November 2020 – Page 2

NORTHEASTERN HOUSING MARKETS REMAIN MOST AT RISK OF ECONOMIC IMPACT FROM CORONAVIRUS PANDEMIC

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ATTOM Data Solutions released its third-quarter 2020 Special Report spotlighting county-level housing markets around the United States that are vulnerable to the impact of the Coronavirus pandemic. The report shows that pockets of the Northeast and Mid-Atlantic regions were most at risk in the third quarter—with clusters in the New York City, Baltimore, Philadelphia and Washington, D.C. areas—while the West and now Midwest are less vulnerable. The report reveals that Connecticut, New York, New Jersey, Pennsylvania, Maryland, and Delaware had 32 of the 50 counties most vulnerable to the economic impact of the pandemic in the third quarter. They included five suburban counties in the New York City metropolitan area, four around Washington, D.C., four around Philadelphia, PA, four around Baltimore, MD, and seven of Connecticut’s eight counties. The only four western counties among the top 50 were in northern California and Hawaii, while Illinois had the only six in the Midwest. Another eight were loosely scattered across five southern states—Florida, Louisiana, North Carolina, Texas, and Virginia. Third quarter trends generally continued from those found in the first and second quarters of 2020, but with different concentrations around several major metropolitan areas. The number of counties among the top 50 most at-risk was down from 11 to five in the New York City area, and from eight to three in the Chicago, IL, area, but up from two to four in the Baltimore region. Markets are considered more or less at risk based on the percentage of homes currently facing possible foreclosure, the portion of homes with mortgage balances that exceed the estimated property value, and the percentage of local wages required to pay for major home ownership expenses. The conclusions are drawn from an analysis of the most recent home affordability index, equity and foreclosure reports prepared by ATTOM. Rankings are based on a combination of those three categories in 487 counties around the United States with sufficient data to analyze. Counties were ranked in each category, from lowest to highest, with the overall conclusion based on a combination of the three ranks. The findings come as the national housing market has largely staved off the effect of the virus pandemic. While home values have dipped in some areas of the nation, counties generally have seen prices rise 7 percent to 15 percent since the third quarter of 2019. But the market remains exposed due to high unemployment and other damage that has spread through the United States economy as the virus has surged throughout the country this year. “The U.S. housing market continues to show remarkable resilience during a time of widespread economic trouble and high unemployment stemming from the virus pandemic. But amid continued price gains, pockets around the country face greater risk of a fall, especially in and around the Northeast,” said Todd Teta, chief product officer with ATTOM Data Solutions. “There is much uncertainty ahead, especially if another virus wave hits. We will continue to closely monitor home prices and sale patterns to see if, how and where the pandemic starts rattling local markets.” Most vulnerable counties clustered around New York City; Baltimore; Philadelphia; Washington, D.C. and Chicago. Twenty of the 50 U.S. counties most at-risk in the third quarter of 2020 from housing-market troubles connected to the pandemic (among the 487 counties with sufficient data) were in the metropolitan statistical areas around New York, NY; Philadelphia, PA; Baltimore, MD; Washington, D.C., and Chicago, IL. They included five in the New York City suburbs (Bergen, Essex, Passaic and Sussex counties in New Jersey, along with Orange County, NY) and four around Philadelphia (Burlington, Camden and Gloucester counties in New Jersey, plus Bucks County, PA). Another four counties found most at risk are in the Baltimore metro area: Anne Arundel, Baltimore, Carroll, and Howard counties. The three around Chicago are Lake, McHenry, and Will counties. Seven of Connecticut’s eight counties also are in the top 50, including Fairfield, Litchfield, Middlesex, New Haven, New London, Tolland, and Windham counties. The only western counties among the top 50 most at risk from problems connected to the Coronavirus outbreak in the third quarter of 2020 were Humboldt County (Eureka), CA; Butte County (Chico), CA; Shasta County (Redding), CA, and Hawaii County, HI. Florida also had three counties in the top 50: Charlotte County (outside Fort Myers), Flagler County (outside Daytona Beach) and Highlands County (Sebring). Higher levels of unaffordable housing, underwater mortgages and foreclosure activity in most-at-risk counties. Major home ownership costs (mortgage, property taxes and insurance) consumed more than 30 percent of average local wages in 35 of the 50 counties that were most vulnerable to market problems connected to the virus pandemic in the third quarter of 2020. The highest percentages were in Bergen County, NJ (outside New York City) (51 percent of the average local wage required for major ownership costs); Passaic County, NJ (outside New York City) (50 percent); Comal County, TX (outside San Antonio) (48 percent); Carroll County, MD (outside Baltimore) (46 percent); and Hawaii County, HI (46 percent). Among all counties in the report, major expenses on the median-priced home typically consumed 32 percent of the average local wage. At least 15 percent of mortgages were underwater in the second quarter of 2020 (the latest data available on owners owing more than their properties are worth) in 37 of the 50 most at-risk counties. Nationwide, 13 percent of mortgages fell into that category. Those with the highest underwater rates were Cumberland County (Vineland), NJ (34 percent); Saint Clair County, IL (outside St. Louis, MO) (33 percent); Lackawanna County (Scranton), PA (31 percent); Monroe County, PA (outside Wilkes-Barre) (30 percent) and Madison County, IL (outside St. Louis, MO) (29 percent). More than one in 2,500 residential properties faced a foreclosure action in the second quarter of 2020 (the latest available data) in 36 of the 50 most at-risk counties. Nationwide, about one in 4,449 homes were in that position. (Foreclosure actions have dropped about 80 percent this year amid a foreclosure moratorium on

