consecutive Year
Durham-based digital advertising leader makes prestigious list of America's fastest growing private companies Inc. magazine revealed that Adwerx, a leading provider of localized digital advertising, has earned the 2661st position on its annual Inc. 5000 list, the most prestigious ranking of the nation's fastest-growing private companies. This year will mark the third consecutive year that Adwerx has made the list. Adwerx is part of an exclusive list with many notable companies, including Microsoft, Intuit, Zappos, Pandora, Oracle, and Zillow. Beginning operations in 2013, Adwerx was founded with the concept of leveling the playing field for businesses of all sizes through scalable, automated digital advertising. The company's role as a leading technology company was established when they launched their first product, Automated Listing Advertising, designed to serve the needs of the real estate industry. Just two years later, Adwerx recently hired its 100th employee, it's rolling out its newest Enterprise product, Automated Retargeting, and is about to embark on some ambitious steps that have the potential to take the business to entirely new heights. "We are honored to receive this recognition for the third year in a row and we will continue to focus on building a digital marketing platform that positions every business for success," said Adwerx CEO Jed Carlson. "Of course, we could not achieve what we have without the top talent that supports this company every day." The 2019 Inc. 5000 stands out from past lists, as it shows a staggering amount of growth from companies within very competitive markets. This year's list achieved an astounding three-year average growth of 454 percent, and a median rate of 157 percent. This sustained level of growth is extraordinarily rare. "Needless to say, making the list gets harder every year as your starting base grows. Of the tens of thousands of companies that have applied to the Inc. 5000 over the years only a fraction have made the list more than once," said Inc. Editor in Chief James Ledbetter. "A mere one in eight companies have made the list 3 times." Adwerx continues its trend of rapid growth, and currently has ten open positions. The company is headquartered in Durham, NC's historic American Tobacco Campus. To begin your career with Adwerx, please visit about.adwerx.com/careers. About Adwerx Adwerx provides Brilliantly Simple Digital Advertising™ for real estate, mortgage, insurance, financial services, and other businesses. Ads powered by Adwerx have received billions of impressions on social media, mobile platforms, and the most widely read news sites. Adwerx has served 200,000 customers across the U.S., Canada, and Australia and has been named to the Inc. 5000 list of America's Fastest Growing Private Companies for three years in a row. To see how Adwerx can work for you, please visit www.adwerx.com. Plus, NAR members receive 15% additional impressions on Adwerx campaigns, which can be combined with other eligible discounts. This exclusive benefit is available through the National Association of REALTORS®' REALTOR Benefits® Program. Methodology The 2019 Inc. 5000 is ranked according to percentage revenue growth when comparing 2015 and 2018. To qualify, companies must have been founded and generating revenue by March 31, 2015. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2018. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2015 is $100,000; the minimum for 2018 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.'s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000. About Inc. Media Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today's innovative company builders. Inc. took home the National Magazine Award for General Excellence in both 2014 and 2012. The total monthly audience reach for the brand has been growing significantly, from 2,000,000 in 2010 to more than 20,000,000 today. For more information, visit www.inc.com. The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates the remarkable achievements of these companies. The event also offers informative workshops, celebrated keynote speakers, and evening functions.
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Over 1.5 Million Vacant U.S. Homes in Q3 2019 Represent 1.6 Percent of All Single-Family Homes and Condos
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National Association of Realtors Moves to Dismiss Antitrust Suits; Shows Lawsuits Are Self-Contradictory, Ignore Precedent and Lack Economic Sense
CHICAGO, August 12, 2019 – The National Association of REALTORS (NAR) moved last week to dismiss the Moehrl v. NAR lawsuit and the copycat Sitzer v. NAR lawsuit because both amended complaints fail to show how NAR rules for the operation of Multiple Listing Services (MLSs) inhibit competition or cause the plaintiffs any harm. Moreover, the complaints misrepresent rules which have long been recognized by the courts across the country as protecting consumers and creating competitive, efficient markets that benefit home buyers and sellers. "Throwing around a few anti-trust buzzwords doesn't change the fact that MLSs have contributed to an orderly, efficient and pro-consumer marketplace for well over 100 years," said John Smaby, President of NAR. "We continue to believe the lawsuits are wrong on the facts, wrong on the economics and wrong on the law." As NAR's briefs detail, the essence of the plaintiffs' argument is based on a flawed interpretation of the NAR Handbook on Multiple Listing Policy and Code of Ethics. According to NAR's filings, misrepresenting NAR rules with "pejorative" and "anticompetitive-sounding" language does not outweigh the decades of court rulings that have found NAR rules to be pro-competitive and serve the best interests of consumers through enhanced transparency and efficiency. "The MLS system creates highly competitive, efficient markets with increased transaction volume and superior customer service that benefit home buyers and sellers," said Smaby. NAR's filings to dismiss also set forth the failure of the class action attorneys to meet legal standards necessary to move their case forward. As the briefs state, the "plaintiffs have totally ignored the long antitrust scrutiny of the MLSs and the repeated judicial conclusion that MLSs and the rules that govern them are pro-competitive." Furthermore, NAR's filings note that the plaintiffs' claims lack any evidence that they were actually harmed by NAR rules. Per the brief, the plaintiffs "have not alleged that they even attempted to negotiate a lower commission either from their listing broker or for the buyer's broker," which, as noted above, is allowed by NAR rules anyway, contrary to their claims. The National Association of REALTORS® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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CoreLogic Reports U.S. Overall Delinquency Rate Remains Steady at 20-Year Low in May
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BoomTown Announces New Consumer-Facing Mobile App for Clients
App will empower clients to deliver an engaging buyers journey to consumers by extending the best-in-class desktop and mobile responsive experience to the app. CHARLESTON, S.C., August 13, 2019 — BoomTown, the leading sales and marketing platform for real estate professionals, is excited to announce a consumer-facing mobile app, to help clients provide a best-in-class mobile search experience for their prospects and clients, and empower them to better serve them in the home-buying process. The news continues the momentum of several recently announced innovations from BoomTown including Success Assurance, Real Contact lead qualification, and Marketing Central self-serve advertising. The app, currently in development, will offer an unparalleled search experience that the company is already known for, optimized for the best mobile experience. With technology that encourages consumer engagement and spurs action, the app will offer insights on user behavior to help agents provide even more value to their customers. "Numerous studies have shown, and internet giants like Amazon have proven, that time on site is the most valuable metric in judging buyer behavior, so we're very excited to build the app on our existing addictive search experience that we've spent over a decade optimizing," said Grier Allen, CEO & President of BoomTown. "Not only will this app allow our clients to offer an incredible search experience to their clients, but it will also encourage prospects to take action and engage with agents on their mobile device, with the help of push notifications, further empowering agents to communicate effectively throughout the buying journey." About BoomTown BoomTown exists to make real estate agents successful. 40k+ of the industry's top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown's service offerings extend far beyond technology with coaching services from peers who have catapulted their growth with the system, lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA, San Diego, CA, and San Francisco, CA. For more about BoomTown visit boomtownroi.com.
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U.S. Housing Market Deja Vu
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When the Back to School Shopping List Includes a House
WASHINGTON (August 12, 2019) – The act of moving into a new home or selling a home can be a hectic period for both home buyers and sellers. So it is not surprising to learn that changing residences with children in tow adds another level of chaos to the process. That is according to a new report from the National Association of Realtors, 2019 Moving With Kids, which explores the various home buying habits and seller preferences of those who have children under the age of 18 years old living in the home. The report found that those home buyers who still have children living in their homes were likely to be drawn to specific neighborhood characteristics. For example, 53% of buyers with children considered a neighborhood based on the quality of the school districts within that neighborhood. Fifty percent of buyers with children selected a neighborhood based on its convenience to schools. Of those polled who had no children, only 10% chose a neighborhood because of the quality of its school district. Merely 6% of those buyers with no kids said "convenience to schools" factored into their choice when they selected their home and neighborhood. Infographic detailing common statistics relating to moving with childrenSee and share this infographic. "Parents inherently make sacrifices for their children and family, and that is no different when shopping for a home," said Lawrence Yun, NAR's chief economist. "Of course, affordability is a part of the decision, but we have seen buyers with kids willing to spend a little more in order to land a home in a better school zone or district." In terms of making the final selection on exactly which home to purchase, buyers with children and those without shared some common ground. More than half of all buyers, regardless of children, said that finding the right property was the most difficult stage in the process. During that phase, among the home buyers with children living in the household, 86% purchased their home with the help of a real estate agent. Similarly, 87% of home buyers without children enlisted the services of a real estate agent when making their home purchase. While both buyers with children and those without utilized an agent, NAR found that the preferences regarding agent interaction were different. For example, of those buyers without children who were shopping for a home – 74% said they wanted their agent to phone directly when relaying information about new real estate activity. However, 67% of buyers with children preferred that their agent make contact about properties via text message. "The report's findings showed that both buyers and sellers, especially those with kids, are often dealing with a time crunch of some sort, trying to house hunt while simultaneously raising a family," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Tech-savvy Realtors® recognize this predicament and are meeting clients' needs by contacting them via smartphone and text message." Polling confirmed that buyers with children ultimately purchased larger sized homes and properties. As a whole, they opted to buy homes that measured at 2,110 square feet in size with four bedrooms and two full bathrooms. This is versus those without children in the household; on average, they bought 1,800 square feet in size with three bedrooms and two full bathrooms. However, 26% of buyers with children had to postpone their home buying process because of child care expenses. Although some buyers were able to still make a purchase, even with child care costs in play, some of those buyers had to ultimately make compromises and concessions on the properties. Thirty-one percent said they compromised on the condition of the home, while another 31% said they compromised on the size of the home. Twenty-four percent reported to have compromised on the price of the home. Home Selling Trends Twenty-three percent of sellers with children reported that they sold their home "very urgently." Only 14% of buyers with no children said they had to sell their home quickly. One notable difference between the two groups is that 46% of those with children in the home said they had to sell somewhat urgently, while just under half of those with no children in the household said they were able to wait for the right offer. "When buying or selling a home, exercising patience is beneficial, but in some cases – such as facing an upcoming school year or the outgrowing of a home – sellers find themselves rushed and forced to accept a less than ideal offer," said Yun. Twenty-five percent of those sellers with children said they sold because their previous home was too small. Nineteen percent said a job relocation caused them to sell, and 13% said a change in their family situation spurred the sale. Only 7% of those without kids said they felt as if their home was too small. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Luxury Home Prices Up 1% Amid Falling Sales and Surging Supply in the Second Quarter
