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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
Partnership marks 50th MLS, 1,000,000-agent milestone for rapidly growing technology and data company FAIRFAX, Va., Oct. 3, 2019 -- Remine today announced that the Austin Board of REALTORS (ABoR) will provide complete access to the Remine Agent Pro product to its 15,000 Multiple Listing Service (MLS) subscribers. This includes easy, intuitive access to Remine's best-in-class data, as well as full and unlimited use of its CRM, CMA, and Client Portal tools. "This is a significant milestone for us and a huge benefit for Austin REALTORS®, who will now have powerful, modern software and incomparable data at their fingertips," said Leo Pareja, Remine President. "We could not be happier to have ABoR as our 50th MLS partner." Rollout of Remine Agent Pro will begin in late October 2019. "We needed a solution for Austin REALTORS® that was fast, flexible, and continuously enhanced so our members are equipped to succeed in a real estate industry defined by rapid change," said ABoR CEO Emily Chenevert. "Remine is the only partner that can give us that." "All of us believe deeply in the MLS and have committed the full resources of our company to ensure its future," said Mark Schacknies, Remine CEO. "We have a singular vision of creating a better real estate experience for everyone, one that frees MLSs and their subscribers from the constraints of tired software and legacy systems. We are all inspired by and working towards a future without limits." About Remine Remine is a data and technology platform that enables a digital real estate experience without limits. The privately-held company is headquartered in Northern Virginia, with offices in Chicago, Toronto, and Irvine. Remine is live in 50 markets and available to more than 1,000,000 agents and their clients.
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Laurie Weston Davis Joins RateMyAgent
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I Owe U: Student Debt Total Reaches $1.5 Trillion, Nearly Doubles U.S. Housing Market
The average student loan borrower owes more than the typical down payment for a home; Millennial debt totals $498 billion SANTA CLARA, Calif., Oct. 15, 2019 -- Realtor.com, The Home of Home Search, today released new data that found total student debt could buy every U.S. house on the market 1.9 times over. With the rising costs of education, students are borrowing more and more money, which has led to delayed homeownership as the average student loan borrower owes $34,500 -- $8,500 more than the typical down payment off $26,000. "Student debt has ballooned to an all-time high as the price of education continues to outpace wage growth, and this is holding back many potential buyers from being able to purchase a home," according to realtor.com®'s Senior Economist, George Ratiu. "Student debt is already impacting borrowers' ability to buy a home and education debt is expected to hamper consumers' financial decisions for many years down the road." Students are taking on more debt to cover their expenses than ever before, according to the Department of Education. This is in part due to the fact that wage growth has been stagnant in comparison to the rapid growth in cost of higher education. The typical tuition at a public university has grown at four times the rate of the average wage since 1986, and private university tuition has grown at seven times the rate of the average wage over the same time. Nationally, the median sale price of a U.S. home is $260,000, according to realtor.com®. With a typical down payment of 10 percent that would come out to $26,000, which is $8,500 less than the average student debt of $34,500. Additionally, the total value of U.S. homes on the market is $780 billion. That is 1.9 times less than the total outstanding student debt of $1.5 trillion shouldered by 42.8 million borrowers. At 15.1 million strong, millennials make up 34 percent of all student borrowers. The generation's total debt has accumulated to $498 billion -- over half the value of all U.S. homes for sale. Millennials have an average balance of $33,000 per borrower, which is $7,000 more than the typical down payment on the median U.S. home. In comparison, the median down payment for millennials is $11,400, according to realtor.com. "The important implication of rising debt is that young generations are delaying major life decisions," added Ratiu. On the real estate front, the affordability crisis in major cities is driving young families to more affordable Midwestern and Southern markets, where savings for a down payment stretch much further and can turn owning a home from a future dream into today's reality." According to a recent NAR report, 26 percent of millennials cite student loans as the primary barrier to saving up for a down payment. Additionally, 61 percent of those millennials say their student loans have delayed their home purchase. On a state level, the state with the greatest outstanding loan balance is California, with $116 billion in student debt. Meanwhile, Washington, D.C. has the largest average balance per borrower at $52,581. Ohio has the most affordable down payment, compared with educational debt load, where the average down payment on a median priced home in Ohio is 53 percent of the average student loan balance. Ohio is followed by Alabama, Michigan, Arkansas, and Oklahoma. In the short term, a high down payment to student debt ratio will delay many buyers' ability to enter the market, while reducing access to available inventory. National Breakdown - Down Payment vs. Debt State Breakdown - Down Payment vs. Debt Methodology Federal student loan debt data taken from U.S. Department of Education, Q2 2019. Home sale prices taken from realtor.com home sales database, July 2019. Total market value derived from realtor.com residential listings database, September 2019. Millennial median down payment is based on a realtor.com analysis of a sample of residential mortgage loan originations from Optimal Blue. 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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Locations Close to Public Transit Boost Residential, Commercial Real Estate Values
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How to Get More Leads from Homes.com
You can never have too many lead generation sources, and your Homes.com account comes with a variety of ways you can generate and convert extra leads. Check out this list of 8 free, quick, and easy ways you can leverage your Homes.com account to generate more leads for your business. Homes.com Profile As one of the top listing portals in the United States, Homes.com's agent directory is a crucial marketing tool for real estate agents. Simply login to access your existing account. From there, add your photo and update your profile to help buyers and sellers get to know you and feel confident reaching out to you with their business. You can update your contact info, bio, social links, coverage areas, and office info through your dashboard's profile. Coverage Areas In your profile section, you can expand your business's reach by choosing up to five coverage areas. These are the cities you do business in (or would like to expand into) and will determine which agent directories you will show up in on Homes.com. While free coverage areas are limited to a max of five cities, you can purchase Local Connect and City Sponsor ads wherever you hope to attract business. Leads & Contacts The Leads & Contacts section of your dashboard is packed with tools to help you convert your contacts into clients. Get started with this free CRM by importing your leads via csv file or setup automatic lead imports from other lead services. Once you've consolidated your leads, make use of the free Buyer Profile tool to jot down important notes and facts about your contacts and their housing needs, transaction timeline and more. This will ensure you'll know who you're talking to and what they need when leads who are further down the funnel or who you worked with years ago come get ready for a new real estate transaction with you. Listings Showcasing your current listings is an important part of finding new buyers and sellers. Make sure your listings are importing over to Homes.com in the Listing Manager of your dashboard. To add or remove an MLS from your listing sources, click the Listing Source Setup in your listing manager. If you would like to learn how to get preferred listing status on your listings, click here. Email Marketing One of the best parts of having a Homes.com account is the email marketing center. Here you'll find dozens of pre-made, editable drip email campaigns you can enroll your leads and contacts into. The Email Marketing center also includes a free monthly newsletter you can send out, bulk email tools you can use to contact many contacts at once, and an email library you can draw from for individual marketing messages to clients. Looking for more ways to build your business through Homes.com? Check out our full range of products and advertising services here. We also sponsor the Secrets of Top Selling Agents brand which offers a free monthly webinar with one of real estate's top trainers, coaches, or agents. Be sure to register for the next webinar for the latest marketing and sales strategies! To view the original post, visit the Homes.com blog.
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Redfin and LinkedIn Reveal the 5 Best Emerging Tech Hubs for Software Engineers to Buy a Home
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Rising Financial Wealth Boosts Demand for Vacation Homes
WASHINGTON (October 10, 2019) – Increased financial wealth and low mortgage rates boosted the demand for and price of vacation homes, according to the National Association of Realtors® 2019 U.S. Vacation Home Counties Report. Between 2013 to 2018, the median sales price in vacation home counties increased at a slightly higher pace of 36% compared to the pace of increase of all existing and new homes sold, at 31%. Median price increases occurred across both expensive and inexpensive areas. The counties with the highest price increases during this five-year span were in three states: Pennsylvania, which includes Pike and Monroe counties; Wisconsin, which contains Price and Washburn counties; and Massachusetts, which includes Nantucket. Lawrence Yun, NAR's chief economist, says the present figures are telling, especially when compared to data from 10 years prior. "As of 2018, household net worth reached an all-time high of $100.3 trillion – that's nearly double from a decade ago when wealth declined during the recession. Some of this tremendous growth in wealth, although concentrated, increased demand for vacation homes." Although most homebuyers purchase their residence with an intent to use the property as a primary home, that is not the case for all buyers. In fact, a portion of homeowners purchase a second home expecting to use it as a general family vacation spot, as a tenant rental, a means to gain equity, or – upon retirement – a future primary residence. The NAR report uses the U.S. Census Bureau's American Community Survey data to examine "vacation home counties." These areas are counties where the vacant housing for seasonal, recreational or occasional use, made up 20% or more of the county's total housing stock. Of 3,141 counties, 206 counties (6.6%) were identified as vacation home counties. Additionally, NAR identified the most and least expensive and affordable vacation home counties, and exactly who is able to afford to purchase a second home. Top Vacation Home Counties According to the NAR report, the top 26 vacation home counties – the counties with the largest percentages of vacant seasonal, recreational, or occasional use housing units – include those with nationally-known sites, as well as local destinations. Though less populated, this group includes a large number of counties along northern Michigan, Wisconsin, and Minnesota. Leading the list are counties in Massachusetts (Nantucket and Dukes, 56%; Barnstable, 41%), New Jersey (Cape May, 51%), Colorado (Grand, Summit Eagle, Jackson and Pitkin, 51%), Wisconsin (Vilas, Lincoln, Langlade, Forest and Oneida, 43%), and Michigan (Roscommon, Ogemaw, Gladwin, Iosco and Arenac, 42%). "Some people may visualize the common popular vacation destinations in the U.S. when considering a vacation home, such as counties in Florida or California," says Yun. "And although those locations have their share of vacation properties, we see that some homeowners prefer some of the other counties, including those in Massachusetts and New Jersey. These areas are often known for harsh weather conditions, but are popular nonetheless." Some other notable vacation home counties are found in Maine, Pennsylvania, New York, New Hampshire, Maryland, Delaware, North Carolina, Vermont, Florida, California, Georgia, South Carolina, Arizona, Idaho and Oregon. Most Expensive Vacation Home Counties The areas identified as the top 25 most expensive vacation home counties included many well-known summer and winter getaways. Using Black Knight property records data, Nantucket, Mass. emerged as the most expensive vacation home county in 2018, with the median sales price at $1 million. Following were other counties in Massachusetts, including Dukes, a portion of which includes Martha's Vineyard. Other places of note were Colorado, which contains counties like Pitkin, Eagle, Summit and Grand that are popular Rocky Mountain summer and winter destinations; Florida, which includes Monroe and Collier, known respectively for the Florida Keys and Naples; California, which contains the counties of Mono, Alpine and Inyo, among others, all of which are near Yosemite National Park; and Arizona, which includes Coconino county, home of part of the Grand Canyon. Taking into account the 2018 median sales price and the income of a typical family in the top 25 most expensive areas, the typical family – that is, a family earning the median income only – would be unable to afford to purchase a home in these counties. Least Expensive Vacation Home Counties Data from Black Knight property records showed that the median price for a vacation home was usually less than $100,000. The most inexpensive vacation home counties were found in Maine (Aroostook, Piscataquis, Somerset, Franklin, Oxford, Washington and Waldo), New York (Chenango and Franklin), Pennsylvania (McKean, Venango, Clarion, Elk, Potter, Clearfield and Jefferson), Missouri (Miller), and Michigan (Gogebic, Lake, Arenac, Iosco and Cheboygan). The expected annual mortgage on a 30-year mortgage with a 20% down payment for a home purchased at the median sales price is less than $5,000. Under such a scenario, the mortgage payment would account for less than 10% of the income of a typical family that purchased a vacation home in one of the top least expensive vacation destination locations. Owning a second home is more affordable for families living in these particular areas. Other Significant Findings Buyers purchasing a vacation home usually pay all-cash or opt to obtain a mortgage, and typically make a 20% down payment. Recent low mortgage rates made it more affordable to borrow to purchase a second home. Cape May, New Jersey, topped the list of vacation home counties where second home mortgages accounted for the largest share of home purchase loans. Also on that list, among other areas, was California, which has Alpine and Mono counties; New York, which has Hamilton and Delaware counties; and, among others, Colorado, which is the location of Grand and Summit counties. Most of the borrowers who obtained mortgages for second homes earned around $100,000 or more. Among borrowers for second homes, the estimated mortgage payment to income ratio ranged from 4% to 12% in the vacation home counties. 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 Lowest for a July in at Least 20 Years, but Four States Post Annual Gains
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Housing Trends Foreshadow Housing Shortage Ahead
Low mortgage rates shrink entry-level and mid-tier inventory levels in September 2019 SANTA CLARA, Calif., Oct. 8, 2019 -- Nearly two years after U.S. housing inventory hit its lowest levels in recorded history, the market is showing signs it may be headed for another shortage, according to realtor.com's September 2019 housing trend report released today. Data show increased demand from lower mortgage rates prompted a 10 percent year-over-year decrease in available homes under $200,000 and halted 18 months of inventory gains in the mid-market last month. National inventory of homes for sale continued to decline in September, posting a 2.5 percent decrease over this time last year, and a faster rate of decline compared to August's 1.8 percent decrease. Driven by strong demand and short supply, entry-level homes priced below $200,000 have been steadily decreasing since May of 2014, which continued in September with a yearly decline of 9.8 percent. After 18 months of solid inventory growth, mid-market homes priced between $200,000 and $750,000 -- which make up the largest segment of inventory -- flatlined in September with 0 percent growth and are poised for their first decline next month. "Buyers looking for their next home have faced the headwinds of tight inventory and a competitive market this year. While lower mortgage rates and the arrival of fall promised a reprieve, conditions continue to tighten as demand remains strong. September inventory trends, especially in the mid-market, may be the canary in the coal mine that we could be headed for even lower levels of inventory in early 2020," according to George Ratiu, senior economist for realtor.com®. Finding an affordable home has been a challenge for buyers in recent years, but mid-market inventory in particular has seen some relief in the last 18 months. This month's data shows that recovery has halted, which should translate into increased competition for move-up buyers, not just first-time buyers. "The mid-tier of housing represents nearly 60 percent of homes for sale on the market, making it a solid indicator of how tight inventory levels are in the U.S. After more than a year and a half of solid growth in this segment, we're seeing inventory levels stall out and flat-line. If, or better yet, when inventory in this segment begins to take a downturn, the vast majority of homebuyers are going to feel its effects as their options rapidly dwindle," said Ratiu. Homes listed over $750,000 continued to grow by 4.7 percent year-over-year. However, if strong homebuying demand, fueled by lower interest rates, continues to persist into the fall, the inventory of homes in this upper-tier price range could also see declines by February of the coming year. Price gains continued to moderate this month. The median U.S. home list price was $305,000 in September, 4.3 percent higher than this time a year ago. However, price growth is slower than last September, when the median list price grew by 7.3 percent. The pace of sales also remained at near record highs.The median age of properties on realtor.com® in September reached 65 days. The typical property spent one more day on the market compared to last September and two more than last month, in keeping with the seasonal trend of buying activity slowing in the fall. 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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'Wow' Moments and Relationships: An RPR Story
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Altus Group Partners with CREA and its Member Boards and Associations to Expand the MLS Home Price Index Nationally
Advanced AVM technology from Altus Group combined with extensive data from real estate boards and associations delivers first national Canadian index making it one of largest and most comprehensive in the world TORONTO, Oct. 02, 2019 -- Altus Group Limited, a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, together with The Canadian Real Estate Association ("CREA") and the Founding Boards, including the Greater Vancouver Real Estate Board, the Fraser Valley Real Estate Board, the Calgary Real Estate Board, the Toronto Regional Real Estate Board, and the Quebec Professional Association of Real Estate Brokers, announced the broadening of their partnership to expand CREA's Multiple Listing Service® ("MLS®") Home Price Index nationally. The MLS® Home Price Index is the most advanced and accurate tool relied on by the industry to gauge a neighbourhood's home price levels and trends. The MLS® Home Price Index was pioneered by CREA and the Founding Boards and leverages Altus Group's proprietary technology and sophisticated statistical models. Altus Group developed the technology that powers the MLS® Home Price Index in 2009 which analyzes all of the sales data from a board or association's MLS® system, applies a value to a "typical" home for various types of dwellings for each submarket, and tracks the relative change in value over time. Through the timely access to data inputs directly from the real estate boards and associations, real estate transactions across the country are captured on a real-time basis to ensure the index values capture market trends and activity to allow for faster insights for realtors and their clients. Leveraging its machine learning expertise along with its proprietary knowledge of automated valuation models ("AVM") and data cleansing, Altus Group has continued to improve the technology that powers the MLS® Home Price Index and supports its expansion to markets across Canada. "We're excited to announce that for the first-time there is an agreement in place for all Canadian real estate boards and associations to join the MLS® Home Price Index and create a truly national housing price index that encompasses all of the housing market activity. Providing all of our members with this level of analysis and visibility into the market trends is invaluable," said Michael Bourque, CEO of CREA. "We're pleased to continue and further expand our strategic partnership with Altus Group to deliver greater value to REALTORS® and the Canadian real estate market by providing consistent and reliable insights on a local and national level." This new agreement provides a framework to expand the MLS® Home Price Index from the current 18 real estate boards to all of CREA's 90 real estate boards and associations across Canada, representing more than 130,000 REALTOR® members. The expansion enables CREA and all real estate boards and associations to jointly provide a truly national MLS® Home Price Index for Canada. "This is a reflection of the success we've achieved in our partnership to date, and the combination of machine learning and AVM technology delivers a powerful tool at a scale that brings greater value to everyone across the industry," said Richard Simon, Managing Director of Data Solutions at Altus Group. "This expanded agreement with Altus Group enables us to support REALTORS® with the first truly national Housing Price Index. Having greater access and visibility to data is critical in today's competitive market and a national MLS® Home Price Index will better equip REALTORS® to address the needs of consumers across all markets," said Gregory Klump, Chief Economist at CREA. "This is great news for REALTORS® and their clients," said Bill Stirling, CEO of the Newfoundland and Labrador Association of REALTORS®. "The MLS® Home Price Index provides the best way to understand how local housing price trends are evolving, and we're proud to be a part of this." About Altus Group Limited Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,500 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world's largest real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF. For more information on Altus Group, please visit: www.altusgroup.com. About The Canadian Real Estate Association The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations. CREA works on behalf of more than 130,000 REALTORS® who contribute to the economic and social well-being of communities across Canada. Together they advocate for property owners, buyers and sellers.