Reclaimed Wood—In or Out?

by Nicole Stilley
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by Nicole Stilley A lot of sources will tell you, the trend of using reclaimed wood is on its way OUT and has been for a while. As someone who is actively “house hunting” in extreme North Georgia, I have seen reclaimed or repurposed wood being used for a slew of different things. And I really love it. I often ask myself, what is your decoration personality? How would you bring warmth and that “cozy” feeling into your home? Imagine bringing rustic charm to any room instantly! It is that easy. I love a good challenge and I consider myself crafty. It gives me a great sense of pride that I can take on most projects when it comes to using reclaimed wood. And what’s better than old wood that can be repurposed? Bringing used timber into any home is more work according to some, but the character it adds is not only unique, but it cannot be mimicked. Literally every piece has its own special feature. The older the wood, the better, as it has had time to really show its true self. Aging will also bring out all the beautiful natural colors in the wood. And reclaimed wood is strong and durable which is why it is so highly sought after. Reclaimed wood in a home is a sign of quality. It can also be matched to just about any choice of décor you chose. If you ever decide to sell your home, this will give prospective buyers valuable assurances. It is also environmentally friendly. It represents a tree that has been cut down, but the new life you will be breathing back into it, will be worth it. Here are some great ways to incorporate reclaimed wood inside of any home. Adding an accent wall in a bathroom, living area or bedroom can dramatically add dimension and personality. There are also a variety of ways to use reclaimed wood in a kitchen such as adding a one-of-a-kind statement piece countertop, to create that “butcherblock” feel. Another method is creating an island that catches attention immediately or unique cabinetry that no one else can find In the end, the possibilities are endless. The sky is the limit when it comes to the versatility of reclaimed wood. From ceilings, floors, countertops, shelving, and framing… all the way to coffee tables, headboards, and horizontal or vertical accent walls. Another great facet about reclaimed wood is being able to create a more cohesive look throughout each room, whether it is small or big. That is important. The first impression of family or friends coming into your home is priceless. It is even more priceless when a potential buyer comes into your home. This trend is not going anywhere, anytime soon.

