2019 – Page 14

U.S. foreclosures down 13% in April 2019

U.S. Foreclosure Activity Decreases 13 Percent in April 2019

by admin
Comment Off
695 views

ATTOM Data Solutions’ April 2019 U.S. Foreclosure Market Report shows that foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 55,646 U.S. properties in April 2019. That’s a 5% drop from March and a 13% decrease from a year ago. It marked the 10th consecutive month with an annual decline. “While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on,” said Todd Teta, chief product officer at ATTOM Data Solutions. “For instance, Florida is seeing a steady annual increase in total foreclosure activity for the 8th consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts.” Lenders started the foreclosure process on 30,524 U.S. properties in April 2019, down 5% from March and down 10% from April 2018, the third consecutive month with an annual decline. States that posted annual decreases in foreclosure starts in April 2019 included New York (down 43%), Nevada (down 36%), Colorado (down 34 %), Maryland (down 31%) and Michigan (down 25%). Metropolitan statistical areas with a population greater than 500,000 that saw a large annual increase in foreclosure starts from last year included Orlando, Florida (up 90%); Miami, Florida (up 45%); Columbus, Ohio (up 35%); Portland, Oregon (up 31%); and El Paso, Texas (up 22%). Bucking the national trend, 17 states saw an annual increase in foreclosure starts, including Washington (up 38%), Florida (up 34%), Oregon (up 22%), Louisiana (up 12%) and Georgia (up 11%). Nationwide, one in every 2,433 housing units had a foreclosure filing in April 2019. States with the highest foreclosure rates were New Jersey (one in every 980 housing units), Maryland (one in every 1,218), Delaware (one in every 1,249), Illinois (one in every 1,371) and Florida (one in every 1,415). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2019 were Atlantic City, New Jersey (one in every 702 housing units); Fayetteville, North Carolina (one in every 732); Clarksville, Tennessee (one in every 853); Columbia, South Carolina (one in every 946); and Deltona-Daytona Beach, Florida (one in every 966). Lenders completed foreclosures (REO) on 11,078 U.S. properties in April 2019, down 9% from the previous month and down 22% from a year ago, marking a sixth consecutive annual decline. States that saw a double-digit annual decline in REOs included Alabama (down 45%), Arizona (down 38%), North Carolina (down 32%), California (down 20%) and Nevada (down 14%). Counter to the national trend, 10 states posted year-over-year increases in REOs in April 2019, including Washington (up 53%), Connecticut (up 22%), Kentucky (up 19%) and New York (up 3%).

by admin
Comment Off
708 views

CrowdStreet, a Portland, Oregon-based technology provider with an online marketplace for direct equity investment in commercial real estate, crossed the $500 million threshold in total online investments in March. The news accompanies a record quarter in which CrowdStreet saw individuals invest more than $75 million in commercial real estate deals. Since April 2014, the company has seen more than $525 million invested in office, multifamily, hotel, retail and industrial deals on the CrowdStreet Marketplace. Investment highlights include one sponsor raising over $4 billion in offers in just over an hour and the inaugural fund of the CrowdStreet Blended Portfolio raising more than $9 million from 198 investors in two months. Investment performance has been notable as well: 12 realized offerings on CrowdStreet to date have generated a 31.7% average XIRR and 1.6x average realized equity multiple. “Crossing over the $500 million mark is a significant milestone that clearly demonstrates that online investing in commercial real estate is here to stay,” said Tore C. Steen, CEO of CrowdStreet. “Investors on CrowdStreet can now choose between directly investing in a variety of commercial real estate asset types, investing in a diversified portfolio of Marketplace assets by making one investment in the CrowdStreet Blended Portfolio, or getting personalized advice with our Private Managed Accounts service.” Through its Marketplace and software solutions, more than 112,000 investors, along with 275 commercial real estate operators and developers, are currently on the CrowdStreet platform. Sponsors who raised capital on the CrowdStreet Marketplace in the first quarter include Feldman Equities, KBS and Driftwood Hospitality. CrowdStreet was the winner of the 2019 Rising Star category in the annual Oregon Technology Awards.

by admin
Comment Off
789 views

Millennium Trust Company has launched an API that is designed to allow investment sponsors and advisor systems to reduce processing times, control the user experience and increase transaction volumes. Millennium Trust is a provider of specialized retirement and institutional custody solutions. The new API enables investment platforms and advisor systems to integrate with Millennium Trust’s custody services. The API provides investment sponsors with the ability to allow their clients access to their investment products through Self-Directed IRAs. “This is a win-win for investment platforms and their clients,” said Tom Daley, managing director of custody services. “The investment platforms are able to control the user experience and tap into the multi-trillion dollar IRA market, while investors are able to have a simple, digital investing experience.” Investors will be able to open a Millennium Trust Self-Directed IRA on the investment platform. For investment sponsors, the Millennium Trust API will enable account opening and investment processes in one place.

by admin
Comment Off
692 views

Title and escrow provider OS National has announced a $15 million headquarters expansion that will create more than 1,000 new jobs in Gwinnett County, Georgia. The company is based in Duluth. “In selecting Gwinnett County for our national headquarters, we believe we can support OS National’s explosive growth and strategic expansion efforts across the U.S.,” said Jamie Wunder, managing partner of OS National. “We recognize the county’s efforts providing businesses excellent options for growth and helping to grow a rich and diverse talent pool for the future.” OSN currently employs more than 500 associates in four states and helps provide title insurance and escrow services to institutional clients and national lending and banking institutions on both residential and commercial transactions.

