September 2021 – REI INK

Home Affordability Slips Again for Average Workers

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National Median Home Price Rises 18 Percent to Another New High ATTOM, curator of the nation’s premier property database, released its third-quarter 2021 U.S. Home Affordability Report, showing that median-priced single-family homes are less affordable in the third quarter compared to historical averages in 75 percent of counties across the nation with enough data to analyze. That is up from 56 percent of counties in the third quarter of 2020, to the highest point in 13 years, as home prices have increased faster than wages in much of the country. The report determined affordability for average wage earners by calculating the amount of income needed to meet monthly home ownership expenses — including mortgage, property taxes and insurance — on a median-priced single-family home, assuming a 20 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics (see full methodology below). Compared to historical levels, median home prices in 430 of the 572 counties analyzed in the third quarter of 2021 are less affordable than past averages. The latest number is up from 317 of the same group of counties in the third quarter of 2020 – a downturn that developed as the median national home price shot up 18 percent to a record high of $315,500. While major ownership costs on median-priced homes do remain within the financial means of average workers across the nation in the third quarter of 2021, the percentage of counties where affordability is worse than historical averages has hit its highest point since the third quarter of 2008. The latest pattern – home prices still manageable but getting less affordable – has resulted in major ownership costs on the typical home consuming 24.9 percent of the average national wage of $64,857 in the third quarter of this year. That is up from 24.3 percent in the second quarter of 2021 and 22.3 percent in the third quarter of last year. Still, the latest level is within the 28 percent standard lenders prefer for how much homeowners should spend on mortgage payments, home insurance and property taxes. Those mixed patterns in the third quarter have followed similar trends from earlier in 2021 as the U.S. housing market continues booming despite damage to large segments of the U.S. economy caused by the Coronavirus pandemic that struck in early 2020. Home prices have continued rising in most of the country for the 10th straight year as a glut of home buyers chase a tight supply of homes for sale made even worse by the pandemic. The surge has come amid historically low home-mortgage rates and a desire of many households, largely unscathed financially by the crisis, to seek the relative safety a house or condominium and space for developing work-at-home lifestyles. Mortgage rates below 3 percent throughout most of the past year have helped offset the impact of rising prices, but not enough to prevent the cost of home ownership from getting closer to the unaffordable benchmark. “The typical median-priced home around the U.S. remains affordable to workers earning an average wage, despite prices that keep going through the roof. Super-low interests and rising pay continue to be the main reasons why,” said Todd Teta, chief product officer with ATTOM. “But affordability keeps inching in the wrong direction as the housing market boom keeps roaring ahead. That’s pushing average workers closer and closer to the point where lenders might be reluctant to give them a mortgage. With much still uncertain about how the pandemic and many other forces could still affect the economy, affordability remains a crucial measure of market stability that could easily keep going in the same direction or swing back the other way.” As historic affordability slides this quarter, major home-ownership expenses on typical homes still are affordable to average local wage earners in 303 of the 572 counties in the report (53 percent), based on the 28-percent guideline. The largest counties include Cook County (Chicago), IL; Harris County (Houston), TX; Dallas County, TX; Bexar County (San Antonio), TX, and Wayne County (Detroit), MI. The most populous of the 269 counties where major expenses on median-priced homes are unaffordable for average local workers in the third quarter of 2021 (47 percent of the counties analyzed) are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, (outside Los Angeles), CA, and Miami-Dade County, FL. Home prices up at least 10 percent in almost two-thirds of country