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296,458 U.S. Properties with Foreclosure Filings in First Six Months of 2019, Down 18 Percent from a Year Ago
Foreclosure Starts Decrease Nationwide, But Increase in 42 Percent of Local Markets; Q2 2019 Foreclosure Activity Below Pre-Recession Levels in 62 Percent of Markets IRVINE, Calif. – August 8, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Midyear 2019 U.S. Foreclosure Market Report, which shows a total of 296,458 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2019, down 18 percent from the same period a year ago and down 82 percent from a peak of 1,654,634 in the first six months of 2010. Counter to the national trend, 36 of the 220 metropolitan statistical areas analyzed in the report (16 percent) posted a year-over-year increase in foreclosure activity in the first six months of 2019, including Buffalo, New York (up 33 percent); Orlando, Florida (up 32 percent); Jacksonville, Florida (up 18 percent); Miami, Florida (up 7 percent); and Tampa-St. Petersburg, Florida (up 5 percent). "Our midyear 2019 foreclosure activity helps to show an overall view on how foreclosure activity is trending downward," said Todd Teta, chief product officer at ATTOM Data Solutions. "Of course, you still have pockets across the nation where foreclosure activity is seeing some flare-ups. Foreclosure starts is a good indication of markets to watch. For instance, in looking at the largest markets across the nation with the greatest annual increase in foreclosure starts, 4 out of the 5 markets were in Florida. " New Jersey, Delaware, Maryland post highest state foreclosure rates Nationwide 0.22 percent of all housing units (one in every 457) had a foreclosure filing in the first six months of 2019. States with the highest foreclosure rates in the first half of 2019 were New Jersey (0.54 percent); Delaware (0.46 percent); Maryland (0.43 percent); Florida (0.39 percent); and Illinois (0.38 percent). Other states with first-half 2019 foreclosure rates among the 10 highest nationwide were South Carolina (0.33 percent); Connecticut (0.32 percent); Ohio (0.30 percent); Nevada (0.26 percent); and New Mexico (0.26 percent). Atlantic City, Jacksonville, Trenton, with highest metro foreclosure rates Among 220 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in the first half of 2019 were Atlantic City, New Jersey (0.92 percent of all housing units with a foreclosure filing); Jacksonville, Florida (0.54 percent); Trenton, New Jersey (0.52 percent); Rockford, Illinois (0.51 percent); and Lakeland, Florida (0.51 percent). Other metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2019 were Columbia, South Carolina (0.49 percent); Ocala, Florida (0.49 percent); Philadelphia, Pennsylvania (.48 percent); Fayetteville, North Carolina (0.47 percent); and Baltimore, Maryland (0.44 percent). First-half foreclosure starts down nationwide, up in 42 percent of local markets A total of 177,015 U.S. properties started the foreclosure process in the first six months of 2019, down 8 percent from the first half of 2018 and down 84 percent from a peak of 1,074,471 in the first half of 2009. Counter to the national trend, 16 states posted a year-over-year increase in foreclosure starts in the first half of 2019, including Mississippi (up 56 percent); Florida (up 28 percent); Georgia (up 22 percent); Arkansas (up 21 percent); and Louisiana (up 19 percent). Also counter to the national trend, 92 of the 217 metro areas analyzed in the report (42 percent) posted year-over-year increases in foreclosure starts in the first half of 2019, including Miami, Florida (up 32 percent); Tampa-St. Petersburg, Florida (up 18 percent); Atlanta, Georgia (up 16 percent); Washington D.C. (up 8 percent); and Denver, Colorado (up 6 percent). Q2 2019 foreclosure activity below pre-recession levels in 62 percent of markets A total of 152,760 U.S. properties had a foreclosure filing in Q2 2019, down 6 percent from the previous quarter and down 19 percent from a year ago. The second quarter of 2019 was the eleventh consecutive quarter in which U.S. foreclosure activity was below the pre-recession average of 278,912 properties with foreclosure filings per quarter in 2006 and 2007. Foreclosure activity in the second quarter of 2019 was below pre-recession averages in 136 of the 220 metropolitan statistical areas analyzed in the report (62 percent), including Denver, Colorado (92 percent below); Detroit, Michigan (89 percent below); Dallas-Fort Worth, Texas (81 percent below); Atlanta, Georgia (80 percent below); and Memphis, Tennessee (80 percent below). Counter to the national trend, 84 of the 220 metropolitan statistical areas analyzed in the report (38 percent) posted Q2 2019 foreclosure activity totals above their pre-recession averages, including New Orleans, Louisiana (56 percent above); Birmingham, Alabama (26 percent above); Washington, D.C. (22 percent above); Philadelphia, Pennsylvania (6 percent above); New York-Newark-Jersey City (up 4 percent). Average foreclosure timeline drops to lowest level since Q3 2018 Properties foreclosed in the second quarter of 2019 took an average of 716 days from the first public foreclosure notice to complete the foreclosure process, down from 835 days in the previous quarter and down from 720 days in the second quarter of 2018. States with the longest average foreclosure timelines for foreclosures completed in Q2 2019 were Hawaii (1,611 days), Indiana (1,360 days), Florida (1,073 days), New York (1,057 days), and New Jersey (982 days). States with the shortest average foreclosure timelines for foreclosures completed in Q2 2019 were Mississippi (195 days), Minnesota (226 days), Virginia (228 days), Alaska (242 days), and Maine (277 days). 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 introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Metro Home Prices Increase in 91% of Metro Areas in Second Quarter of 2019
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Redfin Reveals the 6 U.S. Metros Where You Can Retire by Age 40
Honolulu, Boston, and D.C. top the 6 metros where high-earning, aggressive savers can enjoy an early retirement SEATTLE, Aug. 5, 2019 -- Honolulu, Boston, and Washington, D.C., are the top metros where high-earners can retire by age 40, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin determined the list of metros by calculating an estimated budget for individuals who earn a household income in the 75th percentile for their metro, start working at age 22, live in a median-priced two-bedroom condo, have average annual non-housing expenditures and save the rest. Retirees must then maintain the same cost of living by relying on compounded savings and investment accounts from age 40 until age 85. "Many people dream of retirement, especially after a grueling day at the office. But accomplishing it by age 40 can feel especially lofty, short of winning the lottery. But it's not impossible. If you want to make it happen, your best strategy is to focus your efforts on living where you can earn a high income, rather than simply a place with really cheap living expenses," said Redfin chief economist Daryl Fairweather. "Saving up for early retirement requires earning enough to afford to put away thousands of dollars each month. It takes a lot of discipline to maintain such a frugal lifestyle, especially when you can afford not to. But the payoff, for some, to retire decades early might be well worth it." Below are the six U.S. metro areas where early retirement is possible, assuming you meet the following financial criteria: 1. Honolulu, HI Median sale price of a two-bedroom condo: $425,000Total non-housing expenditures: $40,74575th percentile median household income: $184,000Estimated yearly savings needed to retire by 40: $77,806 2. Boston, MA Median sale price of a two-bedroom condo: $614,000Total non-housing expenditures: $45,30175th percentile median household income: $207,500Estimated yearly savings needed to retire by 40: $82,104 3. Washington, D.C. Median sale price of a two-bedroom condo: $325,000Total non-housing expenditures: $50,82075th percentile median household income: $207,000Estimated yearly savings needed to retire by 40: $91,494 4. Chicago, IL Median sale price of a two-bedroom condo: $220,000Total non-housing expenditures: $39,32875th percentile median household income: $152,600Estimated yearly savings needed to retire by 40: $68,222 5. Tampa, FL Median sale price of a two-bedroom condo: $142,500Total non-housing expenditures: $31,52275th percentile median household income: $115,375Estimated yearly savings needed to retire by 40: $52,522 6. Baltimore, MD Median sale price of a two-bedroom condo: $200,000Total non-housing expenditures: $45,87875th percentile median household income: $170,000Estimated yearly savings needed to retire by 40: $73,673 To read the full report, please visit: https://www.redfin.com/blog/best-place-to-retire-early 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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CoreLogic Reports June Home Prices Increased by 3.4% Year Over Year
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W+R Studios announces Homebeat, a new tool to keep agents top of mind with their clients by sending scheduled automated online CMA
Homebeat is branded to the agent and includes a call to action to request a "Full CMA" when they are closer to selling their home HUNTINGTON BEACH, Calif., Aug. 5, 2019 -- Real estate software company, W+R Studios, announced today a new solution for real estate agents. Homebeat allows real estate agents to send automated online CMAs to their clients on a recurring schedule. Homebeat will be available to Cloud Agent Suite subscribers which includes Cloud CMA, Cloud Streams, Cloud MLX and Cloud Attract. W+R Studios is an industry leader developing software solutions that leverage MLS data to improve and streamline fundamental real estate functions such as creating CMA reports, sending listing alerts, searching the MLS and lead generation. "The National Association of REALTORS has stats that show agent satisfaction close to 80%, making it a well-known industry fact that a majority of consumers were happy with their agent. Yet only 11% of those consumers use that same agent again. Why? Agents are not doing a good job of keeping in touch with their past clients," stated Greg Robertson co-founder and CEO of W+R Studios. "With Homebeat agents will stay top of mind with their previous clients and sphere of influence (SOI) by providing scheduled, automated on-line CMAs," continued Robertson. "Agents will set the frequency of the email notification (monthly, quarterly or yearly) that links to each client's personal Homebeat page, which will show them how their home, typically their largest financial asset, compares to other homes in the neighborhood." Homebeat is free to try for 30 days and will be launched in select markets starting August 6, 2019. Homebeat requires active Cloud CMA subscription either through direct subscription, through their broker or through their MLS organization. For pricing and more information, please visit https://cloudagentsuite.com. About W+R Studios Founded in 2008, W+R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a "less is more" approach to software design, elegant user interfaces, and using the latest in agile programming, W+R Studios' software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 27 years of experience each developing and marketing real estate software solutions.
