September 2023 – Page 2

RCN Capital Announces Preferred Partnership with REiDEAL MASTER

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RCN Capital, a leading nationwide private lender specializing in financing for real estate investors, announced its partnership with REiDEAL MASTER, a comprehensive technology platform that provides real estate investors with state-of-the-art tools to help grow and manage their businesses. Through this strategic partnership with REiDEAL MASTER, RCN Capital looks to help equip its investor clients with a full technological suite of resources that can help them succeed in all market conditions. “Seeing the challenges that so many real estate investors are facing in the current market made us realize that RCN needs to provide our clients with access to resources that will allow their businesses to continue to thrive,” said Jeffrey Tesch, RCN Capital’s CEO. “By partnering with REiDEAL MASTER, our clients will be able to utilize some of the top tech solutions in the industry for lead sourcing, contact and project management, deal analysis and so much more.” A robust resource for real estate investors, REiDEAL MASTER is an end-to-end technology solution with tools for every stage of the investment cycle. Highlights of the platform include REiDEAL AI Scoring, which leverages AI technology to generate a Sellability Score providing greater insight into when a property is likely to sell; REiDEAL PIPES PRO, an advanced search tool to enhance lead generation efforts through access to unique lead types, and REiDEAL LIEN FINDER, a tool to search for properties that match a combination of up to 10 lien types to create highly targeted marketing lists. “We are excited to join forces with RCN Capital, a leading name in financial services,” said Pamela Chapman, REiDEAL MASTER’s Retail Platform Sales Manager. “This collaboration marks a significant milestone for REiDEAL MASTER, enhancing our ability to provide real estate investors with cutting-edge tools and expert financial guidance throughout their investment journey. Together with RCN Capital, we’re committed to empowering our clients with the resources they need to excel in the ever-evolving real estate investment market.” 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. About REiDEAL MASTER REiDEAL MASTER is an all-in-one subscription-based technology platform that equips real estate investors with all the tools they need to thrive in every stage of the investment cycle. From market research to closing that next deal, REiDEAL MASTER’s comprehensive technology suite gives investors the competitive edge they need to succeed in any market conditions. For more information REiDEAL MASTER, visit www.REiDEALMASTER.com. SOURCE RCN Capital CONTACT: Erica LaCentra, RCN Capital, 860.432.4782, elacentra@rcncapital.com; CONTACT: Pamela Chapman, REiDEAL MASTER, 888.851.4048, pblakes@reidealmaster.com

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Housing Faces Renewed Headwinds from 7 Percent Mortgage Rates, but Downside Risk to Home Sales is Limited With underlying inflation decelerating and signs that the labor market is cooling, the central question for economists remains whether the economy is headed for a soft landing or a mild recession. According to the September 2023 commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group, mixed signals from key economic data releases continue to muddle the near-term outlook – and the answer to that question – but a modest contraction remains the most likely outcome as consumption continues to outpace incomes and previous monetary policy tightening works its way through the system. Significant divergence between gross domestic product (GDP) and gross domestic income (GDI) over the past three quarters increases the risk that the ESR Group’s 2023 GDP forecast, which was upgraded this month by three-tenths to 2.2 percent on a Q4/Q4 basis, will come in lower than currently expected. Regardless, the ESR Group notes that robust consumption growth in July was likely due to a series of temporary factors, and credit card transaction data and control group retail sales suggest real consumption growth will pull back in August. The housing market faces renewed headwinds with mortgage rates settling above 7 percent, according to the ESR Group. Still, the downside risk to total home sales is limited as more sales are being driven by life events rather than discretionary factors, and the cash share of purchases remains high. New home sales were surprisingly strong in the first half of the year, due partly to homebuilder rate buydowns, which become more expensive when mortgage rates rise. Going forward, the ESR Group expects new home sales to pull back slightly due to the higher mortgage rate environment and recent decline in homebuilder confidence. “In April 2022 we noted our expectation that the combination of dissipating stimulus impact and tightening monetary policy would result in a mild recession in the second half of 2023; mild in part because we expected the housing supply shortage to keep production from falling significantly,” said Doug Duncan, Senior Vice President and Chief Economist, Fannie Mae. “Housing production has indeed held up. However, the pandemic-related fiscal transfers and built-up household savings have supported consumer spending longer than we had expected, providing unforeseen support to the macroeconomy. Our current prediction for a mild downturn in the first half of 2024 is predicated on the belief that consumers will begin pausing their spending, in part due to the exhaustion of those funds and having to realign to a more sustainable relationship between spending and incomes.” Duncan continued: “According to our latest National Housing Survey®, households remain confident in their own employment, even though they don’t feel great about the overall economy, and the vast majority don’t believe it’s a good time to buy a home, as mortgage rates and home prices continue to constrain affordability. This is evidenced by recession-level home sales volumes resulting from the very low levels of existing homes for sale and the significant affordability challenges. The elevated share of new homes relative to total home sales and a similarly elevated share of first-time homebuyers purchasing new homes are additional evidence of the ongoing housing supply problem. We expect that total housing market activity will remain at a low level into 2024 as the Federal Reserve continues to hold the line on interest rates against inflation.” Visit the Economic & Strategic Research site at fanniemae.com to read the full September 2023 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here. SOURCE Fannie Mae