Ted Studdard

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Business to Business Operations Manager | The Home Depot Renovations Services Team Thirty-six hours after graduating from high school, Ted Studdard was on his way to boot camp at the Marine Corps Recruit Depot at Parris Island, South Carolina. Little did he know that he was starting a journey that would span four decades, touch five continents, encompass two wars, and eventually end up as a leader at The Home Depot. The Marine Journey Begins Ted began his military career in 1984 as a Private. Soon after he was approached to attend the Marine Corps Officer Candidate School. After receiving his BBA in Management from the University of Georgia in 1988, he went to Officer Candidate School and was commissioned as a Second Lieutenant. During his initial years of service, he led an artillery platoon in combat and was the Commanding Officer of Battery F, 2nd Battalion, 11th Marines, 1st Marine Division. During 2000-01, Ted attended the Marine Corps Command and Staff College with an academic focus on operational level planning and the theory and nature of war. While there, he also earned a master’s degree in military studies. After a tour as the Commanding Officer of Recruiting Station Nashville, Ted was selected to be the Commanding Officer of the 3rd Battalion, 12th Marines, 3rd Marine Division in Okinawa, Japan. While in command, he was responsible for leading and training 750 Marines and Sailors who executed missions ranging from combat operations in Iraq and Afghanistan to post tsunami Humanitarian Operations in Southern Asia. He was also responsible for negotiating the terms and expansion of US Marine Artillery training in Japan with the Government of Japan. During this tour he conducted multiple international media engagements and press conferences representing the US Marine Corps. Senior Officer Assignments Returning to the US, Ted attended the National War College in 2006 -07. There, the focus was on national strategy and strategic planning. He was selected as a student delegate to the French Centre des Hates Etudes Militaries Colloquium in Paris, France to discuss the role of culture in conflict. He also had the opportunity to travel to Botswana and Zambia as a member of a Sub-Saharan Africa Strategic Studies Team. If that were not enough, Ted also obtained a Master of Science degree in National Security Strategy during the school year. After the National War College, he was assigned to the Joint Staff in the Pentagon serving in the National Military Command Center. As the Section Head for Current Operations (Afghanistan and Pakistan), he was leading operational planning teams and developing the associated strategic plans, which included collaborating with senior national and international military, civilian, and political leaders about ongoing operations and future plans. Next, Colonel Studdard was assigned as the Deputy Operations Officer and then became the Operations Officer for the 1st Marine Expeditionary Force (FWD). He was responsible for planning and directing the daily combat operations in Southwest Afghanistan for a 20,000-person international force. Selected to Command the 8th Marine Corps District, Colonel Studdard returned to the US where he was accountable for over 6,300 Marines and civilians covering a ten-state area. A New Second Journey After suffering a heart attack, Ted faced new challenges—retiring and charting a new path. Post retirement from the Marine Corps, he transitioned to a second career with The Home Depot, a company whose values aligned with his own. He has held positions of increasing responsibility in field operations, corporate leadership training, talent acquisition and staffing, and business to business operations. These roles gave “civilian” Ted a unique perspective on optimizing human capital in Corporate America. Ted’s second role at the Home Depot was teaching leadership at Home Depot University. Who better to teach leadership than a retired Marine Corps Colonel? After that he became the Divisional Staffing Manager, Western Division – Merchandising Execution Team (MET), and he is currently the Business to Business Operations Manager for The Home Depot’s Renovations Services Team. Ted Studdard has had the tremendous fortune of appearing as a featured guest on national TV, radio, and podcasts, as well as speaking to a variety of audiences about individual and organizational leadership ranging from junior leaders to executives. Also, he has educated business leaders and their HR partners about the value veterans bring to the civilian workforce and how to best incorporate them into Corporate America. Based on his lessons learned and experiences, he also published his first book, Depot to Depot. Much more than a leadership primer, the book provides a great illustration of the transformation that veterans must make as they begin their personal journey from the service back into civilian life. It also highlights the huge reservoir of human capital that can be leveraged by Corporate America to reinforce our national economy.

