February 2023 – Page 3

MCS Broadens Commercial Property Service Offerings with Acquisition of Chain Store Maintenance

by admin
Comment Off
229 views

Firms Join Forces to Strengthen Interior and Exterior Facility Services Available to Retail, Restaurant, Office, Lodging and Other Commercial Customers MCS, the national property services Company founded in 1986, announced it has acquired industry-leading commercial facilities services firm Chain Store Maintenance (“CSM”). MCS’s interior commercial facility services platform will be marketed as Chain Store Maintenance – an MCS Company, offering the core interior maintenance services that CSM is known for. Exterior facility services will continue to be marketed under MCS. In addition to expanding the Company’s overall commercial services offerings, the acquisition enhances MCS’s ability to serve its residential clients in the mortgage servicing and single-family rental industries with an expanded network of service providers and its growing network of self-performing service centers. “We strive to be a true ‘go-to’ facilities services provider and fostered this partnership with Chain Store Maintenance to enhance our ability to provide customers with best-in-class interior and exterior services at all levels across the commercial and residential property services industries by leveraging MCS’s self-performing service centers and our combined, extensive vendor network,” said Craig Torrance, Chief Executive Officer of MCS. “Our expertise in exterior maintenance combined with CSM’s impeccable reputation for interior maintenance services adds value to the existing customer base across both firms. John Catanese and Steve Hopkins have spent over 30 years building the CSM brand and take great pride in their hands-on, client-focused approach to doing business. MCS is thrilled to merge our commercial services platform as we further our mission to be the nation’s premier property care company.” Founded in 1991, CSM began developing a service provider network and customer base across its native New England and quickly grew to include coverage down the East Coast and later into the Midwest and Western U.S. Today, CSM has agreements to provide facilities services to more than 130,000 client locations across the country and in Canada, Puerto Rico and Guam with an expansive network of qualified contractors that now totals over 30,000. The core CSM H.E.L.P. interior offerings – Handyman, Electrical, Locksmith and Plumbing – represent the bulk of company’s service requests, augmented with pest control, backflow services and fire extinguisher programs. From order entry to invoice generation, CSM systems accommodate a wide variety of emergency and standard facilities needs and will integrate seamlessly with MCS’s established systems, provider network and regional service centers. Catanese and Hopkins will remain with the company with Catanese serving as Senior Vice President of Business Development and Hopkins as Senior Vice President of Operations. “We started this business over 30 years ago and have always been committed to providing our customers with responsive service, consistent communication, competitive pricing and the highest quality work,” said Catanese. “This next chapter in our evolution promises to deliver an expanded commercial service offering bolstered by the latest technology and the ability to self-perform in key markets, setting a new standard throughout the lifecycle of every job.” MCS’s hybrid service model combines an expansive network of local service partners with the company’s own network of self-performing service centers and the use of innovative technologies to ensure transparency, enhance quality control and code compliance, and maximize efficiencies. The vendor network in place at CSM will complement the already vast MCS network to provide an even more robust suite of offerings for commercial and residential properties including handyman, electrical, locksmith and plumbing, as well as landscaping, snow removal and parking lot maintenance. The established processes, existing technology platforms, and accessibility to local trade professionals and MCS’s own team of service technicians give commercial owners/operators a one-stop-shop for an efficient, tech-forward services program. “With Chain Store Maintenance becoming our platform for interior commercial property services, we will elevate our position in the market while adding value for our customers,” said Andrew Nolan, President, Commercial and Residential Rental Services for MCS. “From pricing, sourcing and contracting through project management, work order completion and quality control, this partnership will result in enhanced capabilities across the commercial property services spectrum that we believe will exceed client and vendor expectations.” About MCS MCS is a leading property services provider working across Commercial Properties, Single-Family Rentals, and the Property Preservation industry. For over 35 years, MCS has been committed to responsive care, industry-leading service standards, leveraging technology, and end-to-end transparency to protect, preserve and serve communities across the country. Some of the largest and most respected mortgage servicers, real estate owners and operators, and corporations trust MCS to perform property inspections, preservation, maintenance, renovations, and other property-related services. Learn how MCS is Making Communities Shine at mcs360.com. About Chain Store Maintenance – an MCS Company Since 1991, Chain Store Maintenance (CSM) has been a proven and trusted leader in facilities services to the retail, restaurant, financial, health care and hospitality industries throughout the U.S., Canada, Puerto Rico and Guam, working with them directly and through middleware providers. In February 2023, CSM was acquired by MCS to serve as the primary commercial property services platform for interior trades. Learn more at ChainStore.com.