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Areas More Vulnerable to Downturns Clustered in New York City, Chicago and Philadelphia Metro Areas, Based on Measures from Second Quarter of 2023; South and New England Less Exposed to Downturns ATTOM, a leading curator of land, property, and real estate data, released a Special Housing Impact Report spotlighting county-level housing markets around the United States that are more or less vulnerable to declines, based on home affordability, foreclosures and other measures in the second quarter of 2023. The report shows that New Jersey and Illinois have the highest concentrations of the most-at-risk markets in the country, with the biggest clusters in the New York City, Chicago and Philadelphia areas. The South, along with other parts of the Northeast, are generally less exposed to market woes. WATCH: ATTOM Q2 2023 Special Housing Impact Report The second-quarter patterns – derived from gaps in home affordability, underwater mortgages, foreclosures and unemployment – revealed that New Jersey and Illinois had 23 of the 50 counties most vulnerable to potential drop-offs. Those concentrations dwarfed other parts of the country amid a time of significant uncertainty when the U.S. housing market was rebounding from a period of flat or falling values. The 50 counties at the top of the most vulnerable list included eight in and around New York City, six in the Chicago metropolitan area and three in or near Philadelphia. Another six were scattered through northern, central and southern California. A majority of the rest were in Indiana and along the East Coast. At the other end of the risk spectrum, the South and two New England states had the highest concentration of markets considered least likely to decline. “We continue to see pockets of the U.S. housing market where the foundation is a bit shakier – or more solid – than others, based on important quarterly metrics,” said Rob Barber, CEO at ATTOM. “As with earlier reports, it doesn’t mean any one area or cluster of areas is about to crash. The overall market and the economy remain way too strong for imminent warnings to be sounded. But there are weak spots that are still popping up as areas to watch, especially if the market turns back downward.” Counties were considered more or less at risk based on the percentage of homes facing possible foreclosure, the portion with mortgage balances that exceeded estimated property values, the percentage of average local wages required to pay for major home ownership expenses on median-priced single-family homes and local unemployment rates. The conclusions were drawn from an analysis of the most recent home affordability, home equity and foreclosure reports prepared by ATTOM. Unemployment rates came from federal government data. Rankings were based on a combination of those four categories in 574 counties around the United States with sufficient data to analyze in the second quarter of 2023. Counties were ranked in each category, from lowest to highest, with the overall conclusions based on a combination of the four ranks. The wide disparities in risks throughout the country continued a pattern seen over the past two years, with the latest scenario coming as the overall U.S. housing market improved following a downturn that stretched from mid-2022 into early 2023. The nationwide median home price spiked 10 percent from the first to the second quarter of 2023 after dipping 7 percent over the prior three quarters. Home-seller profits and mortgage lending also turned upward in the second quarter, while increases in foreclosures eased. That happened as a surge in mortgage rates stabilized within a range of 6 percent to 7 percent for 30-year home loans, consumer-price inflation fell back to about 4 percent and the stock market improved. Most-vulnerable counties clustered in the Chicago, New York City and Philadelphia areas Seventeen of the 50 U.S. counties considered most vulnerable in the second quarter of 2023 to housing market troubles (from among 574 counties with enough data to analyze) were in the metropolitan areas around Chicago, IL; New York, NY, and Philadelphia, PA. The 50 most at-risk counties included two in New York City (Kings and Richmond counties, which cover Brooklyn and Staten Island), six in the New York City suburbs (Bergen, Essex, Ocean, Passaic, Sussex and Union counties, all in New Jersey) and six in the Chicago metropolitan area (Cook, De Kalb, Kane, Kendall, and Will counties in Illinois, and Porter County in Indiana). The three in the Philadelphia, PA, metro area that were among the top 50 in the second quarter were Philadelphia County, PA, Gloucester County, NJ, and Camden County, NJ. Elsewhere, California had six counties among the top 50: Butte County (outside Sacramento), Humboldt County (Eureka) and Solano County (outside Sacramento) in the northern part of the state; Madera County (outside Fresno) and San Joaquin County (Stockton) in central California and Riverside County in the southern part of the state. Another six were scattered around states along the southeast coast of the U.S., with three others in Indiana – Delaware (Muncie), Elkhart and La Porte. Higher levels of underwater mortgages, foreclosures and unemployment continued in counties most at-risk of downfalls At least 5 percent of residential mortgages were underwater in the second quarter of 2023 in 37 of the 50 most-at-risk counties. Nationwide, 5.5 percent of mortgages fell into that category, with homeowners owing more on their mortgages than the estimated value of their properties. Those with the highest underwater rates among the 50 most at-risk counties were Macon County (Decatur), IL (17.6 percent underwater); Delaware County (Muncie), IN (17.5 percent); Tangipahoa Parish, LA (east of Baton Rouge) (15.1 percent); Peoria County, IL (15.1 percent) and Saint Clair County, IL (outside St. Louis, MO) (14.7 percent). More than one of every 1,000 residential properties faced a foreclosure action in the second quarter of 2023 in 43 of the 50 most at-risk counties. Nationwide, one in 1,431 homes were in that position. (Foreclosure actions have risen since the expiration in July 2021 of a federal moratorium on lenders taking back properties from homeowners who fell behind

