2023 – Page 56

CROSS COUNTRY MOVERS LARGELY UNDETERRED BY RISING MORTGAGE RATES

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Redfin.com user search data shows that 14% fewer homebuyers looked to move within their own metro area in February than a year earlier, compared with a 4% drop for out-of-town movers The number of Redfin.com home searchers looking to relocate to a new metro fell 3.6% year over year in February, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That compares with a 14.4% drop in Redfin.com home searchers looking to relocate within their current metro. Those are both the biggest declines in Redfin’s records, which go back through 2018. The rise in mortgage rates over the last year has made purchasing a home more expensive almost across the board, but elevated rates often aren’t as big of a deterrent for relocating homebuyers because they’re typically moving to more affordable areas. Someone moving from Los Angeles to Las Vegas, for instance, could buy a home comparable to the one they’re selling in Los Angeles for half the price. High rates don’t impact that buyer as much because they’re getting a cheaper house and may be using proceeds from a home sale in a more expensive area. People moving from one part of the country to another may also be doing so for a higher-paying job, which would help offset high mortgage rates. Additionally, homebuyers relocating to a different part of the country may have a non-negotiable reason for their move: Maybe they are moving for that higher-paying job, or to be closer to family. High rates are less likely to deter those homebuyers than ones simply considering a different house within the same town. Share of Buyers Looking to Move to a New Metro Is At a Record High One-quarter (25.1%) of house hunters nationwide looked to relocate to a new metro in February, a record high. That’s up from 22.9% a year earlier and roughly 18% before the pandemic. Relocators made up a bigger portion of homebuyers than ever because elevated mortgage rates, still-high home prices, inflation and economic uncertainty are motivating the few people who are still buying homes to move to more affordable areas. Remote work has also made it more feasible for Americans to relocate. Florida, other Sun Belt destinations are most popular with relocating buyers Miami, Phoenix, Las Vegas, Sacramento, CA and Tampa, FL were the most popular destinations for house hunters looking to move to a different metro in February. Other parts of Florida and a couple Texas metros round out the top 10: Orlando, Cape Coral, Dallas, North Port-Sarasota and Houston. Popularity is determined by net inflow, a measure of how many more Redfin.com users looked to move into an area than leave. Relatively affordable Sun Belt metros perennially top the list of places people are looking to move, due mainly to their comparatively cheap housing and warm weather. While homes in these places cost considerably more than pre-pandemic, they remain comparatively affordable. The typical home in most of the popular destinations is less expensive than the typical home in the top origins. The typical Miami home sold for $485,000 in February, compared with $640,000 in New York, the most common origin for homebuyers looking to move in. And the typical Phoenix home sold for $425,000, compared with $710,000 Seattle, the most common origin. “For buyers coming from the Bay Area or another expensive place, homes in Phoenix seem cheap. That’s why out-of-towners are still buying homes even though rates are high,” said Phoenix Redfin agent Heather Mahmood-Corley. “Desirable, well-priced homes are selling quickly, sometimes with a bidding war–largely because there are still so many buyers moving in from out of town.” House hunters are leaving expensive job centers Homebuyers looked to leave San Francisco, New York and Los Angeles more than any other metro in February, followed by Washington, D.C. and Chicago. This ranking is determined by net outflow, a measure of how many more Redfin.com users looked to leave a metro than move in. While San Francisco tops the list of places people are looking to leave, fewer homebuyers are leaving than a year ago. That may be partly because Bay Area home prices are falling. Expensive coastal job centers typically top the list of places people are leaving. That trend became more pronounced in recent years as remote work allowed homebuyers to relocate to more affordable areas. To view the full report, including charts and methodology, please visit:https://www.redfin.com/news/housing-migration-trends-february-2023