Median single-family home prices in the third quarter of 2021 are up by at least 10 percent from the third quarter of 2020 in 381, or 67 percent, of the 572 counties included in the report. Data was analyzed for counties with a population of at least 100,000 and at least 50 single-family home and condo sales in the third quarter of 2021. Among the 43 counties with a population of at least 1 million, the biggest year-over-year gains in median prices during the third quarter of 2021 are in Middlesex County (outside Boston), MA (up 32 percent); Maricopa County (Phoenix), AZ (up 24 percent); Travis County (Austin), TX (up 23 percent); Hillsborough County (Tampa), FL (up 22 percent) and Clark County (Las Vegas), NV (up 22 percent). Counties with a population of at least 1 million that have the smallest year-over-year median-price increases in the third quarter of 2021 are New York County (Manhattan), NY (up less than 1 percent); Fairfax County, VA (outside Washington, DC) (up 5 percent); Santa Clara County (San Jose), CA (up 6 percent); Suffolk County, NY (eastern Long Island) (up 7 percent) and Dallas County, TX (up 7 percent). Price gains outpace wage growth in three-quarters of markets Home-price appreciation is greater than weekly wage growth in the third quarter of 2021 in 428 of the 572 counties analyzed in the report (75 percent), with the largest including Los Angeles County, CA; Harris County (Houston), TX; Maricopa County

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Multifamily Borrowers Remain Eligible for COVID-19-related Forbearance Fannie Mae (OTCQB: FNMA) announced its multifamily COVID-19 forbearance program has been extended indefinitely to provide continued support for Fannie Mae-financed multifamily property owners and renters in multifamily units experiencing financial difficulties due to COVID-19. The program, which requires landlords to suspend all evictions for renters unable to pay rent during the forbearance period, was formerly set to expire on September 30, 2021. “As financial and economic uncertainties around COVID-19 persist, Fannie Mae is committed to providing continued forbearance options for Fannie Mae multifamily borrowers,” said Michele Evans, Executive Vice President and Head of Multifamily. “This will allow for the continuation of essential tenant protections to help keep renters in their apartments as the recovery process continues.” For any Fannie Mae-financed multifamily properties with a new or modified COVID-19 forbearance plan, the property owner must agree not to evict tenants solely for the nonpayment of rent while the property is in forbearance and inform tenants in writing about tenant protections available during the property owner’s forbearance and repayment periods, which include: Allowing the tenant flexibility to repay back rent over time and not in a lump sum; Not charging the tenant late fees or penalties for non-payment of rent; and Giving the tenant at least a 30-day notice to vacate. Here to HelpSince March 2020, Fannie Mae has taken a number of actions to help renters facing financial hardship due to COVID-19, including extending eviction protections to multifamily renters when the property owner received a forbearance and announcing a Renters Resource Finder tool. These and the many other resources, including KnowYourOptions.com, that we make available are part of our ongoing Here to Help education effort, aimed at helping homeowners and renters impacted by COVID-19 understand the options available to them. For renters, KnowYourOptions.com provides straightforward information to understand rent relief and assistance options and to understand the available tenant protections. Renters also have access to Fannie Mae’s Disaster Response Network, which offers free assistance from U.S. Department of Housing and Urban Development-certified housing counselors who can help navigate financial challenges caused by COVID-19, such as information and guidance on accessing federal and state housing assistance, unemployment benefits, nutritional assistance, and other available programs. The Disaster Response Network can be accessed from the Renters Resource Finder on KnowYourOptions.com, or by calling 877-833-1746. About Fannie MaeFannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog Fannie Mae Newsroomhttps://www.fanniemae.com/news