More First Quarter Home Sales Data to Consider

by admin
Comment Off
952 views

Last week REI INK shared data about U.S. average homeownership tenure and sales price gains from ATTOM Data Solutions’ first quarter U.S. Home Sales Report. This week, we’ll look at the report’s data on cash sales, institutional investor sales, distressed sales and FHA buyers share. All-Cash Sales Overall, first quarter cash sales in first quarter 2019 (28%) decreased slightly versus the first quarter of 2018 (28.9%), but it beat all-cash sales of the previous quarter (27.7%). Metro areas with more than 1 million in population that showed the highest share of all-cash sales were Miami (44.6%); Tampa-St. Petersburg, Florida (40.7%); Birmingham, Alabama (40.6%); Detroit (40.1%); and Memphis, Tennessee (38.9%). Institutional Investor Sales For the report, institutional investors are considered entities that buy at least 10 properties in a calendar year. Nationwide, institutional investor shares of single-family home and condos were down nationwide, but they were up 29% in local markets. In first quarter 2019, these shares were 1.8%, compared to 3.7% in the previous quarter and 2.2% from first quarter 2018. Among 49 metropolitan statistical areas with a population of at least 200,000 and at least 40 institutional investor sales in Q1 2019, those with the highest share of institutional investor sales in the first quarter were Columbia, South Carolina (7.9%); Atlanta, Georgia (7.4%); Charlotte, North Carolina (5.6%); Memphis, Tennessee (5.1%); and Las Vegas, Nevada (5%). Distressed Sales Bank-owned (REO) sales, third-party foreclosure auction sales, and short sales—all considered distressed sales—made up 14.2% of all single-family and condo sales in the first quarter of 2019. That’s an increase from the 12.9% seen in the previous quarter but down from 15.2 % in the first quarter of 2018. Of the 135 metropolitan statistical areas with a population of at least 200,000 and at least 100 total distressed sales in first quarter 2019, the highest share of total distressed sales were in Atlantic City, New Jersey (33.1%); Trenton, New Jersey (28%); Rockford, Illinois (27.3%); Peoria, Illinois (26.1%); and Shreveport, Louisiana (25.9%). Of the 135 metro areas, 24% saw year-over-year increases in share of distressed sales. Among those metro areas were San Antonio, Texas, with a 22.2% increase; Salt Lake City, Utah, up 20.6%;); New Orleans, Louisiana at an 11.8% increase; Indianapolis, Indiana, up 10.6%; and Raleigh, North Carolina, up 8.9%. FHA Buyers FHA buyers are typically first-time homebuyers or buyers making a low down payment. FHA buyers share was 10.9% of all U.S. single-family and condo sales in first quarter 2019. That’s a slight increase from 10.8% percent of all sales in the previous quarter but a decrease from 11.8% in first quarter 2018. The number marked the eighth consecutive quarter with annual decreases. Among metro areas with a population of at least 1 million, those with the highest share of sales to FHA buyers were Indianapolis, Indiana (18.5%); Riverside, California (18%); Houston, Texas (17.3%); Providence, Rhode Island (16.2%); and Hartford, Connecticut (16.2%).

by Robert Rakowski
Comment Off
1,579 views

Shortly after announcing its rebrand and the expansion of its Series B funding to $85 billion, Forge has acquired IRA Services. The acquisition is designed to enhance Forge’s ability to serve private-market investors. Forge will now be able to provide an integrated investing experience for investors who want to hold assets with an independent third-party custodian. IRA Services has emerged over the last several decades as a leading provider of custody and administrative services for individual investors, financial advisors, asset sponsors and financial institutions. According to Forge CEO Kelly Rodriques, the acquisition of IRA Services allows Forge to better serve the ongoing liquidity needs of the private market economy by empowering companies, investors, and institutions with liquidity, and providing safe and secure, transparent custodial services. “Recognizing that the private markets seed innovation, our mission is to serve the ongoing liquidity needs of the private-market economy,” Rodriques said. “In joining with IRA Services, Forge will expand its ability to meet the needs of private-market investors by providing an integrated custodial solution that allows them to seamlessly and securely invest in a wide range of innovation companies.” Once the acquisition is complete, IRA Services will be known as Forge Trust and will continue to work with its key partners to provide custodial services.