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Real Estate’s AI Experts Reinforce their Commitment to Innovation by Introducing the Latest Frontier in Generative AI Technology FoxyAI, a PropTech leader in real estate visualization and property intelligence, proudly announces the launch of FoxyAI-GPT, a highly specialized generative AI model poised to redefine the real estate industry. With unrivaled expertise in artificial intelligence and real estate, FoxyAI continues its mission to deliver practical and effective solutions to real estate professionals. While off-the-shelf GPT solutions have proven their utility in general applications, they often fall short when handling the specific nuances of different industries, including real estate. FoxyAI recognized this gap and developed FoxyAI-GPT to address the industry-specific challenges real estate professionals face. FoxyAI-GPT offers real estate professionals the following benefits: FoxyAI-GPT is a multimodal Generative Pre-training Transformer (“GPT”) model that has undergone rigorous training using a rich dataset comprised of textual and visual real estate data. This unique model integrated seamlessly with various data types, including text and images, offering real estate professionals a versatile tool to enhance their work. It can also be used alongside traditional AI models, e.g., object detection models, in order to refine research beyond predefined classifications. “Empowering real estate professionals with the latest in AI tools to help them make better decisions has always been our mission at FoxyAI,” said Vin Vomero, Founder and CEO of FoxyAI. “FoxyAI-GPT is the embodiment of that commitment, designed to make real estate research and analysis more accessible and insightful than ever before.” For more information about FoxyAI-GPT and its applications in the real estate sector, please visit https://foxyai.com/foxyai-gpt/. About FoxyAIFounded in 2018, FoxyAI is the leading proptech in real estate visualization and property intelligence. The company utilizes artificial intelligence and computer vision to convert everyday real estate photos into actionable data. FoxyAI’s suite of Property Intelligence tools, all available through its API, can instantly compute quality and condition, valuations, renovation costs, detect objects and materials, and much more. For additional information on FoxyAI, visit https://foxyai.com/. Media Contact:Jacqueline Silvajacqueline@silvacommunications.com(917) 880.2464 SOURCE FoxyAI