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People Who Bought Homes in 2012 Have Earned a Total of $203 Billion in Equity
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Home Improvement Projects Are Worth Cost and Time, Says Realtor Survey
WASHINGTON (October 3, 2019) – Homeowners who decide to undergo a home improvement project, whether it be interior or exterior modifications, often find that the task was worth the investment and time, according to a new report from the National Association of Realtors®, with insights from the National Association of the Remodeling Industry. The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors®, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry. The report examines a variety of remodeling projects, using responses to rank the appeal of a given project, rank the value of the project in terms of resale and determine its overall functionality. The findings also reveal the reasons for remodeling, the success of taking on the various projects and the increased happiness reported in the home upon completion of the job. After completing a remodeling project, 74% of owners have a greater desire to be in their home, 65% say they experience increased enjoyment, and 77% feel a major sense of accomplishment, according to the survey. Additionally, 58% report a feeling of happiness when they see their completed projects, while 38% say they have a feeling of satisfaction. "Realtors® and homeowners alike recognize the value of taking on a major home remodeling project," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us, with feelings of accomplishment, satisfaction and higher home values." NAR calculated what it refers to as a "Joy Score" for each project. The score is based on the happiness homeowners reported with their renovations; the more pleased with a given project, the better the Joy Score, with the highest possible score being 10. Interior projects that received some of the higher Joy Scores are complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement conversions to living areas. Exterior jobs with the highest Joy Scores were new fiberglass or steel front doors, new vinyl and wood windows and new roofing. "The NAR report shows us that people often remodel for resale purposes, but it also reminds us that homeowners remodel, too, with the desire to make a home their own," said Lawrence Yun, NAR chief economist. Kitchen Renovation A complete kitchen renovation received a top Joy Score of 10. Ninety-three percent of those polled said they have a greater desire to be at home since the completion of their kitchen, and 95% said they have an increased sense of enjoyment when at home. "The kitchen is a space homeowners frequent regularly throughout the course of the day," Yun noted. "So when that area is remodeled to owners' exact preferences – as they enter and exit the room – they continually experience the satisfaction of a job well done." The most important result of a kitchen renovation is improved functionality and livability, according to 46% of those polled. As to the reasons why they decided to take on the project, 24% say they wanted to upgrade worn-out surfaces and materials. Another 20% report they had recently moved into their home and had a desire to customize the kitchen to their particular tastes. "Kitchens serve as the "heart of the home" for many, and whether you like to entertain or cook, updating a kitchen ensures greater access and use as homeowners age, especially when the upgrades take accessibility into account," said NARI 2019-2020 President of the Board, Robert Kirsic, (CKBR) certified kitchen and bath remodeler. "No matter the size of the kitchen, a certified professional can guide the design and build process in a way that will yield joy and happiness for the homeowner." Closet Renovation Upgrading home closets was another task that received a 10 Joy Score. This is due in part to the inconvenience of a disorganized closet, which is something a homeowner encounters daily, often at the start of their day. When a closet renovation is finished, the sense of achievement is immediate. Thusly, 68% of those surveyed say they feel a major sense of accomplishment when they think about the completed project. Nearly three-quarters, 72%, report having a greater desire to be at home since finishing the job. With a closet redesign, 56% say the most important result is better functionality and livability. Fifty-four percent say the top reason for doing the job was the need to improve organization and storage. Fifteen percent answered that it was time for a change. Full Interior Paint Job Completing a full interior paint job in the home scored a 9.8 Joy Score. A finished paint job is usually visible in every room in a home, which speaks to how important a task this is to respondents. A vast majority, 88%, say they have a greater desire to be home since having their home freshly painted. Eighty-six percent report feeling a major sense of accomplishment when they think of the project. New Fiberglass Front Door As mentioned, the installation of fiberglass front doors is a highly rated exterior project, receiving a Joy Score of 9.7. Seventy-nine percent of polled homeowners say they have had a greater desire to be at home upon completion of the job. Sixty-seven percent say they have an increased sense of enjoyment when they are at home, and another 69% state that they feel a major sense of accomplishment when they think of the completed project. New Vinyl Windows New vinyl windows also received a very high Joy Score, 9.6, while 42% of those surveyed say the most important result is improved functionality and livability. As for the top reasons for doing the job, 47% say they had a desire to improve their home's energy efficiency and 23% say they wanted to upgrade worn-out surfaces, finishes and materials. Cost Recovered Remodelers often take on projects with resale in mind, rather than their own home preferences. The report found the top projects for recovering cost are new roofing, hardwood floor refinishing, and new hardwood floor installation. NARI Remodelers estimate that new roofing costs $7,500, and Realtors® estimate that new roofing helps sellers recover $8,000, on average. That equates to 107% of value recovered from the project. Lastly, NARI Remodelers estimate that new wood flooring costs $4,700, with Realtors® estimating the project helps sellers recover $5,000, or a 106% value recovery. NARI Remodelers estimate that hardwood floor refinishing costs $2,600, and Realtors® estimate that the hardwood floor refinishing would help sellers recover $2,600. "Using a trusted, professional remodeler paves the way for a successful project outcome," said NARI CEO, David R. Pekel, MCR, UDCP, CAPS. "NARI members adhere to our code of ethics, and work to design the best solution for homeowners to deliver satisfaction." About NAR's Survey In June and July of 2019, homeownership site HouseLogic.com surveyed consumers regarding the last remodeling project they undertook. A total of 2,193 respondents took the online survey. The Joy Score was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10. Higher Joy Scores indicate greater joy from the project. In March and June 2019, NARI emailed a cost survey to its 4,400 members. A total of 378 responses were received. The survey had an adjusted response rate of 11.6%. Respondents were asked to consider certain parameters. In July 2019, NAR emailed an interior remodeling project survey to a random sample of 52,491 members. A total of 2,485 responses were received. The survey had an adjusted response rate of 4.7%, (see report for full methodology). 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 August Home Prices Increased by 3.6% Year Over Year
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OJO Labs Expands Its Suite of Leading Technology Products with Acquisition of Real Estate Software Platform RealSavvy
The acquisition speeds up the company's execution to deliver exceptional experiences for consumers and the real estate agents that serve them AUSTIN, Texas, October 2, 2019 – OJO Labs, which empowers consumers to make better decisions through its conversational AI (artificial intelligence) platform, "OJO," acquired Austin-based RealSavvy, a powerful real estate software platform for REALTORS®, brokers, and teams that combines its collaborative IDX with customizable websites, branded mobile apps, and a fully-integrated predictive CRM. OJO Labs has been forward-thinking in its approach to create a full stack of product offerings and solutions that will solve real consumer issues and advance the real estate industry that serves them. Now, with its WolfNet and RealSavvy divisions, the company is in a position to bring an unprecedented combination of the best data, proprietary AI and technology platforms to further its mission and offer a truly differentiated, comprehensive home buying and selling experience, and help agents engage at optimal times during the process. RealSavvy's competitive edge comes from the way its platform keeps agents and their clients connected throughout the home transaction cycle. The home search is uniquely collaborative through a social, Pinterest-like and highly communicative experience. Among all homebuyers, the top two sources for information and property search are online websites (93%) and real estate agents (86%) as published by the National Association of REALTORS® research division. RealSavvy's products bring these sources together in a consumer-centric, shared space with superior CRM functionality, rich client search analytics and notifications, as well as its real-time chat functionality, ensuring agents build and retain momentum from search to close. "RealSavvy's game-changing products and features were built to solve hard and entrenched problems that agents and brokers have wrestled with for years," shares John Berkowitz, CEO of OJO Labs. "Even more significant than the products and underlying technology, is our alignment on vision and values. Our teams invested in similar visions, not to build products or a company for a quick sale, but to create products that truly impact people's lives in a positive way, for both consumers and the agents that serve them." With RealSavvy joining OJO Labs in its new Austin headquarters on South Congress Ave., the company has assembled an outstanding team of engineering, data science, product and marketing professionals on its trajectory toward transforming real estate experiences for consumers. The culture, passion and focus enable the organization to solve complex problems while blazing new trails in ways no other company has done before. The synergy will allow partnered brokerages the ability to scale distinct products into the hands of consumers and agents. "Our visions are aligned to effect transformative changes in the behaviors of agents and consumers working together," Rick Orr, CEO of RealSavvy commented. "Bringing our platforms together, with a team of exceptional talent solving hard technical problems, adds fuel to our vision and helps agents have less dependency on portals, or aging technology, giving the industry a momentus advantage." OJO Labs is not disclosing details of the acquisition, however, RealSavvy will be immediately integrated into the company, leveraging its resources, market access, and team to further RealSavvy offerings and vision. About OJO Labs Inc. OJO Labs is on a mission to empower people to make better decisions through the fusion of machine and human intelligence. The company's unique, patented AI technology products can conduct text conversations with consumers at scale. By combining natural language understanding with data and personalization, the products allow consumers to deeply engage in a purchase process before interacting with a salesperson. OJO Labs is backed by the two most active VC firms in Texas, leaders in real estate and financing industries, as well as key industry executives. OJO Labs has been recognized with seventeen major industry and workplace awards in 2019, including CV Magazine's Best Digital Property Search Platform award, an AI Breakthrough Awards Best AI-Based Solution for Real Estate winner, an Austin Chamber of Commerce 2019 Austin A-List winner, and listed in FORTUNE Magazine's Best Workplaces in Texas 2019. The OJO team has decades of combined success scaling businesses and deep experience in data science, engineering, product marketing, and operations. About RealSavvy Founded in 2014 in Austin, TX, RealSavvy is an all-in-1 platform for real estate agents, teams and brokerages dedicated to innovating how homebuyers engage with their agents through a "Pinterest-style," collaborative home search. Winners of the 2015 SXSW Accelerator for Innovative Technology, the RealSavvy team is setting the bar high for IDX websites, CRM, and mobile apps.
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W+R Studios Announces Cloud Agent Suite Will Be Free to Try Until 2020
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CREXi Commercial Listings Go Live on RPR
In May of 2019, RPR announced a strategic partnership with CREXi, a commercial real estate listings portal, community and marketplace. Today, the RPR-CREXi listings partnership goes live, which will offer REALTORS® and RPR users access to more than 84K for sale properties, 180K spaces for lease, and 50K historical sale/off-market properties. These listings will be searchable in RPR nationwide, making RPR's commercial inventory more robust than ever before. Together, CREXi and RPR enable NAR's commercial members to streamline, manage and grow their business. This data integration between RPR and CREXi will allow commercial practitioners to manage their for-sale and for-lease properties in a more streamlined fashion. Bottom line: it will simplify transactions and boost business for all commercial users. Watch this video to learn more about the RPR-CREXi partnership Another big advantage for REALTORS® is an exclusive 35% discount to join CREXi Pro, a premium version of CREXi that includes more features and has the potential to increase property marketing efforts. Learn more about CREXi Pro. To view the original post, visit the RPR blog.
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Median-Priced Homes Remain Unaffordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
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Pending Home Sales Grow 1.6% in August
WASHINGTON (September 26, 2019) – Pending home sales increased in August, a welcome rebound after a prior month of declines, according to the National Association of Realtors. Each of the four major regions reported both month-over-month growth and year-over-year gains in contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, climbed 1.6% to 107.3 in August, reversing the prior month's decrease. Year-over-year contract signings jumped 2.5%. An index of 100 is equal to the average level of contract activity. "It is very encouraging that buyers are responding to exceptionally low interest rates," said Lawrence Yun, NAR chief economist. "The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply." August Pending Home Sales Regional Breakdown All regional indices are up from July, with the highest gain in the West region. The PHSI in the Northeast rose 1.4% to 94.3 in August and is now 0.7% higher than a year ago. In the Midwest, the index increased 0.6% to 101.7 in August, 0.2% higher than August 2018. Pending home sales in the South increased 1.4% to an index of 124.4 in August, a 1.8% bump from last August. The index in the West grew 3.1% in August 2019 to 96.4, an increase of 8.0% from a year ago. Yun noted that historically low interest rates will affect economic growth, especially home buying, going forward. "With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020," said Yun. "Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity." The National Association of Realtors® is forecasting home sales to rise 0.6% in 2019 and another 3.4% in 2020. Housing starts are predicted to increase by 2.0% in 2019 and jump an additional 10.6% in 2020, which in turn raises GDP to growth at 2.0% in 2020. 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. Navy Veteran Wins $75,000 Veteran Homebuyer Giveaway
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Matterport Announces AI Capabilities that Will Turn Smartphones into 3D Capture Devices
Company's cloud-based image processing software will create 3D experiences derived from standard smartphone cameras SUNNYVALE, Calif., Sept. 26, 2019 -- Matterport, the leading spatial data company focused on digitizing and indexing the built world, announced today its latest breakthrough, Matterport 3D Capture for Smartphones, which will turn consumer smartphones into 3D capture devices. This capability, which was demonstrated for the first time today at an invite-only event at San Francisco's most exclusive property – Residence 950 – will support iPhone and Android devices. The first iPhone version is expected to be available in beta by the end of the year. Matterport's visionary CEO RJ Pittman explained at the gathering of technology and business leaders that this new innovation is made possible by advancements in Cortex, Matterport's AI-powered image-processing technology. Cortex features three-dimensional intelligence that can understand objects, rooms and the detailed characteristics of any physical space. The technology is trained on Matterport's industry-leading dataset that is comprised of billions of 3D data points and can construct stunning 3D digital twins from two-dimensional images. "Matterport aims to achieve full camera and capture ubiquity that will allow us to digitize the entire built world," Pittman stated. "Creating a 3D solution compatible with smartphones is a huge step towards reaching that goal, allowing the broader community of billions of iPhone and Android users to access the capabilities of our technology." Pittman was joined at Thursday's event by real estate moguls and stars of Bravo TV's Million Dollar Listing Los Angeles, Josh and Matthew Altman. "Matterport's 3D technology is a game-changer for our business, especially for marketing elite homes like 950 Lombard Street – an exceptional property in one of San Francisco's most desirable neighborhoods," said Josh Altman. "Matterport's cutting-edge technology makes it possible for a potential luxury homebuyer – sipping coffee halfway across the globe – to experience this gorgeous home in a realistic and immersive way. This is a great way to attract busy and out-of-town buyers!" Pittman added: "The digital transformation of the built world will fundamentally change the way people interact with buildings and the physical world around them. Matterport's 3D capture is foundational to this transformation because our unique technology is creating the data layer on which businesses and individuals can interoperate across industries." In addition to unveiling 3D capture for smartphones, Matterport also announced a new spatial awareness functionality that enables users to interactively measure and share the dimensions of any space – including floor plans, doorways, windows and walls – automatically. This powerful feature strengthens the impact of Matterport 3D experiences across applications and industries, from helping prospective homebuyers know whether furniture will fit in a space, to making it easier for contractors to more accurately and efficiently document dimensions during the construction or renovation process. Matterport's new spatial data features were announced and demonstrated alongside planned updates to the company's flagship app and cloud services, which include: Android compatibility for the Matterport Capture app, enabling anyone with an Android device to scan a space when connected to a compatible camera. The announcement of a planned developer program and updated SDK, offering extended functionality and robust developer APIs. About Matterport Matterport is the leading spatial data company digitizing and indexing the built world. The company enables anyone to create and share digital twins of the built world, which can be easily used to design, build, operate, improve and understand any space. These navigable virtual tours are presented in Matterport's photo-realistic digital media format. Experience real-world spaces through Matterport's interactive 3D digital twins as if you are actually there.
