2023 – Page 62

Mortgage Delinquency Improvement Across the Board in January, Uptick in Foreclosure Starts

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Black Knight, Inc. reports the following “first look” at January 2023 month-end mortgage performance statistics derived from its newly enhanced and greatly expanded McDash loan-level data set representing more than 60% of active mortgages nationwide. Loan-level detail on more than 200M active and historical mortgages has already made McDash the industry’s leading repository of servicer-contributed performance data. The vast population of active mortgages in the data set, now coupled with Black Knight’s eMBS agency securities data, also allow for more precise market sizing to better reflect the evolving mortgage landscape of the past several years – and of that to come. “McDash was already the mortgage and capital markets sectors’ go-to source for loan-level performance metrics on the majority of the market, contributed directly by the nation’s largest servicers,” said Ben Graboske, president of Black Knight Data & Analytics. “Mortgage data in McDash comes from a wide range of servicers, including both Black Knight MSP servicing clients as well as those using other servicing systems of record. Now at over 80 active contributors and counting, we’ve also significantly increased our coverage of nonbank servicers as well as those with smaller portfolios. Prior to this, visibility into these portfolios – representing millions of loans and a dynamic cross-section of the market – simply hasn’t been available at this level of granularity in public performance metrics.” Delinquencies were down across the board in January, with the overall national delinquency rate declining 10 basis points to 3.38% month over month, down 15.1% year over year. The number of borrowers 30-days late decreased by 46K (-4.8%), while 60-day delinquencies also ticked down slightly. Serious delinquencies (90+ days past due) continued to improve nationally (-4K), with such inventories declining in a large majority (44) of states. Florida – still dealing with the aftermath of Hurricane Ian – saw another 1.7K loans fall into serious delinquency. Foreclosure starts rose 17% in the month to 33K, marking the fourth consecutive increase, but remain 37% below pre-pandemic levels. Foreclosure was started on 5.6% of serious delinquencies in January, still 48% below the start rate seen in January 2020. Active foreclosure inventory rose by 2.5% in the month, and is now up 48K or 20% since January 2022, but remains nearly 20% below pre-pandemic levels. A total of 7K foreclosures were completed nationally in January, up 15.2% from the month prior, but remain nearly 50% below early 2020 levels. Graboske added: “Given the fundamental changes we’ve seen in the market’s makeup – even before the pandemic – and as the industry and wider economy move ahead into an uncertain future, this additional visibility couldn’t come at a more important time. Our role as a public provider of objective and unvarnished housing and mortgage market data and analysis is something we take very seriously. We’ve been through enough boom-and-bust cycles in the mortgage industry to understand just how critical this role is – to our industry, as well to the public, the media and the wider American economy.” For this month’s full First Look press release, including tables and trendlines, please visit us here. 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 March 6, 2023. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.

Radian Appoints Sumita Pandit as Chief Growth Officer

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Radian Group Inc. announced that Sumita Pandit has been appointed Senior Executive Vice President and Chief Growth Officer effective March 6, 2023. Reporting to Radian’s Chief Executive Officer Rick Thornberry, she will join the company’s executive leadership team and lead activities associated with developing and implementing the company’s long-term strategic growth plans. “I am delighted to have Sumita join our team and I look forward to working with her to develop and execute our comprehensive long-term growth strategy. She is a talented executive with a successful track record of helping transformative digital companies achieve their growth plans. Given her broad experience, Sumita is an excellent addition to complement our outstanding team as we continue to focus on accelerating our strategic vision for Radian in a rapidly changing marketplace,” said Thornberry. “In this position, Sumita will be focused on leveraging Radian’s strong capital position and strategic financial flexibility to identify, develop and execute on opportunities to achieve our long-term strategic goals.” “I am excited to join Radian and look forward to partnering with Rick and the rest of the leadership team to drive the company into its next phase of growth,” Pandit said. “Radian is a leader in the mortgage and real estate markets, and its focus on digital transformation puts it squarely in the vanguard of what’s next in those sectors. With strong customer relationships, proprietary data and analytics platforms, and innovative digital products and services, combined with a talented team and capital resources, I believe Radian is uniquely positioned to lead the mortgage and real estate markets into the future and I am excited to be a member of the team.” Pandit joins Radian after serving as the Chief Operating Officer of global digital payment company, dLocal, since 2021. Previously, Pandit was a Managing Director and Global Head of Fintech Investment Banking for J.P. Morgan. Prior to J.P. Morgan, Pandit worked at Goldman Sachs. During her investment banking career, she advised some of the world’s most transformational companies across industry verticals including fintech, proptech, insurtech, financial software and neo-banks. In 2021, she was named to the Top 25 Women Leaders in Financial Technology list by The Financial Technology Report. She serves on the board of Pushpay, a public company that offers donor engagement software to non-profits. Pandit earned an MBA from The Wharton School at the University of Pennsylvania, where she was a Palmer Scholar, and earned her undergraduate degree in Electrical Engineering from the National Institute of Technology, India. Media:Rashi Iyer – Phone 215.231.1167email: rashi.iyer@radian.com

