2023 – Page 52

U.S. FORECLOSURE ACTIVITY CONTINUES TO CLIMB IN Q1 2023

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Foreclosure Starts See an Annual Increase of 29 Percent;Bank Repossessions at Highest Level in Three Years ATTOM, a leading curator of land, property, and real estate data, released its Q1 2023 U.S. Foreclosure Market Report, which shows a total of 95,712 U.S. properties with a foreclosure filings during the first quarter of 2023, up 6 percent from the previous quarter and up 22 percent from a year ago. The report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023, up 20 percent from the previous month and up 10 percent from a year ago — the 23rd consecutive month with a year-over-year increase in U.S. foreclosure activity. “Despite efforts made by government agencies and policy makers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” said Rob Barber, chief executive officer at ATTOM. “This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.” Foreclosure starts increase nationwideA total of 65,346 U.S. properties started the foreclosure process in Q1 2023, up 3 percent from the previous quarter and up 29 percent from a year ago. States that had the greatest number of foreclosures starts in Q1 2023 included, California (6,867 foreclosure starts); Texas (6,764 foreclosure starts); Florida (5,724 foreclosure starts); New York (4,345 foreclosure starts); and Illinois (4,006 foreclosure starts). Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2023 included, New York, New York (4,674 foreclosure starts); Chicago, Illinois (3,549 foreclosure starts); Los Angeles, California (2,210 foreclosure starts); Houston, Texas (2,120 foreclosure starts); and Philadelphia, Pennsylvania (1,985 foreclosure starts). Highest foreclosure rates in Illinois, Delaware, and New JerseyNationwide one in every 1,459 housing units had a foreclosure filing in Q1 2023. States with the highest foreclosure rates were Illinois (one in every 762 housing units with a foreclosure filing); Delaware (one in every 812 housing units); New Jersey (one in every 824 housing units); Maryland (one in every 897 housing units); and Nevada (one in every 947 housing units). Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2023 were Fayetteville, North Carolina (one in every 526 housing units); Cleveland, Ohio (one in 582); Atlantic City, New Jersey (one in 661); Columbia, South Carolina (one in 671); and Bakersfield, California (one in 688). Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, included Cleveland, Ohio at No.2; Chicago, Illinois at No. 6; Las Vegas, Nevada at No. 10; Philadelphia, Pennsylvania at No. 12; and Riverside, California at No. 14. Bank repossessions increase 8 percent from last quarterLenders repossessed 12,518 U.S. properties through foreclosure (REO) in Q1 2023, up 8 percent from the previous quarter and up 6 percent from a year ago. Those states that had the greatest number of REOs in Q1 2023 were Michigan (1,819 REOs); Illinois (1,039 REOs); California (846 REOs); Pennsylvania (788 REOs); and New York (774 REOs). Average time to foreclose increases 12 percent from previous quarterProperties foreclosed in Q1 2023 had been in the foreclosure process an average of 950 days, the highest number of average days to foreclose since Q1 2018. This is up 12 percent from the previous quarter and up 4 percent from Q1 2022. States with the longest average foreclosure timelines for homes foreclosed in Q1 2023 were Louisiana (2,770 days); Hawaii (2,486 days); New York (1,963 days); Kentucky (1,881 days); and New Jersey (1,697 days). States with the shortest average foreclosure timelines for homes foreclosed in Q1 2023 were Wyoming (111 days); Minnesota (141 days); Montana (143 days); Texas (146 days); and Arkansas (157 days). March 2023 Foreclosure Activity High-Level Takeaways Media Contact:Christine Stricker949.748.8428christine.stricker@attomdata.com

PropStream Announces New CEO: Brian Tepfer

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PropStream, the leading real estate data provider, is pleased to announce that industry veteran Brian Tepfer, former Executive Vice President and CTO of Rapattoni Corporation (Rapattoni), has been appointed as the new CEO of PropStream. At Rapattoni, Brian started as a Technical Operations and Business Processes Manager. By showing exceptional leadership qualities, he quickly advanced to Executive Vice President and CTO, a role he held for over eight years. While at Rapattoni, Brian spearheaded the company’s technological and business development, envisioning new and innovative software features to keep products relevant and desirable to users. Additionally, he paved the way for new third-party business relationships and partnership opportunities, helping increase product exposure and foster collaborative efforts that helped the company grow. Brian said about becoming PropStream’s new CEO, “I am very excited to join the PropStream team and lead our company of dedicated staff who are passionate about empowering real estate professionals with the tools and data they need to generate leads, make informed decisions, and drive success in their businesses.” He continued, “Our mission is to help all real estate professionals expand their outreach and presence through this dynamic market.” PropStream is thrilled to have a trailblazer in the real estate tech space like Brian join the team as CEO. PropStream and Stewart Title are excited to see Brian use his extensive industry knowledge and experience to further propel the company toward continued success and unprecedented achievements. About PropStream: PropStream leads the real estate data industry with the most robust, detailed datasets available. In business since 2006, PropStream offers data for over 153 million properties nationwide and hundreds of filtering combinations to help real estate agents and brokers find the best listing leads in the least amount of time. With built-in marketing tools, PropStream has everything a motivated agent or broker needs to build marketing lists and make a pitch in one convenient location. PropStream was acquired by Stewart Title Co. in November 2021 and has been named a Housing Wire Tech 100 Honoree in 2021, 2022, and 2023. Contacts Nicole FortunasoDirector of Marketing(877) 204-9040