by admin
Comment Off
433 views

Company Recognizes Noteworthy Origination Milestone Despite Industry Turbulence RCN Capital, a leading nationwide private lender specializing in financing for real estate investors, announced a major origination milestone of over 20,000 loans funded since its inception in 2010. RCN Capital, which offers financing for short-term fix & flip projects, long-term rentals, & ground-up construction, takes pride in its commitment to providing the investor community with funding options despite ongoing turbulence in the real estate industry. “Since the inception of RCN Capital back in 2010, our core mission has been to provide financing to investors who are renovating distressed housing to put back into the marketplace for families to call home,” said Jeffrey Tesch, RCN Capital’s CEO. “This is truly a tremendous moment in the company’s history as we reflect on what we have been able to accomplish over the years and what we have been able to give back.” Even with market challenges, 2023 is expected to be another strong year for RCN Capital, with the company projecting $1.7B in new originations. “RCN’s continued success is a testament to the hard work and dedication of our employees, the trust and support of our clients, and the strong partnerships we have formed over the years. We are so grateful and we look forward to continuing to make an impact in the private lending industry in 2023 and beyond,” Tesch added. About RCN Capital RCN Capital is a South Windsor, CT-based national, direct, private lender. Established in 2010, RCN provides commercial loans for the purchase or refinance of non-owner occupied residential properties. The company specializes in new construction financing, short-term fix & flip and bridge financing, and long-term rental financing for real estate investors. For more information on RCN Capital and RCN’s loan programs, visit www.RCNCapital.com.