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Property Management Technology Software Helps Landlords and Property Managers Oversee Their Rental Portfolio DoorLoop, an award-winning rental property management software company, announced it has raised $10 million in seed funding led by DoorLoop’s founders and private investors. The funding comes on the heels of the company’s recent growth and will be used for further investment in its technology platform, recruiting efforts and marketing initiatives. As one of the fastest-growing PropTech companies in the industry, DoorLoop helps its clients manage tens of thousands of units in over 100 countries worldwide. With nearly 40 employees and growing, DoorLoop’s team consists of six co-founders and a council of advisors with over 100+ years of combined real estate and SaaS experience. Landlords, property managers, and management companies use DoorLoop to automate everything from listing units, screening, rent collection, maintenance requests, moving out tenants, and everything in between. Property managers can work remotely, scale with ease, maintain more efficient operations and collect more rent. “Landlords and property managers are rapidly switching to DoorLoop for its ease of use and customer service,” said Matt Cave, co-founder and director of customer success. “It is the only all-in-one platform with full accounting, a QuickBooks online integration, and soon an open API to sync with thousands of apps for unlimited customization and possibilities.” To expedite the company’s growth, DoorLoop is offering 50% off its software for the rest of the year, including a 30-day money-back guarantee. Additionally, the company will be donating 1% of all profits in 2021 to charities including the Ronald McDonald House Charities. “Prior to DoorLoop, there wasn’t an easy and affordable software platform available to manage our own rentals, collect rent, and grow our portfolios,” said Ori Tamuz, CEO and co-founder of DoorLoop. “The software we tried was complicated and expensive, and offered very little transparency. Additionally, many of the platforms were built over 15 years ago with old technology and design, so we knew we could do it better, and that’s exactly what we did.” Tamuz was the co-founder of Nova Point of Sale and PracticePanther, two successful SaaS companies that were both acquired and continue to be market leaders. Three out of the five DoorLoop co-founders worked together for the last 10 years and know what it takes to disrupt an industry with a winning team, product, and playbook. To learn more about DoorLoop or to schedule a demo, visit https://doorloop.com. About DoorLoop DoorLoop is the easiest to use and highest-rated property management software online. Landlords, property managers, and management companies in over 100 countries use DoorLoop to manage tens of thousands of units. The software automates everything from listing units, screening, rent collection, maintenance requests, moving out tenants, and everything in between. DoorLoop is fully customizable for any mixed-use portfolio, including residential, commercial, associations, and many more.

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California’s Number One House-Flipping Company Accepting New Investors Higher returns, unmatched transparency and security, with an average company-wide ROI of 30% in just 201 days Belwood Investments (Belwood) recently issued a call for new investors, highlighting its streamlined investment programs for both accredited and non-accredited parties. Ensuring security, Belwood presents house-flipping opportunities that are rigorously pre-screened, offering average investors the chance to benefit from an already unprecedented and profitable housing market. Founded in 2018, Belwood currently operates in 36 states with expansion plans to grow its footprint nationwide. The company has regularly proven attractive returns, easily surpassing the nationwide 10% average of its competitors. Belwood Investments: Simplified Real Estate Investing Especially welcoming to investors with little knowledge or experience, Belwood uses a specialized system that creates low-risk investment opportunities by doing more than just presenting traditional Fix-and-Flip scenarios. The Belwood formula works reliably and repeatedly because it begins with excellent raw material – preselected premium houses that rate high in quality resale value. This allows Belwood to net ROIs averaging around 28.5% for light remodels, 29% for medium remodels, and 20% for heavy remodels. “One of the secrets to our rapid and continued success is our evaluation process for project properties,” said Bo Belmont, President and CEO of Belwood Investments. “We don’t need to knock on wood, relying on luck, because we say ‘no’ to