REI INK

Unlocking Success Through Perseverance

Dean Rogers is a former NFL player and currently one of the biggest names in the real estate space. Dean started his journey in real estate investing 10 years ago and today, he is the founder of Home Helpers Group, he actively invests in real estate, and he is coaching people who are interested in getting into the space too. Listen now to learn how Dean found success in real estate investing over the years and how he is helping new investors achieve their goals! Quotables “The right type of deals for me is not getting into the big, long, difficult projects. I wanna be doing easy, in-and-out type of projects and for me, I’m only doing the best type of projects to flip or keep as a rental.” “The biggest thing that I took away, what not only got me to the success in sports but also in life now, is you don’t always have to be the best.” “I had this mindset of “I’ll do it myself” – I always have and I’ll keep putting in the work and I’ll grind it out.” Links Website: Dean Rogers https://deanrogers.com/ Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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Redfin Reports Only 16% of Home Listings Were Affordable for the Typical Household in 2023

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Housing affordability is expected to improve in 2024 as mortgage rates fall and more homes go up for sale Just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household—the lowest share on record, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down from 20.7% in 2022 and more than 40% before the pandemic homebuying boom. The number of affordable homes for sale also dropped to the lowest level on record. There were 352,500 affordable listings in 2023, down 40.9% from 596,135 in 2022 and down from over a million per year during the prior decade. While the decline is partly due to a drop in listings in general—listings overall fell 21.2% year over year—it’s also due to the fact that elevated mortgage rates and stubbornly high prices made the listings hitting the market more expensive. Mortgage rates have fallen from their October peak, but remain higher than they were in 2022; the typical homebuyer’s monthly payment is roughly $250 more than it was a year ago. Elevated mortgage rates have also propped up housing costs by limiting supply. Many homeowners are staying put instead of selling because they don’t want to lose their ultra low interest rate. That’s bolstering home prices because it means buyers are competing for a limited pool of homes. The good news is that housing affordability has already started to improve, and Redfin expects it to continue improving in 2024. “Many of the factors that made 2023 the least affordable year for homebuying on record are easing,” said Redfin Senior Economist Elijah de la Campa. “Mortgage rates are under 7% for the first time in months, home price growth is slowing as lower rates prompt more people to list their homes, and overall inflation continues to cool. We’ll likely see a jump in home purchases in the new year as buyers take advantage of lower mortgage rates and more listings after the holidays.” Housing Affordability Was Three Times Worse for Black Households Than for White Households Only 6.9% of homes for sale in 2023 were affordable for the typical Black household, compared with 21.6% for the typical white household. The share was nearly as low for Hispanic/Latino households (10.4%) and was highest for Asian households (27.4%). Housing has become unaffordable for a lot of Americans, but Black and Hispanic/Latino families have been hit especially hard because they’re often less wealthy to begin with. On average, these groups earn less money, have less generational wealth, and have lower credit scores (and sometimes no credit scores at all) than white Americans due to decades of discrimination. That makes it tougher to afford a down payment and qualify for a low mortgage rate. Black Americans, in particular, also frequently face racial bias during the homebuying process. The racial housing affordability gap exists nationwide, from the least affordable metros to the most affordable metros. In Detroit, which has the lowest mortgage payments in the country, 31.8% of listings were affordable for the typical Black household this year and 50.2% were affordable for the typical Hispanic/Latino household, but that’s much lower than the 66% affordable for the typical white household. In Anaheim, CA, one of the most expensive markets in the country, people across the board have a hard time finding affordable housing. Still, Black and Hispanic/Latino house hunters have fewer options. Less than 0.5% of listings were affordable for the typical Black household and the typical Hispanic/Latino household in 2023, compared with 1.8% for the typical white household. It’s worth noting that wages have grown faster for nonwhite households than for white households this year, helping to shrink the income gap. Rents have also started to fall, which disproportionately impacts communities of color because they’re more likely to be renters. Affordable Markets Became Much Less Affordable in 2023 In Kansas City, MO, 27.9% of homes for sale in 2023 were affordable for the typical local household, down from 42.8% in 2022. That 14.8 percentage point decline is the largest among the metros Redfin analyzed. Next came Greenville, SC (-14.1 ppts), Worcester, MA (-13.7 ppts), Cincinnati (-13.7 ppts) and Little Rock, AR (-13.5 ppts). Relatively inexpensive metros have seen affordability erode quickly because housing costs have relatively more room to rise, and local incomes are often climbing at a fraction of the pace that mortgage payments are. In San Francisco, 0.3% of homes for sale in 2023 were affordable for the typical local household, down from 0.4% in 2022. That’s the smallest decline among the metros Redfin analyzed. Next came Detroit (-0.2 ppts), Los Angeles (-0.2 ppts) Boise, ID (-0.3 ppts) and Oakland, CA (-0.5 ppts). Markets that have long been expensive like San Francisco, Oakland and Los Angeles already had so few affordable homes that the share didn’t have much room to fall. In the five aforementioned metros aside from Detroit, less than 5% of listings were affordable for the typical household in 2023.