John Morrissey

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Senior Vice President-Operations | CFSI Loan Management I served in the United States Army from July 14, 1992 until April 9, 2000. My first permanent duty station in the Army was at Fort Stewart, Georgia as a Congressional Clerk. This position really set the tone for my military experience. The “Congressionals” Office received inquiries from members of Congress on behalf of their constituents assigned to the various units on Fort Stewart. These were typically complaints against soldier’s commands. Thisjob taught me how to research military regulations and how to interpret those regulations. After Fort Stewart, I was then stationed in Mannheim, Germany. I had several positions there that culminated with my promotion to Corporal (a rare rank in the Army) and the position of Non-Commissioned Officer In Charge of Personnel Actions. I was personally responsible for two junior enlisted personnel, and the running of an office that processed 300+ requests from soldiers assigned to Mannheim. I had to not only manage the office and ensure all requests were processed in accordance with military regulations, but also ensure my soldiers were proficient in all of their military occupational specialty skills, physical fitness, and common skills (land navigation, weapons proficiency). Their success or failure was attributed to my leadership skills. Combat and Beyond I was deployed in support of Operation Joint Endeavor (Bosnia) and was in Croatia (considered a combat zone) in January-March 1996. I was part of a group tasked with keeping track of all Army personnel assigned to that theater. Finally, I was stationed at Fort Lewis, Washington in the Officer Management Section. There I was tasked with assisting 5 senior officers in the task of Commissioned Officer assignments throughout Fort Lewis. This position was previously filled by a Staff Sergeant (E6). I was a Corporal (E4) and was recognized personally by the General for my efforts. Military Lessons Learned Leadership is JOB ONE for Non-Commissioned Officers in the Army. Once I became a Corporal, I had to step up to leading soldiers by example and by direct action. I learned that everyone needs to be led differently. What works with one person, does not help someone else. I use those lessons every day when leading my employees at CFSI. Discipline is the first, middle and last thing everyone learns in the Army. The Army definition of discipline is doing what is right, even in the absence of direct orders. Operationally, I learned how to manage workflow, meet deadlines, motivate people, attention to detail, making sure the work product is right, understandable, and concise. All these military lessons, experiences, and knowledge are used daily in my business career. Everyone who has ever served in the military has at least one experience they will never forget. When I was in Croatia, the Officer in charge of our group (a Captain) decided that he wanted to go back to Hungary (our main duty station in the theater). On our way to Croatia, we were part of a large military convoy that was protected by armored vehicles. We had also been issued live ammunition in case of an ambush. Going back to Hungary we were not part of a convoy and we had no ammunition. I do not think I ever let the accelerator off the floor, except at stop signs the entire trip. We ran into a few bands of armed civilians, but just raced past them and they thankfully did not fire at us. We made it back to the Hungarian air base where we were assigned. It was the scariest several hours I had ever had in the Army! The Transition My enlistment was set to end in April 2000. I moved to Colorado and planned on taking a couple months off (on leave I was still getting paid by the Army). I lasted two weeks before I was looking for a job. Having no mission was not working out for me. I started applying for jobs in earnest and went in for an interview with a Construction Loan Risk Mitigation company in their Customer Service Department. I would love to say I was hired because of my incredible interview skills, but the real reason was the managers conducting the interview felt that I would show up to work based on my military experience. I stayed in the Customer Service Department for about a year, then went on to the Fund Control Department. After about six months in Fund Control, I was given the opportunity to interview for the open Supervisor of Project Review/Contractor Acceptance position. I got the job and used all my military leadership experience to turn that department around. I went on to be promoted to AVP of the same department, then Vice President of Fund Control. Several years later I helped start CFSI Loan Management with the goal of taking Construction Loan Risk Mitigation services to the next level. Currently I am the Senior Vice President for Operations at CFSI. We provide Construction Loan Risk Mitigation Services to lenders across the United States. It is my job to ensure that we deliver top quality, accurate products in a timely manner. I have three VP level direct reports that I manage, and I handle major escalations from our lender clients. I am also the senior manager on site at our production office in Greenwood Village, Colorado so I deal with personnel, IT, and building issues as needed. I report directly to our President and work in partnership with him in creating new products and services. All this because my company thought I would show up for work!