dozens of houses long before we ever say ‘yes’ to a single purchase. Flipping houses is a quick way to describe what is a painstaking process that requires quality control and keen discernment. And we take care of all of that for our investors, going through a comprehensive screening for one single reason: to protect our investors’ funds and ensure they make a profit. So many firms out there make this claim, but we stand by it: we are a very transparent company. We have never lost a single investment dollar and we have countless success stories to prove it.” Learn more about the experienced investors behind Belwood by listening to the “Big Moves” podcast on SoundCloud. And follow Belwood on social media: YouTube, Facebook. and Instagram Belwood Investments: Investor Testimonials “My wife and I are now on our second investment with Belwood Investments and continue to be impressed by their honesty, integrity, and transparency. They have made this experience easy, stress-free and fun. We hope Belwood keeps growing for many years, continuing to bring together an entire community of investors, referral partners, and highly successful business ventures and we look forward to being a part of it!” – Amber and Matt, recent investors

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Radian Group Inc. (NYSE: RDN) announced that its innovative title insurance and closing services offering, titlegenius, has launched in Arizona, California, Nevada, Ohio and Pennsylvania, following its initial debut in Florida. titlegenius platform provides a simple, transparent and secure way to order title insurance and closing services online, delivering value for both real estate agents and homebuyers.* At www.mytitlegenius.com, homebuyers can access the blockchain-enabled online portal that empowers them to shop for and save on title and closing services directly. The portal features easy-to-use tools that range from remote check capture to online notarization, helping homebuyers proceed through the closing process more quickly and confidently than ever before and increasing transparency, communication and information security for agents. “titlegenius is a significant leap forward in what consumers can expect from a title insurance experience,” said Senior Executive Vice President, Chief Franchise Officer and Co-Head of Real Estate, Brien McMahon. “Title insurance has long been a ‘black box’ for homebuyers, but titlegenius provides a smart way for them to save on closing costs with the help of our innovative, patent-pending technology.” State-by-state availability of titlegenius by Radian will continue to expand in the coming months. This is part of the Radian family of companies’ title and digital real estate businesses, which are collectively known as homegenius. During Radian’s virtual 2021 Real Estate Segment Investor Day, the company previewed additional innovative homegenius offerings that will debut soon: geniusbuyer: This qualified agent program is being developed to identify, engage and leverage brokers across the country to provide homebuyers and sellers the best real estate experience with the right real estate professional. geniusprice: An intelligent pricing technology designed to lead the industry into the future with predictive modeling, artificial intelligence, and automation working together for the delivery of estimated property values with unparalleled accuracy in an instant. geneuity: A sophisticated yet simple platform, which combines artificial and machine learning technologies with the tools agents need to do their jobs, into a single, powerful workflow system that is intended to deliver on the promise to make them “the smartest agent in the room.” The services described herein are provided by one or more Radian Group Inc. affiliates, including services provided by its licensed insurance affiliates or other entities. Title insurance is provided and underwritten by Radian Title Insurance Inc., 6100 Oak Tree Blvd, Suite 200, Independence, OH 44131, Tel: 877.936.8485, NAIC#: 51632, CA- License# 5093-0. FL – Title insurance license #34-1252928 (not licensed in AK, HI, ID, IA, ME, MI, NH, NJ, VT and WY). Title Services are provided by Radian Title Insurance Inc. and Radian Settlement Services Inc., 1000 GSK Drive, Suite 210, Coraopolis, PA 15108, Tel: 800.646.8258, FL- Non-Resident Title Agency #A271379, both wholly owned subsidiaries of Radian Group Inc. Radian Settlement Services Inc. is a title insurance agency for Radian Title Insurance Inc. About Radian Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.