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Pending home sales improved slightly, but an ongoing affordability crisis and lack of homes for sale kept many house hunters on the sidelines Pending home sales rose 0.5% from a month earlier in January on a seasonally-adjusted basis, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That compares with December’s revised month-over-month increase of 1.4%, which was the first gain in 14 months. Pending sales fell from a year earlier, but the decline eased for the second month in a row—to 29.4% in January from 32.5% in December and a record 35.5% drop in November. Redfin’s records date back to 2012. “A dip in mortgage rates brought some buyers off the bench in January, but the housing-market recovery was tempered by still-high housing costs and a limited number of homes being listed for sale,” said Redfin Deputy Chief Economist Taylor Marr. “There were fewer new listings in January than at any point on record, with the exception of the start of the pandemic. That hampered demand because it meant that many of the buyers who were still in the market had a tough time finding a home that met their needs. The shortage of homes for sale also buoyed home prices.” Marr continued: “The housing market took two steps forward in December and January but has taken one step back in February. Mortgage rates crept back up this month, which is prompting more buyers and sellers to back off.” Home-purchase applications dropped to the lowest level since 1995 last week as mortgage rates jumped on expectations that the Federal Reserve will need to raise interest rates again to combat inflation. The average 30-year-fixed mortgage rate is now 6.5%, up from an average of 6.27% in January and 3.89% a year ago. That has caused the typical homebuyer’s monthly payment to rise more than $500 year over year. Closed home sales fell 1.4% from a month earlier in January and slumped a record 36.6% from a year earlier. In Redfin’s December market report, the company noted that the year-over-year decline in closed sales had eased slightly, but that didn’t continue into the new year. The large drop in closed sales is partly due to the fact that many of the home purchases that closed in January went under contract in the fall, when mortgage rates hit a 20-year high. New Listings Hit Second-Lowest Level on Record as Sellers Held on to Low Rates New listings fell 1.6% from a month earlier in January and dropped 19.9% from a year earlier. While that’s an improvement from the 25.3% year-over-year decline in December—the largest drop on record aside from the pandemic start—listings remained scarce. There were fewer new listings in January than any other month on record aside from April 2020, when the onset of the pandemic brought the housing market to a halt. Many homeowners are reluctant to sell because they don’t want to give up their relatively low mortgage rates. About 85% of mortgage holders have a rate far below today’s level of roughly 6%. Homeowners are also hesitant to put their homes on the market due to soft homebuyer demand that’s forcing sellers to cut prices. The median sale price of U.S. homes was $383,249 in January, down 1.4% from December and 11.5% below the May all-time high. Still, prices were up 1.5% from a year earlier, in part because low supply kept prices afloat. Almost one in every five home listings (17.7%) had a price drop last month. While that’s down from the record high of 22.2% in October, it’s up from 7% in January 2022—the largest year-over-year increase on record. Just 21.2% of homes sold above their final list price, the lowest level in two years. “Nice homes that are priced fairly are selling, but homes that are overpriced or poorly maintained are lingering on the market,” said Shay Stein, a Redfin real estate agent in the Las Vegas area. “A lot of sellers who don’t get the price they had hoped for are taking their homes off the market. Many of them have a rock-bottom mortgage rate and figure they can wait to sell.” The typical home that sold was on the market for 51 days—the highest level since February 2020. That’s up from 27 days in January 2022. Homes are taking longer to sell in part because homebuyer competition has dwindled. Roughly two of every five home offers (42.1%) written by Redfin agents faced a bidding war in January, the lowest level since April 2020. That’s down from 43.1% a month earlier and 68% a year earlier. Pandemic boomtowns including Austin and Tampa saw among the largest declines in competition, as many homebuyers have been priced out. With many homes now lingering on the market, overall housing supply has ticked up. While active listings fell 1.2% from a month earlier in January, they were up 14.5% from a year earlier—just shy of the 15% record year-over-year gain in December. Active listings hit a record low in January 2022, which is one reason the year-over-year increase is so dramatic. Metro-Level Highlights To view the full report, including charts, additional metro-level data on competition and home-purchase cancellations, as well as methodology, please visit: https://www.redfin.com/news/housing-market-tracker-january-2023.