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WebsiteBox Introduces a New Real Estate Website Platform with Three Simple Pricing Plans
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CoreLogic Reports the Negative Equity Share Fell to 3.8% in the Second Quarter of 2019
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the second quarter of 2019. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 4.8% year over year, representing a gain of nearly $428 billion since the second quarter of 2018. The average homeowner gained $4,900 in home equity between the second quarter of 2018 and the second quarter of 2019. States that saw the largest gains include Idaho, where homeowners gained an average of $22,100; Wyoming, where homeowners gained an average of $20,400; and Nevada, where homeowners gained an average of $16,800 (Figure 1). From the first quarter of 2019 to the second quarter of 2019, the total number of mortgaged homes in negative equity decreased by 7% to 2 million homes or 3.8% of all mortgaged properties. The number of mortgaged properties in negative equity during the second quarter of 2019 fell by 9%, or 151,000 homes, compared with the second quarter of 2018 when 2.2 million homes, or 4.3% of all mortgaged properties, were in negative equity. "Borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started," said Dr. Frank Nothaft, chief economist for CoreLogic. "Combined with low mortgage rates, this rise in home equity supports spending on home improvements and may help improve balance sheets of households who could take out home equity loans to consolidate their debt." Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home's value, an increase in mortgage debt or both. Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis, which began in the third quarter of 2009. The national aggregate value of negative equity was approximately $302.7 billion at the end of the second quarter of 2019. This is down quarter over quarter by approximately $2.6 billion, or 0.8%, from $305.3 billion in the first quarter of 2019 and up year over year by approximately $21 billion, or 7.5%, from $281.7 billion in the second quarter of 2018. "Home values have continued to rise in most parts of the country this year and we are seeing the benefit in higher home equity levels. The western half of the U.S. has experienced particularly strong gains in home equity recently," said Frank Martell, president and CEO of CoreLogic. "In July 2019, South Dakota and Connecticut were the only two states to post annual home price declines. These losses mirror the states' home equity performances during the second quarter as both reported negative home equity gains per borrower." 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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More than Half Say 'Now Is a Good Time to Buy,' According to Realtor Survey
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U.S. Home Flipping Returns Drop to Nearly Eight-Year Low in Q2 2019
Flipping Rate Declines After Spike In Q1 2019; Total Dollar Volume of Homes Flipped With Financing Reaches $8.4 billion – A 13-Year High IRVINE, Calif. – September 19, 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 Flipping Report, which shows that 59,876 U.S. single family homes and condos were flipped in the second quarter of 2019, up 12.4 percent from the previous quarter, but down 5.2 percent from a year ago. The homes flipped in the second quarter represented 5.9 percent of all home sales during the quarter, down from a post-recession high of 7.2 percent in the previous quarter, but up from 5.4 percent a year ago. Homes flipped in Q2 2019 typically generated a gross profit of $62,700 (the difference between the median sale price and median paid by investors), up 2 percent from the previous quarter, but down 2 percent from a year ago. The typical gross flipping profit of $62,700 in Q2 2019 translated into a 39.9 percent return on investment compared to the original acquisition price, down from a 40.9 percent gross flipping ROI in Q1 2019 and from a margin of 44.4 percent in Q2 2018. Returns on home flips have dropped six quarters in a row and eight of the last 10, now standing at the lowest level since Q4 2011. "Home flipping keeps getting less and less profitable, which is another marker that the post-recession housing boom is softening or may be coming to an end," said Todd Teta, chief product officer at ATTOM Data Solutions. "Flipping houses is still a good business to be in and profits are healthy in most parts of the country. But push-and-pull forces in the housing market appear to be working less and less in investors' favor. That's leading to declining profits and a business that is nowhere near as good as it was a few years ago." Home flipping rate up from a year ago in 70 percent of local markets Despite the quarterly drop in home-flipping rates, 104 of 149 metropolitan statistical areas analyzed in the report (70 percent) posted a year-over-year increase in their rates in Q2 2019, including Raleigh, NC (up 72 percent); Charlotte, NC (up 54 percent); Atlanta, GA (up 46 percent); San Antonio, TX (up 46 percent) and Tucson, AZ (up 43 percent). Among the areas analyzed, the number of homes flipped reached new peaks in Q2 2019 in 10 MSAs. The largest were Charlotte, NC; San Antonio, TX; Pittsburgh, PA; Oklahoma City, OK and Raleigh, NC. Home flip lending volume up 31 percent from a year ago, to 13-year high The total dollar volume of financed home flip purchases in the second quarter of 2019 was $8.4 billion, up 31.3 percent from $6.4 billion in Q2 2018 to the highest level since Q3 2006. Flipped properties originally purchased by the investor with financing represented 41.0 percent of all home flips in Q2 2019, up slightly from 40.8 percent in the previous quarter, but down from 45.9 percent a year ago. Among 53 metropolitan statistical areas analyzed in the report with at least 1 million people, those with the highest percentage of Q2 2019 completed flips purchased with financing were Salt Lake City, UT (93.7 percent); Austin, TX (92.6 percent); Dallas-Fort Worth, TX (86.4 percent); San Antonio, TX (83.1 percent) and Kansas City, MO (82.2 percent). Investors are doubling their money in five markets Among the 149 metropolitan statistical areas analyzed in the report with at least 50 home flips completed in Q2 2019, five had gross ROI flipping profits of more than 100 percent: Scranton, PA (134 percent); Pittsburgh, PA (132.5 percent); Reading, PA (129.3 percent); Kingsport, TN (104.1 percent) and Augusta, GA (101.1 percent). Along with Pittsburgh, metro areas with a population of at least 1 million and the highest gross flipping ROI included Philadelphia, PA (99.9 percent); Cleveland, OH (98.3 percent); Baltimore, MD (91.5 percent) and Buffalo, NY (85.5 percent). Average home flipping returns continue to slip Homes flipped in the second quarter of 2019 were sold for a median price of $220,000, with a gross flipping profit of $62,700 above the median purchase price of $157,300. The Q2 2019 figure was up from a gross flipping profit of $61,500 in the previous quarter, but down from $64,000 in Q2 2018. Of those 149 markets with at least 50 or more flips and a population greater than 200,000 in the second quarter of 2019, those that saw the smallest gross flipping profits were Montgomery, AL (profit of $23,250); Raleigh, NC (profit of $24,000); Springfield, MO (profit of $27,025); San Antonio, TX (profit of $27,117) and Savannah, GA (profit of $28,900). Markets with the smallest rates of returns included Raleigh, NC (10.9 percent ROI); Las Vegas, NV (15.2 percent ROI); Phoenix, AZ (15.3 percent ROI); San Antonio, TX (15.6 percent ROI) and San Francisco, CA (17.1 percent ROI). Areas that saw their ROIs drop most in Q2 2019 included Raleigh, NC (down 72 percent from an ROI of 38.7 percent to 10.9 percent), Savannah, GA (down 56 percent, from an ROI of 47.3 percent to 20.6 percent); San Antonio, TX (down 53 percent, from an ROI of 33 percent to 15.6 percent); Springfield, MO (down 52 percent from an ROI of 42 percent to 20.2 percent) and Baton Rouge, LA (down 50 percent from 106.6 percent to 53.5 percent). Average time to flip nationwide is 184 days Homes flipped in Q2 2019 took an average of 184 days to complete the flip, up from an average of 180 days for homes flipped in Q1 2019 and up from an average of 183 days a year ago. Among the 149 metro areas analyzed in the report, those with the shortest average days to flip were Memphis, TN (137 days); Mobile, AL (147 days); Raleigh, NC (150 days); McAllen-Edinburg-Mission, TX (150 days) and Phoenix, AZ (151 days). Metro areas with the longest average days to flip were Crestview-Fort Walton Beach-Destin, FL (239 days); Naples, FL (229 days); Provo, Utah (219 days); Lansing, MI (217 days) and Gainesville, FL (214 days). Flipped homes sold to FHA buyers increases from previous quarter Of the 59,786 U.S. homes flipped in Q2 2019, 14.4 percent were sold by the flipper to a buyer using a loan backed by the Federal Housing Administration (FHA), up from 13.8 percent in the previous quarter and up from 12.8 percent a year ago. Among the 149 metro areas analyzed in the report, those with the highest percentage of Q2 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Allentown, PA (29.6 percent); Port St. Lucie, FL (29.6 percent); Stockton, CA (28.5 percent); Fresno, CA (27.8 percent) and Lakeland, FL (27.7 percent). Seventeen counties had a home flipping rate of at least 12 percent Among 694 counties with at least 10 home flips in Q2 2019, there were 17 counties where home flips accounted for at least 12 percent of all home sales. Here are the top five: Macon County, TN in the Nashville metro area (15.8 percent); Chester County, TN in the Jackson metro area (14.7 percent); Prince George's County, MD in the Washington metro area (14.1 percent); Haralson County, GA in the Atlanta metro area (14.0 percent) and Duplin County, NC (13.9 percent). Sixteen zip codes had a home flipping rate of at least 25 percent Among 1,797 U.S. zip codes with at least 10 home flips in Q2 2019, there were 16 zip codes where home flips accounted for at least 25 percent of all home sales. Here are the top five: 85714 in Pima County, AZ (32.4 percent); 44110 in Cuyahoga County, OH (31.0 percent); 38109 Shelby County, TN (30.1 percent); 08083 in Camden County, NJ (28.6 percent) and 38118 in Shelby County, TN (28.0 percent). Report methodology ATTOM Data Solutions analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM 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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Redfin Survey: 38% of Homebuyers and Sellers Hesitant to Move to a Place Where They'd Be in the Political Minority
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Existing-Home Sales Increase 1.3% in August
WASHINGTON (September 19, 2019) – Existing-home sales inched up in August, marking two consecutive months of growth, according to the National Association of Realtors. Three of the four major regions reported a rise in sales, while the West recorded a decline last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.3% from July to a seasonally adjusted annual rate of 5.49 million in August. Overall sales are up 2.6% from a year ago (5.35 million in August 2018). Lawrence Yun, NAR's chief economist, attributed the increase in sales to falling mortgage rates. "As expected, buyers are finding it hard to resist the current rates," he said. "The desire to take advantage of these promising conditions is leading more buyers to the market." The median existing-home price for all housing types in August was $278,200, up 4.7% from August 2018 ($265,600). August's price increase marks the 90th straight month of year-over-year gains. "Sales are up, but inventory numbers remain low and are thereby pushing up home prices," said Yun. "Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income." Total housing inventory at the end of August decreased to 1.86 million, down from 1.90 million existing-homes available for sale in July, and marking a 2.6% decrease from 1.91 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, down from 4.2 months in July and from the 4.3-month figure recorded in August 2018. Properties typically remained on the market for 31 days in August, up from 29 days in July and in August of 2018. Forty-nine percent of homes sold in August 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 3.62% in August, down from 3.77% in July. The average commitment rate across all of 2018 was 4.54%. The Federal Reserve should have been bolder and made a deeper rate cut, given current low inflation rates," said Yun. "The housing sector has been broadly underperforming but there is huge upward potential there that will help our overall economy grow." First-time buyers were responsible for 31% of sales in August, down from 32% in July and equal to the 31% recorded in August 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 or second-home buyers, who account for many cash sales, purchased 14% of homes in August 2019, up from 11% recorded in July and from 13% recorded in August a year ago. All-cash sales accounted for 19% of transactions in August, about equal to July's percentage and moderately down from August 2018 (19% and 20%, respectively). Distressed sales – foreclosures and short sales – represented 2% of sales in August, unchanged from July, but down from 3% in August 2018. "Rates continue to be historically low, which is extremely beneficial for everyone buying or selling a home," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "The new condominium loan policies, as well as other reforms NAR is pursuing within our housing finance system, will allow even more families and individuals in this country to reach the American Dream of homeownership." Regional Breakdown Compared to July, existing-home sales recorded in August rose in the Northeast, Midwest and South regions, but fell slightly in the West region. Compared to last year, August sales increased in each of the four major regions, with the greatest gain coming in the South. Median home prices rose from a year ago, except in the Northeast, with the Midwest showing the highest price increase. August existing-home sales in the Northeast increased 7.6% to an annual rate of 710,000, a 1.4% rise from a year ago. The median price in the Northeast was $303,500, down 0.3% from August 2018. In the Midwest, existing-home sales grew 3.1% to an annual rate of 1.31 million, which is a 2.3% increase from August 2018. The median price in the Midwest was $220,000, a 6.6% jump from a year ago. Existing-home sales in the South increased 0.9% to an annual rate of 2.33 million in August, up 3.6% from a year ago. The median price in the South was $240,300, up 5.4% from one year ago. Existing-home sales in the West declined 3.4% to an annual rate of 1.14 million in August, 1.8% above a year ago. The median price in the West was $415,900, up 5.7% from August 2018. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.90 million in August, up from 4.84 million in July and up 2.9% from a year ago. The median existing single-family home price was $280,700 in August 2019, up 4.7% from August 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in August, 1.7% above the rate from the previous month and about equal to a year ago. The median existing condo price was $257,600 in August, which is up 5.2% from 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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Showing Index Records Nationwide Growth for the First Time in More Than a Year, Indicating Increasing Strength in Buyer Demand
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The "Black Friday" of Homebuying is Almost Here
The first week of Fall is the best time of the year to buy a home. It offers buyers less competition, more price reductions and greater inventory SANTA CLARA, Calif., Sept. 19, 2019 -- Many homebuyers may be ready to give up on their home search for the year, but the best time to buy a home in 2019 is the week of September 22, during which shoppers will find less competition, more price reductions and more inventory to choose from, according to new data released today by realtor.com®, the Home of Home Search. Of the 53 markets in the U.S., 41 reported the week September 22-28 as the best time to buy. According to metro level data analyzed from 2016 to 2018, there is a sweet spot in September when U.S. buyers face 26 percent less competition and there tends to be 6.1 percent more homes on the market, compared to the average week of the year. Nearly 6 percent of homes on the market go through price reductions and tend to be 2.4 percent cheaper than their peak, making this the "Black Friday" of homebuyers, only buyers won't even have to line up overnight to score on these deals. "As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again. With dramatically less competition, persistent buyers will feel the scales tip in their favor as eager sellers begin to cut their prices in an effort to entice a sale," said George Ratiu, senior economist of realtor.com®. "As seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today's low mortgage rates and increased purchasing power." Regionally, these effects are most noticeable in the West where buyers will have nearly 30 percent less competition than the average week. Listing prices are down 4 percent versus their peak and nearly 9 percent of homes will have their prices reduced. Additionally, there will be 22 percent more active listings available to buyers and homes will stay on the market nearly 38 percent longer than their peak week. All in all, this week will be a great time for western U.S. buyers to find a home. On a market by market basis, Seattle leads the nation with a 41.3 percent drop in competition compared to the average week. It is followed by Portland, Ore. (-35.5 percent); Buffalo, N.Y. (-34.6 percent); Milwaukee (-32.8 percent), and Minneapolis (-32.6 percent). This week also sees a large influx of price cuts. Nationally, nearly 6 percent of actively listed homes see their prices reduced in an attempt to sway buyers. This trend is most prevalent in Denver where 11 percent of listings have their prices reduced. Denver is followed by Salt Lake City (10.8 percent), Seattle (10.2 percent), Austin, Texas (9.9 percent) and Portland, Ore., (9.9 percent). More fresh listings entering the market also contribute to making this the best week to buy a home. With 116,000 new listings added to the national inventory, this week has 6.1 percent more listings than the average week and 76 percent more than the start of the year. Seattle leads the nation with 41 percent more listings than the average week. It is followed by Portland, Ore. (30.9 percent), San Jose, Calif. (28.6 percent), Denver (27.2 percent), and San Francisco (25.7 percent). 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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HouseFax adds 'Radon Risk' data to Comprehensive Property History Reports
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REALTORS' Guide to Mastering Direct Mail
This handy, downloadable eBook will arm you with tips and strategies to begin or continue a successful direct mail real estate marketing campaign. You'll learn direct mail basic principles, including why direct mail works, how to create mailers and who to target. We'll also share why digital marketing hasn't killed direct mail and how it's actually done the opposite. Also included are step-by-step details on how to search an area geographically and how to create mailing labels within RPR. Get your REALTORS®' Guide to Mastering Direct Mail today!
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CoreLogic Reports an 11.4% Year-Over-Year Decrease in Mortgage Fraud Risk in the Second Quarter of 2019
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Redfin Report: Rochester, Buffalo and Hartford at Least Risk of a Housing Downturn in the Next Recession
Another recession is unlikely to have a widespread impact on the real estate market, but some parts of the country are at more risk than others SEATTLE, Sept. 6, 2019 -- Rochester, Buffalo and Hartford have the lowest risk of a housing downturn in the next recession, according to a new report from Redfin, the technology-powered real estate brokerage. While the next recession is unlikely to have a large negative impact on the real estate market, some metro areas including Riverside, Phoenix and Miami have the highest risk. Since 1980, there have been five official recessions in the United States. In all but the 2007-2009 Great Recession, inflation-adjusted home prices only declined an average of 2.7 percent from the month before the recession began to the final month of the recession, according to the home price index data from Robert Shiller. With the Great Recession still fresh in Americans' memories, the idea of a housing crash is psychologically linked with an economic recession for many people. But historically, that usually hasn't been the case. The Great Recession is a major outlier in the relationship between home prices and recessions, largely because the overinflated housing market was its major cause. But the housing market, which remains strong, is unlikely to be a culprit or victim of the next recession. "Home prices are high right now, but they're high because there's not enough supply to meet demand, which means there's not a bubble at risk of bursting," said Redfin chief economist Daryl Fairweather. "Most of today's financed homeowners have excellent credit and a cushion of home equity, making them unlikely to default on their mortgage even if their weekly grocery bill grows or their stock portfolio shrinks in the next recession." Fairweather continued, "If the U.S. enters a recession in the next two years, it will likely be caused by the global trade war. U.S. industries that rely on exports, like the automotive industry and the agricultural industry, would be the most vulnerable and susceptible to layoffs. Homeowners who are laid off may not be able to continue covering their monthly mortgage payment and may be forced to sell their homes. And would-be homebuyers won't feel so confident about making a big purchase when they don't feel confident about their job security or their financial wellbeing. That could cause declines in home prices in markets whose economy depends on global trade, but home prices nationwide are likely to hold steady." Whatever does end up causing the next recession, housing markets in certain metro areas are at greater risk of negative impacts like declining prices and a glut of homes for sale. To identify the local housing markets most likely to feel adverse effects from the next recession, we looked at the following factors: Median home sale price-to-household income ratio (weight: 1.5, higher is riskier) Average loan-to-value ratio of recently-purchased homes (weight: 1.5, higher is riskier) Home price volatility, measured by the standard deviation of home prices year-to-year (weight: 1.5, higher is riskier) Share of home sales that are flips (weight: 1.5, higher is riskier since flipping can be volatile in a shaky economy) Diversity of local employment (weight: 1.0, less diversity is riskier) Share of the local economy dependent on exports (weight: 1.0, higher is riskier during a trade war) Share of local households headed by someone age 65 or older (weight: 0.5, higher is riskier) The metro area with the highest risk of a real estate dip during a recession is Riverside, California, with an overall score of 72.8 percent, followed by Phoenix (69.8%) and Miami (69.5%). The areas at most risk are many of the same regions where housing was hit hardest by the Great Recession, clustered in Southern California, the Southwest, and Florida. These are all areas where home prices tend to be more volatile than other parts of the country. This is likely due to their relatively high loan-to-value ratios, and larger share of the market that is dominated by home flippers. These markets tend to attract a lot of investor activity, which can drive prices up, leading local homeowners to take on more debt to afford homes in their area. The metro area with the lowest risk of a real estate dip during a recession is Rochester, New York, with an overall score of 30.4 percent, followed by nearby Buffalo (31.9%) and Hartford, Connecticut (33.9%). The areas with the least risk are heavily clustered in the Northeast and the Midwest. This is due to a number of factors, including more affordable home prices, less investor activity, and local economies that are less prone to volatile boom-bust swings. None of the metro areas in the top 10 with the lowest risk of a housing downturn is west of the Mississippi. The lowest score in the West was Denver, with an overall risk score of 41.5 percent, ranked 12 on the list. The sole metro on the West Coast with a risk score below 50 percent is San Francisco at 42.9 percent, which already began to slow earlier this year and therefore has less risk of a price downturn when the next recession hits. To read the full report, including the full list of metros and their relative risk of a housing downturn in the next recession, please visit: https://www.redfin.com/blog/next-recession-housing-market. 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 Stark Contrast Between Rising Mortgage Delinquencies in Eight States while National Rate Remains at 20-Year Low
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U.S. Housing Inventory Declines for First Time in a Year
Median listing prices see the largest July to August drop since 2012 SANTA CLARA, Calif., Sept. 10, 2019 -- Realtor.com, The Home of Home Search, today released its August 2019 housing trend report, which registered the first U.S. inventory decline in a year. Conversely, August data also shows an earlier than usual seasonal slowdown in the national median listing price as consumers react to news of economic uncertainty. "The state of the housing market as we head into the latter half of 2019 is a tug of war between increased affordability and economic anxiety. We're starting to see this tension play out in our August data," said George Ratiu, senior economist for realtor.com®. "On the one hand, lower interest rates have given buyers more purchasing power, which is contributing to August's decline in national inventory. However, concerns over trade wars and cutbacks in corporate spending are causing some buyers to postpone their search. This is contributing to both the slow down in prices, as well as the inventory decline, as buyers stay put in their current homes." Earlier this spring, realtor.com® predicted U.S. inventory would decline in fall 2019. As lower than expected mortgage rates combined with rising wages, buyers snapped up existing homes and prompted an early arrival in August of a 1.8 percent decline. The U.S. median listing price in August was $309,000, still 4.9 percent higher than a year ago, but 1.8 percent lower than July -- the largest drop from July to August since 2012. Typically, home prices increase from June until September. Although July to August declines do occur, the size of this drop points to an earlier than usual deceleration of prices, likely attributed to recent concerns over economic uncertainty. This data is consistent with the findings of realtor.com®'s August 2019 home shopper survey, which showed that 11 percent of buyers expect a recession by the end of this year, and 33 percent expect one in 2020. If a recession does hit, 56 percent of home shoppers stated that they would pause their home search until the economy recovered. According to Ratiu: "These strong but opposing forces make it more difficult to predict what will happen in the second half of this year. If the headwinds of economic uncertainty intensify, it could prompt a decrease in buyer demand and shift housing inventory's current trajectory. But if increased purchasing power prevails, we could see even more inventory declines and intensified competition between buyers." The median age of U.S. inventory in August reached 62 days. The typical property spent three days longer on the market compared to last August and four days longer than July 2019. For more information on realtor.com®'s August monthly data report, please visit: https://www.realtor.com/research/august-2019-data/ ‎ 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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RESAAS Announces Partnership with DocuSign to Accelerate the Digitization of the Real Estate Industry
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Terradatum Partners with Restb.ai to Include Image Tagging A.I. in Listing Videos
Image tagging seamlessly lines up rooms and features with human narration in Listing Videos. OVERLAND PARK, KAN. (SEPTEMBER 06, 2019) -- Terradatum announces their recent partnership with Restb.ai, the leading computer vision solution for real estate. This partnership leverages artificial intelligence software and enables auto-tagging of property photos, which Terradatum utilizes in their automated and data-driven Listing Video services. Listing Videos by Terradatum are dynamic presentations of available properties, featuring professional human narration, company branding for the brokerage and listing agent, company colors, exclusive scene selection, email video newsletters, and more. Amie Hall, Vice President of Video Solutions notes, "We always strive to be innovators in automated and scalable video services. The concept of artificial intelligence has been around for quite some time, and we are excited to incorporate this form of AI to create business value for our industry, instead of it just being a buzzword. This partnership further emphasizes the distinction between a ‘property slideshow' or ‘virtual tour' and a Listing Video by Terradatum. Coupling this technology with our narration is a game-changer for the product." Integrations like these create an enhanced experience in all aspects of the video solution. Brokers and agents can leverage the videos to differentiate themselves and earn more listings. Sellers and buyers alike appreciate that it's more than just elevator music with photos– It's a visually compelling story about the home. "Imagery is one of the most important digital assets in real estate because it caters to the emotional side of looking for your dream home. Restb.ai is, therefore, proud to be working with innovative partners like Terradatum to help brokers/agents effortlessly create video content they can be proud of. This is done by automagically identifying rooms and features in images so they line up seamlessly with Terradatum's human voiceover," adds Angel Esteban, CEO of Restb.ai. This service is available now from Terradatum for both broker and agent Listing Video products. About Terradatum, Inc. Terradatum is a leading provider of innovative real estate analytics solutions, delivered "any way you want it" on any available platform. Our advanced metrics enable real estate professionals to gain deep insight from their local MLS data. Our flagship product, BrokerMetrics®, is used by more than 15,000 real estate offices to chart market trends in comparative measurements of effectiveness, quality, and market performance. Learn more at terradatum.com. About Restb.ai Restb.ai is a computer vision company specializing in image recognition for real estate. Restb.ai's plug-n-play solution identifies, categorizes, and delivers results on property-related images with an accuracy of up to 99 percent. The solution pushes the boundaries of machine learning, having been designed from the ground up to accurately recognize complex concepts within a real estate context. Learn more at Restb.ai.