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The U.S. median rental price increased 11.5% year-over-year in August to $1,607 per month – Two-bedroom (+12.3%) and one-bedroom (+11.6%) rents posted double-digit gains over last year; studio rents rise 8.3% year-over-year in August – Annual rent growth hits double-digits in 28 of the 50 largest U.S. metros, continuing to skyrocket in secondary metros like Tampa (+30.6%) and Riverside, Calif. (+28.6%) – Rents still lag behind historical peaks in just four markets, all of which are big tech cities: New York, Boston, San Francisco and San Jose The U.S. rental market is booming. Rental prices hit double-digit growth for the first time in two years in August and grew three times faster than in March 2020 (prior to the onset of COVID), according to the Realtor.com® Monthly Rental Report released today. Additionally, rents posted double-digit gains over last year in more than half of the 50 largest metros, led by Tampa (+30.6%), Riverside, Calif. (+28.6%), Miami (+27.0%) and Phoenix (+25.5%). “Put simply, August trends suggest rents are making up for lost time. Rents remained low during some of the worst months of the pandemic, growing at a sub-2% pace from September 2020 to March 2021, which is also when for-sale home prices were growing by double-digits,” said Realtor.com® Chief Economist Danielle Hale. “Now we’ve reached a stage in the COVID recovery where people are ready to move, and we’re seeing urgency to find new living spaces immediately. A lot of this demand can be attributed to vaccines opening up offices and city-life, young adults feeling more confident to strike out on their own, and homebuyers needing to take a break from the red hot housing market. And many are willing to pay top dollar to make that happen quickly, which may lead to even more growth in rents over the next few months.” National rents rise by double-digits as all unit sizes reach new rent highs The U.S. median rental price reached a new high of $1,633 in August as rent growth accelerated to a double-digit pace, up 11.5% year-over-year. Annual rent growth has now tripled since March 2020 (+3.2%) before the pandemic began. All unit sizes tracked by Realtor.com® reached new rental price highs in August: Two-bedrooms at $1,828, one-bedrooms at $1,524 and studios at $1,338. With demand for more space rising during the pandemic, both two-bedroom (+12.3%) and one-bedroom (11.6%) rents grew by double-digits over last year in August. Studio rents also saw a sizable increase of 8.3% year-over-year to a median $1,338 per month. Rents continue surging in the majority of large markets, led by secondary metros In 28 of the 50 largest U.S. markets, rents posted double-digit gains over last year in August. Median rental prices increased by at least 21% year-over-year in each of the 10 metros by August’s highest yearly rent growth, which were: Tampa (+30.6%), Riverside (+28.6%), Miami (+27.0%), Phoenix (+25.5%), Las Vegas (+23.4%), San Diego (+23.4%), Memphis (+21.8%), Austin (+21.7%), Orlando (+21.4%) and Atlanta (+21.2%). Many of August’s fastest-growing rental markets are secondary metros offering relatively affordable housing and balanced lifestyles, which have attracted big tech city renters working remotely during COVID. With rents rising at a faster yearly pace than in nearby Los Angeles (+10.2%) in August, Riverside has held one of the top spots for the highest rent gains for the fourth straight month. Even with the surge in rents, Riverside’s median rental price of $2,234 in August remained lower than in Los Angeles ($2,800). Big tech city rents still lag behind historical peaks, but are gaining ground Over the course of this summer (June-August 2021), rents hit new two-year highs in 46 of the 50 largest metros. The remaining four markets in August were big tech cities where annual rent growth had yet to fully recover from steep declines seen earlier in the pandemic: New York (-6.5%), Boston (0.0%), San Francisco (+1.4%) and San Jose (+7.0%). Rents may not be high relative to recent history in these big tech cities, but they are more expensive than in other markets. All four of these areas made August’s top five list of metros by highest rental prices, led by San Jose at a median $2,995. On top of this, big tech city rents are gaining ground as some homebuyers consider taking a break from this year’s challenging market, marked by a shortage of affordable homes for sale. In August, San Jose rents grew over 50% faster year-over-year than overall home listing prices (+4.2%), at a median $1.25 million in August. If August trends continue, San Jose rents are on track to surpass the previous peak seen in March 2020 ($3,127) by end-of-year. “Many of today’s renters are future homebuyers, so while rising rents can be viewed as a good thing – a signal of rebounding economic activity – they need to be navigated carefully by households hoping to own a home one day. Whether you plan on buying a home in 2022 or 2027, it’s important to remember that housing costs are typically your largest monthly expense. In other words, what you spend on rent will impact how much you have left to save. Prospective renters can use tools like the Realtor.com® Rentals app to search for and set up custom search alerts about rentals that meet their criteria – including price ranges – to help them stay on-budget,” Hale said. Renters planning on homebuying in the future can also use tools like Realtor.com®‘s Real Estate app to stay on top of home prices in their desired areas and its Mortgage Calculator to help them manage their budgets, on their timeline for making the transition from renting to buying. About Realtor.com®Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. 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®.