2020 – Page 28

ATTOM Launches Nationwide Building Permit Data Platform

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ATTOM Data Solutions has launched its Building Permit data solution containing more than 200 million residential and commercial building permits nationwide. ATTOM’s building permit data provides users with insight into the life of residential and commercial properties, allowing for predictive analytics and decision-making. The data is updated monthly and covers 94% of the nation’s top cities. “Building permits identify key events in a property’s history,” said Sean Mooney, vice president of product management at ATTOM Data Solutions. “Knowing the types of construction or remodeling projects that have occurred on a property—as well as the cost and completion dates of that work—really empowers anyone who is assessing risk or providing valuation services to make more informed decisions.” ATTOM’s Building Permit data includes more than 30 permit classifiers (e.g., solar installation, foundations, roofing), permit status, cost of job, description of job, contractor information and more.

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Land brokerage firm The Hoffman Company has hired Patrick Simons to lead the company’s expansion into the multifamily sector. Simons, a 25-year veteran in multifamily development, will join the firm as senior vice president and managing director of multifamily markets. “Although The Hoffman Company has occasionally assisted multifamily clients over the years, our core business has always been single-family lots for home-builders. We believe our firm has much to offer multifamily clients as well and are excited to have Patrick here to lead that effort,” said company president and co-owner Norm Scheel. Among the services Simons will offer are land acquisition tailored to the specific needs of multifamily clients as well as strategic disposition for owners of sites that either are or can be entitled for multifamily use. Simons has held executive positions with publicly traded and privately held apartment investment and development companies. He founded an international consulting practice advising both large institutional and small private clients on multifamily assets.

Which U.S. Housing Markets Are Most Vulnerable to Coronavirus Impact?

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Nearly half of the 50 most vulnerable counties are in New Jersey and Florida. ATTOM Data Solutions released a special report on April 7 spotlighting U.S. housing markets at the county level to show which areas are more vulnerable to the impact of the coronavirus pandemic. According to the report, the Northeast region of the U.S. has the largest concentration of the most at-risk counties, with clusters in New Jersey and Florida. On the other hand, the report indicates the West and Midwest regions are least at risk of housing market challenges. Markets are considered more or less at risk based on the percentage of housing units receiving a foreclosure notice in fourth quarter 2019, the percent of homes underwater (LTV 100 or greater) in fourth quarter 2019 and the percentage of local wages required to pay for major home ownership expenses. Rankings were based on a combination of those three categories in 483 counties in the U. S. with sufficient data to analyze. Counties were ranked in each category, from lowest to highest, with the overall conclusions based on a combination of the three rankings. The full methodology can be found on the ATTOM Data Solutions’ website. “It’s too early to tell how much effect the Coronavirus fallout will have on different housing markets around the country. But the impact is likely to be significant from region to region and county to county,” said Todd Teta, chief product officer with ATTOM Data Solutions. “What we’ve done is spotlight areas that appear to be more or less at risk based on several important factors. From that analysis, it looks like the Northeast is more at risk than other areas. As we head into the spring home buying season, the next few months will reveal how severe the impact will be.” Northeast Vulnerabilitiy Housing markets in 14 of New Jersey’s 21 counties are among the 50 most vulnerable in the country, according to the report. The Top 50 also include four in New York and three in Connecticut. The 14 counties in New Jersey include five in the New York City suburbs: Bergen, Essex, Passaic, Middlesex and Union counties. New York counties among the Top 50 most at risk include Rockland County, in the New York City metropolitan area; Orange County, in the Poughkeepsie metro area; Rensselaer County, in the Albany metro area; and Ulster County, west of Poughkeepsie. Additional High-Level Findings The 10 counties in Florida are concentrated in the northern and central sections of the state, including Flagler, Lake, Clay, Hernando and Osceola counties. Other southern counties that are in the Top 50 are spread across Delaware, Maryland, North Carolina, South Carolina, Louisiana and Virginia. Among the counties analyzed, only two in the West and five in the Midwest (all in Illinois) rank among the Top 50 most at risk. The two western counties are Shasta County, California, in the Redding metropolitan statistical area and Navajo County, Arizona, northeast of Phoenix. The Midwestern counties are McHenry County, Illinois; Kane County, Illinois; Will County, Illinois and Lake County, Illinois, all in the Chicago metro area; and Tazewell County, Illinoic, in the Peoria metro area. in the Top 50 with a population of at least 500,000 people include Bergen, Camden, Essex, Middlesex, Ocean, Passaic and Union counties in New Jersey; Lake, Will and Kane counties in Illinois; Delaware County, Pennsylvania; Prince George’s County, Maryland; and Broward County, Florida. Texas has 10 of the 50 least vulnerable counties from among the 483 included in the report, followed by Wisconsin with seven and Colorado with five. The 10 counties in Texas include three in the Dallas-Fort Worth metro area (Dallas, Collin and Tarrant counties) and two in the Midland-Odessa area (Ector and Midland counties). Eighteen of the 50 least at-risk counties have a population of at least 500,000, led by Harris County (Houston), Texas; Dallas County, Texas; King County (Seattle), Washington; Tarrant County (Fort Worth), Texas; and Santa Clara County, California, in the San Jose metro area. where median prices ranging from $160,000 to $300,000 comprise 36 of the Top 50 counties most vulnerable to the impact of the Coronavirus. with median home prices below $160,000 or above $300,000 make up 14 of the Top 50 most vulnerable to the impact of the coronavirus. Those with median prices below $160,000 are among the most affordable in the nation to local wage earners, while those where median prices exceed $300,000 have some homes with the highest equity and smallest foreclosure rates.