Tim Lobner

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Executive Vice President of Operations | Invitation Homes Tim Lobner carries many lessons from his days as a naval officer into his current role as executive vice president, Operations Support, at Invitation Homes. One lesson he relies on often is to “collapse to the essential,” meaning that with all that goes on around a person on a daily basis—both planned and unplanned—it’s important to narrow one’s focus to the few things that really matter. Tim graduated from the United States Naval Academy in 1999 and commissioned as an officer. During his six years as a nuclear submarine officer in the United States Navy, Tim says he found that events that unfolded on a mission were not always predictable or controllable—and the same holds true in business. “But with well-trained personnel that do the little things right at every opportunity,” Tim says, “a leader and their team are well-positioned to react to the surprises that come up simply because they have the bandwidth to focus on the challenge instead of having to exert too much effort on performing the basics.” Teams that Solve the Problem Once Today, Tim’s focus is squarely on leading Invitation Homes’ rehab, turn, and maintenance (RTM); procurement; and vehicle fleet operations. He and his team of more than 500 associates conduct all the activities required to maintain the company’s portfolio of 80,000 single family homes. Each year, they respond to 500,000+ service requests from residents and prepare 20,000+ homes for occupancy. This massive effort of what Tim calls “the big green RTM machine” is successful because he and his team have developed and implemented scalable national programs based on documented policies, processes, and procedures. “Whether in the military or in business, each person has an important role to play toward the success of the team,” Tim says. “And having a documented, consistent way of conducting operations ensures that everyone on the team knows what to expect, when to act, and how everyone’s role creates value for the team and its customers.” One lesson Tim brought from his time in the military is to solve problems once. “On a submarine, you don’t have the luxury of solving problems many times,” he says. “You need to get things right the first time. Identifying the root cause of an issue and solving the problem once is key.” Using this approach at Invitation Homes helps Tim and his team deliver an exceptional experience for the company’s residents. Thoughtful Leadership Tim counts one of his submariner skippers as having a major influence on his leadership style. “He remained remarkably calm at times when others might become unraveled and, in turn, created an environment where our crew could remain focused on performing our jobs despite very real distractions surrounding us,” remembers Tim. “And the direct advice he once shared with me has stuck with me for nearly two decades – ‘never get mad without a plan.’ Tim acknowledges that one major opportunity for veterans transitioning from the military into business is to assess the need for adjusting their leadership style. “What works in the military doesn’t translate perfectly to the private sector,” he says. “I’ve learned that successful leadership in the private sector requires an ability to tailor your leadership and communication styles to a broader audience to develop talent and deliver results.” A Smooth Transition Tim’s love for real estate began while he was still in the Navy. As he tells it, he was stationed in Groton, Connecticut, finishing Submarine Officer School when he received orders to report to a submarine based in San Diego, California. Rent in San Diego was high, so he decided to buy a townhouse and offered to rent a room to his best friend. “My light bulb moment was when I realized that the rent I collected covered roughly 75% of my mortgage and that I was able to use someone else’s money to build equity,” he says. “After that I set a goal of going to business school and pursuing a career in real estate.” Upon his exit from the Navy in 2005 as a Lieutenant (O-3), Tim received his Master of Business Administration (MBA) from the University of Chicago Booth School of Business. Tim began his formal career in real estate in 2006 when he took a job as senior associate with Trammell Crow Company. In his six years at Trammell Crow, he also served in a development role, supporting acquisition and development efforts across industrial, retail and office assets. While he feels blessed to have had the opportunity to work with Trammell Crow, Tim counts the most rewarding experience of his career as taking a chance with Invitation Homes. “In 2012, I left a job I enjoyed with a great company to pursue an opportunity with Invitation Homes, an unknown company at the time,” he says. “I was drawn to the entrepreneurial spirit of the company’s founders and to a business model that not only made sense strategically but also felt more purposeful.” That sense of purpose, which is a common thread spanning Tim’s military and real estate career, led to one of his proudest moments. “I am incredibly proud of my time serving our country, yet I am equally proud of our team’s efforts at Invitation Homes which culminated in our 2017 initial public offering on the New York Stock Exchange,” he explains. “It was an achievement that our leadership team had been working toward for several years and served to validate our business model.” As Tim looks to the future, he sees continued opportunity to drive further operational efficiencies into Invitation Homes’ service delivery model and to expand upon the industry-leading “leasing lifestyle” that the company provides to its residents. Wherever the journey takes Tim, he will continue to bring the valuable lessons of focus, process, and team appreciation to his work.