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The study illustrates farmland’s historical resilience in the face of financial turbulence, demonstrated by the asset’s strong performance since the onset of the COVID-19 pandemic and subsequent market turbulence. Farmland investment manager FarmTogether released a new study that illustrates farmland’s historical resilience in the face of financial turbulence over the last three decades, demonstrated by the asset’s stable performance since the onset of the COVID-19 pandemic and subsequent market turbulence. The study, titled “Farmland: A Historically Stable Asset During Uncertain Times,” examines farmland’s performance in the context of several major asset classes, including equities, bonds, commercial real estate, and REITs. “The last few years, even weeks, have been challenging to navigate from a portfolio management perspective,” said David Chan, Chief Client Officer and Head of Business Development at FarmTogether. “This study comes at a critical moment for those searching for uncorrelated, defensible alternatives for real capital preservation.” The study found that while many sectors across the global economy continue to experience negative pandemic-induced challenges, farmland remained a reliable asset throughout this tumultuous period. Despite early headwinds led by supply chain disruptions and reduced demand for certain products, farmland investments experienced net positive growth each year over the last three years, outpacing the performance of each asset analyzed in the study. The study attributes farmland’s performance throughout this period, and several decades prior, to the asset’s historically low volatility, low correlation with traditional assets, and rising cropland values, which are sitting at a record $5,050 per acre in the US. The study additionally reverberates farmland’s historical role as a hedge against rising prices during inflationary environments; since the onset of the pandemic, farmland returns have had a 0.97 correlation with the Consumer Price Index (CPI). The study analyzes trends in cropland values, income, and other factors that can impact the performance of farmland investments. FarmTogether collected data from a range of sources, including USDA market reports and the National Council of Real Estate Investment Fiduciaries (NCREIF) Farmland Property Index, a quarterly report that measures the investment performance of farmland properties acquired in the private market for investment purposes only. The paper is available for download at FarmTogether.com. About FarmTogether Through FarmTogether.com, accredited and institutional investors can enjoy unparalleled access to institutional-quality farmland offerings in prime growing regions across the US. Their all-in-one platform facilitates access to this vital asset class through a variety of products, including crowdfunded farmland offerings, 1031 exchanges, sole ownership bespoke offerings, and the Sustainable Farmland Fund. FarmTogether’s team and partners are cross-industry professionals with extensive experience in farmland investing, investment management, agriculture, and ag-tech demonstrated by $1.2B+ of collective deployed capital. Since its founding in 2017, FarmTogether has funded over $170 million in assets under management. ContactRebecca Bauerrebecca.bauer@farmtogether.com SOURCE FarmTogether Inc

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A new report by RE/MAX explores the cultural context and influential trends set to shape the real estate industry in the U.S. as homebuyers and sellers of all generations become increasingly pragmatic in their real estate search With 2022 having seen a notable increase in mortgage rates compared to historical lows in 2020-21, and with many economic factors to watch based on the first quarter of 2023, many U.S. homebuyers and sellers are rethinking their approach to achieving their real estate goals, according to a study commissioned by RE/MAX, the #1 name in real estate*. The global real estate franchisor released a comprehensive, current analysis of consumer tendencies and professional strategies around buying, selling, or owning a home. The U.S. Future of Real Estate 2023 Report was developed in partnership with the advertising agency Camp + King and conducted by leading consumer insights agency Canvas8. The research, which included a survey of more than 2,900 American homebuyers or sellers, along with expert interviews with real estate researchers and economists, identified six key themes exploring how people’s attitudes and values toward buying, owning, and selling homes are shifting. As a real estate franchisor dedicated to helping real estate professionals deliver a better customer experience, RE/MAX commissioned the report to uncover valuable insights for agents. The six key themes identified in the report as main trends and mindsets impacting homebuying and selling in 2023 are: “The events of the past few years have made homebuyers more deliberate about what a home should offer them,” said Nick Bailey, RE/MAX President and CEO. “A home purchase is one of the largest transactions a person will make in their lifetime, so it’s important for them to have a clear understanding about what they’re seeking in a home. Research like this can help a real estate professional guide them in their search.” Highlights from each of the six themes identified in the report include the following**: Download the full report with detailed stats in each of the six themes HERE. “Times change, and in a fast-paced industry like this one, it’s important to stay a step ahead. The research shows consumers are increasingly turning to experienced, full-time professionals – and those are the type of agents who make up the RE/MAX network,” added Bailey. The U.S. Future of Real Estate 2023 Report is one of two market reports exploring the future of real estate across North America. The Canada Future of Real Estate 2023 Report can be found HERE. RE/MAX and its agency partners examined the homeownership landscape across the United States and Canada to unpack and explore the trends shaping the future of real estate in these two separate markets as a way to see what’s really going on in the business right now – and to build a clearer, more informed sense of what’s ahead.

The Importance of Being a Lifelong Learner

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Paul Wakim is a real estate photographer and investor, and the CEO and co-founder of TwnSqr, a real estate tech company that helps investors find their sellers and buyers in an off-market marketplace. Today, Paul lives a very nomadic lifestyle with his wife, traveling around the country while running their businesses fully remote. Listen to this episode to learn more about Paul, how TwnSqr is innovating the real estate investing space, and what lessons he has learned through the years! Quotables “At the time, I was like, okay a drone is cool and there’s some really interesting stuff going on there, but I didn’t really grasp what it meant to have technology under your control and coding taught me that.” “We went back to the world of wholesaling real estate investors because as people in technology or in start ups, we’re looking for the place where we can really innovate.” “The key difference between any other platform and what you can do on TwnSqr is any asset that you upload to TwnSqr, you have complete control over who has access to it and how that’s used.” “The main customer that we’re monetizing right now are the wholesalers, the real estate investors who are posting the properties and who want to take advantage of our tools, but you don’t have to.” Links Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

walker & dunlop announces kathleen balderrama as new group head for alliant capital