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ShowingTime Acquires Centralized Showing Service, Accelerating Its Growth with Enhanced Offerings to an Expanded Audience
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CoreLogic Reports July Home Prices Increased by 3.6% Year Over Year
The HPI Forecast indicates annual price growth will increase 5.4% by July 2020 CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for July 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from June 2018. On a month-over-month basis, prices increased by 0.5% in July 2019. (June 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 by 5.4% by July 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.4% from July 2019 to August 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. "Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income," said Dr. Frank Nothaft, chief economist at CoreLogic. "With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year." 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 July 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 June 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 26% of this age cohort expressed an interest in buying a home in the next 12 months, but only 8% indicated a desire to sell their home within the same time frame. This means that new housing starts, or sellers from other age cohorts, will need to make up the necessary available housing stock to meet the demand. This desire to buy while housing stock is limited will continue to force prices up as buyers search for a home to purchase. "Although the rise in home prices has slowed over the past several months, we see a reacceleration over the next year to just over 5% on an annualized basis," said Frank Martell, president and CEO of CoreLogic. "Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future." The next CoreLogic HPI press release, featuring August 2019 data, will be issued on Tuesday, October 1, 2019 at 8:00 a.m. ET. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. 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. Source: CoreLogic The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Alyson Austin at [email protected] or Allyse Sanchez at [email protected] Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. 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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Free Google for Real Estate eBook Now Available
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Pending Home Sales Decline 2.5% in July
WASHINGTON (August 29, 2019) – Pending home sales fell in July, reversing course on two consecutive months of gains, according to the National Association of Realtors®. Of the four major regions, each reported a drop in contract activity, although the greatest decline came in the West. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.5% to 105.6 in July, down from 108.3 in June. Year-over-year contract signings fell 0.3%, doing an about-face of the prior month's increase. "Super-low mortgage rates have not yet consistently pulled buyers back into the market," said Lawrence Yun, NAR chief economist. "Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes." Yun expects GDP growth to ease to 2.0% in 2019 and 1.6% in 2020, but growth predictions are somewhat uncertain due to trade tensions. With slower economic growth, interest rates will remain low. Though home sales will get a short term boost from lower mortgage rates, existing-home sales are likely to be flat at 5.34 million in 2019 given the level of sales in the first seven months of the year. Amid tight inventory conditions, the median price of existing-home sales will continue increasing, but at a slower pace of 4% in 2019, to $269,000, and 3% in 2020, to $278,500. Low inventory numbers impact the nation's overall economy, according to Yun. "A boost to home building would greatly improve economic growth," he said. "More free-market prices on construction materials without government interference about where homebuilders have to get their supply will also help produce more and grow the economy. The housing industry cannot grow without more supply." July Pending Home Sales Regional Breakdown All regional indices are down from June. The PHSI in the Northeast fell 1.6% to 93.0 in July and is now 0.9% lower than a year ago. In the Midwest, the index dropped 2.5% to 101.0 in July, 1.2% less than July 2018. Pending home sales in the South decreased 2.4% to an index of 122.7 in July, but that number is 0.1% higher than last July. The index in the West declined 3.4% in July to 93.5 but still increased 0.3% 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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Most Areas Targeted for New Opportunity Zone Redevelopment Incentives Have Home Prices Well Below National Levels
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Home Buyers Gear Up for Potential 2020 Recession
Buyers are increasingly optimistic it will be better than 2008, but more than half plan to put their home search on hold when it hits SANTA CLARA, Calif., Aug. 28, 2019 -- An increasing number of home buyers expect a U.S. recession in the next three years, according to new survey data released today from realtor.com, the Home of Home Search. Although they remain optimistic that it will be milder than the Great Recession, more than half of current home shoppers expect to put their home search on hold until the economy recovers. More than 36 percent of the 755 active buyers surveyed by Toluna Research this month expect the next recession to begin sometime in 2020. When the same question was presented to 1,015 home shoppers in March 2019, just under 30 percent indicated they expected a recession in 2020. Additionally, 17 percent of current shoppers expect a recession to hit sometime in 2019, 14 percent expect sometime in 2021, and 7 percent expect sometime in 2022. Eight percent expect sometime in 2024 or later and 17 percent reported they didn't know. Active buyers are defined as consumers who are currently shopping for a home. As anxiety over a potential recession continues to rise in the U.S., the home shoppers recently surveyed are prepared to hit the pause-button on their home search until the clouds clear. Nearly 56 percent reported that if a recession hit they would halt their home search until the economy improved. "Economic activity is cyclical, so yes, undoubtedly we will face another recession at some point in the future, but we do not expect it to be anything like 2008," said George Ratiu, senior economist at realtor.com®. "The next recession will likely be driven by factors outside of housing, such as a prolonged trade war, cutbacks in corporate spending or contagion from a European recession. Unlike 2008, mortgage underwriting has been more disciplined and regulated, which should provide a more secure foundation for housing during the economic ups and downs." Despite recession concerns, home shoppers also believe a future downturn will be less severe than the housing crisis. Earlier this spring, 36 percent of home buyers were concerned that a future recession would be worse than 2008. However, that number has dropped slightly to 35 percent since then. News of trade wars and weakening economies globally dominate the headlines, but overall home buyers are more optimistic than they were in March 2019. Nearly 44 percent of current shoppers feel an upcoming recession will be less severe than 2008, up from 40 percent this past spring. Twenty-two percent feel it would be the same. Moreover, home shoppers' views toward homeownership have become more optimistic. According to the survey, nearly 50 percent of home shoppers revealed they think more favorably about homeownership after the 2008 recession. This is up from nearly 45 percent earlier this spring. The share of home shoppers who said they felt very or slightly pessimistic toward homeownership following the 2008 recession dropped slightly from nearly 22 percent in March to 21 percent this August. While potential buyers are becoming more confident and hopeful toward housing, those who are not currently shopping for a home have a much more bleak view of homeownership. According to the survey, 32 percent of active buyers indicated they are a lot more optimistic toward homeownership following 2008, whereas only 7 percent of non-buyers felt this way. In similar fashion, non-buyers are nearly twice as likely, at 11 percent, to feel very pessimistic or slightly more pessimistic toward homeownership following 2008, versus just 6 percent for active buyers. "When warned about an incoming storm, Americans know to prepare by stocking up on necessities and reinforcing their shelter. Similarly, given the cyclical nature of economic activity, consumers can and should prepare for the next downturn now. Taking steps to shore up their financial well-being, strengthening their professional networks and having adequate savings would provide cushioning during the slowdown," Ratiu noted. 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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Northeast Region Sees Third Consecutive Month of Increased Year-Over-Year Buyer Traffic in July as U.S. Showing Activity Continues to Stabilize
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Homes.com and IXACT Contact Integration to Provide Real-Time Lead Generation and Conversion Tools for Agents
IXACT Contact, a leader in real estate CRM and marketing automation, announced its integration with Homes.com, a top consumer real estate resource and leading provider of advertising solutions for real estate professionals. Focusing on real-time data processing, this partnership will enable IXACT Contact customers to acquire and convert potential leads directly through the Homes.com website. Through its search portal and extensive product inventory, Homes.com has been helping real estate agents connect with local buyers and sellers for over 25 years. "We're excited to have Homes.com as one of our integrated partners for incoming leads. Sending new contacts into our database in real time increases the chance to convert that lead into a client," says Rich Gaasenbeek, IXACT Contact's Co-Founder and EVP. Through its Homes.com Connect platform, Homes.com collects early-stage transaction information when properties are listed for sale and as consumers interact with real estate professionals in the home search process. IXACT Contact helps agents convert leads into clients, maintain relationships with current and past customers, manage their spheres of influence, and encourage repeat transactions and the referral business that most real estate agents depend on. Pairing with Homes.com's lead generation and advertising solutions, IXACT Contact's automated marketing tools and email campaigns will streamline the conversion of prospects into buyers while maintaining high referral and retention rates. "At Homes.com, we're committed to connecting real estate professionals with the highly engaged consumers who visit our site. The API integration with IXACT Contact gives our advertisers quick and easy access to manage those incoming leads" said Andy Woolley, Homes.com Vice President of Industry Development. "Speed to first contact is critical in the lead conversion process, so avoiding duplicate data entry offers a big win to our shared customers." For more information about Homes.com marketing services visit marketing.homes.com and for more information about IXACT Contact visit www.ixactcontact.com. About IXACT Contact IXACT Contact® is a next-generation real estate CRM and marketing automation system that is changing the game. IXACT Contact provides a wide range of business-building features and capabilities, including an intelligent Dashboard, automated Keep in Touch call reminders, an automated monthly e-Newsletter, automated lead capture and nurturing, Google Sync, agent websites, Goal Setting and Tracking, and so much more. It is easy to use and setup, especially with our Concierge Setup Service. It is the virtual assistant agents need, and the marketing support they crave. With its robust CRM and fresh, relevant content IXACT Contact helps agents to do more with greater efficiency, affordability, and confidence. Learn more at ixactcontact.com. About Homes.com Homes.com is a division of Dominion Enterprises that offers today's demanding homebuyers, renters and those somewhere in between, a simply smarter home search. With smart search features like Homes.com Snap & Search, home shoppers now have a more personalized and conversational way to search for their next home. Since its launch over 25 years ago, Homes.com offers real estate professionals' brand and property advertising, search engine marketing, and instant response lead generation to help them succeed online. For more information, visit Homes.com.
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Curbio Named Winner at NAR's Second Annual iOi Summit Pitch Battle
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Existing-Home Sales Climb 2.5% in July
WASHINGTON (August 21, 2019) – Existing-home sales strengthened in July, a positive reversal after total sales were down slightly in the previous month, according to the National Association of Realtors. Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.5% from June to a seasonally adjusted annual rate of 5.42 million in July. Overall sales are up 0.6% from a year ago (5.39 million in July 2018). "Falling mortgage rates are improving housing affordability and nudging buyers into the market," said Lawrence Yun, NAR's chief economist. However, he added that the supply of affordable housing is severely low. "The shortage of lower-priced homes have markedly pushed up home prices." Home price appreciation has been much stronger in the lower-price tier compared to homes sold in the upper-price tier, based on the analysis of proprietary deed records data from Black Knight, Inc. and Realtors Property Resource®. Of the same homes that were sold in 2018 that were purchased in 2012 in 13 large metro areas (repeat sales transactions), the lower half of the market had increased by more than 100% in 2018 in metro areas like Atlanta-Sandy-Springs-Roswell, Ga. (165%), Denver-Aurora-Lakewood, Colo. (103%), Miami-Fort-Lauderdale, Fla. (119%) and Tampa-St. Petersburg-Clearwater, Fla. (125%). The median home price for homes purchased in the upper half of the market in these same metro areas in 2012 increased at a much slower pace when sold in 2018. "Clearly, the inventory of moderately-priced homes is inadequate and more home building is needed," said Yun. "Some new apartments could be converted into condominiums thereby helping with the supply, especially in light of new federal rules permitting a wider use of Federal Housing Administration (FHA) mortgages to buy condo properties." The median existing-home price for all housing types in July was $280,800, up 4.3% from July 2018 ($269,300). July's price increase marks the 89th straight month of year-over-year gains. Total housing inventory at the end of July decreased to 1.89 million, down from 1.92 million existing-homes available for sale in June, and a 1.6% decrease from 1.92 million one year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from the 4.4 month-supply recorded in June and down from the 4.3-month supply recorded in July of 2018. Properties typically remained on the market for 29 days in July, up from 27 days in June and up from 27 days in July of 2018. Fifty-one percent of homes sold in July 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 3.77% in July, down from 3.80% in June. The average commitment rate across all of 2018 was 4.54%. "Mortgage rates are important to consumers, but so is confidence about the nation's overall economic outlook," Yun continued. "Home buying is a serious long term decision and current low or even lower future mortgage rates may not in themselves meaningfully boost sales unless accompanied by improved consumer confidence." First-time buyers were responsible for 32% of sales in July, down from 35% the month prior and about equal to the 32% recorded in July 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 or second-home buyers, who account for many cash sales purchased 11% of homes in July, up from 10% recorded in June 2019 and down from 12% recorded in July a year ago. All-cash sales accounted for 19% of transactions in July, up from June and down from July of 2018 (16% and 20%, respectively). Distressed sales – foreclosures and short sales – represented 2% of sales in July, unchanged from June but down from 3% in July 2018. Less than 1% of July 2019 sales were short sales. "Present rates have opened the market for a number of potential buyers who couldn't afford a home just a year ago," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "Additionally, NAR has been working with the FHA for years to establish new condominium loan policies. Our hard work has paid off, and this change will begin benefiting buyers, sellers and our members as soon as this fall." Regional Breakdown Compared to June, existing-home sales recorded in July rose in the Midwest, South and West, but fell slightly in the Northeast region. Compared to last year, July sales dropped in the Northeast and West while experiencing modest gains in the Midwest and South. Median home prices rose from a year ago, except in the Northeast. July existing-home sales in the Northeast decreased 2.9% to an annual rate of 660,000, a 4.3% decline from a year ago. The median price in the Northeast was $305,800, down 1.0% from July 2018. In the Midwest, existing-home sales edged up 1.6% to an annual rate of 1.27 million, which is a 0.8% increase from July 2018. The median price in the Midwest was $226,300, an 8.1% surge from a year ago. Existing-home sales in the South increased 1.8% to an annual rate of 2.31 million in July, up 2.7% from a year ago. The median price in the South was $245,100, up 5.2% from one year ago. Existing-home sales in the West shot up 8.3% to an annual rate of 1.18 million in July, just 0.8% below a year ago. The median price in the West was $408,000, up 3.7% from July 2018. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.84 million in July, up from 4.71 million in June and up 1.0% from a year ago. The median existing single-family home price was $284,000 in July 2019, up 4.5% from July 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units in July, about equal to the rate from the prior month and down 3.3% from a year ago. The median existing condo price was $254,300 in July, which is up 2.5% from 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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NAR's Commitment to Excellence Program Selected as Learning! 100 Award Winner
CHICAGO (August 12, 2019) - The National Association of Realtors has been selected as a 2019 Learning! 100 Award Winner for its Commitment to Excellence Program, also known as C2EX. Previous winners of this award include Amazon, the U.S. Department of Defense and the American Heart Association, with NAR joining this group in recognition of its superior learning and development programs. Unveiled by NAR less than one year ago, C2EX has aimed to help Realtors® demonstrate their commitment to professionalism and the association's Code of Ethics, ensuring NAR's 1.3 million members continue setting the real estate industry standard in client service and ethical conduct. The 2019 Learning! 100 Award specifically honors organizations for fostering a culture of professional growth, innovation and organizational performance while "investing in a truly immersive learning culture," according to sponsoring organization Elearning! Media Group. "When we launched Commitment to Excellence in November of 2018, we envisioned a program that could help lead us into a future where consumers everywhere recognize that Realtors® are a step above the rest in their knowledge, skills and ability to serve their clients," said NAR CEO Bob Goldberg. "The program gives our members a tangible way to demonstrate their commitment to professionalism." C2EX's self-guided assessment and training course generates customized learning paths in 10 competencies of professionalism (11 for brokers), including the areas of data security, technology, client service, and professional reputation, among others. Program completion leads to an endorsement from NAR that members use to show peers and clients that they conduct their business at the highest professional standard. Participants can get started by logging in to www.C2EX.realtor. "As the real estate industry is always evolving, we know that our members must have access to every resource needed to thrive in a quickly changing market. We remain active in our pursuit of approaches to grow and improve the C2EX program. We thank Elearning! for the added motivation as we work to ensure Realtors® are differentiated from real estate licensees who haven't made professionalism their hallmark," Goldberg concluded. 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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House Poor, No More