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New ATTOM Data Solutions Analysis Examines the Grocery Store Impact on the U.S. Housing Market
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Big City Metros Fall Off Realtor.com's 2019 Hottest ZIP Codes Report
ZIP code 49505 Grand Rapids, Mich., is ranked No. 1, followed by 68144 Omaha, Neb. and 83704, Boise, Idaho SANTA CLARA, Calif., July 31, 2019 -- The hottest ZIP codes in America are on the move from big cities like San Francisco and New York to quieter metros with a more suburban feel such as Omaha, Neb. and Goffstown, N.H., according to realtor.com's 2019 hottest ZIP codes ranking released today. In its fifth annual report, five ZIP codes in up and coming neighborhoods made their debut on the list boosted by extremely low home prices and even more millennial home buyers. The 2019 hottest ZIP codes America, in rank order, are: 49505 Grand Rapids, Mich.; 68144, Omaha, Neb.; 83704, Boise, Idaho; 66203 Shawnee, Kan.; 14609 Rochester, N.Y.; 48154 Livonia, Mich.; 02176 Melrose, Mass.; 76018 Arlington, Texas; 03045 Goffstown, N.H.; and 80916 Colorado Springs, Colo. Homes in this year's top 10 sell in an average of 17 days, 40 days faster than the rest of the country and 20 days faster than their respective metros, on average. Realtor.com® users view homes in these markets 3 times more often than homes in the rest of the country and 1.9 times more often than in their respective metro areas, on average. Affordability ignites even more demand in smaller, less dense locales As buyers continue to be priced out of big cities, demand is sparking up in smaller, less dense markets where housing is more affordable. Last year, the top 10 hottest ZIP codes in America included towns on the outskirts of some of the largest, most densely populated cities in the country such as New York and San Francisco. But these markets rotated off the list this year to make way for Omaha, Neb. and Manchester, N.H. Smaller metros from previous years such as: Boise, Idaho; Kansas City, Mo. and Colorado Springs, Colo. In fact, this year's top 10 hottest markets have half of the total number of households of the market's on last year's list and 7 percent fewer households per square mile. "Even though buyers are moving to smaller markets, they are looking to retain an urban lifestyle by living closer to the city center. This tells us that today's home buyers are trying to have it all -- proximity to downtown, room to grow, and affordability -- and they're finding it outside of the biggest cities in the U.S.," said Danielle Hale, chief economist for realtor.com®. "The average commute distance from this year's hottest 10 ZIPs to their downtown area is 9 miles, which is 31 percent or 4 miles closer compared to last year's top 10." Newbie ZIPs bring new trends to the top 10 Among the top 10 hottest ZIPs in America, five are making their debut on the list this year, including: No.1 Grand Rapids, Mich. (49505); No. 4 Shawnee, Kan. (66203); No. 5 Rochester, N.Y. (14609); No. 8 Arlington, Texas (76018); and No. 9 Goffstown, N.H. (03045). Although some of the traditional drivers of market hotness are represented in these areas, there are also some emerging trends of extremely low home prices, developing local economies, and even larger populations of millennials. Affordability has been a key factor driving realtor.com®'s hottest ZIP codes for the last five years. But among 2019's new ZIPs, the trend is even more extreme. When compared to the top 10 as a whole the average median listing price for the five new ZIPs is 36 percent less expensive. They are also 32 percent less expensive than both the metro and the national median home price. Although these areas are thriving in many ways, local economic indicators signal these up-and-coming neighborhoods still have a way to go. The median income of the five newbie ZIPs is $64,000, 9 percent lower than the median of the others on the list. But their average unemployment rate is strong at 3.2 percent, which is 0.2 percentage points lower than the average of the returning ZIPs, and 0.4 percentage points lower than the national rate of 3.6 percent. The number of households in these markets is projected to grow by 4.3 percent this year, faster than the national rate of 1.1 percent, but not quite as fast as expected in the returning ZIP codes, projected to grow at a rate of 7.6 percent. Millennials have played a critical part of market hotness for some time, but their role is even larger in these new ZIPs. In fact, on average, the millennial homeownership rate in these areas is 5 percent higher than their returning counterparts and exceeds the national rate by 13 percent. Overall trends driving hotness in the top 10 Among this year's top 10 hottest markets in America, there are some consistent factors driving their popularity, including: large numbers of high earning millennials scooping up homes, relatively affordable home prices and strong local job markets. In the top 10 ZIPs, millennials' salaries are on average, 13 percent greater than the national millennial median income. They also make up the greatest share of homebuyers taking on a mortgage, averaging 39 percent. Part of the appeal of these top 10 ZIPs is their relatively affordable average home price of $272,000, well below the current national median of $316,000. Another factor contributing to these hot housing market is residents have money to spend. On average, resident incomes in each of these areas are 6.5 percent higher than the national median. Additionally, jobs are expected to grow 1.3 percent this year, exceeding the projected national growth of 1.0 percent. 2019 Hottest ZIP Codes in America 1) 49505 - Grand Rapids, Mich. – Western Michigan has once again taken the top spot on realtor.com®'s hottest ZIP codes ranking, this time with ZIP 49505. Located just north of downtown Grand Rapids, this ZIP runs along the Grand River and includes plenty of green space with the Kent Country Club, and four large parks. Its strong school system, which includes City High Middle School (GreatSchools rating of 9/10), attracts many to the family-oriented area. Housing stats: Homes in this Grand Rapids ZIP sell in 10 days on average, with a median listing price of $178,050, which is up 11.3 percent year-over-year. Millennials make up the dominant buyer segment, where they account for 48 percent of new purchase mortgages. Millennials in this Grand Rapids ZIP make slightly less than the national median for millennials at $58,667 and $62,280, respectively. 2) 68144 - Omaha, Neb. – Coming in at No. 2, ZIP 68144 is centrally located just 12 miles west of downtown Omaha, with easy access to the interstate, and borders along Zorinsky Lake. Affordable housing and high-paying jobs at companies like Berkshire Hathaway, Union Pacific Railroad, and Werner Enterprises are attracting many "boomerang buyers" back to the area after living in other more expensive parts of the country. With a solid mix of both high-end and starter homes, access to downtown Omaha, and a strong school system, which includes Harvey Oaks Elementary School (GreatSchools rating of 8/10), this area has earned its spot as one of the hottest ZIPs in the nation. Housing Stats: Homes in 68144 sell in 21 days on average, with a median listing price of $238,950, which is up 6.2 percent over last year. Millennials make up the dominant buying segment in the area, where they account for 43 percent of new purchase mortgages. Millennials in 68144 make significantly more than the national median for millennials at $73,902 and $62,280, respectively. 3) 83704 Boise, Idaho – Boise is a vibrant, active city, with a mild four-season climate that allows residents to enjoy the local mountains, rivers, and lakes year-round, while also establishing itself as a new tech hotspot. ZIP code 83704 sits on Boise's western edge and runs along Route 20. As more Californians seek lower housing costs, many are buying homes in Idaho where the sunny climate and local tech employers, such as Micron Technology, are strong draws. Boise is no stranger to realtor.com®'s Hottest ZIP Codes list, this ZIP was No. 6 in 2018. Housing Stats: Homes in 83704 sell in an average of 14 days, with a median listing price of $289,950, which is up 5.5 percent year-over-year. The dominant buyer segment in the area is slightly older at 35- to 44-years-old. However, buyers aged 25- to 34-years old still make up 28 percent of new purchase mortgages. Millennials in 83704 earn significantly less than the national median for millennials at $50,581 and $63,174, respectively. 4) 66203 Shawnee, Kan. – Sitting southwest of downtown Kansas City, Mo., on the Kansas side, is ZIP 66203 a quintessential Midwestern suburb known as "Old Shawnee." This is 66203's first appearance on the hottest markets, and it offers a walkable downtown with local shops and restaurants as well as affordable home prices. Kansas City has grown in popularity over the years due to its alluring downtown that houses museums, dining, shopping, and extensive nightlife, and 66203 is an affordable alternative to last year's No. 8 ZIP in Overland Park with even easier access to the city. Housing Stats: Homes in 66203 sell in an average of 13 days and have a median listing price of $220,050, which is up 16.4 percent year-over-year. Millennials make up the dominant buyer segment in this area, where they account for 43 percent of new purchase mortgages. Millennials in 66203 earn slightly less than the national median for millennials at $61,582 and $62,280, respectively. 5) 14609 - Rochester, N.Y. – Nestled along the southern shore of Lake Ontario and split in half by the Genesee River is the pictorial city of Rochester, which is home to ZIP 14609 -- a first timer to the list. As a booming area for both medical and education industries, 14609 draws many young professionals with its tree-lined streets, high walkability, and access to nightlife. Rochester Regional Health and the University of Rochester are two of the metro area's largest employers, but Rochester is also home to the headquarters for Wegmans Food Markets, which was ranked No. 3 on Fortune's annual "Best Companies to Work For." Housing Stats: Homes in 14609 sell in 17 days on average and have a median listing price of $125,050, which is up 13.7 percent year-over-year. Millennials make up the dominant buyer segment in the area where they account for 43 percent of new purchase mortgages. However, millennials make significantly less than the national median millennial at $44,438 and $62,280, respectively. 6) 48154 - Livonia, Mich. – A western suburb of the Motor City, Livonia combines the best parts of suburban living with close proximity to the great attractions of Detroit. ZIP 48154 offers an easy 20 mile commute to downtown destinations such as the Detroit Institute of Art and the historic Eastern Market. 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. Housing Stats: Homes in 48154 sell in an average of 17 days and have a median listing price of $254,950, which is up 6.2 percent year-over-year. Millennials are the dominant buyer segment in the area where they make up 36 percent of new purchase mortgages. Millennials in this Livonia ZIP make significantly more than the national median for millennials at $96,855 and $62,280, respectively. 7) 02176 - Melrose, Mass. – Located 10 miles north of Boston is the quaint gas-lamp lined city of Melrose. Boston's abundance of universities and colleges feed the area's demand for high-paying jobs, especially in pharmaceutical and medical industries where Hallmark Health System and Melrose-Wakefield Hospital are two of the area's largest employers. A strong school system, which includes Hoover Elementary School (GreatSchools rating of 7/10), draws many to the area, but the ZIP of 02176 is beyond most first-time home buyers' budgets, so many turn to renting until they are able to afford purchasing a home. Melrose is no stranger to realtor.com®'s Hottest ZIP Codes list, it was No. 7 in 2016. Housing stats: Homes in Melrose sell in an average of 18 days and have a median listing price of $629,050, down 1.7 percent year-over-year. The dominant buyer segment remains millennials who account for 43 percent of new purchase mortgages. Millennials in this ZIP have a median income of $98,803, which is $36,523 higher than the national median millennial income of $62,280. 8) 76018 - Arlington, Texas – Sitting cozy between Dallas and Fort Worth is the thriving city of Arlington, home to this year's No. 8 hottest ZIP, 76018. This is 76018's first time making it onto realtor.com®'s hottest ZIPs list. ZIP 76018 is seven miles from Globe Life Park - home of the Texas Rangers baseball team, as well as six miles from AT&T Stadium - home of the Dallas Cowboys football team, the most valuable sports franchise in the world. Arlington ISD and the University of Texas at Arlington are two of the area's largest employers. However, ZIP 76018 is only 19 miles from Fort Worth and 25 miles from Dallas, offering a plethora of employment options to those willing to commute. Housing Stats: Homes in this Arlington ZIP sell in 20 days on average and have a median listing price of $215,050, which is up 7.5 percent year-over-year. Millennials make up the dominant buyer segment in this area where they account for 34 percent of new purchase mortgages. Millennials in Arlington also make slightly more than the national median for millennials at $64,023 and $62,280, respectively. 9) 03045 - Goffstown, N.H. – Nestled an hour and a half north of Boston and just west of Manchester, N.H. is the historic, tree-lined town of Goffstown which is home to ZIP 03045. This is 03045's first time making it onto realtor.com®'s hottest ZIP codes list. The area offers residents a close-knit community, complete with parks and outdoors space, and a strong school system which includes Goffstown High School (GreatSchools rating of 7/10). Affordable homes with access to a walkable downtown that is lined with historic brick buildings that house many of the town's restaurants and shops, make it a quintessential New England town. Housing Stats: Homes in this Goffstown ZIP sell in 22 days on average and have a median listing price of $325,050, up 4.9 percent year-over-year. Millennials make up the dominant buyer segment in this area where they account for 43 percent of new purchase mortgages. Millennials in Goffstown earn significantly more than the national median for millenials at $105,449 and $62,280, respectively. 10) 80916 - Colorado Springs, Colo. – Located 70 miles south of Denver on the eastern side of the Rocky Mountains, lies the thriving outdoor-centric city of Colorado Springs with ZIP 80916 sitting on the southeastern portion of the city. This area draws a diverse nature-loving crowd with its affordable housing compared to its sister-city to the north, Denver. Colorado Springs is replete with local breweries and tasting rooms as well as many boutique restaurants that cater to the area's healthy living lifestyle. Major employers for the area include the United States Air Force Academy, Fort Carson, and nearby Peterson Air Force Base. Housing Stats: Homes in this Colorado Springs ZIP sell in an average of 21 days and have a median listing price of $245,050, which is up 2.5 percent year-over-year. Millennials make up the dominant buyer segment in the area, where they account for 34 percent of new purchase mortgages. Millennials in Colorado Springs make significantly less than the national median for millennials at $47,819 and $62,280, respectively. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a 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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Redfin Report: Racial Gaps in Homeownership, Home Equity and Wealth Widened during the Historic Decade-Long Economic Expansion
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NAR Wins 2019 Sustainability Award from Business Intelligence Group
CHICAGO (August 1, 2019) – The National Association of Realtors® was today recognized by the Business Intelligence Group as a global leader in sustainability promotion. The annual Sustainability Awards honor organizations that have made sustainability an integral part of their business practice, commending NAR for the work it's done since implementing an association-wide Sustainability Program in 2017. The program has catalyzed a surge of member interest and support, introducing corporate social responsibility and triple bottom line concepts for NAR's decision-making practices. "The National Association of Realtors® is honored and encouraged to earn a 2019 Sustainability award from the Business Intelligence Group," said NAR President John Smaby, a second generation Realtor® and broker at Edina Realty in Edina, Minnesota. "This award validates NAR's efforts over recent years to reduce our association's operational impact, establish strategic sustainability priorities and encourage our members to do the same, beginning with the development of our Sustainability Program in 2017." NAR has taken steps to fully engage its 1.3 million members on this increasingly relevant issue. Specifically, the association has worked at local, state, and national levels to adopt sustainability conversations and committees; it has hosted annual Sustainability Summits to continue the progress of sustainability initiatives around the real estate industry; and has adopted a set of 15 Sustainability Strategic Priorities to integrate throughout the association. "The role of sustainability is becoming more prevalent in most organizations, but these nominees have provided everyone with a leadership standard we can all model," said Business Intelligence Group Chief Nominations Officer Maria Jimenez when announcing the 2019 award winners. "We are so proud to reward and recognize all of our winners and finalists, as they provide the leadership and vision needed to protect our environment." The Sustainability Advisory Group's inaugural meeting was in May of 2018 and focused on coordinating and articulating NAR's sustainability efforts. In just six months, the group authored a set of 15 Sustainability Priorities for the organization, which achieved unanimous Leadership Team approval. "While the impact of these initiatives can already be felt amongst our membership and in communities across the country, NAR is committed to continue leading the industry in this direction," Smaby said. "We look forward to working to increase awareness about sustainability for Realtors® and highlighting the business opportunities for agents who better understand home performance, valuation and sustainable development." The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries. About Business Intelligence Group The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, business executives—those with experience and knowledge—judge the programs. The organization's proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.