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The median asking rent fell 0.4% in March to the lowest level in 13 months. Austin and Chicago saw the largest declines, while Raleigh and Cleveland experienced the biggest gains. The median U.S. asking rent fell 0.4% year over year to $1,937 in March—the first annual decline since March 2020 and the lowest median asking rent in 13 months, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. By comparison, rents were up 17.5% one year earlier, in March 2022. The median asking rent in March was unchanged from February. It remained $322 higher (19.9%) than it was at the onset of the pandemic three years earlier, though wages increased at roughly the same pace during this time. “Rents are falling, but it feels more like they’re just returning to normal, which is healthy to some degree,” said Dan Close, a Redfin real estate agent in Chicago, where the median asking rent in March was 9.2% lower than it was a year earlier. “It’s similar to the cost of eggs. You can say egg prices are plummeting, but what’s really happening is they’re finally making their way back to the $3 norm instead of $5 or $6. Rents ballooned during the pandemic, and are now returning to earth.” Rents surged during the past two years because incomes increased and household formation rose as more millennials started families. But household formation is now slowing, partly because many people are opting to stay put rather than move during a time of economic uncertainty. Rents Drop Due to Supply Glut, Inflation, Economic Uncertainty Rents declined from a year earlier in March largely due to a surplus of supply resulting from the pandemic homebuilding boom. The number of multifamily units that went under construction and the number completed each rose to the second highest level in more than three decades in February, the latest month for which data is available. Completed residential projects in buildings with five or more units jumped 72% year over year on a seasonally-adjusted basis to 509,000, the highest level since 1987 with the exception of February 2019. Started projects in buildings with five or more units rose 14.3% to 608,000, the highest level since 1986 with the exception of April 2022. The short-term rental market is in a similar situation. The Airbnb market is oversaturated with supply and authorities are imposing tougher restrictions on hosts in some areas, driving some owners to lower rents or sell, according to Redfin agents. The overall rental market is also cooling because still-high rental costs, inflation, rising unemployment and recession fears are causing rental demand to ease. Rental vacancies are on the rise, prompting some landlords to cut rents and/or offer concessions like discounted parking. Rents Declined in 13 Major U.S. Metro Areas “A lot of people in Chicago became landlords during the pandemic,” Close said. “Some were looking to cash in on soaring rents. Some rented out their homes because selling would’ve meant giving up their rock-bottom mortgage rate. Others tried to sell but didn’t get a satisfactory offer due to slowing homebuyer demand. Now we have a lot of rental supply, which is bringing prices down because renters have more options.” Raleigh, Cleveland Saw Largest Rent Increases Three factors have driven up rents in Nashville, according to local Redfin real estate agent Jennifer Bowers: investors, high home prices and a strong local job market. “Tons of investors bought homes in Nashville and turned them into rentals during the pandemic in order to take advantage of low mortgage rates and rising rental demand—which allowed them to jack up rents. While investors have since pumped the brakes on purchases, they haven’t cut rents,” Bowers said. “Demand for rentals rose in part because skyrocketing housing prices pushed homeownership out of reach for many families. Elevated mortgage rates over the last year-and-a-half have also priced buyers out.” The average 30-year-fixed mortgage rate is now 6.27%, down from a fall peak of 7.08%, but up from 5% in April 2022, which has sent the typical homebuyer’s monthly payment up by nearly $300 from a year ago. While home prices have started falling on a year-over-year basis, they remain more than 30% higher than they were when the pandemic started. To view the full report, including charts, full metro-level breakouts and methodology, please visit: https://www.redfin.com/news/redfin-rental-report-march-2023

The Economy, Relationships, & Technology

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John Gordon is the Director of National Accounts at The Home Depot and a radio host with a show on home improvement for over 20 years. He is with us today to help us better understand the world of home improvement and how it has changed through the years. Listen now to learn more about John, the impact of technology on home improvement, and how The Home Depot has been consistently serving its customers! Quotables “Where there’s not a balance between understanding technology and understanding the real estate business, there’s ugliness.” “If you have a healthy balance between technology and your business, you’re going to be fine.” “If you don’t do the work on the front end, the back end is going to be garbage. We heard garbage in, garbage out – I say nothing in, garbage out.” “Shortcuts are not good in technology. I know that they’re designed to save time, but you have to do a little leg work.” “Think about the investors when things got dicey in 2008-2009 who did not slam on the brakes – they did very well and they began an industry that didn’t even exist until they decided to keep going.” “Look at your relationships, look at your network, and understand. Do you have the right people in it?” “You don’t want to look for money when you need money, you want to build the relationship for when you may need the money, and I think it’s the same when you’re working with the Home Depot.” Links Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/ Website: The Home Improvement Show with John and Dave https://wbt.com/ Email: John Gordon john_gordon@homedepot.com