by admin
Comment Off
350 views

Pandemic boomtowns Las Vegas and Phoenix saw investor purchases fall over 60%—more than all of the other metros Redfin analyzed Investor purchases of U.S. homes fell a record 45.8% year over year in the fourth quarter as the high cost of borrowing money and the prospect of substantial home-price declines made real estate investing less attractive. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The second biggest decline occurred in 2008, when investor purchases slumped 45.1% during the subprime mortgage crisis. Overall U.S. home purchases fell 40.8% from a year earlier in the fourth quarter. Investor purchases slumped 27% on a quarter-over-quarter basis, the largest quarterly decline on record aside from the beginning of the pandemic. That’s comparable with the 28.1% quarterly drop in overall home purchases. While many investors have pumped the brakes on homebuying, investor market share has remained fairly steady. That’s because individual homebuyers have also pulled back. Investors purchased 17.8% of all homes that were bought in the metros tracked by Redfin in the fourth quarter. That’s comparable with 17.6% in the prior quarter and down from 19.4% a year earlier. In dollar terms, investors bought $31 billion worth of homes in the fourth quarter, down 42.7% from $54.1 billion one year earlier and down 27.5% from $42.8 billion one quarter earlier. The typical home investors purchased cost $425,926, little changed from one year earlier but down 5.8% from one quarter earlier. Prospect of Home-Price Declines Prompts Investors to Back Off Investors piled into the housing market in 2021 due to rock-bottom mortgage rates and surging housing demand and are now retreating amid projections that home prices have room to fall. U.S. home prices are up less than 1% year over year—compared with 15% growth one year ago—and have fallen 11% from their spring 2022 peak. In many metros, prices are already declining on a year-over-year basis. That’s because the jump in mortgage rates last year dampened homebuyer demand. Higher rates also mean it’s more expensive to borrow money, which eats into profits. Many investors are moving their money into other asset classes that offer better returns. For investors who are landlords, slowing rent growth is also making it more challenging to reap large returns. “It’s possible that investors will start to wade back into the market this year given that mortgage rates have ticked down from their 2022 high—especially if home prices show signs of bottoming,” said Redfin Senior Economist Sheharyar Bokhari. “But it’s unlikely that investors will return with the same vigor they had in 2021. That’s good news for individual buyers, who are still grappling with high housing costs but no longer losing bidding war after bidding war to investors.” Investor home purchases in the fourth quarter of 2021 were near their record high, which is another reason the year-over-year decline in 2022 was so dramatic. Investors bought 48,445 homes in the metros tracked by Redfin in the fourth quarter of 2022, down from 89,396 a year earlier and 60,447 in the fourth quarter of 2019—before the pandemic. Pandemic Boomtowns See Biggest Drops in Investor Purchases In Las Vegas, investor home purchases fell 67% year over year in the fourth quarter, the largest decline among the 40 metros Redfin analyzed. Next came Phoenix (-66.7%), Nassau County, NY (-63%), Atlanta (-62.8%) and Charlotte, NC (-61.9%). Rounding out the top 10 are Jacksonville, FL, Nashville, TN, Sacramento, CA, Riverside, CA and Orlando, FL. “A lot of investors are on hold because they still see home prices declining,” said Elena Fleck, a Redfin real estate agent in Palm Beach, FL. “The investors who are in the market are selective and aggressive. Many of them are only offering around 60% of the asking price since it’s so difficult to make a profit when flipping homes right now.” Many of the metros where investor purchases declined significantly are places that soared in popularity during the pandemic. Las Vegas, Phoenix and Sacramento consistently rank on Redfin’s list of top migration destinations, which is based on net inflow, or how many more Redfin.com users are looking to move into a metro than out. Investors expanded in these areas during the pandemic to capitalize on surging rents and home values and are now pulling back as these markets slow relatively quickly because many homebuyers have been priced out. Phoenix and Sacramento are both among the five metros seeing the largest year-over-year price declines. Prices are also falling from a year ago in Las Vegas and Riverside. Investor purchases may also be declining in Atlanta, Charlotte, Las Vegas and Phoenix because those markets were popular among iBuyer investors, many of whom have ceased or slowed operations in recent months. Metros With Largest Declines in Investor Home Purchases: Q4 2022 Metro area Investor purchases, YoY change Las Vegas, NV -67.0% Phoenix, AZ -66.7% Nassau County, NY -63.0% Atlanta, GA -62.8% Charlotte, NC -61.9% Jacksonville, FL -57.1% Nashville, TN -54.8% Sacramento, CA -53.5% Riverside, CA -53.0% Orlando, FL -51.8% Baltimore was the only metro Redfin analyzed that saw an increase in investor purchases, which rose 1.4% year over year in the fourth quarter. The smallest declines were in Milwaukee (-7.6%), New York (-7.9%), Providence, RI (-8.6%) and New Brunswick, NJ (-10.3%). Investors Lose the Most Market Share in Atlanta, Charlotte and Phoenix Investors lost market share in 15 of the 40 markets Redfin analyzed. Many of those markets are places where investor purchases dropped significantly. In Atlanta, investors bought one-quarter (24.6%) of homes purchased in the fourth quarter, down from more than one-third (36.2%) a year earlier. That’s the largest percentage-point drop among the metros in this analysis. Next came Charlotte (-11.1 pts), Phoenix (-9.3 pts), Las Vegas (-7.9 pts) and Jacksonville (-7.3 pts). Investors gained the most market share in Baltimore, where they bought 19.4% of homes purchased, up from 13% a year earlier (6.4 pts). Next came Philadelphia (4.3 pts), New York (4.3 pts), Nassau County, NY (4.1 pts) and Milwaukee (4 pts). Overall, investors had the