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RPR Adds Qualified Opportunity Zones
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Redfin Migration Report: Phoenix, Atlanta, Sacramento, Las Vegas and Austin Continue to Attract Thousands of Homebuyers From Pricey, High-Tax Metros
Phoenix's Arcadia, Sacramento's River Park, and Atlanta's Buckhead are the most popular neighborhoods for transplants SEATTLE, July 30, 2019 -- Twenty-five percent of home searchers looked to move to another metro area in the second quarter of 2019, compared to 24 percent during the same period last year, according to a new report from Redfin, the technology-powered real estate brokerage. The national share of home-searchers looking to relocate has been at this level—the highest on record—since the fourth quarter of 2018. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 87 metro areas from April through June. "People are increasingly looking to leave expensive coastal metros like New York, San Francisco and Los Angeles," said Redfin chief economist Daryl Fairweather. "Lower mortgage rates have made buying a home more affordable, but not affordable enough for typical homebuyers contending these areas' sky-high home prices and taxes. The homebuyers who are heading out of town in search of affordability don't just want to save a few hundred dollars per month, they want to save thousands of dollars per month, and the only way to achieve that kind of cost savings is to move somewhere more affordable." Moving In: Metros with the Highest Net Inflow of Redfin Users Phoenix retained the number-one spot on the list of metro areas with the highest net inflow of Redfin users in the second quarter. A net inflow means more people are looking to move in than leave, while a net outflow means there are more people looking to leave than people looking to move in. The share of homebuyers searching in the Phoenix metro area from other metro areas was 33.7 percent in the second quarter, a slight decline from both a year earlier (34.0%) and the first quarter (34.5%). Most of the top migration destinations are relatively affordable metro areas, especially compared to the places from which they are attracting the most new residents. This is the first time that Boston has made it into the top 10 migration destinations. Most of the interest in Boston is coming from New York, which makes sense considering that Boston has similar job opportunities but sales, income, and property taxes that are all considerably lower than New York. In a separate analysis, Redfin determined the most popular neighborhoods for transplants in each of the top migration destinations, based on the share of Redfin.com home searches by users outside the area. Arcadia, Phoenix; River Park, Sacramento; and Buckhead, Atlanta topped the list of most attractive neighborhoods to newcomers, most of which were suburbs that tended to have higher median home prices than the overall metro area. Moving Out: Metros with the Highest Net Outflow of Redfin Users The list of metros people most-often looked to leave was once again topped by New York, San Francisco, Los Angeles and Washington, D.C. in the second quarter. Net outflow is defined as the number of people looking to leave the metro minus the number of people looking to move to the metro. To read the full migration report, including methodology and an interactive map showing the latest search patterns, please visit: https://www.redfin.com/blog/q2-2019-housing-migration-report. For more on the hottest neighborhoods in the top migration destinations, visit: https://www.redfin.com/blog/hottest-neighborhoods-in-cities-people-are-moving-to. 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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Get Ready to Make a Splash! Realtor.com Reveals the Top 10 Affordable Lake Towns of 2019
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Pending Home Sales Climb 2.8% in June
WASHINGTON (July 30, 2019) – Pending home sales continued to ascend in June, marking two consecutive months of growth, according to the National Association of Realtors. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge. The Pending Home Sales Index, a forward-looking indicator based on contract signings, moved up 2.8% to 108.3 in June, up from 105.4 in May. Year-over-year contract signings jumped 1.6%, snapping a 17-month streak of annual decreases. Lawrence Yun, NAR chief economist, said the 2.8% increase can be attributed to the current favorable conditions and predicted the rise is likely the start of a positive trend for home sales. "Job growth is doing well, the stock market is near an all-time high and home values are consistently increasing. When you combine that with the incredibly low mortgage rates, it is not surprising to now see two straight months of increases," he said. Yun notes June's contract signings indicate that buyers are both enthusiastic about the market and of the potential wealth gain, but he added that home builders need to increase inventory. "Homes are selling at a breakneck pace, in less than a month, on average, for existing homes and three months for newly constructed homes," he said. "Furthermore, homeowners' equity in real estate has doubled over the past six years to now nearly $16 trillion. But the number of potential buyers exceeds the number of homes available. We need to see sizable growth in inventory, particularly of entry-level homes, to assure wider access to homeownership." June Pending Home Sales Regional Breakdown All regional indices are up from May and from one year ago. The PHSI in the Northeast rose 2.7% to 94.5 in June and is now 0.9% higher than a year ago. In the Midwest, the index grew 3.3% to 103.6 in June, 1.7% greater than June 2018. Pending home sales in the South increased 1.3% to an index of 125.7 in June, which is 1.4% higher than last June. The index in the West soared 5.4% in June to 96.8 and increased 2.5% above a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Realtor.com Expands Local Expert to Cities
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Industry data shows use of down payment assistance doubled in four years
Homeownership Program Index Reports Program Funding Down Nearly 3% While Down Payment Assistance Use Increases Atlanta, GA, July 25, 2019 – Atlanta-based Down Payment Resource, the nationwide database for homebuyer programs, today released its First and Second Quarter 2019 Homeownership Program Index (HPI). The number of total programs decreased to 2,516, down just 8 programs from the fourth quarter of 2018. Nearly 83 percent (82.9%) of programs currently have funds available for eligible homebuyers, down 2.9 percent from the previous index. Down Payment Resource (DPR) communicates with 1,248 program administrators to track and update the country's wide range of homeownership programs, including down payment and closing cost programs, Mortgage Credit Certificates, affordable first mortgages and more. HPI key facts 41% of homeownership programs do not have a first-time homebuyer requirement and are available for eligible repeat homebuyers. (First-time homebuyer is defined by HUD as someone who has not owned a home in three years.) 72.5% of programs are available in a specific local area, such as a city, county or neighborhood. 27.5% of programs are available statewide through state housing finance agencies. 22% of programs allow buyers to purchase a multi-family property as long as the buyer occupies one of the units. 8% of programs are available for community service workers, including educators, police officers, firefighters and healthcare workers. More than 6% (6.3%) of programs have benefits for veterans, members of the military and surviving spouses. These programs can also be layered with zero down payment VA loans. 72% of programs in the database are down payment or closing cost assistance. 9% of programs are first mortgages and 8% of programs are Mortgage Credit Certificates (MCCs). States with the greatest number of down payment programs remained consistent —California, Florida and Texas are the top three. View a complete list of state-by-state program data. Increase in share of programs without first-time homebuyer requirement A common myth about homeownership programs is that they are only available to first-time homebuyers. Since the last HPI, the share of programs without a first-time homebuyer requirement increased to 41%, up 2% from the previous HPI. This means more homeownership programs can serve repeat and move-up buyers. Most programs use HUD's definition of a first-time homebuyer — someone who has not owned a home in the past three years. Funded programs decreased, but more buyers accessed down payment help The HPI reports the share of funded programs decreased by nearly 3% since the Fourth Quarter 2018 report, primarily due to the sunsetting of many Neighborhood Stabilization Programs (NSP) designed to positively impact areas hardest hit by foreclosures. In addition, federal funds for government programs are issued later in the summer so some funds are not currently active. There are new signs that more homebuyers are accessing down payment assistance funds. Data from National Survey of Mortgage Originations and Freddie Mac found that buyers using down payment assistance as a source for the down payment doubled in four years, between 2013 – 2016. With new buyers coming to market who don't have proceeds from a home sale to fund their down payment, down payment program use may be poised for continued growth. In addition, FHA reports that more than 13% of borrowers who used an FHA loan so far in 2019 received government help with the down payment. Source: Freddie Mac Research "It's encouraging to see more homebuyers accessing the down payment help they need to make homeownership more affordable," said Rob Chrane, CEO of Down Payment Resource. "We track a wide range of eligibility criteria and benefit details about today's programs, including whether or not a program has funds available for buyers. It's information that helps housing professionals and homebuyers easily identify opportunities that will work for their situation." View state-by-state data. About Down Payment Resource Down Payment Resource (DPR) creates opportunity for homebuyers, REALTORS® and lenders by uncovering programs that get people into homes. The company tracks more than 2,500 homebuyer programs through its housing finance agency partners. DPR has been recognized by Inman News as "Most Innovative New Technology" and the HousingWire Tech100™. DPR is licensed to Multiple Listing Services, Realtor Associations, lenders and housing counselors across the country. For more information, please visit DownPaymentResource.com. About Down Payment Resource's Homeownership Program Index The Homeownership Program Index (HPI) measures the availability and characteristics of down payment programs administered by state and local Housing Finance Agencies (HFAs), nonprofits and other housing organizations. It analyzed state, local and national programs available in the DOWN PAYMENT RESOURCE® registry as of July 3, 2019.