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The Constellation Real Estate Group Acquires Assets of SmartZip
Constellation Real Estate Group adds to its best-in-class lead generation solutions for real estate agents and brokers. BELLEVUE, WASH. (AUGUST 19, 2019) -- The Constellation Real Estate Group ("CREG"), has announced today that it has acquired certain assets of SmartZip Analytics Inc. ("SmartZip"), a pioneer in predictive analytics and award-winning provider of data-driven marketing automation and lead generation products for the real estate industry. The acquisition includes SmartZip's SmartTargeting platform, patent-pending predictive analytics, data solutions, and automated referral-building content system, Reach150. The addition of SmartZip, which closely follows the recent acquisition of the Offrs.com business in July, marks CREG's second predictive analytics company and fourth new portfolio business in 2019, and aligns with CREG's strategy of investing in forward-thinking technology companies with a focus on strong solutions and its commitment to being a long-term, stable technology partner for the real estate industry. "We are excited to have both Offrs.com and SmartZip in the Constellation portfolio of real estate and mortgage software companies," said Scott Smith, President of the Constellation Real Estate Group. "We recognize the value of predictive analytics and big data and the importance of making it accessible to agents in a way that allows them to make smart business decisions. With these two companies, we can deliver unprecedented value and insights to our customers." "The Constellation Real Estate Group has a proven track record of delivering long-term value and stability to the companies it invests in, with a demonstrated commitment to their customers, products, and people," said Avi Gupta, CEO of SmartZip, "As demand for our pioneering work in predictive analytics and data-driven marketing continues to grow, this union presents a powerful opportunity to leverage decades of expertise to advance our products, ultimately benefiting SmartZip customers." Founded in 2009 in Silicon Valley, CA, SmartZip has spent over a decade developing predictive analytics and data-driven marketing automation solutions for the real estate industry and has consistently been recognized as a leading innovator in both the technology and real estate industries. The acquisitions of Offrs.com and SmartZip strengthen the Constellation Real Estate Group's position as one of the largest technology providers in the fragmented real estate industry, providing innovative lead generation, automated sales and marketing solutions, back office software, and mortgage loan origination and servicing solutions for over half of a million real estate agents, brokerages, MLSs, and banks across the U.S. and Canada. "I am very excited to combine the value propositions of Offrs.com and SmartZip and continue to deliver a best-in-class lead generation solution to real estate agents and brokers nationwide. Predicting future real estate transactions and driving high-value leads to our customers is our number one priority, and this acquisition demonstrates our commitment at the Constellation Real Estate Group," confirms Rich Swier, co-founder of Offrs.com. The Constellation Real Estate Group welcomes SmartZip customers and partners and we look forward to enhancing and growing these relationships for the long-term. The Constellation Real Estate Group The Constellation Real Estate Group, which is a business unit within the Perseus Operating Group of Constellation Software Inc., 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, Mortgage Builder, TORCHx, Offrs.com and now SmartZip. Over 500,000 real estate agents, teams, and brokerages across North America rely on CREG's products and services to power, manage, and grow their businesses. For more information, visit: https://www.constellationreg.com The SmartZip Products The SmartZip SmartTargeting platform uses patent-pending predictive analytics, multi-channel marketing automation, and smart CRM to identify top home seller prospects, engage them through targeted marketing campaigns, and ultimately close more business with smart nurturing and prospecting tools. It also integrates the Reach150 system that automatically requests and publicizes client-generated testimonials and referrals to help real estate teams and professionals boost their reputation, online presence, and word-of-mouth business. Together, SmartTargeting and Reach150 help enterprises and professionals across the real estate ecosystem efficiently grow their business with the targeted acquisition of new, repeat and referral customers. For more information, visit: https://smartzip.com/
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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
Over 9,600 Vacant "Zombie" Foreclosures in the Third Quarter of 2019 IRVINE, Calif. - August 15, 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 Vacant Property and Zombie Foreclosure Report showing there are over 1.5 million (1,530,563) U.S. single-family homes and condos vacant in the third quarter of 2019, representing 1.6 percent of all homes. The report analyzes publicly recorded real estate data collected by ATTOM Data Solutions — including foreclosure status, equity, and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology enclosed below.) During the third quarter of 2019, over 304,000 homes were in the process of foreclosure, with about 3.2 percent being "zombie" foreclosures. While the count of properties in the process of foreclosure is down by nearly 22 percent since ATTOM's last foreclosure vacancy report in the same period of 2016, the number that sits empty has dropped nearly in half. "The blight of vacant, decaying properties facing foreclosure has declined dramatically across the United States – another good-news offshoot of the housing boom that's gone on for eight years," said Todd Teta, chief product officer with ATTOM Data Solutions. "A handful of areas still face notable problems with homes abandoned by owners after they get hit with foreclosure claims. But with the economy improving and the housing market still hot, an expanding number of neighborhoods across the country face little or no problem with these so-called zombie properties." High-level findings from the report: A total of 9,612 properties facing possible foreclosure have been vacated by their owners nationwide. Washington, D.C. had the highest percentage of zombie foreclosures (12.5 percent). States where the rates were above the national average of 3.2 percent included Oregon (8.8 percent), Maine (8.5 percent), Kansas (7.6 percent) and New Mexico (7.0 percent). The lowest rates – all less than 1.4 percent – were in New Hampshire, Idaho, Colorado, Connecticut and Delaware. New York had the highest actual number of zombie properties (2,428), followed by Florida (1,634), Illinois (985), Ohio (891) and New Jersey (463). Among metropolitan areas with at least 100,000 residential properties, Peoria, IL, had the highest percent of vacant foreclosures (zombies) at 16.5 percent, followed by Wichita, KS (9.5 percent), Syracuse, NY (9.3 percent), Honolulu, HI (8.5 percent) and Youngstown, OH (8.4 percent). Among zip codes with at least 100 properties in pre-foreclosure, the highest rates of owner-vacated properties were concentrated in New York, Florida, Ohio and Illinois. The zip codes with the top percentages were zip code 61605 in the Peoria, IL metropolitan statistical area with 48.6 percent, zip codes 44108 (26.0 percent), 44112 (23.0 percent), and 44105 (19.7 percent), all in the Cleveland, OH, area and rounding out the top five is zip code 14701 in Jamestown, NY with 19.6 percent. The top zombie foreclosure rates in counties with at least 500 properties in foreclosure included Peoria County, IL (21.9 percent); Baltimore City, MD (11.4 percent); Broome County, NY (11.1 percent); Onondaga County, NY (9.6 percent) and Madison County, IL (9.6 percent). The highest levels of vacant investor-owned properties were in Indiana (8.8 percent), Kansas (6.7 percent), Minnesota (6.0 percent), Ohio, (5.9 percent) and Rhode Island (5.8 percent). Report Methodology ATTOM Data Solutions analyzed county tax assessor data for more than 98 million single-family homes and condos for vacancy, broken down by foreclosure status and, owner-occupancy status. Only metropolitan statistical areas with at least 100,000 single-family homes and condos and counties with at least 50,000 single-family homes and condos were included in the analysis. Vacancy data is available here. 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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National Association of Realtors Moves to Dismiss Antitrust Suits; Shows Lawsuits Are Self-Contradictory, Ignore Precedent and Lack Economic Sense
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CoreLogic Reports U.S. Overall Delinquency Rate Remains Steady at 20-Year Low in May
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 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in May 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with May 2018, when it was 4.2%. This marks the second consecutive month the rate has been at its lowest point in more than 20 years. As of May 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 May 2018. The May 2019 foreclosure inventory rate tied the prior six 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 1.7% in May 2019, down from 1.8% in May 2018. The share of mortgages 60 to 89 days past due in May 2019 was 0.6%, unchanged from May 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in May 2019, down from 1.8% in May 2018. May's serious delinquency rate of 1.3% tied the April 2019 rate as the lowest for any month since August 2005 when it was also 1.3%. 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 May 2019, unchanged from May 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 in November 2008 at 2%. "Growth in family income and home prices continues to support low delinquency rates," said Dr. Frank Nothaft, chief economist at CoreLogic. "Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year's hurricanes and wildfires, and this spring's severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 17 consecutive months. In May 2019, 20 of the country's metropolitan areas posted at least a small annual increase in overall delinquency, with some of the highest gains occurring in the Midwest and parts of the Southeast. Specifically, areas impacted by flooding this spring in Kentucky, Ohio, Illinois and Indiana have experienced an increase in delinquency rates. "While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather," said Frank Martell, president and CEO of CoreLogic. "Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country." The next CoreLogic Loan Performance Insights Report will be released on September 10, 2019, featuring data for June 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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BoomTown Announces New Consumer-Facing Mobile App for Clients
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U.S. Housing Market Deja Vu
Increased demand spurred by lower interest rates and fewer homes coming to market reverse 10 months of inventory growth SANTA CLARA, Calif., Aug. 13, 2019 -- Lower interest rates are prompting more buyers to come into the market, putting pressure on an already tight U.S. housing market and reversing 10 months of national inventory growth, according to realtor.com's July 2019 Monthly Housing Trend report released today. The report, which tracks key trends across the market, including the national median home price, days on market and inventory, showed flat inventory growth, which could lead to inventory declines sooner than originally predicted. In July, active listings on realtor.com were flat, following slowing growth since the start of the year. Newly listed properties were down 7 percent from a year ago. The national median home price in July was $315,000, up 5.5 percent from a year ago and a decrease from last year's year-over-year growth of 8.7 percent. Additionally, July prices were down 0.2 percent from June, marking the earliest seasonal slowdown in home prices since 2012. The median number of days on market in July was 58, the same as a year ago. "July's data highlight tension in the housing markets between buyers eager to take advantage of lower mortgage rates and potential sellers concerned about slowing price growth," said George Ratiu, realtor.com's senior economist. "The decline in newly listed properties suggests that some would-be sellers are stepping back from the market, during the peak buying season, when most people are searching for their next home." Ratiu noted that although overall housing inventory had been growing, the number of homes in the entry-level segment declined. Now that trends are shifting for the market as a whole, he said challenges for entry-level and first-time buyers are mounting, including faster price growth ahead. The inventory of properties priced below $200,000 in July decreased 9.9 percent year-over-year, while at the same time, the inventory of homes priced above $750,000 increased 6.6 percent. Competition for entry-level homes continues to be tight -- homes priced below $200,000 only spent 56 days on the market, whereas properties priced over $750,000 spent 81 days on the market. Despite these challenges, some millennials are finding success. The share of millennial mortgage originations increased to 46 percent from 43 percent last year, according to realtor.com's second quarter Generational Propensity report. The report found the median home purchased by millennials was priced at $248,000, up 5 percent year-over-year, a bigger increase than either Gen X or boomers had in home purchase price. Looking across generational cohorts, the larger gains in the price of homes purchased by millennials reflect both the intense competition at the entry-level price point and the fact that some millennials have been delaying major life milestones (e.g. starting families, forming households, having children), and are skipping the starter home to purchase larger, trade-up homes. The report also found that while Gen X and boomers have increased their down payment percentages, millennials saw the average down payment slip to 8.2 percent from 8.9 percent a year ago. This increased the size of the typical millennial loan amount to $227,000 from $215,000. Lower mortgage rates are helping to cushion the impact of buying a higher-priced home and making additional debt more affordable. The monthly mortgage amount that millennials paid on a newly purchased home fell to $1,099 from $1,131 year-over-year. 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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Luxury Home Prices Up 1% Amid Falling Sales and Surging Supply in the Second Quarter
High-end market remains chilly despite a modest rebound in prices SEATTLE, Aug. 6, 2019 -- The average sale price for luxury homes nationwide increased 1 percent year over year to $1.64 million in the second quarter of 2019, according to a new report from Redfin, the technology-powered real estate brokerage. This marks a modest return to the trend of rising luxury home prices, which was interrupted by a 1.7 percent decline in the first quarter of this year. For this analysis, Redfin tracked home sales in more than 1,000 cities across the U.S. (not including New York City) and defined a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, home prices increased 3.2 percent year over year to an average of $322,000 in the first quarter, a continuation of seven straight years of increases. Sales of homes priced at or above $1.5 million declined 4.6 percent year over year last quarter. That's the third consecutive quarter of dropping sales in the category, though the decline was much smaller than the 13.8 percent dip last quarter. Sales of homes priced under $1.5 million dropped 6.7 percent year over year. Supply of homes priced at or above $1.5 million increased 18.7 percent in the second quarter, the fifth straight quarter of rising luxury inventory and the biggest increase in two years. Supply of homes priced under $1.5 million increased just 2.1 percent annually. The minor gain in prices, along with dipping sales and a significant increase in supply, suggests that demand for luxury homes is tepid, especially compared to the past few years. "Luxury home sales have been relatively soft since early 2018 when the tax code overhaul made it so that people with big mortgages and those living in high-tax states and counties couldn't deduct as much from their annual tax bill," said Redfin chief economist Daryl Fairweather. "But wealthy Americans who would otherwise be considering a multi-million dollar home purchase may now be a bit spooked that the economic expansion they've been enjoying for the past decade could soon be nearing its end." "Business owners and people with large investments are paying close attention to the escalating trade war and other uncertainties in global markets," Fairweather explained. "Despite the fact that the economy at home is continuing to grow, these and other signs that a recession could be looming are likely causing well-heeled homebuyers to feel extra cautious about a big purchase or investment. The Fed's rate cut is unlikely to have a big impact on the course of the economy and especially on the luxury housing market, where buyers are the least rate-sensitive. As a result, I expect to see continued caution in the high-end market as the future of the economy becomes more clear to those whose wealth is most closely tied to it." Luxury homes are selling slightly faster than they were last year. The typical luxury home that sold in the second quarter went under contract in 68 days, down slightly from 71 days a year before. That's the fastest luxury homes have sold in at least a decade. The typical non-luxury home that sold during the same time period went under contract seven days faster than a year earlier, in 56 days. Just 1.3 percent of homes priced in the top 5 percent sold above list price in the second quarter, down from 1.6 percent a year earlier. That's a much smaller share of homes sold above list price than the other 95 percent of homes; among those, 23.4 percent sold above list price in the second quarter. Biggest price gains Two Las Vegas suburbs are among the cities with the biggest increases in luxury home prices in the second quarter. In Paradise, Nevada, where home prices in the top 5 percent of homes increased 46.8 percent year over year, more than any other city, the average luxury home sold for $1,079,000. In Henderson, Nevada, seventh on this quarter's list, the average luxury home sold for $1,223,000, up 16.4 percent from the year before. Cities in Florida, including Fort Lauderdale, St. Petersburg and Tampa, also experienced some of the biggest increases in luxury home prices. Though it's typical for Florida cities to be among the regions with the biggest increases in the category, this is the first time since the third quarter of 2017 a Florida city hasn't topped the list. Biggest price declines Seattle, Washington, D.C., Honolulu and San Jose—some of the most expensive real estate markets in the U.S.—are among the cities where luxury home prices have dropped the most. In Seattle, home prices for the top 5 percent of the market declined 14.4 percent to roughly $2.2 million in the second quarter, and in San Jose prices in the same category dipped 8.2 percent to $2.37 million. "Part of the reason prices for luxury homes in Seattle are dropping this year is because it experienced a bigger market boom in all price ranges (especially the high-end market) in the last six years than most other cities, with Amazon and other tech firms bringing folks into the area quickly with high salaries. A bigger rise tends to lead to a bigger fall, and luxury is usually one of the first markets to feel the crunch," said local Redfin agent Tamar Baber. "Now that the market has cooled down a bit, high-end buyers are scrutinizing their home purchases very carefully. Some of them feel the country could be headed toward a recession and aren't willing to spend $2 million, $3 million or $4 million on a home right now unless it meets their exact specifications. Luxury sellers are slowly adjusting their pricing accordingly." To read the full report, including methodology and a list of the most expensive home sales last quarter, please click here. 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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296,458 U.S. Properties with Foreclosure Filings in First Six Months of 2019, Down 18 Percent from a Year Ago