by admin
Comment Off
197 views

Completed Foreclosures (REOs) See First Year-Over-Year Decrease; Foreclosure Starts Down 1 Percent from Last Month ATTOM, a leading curator of land, property, and real estate data, released its January 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,557 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 36 percent from a year ago, and up 2 percent from the prior month. ”The uptick in overall foreclosure filings nationwide points toward a trend that may suggest more increased activity is on the horizon as we enter the new year,” said ATTOM CEO Rob Barber.” While both completed foreclosures and foreclosure starts have stalled slightly over the past month, the annual increase in overall activity seen over the past 21 months may indicate a more substantial trend that could continue into 2023.” Foreclosure completion numbers see first year-over-year decline Lenders repossessed 3,896 U.S. properties through completed foreclosures (REOs) in January 2023, up 6 percent from last month but down 19 percent from last year – the first annual decrease in completed foreclosures since June 2021. States that had at least 100 or more REOs and that saw the greatest annual decreases in January 2023 included: Florida (down 53 percent); Maryland (down 23 percent); Michigan (down 22 percent); New Jersey (down 15 percent); and Texas (down 14 percent). Counter to the national trend, only 3 states with 100 or more REOs in January 2023 saw an annual increase, including: New York (up 76 percent); Pennsylvania (up 12 percent); and California (up 4 percent). Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of REOs included: Detroit, MI (783 REOs); Chicago, IL (206 REOs); New York, NY (149 REOs); Philadelphia, PA (100 REOs); and Riverside, CA (66 REOs). Highest foreclosure rates in Delaware, Illinois, and Michigan Nationwide one in every 4,425 housing units had a foreclosure filing in January 2023. States with the highest foreclosure rates were Delaware (one in every 2,109 housing units with a foreclosure filing); Illinois (one in every 2,279 housing units); Michigan (one in every 2,617 housing units); New Jersey (one in every 2,858 housing units); and Maryland (one in every 2,967 housing units). Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in January 2023 were Fayetteville, NC (one in every 1,322 housing units with a foreclosure filing); Bakersfield, CA (one in every 1,522 housing units); Cleveland, OH (one in every 1,557 housing units); Detroit, MI (one in every 1,575 housing units); and Laredo, TX (one in every 1,953 housing units). Other than Cleveland and Detroit, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in January 2023 included: Chicago, IL (one in every 2,074 housing units); Riverside, CA (one in every 2,123 housing units); and Las Vegas, NV (one in every 2,341 housing units). Foreclosure starts increase monthly in 31 states including the District of Colombia Lenders started the foreclosure process on 20,752 U.S. properties in January 2023, down 1 percent from last month but up 75 percent from a year ago. Those states that saw the greatest number of foreclosures starts in January 2023 included: California (2,513 foreclosure starts); Texas (2,136 foreclosure starts); Florida (1,725 foreclosure starts); New York (1,375 foreclosure starts); and Illinois (1,309 foreclosure starts). Among those major metropolitan statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts in January 2023, included: New York, NY (1,370 foreclosure starts); Chicago, IL (1,156 foreclosure starts); Los Angeles, CA (774 foreclosure starts); Houston, TX (629 foreclosure starts); and Philadelphia, PA (612 foreclosure starts). Media Contact: Christine Stricker 949.748.8428 christine.stricker@attomdata.com