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June's Northeast Region Buyer Traffic Shows Modest Improvement as Demand in Other Areas Remains Sluggish, Consistent with Seasonal Patterns
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Moderne Ventures Announces 2019 Midyear Passport Class
Seven new companies join 50+ companies in Moderne's Portfolio, introducing innovative products and solutions impactful to the real estate, finance, insurance, hospitality and home services industries CHICAGO, July 18, 2019 -- Moderne Ventures, a venture investment fund focused on technology and innovation, announced today the names of the seven companies accepted into its 2019 Midyear Passport Program, a 7-month industry immersion program designed to help companies accelerate growth and build meaningful partnerships within Moderne's multi-trillion dollar industries. Selected companies will access to the Moderne Network, a membership of 700+ executives, participate in 100+ mentor meetings, develop pilot opportunities and gain exposure through various key industry events. In exchange for their counsel, industry leaders receive insider access to disruptive technologies, and help shape their solutions into meaningful value drivers. Collectively, the new Class has raised over $58.5M prior to partnering with Moderne, with a combined valuation of $206.6M. The new Companies are: Aquanta (aquanta.io)—Tysons, VA: Aquanta's smart water heater controller delivers leak detection, smart control, and up to 30% energy savings for buildings and homes. EasyKnock (easyknock.com)—New York, NY: EasyKnock partners with real estate agents and brokers to help their clients' access equity for down payments, home improvements and to bridge new home purchases. FilterEasy (filtereasy.com)—Raleigh, NC: FilterEasy partners with real estate companies and asset managers to provide a set it and forget it air filter subscription service at competitive prices. Its service reduces operating expenses for multi-family, single-family, and commercial properties while improving customer experience. Real Synch (realsynch.com)—Austin, TX: Enterprise applications are often managed by disjointed systems. Real Synch provides seamless integrations between these systems leading to better user and customer experiences. Silvernest (silvernest.com)—Denver, CO: Silvernest is an online homesharing platform creating the next generation of roommates. Monthly membership includes roommate matching, rent and lease management, localized support services and more. Storefront (thestorefront.com)—New York, NY: Storefront's marketplace makes retail locations accessible to any brand in the world by activating property owners retail space with a single click. Turn Technologies (turning.io)—Chicago, IL: Turn provides productivity tools and a benefits suite to 1099 workers that encourages engagement and retention. "Moderne works with the largest and most well-respected companies in our industries, keeping a close pulse on opportunities, gaps and challenges. We selected this class based on market needs," said Constance Freedman, Moderne Ventures founder and managing partner. "By helping the Passport companies optimize their product or service for the benefit of our core industries, we're simultaneously enhancing the value for both the companies and leading firms alike. We can't wait to see the impact of this new Class." About Moderne Ventures Moderne Ventures invests in technology companies in and around real estate, finance, insurance, home services and hospitality. Moderne most often looks outside its industries to find game-changing innovation that can be applicable within them. Moderne operates both a Venture Fund and the Moderne Passport, an Industry Immersion Program designed to foster innovation, partnership and growth between industry partners and new emerging technology companies. Moderne works with over 700 executives and corporations within its core industries and evaluates over 4,500 emerging tech companies each year. Its principals have invested in over 80 companies including DocuSign, Updater, August, Better, Hello Alfred, TaskEasy, Homesnap and Leaselock.
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Redfin Releases National Survey on the State of the Real Estate Profession
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Existing-Home Sales Falter 1.7% in June
WASHINGTON (July 23, 2019) – Existing-home sales weakened in June, as total sales saw a small decline after a previous month of gains, according to the National Association of Realtors®. While two of the four major U.S. regions recorded minor sales jumps, the other two – the South and the West – experienced greater declines last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 1.7% from May to a seasonally adjusted annual rate of 5.27 million in June. Sales as a whole are down 2.2% from a year ago (5.39 million in June 2018). "Home sales are running at a pace similar to 2015 levels – even with exceptionally low mortgage rates, a record number of jobs and a record high net worth in the country," said Lawrence Yun, NAR's chief economist. Yun says the nation is in the midst of a housing shortage and much more inventory is needed. "Imbalance persists for mid-to-lower priced homes with solid demand and insufficient supply, which is consequently pushing up home prices," he said. Yun said other factors could be contributing to the low number of sales. "Either a strong pent-up demand will show in the upcoming months, or there is a lack of confidence that is keeping buyers from this major expenditure. It's too soon to know how much of a pullback is related to the reduction in the homeowner tax incentive." The median existing-home price for all housing types in June reached an all-time high of $285,700, up 4.3% from June 2018 ($273,800). June's price increase marks the 88th straight month of year-over-year gains. Total housing inventory at the end of June increased to 1.93 million, up from 1.91 million existing-homes available for sale in May, but unchanged from the level of one year ago. Unsold inventory is at a 4.4-month supply at the current sales pace, up from the 4.3 month supply recorded in both May and in June 2018. Properties typically remained on the market for 27 days in June, up from 26 days in May and in June of 2018. Fifty-six percent of homes sold in June were on the market for less than a month. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.80% in June, down from 4.07% in May. The average commitment rate across all of 2018 was 4.54%. "Historically, these rates are incredibly attractive," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Securing and locking in on a mortgage now – given the current, favorable conditions – is a decision that will pay off for years to come." First-time buyers were responsible for 35% of sales in June, up from 32% the month prior and up from the 31% recorded in June 2018. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33%. As the share of first-time buyers rose, individual investors, who account for many cash sales, purchased 10% of homes in June, down from 13% recorded in both May 2019 and June 2018. All-cash sales accounted for 16% of transactions in June, down from May and a year ago (19% and 22%, respectively). Distressed sales – foreclosures and short sales – represented 2% of sales in June, unchanged from May but down from 3% in June 2018. Less than 1% of June 2019 sales were short sales. Regional Breakdown Compared to May, June existing-home sales rose slightly in the Northeast and Midwest but decreased in the South and West regions. Sales in all regions were still lower compared to one year ago, with the most significant declines in the Northeast and West. Median home prices rose in all regions, with the highest gains in the Midwest and South. June existing-home sale numbers in the Northeast increased 1.5% to an annual rate of 680,000, a 4.2% decline from a year ago. The median price in the Northeast was $321,200, up 4.8% from June 2018. In the Midwest, existing-home sales inched up 1.6% to an annual rate of 1.25 million, which is a 1.6% decline from June 2018. The median price in the Midwest was $230,400, a 6.7% jump up from a year ago. Existing-home sales in the South fell 3.4% to an annual rate of 2.25 million in June, down 0.4% from a year ago. The median price in the South was $248,600, up 4.9% from one year ago. Existing-home sales in the West fell 3.5% to an annual rate of 1.09 million in June, 5.2% below a year ago. The median price in the West was $410,400, up 2.3% from June 2018. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.69 million in June, down from 4.76 million in May and down 1.7% from 4.77 million a year ago. The median existing single-family home price was $288,900 in June, up 4.5% from June 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units in June, down 3.3% from the prior month and down 6.5% from a year ago. The median existing condo price was $260,100 in June, which is up 2.8% from a year ago. "Condos are typically more affordable than a detached single-family home, but only a small fraction of condos are FHA-certified," said Yun. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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ReferralExchange Releases Directory of Real Estate Lead Sources
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Chime Technologies Extends Impact of AI for Real Estate with New Chatbot Feature
Chime AI Assistant will enable real estate professionals to respond, qualify and engage prospects 24/7 PHOENIX and LAS VEGAS, July 23, 2019 -- Inman Connect 2019 -- Chime Technologies, an operating system for the real estate industry, today introduced Chime Assistant, an AI-powered chatbot. A part of the Chime ecosystem, the add-on feature will be available this fall and enable brokers and real estate teams to capture new leads directly through website chat 24/7 and leverage the system's intelligent interaction for better lead qualification and conversion rates for incoming leads from other sources. To learn more, visit www.chime.me or stop by the Chime booth (#704) at this week's Inman Connect 2019 event to see a demonstration. Quick Links: Learn more about our AI-driven Chime Assistant in our latest blog post. See all of the innovations Chime offers via our real estate operating platform HERE. Watch our informational video HERE Consumers are increasingly looking for high-touch interactions with real estate brokers. The proliferation of mobile technology and social media channels has made instant connection and accessibility a critical factor for establishing leads and nurturing them further through the sales funnel. And yet, agents cannot be constantly tethered to a device to respond and nurture leads. By providing AI-powered chatbot functionality, potential clients can interact and ask questions via a broker web site while Chime Assistant handles the request – even in the middle of the night. Featuring a 30 second instant response and intelligent interaction that mirrors chatting with a real person, Chime Assistant can automatically classify leads based on information gathered during the conversation. Agents will then be notified with a qualified lead and can take immediate action. Intelligent automation removes the manual work and costs associated with lead capture while simultaneously elevating conversion rates. With Chime Assistant agents can: Leverage Automated Lead Qualifying – enabling them to respond to and qualify new leads 24/7 even while in the field showing houses, putting together a contract, or at the closing table. Ensure Conversational Lead Capture – providing proactive opportunities to engage web site visitors as they browse, while gathering preference data and contact information for CRM integration. During the event, attendees can schedule a demo at the Chime booth (#704) to see the AI-powered Chatbot in action and enter to win an Apple Watch. Additionally, Wednesday, July 24th Chime will participate in the Booth Bar Crawl Happy Hour event from 4:30 – 6:00 p.m. on the show floor and Inman show attendees will have an exclusive opportunity to receive $100 off the monthly fee of the Chime enterprise package for new customers. "In the digital age, consumers are looking for immediate gratification and quick answers to their questions. Brokers already know their web site can be a powerful lead generation tool, but by leveraging our AI-powered chatbot they will soon have even more opportunities to make a connection – even if they aren't in the office," said Mike McGowan, Vice President of Sales, Chime. "Our introduction of Chime Assistant will ensure agents can capitalize on web-based leads and won't lose out to a competitor simply because they weren't available. No matter where a prospect may be in the sales cycle, we have the proven tools and technologies to help real estate teams manage their leads and move them faster to close." About Chime Technologies Chime is an all-in-one Sales Acceleration Platform for the real estate industry headquartered in Phoenix, Arizona. Its award-winning productivity suite offers a robust set of features that help real estate professionals and teams of all sizes run and grow their business. Chime Technologies operates as a US subsidiary of Renren, Inc. (RENN). For more information, contact [email protected] or 888-682-4463, or visit www.chime.me.