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New records for rents and preleasing set in March, but transaction activity drops The student housing sector continues to outperform other real estate verticals during challenging economic conditions, according to the latest National Student Housing Report from Yardi® Matrix. Rents increased seven percent year-over-year in March to an average of $829 per bedroom, a record high. March preleasing rates also surpassed last year’s record. As of last month, 69.7 percent of beds at Yardi 200 universities were preleased for the fall 2023 term, a 7.8 percentage point increase compared to a year ago. “A sector that often performs better during times of economic volatility, student housing continues to achieve record-breaking rent and preleasing levels,” say Matrix analysts. Demand is strongest in the most competitive universities where enrollment is increasingly concentrated, producing demand for housing. The need is exacerbated at schools located in downtowns with largely conventional multifamily markets. However, there are some limitations to the rosy report. Higher interest rates, reduced debt-market liquidity and weakening investor demand are slowing development and sales. Investors backed off of purchases dramatically in Q1 2023, with only $148 million in sales completed, down substantially from the $1.5 billion recorded in the first quarter of 2022. At the start of the second quarter, there were approximately 70,000 bedrooms under construction, an increase of 20,000 beds over last quarter. However, the number of beds in pre-construction phases remains unchanged from Q4 2022, so as projects begin to deliver, there may not be as many developments to backfill demand. Gain more insight in the latest Student Housing Report. The student housing data set includes over 2,000 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Known as the “Yardi 200,” it includes all Power 5 conferences as well as Carnegie R1 and R2 universities. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email matrix@yardi.com, call (480) 663-1149 or visit yardimatrix.com to learn more. About Yardi Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 8,500 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

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The Frontdoor® app helps homeowners get things done smarter with a simple tap Frontdoor, Inc., the nation’s leading provider of home service plans with about two million members, unveiled Frontdoor®, a first-of-its-kind mobile app addressing the evolving needs of tech-savvy homeowners. “Frontdoor is an amazing app that will change how homeowners maintain and repair their most valuable asset. The video chat feature with one of our Experts is the heart of the experience,” said Bill Cobb, Frontdoor’s Chairman & CEO. “Homeowners can get help in real time. The Expert may be able to fix the problem right then and there, or if repairs are needed, we have a list of local, vetted professionals who can take care of the problem. Our Experts will guide homeowners through the process. All they have to do is open the Frontdoor.” There are 128 million homes in the U.S., and millennials (ages 23-41) comprise the largest portion of homebuyers at 43 percent, according to a National Association of Realtors 2022 Trends report. These millennial consumers differ greatly from previous generations as they rely heavily on social platforms, including TikTok and YouTube instructional videos, to find solutions for their home repair challenges. Powered by Frontdoor’s proprietary Streem video technology, Frontdoor is the ultimate tech solution to help homeowners tackle home repair and maintenance tasks with ease and convenience. Addressing a wide range of issues, including running toilets or glitchy washing machines, homeowners can use the app to video chat with pre-qualified Experts for real-time diagnosis and solutions. If a Frontdoor Expert is not able to fix the issue remotely, then Frontdoor can send a list of trusted and local professionals who can address your problem. Frontdoor offers nationwide membership plans for every homeowner. The Basic membership is free and includes one free video chat session with an Expert, followed by a list of local, fully vetted service Pros, and access to Frontdoor’s How-To Tips library. The Prime membership is an annual plan at $99 a year. It includes everything offered in the Basic package in addition to three total video chat sessions with Experts a year, exclusive discounts (up to 50% off retail pricing) for heating and A/C system replacements with financing options available, discounts and special pricing for home products and services that can be booked at any time. Later this summer, additional details will be unveiled regarding Frontdoor’s Premium monthly membership plan, which is ideal for those homeowners who want it all, including coverage for repairs, real-time advice, maintenance services, exclusive discounts, and more. “We know modern homeowners want an easy and convenient digital experience. That’s exactly what they get with Frontdoor,” Cobb added. “Open the app on their phone. Quickly video chat with one of our experts. Get their problem solved.” The Frontdoor app is available to download now on iPhone and Android. For more information, visit www.frontdoor.com. About Frontdoor Frontdoor is reimagining how homeowners maintain and repair their most valuable asset – their home. As the parent company of two leading brands, we bring over 50 years of experience in providing our members with comprehensive options to protect their homes from costly and unexpected breakdowns through our extensive network of pre-qualified professional contractors. American Home Shield, the category leader in home service plans with approximately two million members, gives homeowners budget protection and convenience, covering up to 23 essential home systems and appliances. Frontdoor is a cutting edge, one-stop-app for home repair and maintenance. Enabled by our Streem technology, the app empowers homeowners by connecting them in real time through video chat with pre-qualified experts to diagnose and solve their problems. The Frontdoor app also offers homeowners a range of other benefits including DIY tips, discounts and more. For more information about American Home Shield and Frontdoor, please visit www.frontdoorhome.com.