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Metro Home Prices Increase in 91% of Metro Areas in Second Quarter of 2019
WASHINGTON (August 7, 2019) – Most metro areas saw price gains under marginal inventory growth in the second quarter of 2019, according to the latest quarterly report by the National Association of Realtors. Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas1 showing sales price gains. That is up from the 86% share in the first quarter of 2019. The national median existing single-family home price in the second quarter was $279,600, up 4.3% from the second quarter of 2018 ($268,000). The metro areas where single-family median home prices declined included the high-cost areas of San Jose-Sunnyvale-Santa Clara, Calif., (-5.3%), San Francisco-Oakland-Hayward, Calif., (-1.9%) and Urban Honolulu, Hawaii (-1.2%). Ten metro areas experienced double-digit increases, including the moderate-cost metro areas of Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo.; Burlington-South Burlington, Vt. and Atlantic City-Hammonton, N.J. Lawrence Yun, NAR chief economist, said home builders must bring more homes to the market. "New home construction is greatly needed, however home construction fell in the first half of the year," he said. "This leads to continuing tight inventory conditions, especially at more affordable price points. Home prices are mildly reaccelerating as a result." Ninety-three out of 178 metro markets under study have price growth of 5% or better. "Housing unaffordability will hinder sales irrespective of the local job market conditions," Yun said. "This is evident in the very expensive markets as home prices are either topping off or slightly falling." Notable Takeaways The five most expensive housing markets in the second quarter were the San Jose-Sunnyvale-Santa Clara, Calif., metro area, where the median existing single-family price was $1,330,000; San Francisco-Oakland-Hayward, Calif., $1,050,000; Anaheim-Santa Ana-Irvine, Calif., $835,000; Urban Honolulu, Hawaii $785,500; and San Diego-Carlsbad, Calif., $655,000. The five lowest-cost metro areas in the second quarter were Decatur, Ill., $97,500; Youngstown-Warren-Boardman, Ohio, $107,400; Cumberland, Md., $117,800; Binghamton, N.Y., $119,300; and Elmira, N.Y., $119,400. In expensive metro areas where the median prices were $500,000 and above, the single-family median prices declined when compared to the levels of one year ago. The most costly area, San Jose-Sunnyvale-Santa Clara, Calif., saw a 5.3% drop. Next in line was San Francisco-Oakland-Hayward, Calif., whose decline was 1.9%. Homes in Urban Honolulu, Hawaii dropped by 1.2%, followed by Boulder, Colo., which saw a 0.9% slide. Bridgeport-Stamford-Norwalk, Conn., recorded single-family housing prices that were slightly down (0.6%) from last year, possibly due to limits on property tax deductions. In addition, in other expensive metro areas, prices rose, albeit at a lukewarm pace, including in Anaheim-Santa Ana-Irvine, Calif., which rose only 0.6%. Home prices in Los Angeles-Long Beach-Glendale, Calif., saw a 1.8% gain, while San Diego-Carlsbad, Calif., saw a 1.6% price increase. Second Quarter Affordability Declines National family median income is estimated to have risen to $78,3662 in the second quarter, but greater home price growth contributed to an overall decrease in affordability from last quarter. A buyer making a 5% down payment would need an income of $62,192 to purchase a single-family home at the national median price, while a 10% down payment would necessitate an income of $58,918, and $52,372 would be required for a 20% down payment. In the most expensive metro areas in the West, families seeking to avoid paying no more than 25% on mortgage payments saw steep requirements for median household income. San Jose home buyers would need $295,832, while buyers in San Francisco would need $233,552. At the end of 2019's second quarter, 1.93 million existing homes were available for sale,3 which is about equal to the total inventory at the end of 2018's second quarter. Average supply during the second quarter of 2019 was 4.4 months – up from 4.3 months in the second quarter of 2018. Yun says housing sales should improve, but cautions of greater economic uncertainty. "The exceptionally low mortgage rates will help with housing affordability over the short run. But if the low interest rates are due to weakening economic confidence, as reflected from a correction in the stock market, then the low rates will not help with job growth and will eventually hinder home buying and home construction." 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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Redfin Reveals the 6 U.S. Metros Where You Can Retire by Age 40
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CoreLogic Reports June Home Prices Increased by 3.4% 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 June 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.4% from June 2018. On a month-over-month basis, prices increased by 0.4% in June 2019. (May 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.) Single-family home prices stand at an all-time high and continue to increase on an annual basis, with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.2% from June 2019 to June 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.5% from June 2019 to July 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. "Tepid home sales have caused home prices to rise at the slowest pace for the first half of a year since 2011," said Dr. Frank Nothaft, chief economist at CoreLogic. "Price growth continues to be faster for lower-priced homes, as first-time buyers and investors are both actively seeking entry-level homes. With incomes up and current mortgage rates about 0.8 percentage points below what they were one year ago, home sales should have a better sales pace in the second half of 2019 than a year earlier, leading to a quickening in price growth over the next year." 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, 38% of metropolitan areas have an overvalued housing market as of June 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 June 2019, 24% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 42% were overvalued, 16% were undervalued and 42% 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 various millennial age cohorts. The study found home-price increases in lower-cost homes disproportionately impact older millennials (ages 30 - 39). Additionally, this cohort is significantly more active in searching for a new home than any other age group. Nearly half (45%) say they purchased a home in the past three years, while 25% say they will likely do so within the next year. While affordability concerns drive older millennials toward renting, they have more positive market perceptions than older generations and 37% say purchasing a home within their market is at least somewhat affordable. "Millennial homebuyers are no longer a trend on the industry horizon. In fact, they are the new, first-time homebuyers of today. However, only about half of recent millennial buyers were satisfied with the number of options of available homes in their market or price range," said Frank Martell, president and CEO of CoreLogic. "Affordable housing continues to be a growing issue. A deeper look at the data shows that 43% of those surveyed indicated they couldn't afford to buy a new home or are concerned they won't be able to." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 508 Millennial 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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W+R Studios announces Homebeat, a new tool to keep agents top of mind with their clients by sending scheduled automated online CMA
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New ATTOM Data Solutions Analysis Examines the Grocery Store Impact on the U.S. Housing Market
Trader Joe's takes the gold for homebuyers and ALDI triumphs with investors; Average home values near Trader Joe's is $608,305, compared to $521,142 near Whole Foods and $222,809 near ALDI IRVINE, Calif. - August 2, 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 2019 Grocery Store Battle analysis, which examines whether living near a Trader Joe's, a Whole Foods or an ALDI can affect a home's value – as a homebuyer based on seller ROI and home equity, or as an investor looking for the best home flipping returns and home price appreciation. For this analysis, ATTOM looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. (See full methodology enclosed below.) Click here to view the infographic visualizing the results of this analysis. For Homebuyers Homes near a Trader Joe's realized an average home seller ROI of 51 percent, compared to homes near a Whole Foods with an average home seller ROI of 41 percent and ALDI at 34 percent. The average home seller ROI for all zip codes with these grocery stores nationwide is 37 percent. Homes near a Trader Joe's have added equity, owning an average 37 percent equity in their homes ($247,445), while homes near Whole Foods had an average of 31 percent equity ($187,035) and homes near ALDI had average 20 percent equity ($53,650). The average equity for all zip codes with these grocery stores nationwide is 25 percent. For Investors Properties near an ALDI are an investor's cornucopia with an average gross flipping ROI of 62 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 35 percent and Trader Joe's at 31 percent. The average gross flipping ROI for all zip codes with these grocery stores nationwide is 52 percent. Properties near an ALDI have seen an average 5-year home price appreciation of 42 percent, compared to 33 percent appreciation for homes near a Trader Joe's, and 31 percent appreciation for homes near a Whole Foods. The average appreciation for all zip codes with these grocery stores nationwide is 38 percent. Report methodology For this analysis ATTOM Data Solutions looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. Grocery store locations are from the USDA (http://www.fns.usda.gov/snap/retailerlocator). 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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Big City Metros Fall Off Realtor.com's 2019 Hottest ZIP Codes Report
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Redfin Report: Racial Gaps in Homeownership, Home Equity and Wealth Widened during the Historic Decade-Long Economic Expansion
U.S. home prices have risen 73% since 2010, but the resulting home equity gains haven't benefited black Americans, whose homeownership rate fell to a record low in the second quarter SEATTLE, July 31, 2019 -- Homeowners in primarily white neighborhoods gained an average of $70,000 more in home equity than homeowners in primarily black neighborhoods from 2012 to 2018, according to a new report from Redfin, the technology-powered real estate brokerage. In part as a result of the inequality in homeownership and home-equity gains, black Americans have seen their median net worth decline in the past decade while for white Americans it rose by double digits. While U.S. home prices have risen 73 percent since the first quarter of 2010, homeownership rates among all Americans dropped 3 percentage points to 64.1%. Still, 73.1 percent of white Americans owned homes as of the second quarter of 2019, compared with a record-low of 40.6 percent for black Americans and 46.6 percent for Hispanic & Latino Americans. The resulting 32.5 percentage-point gap in homeownership between black and white Americans is 3.6 points wider than it was at the beginning of 2010. Meanwhile the homeownership gap between white and Hispanic & Latino Americans widened by half a point. "With higher unemployment rates and less wealth to begin with, black Americans were less able to buy homes even when prices were at their lowest point, meaning many missed out on opportunities to build wealth and put down roots in their communities through homeownership," said Redfin chief economist Daryl Fairweather. "The growing racial homeownership gap has widened the wealth gap, as home equity remains one of the most significant wealth-building tools. And now, with higher home prices and tighter lending standards than before the housing crash of 2008, it's more difficult than ever for minorities to break into the housing market. That's likely to contribute to growing economic inequality in the U.S." Redfin compiled data on homeownership rates, home equity, net worth and unemployment by race. The already-large homeownership gap between black and white Americans has widened since 2010 The homeownership rate for black Americans dropped 5 percentage points to 40.6% in the second quarter of 2019 from 45.6% in the first quarter of 2010. The rate for white Americans dropped just 1.4 percentage points, from 74.5% to 73.1%, over the same time period. The homeownership rate for Hispanic & Latino people fell 1.9 points (from 48.5% to 46.6%). The nationwide rate dropped 3 points to 64.1%. The homeownership gap between black and white Americans has widened over the last decade to a 32.5 percentage-point gap in the second quarter of 2019, from a 28.9 percentage-point gap in the first quarter of 2010. The homeownership rate remained over 70% for white Americans from 2010 through the first quarter of 2019, but it never surpassed the 50% threshold for black Americans. Homeowners in majority-black neighborhoods experienced significantly smaller home-equity gains in dollars than those in majority-white neighborhoods from 2012 to 2018 Homeowners in primarily black neighborhoods saw smaller dollar gains in home equity ($120,800) from 2012 to 2018 (the most recent full year for which data is available) than those in Hispanic/Latino and white neighborhoods. Homeowners in primarily white neighborhoods saw a gain of $190,935 during the same time period, and they started and ended with the most equity in dollars. Homeowners in primarily Hispanic & Latino communities gained $206,000 in equity. Home prices in majority-black neighborhoods rose 24.9% from 2012 to 2018, higher than the 21% gain for Hispanic & Latino communities and the 12.5% gain for white communities. Homeowners in majority-black neighborhoods saw the biggest percentage gain in equity (213%), but started with substantially lower equity in the homes than white and Hispanic & Latino neighborhoods. The home-equity gap between black and white Americans widened slightly from 2012 to 2018, from $67,229 to $70,135. Home-equity gains for black Americans haven't translated into an increase in net worth The median net worth for black Americans dropped 2.8% to $17,100 in 2016 (the most recent full year for which data is available) from $17,600 in 2010. That leaves the typical black American more than $10,000 short of the 20% down payment ($27,980) likely needed to purchase a median-priced home in Detroit, one of the most affordable major housing markets in the U.S. Median net worth rose 18.5% to $171,000 during the same period for white Americans. The net-worth gap between black and white Americans increased 22.8% to $153,900 in 2016 from $125,300 in 2010. Hispanic & Latino Americans saw their median net worth increase by 15.1% over the six year period to $20,600, also well below the typical down payment for a home in Detroit. In 2010, the ratio of white to black net worth was 8:1. By 2016, the ratio had widened to 10:1. The unemployment rate for black Americans is nearly double the rate for white Americans The unemployment rate for black Americans dropped 10.5 percentage points to 6% in June 2019 from 16.5% in January 2010, while the rate for white Americans fell 5.5 percentage points to 3.3% over the same time period. The unemployment gap between black and white Americans has narrowed substantially since the beginning of 2010, from a 7.7 percentage-point gap to a 2.7-point gap. To read the full report, including charts and methodology, please visit: https://www.redfin.com/blog/black-americans-homeownership-rate. 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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NAR Wins 2019 Sustainability Award from Business Intelligence Group
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RPR Adds Qualified Opportunity Zones
CHICAGO (August 1, 2019) - Realtors Property Resource® (RPR), a nationwide data resource and a wholly-owned subsidiary of the National Association of REALTORS® (NAR), is pleased to announce the addition of Qualified Opportunity Zones (QOZ) to its platform. This powerful data layer will allow REALTORS® to use RPR's map interface to analyze and search for properties within the 8,700 Opportunity Zones throughout the U.S. Created in 2017 as part of the Tax Cuts and Jobs Act, the purpose of the federal government's QOZ program is to drive economic growth through long-term investments in economically disadvantaged communities. Designated as "Opportunity Zones," these areas present opportunities for real estate investment and development by offering tax incentives to investors. "With the Opportunity Zone initiative poised to transform American communities that have long been shunned by investors, NAR has developed resources to help facilitate and expedite investments in these areas. As our work continues, REALTORS® are committed to ensuring Americans can take full advantage of this valuable new initiative," said Joseph Ventrone, NAR Vice President, Federal Policy and Industry Relations. Through RPR, REALTORS® will search a geographic area, then choose to display the Opportunity Zones layer, which will then reveal shaded areas that qualify. REALTORS® can then analyze all properties that fall in the Opportunity Zone, review economic and demographic statistics for the area, and create reports for investors about the buying potential. They will also be able to reach out to residents and business owners in the area about selling advantages through RPR's recently launched Mailing Labels feature. "These Opportunity Zones encourage private investment into low-income communities, with the intent of stimulating economic growth and job creation," said Bob Turner, NAR's 2019 Commercial Liaison and RPR Advisory Council Member. "Residential practitioners will notice homes that fall within Opportunity Zones gain a boost to their marketability because of increased attention, while Commercial practitioners will likely see properties once being skipped over turn into desirable investment opportunities." Under the program, taxpayers who reinvest capital gains from a previous sale into a fund for investing (called "Opportunity Funds"), are eligible to defer paying taxes on those gains, and can potentially reduce their tax liability by 10 – 15% (based on the amount of time they hold the investment). Additionally, if the investment is held for at least ten years, any appreciation on it is tax-free. "I'm very excited to see RPR offer REALTORS® another tool to help us serve our clients," said Deena Zimmerman, Vice President of SVN in Chicago, IL. "The benefits of Opportunity Zones are broad, and with the tax benefits on the table for investors, we should see increased attention to properties in these areas." About Realtors Property Resource® Realtors Property Resource, LLC®, a wholly-owned subsidiary of the National Association of REALTORS®, is an exclusive online real estate database created to support the core competence of its members. The parcel-centric database, covering more than 160 million residential and commercial U.S. properties, provides REALTORS® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. Log in to RPR today: narrpr.com. For support on this feature, contact RPR at (877) 977-7576.