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Kathleen Balderrama has officially assumed her position as Group Head for Alliant Capital , the 6th largest LIHTC syndicator in the United States. She takes over for Shawn Horwitz and oversees LIHTC production, acquisitions, and asset management for the Alliant team. Taking the helm after nearly 10 years with the organization, Balderrama has nearly two decades of LIHTC and affordable housing experience. “Katie has been constantly expanding her role with the organization, digging into the business functions, and most recently creating exciting plans for our growth. We are thrilled to have such a dynamic leader at the helm of our Alliant team,” said Sheri Thompson, Affordable Housing and Investment Management executive vice president at Walker & Dunlop. “Her background as an attorney and her deep understanding of the Affordable Equity market greatly enhance our affordable team capabilities and make her uniquely qualified for this role.” Before joining Alliant, Balderrama practiced complex business litigation, including affordable housing, real estate, and securities litigation at international law firms Mayer Brown LLP and Crowell & Moring LLP. Her practice focused on complex financial cases such as securities, corporate, partnership, fiduciary disputes, class actions, and intellectual property litigation. “We have spent the last year collaborating and exchanging information with our Walker & Dunlop colleagues. Our expanded and integrated platform is now better able to serve the needs of our investors and developers as we continue to tackle the important issue of the national housing crisis,” said Horwitz. “I look forward to seeing Katie thrive in her new role in leading the team and I am confident that the team will continue to make a difference and exceed all expectations.” Walker & Dunlop is working to achieve its five-year goal of $60 billion in cumulative affordable housing finance by the end of 2025. Well on their way to reaching this goal, the affordable team originated $20.4 billion of affordable and workforce housing financing over the past two years through FHA, Fannie Mae, Freddie Mac, and capital markets sources. Today, Alliant’s portfolio exceeds $14 billion in assets under management and has provided housing for over 400,000 low-income families, seniors, and veterans. Combined with Walker & Dunlop’s affordable housing financing and sales solutions, the partnership is a market-leading affordable housing platform that addresses the financing, sale, and preservation of affordable housing nationwide. Media:Nina H. von WaldeggVP, Public RelationsPhone 301.564.3291info@walkeranddunlop.com

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Overall Mortgage Delinquencies Inch Up As 30-Days Late Payments Rise Black Knight, Inc. (NYSE:BKI) reports the following “first look” at February 2023 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.45%Month-over-month change: 1.96%Year-over-year change: -12.56% Total U.S. foreclosure pre-sale inventory rate: 0.46%Month-over-month change: 0.81%Year-over-year change: 15.18% Total U.S. foreclosure starts: 29,000 Month-over-month change: -9.35%Year-over-year change: -4.15% Monthly prepayment rate (SMM): 0.35%Month-over-month change: 6.23%Year-over-year change: -71.46% Foreclosure sales: 7,100Month-over-month change: 2.46%Year-over-year change: 41.53% Number of properties that are 30 or more days past due, but not in foreclosure: 1,811,000Month-over-month change: 36,000Year-over-year change: -235,000 Number of properties that are 90 or more days past due, but not in foreclosure: 562,000Month-over-month change: -17,000Year-over-year change: -383,000 Number of properties in foreclosure pre-sale inventory: 240,000Month-over-month change: 2,000Year-over-year change: 34,000 Number of properties that are 30 or more days past due or in foreclosure: 2,050,000Month-over-month change: 38,000Year-over-year change: -200,000 Top 5 States by Non-Current* Percentage Mississippi: 7.94 % Louisiana: 7.65 % Alabama: 5.80 % Arkansas 5.21 % West Virginia: 5.20 % Bottom 5 States by Non-Current* Percentage California: 2.32 % Montana: 2.26 % Idaho: 2.16 % Colorado: 2.10 % Washington: 2.05 % Top 5 States by 90+ Days Delinquent Percentage Mississippi: 2.54 % Louisiana: 2.22 % Alabama: 1.75 % Arkansas: 1.57 % Georgia: 1.40 % Top 5 States by 12-Month Change in Non-Current* Percentage Alaska: -24.05 % Vermont: -22.36 % Connecticut: -19.93 % New York: -19.12 % District of Columbia: -17.34 % Bottom 5 States by 12-Month Change in Non-Current* Percentage South Dakota: -1.41 % Florida: -2.58 % Idaho: -2.59 % Michigan: -3.60 % Utah: -3.75 % *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Notes:1) Totals are extrapolated based on Black Knight’s loan-level database of mortgage assets.2) All whole numbers are rounded to the nearest thousand, except foreclosure starts, which are rounded to the nearest hundred. For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by April 3, 2023. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.