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Out with the Fake, in with the Real with the Latest Realtor.com Campaign
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U.S. Median Home Prices Reach a New Peak in Q2 2019
Annual Home Price Appreciation (HPA) Increases in 89 Percent of Local Markets; U.S. Average Homeownership Tenure Sees an Annual Increase of 4 Percent; Profit Margins Rose to 33.9 Percent with Dollar Gains Reaching $67,500 IRVINE, Calif. – July 18, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Sales Report, which shows that U.S. single family homes and condos sold for a median price of $266,000 in the second quarter, up 10.8 percent from the previous quarter and up 6.4 percent from a year ago — reaching a new median home price peak. Meanwhile, the report also shows that homeowners who sold in the second quarter had owned an average of 8.09 years, reaching a new peak, up 3 percent from last quarter and up 4 percent from Q2 2018. Homeownership tenure averaged 4.21 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession. "As warmer weather brings a rush of house hunters to the market, the latest spike in median home prices marked the largest quarterly increase since the second quarter of 2015 and the third biggest increase since the market started climbing out of the Great Recession in 2012," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, in looking at historical trends, the second quarter of every year has always shown a quarterly increase, going as far back as 2005. So, with mortgage rates dipping to new lows, it's no surprise that people were wanting to buy a home, even if prices were at their peak. We expect to see milder home prices in the coming quarters." Annual home price appreciations rising in Milwaukee, Boston and Salt Lake City Median home prices in 133 of the 149 metro areas analyzed in the report (89 percent) saw an annual home price appreciation in the second quarter of 2019, led by Atlantic City, New Jersey (16.0 percent increase); Boise City, Idaho (14.0 percent increase); Chattanooga, Tennessee (13.9 percent increase); Mobile, Alabama (11.2 percent increase); and Madison, Wisconsin (10.8 percent increase). Those major metros with at least 1 million people that saw annual home price appreciations occurring in the second quarter of 2019 included: Milwaukee, Wisconsin (9.0 percent increase); Boston, Massachusetts (9.0 percent increase); Salt Lake City, Utah (8.7 percent increase); Columbus, Ohio (8.1 percent increase); and Birmingham, Alabama (6.3 percent increase). Prices in Denver, Austin, Dallas and Nashville 50+ percent above pre-recession peaks Median home prices in 110 of the 149 metro areas analyzed in the report (74 percent) were above pre-recession peaks in the second quarter of 2019, led by Greeley, Colorado (87 percent above); Shreveport, Louisiana (81 percent above); Denver, Colorado (80 percent above); Austin, Texas (77 percent above); and Fort Collins, Colorado (76 percent above). Including Denver and Austin, other major metros with at least 1 million people and with Q2 2019 median home prices at least 40 percent above pre-recession peaks were Dallas-Fort Worth, Texas (72 percent above); Nashville, Tennessee (71 percent above); San Antonio, Texas (58 percent above); Houston, Texas (54 percent above); and San Jose, California (54 percent above). Average home seller gains increase quarterly and annually U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018. The average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of original purchase price. Among 149 metropolitan statistical areas analyzed in the report, those with the highest average home seller returns in Q2 2019 were San Jose, California (85.0 percent); San Francisco, California (71.6 percent); Seattle, Washington (65.6 percent); Salem, Oregon (62.3 percent); and Salt Lake City, Utah (60.7 percent). Average homeownership tenure drops annually in Tucson, Portland and Phoenix Counter to the national trend which saw the longest homeownership tenure to date, the average homeownership tenure in Q2 2019 decreased from a year ago in 28 of 108 metro areas analyzed in the report (26 percent), led by Merced, Colorado Springs, Vallejo, Springfield and Bremerton. Among major metropolitan areas that have a population of at least 1 million and where tenure decreased in the second quarter of 2019. The longest average times sellers lived in their homes were in Tucson, Arizona (8.88 years); Portland, Oregon (9.04 years); Phoenix, Arizona (8.17 years); San Francisco, California (10.26 years); and Tampa-St. Petersburg, Florida (7.85 years). Share of cash sales decrease annually All-cash sales represented 25.0 percent of all single family and condo sales in Q2 2019, down from 27.7 percent of all sales in the previous quarter, and down from 26.9 percent of all sales in Q2 2018. Among major metropolitan areas with a population of at least 1 million, those with the highest share of all-cash sales in Q2 2019 were; Miami, Florida (40.5 percent); Detroit, Michigan (36.7 percent); Birmingham, Alabama (34.9 percent); Tampa-St. Petersburg, Florida (34.2 percent); and Jacksonville, Florida (33.9 percent). Institutional investor sales highest in Atlanta, Charlotte, and Memphis 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) was 2.2 percent in the second quarter of 2019, up from 1.9 percent in the previous quarter but down from 2.4 percent a year ago. Among the metropolitan statistical areas with a population of at least 1,000,000 and at least 50 institutional investor sales in Q2 2019, those with the highest share of institutional investor sales in the second quarter were; Atlanta, Georgia (7.9 percent); Charlotte, North Carolina (6.7 percent); Memphis, Tennessee (6.4 percent); Birmingham, Alabama (5.6 percent); and Raleigh, North Carolina (5.5 percent). Share of FHA buyers increase annually Sales to FHA buyers (typically first-time homebuyers or other buyers with a low-down payment) represented 11.6 percent of all U.S. single family and condo sales in Q2 2019, up from 11.1 percent of all sales in the previous quarter and up from 9.9 percent in Q2 2018. Among metro areas with a population of at least 1 million, those with the highest share of sales to FHA buyers were Riverside, California (18.6 percent); Indianapolis, Indiana (18.4 percent); San Antonio, Texas (18.2 percent); Providence, Rhode Island (17.8 percent); and Kansas City, Missouri (17.6 percent). Share of distressed sales continuing downward trend Total distressed sales — bank-owned (REO) sales, third-party foreclosure auction sales, and short sales — accounted for 11.4 percent of all single family and condo sales in Q2 2019, down from 14.0 percent in the previous quarter and up less than one percent from the same time last year. Among 149 metropolitan statistical areas with a population of at least 200,000 and at least 100 total distressed sales in Q2 2019, those with the highest share of total distressed sales were Atlantic City, New Jersey (27.6 percent); Trenton, New Jersey (25.3 percent); Norwich-New London, Connecticut (22.2 percent); Erie, Pennsylvania (22.1 percent); and Macon, Georgia (20.7 percent). Counter to the national trend of a slight annual uptick, 110 of the 150 metro areas (73 percent) posted year-over-year decreases in share of distressed sales. Those major metros with a population greater than 1 million that saw an annual decline were Dallas-Fort Worth, Texas (down 25.7 percent); Boston, Massachusetts (down 24 percent); Portland, Oregon (down 23.6 percent); Buffalo, New York (down 22.1 percent); and Tucson, Arizona (down 21.2 percent). Report methodology The ATTOM Data Solutions U.S. Home Sales Report provides percentages of distressed sales and all sales that are sold to investors, institutional investors and cash buyers, a state and metropolitan statistical area. Data is also available at the county and zip code level upon request. The data is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. 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 property data licensing, Property Data APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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CoreLogic Special Report: The Role of Housing in the Longest Economic Expansion
A 121-Month Evaluation on How the Nation's Real Estate Market Has Impacted the Economy IRVINE, CALIF. (JULY 18, 2019) -- CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its special report evaluating "The Role of Housing in the Longest Economic Expansion." This year, the report analyzes the U.S. housing market's impact on the latest 121-month economic expansion – the longest in the nation's history. The report examines the housing economy and looks at the growth of gross domestic product (GDP), unemployment rates and housing activity from June 2009 through July 2019. Key Takeaways The percent of homes with negative equity went from 25.9% in the first quarter of 2010 to 4.1% in the first quarter of 2019. Total home equity hit a record of $15.8 trillion at the end of the first quarter of 2019, up from $6.1 trillion in the first quarter of 2009. Between the first quarter of 2010 and the first quarter of 2019, the average equity per borrower increased from approximately $75,000 to approximately $171,000. Since 2010, the housing flip rate has increased significantly. In the first quarter of 2018, the number of properties bought and sold again within a two-year period reached its highest point at 11.4%. Since June 2009, home prices and rents have continued to grow. Through May 2019, home prices increased a cumulative 50% and single-family rents increased 33% in the United States. Rising employment rates typically have a positive impact on the housing economy as it can lead to an increase in potential home buyers and a decrease in negative equity (often referred to as being underwater or upside down, meaning borrowers owe more on their mortgages than their homes are worth). In the first quarter of 2010, 25.9% of the total number of mortgaged residential properties in the United States were in negative equity. As the market has improved over the past decade, this share dropped to 4.1% in the first quarter of 2019 (Table 1). A strong economy and an increase in total home equity helped to reduce the negative equity share. Total home equity reached a record of $15.8 trillion at the end of the first quarter of 2019, up from $6.1 trillion in the first quarter of 2009. "During the last nine years, the expansion has created more than 20 million jobs, raised family incomes and rebuilt consumer confidence," said Frank Nothaft, chief economist at CoreLogic. "The longest stretch of mortgage rates below 5% in more than 60 years has supplemented these factors. These economic forces have driven a recovery in home sales, construction, prices and home equity wealth." Housing has long been associated with wealth creation in the United States. Home flipping, or the act of buying a property with the intent to sell it quickly for a profit, is a tactic that some homeowners use to generate profit. Since the last recession, the flipping rate has increased significantly: the two-year flip rate reached its highest point in the first quarter of 2018 at 11.4%, up from its lowest level (4.9%) in the third quarter of 2010. (Figure 4) Home prices began falling just before the start of the recession and continued to decline at a more rapid pace throughout 2008 and 2009. However, from June 2009 through May 2019, home prices and rents have continued to grow. Through May 2019, home prices increased a cumulative 50% and single-family rents increased 33% in the United States. In the first quarter of 2019, 1.1 million new owners joined the housing economy, while the number of renters increased by 458,000. (Figure 3) With increasing home prices after the recession, many first-time buyers delayed homeownership, choosing to rent for longer. However, in 2018, millennial buyers – those born from 1981 to 1996 – reversed this trend by becoming the largest cohort for finance-home purchases, accounting for 44% of home-purchase mortgage applications. These millennial buyers are looking for affordability and not buying in the typical coastal cities seen in the past. According to CoreLogic Market Condition Indicators (MCI), in May 2019, four of the top 10 metros for millennial buyers were undervalued (Pittsburgh; Rochester, New York; Wichita, Kansas and Grand Rapids, Michigan), five metros were at value (Buffalo, New York; Milwaukee; Albany, New York; Provo, Utah and Des Moines, Iowa) and one metro was overvalued (Salt Lake City). Metros in California had the lowest percentage of millennials applying for a mortgage. Despite an unemployment rate near a 50-year low, inflation rates below the Federal Reserve Board's 2% target and strong GDP growth (3.1%) in the first quarter of 2019, concerns of a looming recession have been rising. The report explores recent recession indicators and looks at how the housing economy could weather the next dip. To download and read the full special report, click here. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
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Realtor Survey Shows Decline in Foreign Investment in U.S. Residential Real Estate