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HOME AFFORDABILITY REMAINS DIFFICULT ACROSS U.S. DURING FOURTH QUARTER EVEN AS PRICES DIP DOWNWARD

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Major Home-Ownership Expenses Again Require One-Third of Average Wage Nationwide, a 16-Year High;Historical Affordability Also Stays at Worst Point Since 2007;But Both Measures End Nearly Three-Year Slide Amid Mixed Trends in Home Prices and Mortgage Rates ATTOM, a leading curator of land, property, and real estate data, released its fourth-quarter 2023 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the fourth quarter of 2023 compared to historical averages in 99 percent of counties around the nation with enough data to analyze. The latest trend continues a pattern dating back to 2021 of home ownership requiring historically large portions of wages around the country. The report also shows that major expenses on median-priced homes consume 33.7 percent of the average national wage in the fourth quarter – a level considered unaffordable by common lending standards. Both measures – historical and current affordability – have stayed virtually the same from the third quarter to the fourth quarter of this year after trending consistently against home buyers for almost three years. That has happened as major ownership expenses and wages both are virtually unchanged this quarter. But the two measures are still worse than they were a year ago and far weaker than in 2021. For example, the portion of average wages nationwide required for typical mortgage payments, property taxes and insurance are up three percentage points from a year ago and 12 points from early in 2021, right before home-mortgage rates began shooting up from their lowest levels in decades. The latest expense-to-wage ratio continues to sit above the 28 percent level preferred by mortgage lenders and marks the highest point since 2007. “The good news is that home affordability has stopped getting tougher around the U.S., at least for the moment. The bad news is that owning a home remains more of a financial stretch than it’s been for many years,” said Rob Barber, CEO for ATTOM. “The annual Fall slowdown in the housing market clearly has helped stem the tide working against potential purchasers. Whether that’s just a temporary thing tied to seasonal market patterns is something we won’t know until next year, especially given recent signs that interest rates are coming down. But for now, there is some break into the growing financial stress for house hunters.” The fourth-quarter trends come at a time of mixed patterns among home prices and home-mortgage interest rates. While average 30-year fixed mortgage rates around the U.S. have grown this quarter from 7.1 to 7.4 percent, the nationwide median home value has slipped almost 3 percent. Those two factors have helped to keep home ownership expenses steady from the third to the fourth quarter, which has helped to keep those costs from becoming even more unaffordable for average workers. Affordability had worsened almost every prior quarter since early 2021 as wage increases were outpaced by rising interest rates and prices that kept going up amid a decade-long market boom. Another round of price declines during the annual Winter market contraction combined with interest rate declines that have emerged very recently may help turn the affordability picture back around in favor of buyers. The report determined affordability for average wage earners by calculating the amount of income needed to meet major monthly home ownership expenses — including mortgage payments, 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 U.S. Bureau of Labor Statistics. Compared to historical levels, median home ownership costs in 572 of the 580 counties analyzed in the fourth quarter of 2023 are less affordable than in the past. That number is virtually the same as in the third quarter of this year and up slightly from the fourth quarter of last year, but more than double the figure from two years ago. Meanwhile, the portion of average local wages consumed by major home-ownership expenses on typical homes is considered unaffordable during the fourth quarter of 2023 in more than three-quarters of the 580 counties in the report, based on the 28 percent guideline. Counties with the largest populations that are unaffordable in the fourth quarter are Los Angeles County, CA; Maricopa County (Phoenix), AZ; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. The most populous of the 130 counties where major expenses on median-priced homes are still affordable for average local workers in the fourth quarter of 2023 are Cook County (Chicago), IL; Harris County (Houston), TX; Wayne County (Detroit), MI; Philadelphia, County, PA, and Cuyahoga County (Cleveland), OH. View Q4 2023 U.S. Home Affordability Heat Map  Home prices decline quarterly but remain up annually in three-quarters of local marketsAfter jumping almost 10 percent during this year’s Spring and Summer home-buying season, the national median price for single-family homes and condos has decreased from $344,670 in the third quarter of 2023 to $335,000 in the fourth quarter. However, it is still up 6 percent from $316,000 in the fourth quarter of 2022. 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 fourth quarter of 2023. Among the 47 counties in the report with a population of at least 1 million, the biggest year-over-year increases in median prices during the fourth quarter of 2023 are in Orange County, CA (outside Los Angeles) (up 14.7 percent); Fulton County (Atlanta), GA (up 14.7 percent); Broward County (Fort Lauderdale), FL (up 10.6 percent); Santa Clara County (San Jose), CA (up 10.4 percent) and Palm Beach County (West Palm Beach), FL (up 10.4 percent). Counties with a population of at least 1 million where median prices remain down the most from the fourth quarter of 2022 to the same period this year are New York County (Manhattan), NY (down 10.3 percent); Travis County (Austin), TX (down 3.4 percent); Queens County, NY (down 2.9 percent); Bexar County (San Antonio), TX (down 2.6 percent) and Philadelphia County, PA (down 1.9 percent). Prices growing faster than wages in half the U.S.While home values have settled down around the U.S. housing market, annual price changes still have outpaced changes