Vacant “Zombie” Foreclosures Increase Nationally

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ATTOM Data Solutions, Q1 2020 Vacant Property and Zombie Foreclosure Report, released at the end of February, analyzed publicly recorded real estate data collected by ATTOM Data Solutions, including foreclosure status, equity and owner-occupancy status, matched against monthly updated vacancy data. According to the report, about 282,800 homes are in the process of foreclosure, with about 8,700, or 3.1% sitting empty as “zombie” foreclosures. The percentage is up from 3% in the fourth quarter of 2019, but still significantly less than 5.8% in the first quarter of 2014. The total number of properties in the process of foreclosure in the first quarter of 2020 is down 1.9% from the fourth quarter of 2019, while the number of vacant foreclosures is up 1.7%, meaning that the level of zombie properties rose while the count of foreclosures dipped. Since 2016, the number facing possible foreclosure is down 27%, while the tally of unoccupied properties in the foreclosure pipeline has declined 53%. Zombie foreclosures continue to represent just a fragment of the 1.52 million vacant homes nationwide, comprising just one in every 175 properties, or less than one percent. The highest overall vacancy rates for all residential properties continue to be in Tennessee (2.6%), Kansas (2.6%), Mississippi (2.5%), Oklahoma (2.5%) and Indiana (2.5%). The lowest remain in New Hampshire (0.4%), Vermont (0.4%), Delaware (0.5%), Idaho (0.6%) and North Dakota (0.7%).

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Median prices again rose year-over-year in two thirds of Opportunity Zones. That’s according to ATTOM Data Solutions’ third special report analyzing qualified Opportunity Zones established by Congress in the Tax Cuts and Jobs act of 2017. The report, released in late February, examined about 3,700 zones with sufficient sales data to analyze, meaning they had at least five home sales in each quarter from 2005 through the fourth quarter of 2019. The report found that about half the zones included in the report, where there was sufficient sales data, saw median home prices rise more than the national increase of 9.4% from the fourth quarter of 2018 to the fourth quarter of 2019. The report also shows that 78% percent of the zones had median home prices in the fourth quarter of 2019 that were less than the national median of $257,000.That’s almost the same percentage as in the third quarter of 2019. About 48% of the zones had median prices of less than $150,000. Among the report’s major findings for zones with sufficient data to analyze: Median prices rose from the fourth quarter of 2018 to the fourth quarter of 2019 in 66% of the Opportunity Zones. In 34% of zones, they declined or stayed the same. Median prices in 47% of Opportunity Zones rose year-over-year more than values increased nationally. The national increase from the fourth quarter of 2018 to the fourth quarter of 2019 was 9.4%. In 20 states, year-over-year median price increases in at least half the Opportunity Zones beat the national 9.4% figure. Those with the most such zones were Pennsylvania, North Carolina, Arizona, Ohio and New Jersey. Among the Opportunity Zones with sufficient data to analyze, California had the most, with 465, followed by Florida (332), Texas (234), Pennsylvania (166) and North Carolina (165). Of the zones analyzed, 1,776 (48%) had a median price of less than $150,000 in the fourth quarter of 2019, and 594 (16%) had medians ranging from $150,000 to $199,999. Another 529 (14%) ranged from $200,000 up to the national median price of $257,000, while 817 (22%) were more than $257,000. In metropolitan statistical areas with sufficient sales data to analyze, 84% of Opportunity Zones had median fourth quarter sales prices that were less than the median values for the surrounding MSAs. Among those, 25% had median sales prices that were less than half the figure for the MSAs. At the same time, 16% of the zones had median sales prices that were equal to or above the median sales price of the broader MSAs. The Midwest continued to have the highest rate of Opportunity Zone tracts with a median home price of less than $150,000 (73%), followed by the South (58%), the Northeast (51%) and the West (12%). States with the highest percentage of census tracts meeting Opportunity Zone requirements included Wyoming (17%), Mississippi (15%), Alabama (13%), North Dakota (12%) and New Mexico (12%). Washington, D.C., was also among the leaders (14%). Nationwide, 10% of all tracts qualify.

U.S. Homeowners Four Times as Likely to be Equity-Rich Than Seriously Underwater

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ATTOM Data Solutions reports that in the fourth quarter of 2019, equity-rich properties comprised 27% of all mortgaged homes. The highest equity levels were in the San Francisco Bay area. According to ATTOM’s fourth-quarter 2019 U.S. Home Equity & Underwater Report, released in early February, 14.5 million residential properties in the U. S. were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value. The count of equity-rich properties in the fourth quarter of 2019 represented 26.7%, or about one in four, of the 54.5 million mortgaged homes in the U.S. That percentage was unchanged from the third quarter of 2019. The report also shows that just 3.5 million, or one in 16, mortgaged homes in the fourth quarter of 2019 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25% more than the property’s estimated market value. That figure represented 6.4% of all U.S. properties with a mortgage, down slightly from 6.5% in the previous quarter. The top 10 states with the highest share of equity-rich properties in fourth quarter 2019 were all in the Northeast and West regions, led by California (42.8% equity-rich), Vermont (39.2%), Hawaii (38.8%), Washington (35.4%) and New York (35.1%). States with the lowest percentage of equity-rich properties were Louisiana (13.6% equity-rich),Oklahoma (14.9%), Illinois (15.3%), Arkansas (16.3%) and Alabama (16.5%).