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Oklahoma City, OK; Louisville, KY; and Birmingham, AL led the nation with the cheapest monthly rent payments in January The financial pain of shelling out sky-high rent is a reality for many, with median prices in some U.S. metro areas at nearly $3,000 a month. Yet, in certain metros among the country’s 50 largest markets, renters can still find relative affordability, according to the Realtor.com® Monthly Rental Report. Oklahoma City, OK is the only metro among the 50 largest in the nation where renters can find a median-priced apartment for less than $1,000 a month. The report showed that Oklahoma City offered the lowest monthly rental price in January, at $982. There are 10 markets where median monthly rents are lower than $1,300, according to the report. Half are in the Midwest, four are in the South, and one is in the Northeast. None are in the West. The least expensive markets are: Renters looking to take advantage of the best possible prices should move quickly. While the rents in these metros are the lowest among the 50 largest, for many of them, prices are increasing at a faster rate than in the rest of the country. “With high rents across the country, places that offer relative affordability tend to be in high demand, which means more competition and that these lower prices might not last,” said Realtor.com® Chief Economist Danielle Hale. “Many of these metros have fewer available rental homes than previous months, and fewer apartments to choose from means prices are likely to go up. Cities including Indianapolis, Birmingham, Columbus, Kansas City, Cleveland, and Rochester are among the more affordable metros that experienced the fastest year-over-year price increases in January 2023, leaving few metros that are maintaining their current level of affordability.” Many of these areas also have less rental availability than in past years, suggesting that affordable metros are increasing in popularity. For example, in the fourth quarter of 2022, the average rental vacancy rate across these least expensive markets was 7.6% — a significant drop from the 9.7% vacancy rate in the fourth quarter 2017. However, seven of the most-affordable areas still had greater vacancy rates than the country’s average, which was last tracked at 5.8% nationwide. Nationwide, rent growth for studio to two-bedroom properties continued to slow. Median rent was down 2.9% year-over-year, the lowest growth rate in 22 months. In comparison, January 2022 rent was up 16.2% from the year prior. Last month was the twelfth month of cooling rent growth and the sixth month in a row with a single-digit rate increase. The median asking rent in the 50 largest metros declined to $1,726, down by $7 from last month and $80 less than the August 2022 peak of $1,806. Yet, rental prices are still up 20.6% ($295 higher) from pre-pandemic January 2020. SOURCE Realtor.com