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How Americans surfed Zillow in 2023

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Analysis of 250 billion queries on Zillow reveal top search terms After analyzing more than 250 billion search queries, Zillow® has compiled the top search terms for 2023, showing the wide range of desires and preferences among America’s home shoppers. Earlier this year, Zillow introduced an AI-powered natural language search feature that lets home shoppers search for homes in a conversational way, similar to how they talk to family or friends. This search data provides a unique glimpse into what Americans were searching for in a home this year. Top 10 Zillow search termsFrom practical needs like a garage to sought-after amenities such as backyard retreats, pools and fireplaces, these preferences showcase a variety of both modern and classic housing desires. “Natural language search gives us this ability to look at unique and highly local trends across the U.S.,” said Nicholas Stevens, vice president of product, Artificial Intelligence, at Zillow. “This lets us go deeper than the typical search filters, helping us better show shoppers homes with the features they really want.” Hot and cold: Climate control systems rule home searchesClimate control Systems — centralized AC and heating — emerged among the top three search terms in 22 out of 30 cities. Central heating took the No. 1 spot in these southern cities with typically mild climates: Atlanta, Charlotte, Dallas, Jacksonville, Los Angeles, Nashville, San Antonio and Tampa. Buyers’ heightened interest in heating features might be a response to shifting climate patterns, influenced by recent occurrences of extreme cold snaps. City sights or mountain heightsBuyers are searching for a home with a view. In Seattle, mountain views, city views and water views rank among buyers’ top five searches, respectively, In Miami, buyers are looking for water views, while buyers in Atlanta and San Francisco search most often for city views. In Colorado Springs, mountain views are a top search term. Search standoutsOne of the top searches in Atlanta is for a double vanity.  While buyers in Naples are looking for tennis courts, clubhouses and tile roofs, Miamians and New Yorkers prioritize fitness areas and gyms. Buyers in Philadelphia are most often searching for street parking and finished basements. San Antonio shoppers want an “eat-in kitchen.” Tucson is the only city with an architectural choice among the top five searches across all cities, favoring “contemporary style” homes. New York, New York: StreetEasy x ZillowNew Yorkers want space and convenience, which shows up in popular searches as terraces and doormen. In NYC, a city known for its limited space, basements also have become a popular search item. Home shoppers, especially those looking at brownstones, recognize the potential of basements as additional rentable units. StreetEasy®, a Zillow brand built specifically for NYC, took an in-depth look at how New Yorkers searched for homes in 2023. It found that other amenities that ranked at the top of New Yorkers’ searches in this year included in-unit laundry, acceptance of pets, dishwasher, elevator and doorman. For more StreetEasy research on how New Yorkers are searching for homes, click here. SOURCE Zillow