David Young

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Director of Business Development | RCN Capital My name is David Young, and I am currently the Director of Business Development for RCN Capital. RCN Capital is a direct private lender in the non-owner-occupied residential space. Military Beginnings I graduated from the United States Military Academy at West Point in 1997 and served approximately seven years on active duty as an officer in the U.S. Army. My military career started officially with Beast Barracks as a plebe in June of 1993. Very shortly after high school graduation in Central Massachusetts and playing in a football All Star game, my parents and I took the drive to old West Point on the Hudson River in New York. After saying goodbye to my parents, I quickly adjusted, or was forced into adjusting, to life as a plebe at West Point. There were certainly challenging moments. West Point was a great experience that helped me in many ways. I truly cherished every moment playing Division 1 baseball and excelling in my primary major of Economics and my secondary area of focus of Systems Engineering. There were so many outstanding men and women I met and worked with, to include not just the professors and staff, but also myfellow cadets. My time on active duty included two stops at Fort Sill in Oklahoma and a lengthy stay of about four years at Fort Carson in Colorado. I was an officer in the Field Artillery and held positions such as Fire Direction Officer, Platoon Leader, Squadron Fire Support Officer, and Battery Commander. Inspirational Leadership There were several inspiring people I worked with and for during this time, but a few leadership lessons and patterns stood out. Two of those are integrity and leading by example. I led groups of soldiers ranging from as few as 5-7 troops to groups that exceeded 300 soldiers. Many of the soldiers under my charge were several years older than me and more experienced in terms of time served. Regardless, the effectiveness of leading by example and integrity always stood out. Soldiers responded to leaders that demonstrated the ability and willingness to accomplish the very same tasks asked of them either individually or as a member of a team. Integrity was always crucial and something that West Point helped me internalize as a professional. Soldiers deserved the truth and were much more effective when leaders were honest not only in laying out the landscape and tasks at hand, but also in delivering coaching, guidance, and instruction that was frank and honest. The Transition These qualities are still vastly significant to this day. I got my start in the Real Estate industry somewhat indirectly via RCN Capital. I started with the company in 2014 and put together a boutique lending business serving another target market. In 2018 we shifted some of our focus and I took over Business Development for the company. My current role requires extensive prospecting and interaction with potential and existing clients and partners. One could look at it as securing future revenue streams for the company while also managing our Correspondent channel to ensure clients are performing to their capabilities and desires. Self-generating new business from scratch requires rigorous hard work and determination, and my military background certainly helps in that area. Ensuring client and company success after bringing in new business also requires extensive follow through, commitment, and persistence. However, while “making a sale” or handling a new partner, integrity and leading by example are always part of the equation. Partners on our lending platform expect and deserve honest and realistic feedback and input on what we can and can’t do, and they also deserve to know what is expected of them in order to make the business relationship a success. I use these traits every single day working in this industry. On a personal note, my main interests beyond time with family, center on investing, fitness, and arts and culture. You can find me at the gym, riding all over Boston on my bike with my daughter in tow, or at a place like the Institute of Contemporary Art or music venue. At all times, thoughts and ideas are circulating regarding investments. My main areas of emphasis focus on non-traditional spaces such as crypto, early stage, scarce assets and collectibles, and digital assets such as websites. The future appears quite bright for residential real estate, private lending, and RCN Capital. It is my intent to continue to help lead RCN to the forefront of the industry and take on higher levels of responsibility for the company as we progress.