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New “Finding Home” data reveals the increasing preferences for location amenities and a sense of community offered by mid-size urban cities The looming effects of COVID, coupled with an uncertain economic climate, are making way for a new migration trend — Americans are moving from large metropolitan areas to mid-size cities, and recent Mayflower Transit moving data and customer feedback has made this clear. The often-overlooked mid-size city offers comparable amenities to a larger metropolitan area at a lower cost of living, providing a better quality of life. These findings challenge the long-held belief that bigger cities are better, while highlighting the changing preferences and priorities of the American population. As part of the 2023 Mayflower “Finding Home” campaign, Mayflower surveyed thousands of individuals across the country over the last two years (movers, past movers and future movers) to understand what drove them to choose a particular city. The results showed a significant shift in mindset, with many Americans now recognizing the benefits of mid-size cities over their larger counterparts. Based on inbound moves from Mayflower data, the mid-size cities with appealing lifestyle offerings include: – Wilmington, North Carolina (81% inbound)– Santa Fe, New Mexico (75% inbound)– Knoxville, Tennessee (70% inbound)– Greenville/Spartanburg, South Carolina (67% inbound)– Ashville, North Carolina (66% inbound)– Greensboro/Winston Salem, North Carolina (65% inbound)– Fayetteville, Arkansas (65% inbound)– Charlotte, North Carolina (64% inbound)– Indianapolis, Indiana (60% inbound) One of the key factors driving this trend is the cost of living, with Mayflower’s Finding Home survey results revealing that 91% of movers say cost of living is an important factor when buying a home. “While larger cities have traditionally been associated with higher expenses, mid-size cities offer a more affordable lifestyle without compromising on amenities and opportunities,” Mayflower’s Vice President of Corporate Communications Eily Cummings said. “Our customers are sharing incredible stories of the importance of living near an abundance of outdoor space, where they have access to arts and cultural venues, some nightlife and less traffic. As the benefits of living in mid-size cities become more apparent, it is expected that this trend will continue to shape the future of urban living across the country.” Mid-size cities are often characterized by a strong sense of community and a slower pace of life. Residents reported feeling more connected to their neighbors and experiencing a greater sense of belonging, making mid-size cities an attractive option for those seeking a more fulfilling and connected lifestyle. “Everything is attractive here,” Karen Merritt, who recently moved from California to Asheville, North Carolina, said. “It’s green all the time! There is an abundance of fresh, locally grown food, and the art community is amazing. I have met many Californians here since I arrived, and they are transplants like me — most of them have left for similar reasons.” According to the survey: “They (Ashville residents) are supporting small businesses and the surrounding communities in a big way,” Merritt said. “I want to start a small business here. I’m excited to see a community that supports small businesses.” These recent findings will have significant implications for urban planning and development in mid-size cities. As more Americans move, policymakers and city planners will need to adapt to accommodate this shifting trend. Investments in infrastructure, transportation and community development will be crucial to ensure the continued growth and success of these cities. “Knoxville isn’t a small town, but it’s not big like Los Angeles,” Ron Wollard, who recently moved from California to Knoxville, Tennessee, to be closer to family said. “There is lots to do, Smoky Mountain National Park is right here so there are recreational opportunities and a thriving economy. It is a nice blend, and it is not a problem getting from one place to another.” To learn more about Mayflower and the 2023 “Finding Home” study, visit Mayflower.com. SOURCE Mayflower

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Foreclosure Starts Increase 9 Percent from Last Month; Completed Foreclosures Up 1 Percent from Last Month ATTOM, a leading curator of land, property, and real estate data, released its August 2023 U.S. Foreclosure Market Report, which shows there were a total of 33,952 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 7 percent from a month ago but down 2 percent from a year ago. Nevada, Illinois, and South Carolina post highest foreclosure rates Nationwide one in every 4,113 housing units had a foreclosure filing in August 2023. States with the highest foreclosure rates were Nevada (one in every 2,224 housing units with a foreclosure filing); Illinois (one in every 2,433 housing units); South Carolina (one in every 2,506 housing units); New Jersey (one in every 2,585 housing units); and Delaware (one in every 2,618 housing units). Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2023 were Columbia, SC (one in every 1,471 housing units with a foreclosure filing); Fayetteville, NC (one in every 1,694 housing units); Peoria, IL (one in every 1,746 housing units); Las Vegas, NV (one in every 1,796 housing units); and Jacksonville, NC (one in every 1,848 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2023, including Las Vegas, NV, were: Cleveland, OH (one in every 1,896 housing units); Riverside, CA (one in every 2,132 housing units); Jacksonville, FL (one in every 2,137 housing units); and Chicago, IL (one in every 2,257 housing units). Austin, Nashville and Raleigh see greatest increases in foreclosure starts Lenders started the foreclosure process on 22,899 U.S. properties in August 2023, up 9 percent from last month but down 4 percent from a year ago. States that saw the greatest monthly increases and had 100 or more foreclosure starts in August 2023 included: Louisiana (up 40 percent); California (up 32 percent); Tennessee (up 32 percent); Alabama (up 30 percent); and Florida (up 28 percent). Those major metropolitan areas with a population greater than 1 million that saw the greatest monthly increases and had 50 or more foreclosure starts in August 2023 included: Austin, TX, (up 79 percent); Nashville, TN (up 77 percent); Raleigh, NC (up 73 percent); Riverside, CA (up 68 percent); and Miami, FL (up 63 percent). Foreclosure completions increase monthly but decline annually Lenders repossessed 3,354 U.S. properties through completed foreclosures (REOs) in August 2023, up 1 percent from last month but down 15 percent from last year. States that had the greatest number of REOs in August 2023, included: Illinois (324 REOs); Pennsylvania (253 REOs); Ohio (250 REOs); New York (205 REOs); and Texas (191 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2023 included: Chicago, IL (192 REOs); New York, NY (166 REOs); Philadelphia, PA (96 REOs); St. Louis, MO (76 REOs); and Detroit, MI (70 REOs). Media Contact: Christine Stricker 949.748.8428 christine.stricker@attomdata.com