by admin
Comment Off
188 views

Buyers begin to return to the market in January as interest rates begin to level off and sellers may not be far behind As mortgage rates hit their lowest levels since September, buyers and sellers are coming to terms with 6% interest rates as the new normal. After record low sales activity at the end of 2022, the Mid-Atlantic housing market rebounded in January. Both pending sales and showing activity increased month over month throughout the region, while new listings showed some signs of life, according to the Bright MLS January Housing Market Report. The increased activity shows that the Mid-Atlantic housing market appears to have bottomed out at the end of 2022, however, the housing market remains slower than January 2022. Sales were down 33.4% compared to a year ago, and new listings were 6.5% lower. Transactions are taking longer, with buyers acting more deliberately, but prices are still on the rise. Median days on market rose 10 days to 22, while the median sale price increased 4.5% to $350,000. The Philadelphia metro led the region in price increases, up 4.7%, with Baltimore metro up 3.8%, and D.C. Metro lagging behind, up just 0.2%. “Buyers who had been on the sidelines are showing eagerness to return to the market as rates dropped to their lowest levels since September, while sellers are starting to return in some markets, pushing new listings up month over month across the region,” said Bright MLS Chief Economist Dr. Lisa Sturtevant. “This is a sign that both buyers and sellers are adjusting to the ‘new normal’ of 6% mortgage rates, longer transaction times and more negotiations between buyers and sellers. Overall, the Mid-Atlantic housing market is poised for a rebound as we head into the spring market. “ Sturtevant noted that there is significant variation in housing markets across the region. Inventory is expanding in smaller markets, such as the Maryland-West Virginia Panhandle and southern Maryland and some markets such as Frederick and Carroll Counties in Maryland, and Camden and Mercer Counties in New Jersey are also seeing price declines year-over-year. As more workers are returning to the office, housing choices will be evolving. Second home and vacation markets could see further price declines as demand pushes prices higher in closer-in suburban markets of the Washington metro region, where there were higher median sales prices year-over-year in Alexandria City, and Arlington, Fairfax and Montgomery Counties. Philadelphia Metro: Rising home prices and buyers returning to the market, could push sellers to list The Philadelphia market demonstrated its resilience in January, leading the Mid-Atlantic region in home price growth. The median home price in January was $314,000, up 4.7% from a year ago. The stronger price growth in January reflects better affordability in the region, as prices have fallen 10% from their summer 2022 peak. Despite that drop, the median price in the region is 31% higher than January 2020. Despite decreases in closed sales (-34.7%), new pending sales (-20.6%) and showing activity (-32.5%) from a year ago, each of these metrics showed improvement on a month over month basis, indicating that buyers are returning to the market. New listings increased nearly 50% between December and January, but still remain lower than they have been in nearly two decades, which will create challenges for buyers. Baltimore Metro: Buyers are back, but the inventory struggle is real Buyers who returned to the market in January after wrapping their heads around higher mortgage rates were faced with another challenge – a lack of inventory. New listings were down 11.5% year-over-year, and were at the lowest level in more than two decades. There was just 1.11 months of supply across the metro area. A reflection of more buyers in the market, the median home price rose 3.8% in January to $329,950. However, Baltimore is somewhat a tale of two cities with demand in the suburbs driving the growth. Like the rest of the region and country, activity in the Baltimore housing market trails last year when mortgage rates were closer to 3.5%. Closed sales, new pending sales, and showings were down 34.6%, 24.0% and 33.7% year-over-year. Active listings increased 40.9% and the typical home spent 22 days on market, up 10 days from January 2022. Washington Metro: Buyers have the luxury of time Buyer activity increased throughout the D.C. market in January from year-end but they were taking their time making a move. The time for a typical home to go under contract rose to 30 days – 17 days longer than a year ago, and back to January 2019 levels. In the region’s largest suburban markets—Fairfax, Loudoun, and Montgomery counties—the median days on market remained below 30. However, the typical home in the District took 42 days to sell in January. After declining in December for the first time since 2016, the median home price rose slightly (+0.02%) in the metro area in January. Prices appreciated in suburban markets but fell in Washington, D.C., indicating that the suburbs may see more demand and a faster recovery. Following a slow end to the year, closed sales, new pending sales and showings were all up in January from December. Year-over-year, closed sales were down 36.1%, new pending sales fell 19.2% and showings were off 32.9%. Active listings were up 42.4% year-over-year driven by slower market activity rather than new listings which were down 12.5% year over. However, the number of new listings increased month over month, indicating that inventory should increase in the coming weeks as sellers realize that they can use their equity gains to move up. With just one month of supply, though, buyers will still be faced with limited choices. Full Mid-Atlantic and Metro area reports are available at BrightMLS.com/MarketInsights About Bright MLS Bright MLS was founded in 2016 as a collaboration between 43 visionary associations and two of the nation’s most prominent MLSs to transform what an MLS is and what it does, so real estate pros and the people they serve can thrive today and into our data-driven future through an open, clear and competitive housing market for all. Bright is proud to be the source of truth for comprehensive real estate data in the Mid-Atlantic, with market intelligence currently covering six states (Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia) and the District

by admin
Comment Off
224 views

Net New Listings Placed on The Market Experienced a 43.9% Decrease Year-Over-Year Despite the Slowing Rate Hikes from the Federal Reserve Price Has Flatlined Due to Low Market Activity, Indicated by the Median Price Remaining Unchanged Month-Over-Month Tight Supply Points to a Balanced Market Environment, But Other Market Indicators Such as Days-On-Market and Sale-to-List-Price Ratio Suggest a Buyer’s Market is Imminent HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between January 2022 and January 2023. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform. Since H1 2022, tight supply and low market activity have been some of the most prominent trends in the housing market. As 2022 concluded, we observed that the market may have been leaning in buyers’ favors. Since then, the median price of single-family rentals has remained unchanged, and metrics such as days-on-market and sale-to-list-price ratio have reinforced the idea that the market is inching closer to once again favoring buyers. Although market activity is significantly lower than in January 2022, the end of the holiday period has brought an increase in listings placed on the market. Additionally, a market shift is imminent as the most recent statement from the Federal Reserve indicated an increase of 25 basis points, the lowest rate hike since the meeting in March 2022. Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented: “As we predicted in December, the beginning of 2023 is proving to show slow market activity, as both net new listings and contract volumes are sitting at multi-year lows. For the ninth consecutive month, we have experienced year-over-year net new listing and contract volume declines in the double digits, consequently driving prices downwards yet again. Although the housing market has seen better days, there is hope that a shift will occur with the rate hike slowdown from the Federal Reserve, which bodes well for buyers.” Key Takeaways: About HouseCanary Founded in 2013, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, with industry-leading services including valuations, forecasts, and transactions. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.