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Boxabl Announces Factory Built Certification Approval for Arizona

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Boxabl has passed the required testing, and can now sell its Casitas/housing modules as factory-built homes in the State of Arizona. This is a significant step to bring affordable housing to the much-needed, highly underserved housing market.     “This is a major milestone for Boxabl and brings us much closer to our goal of providing affordable housing to the masses”, said Galiano Tiramani, Boxabl co-founder. “This hard-won approval for the State of Arizona is expected to be the springboard for obtaining required approvals in all 50 states”.   This approval from Arizona means that Boxabl passed its testing requirements for safety and building materials, and earned the confidence of the officials that Boxabl homes are in line with the rules and regulations of factory-built homes for the state.   “This is an exciting time for Boxabl,” said Boxabl CEO, Paolo Tiramani “This puts us on track to execute our plans to partner with major homebuilders such as D.R. Horton. The three goals of our technology are to manufacture in large volumes, at the highest quality for the lowest cost, and to be the ultimate in sustainability.” Boxabl’s mission is to revolutionize the standard of housing construction and affordability with its innovative, technology-based solution to mass-produce homes through advanced manufacturing. What differentiates Boxabl is the ability to deliver homes in a compact design.  SOURCE Boxabl CONTACT: Media inquiries directed to: Media@Boxabl.com

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Inaugural Neighborhood Stabilization Report Shows Community Impact of Distressed PROPERTY Dispositions

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Auction.com, the nation’s leading distressed real estate marketplace, released its 2023 Neighborhood Stabilization Report, a first-ever report that shows distressed properties sold on a transparent auction platform produce higher homeownership rates, more value added during renovation and shorter renovation timelines than distressed properties sold in the traditional retail market. To view the full report, visit: https://www.auction.com/lp/in-the-news/2023-neighborhood-stabilization-report/ Those findings are based on an analysis of nearly 325,000 distressed property dispositions nationwide over the last five years using public record data and underserved area data from the Federal Housing Finance Agency (FHFA). That analysis also shows that renovated properties resold or rented by auction buyers are still affordable for local families, including in low-income and minority neighborhoods. The report uses Auction.com buyer data to provide a data-based profile of buyers at distressed property auctions, 77 percent of which are local community developers who purchase fewer than 10 properties a year and live within 25 miles of most distressed properties they purchase. Another 15 percent are owner-occupant buyers. A transparent foreclosure auction marketplace also helps to uncover and protect home equity for distressed homeowners, equity that is lost if a property reverts to the foreclosing lender as real estate owned (REO). The report looks at the share of foreclosure auction sales with potential equity for distressed homeowners and the average amount of that potential equity. Finally, the report spotlights a Birmingham, Alabama, zip code where many distressed property sales are in low-income and minority Census tracts. Using public record data, Auction.com sales data and FHFA underserved area data, along with interviews with local community developer buyers purchasing in that zip code, the report shows how responsible disposition can positively impact communities. Highlights from the report: About Auction.com Auction.com is the nation’s leading online marketplace for the disposition of distressed residential properties. The company goes beyond traditional disposition programs, offering tools and services that stabilize neighborhoods, expand homeownership, maximize sales, shorten the sales cycle, yield higher returns, mitigate risks and elevate results. Our seller strategy includes customized and flexible programs, data intelligence and buyer insights, and pioneering technology. This includes Remote Bid®, which expands the buyer base nationwide by letting buyers bid on and win select foreclosure sales from anywhere, and Portfolio Interact™, featuring Bid Interact™. The national footprint for online and in-person auctions includes all 50 states, as well as Washington, DC, and Puerto Rico. Auction.com is headquartered in Irvine, CA, with offices in key markets nationwide. Contact Daren BlomquistAuction.com Tel.949.355.3371 Email: dblomquist@auction.com

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