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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
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Get Ready to Make a Splash! Realtor.com Reveals the Top 10 Affordable Lake Towns of 2019
As temperatures continue to rise, realtor.comⓇ offers a glimpse into hot deals for lake town real estate across the United States SANTA CLARA, Calif., July 30, 2019 -- As the summer heat shows no signs of relenting, realtor.com®, the Home of Home Search℠, today released its list of the 10 most affordable lake towns, which offer waterfront properties under $450,000. Unlike owning a vacation home on the ocean, lake homes can be more accessible – not just in price, but also for those who don't live near the coasts. "Lake towns often offer people an affordable destination with water sports, amenities, natural beauty and an array of often top-quality dining options," said Clare Trapasso, senior news editor, realtor.com®. "Some of these lake towns also double as ski resorts in the winter. Those who enjoy cold-weather sports, in addition to summer activities may in fact, be getting a home they can enjoy throughout the year." The most affordable town on the list is Jamestown, N.Y., with a median list price of just $59,000, but if you desire a two-bedroom home with a private shoreline that can raise the price significantly. Sandpoint, Idaho, is the most expensive of the affordable lake towns, with a median list price of $429,000 and a variety of lakefront houses that can cost well over $1 million. While the cost of homes in these affordable lake towns can vary, some of the common themes shared by the majority on the list are attractions that provide year-round entertainment and an abundance of single-family homes available for purchase. From East Coast to West Coast - and everywhere in between - the following towns are the best places to score an affordable lake house, in rank order: 1. Branson, Mo. Median Listing Price: $205,900 Near two of Missouri's most popular lakes, Branson is a Midwestern vacation destination filled with music venues, amusement parks, nightlife, and other attractions for locals and visitors to enjoy. For those seeking a prime spot for watersports and boating, Table Rock Lake is surrounded by a variety of single-family homes, which often range from $350,000 to over $650,000. Lake Taneycomo comes in at a top pick for trout fishers and those seeking a quieter destination where buyers can find one-bedroom condos for approximately $120,000. 2. East Stroudsburg, Pa. Median List Price: $187,000 A popular destination for people looking to escape city living, East Stroudsburg is a vacation spot within the Poconos, known for its lakes, ski resorts, historic towns and water parks. While most properties in the area have a low price tag, prime lakefront homes can range from $900,000 to $1.4 million. Lake Naomi and Timber Trails are also great nearby options that have smaller single-family homes that start around $120,000. 3. Port Clinton, Ohio Median List Price: $259,900 Port Clinton is a charming small town on the western edge of Lake Erie with plenty of low-priced condos, and single-family homes that typically start around $300,000. In addition to the many beaches, islands and quiet bays of Port Clinton, the town has a plethora of entertainment, including an African Safari Wildlife Park, The Watering Hole Safari and Waterpark, unique antique stores, and waterfront restaurants. 4. Jamestown, N.Y. Median List Price: $59,900 Jamestown sits at the tip of Chautauqua Lake and is known for its exceptionally affordable real estate, and of course, its lakes. However, Jamestown has also made a name for itself as a top-notch comedy destination. As the hometown of comedian Lucille Ball, Jamestown hosts the annual Lucille Ball Comedy Festival, which has featured Jerry Seinfeld, Amy Schumer and Jay Leno, among others. Those looking to stay year-round will be able to land a bargain as the area is filled with older single-family homes listed at great prices. 5. Alexandria, Minn. Median List Price: $288,900 Alexandria is located in Douglas County, where there are about 300 lakes and certainly no shortage of lakefront homes. Waterfront properties are predominantly single-family homes that start at just over $100,000. However, there are also a variety of larger houses, with more acreage, and higher price tags available. 6. Clearlake, Calif. Median List Price: $219,900 The popular Northern California vacation town, Clearlake, was hit hard by the previous foreclosure crisis and recent wildfires. However, the town is making a comeback and there are even plans to reopen the renowned Konocti Harbor Resort. Rumored to be the oldest lake in North America, the fresh water of Clear Lake is still a major draw, especially with real estate prices that are just a fraction of those in nearby cities like Napa and San Francisco. 7. Spirit Lake, Iowa Median List Price: $315,000 With waterfront attractions, including an amusement park, and deep clear water that is perfect for boating, Spirit Lake and Okoboji are two of Northern Iowa's more lively and desirable lake towns. West Okoboji Lake is filled with waterfront, multi-million-dollar homes and grand estates, while East Okoboji and Spirit Lake house more affordable condos and single-family homes with shared lake access. 8. Mountain Home, Ark. Median List Price: $174,900 For those seeking a tranquil, peaceful abode by the lake, head to Mountain Home. Unlike many of the other lake towns on this list, Mountain Home doesn't have a lot of entertainment. Instead, the main attraction to this peaceful place is Lake Norfolk, a 22,000-acre manmade lake that has nearly two dozen parks and 550 miles of shoreline. In this slower paced town, you can find a two-bedroom home overlooking the lake or river for about $200,000 or a larger waterfront house which can range from $300,000 up to $2 million. 9. Baraboo, Wis. Median List Price: $189,900 Baraboo is home to the world-renowned Ringling Brothers and Barnum & Bailey Circus, which started in 1888 and shut down in 2017. The town is also known for its outdoor adventures and attractions, such as rock climbing, the International Crane Foundation, Lake Wisconsin and the Wisconsin River. The lake and river are lined with single-family homes that range from $200,000 for a modest two-bedroom cottage up to $3.6 million for a grand estate on the water. 10. Sandpoint, Idaho Median List Price: $429,000 While Sandpoint is the most expensive town on the list, this small community in Idaho is surrounded by a lake and mountains that provide year round attractions for visitors and residents. Fishing, boating, wine tasting, and The Festival at Sandpoint are some of the main summer activities, while skiing at Schweitzer Mountain Resort is popular during the winter. Prime lakefront homes in the area typically go for over $1 million, while houses on the river can be found for less than half of the price. To put together the list, realtor.com® looked at real estate listings that mentioned things such as "lake view" and "lake house" in more than 900 U.S. metropolitan and micropolitan areas. Each location had to have at least 50 listings over a 12-month period ending May 31, 2019 and couldn't have more than 150,000 households. To ensure these were true vacation spots, the percentage of vacation homes and the percentage of dining, drinking and outdoor activity establishments were also measured. Finally, to measure affordability, realtor.com® ensured that none of the towns in this ranking had median prices of more than $450,000. For more information about these towns, please click here. 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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Pending Home Sales Climb 2.8% in June
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Realtor.com Expands Local Expert to Cities
Agents and brokers can now augment their branding with city searches on the site SANTA CLARA, Calif., July 29, 2019 -- Consumers who search for homes on realtor.com® by city may now see branded content and listings from Local Expert agents, teams and brokers in their search results and then again in their social media feeds, thanks to new citywide branding opportunities through realtor.com®'s Local Expert. With this new release, agents, teams and brokers can elevate their brand to consumers on a citywide level as well as targeting specific zip codes. Real estate professionals can customize ads that showcase their current or sold listings with prominent branding that displays in city and/or zip code searches on realtor.com®. Local Expert also targets these potential buyers on social media with first-party data exclusive to realtor.com®. Local Expert Agent Listing Ad Local Expert Broker Branding Ad The city version of Local Expert is available in approximately 25,000 cities across the U.S. "We're excited to expand our successful Local Expert branding program to the city level for brokers, teams and agents, and the initial response has been very positive," said Deepak Thakral, realtor.com® senior vice president, product management. "It's just one more example of how realtor.com® is helping real estate professionals compete in a rapidly changing marketplace." Since its initial launch in November 2018, Local Expert has helped thousands of agents and teams build their brand awareness with customized, branded ads in targeted ZIP code searches on realtor.com® and in home shoppers' social media feeds. According to the 2018 National Association of Realtors®' Profile of Home Buyers and Sellers, 40 percent of recent home buyers said the most important factors when choosing an agent were the agent's experience, reputation, or knowledge of the neighborhood. Local Expert helps real estate professionals demonstrate their strengths in all of these areas. Agents, teams and brokers can use Local Expert to expand their visibility and awareness with buyers who are looking for homes in their markets of expertise and amplify their marketing tactics for their seller clients' properties at the same time. "Realtor.com® wants to make buying and selling homes easier and more rewarding for consumers, agents and brokers alike," said Thakral. "Whether it's brand building tools like Local Expert, the means to capture, communicate, and connect with leads through solutions like Connections Plus, or our broker concierge service, realtor.com® is anticipating where the market is headed and leveraging those insights to help connect consumers with the real estate professionals who can help them achieve their goals. To learn more about how real estate professionals are leveraging Local Expert in their own businesses, visit https://industry.realtor.com/branding-and-local-expert. 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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Industry data shows use of down payment assistance doubled in four years
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June's Northeast Region Buyer Traffic Shows Modest Improvement as Demand in Other Areas Remains Sluggish, Consistent with Seasonal Patterns
Modest Year-Over-Year Dips in Buyer Traffic Seen in Three of Four U.S. Regions July 24, 2019 – For the second consecutive month, the Northeast Region reported a more modest year-over-year increase in buyer traffic while the rest of the U.S. saw signs of showing activity stabilizing, according to the latest ShowingTime Showing Index® report. The 0.9 percent year-over-year increase in the Northeast is a positive sign for the region that had, until May, seen a full year of slower activity. Though the West, South and Midwest regions each saw drops in year-over-year activity, the declines were more modest compared to prior months. The West Region's 5.8 percent decline is the smallest percentage decline in the region for more than a year, while the South's 1.5 percent dip is the lowest since September 2018 – the last time the region saw a year-over-year increase in buyer activity. "Year-over-year showing traffic continues to stabilize, as June's overall activity was in line with June 2018 while the Northeast Region recorded a modest increase," said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. "Activity in the South and Midwest remains slightly slower than in 2018, though there is more buyer activity in the lower price quartiles of the market. Pricier homes continue to see less traffic compared to the same time last year." The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, 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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Moderne Ventures Announces 2019 Midyear Passport Class
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Redfin Releases National Survey on the State of the Real Estate Profession
99% of agents are proud of their service, yet just 1 in 5 would recommend their careerReal estate agents report the internet has increased marketing costs and decreased productivity, while commissions remain stable SEATTLE, July 24, 2019 -- Redfin, the technology-powered real estate brokerage, released findings today from a national survey of real estate agents. The comprehensive survey sought to uncover the state of the real estate agent profession in the United States in terms of career fulfillment and growth, commissions, income, feelings about technology, and the pervasiveness of racial bias and sexism in the industry. "As a company that has long aspired to be the best employer in real estate, Redfin commissioned this survey to understand, at a time when billions in private and public capital is being invested in U.S. real estate brokerages, how the life of an agent has changed, and what we can do to attract a new generation of talent to our profession," Redfin CEO Glenn Kelman said. "What we learned is that agents love the customer relationships and entrepreneurial independence of being an agent but question whether internet technology has made them more productive, and still worry about finding enough customers to earn a steady living." Among the key findings: Nearly half of respondents have a second job; a third outside of real estate. Millennials were the customers agents were least likely to identify as easy to serve. 41% of agents who advertised on lead-generation sites had a positive return on investment. 33% of agents said the internet had increased the amount of work associated with a sale compared to 32% who claimed a decrease. 21% of agents would recommend their career to others. Of agents with five years of experience or more, 49% said commissions have remained about the same over the past five years, 31% said commissions had declined. 33% of non-white agents believe bias is pervasive, compared to 18% of white agents. 13% of female agents report sexism or harassment from customers, 6% from colleagues. Survey Methodology The survey was done in March; 500 U.S. agents who sold at least one home in the last year participated. Respondents were affiliated with a wide variety of brokerages and were not aware that Redfin commissioned the survey. More than 80 percent of respondents had four or more years of experience. Respondents reported a median of 7 to 9 closed sales in 2018, and a median income between $25,000 and $50,000 after work-related expenses, similar to findings from the National Association of Realtors. Career Satisfaction: Agents Like Serving Customers, Dislike Prospecting Relationships with customers and entrepreneurial independence are what agents enjoy most about their job, with 86 percent of respondents selecting those responses. Eighty-one percent said their favorite thing about being a real estate agent was helping people whose lives are in transition. And 99 percent of respondents said they're proud of the service they provide. But just one in five real estate agents would recommend their career to others. The most disliked parts of the job include income unpredictability (42%) and difficulty finding customers (38%). Sixty percent of experienced agents said their incomes had increased in the past five years, while 14 percent said it decreased. Nearly half of all respondents worked other jobs to supplement their income. Agents Feel the Internet Has Decreased Productivity while Increasing Costs The findings also revealed that agents are spending more money than they were five years ago on the costs of finding customers like advertising and online lead-generation, despite their increased pervasiveness. The survey findings also suggest that the internet has not led to increased productivity for agents, most of whom said the internet has either caused them to spend more time and effort to close a sale (33%) or hasn't affected the amount of time they spend (33%). Meanwhile, commissions have been mostly stable, according to agents with five-plus years' experience, 49 percent of whom reported no major change. More than half of respondents said Gen-Xers were the easiest clients to serve. Millennials and Baby Boomers were deemed the toughest, with just 23 and 25 percent of respondents indicating that those generations were easy to serve. "The lessons for the broader industry are first that rumors of the agent's demise are greatly exaggerated. But we should also pay heed to agents' broad frustration with technology, their struggle to make new lead-generation channels profitable and to meet the demands of a new, more fickle set of young homebuyers," wrote Kelman. Racism and Bias in the Industry Redfin asked several questions about diversity and racial bias in the industry with input from Elizabeth Korver-Glenn, assistant professor of sociology at the University of New Mexico, who has focused her research on how real estate agents connect with customers of different races and ethnicities. Professor Korver-Glenn has researched how white agents often have privileged access to listings, lenders, builders and other resources that benefit white clients, unwittingly perpetuating the segregation that exists in many neighborhoods across the U.S. Asked about the races and ethnicities of their last 10 clients, the survey found white agents were far more likely to work with white clients compared to non-white agents. White agents said an average of two of their clients were not white, compared with an average of four non-white clients served by non-white agents. Non-white agents were also nearly twice as likely to agree with the statement 'bias is pervasive' at 33 percent compared with 18 percent of white agents. "Our hope has been that the internet will mitigate some of the effects caused by the differing social networks of white and non-white agents," wrote Kelman. "We've found that a white customer who might have hired a white agent from her social network is perfectly comfortable hiring an agent of color on Redfin.com, particularly when we can show that agent's reviews and sales performance." To read the full white paper, complete with charts and methodology, please visit: https://www.redfin.com/blog/the-next-generation-of-real-estate-agents/ About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 90 major metro areas across the U.S. and Canada. The company has helped customers buy or sell homes worth more than $85 billion.
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Existing-Home Sales Falter 1.7% in June
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ReferralExchange Releases Directory of Real Estate Lead Sources
Guide aims to simplify and compare lead purchasing process for agents SAN FRANCISCO -- ReferralExchange, the real estate industry's leading referral network, today announced the release of their new online directory of 22 of the most active real estate lead sources in their network. The directory is made available July 22, 2019 through the ReferralExchange LIVE service to help agents see the various choices available for leads. "There are over 100 million real estate leads generated each year, yet only 11 million home transaction sides closed in 2018 according to N.A.R. It is evident that real estate agents face a daunting challenge of focusing on the right lead sources," said Myron Lo, Chief Strategy Officer, ReferralExchange. "Balancing the tradeoff between quality vs. quantity and exclusive vs. non-exclusive leads is a real problem for real estate agents - our directory will alleviate some of this burden by giving agents a head start on where to focus." Information provided in the directory includes company overviews; lead sources for each company; whether the company scrubs leads; pricing structures; and the platforms each company can integrate with. "The new ReferralExchange directory helps to address one of the biggest pain points that real estate agents face – leads," said Dave Garland, Managing Director of Second Century Ventures, "The market for real estate leads is vast and varied. With many sources and pricing models to choose from, the directory is a great start for real estate agents who are looking to grow their business through leads & referrals." ReferralExchange LIVE scrubs leads for their member agents. The company reported that 81% of these leads come via email to the real estate agent, 16% of the leads come to the real estate agent into their chosen customer relationship management platform, and 3% of the leads are manually entered. Of the lead sources they have seen, they reported that the best quality of scrubbed leads from come from Boomtown, Zillow, and kvCore. LIVE is a ReferralExchange service that manages third-party leads for agents by filtering, qualifying and live-transferring back interested prospects. LIVE currently manages leads from all of the sources in this directory. You can download your copy of the leads directory here. About ReferralExchange ReferralExchange, the nation's top agent-to-agent real estate referral company, is dedicated to creating great real estate experiences between real estate professionals and customers. Founded in 2005, ReferralExchange has built an invite-only, nationwide network of over 140,000 top-performing real estate agents in the US and Canada. In 2018, the network helped generate over $4 billion in sales. To learn more, visit https://www.referralexchange.com.
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Chime Technologies Extends Impact of AI for Real Estate with New Chatbot Feature
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Out with the Fake, in with the Real with the Latest Realtor.com Campaign
New spots point out the fallacy of fantasy home-buying to demonstrate how realtor.com helps real people find real homes SANTA CLARA, Calif., July 22, 2019 -- Realtor.com, The Home of Home Search, today debuted a new wave of advertising in its nascent "Homes, for the Real of Us" campaign that celebrates the "realness" of home-buying by poking fun at TV-fueled stereotypes and reinforcing that realtor.com® helps real buyers find real homes that meet their real needs. The campaign will run on national broadcast, digital, and social media through October 2019. "There are a lot of fantasies out there when it comes to where you live, but the reality of owning your own home outshines every megamansion, every mountainside retreat, every ultra-modern, minimal abode. It's where you spend time and make memories with the people who matter most in your life," said Andrew Strickman, head of brand and chief creative for realtor.com®. "Our new campaign serves as a humorous reminder to not be discouraged by unattainable stereotypes, and that realtor.com® is here to help you find a real home that matters to you." Created by realtor.com's® agency of record, Huge, Homes, for the Real of Us is built around the concept that real beats the fantasy, and the homes available on the site and its app are the truest representation of what homes are right for the vast majority of searchers rather than what's often seen on reality television and social media. Realtor.com's® latest creative spots double down on the concept, by first presenting viewers with an overly dramatized, over-the-top fantasy home and lifestyle. Viewers are then shown a real person searching for a normal home in a more realistic price range using realtor.com®. Each spot focuses on a different realtor.com® feature that helps the home buyer narrow their search. "Today's world, be it through television shows, celebrities, influencers, or social media, can set some very unreal expectations on what life should be. But people don't live in that unreal world, they live in a very real world with very real needs and especially with very real budgets," said Fede Garcia, global executive creative director at Huge. "With this campaign, we wanted to show them how realtor.com® has the tools to help them find a place that they love because it's exactly what they need." The first of the six new creative spots, titled "Socialites," opens with typical over-the-top reality tv socialites, complaining about the proximity of the next-door mansion. It promptly cuts to a more realistic scene where a much more relatable homebuyer, sipping lemonade rather than white wine, uses the lot size filter to search for her new home with a bit more distance from her annoying next door neighbor. The additional spots in the campaign continue to capitalize on the juxtaposition of extreme, Instagram-perfect, yacht-owning, mansion-living lifestyles of the rich and famous to the reality of what most people want in a home. The newest creative builds on the first wave of the campaign, which launched in April 2019. To view the latest spots including Socialites and House Finders, please visit: https://www.youtube.com/results?search_query=realtor.com About Realtor.com® Realtor.com®, The Home of Home Search, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com. About Huge Huge, part of Interpublic (IPG), is a global experience agency made up of creatives, designers, technologists, strategists, and data scientists. We help companies become a deeper part of people's lives by creating unified brand experiences that people love. We work with clients such as Google, McDonald's, FCA, Brooks Running, P&G, and others, who are as committed to shaping culture and defining the future as we are. Headquartered in Brooklyn, we currently have more than 1,400 employees working across 13 offices in North America, Latin America, Europe, and Asia. About Interpublic Interpublic is one of the world's leading organizations of advertising agencies and marketing services companies. Major global brands include Craft, FCB (Foote, Cone & Belding), FutureBrand, Golin, Huge, Initiative, Jack Morton, MAGNA, McCann, Momentum, MRM//McCann, MullenLowe Group, Octagon, R/GA, UM and Weber Shandwick. Other leading brands include Avrett Free Ginsberg, Campbell Ewald, Carmichael Lynch, Deutsch, Hill Holliday, ID Media and The Martin Agency. For more information, please visit www.interpublic.com.
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U.S. Median Home Prices Reach a New Peak in Q2 2019
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Second Century Ventures Selects Inaugural Commercial Accelerator Class
WASHINGTON (July 18, 2019) -- Second Century Ventures, the strategic investment arm of the National Association of Realtors, announced its first REACH Commercial Class today. REACH is a growth technology accelerator program helping launch companies into the real estate, financial services, banking, home services, and insurance industries. The newest track, REACH Commercial, focuses on accelerating innovative solutions for all aspects of the commercial real estate marketplace. The inaugural REACH Commercial class offers innovation in multifamily housing, vacation rental, lending, listing, smart office planning, and transaction management. "REACH Commercial will leverage an exceptional network of real estate industry professionals, strategic partners, investors, and mentors to increase the depth of the commercial real estate field and further advance our mission to keep REALTORS® at the forefront of the industry," said Bob Goldberg, CEO of the National Association of Realtors®, and President of Second Century Ventures. "We are thrilled to welcome this dynamic group of entrepreneurs revolutionizing the commercial real estate marketplace." The companies chosen for the 2019 REACH Commercial class are: Biproxi: End-to-end transaction platform for commercial real estate practitioners; Coeo: Open data CRE platform that matches brokers and users to their ideal space in seconds; CRE Simple: Integrated commercial real estate lending platform delivering transparency, speed and certainty; LulaFit: Luxury amenity management firm for Class A+ multifamily and commercial office spaces; Trove: Boutique vacation rental service delivering exceptional consumer experiences and maximum value for property owners; Twofold: Smart, zero-footprint furniture and structures for home and office space optimization. "REACH Commercial is uniquely positioned to help launch and accelerate the most promising new technology companies focused on delivering innovation at all levels of the commercial real estate eco-system," said Tyler Thompson, Managing Partner, Second Century Ventures. "The 2019 REACH Commercial class is a remarkable lineup of solutions benefiting property investors, sellers and practitioners alike." REACH Commercial will offer its 2019 class a robust curriculum including mentorship, education, a curated insight panel, exclusive networking opportunities, and significant exposure to the global real estate marketplace. Those chosen for the program have demonstrated solid business models, executable business plans and significant potential to influence our nation's economy. "We have selected six companies for the first REACH Commercial class that are already well on their way to being the market leaders in their spaces. They are changing how we buy and lease properties, live and work in them, and are providing end-to-end industry-changing platforms," said Bob Gillespie, Executive Director, REACH Commercial. "We have an outstanding 2019 class and look forward to helping them achieve exponential growth." REACH is a unique real estate technology accelerator created by Second Century Ventures, a strategic technology investment fund backed by the National Association of Realtors®, which leverages the association's more than 1.3 million members and an unparalleled network of executives within real estate and adjacent industries. The REACH Accelerator program helps technology companies launch into the real estate vertical and its adjacent markets. The program provides education, mentorship and market exposure to one of the world's largest industries. For more on REACH, visit www.narreach.com. 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 Special Report: The Role of Housing in the Longest Economic Expansion
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Equifax responds to the needs of real estate agents with Lead Accelerator
New solution helps real estate agents prioritize prospects, estimate income, property value and propensity to buy ATLANTA, July 18, 2019 -- According to the National Association of Realtors, seven in ten home buyers select the first real estate agent that connects with them. To help real estate agents quickly and intelligently connect with potential buyers, Equifax, a global data, analytics and technology company, today introduces Lead Accelerator™, a new solution designed specifically to help agents become the first contact for prospective home buyers. "If 79 percent of Millennials use their phones at least three hours a day*, you can guarantee they will expect a technology-driven home buying experience that is fast and intuitive. In order to meet this demand, real estate agents need sophisticated data and analytic tools at their disposal to move at lightning speed," said Tyler Sawyer, vice president of rental and real estate, Equifax. Lead Accelerator leverages proprietary data and analytics to provide lead-specific insights via three unique modules: The Personal Wealth module provides real estate agents with anonymized insights of a lead they have not previously met in addition to an overview of the lead's likely financial capacity and estimated household income. Also, the Personal Wealth module includes visibility into the household economics, further helping real estate agents differentiate leads, match offers and deliver relevant marketing messages. The Property Value module uncovers property data to determine whether a lead is likely an existing property owner or a prospective first-time home buyer. For existing property owners, additional data is provided relative to property value, time-in-home, home equity and other property attributes indicating a buyer's estimated financial health. The Propensity Score module identifies the likelihood that a lead will purchase a home within the next six months. Likewise, real estate agents can prioritize similar looking leads based on those most likely to convert and determine a preferred approach to contact. For more information on Lead Accelerator, please visit: https://www.equifax.com/business/lead-accelerator/ "Lead Accelerator enables real estate agents to qualify leads faster using data to make prioritization decisions; utilize the propensity score to help understand a lead's transaction likelihood; and convert more leads to closed deals by identifying and prioritizing top lead clusters, connecting the right buyer to the right home," added Sawyer. In an internal analysis of the solution, Equifax found that the top 10 percent of the propensity scores captured between 2.4 to 4 times more mortgage applicants than a randomly selected sample of equal size. As a result, real estate agents can expect improved productivity and a reduction in time spent with leads by as much as 75 percent. About Equifax Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com.