WASHINGTON (July 17, 2019) -- A decline in global growth and low housing inventory contributed to a drop in foreign investment in U.S. residential real estate over the past year. This is according to an annual survey of residential purchases from international buyers, released today by the National Association of Realtors®, which found that foreign buyers purchased fewer U.S. existing homes from April 2018 through March 2019. Global economic growth, which increased in 2016 to 2017, slowed to 3.6% in 2018 and is on pace to taper to 3.3% in 2019. NAR's Profile of International Transactions in U.S. Residential Real Estate 2019 revealed that foreign buyers purchased $77.9 billion worth of U.S. existing homes from the 2019 survey reference period, a 36% decline from the level reached in the previous 12 months ($121 billion). Non-resident foreign buyers accounted for $33.2 billion of U.S. existing-home sales, a 37% decline from the prior level of $53 billion. Resident foreign buyers – that is, recent immigrants – purchased $44.7 billion of residential property, a 34% drop from the prior level ($67.9 billion). The dollar volume of purchases saw a decline as the number of purchases, as well as the average price, decreased from the previous year, as foreign buyers purchased in comparison to the levels during the previous 12 months. Foreign buyers were able to buy 183,100 properties (266,800 in the previous period) at an average price of $426,100. "A confluence of many factors – slower economic growth abroad, tighter capital controls in China, a stronger U.S. dollar and a low inventory of homes for sale – contributed to the pullback of foreign buyers," said Lawrence Yun, NAR chief economist. "However, the magnitude of the decline is quite striking, implying less confidence in owning a property in the U.S." Top Foreign Buyers For the seventh consecutive year, China exceeded all other countries in terms of dollar volume of purchases, buying an estimated $13.4 billion worth of residential property, a 56% decline from the previous 12 months. The Chinese economy is growing at a slower pace compared to past years, slowing to 6.3% in 2019 compared to 6.9% in 2017. The Chinese government has also tightened the monitoring of dollar outflows since 2016 to manage its foreign exchange reserves. Following China, the next top foreign buyer for 2019 was Canada at $8.0 billion. While Chinese investors and Canadian investors tied concerning the number of purchases, on average, Chinese buyers bought properties at a higher price point. Therefore, China ranked ahead of Canada in terms of dollar volume. The third top international buyer was India at $6.9 billion, the United Kingdom was fourth at $3.8 billion and in fifth was Mexico at $2.3 billion. Each of the top five buyers experienced a decline in the dollar volume of purchases. International Buyers – Where Did They Go? Following historical trends, Florida was at the epicenter of foreign investment. The state attracted 20% of foreign buyers. Forty-two percent of Canadians purchased property in Florida. "Many Canadians and other foreigners found Florida so enticing because of its lenient tax laws," said Yun. "Additionally, many Florida metro areas have an inventory of cheaper properties, relatively speaking – a combination which makes the state a very popular destination." California followed Florida, accounting for 12% of international purchases. Thirty four percent of Chinese buyers purchased property in California, which represents a decline from one year ago. The third most popular destination among international buyers was Texas (10%), particularly desirable among Indian and Mexican buyers. Arizona accounted for 5% of international buyers, popular for Canadian and Mexican purchasers, followed by New Jersey (4%). New Jersey appealed to a mix of international buyers, especially those from the United Kingdom. A few other significant destinations were North Carolina, Illinois, New York and Georgia. Each of these states accounted for 3% of all foreign buyers. Price Points Forty-four percent of foreign buyers purchased in a suburban area, while 76% purchased single detached family homes and townhomes. The median purchase price for foreign buyers was $280,600, slightly higher than the $259,600 average for all U.S. existing homes sold. According to Yun, the price difference is a reflection of the choice of location and the kinds of properties desired by foreign buyers. Eight percent of international buyers paid $1 million or more for their property, compared to just 3% of all U.S. existing homebuyers. Resident foreign buyers – those living in the United States either as recent immigrants or those holding visas for professional, educational or other purposes – typically purchased properties at a slightly higher price point ($282,500) compared to non-resident foreign purchasers ($277,700). "Even though numbers were lower this year than during the previous 12 months, international investors and buyers still spent and invested a great deal of money in U.S. real estate," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota and broker at Edina Realty. "Home buyers from across the globe know that the U.S. market is still a safe, secure and promising place to invest." The survey also showed that international buyers are more likely to purchase their homes in cash than all existing homebuyers. Forty-one percent of the reported transactions were all-cash sales, in comparison to 21% for all existing-home purchases during the 2019 assessment reference period. Non-resident foreign buyers are more likely to pay in cash than resident foreign buyers, who are more likely to acquire mortgage financing from U.S. sources. Sixty-three percent of non-resident foreign buyers had an all-cash purchase transaction, compared to 25% among resident foreign buyers. Canadian buyers, who primarily live abroad, were the most likely to pay all cash (75%). The majority of Asian Indian buyers, most of whom resided in the U.S. as recent immigrants or visa holders, obtained a U.S. mortgage. Almost half of Chinese buyers made an all-cash purchase. NAR's 2019 Profile of International Transactions in U.S. Residential Real Estate was conducted April 5 through May 3, 2019. A sample of Realtors® was surveyed to measure the share of U.S. residential real estate sales to international clients, and to provide a profile of the origin, destination and buying preferences of international clients, as well as the challenges and opportunities faced by Realtors® in serving foreign clients. The survey presents information about transactions with international clients during the 12-month period between April 2018 and March 2019. A total of 11,812 Realtors® responded to the 2019 survey. The 2019 Profile of International Transactions in U.S. Residential Real Estate can be ordered by calling 800-874-6500, or online at www.nar.realtor/prodser.nsf/Research. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Homes.com Local Connect Advertising: Smarter than Ever
Homes.com first introduced Local Connect as an impression-based advertising program designed to connect transaction ready buyers and sellers with local real estate agents. Today we're introducing some important upgrades to make Local Connect an even better investment for real estate professionals. As in the past, Local Connect agents can still get leads from property inquiry forms on the listing detail pages of homes for sale and home value pages in their zip codes. Buyers and sellers can also reach Local Connect agents directly by calling the Direct Connect phone number displayed for the Local Connect agents on those pages. The New Local Connect Look The property inquiry form on for sale listings and home value pages has been redesigned to encourage more lead submissions, which, when paired with more intelligent lead routing rules will ensure you get the best value from your subscription. In addition to making the lead submission form more attractive and user-friendly, we've added a new 'Local Experts' area to the listing detail page. This section displays up to three Local Connect agents based on number of impressions purchased in that market. In this area, we will display your name, profile picture, Direct Connect phone number, Homes.com badge (e.g. Preferred or Rapid Responder), and a link to your Homes.com profile. How Do Local Connect Leads Work? Property Inquiry Forms – When a buyer requests information on a listing via a property inquiry form, that contact will be routed to up to 3 Local Connect advertisers and the listing agent. Inquiries submitted via a property inquiry form on home value properties will routed to no more than 3 Local Connect advertisers. Phone Calls – When a visitor calls the Direct Connect phone number listed on the property inquiry form, that call will be routed exclusively to the Local Connect advertiser whose number is currently displayed. Buyers and sellers can choose to call any of the displayed Local Connect advertisers directly using the Direct Connect phone number listed for that advertiser in the Local Experts panel. What is the Direct Connect Phone Number? Local Connect customers have always received a call tracking number on Homes.com. This number will now be even more prominent with placement on the enhanced property inquiry form. How often your Direct Connect phone number is displayed on the property inquiry form will be based on share of impressions purchased and round robin rules. Consumers dialing the Direct Connect number will be connected directly with the Local Connect agent, or in the case of advertisers who also use Homes.com's Lead Concierge service, will be routed to our team to be screened on behalf of the Local Connect advertiser. If you have additional questions about your Local Connect upgrades, let us know! You can reach customer service at (866) 774-2947 or by email at [email protected] If you're interested in taking advantage of Homes.com zip code advertising, you can learn more about how we can help you reach local buyers and sellers here! To view the original post, visit the Homes.com blog.
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Matterport to Acquire AI-driven Production Platform Arraiy
SUNNYVALE, Calif., July 10, 2019 -- Matterport, the world leader in 3D capture technology and data, announced today that it intends to acquire Arraiy, the pioneer behind breakthrough machine learning and computer vision technology that allows visual creators to integrate real and virtual worlds. Matterport introduced the category of affordable 3D capture for business and has increased adoption of 3D capture and visualization technology across industries, including architecture, engineering and construction (AEC); insurance, restoration, and property claims; travel and hospitality; residential and commercial real estate; among others. Arraiy has developed a self-improving artificial intelligence (AI) software that leverages machine learning and computer vision to unlock new techniques for integrating real and virtual digital imagery. Upon completion, the acquisition will integrate Arraiy's core engineering team into Matterport in support of the company's mission to build the industry's leading computer vision data platform. Earlier this year, Matterport took a significant step toward achieving this aim with the launch of its proprietary cloud software, Matterport Cloud 3.0, and AI engine Cortex, leveraging AI-powered image-processing technology to transform panoramic and 360-degree images into fully immersive 3D models; understand objects, rooms and the detailed characteristics of a space and label specific rooms on a floor plan. "Arraiy has assembled some of the very best minds in the industry to solve really hard problems in machine learning and computer vision today," said RJ Pittman, CEO of Matterport. "By integrating Arraiy's groundbreaking technology and talented team, we will be able to accelerate the creation of new products and features that will make Matterport significantly more powerful and accessible to both new and existing users." "The Arraiy team is thrilled to join with Matterport to continue to innovate with computer vision and machine learning," said Ethan Rublee, CTO and founder of Arraiy. "I'm convinced that Matterport's platform will enable incredible opportunities to leverage AI in the places we live and work." The Arraiy acquisition will also bring Matterport into close collaboration with OpenCV, the AI industry's leading open source computer vision and machine learning software initiative, led by Arraiy co-founder Gary Bradski. "We look forward to working closely with our newest team members and the Arraiy CV tech stack, along with Gary Bradski and the OpenCV initiative to expand our role helping to shape the computer vision industry," said Dave Gausebeck, co-founder and CTO of Matterport. "Matterport's industry-leading 3D capture technology has harnessed the power of computer vision and deep learning to transform multiple industries throughout the built world," said Bradski. "We see fresh potential to further disrupt these markets by leveraging our combined advancements in the field of computer vision and machine learning." About Matterport Matterport is the world leader in immersive 3D technology, offering a platform for prosumers and professionals to easily capture, edit and share 3D models of physical spaces. These navigable virtual tours are presented in Matterport's proprietary photo-realistic digital media format. Experience places through Matterport's interactive 3D models online as if you are actually there: matterport.com/gallery
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Constellation Real Estate Group Acquires offrs.com
BELLEVUE, WASH. JULY 9, 2019 -- Constellation Data Solutions Inc., part of the Constellation Real Estate Group (CREG), announced today that it has acquired offrs.com (offrs), a market-leader in predictive analytics and lead generation in real estate. offrs leverages Big Data and its proprietary machine learning algorithm to predict future home sales and transactions, otherwise known as "Smart Data". offrs distributes its Smart Data to real estate agents and other financial verticals including mortgage and title companies. "With data and artificial intelligence at the forefront of innovation in the real estate industry, offrs' robust platform, predictive analytics and Smart Data deliver truly advanced data and insights that move the industry forward," said Scott Smith, President of Constellation Real Estate Group. "offrs has a strong team with powerful technology, and we're excited to welcome them to the Constellation Real Estate Group portfolio." "As offrs continues to grow and expand the impact our technology has on the real estate industry, we're excited to have found a long-term owner with Constellation Real Estate Group," said Mark Dickson, co-founder at offrs.com. "Our unique and innovative data and analytics products are a great fit with the Constellation Real Estate Group, who shares our vision of focusing on customers, employees, and our innovative technology." The acquisition of offrs aligns with CREG's strategy of investing in vertical market software solutions with a focus on strong solutions and a commitment to be long-term, stable technology partners for the real estate industry. "Predicting future real estate transactions is the key to building a world-class lead generation service. There is no better team to join when it comes to innovation than Constellation." concludes Rich Swier, co-founder of offrs.com. The CREG platform offers the real estate industry's broadest set of technology solutions including data, artificial intelligence and predictive analytics, front office sales and marketing tools including lead generation, back office software such as accounting, relocation management, eSignature, transaction management, and mortgage loan origination and servicing solutions. The CREG portfolio powers over half of a million real estate agents, brokerages, franchises, and MLSs across the U.S. and Canada and 100s of mortgage companies and banks. Following the acquisitions of Mortgage Builder and TORCHx earlier this year, offrs marks Constellation Real Estate Group's third new portfolio business in 2019. About The Constellation Real Estate Group The Constellation Real Estate group acquires and invests in real estate software brands that are committed to providing long-term solutions and partnerships with franchises, brokers, agents, MLSs, and banks. CREG provides a suite of market-leading technology solutions designed specifically for the real estate industry through its brands, which include: Market Leader, Constellation Web Solutions, Sharper Agent, Zurple, Z57, Diverse Solutions, Birdview, ReloSpec, Real Estate Digital, Baynet World, Inc., Mortgage Builder, TORCHx and now offrs.com. Over 500,000 real estate agents, brokerages, franchises, MLSs, and banks across North America rely on CREG's products and services to power, manage, and grow their businesses. Constellation Data Solutions Inc. is a part of the Constellation Real Estate Group, which operates as a part of the Perseus Operating Group, a division of Constellation Software Inc. For more information, visit: https://www.constellationreg.com Offrs.com Since 2012, offrs.com has been a leader in Big Data and Predictive Analytics for real estate agents and brokerages nationwide. offrs.com serves thousands of real estate professionals from major national franchise brands and large independent real estate brokerages across the U.S. For more information, visit http://offrs.com/