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Realtor Survey Shows Decline in Foreign Investment in U.S. Residential Real Estate
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HUD and Census Bureau Report Residential Construction Activity in June 2019
WASHINGTON (July 17, 2019) - The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for June 2019. Building Permits Privately owned housing units authorized by building permits in June were at a seasonally adjusted annual rate of 1,220,000. This is 6.1 percent (±1.2 percent) below the revised May rate of 1,299,000 and is 6.6 percent (±1.1 percent) below the June 2018 rate of 1,306,000. Single‐family authorizations in June were at a rate of 813,000; this is 0.4 percent (±1.0 percent)* above the revised May figure of 810,000. Authorizations of units in buildings with five units or more were at a rate of 360,000 in June. Housing Starts Privately owned housing starts in June were at a seasonally adjusted annual rate of 1,253,000. This is 0.9 percent (±7.9 percent)* below the revised May estimate of 1,265,000, but is 6.2 percent (±7.8 percent)* above the June 2018 rate of 1,180,000. Single‐family housing starts in June were at a rate of 847,000; this is 3.5 percent (±9.6 percent)* above the revised May figure of 818,000. The June rate for units in buildings with five units or more was 396,000. Housing Completions Privately‐owned housing completions in June were at a seasonally adjusted annual rate of 1,161,000. This is 4.8 percent (±12.8 percent)* below the revised May estimate of 1,220,000 and is 3.7 percent (±10.5 percent)* below the June 2018 rate of 1,205,000. Single‐family housing completions in June were at a rate of 870,000; this is 1.8 percent (±11.5 percent)* below the revised May rate of 886,000. The June rate for units in buildings with five units or more was 283,000. Read more about new residential construction activity. Explanatory Notes In interpreting changes in the statistics in this release, note that month-to-month changes in seasonally adjusted statistics often show movements which may be irregular. It may take three months to establish an underlying trend for building permit authorizations, six months for total starts, and six months for total completions. The statistics in this release are estimated from sample surveys and are subject to sampling variability as well as nonsampling error including bias and variance from response, nonreporting, and undercoverage. Estimated relative standard errors of the most recent data are shown in the tables. Whenever a statement such as “2.5 percent (±3.2 percent) above” appears in the text, this indicates the range (-0.7 to +5.7 percent) in which the actual percentage change is likely to have occurred. All ranges given for percentage changes are 90 percent confidence intervals and account only for sampling variability. If a range does not contain zero, the change is statistically significant. If it does contain zero, the change is not statistically significant; that is, it is uncertain whether there was an increase or decrease. The same policies apply to the confidence intervals for percentage changes shown in the tables. On average, the preliminary seasonally adjusted estimates of total building permits, housing starts and housing completions are revised 3 percent or less. Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website. * The 90 percent confidence interval includes zero. In such cases, there is insufficient statistical evidence to conclude that the actual change is different from zero.
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Homes.com Local Connect Advertising: Smarter than Ever
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CoreLogic Reports Lowest Overall Delinquency Rate in More than 20 Years This April
U.S. serious delinquency rate this April was the lowest for any month in nearly 14 years 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 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in April 2019, representing a 0.7 percentage point decline in the overall delinquency rate compared with April 2018, when it was 4.3%. This was the lowest rate for any month in more than 20 years. As of April 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 April 2018. The April 2019 foreclosure inventory rate tied the prior five 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 1.7% in April 2019, down from 1.8% in April 2018. The share of mortgages 60 to 89 days past due in April 2019 was 0.6%, unchanged from April 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in April 2019, down from 1.9% in April 2018. April's serious delinquency rate of 1.3% was the lowest for any month since August 2005 when it was also 1.3%. 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 0.7% in April 2019, down from 0.8% in April 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 in November 2008 at 2%. The nation's overall delinquency rate has fallen on a year-over-year basis for the past 16 consecutive months. In April, Nebraska's overall delinquency rate was unchanged from a year earlier and all other states posted at least a small annual decline. "Thanks to a 50-year low in unemployment, rising home prices and responsible underwriting, the U.S. overall delinquency rate is the lowest in more than 20 years," said Dr. Frank Nothaft, chief economist at CoreLogic. "However, a number of metros that suffered a natural disaster or economic decline contradict this national trend. For example, in the wake of the 2018 California Camp Fire, the serious delinquency rate in the Chico, California metro area this April was 21% higher than one year ago." In April 2019, 10 metropolitan areas logged an increase in the serious delinquency rate. The highest gains continue to plague the hurricane-ravaged parts of the Southeast (in Florida, Georgia and North Carolina), and in Northern California where the Camp Fire devastated communities in 2018. "The U.S. has experienced 16 consecutive months of falling overall delinquency rates, but it has not been a steady decline across all areas of the country," said Frank Martell, president and CEO of CoreLogic. "Recent flooding in the Midwest could elevate delinquency rates in hard-hit areas, similar to what we see after a hurricane." The next CoreLogic Loan Performance Insights Report will be released on August 13, 2019, featuring data for May 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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Matterport to Acquire AI-driven Production Platform Arraiy
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RPR Delivers Members' Top-Requested Feature: Mailing Labels
CHICAGO (July 10, 2019) -- Realtors Property Resource (RPR), a nationwide data platform and a wholly owned subsidiary of the National Association of REALTORS, is pleased to introduce Mailing Labels as a new feature within its array of products and programs exclusively for REALTORS. RPR users can now create ready-to-print mailing labels for farming, prospecting or direct mail marketing within custom geographies. "Through a targeted outreach program, RPR met with MLS CEOs and user focus groups to solicit input to help RPR provide additional value to agents and brokers." said Emily Line, Vice President of Member Experience. "Mailing labels came up consistently in those conversations, coinciding with user feedback from other RPR channels and social media where the number-one requested feature has been the ability to create mailing labels. We've listened, and we're excited to deliver this new capability to our users." Armed with RPR's new Mailing Labels feature, REALTORS® will be able to create farming or prospecting lists and generate up to 2,000 pre-formatted labels per month for mailings to residential or commercial property owners based on any RPR search. The easy-to-create labels are available in popular formats and users can choose to export results into a standard CSV file. The data used to create the lists is licensed from Black Knight, RPR's public records provider. "As a member of the RPR User group for Mailing Labels, I was able to preview and share feedback about the feature while it was being developed," said Jennifer Archambeault, Broker/Owner of Urban Provision REALTORS® in Austin, TX. "RPR has been one of my core business tools for years. Now, with the addition of this new feature, RPR can now do more to help REALTORS® generate new opportunities with buyers and sellers." Additionally, REALTORS® who are interested in expanded capabilities or additional fields for their mailing labels can link directly from RPR into Black Knight's property analytics product, SiteXPro.com. This added benefit will help REALTORS® who are looking for advanced list generation features. The link, and a discount, will be available for RPR users beginning in August through a banner on the bottom of the Mailing Labels modal window. "REALTORS® know how important it is to keep their prospecting pipeline full and to have the right tools to create dynamic direct mail campaigns," said Leslie Rouda Smith, Broker with Dave Perry-Miller Real Estate in Dallas, TX. "The new Mailing Labels feature in RPR will give agents a simple way to market new listings, just sold properties, or promote their brand." About Realtors Property Resource® Realtors Property Resource, LLC®, a wholly owned subsidiary of the NATIONAL ASSOCIATION OF REALTORS®, is an exclusive online real estate database created to support the core competence of its members. The parcel-centric database, covering more than 160 million residential and commercial U.S. properties, provides REALTORS® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. Log in to RPR today: narrpr.com.
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Constellation Real Estate Group Acquires offrs.com
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Realtor.com Predicts Market Shift That Could Impact Buyers Well Into 2020
U.S. Inventory Declines Likely to Return by October SANTA CLARA, Calif., July 9, 2019 -- The housing market is posed for a shift that could affect buyers well into 2020 -- the resurgence of national inventory declines. According to realtor.com's July 2019 Monthly Housing Trend report released today, in just a few months* buyers may begin to see a drop in the number of homes for sale that could lead to the return of bidding wars, stronger price appreciation and quicker home sales. Continuing its unabated record growth, the U.S. median listing price in June reached its likely high point for the year at $316,000, earlier than its usual July peak due to the mismatch of what's available and what buyers want. Nationally, housing inventory grew 2.8 percent year-over-year, an addition of approximately 40,000 listings, down from May's 2.9 percent growth. The slowing of inventory gains first appeared in 2019 with a decline from 6.4 percent growth in January to 5.8 percent in February. It continued throughout the spring with 4.4 percent growth in both March and April, 2.9 percent in May and now 2.8 percent in June. If this trend continues, inventory growth will flatten over the next three months and could hit its first decline in October 2019. "It was only 18 months ago that the number of homes for sale hit its lowest level in recorded history and sparked the fiercest competition among buyers we've ever seen. If the trend we're seeing continues, overall inventory could near record lows by early next year," said Danielle Hale, chief economist for realtor.com®. "So far there's been a lackluster response to low mortgage rates, but if they do spark fresh buyer interest later in the year, U.S. inventory could set new record lows." Part of this slowdown can be attributed to the fact that newly listed homes have either declined or reported meager growth in 2019, such as June's 2.3 percent yearly decrease. According to Hale, the reason why people aren't putting their homes on the market is more difficult to determine. "It's likely a combination of rate-lock, recently decreased consumer confidence and older generations choosing to age in place," she added. Only seven years ago, 30 year fixed mortgage rates reached their lowest point at 3.3 percent since Freddie Mac began tracking this data, which prompted many homeowners to refinance. Although rates are still low, they're currently 50 basis points higher than they were in December 2012 and higher than one third of the weekly rates recorded over the last seven years, which means a substantial number of homeowners have mortgages with rates well below today's levels. If homeowners want to trade up, they would not only have to pay more for a larger home, they would pay more to finance it. Additionally, consumer confidence fell 4.4 percent over the past year, which could reflect consumer concerns over a potential recession or future economic growth. The time properties spent on the market in June 2019 was 56 days, a two-day increase from last year. Additionally, the number of homes with price reductions increased by 8.7 percent compared to the previous year, which means one in five homes on the market this June had a price cut, compared to one in six last year. *Projections based on January-June 2019 inventory trend data and assume no disruption to current trajectory. For more information on realtor.com®'s June housing trend report, please visit: https://www.realtor.com/research/june-2019-data/ Editors note: Realtor.com® is upgrading its database to a new system that allows for more enhanced listings tracking. Market level trend data is being held until the conversion is complete. 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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Homesnap Named a Washington Post Top Workplace for Second Consecutive Year
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NAR's Strategic Investment Fund Opens Applications for iOi Pitch Battle
WASHINGTON (June 26, 2019) – Second Century Ventures, the National Association of Realtors®' strategic investment arm, is proud to present the opening of applications for the second annual Innovation, Opportunity and Investment Summit Pitch Battle. A select group of technology startups focused on real estate will compete with live presentations in front of the iOi Summit audience on Wednesday, August 21 in Seattle, Washington. "We are pleased to announce that Chris Smith, Co-Founder of Curaytor will once again emcee the event. The goal of the iOi Pitch Battle is to highlight how some of the most cutting edge and impactful startups are helping to define the future of real estate. All iOi Summit registrants are welcome to attend the live iOi Pitch Battle," said Glenn Shimkus, NAR VP of Strategy and Innovation. The Pitch Battle is a unique opportunity for tech startups focused on the real estate industry to provide a live demonstration in front of the iOi Summit 2019 audience. Selected startups will have the chance to have their product or service viewed by key influencers and venture investors, receive free press mentions, obtain an all-access pass to iOi Summit 2019, and the opportunity to receive personalized presentation coaching by Chris Smith of Curaytor. First place winner will also walk away with $15K cash and other valuable benefits. "If you consider yourself an innovator, entrepreneur, investor, or executive seeking to lead change, I encourage you to join the conversation. It's one you won't want to miss," said NAR CEO Bob Goldberg. Please visit https://www.nar.realtor/ioi/Pitch-Battle for more information. The National Association of Realtors® annual Innovation, Opportunity & Investment (iOi) Summit brings together the industry's top tech companies, investors and Realtors® to collaborate, network, and drive the industry forward. The two-day conference will take place in Seattle, Washington with a welcome reception beginning on Tuesday, August 20 at 5 p.m. and ending late afternoon on Thursday, August 22. The iOi Summit attracts attendees who are looking to embrace, leverage, and be part of the change that currently surrounds real estate. Hear the latest from entrepreneurs and global tech companies such as Amazon, Google, Facebook, Microsoft and others. Find out what products and services are poised to make a major impact on the industry. Learn how you can tap into these breakthroughs to better your business. The National Association of Realtors® is the world'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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Supply of Homes for Sale Down 0.3% in June, First Annual Decline in 10 Months
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CoreLogic Reports May Home Prices Increased by 3.6% Year Over Year
Annual U.S. home-price growth accelerates for the first time in 14 months CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for May 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from May 2018. On a month-over-month basis, prices increased by 0.9% in May 2019. (April 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.) After several months of moderation earlier this year, the CoreLogic HPI Forecast indicates home prices will increase by 5.6% from May 2019 to May 2020. On a month-over-month basis, home prices are expected to increase by 0.8% from May 2019 to June 2019, bringing single-family home prices to an all-time high. 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. "Interest rates on fixed-rate mortgages fell by nearly one percentage point between November 2018 and this May," said Dr. Frank Nothaft, chief economist at CoreLogic. "This has been a shot-in-the-arm for home sales. Sales gained momentum in May and annual home-price growth accelerated for the first time since March 2018." 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, 38% of metropolitan areas have an overvalued housing market as of May 2019. The CoreLogic 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 May 2019, 24% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 42% were overvalued, 16% were undervalued and 42% were at value. The CoreLogic 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 first quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment in high-priced markets. Given the significant increases in home prices in these markets, homeowners are questioning their ability to afford replacement homes, and 28% of homeowners reported they are concerned they won't be able to afford buying a new home in the future. Only half of the respondents are satisfied with the number of options available in their market, and 40% of homeowners who are considering selling said they would have to move outside of their current market to afford another home. "The recent and forecasted acceleration in home prices is a good and bad thing at the same time," said Frank Martell, president and CEO of CoreLogic. "Higher prices and a lack of affordable homes are two of the most challenging issues in housing today, and every buyer, seller and industry participant is being impacted. The long-term solution lies in expanding supply, which will require aggressive and effective collaboration between policy makers, state and local government entities and home builders." About the CoreLogic Consumer Housing Sentiment Study In the first quarter of 2019, 1,002 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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Median-Priced Homes Not Affordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
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Redfin Report: McAllen, Texas, Salt Lake City and Grand Rapids Have the Highest Homeownership Rates for Single Mothers
31% of single mothers are homeowners nationally, down from nearly 36% in 2010 SEATTLE, June 24, 2019 -- Just 31.1 percent of single mothers nationwide owned homes in 2017, on par with the 2016 rate and down from 35.5 percent in 2010, according to a new report from Redfin, the technology-powered real estate brokerage. At 63.9 percent, the overall homeownership rate for households across the country was more than double that of single mothers, though it was also down from nearly 70 percent in 2010. Over the same time period, the national median home price rose by more than 40 percent. The metros with the highest rates of homeownership among single moms tend to be relatively affordable. McAllen, Texas, where the typical home sells for $165,000, has the highest homeownership rate among metro areas with at least 20,000 single mothers in 2017, with 46.6 percent of single moms owning homes. That's followed by Salt Lake City (41.7%), Grand Rapids (41.5%) and Minneapolis (40.3%). All but two (El Paso and San Antonio) of the top 10 metros for single-mom homeownership have higher-than-national overall homeownership rates as well. The four metros with the lowest rates of single-mom homeownership are all in California: Fresno (20.5%), Los Angeles (20.7%), San Diego (22.4%) and Bakersfield (22.6%). The metros with the lowest rates of homeownership among single mothers all have overall homeownership rates below the national rate. "Although more single moms have entered the workforce since 2015, thanks in part to a growing economy, single mothers haven't yet been able to gain increased wealth through equity from homeownership. That's because in many expensive metros, single moms aren't able to access the benefits of homeownership due to a lack of affordable homes for sale," said Redfin chief economist Daryl Fairweather. "But in areas like Salt Lake City and Minneapolis, single moms are better able to afford a home without a dual income or financial support from a partner. Beyond being a primary source for building wealth, owning a home can provide some necessary stability for children because homeowners have predictable monthly mortgage payments and don't have to worry about a landlord raising rent or selling their home." To read the full report, with additional metro-level data and analysis, please visit: https://www.redfin.com/blog/single-mother-homeownership-rate-us. 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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