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Homesnap Named a Washington Post Top Workplace for Second Consecutive Year
BETHESDA, Md., June 21, 2019 -- Homesnap, the leading provider of technology solutions to the real estate industry, today announced that it has again been named a 2019 Top Workplace by The Washington Post, marking the company's second consecutive year on the list. Homesnap was recognized for its hard-working startup environment where people are encouraged to innovate, learn, and genuinely enjoy each other's company. Homesnap was ranked #8 in the small business category. Earlier this year, Homesnap was also named an Inc. 2019 Best Workplace. Homesnap is only one of four companies in the Washington, D.C. area to be recognized as a 2019 top workplace by both Inc. and The Washington Post. "Being named again as a top workplace by The Washington Post is a testament to our ability to grow as a company and deliver results for our clients while maintaining an enriching culture and work environment for our team," said Homesnap CEO John Mazur. The Washington Post 2019 Top Workplaces list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC. The anonymous survey measures several aspects of workplace culture, including alignment, execution, and connection. This year's 150 honorees include government contractors, law firms, nonprofits, schools, and businesses. "We are extremely proud of this award and all that it represents," said Dana Aldis, VP of Experience at Homesnap. "Great people are the key to a company's success, which is why Homesnap invests heavily in its employees and works hard to foster a culture based on values, communication, and collaboration." This award is just one of the more than 25 awards Homesnap has received recognizing both its products and its workplace culture. This honor is also a reflection of Homesnap's commitment to recruiting and retaining people who are aligned with its core values. From 2016 to 2018, Homesnap experienced annual employee growth of over 60%. For more information about The Washington Post's Top Workplaces 2019, visit www.washingtonpost.com/2019/top-workplaces. For more information about working at Homesnap and job opportunities, visit www.homesnap.com/about/jobs. About Homesnap With easy-to-use mobile technology fueled by unmatched, real-time data intelligence, Homesnap is changing the way real estate agents connect with consumers and serve their clients. The industry-endorsed Homesnap platform leverages real-time data from over 200 MLSs to empower millions of consumers each month with a superior home search experience, while providing over 85% of U.S. agents with access to powerful mobile tools that automate their work and accelerate their success. With the Homesnap mobile app, the highest rated consumer home search application; Homesnap Pro, the industry-standard mobile business platform for agents; and the Homesnap national home search portal, a joint venture with the industry-backed Broker Public Portal, the integrated Homesnap platform is transforming the industry by bringing real-time to real estate. More information can be found at www.homesnap.com. About The Washington Post The Washington Post is an award-winning news leader whose mission is to connect, inform, and enlighten local, national and global readers with trustworthy reporting, in-depth analysis and engaging opinions. It combines world-class journalism with the latest technology and tools so readers can interact with The Post anytime, anywhere. About Energage, LLC Headquartered in Exton, Pa., Energage (formerly known as WorkplaceDynamics) is a leading provider of technology-based employee engagement tools that help leaders to unlock potential, inspire performance, and achieve amazing results within their organizations. The research partner behind the Top Workplaces program, Energage has surveyed more than 47,000 organizations representing well over 16 million employees in the United States.
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Supply of Homes for Sale Down 0.3% in June, First Annual Decline in 10 Months
Some expensive markets like San Jose, Seattle, and Boston are still seeing big gains in for-sale home inventory, while affordable markets like Oklahoma City, Buffalo, and Memphis are already experiencing big declines SEATTLE, July 2, 2019 -- The number of homes for sale nationally fell 0.3 percent year over year in late June--the first annual decline since inventory started climbing in September, according to Redfin, a technology-powered real estate brokerage. This marks the end of a brief respite for buyers in this years-old seller's market. If supply growth continues falling at the rate it has been since April, by September the number of homes for sale will be down from a year earlier by more than 4 percent. The report is based on data on the number of homes for sale as of June 23 across 46 major markets Redfin tracks. However, the national numbers mask a huge amount of regional variation under the surface. As of late June, 32 of the 46 largest U.S. metro areas had fewer homes for sale compared to a year earlier. In fact, in some of the country's most affordable housing markets, the inventory crunch never subsided. For example, Oklahoma City, where the median price of homes sold in May was just $184,900, had 15.3 percent fewer homes for sale in late June compared to a year earlier and has not seen year-over-year growth since going negative in late 2016. Other affordable metro areas like Memphis and Pittsburgh have similar stories. Most of the big gains in the national count of homes for sale over the past year have been driven by expensive metro areas with median prices well above the national median. San Jose (up 43.6%, median price $1,175,000), Seattle (up 21.9%, median price $592,500), and Boston (up 21.3%, median price $517,000) were the three metro areas that gained the most homes for sale compared to a year earlier. However, even in those markets, the rate of growth has fallen off dramatically from where it was in late 2018, contributing to the decline in the national rate of inventory growth. With mortgage interest rates having dropped back to below 4 percent, demand is picking back up, which is likely to lead to renewed inventory shortages later this year, even in the more expensive markets. "Lower interest rates are bringing buyers back, but without enough homes for sale to meet demand, we expect to see more bidding wars, which will push prices up this summer," said Redfin chief economist Daryl Fairweather. "We expect small, inland markets where a typical home is still affordable for a middle-class family to heat up the most. Those markets, like Knoxville and Akron, are already experiencing double-digit annual price growth, and there is a lot of room for prices to continue to grow. Expensive metros like San Jose and Seattle may see moderate price growth this summer, but for the most part those markets have already peaked." In San Francisco, where a recent series of high-value tech IPOs has already led to a surge in bidding wars, the number of homes for sale was still up 12.0 percent from a year ago—far less than San Jose or Seattle. Supply growth is down from a high of over 60 percent in late December, indicating that San Francisco is transitioning from a sharp cooldown back to a hot market. To read the full report, complete with charts and a table with market-by-market data, please visit: https://www.redfin.com/blog/the-inventory-crunch-is-back/. 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 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
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CoreLogic Reports May Home Prices Increased by 3.6% Year Over Year
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Median-Priced Homes Not Affordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
Home Prices Outpacing Wages in 40 percent of U.S. Housing Markets; Home Prices Less Affordable Than Historic Average in 61 Percent of Local Markets IRVINE, Calif. - June 27, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Affordability Report, which shows that median home prices in the second quarter of 2019 were not affordable for average wage earners in 353 of 480 U.S. counties analyzed in the report (74 percent). The largest populated counties where a median-priced home in the second quarter of 2019 was not affordable for average wage earners included Los Angeles County, California; Cook County (Chicago), Illinois; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. The 127 counties (26 percent of the 480 counties analyzed in the report) where a median-priced home in the second quarter of 2019 was still affordable for average wage earners included Harris County (Houston), Texas; Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; Cuyahoga County (Cleveland), Ohio; and Franklin County (Columbus), Ohio. 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). View Q2 2019 U.S. Home Affordability Heat Map "Despite falling mortgage rates and rising wages, the cost of owning the typical home remains out of reach or a significant financial stretch for the nation's average wage earners," said Todd Teta, chief product office with ATTOM Data Solutions. "However, a closer look at the data reveals milder-than-usual increases for the Spring, and none as severe as in previous years since the recession. Therefore, this can help indicate the market may be easing, following similar indicators from recent home-flipping and foreclosure data trends." Home price appreciation outpacing wage growth in 40 percent of markets Home price appreciation outpaced average weekly wage growth in 192 of the 480 counties analyzed in the report (40 percent), including Maricopa County (Phoenix), Arizona; Riverside County, California; San Bernardino County (Riverside), California; Tarrant County (Dallas-Fort Worth), Texas; and Wayne County (Detroit), Michigan. Average weekly wage growth outpaced home price appreciation in 288 of the 480 counties analyzed in the report (60 percent), including Miami County, Florida; Kings County, New York; Dallas County, Texas; Queens County, New York; and Clark County, New York. 67 percent of markets require over 30 percent of wages to buy a home Among the 480 counties analyzed in the report, 323 (67 percent) require at least 30 percent of their annualized weekly wages to buy a home in the second quarter of 2019. Those counties that required the greatest percent included Marin County (San Francisco), California (116.8 percent of annualized weekly wages needed to buy a home); Kings County, New York (113.4 percent); Santa Cruz County, California (112.3 percent); San Luis Obispo County, California (91.4 percent); and Maui County, Hawaii (88.2 percent). A total of 157 of the 480 counties analyzed in the report (33 percent) required less than 30 percent of their annualized weekly wages to buy a home in the second quarter of 2019. Those counties that required the smallest percent included Bibb County (Macon), Georgia (12.9 percent of annualized weekly wages needed to buy a home); Wayne County (Detroit), Michigan (13.2 percent); Baltimore City, Maryland (13.6 percent); Rock Island County (Davenport), Illinois (14.9 percent); and Allen County (Lima), Ohio (14.9 percent). 61 percent of markets less affordable than historic averages Among the 480 counties analyzed in the report, 292 (61 percent) were less affordable than their historic affordability averages in the second quarter of 2019, up from 50 percent of counties in the previous quarter but down from 74 percent of counties in the second quarter of 2018. Counties that were less affordable than their historic affordability averages included Los Angeles County, California; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; San Diego County, California; and Orange County, California. 39 percent of markets more affordable than historic averages Among the 480 counties analyzed in the report, 188 (39 percent) were more affordable than their historic affordability averages in the second quarter of 2019, including Cook County (Chicago), Illinois; and New York County, Suffolk County, Bronx and Nassau County – all in the New York metro area. Counties with the highest affordability index were Warren County (Allentown), New Jersey (158); Litchfield (Torrington), Connecticut (139); Cumberland (Vineland), New Jersey (139); Mercer County (Trenton), New Jersey (137); and Atlantic County (Atlantic City), New Jersey (134). 82 percent of markets post better affordability compared to year ago A total of 393 of the 480 counties analyzed in the report (82 percent) posted a year-over-year increase in the affordability index, meaning that home prices were more affordable than a year ago, including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. A total of 87 of the 480 counties analyzed in the report (18 percent) posted a year-over-year decrease in their affordability index, meaning that home prices were less affordable than a year ago, including Sale Lake County, Utah; Saint Louis County, Missouri; Marion County (Indianapolis), Indiana; Middlesex County, New Jersey; and Jackson County (Kansas City), Missouri. 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 introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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