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Count of Vacant Homes in Foreclosure Increases for Fourth Straight Quarter; Numbers Keep Rising Gradually Since Lifting of Foreclosure Moratorium in 2021; However, Zombie Properties Still Represent Just One of Every 12,400 Residential Properties ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2023 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,284,048) residential properties in the United States sit vacant. That figure represents 1.3 percent, or one in 79 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/. The report also reveals that 298,533 residential properties in the U.S. are in the process of foreclosure in the first quarter of this year, up 5 percent from the fourth quarter of 2022 and up 29.9 percent from the first quarter of 2022. A growing number of homeowners have faced possible foreclosure since a nationwide moratorium on lenders pursuing delinquent homeowners, imposed after the Coronavirus pandemic hit in early 2020, was lifted in the middle of 2021. Among those pre-foreclosure properties, 8,141 are zombie foreclosures (pre-foreclosure properties abandoned by owners) in the first quarter of 2023, up 5.4 percent from the prior quarter and up 10.6 percent from a year ago. The count of zombie properties has grown in each of the last four quarters. Despite the ongoing increase, the number of zombie-foreclosures remains historically low, with little impact on the nation’s total stock of 101.1 million residential properties. Just one of every 12,415 homes in the first quarter of 2023 is vacant and in foreclosure. That ratio is up from one in 12,963 in the fourth quarter of 2022 and from one in 13,424 in the first quarter of last year. “The potential damage from zombie foreclosures and the decay they can cause remains far off the radar screen throughout much of the country,” said Rob Barber, CEO for ATTOM. “Although, there are few signs that indicate this could change over the coming months, as the numbers continue ticking upward, along with foreclosures in general. That’s something we will continue to keep an eye on, especially in economically distressed communities.” The latest zombie foreclosure numbers – still a minimal presence throughout most of the country – continues one of the most enduring effects of the 11-year U.S. housing market boom that more than doubled the national median home value. The runup stalled in the second half of last year as the median single-family home price dipped 8 percent nationwide. The number of foreclosures also has grown steadily since the moratorium was lifted. But the decade of price gains boosted the typical selling profit margin up over 50 percent and raised homeowner equity to the point where almost half of all mortgaged homes across the country are worth at least twice what owners still owe on their loans. That, along with high employment and other factors, has left most homeowners in a strong enough position to resist foreclosure or at least sell their homes if they fall far enough behind on their mortgages to face a lender takeover. The current situation stands in marked contrast to the years when the housing market collapsed following the Great Recession and a surge in homeowners abandoned their properties to foreclosure. Zombie foreclosures inch up again but remain tiny portion of overall market A total of 8,141 residential properties facing possible foreclosure have been vacated by their owners nationwide in the first quarter of 2023, up slightly from 7,722 in the fourth quarter of 2022 and from 7,363 in the first quarter of 2022. While zombie foreclosures remain a rarity in most neighborhoods around the U.S., the biggest increases from the fourth quarter of 2022 to the first quarter of 2023 in states with at least 50 zombie properties are in Iowa (zombie properties up 42 percent, from 160 to 227), Arizona (up 25 percent, from 40 to 50), Oklahoma (up 20 percent, from 118 to 142), Maryland (up 20 percent, from 150 to 180) and Massachusetts (up 17 percent, from 63 to 74). The biggest quarterly decreases among states with at least 50 zombie foreclosures are in Maine (zombie properties down 10 percent, from 67 to 60), Nevada (down 10 percent, from 101 to 91), Georgia (down 6 percent, from 83 to 78), Connecticut (down 3 percent, from 75 to 73) and Michigan (down 3 percent, from 76 to 74). Overall vacancy rates remain virtually the same The vacancy rate for all residential properties in the U.S. has held steady in the first quarter of 2023 after dropping in the prior three quarters. It now stands at 1.27 percent (one in 79 properties), virtually the same as the 1.26 percent level in the fourth quarter of 2022 (one in 79), but still down from 1.37 percent in the first quarter of last year (one in 73). States with the biggest annual drops in the overall vacancy rate include Tennessee (down from 1.94 percent of all homes in the first quarter of 2022 to 1.12 percent in the first quarter of this year), Georgia (down from 1.74 percent to 1.44 percent), Minnesota (down from 1.02 percent to 0.78 percent), New Mexico (down from 2.07 percent to 1.86 percent) and Kansas (down from 2.35 percent to 2.15 percent). Other high-level findings from the first quarter of 2023:

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Regrid — a leading provider of nationwide land parcel data in the United States has launched their latest product of Enhanced Ownership as an add-on solution to their nationwide parcel data, providing the most current ownership information available with a daily delivery of recordings. Transparency into changes to property ownership is key to arriving at insights into economic trends, indicators of economic activity, the need to take action by various users, and many more. For these reasons, the Regrid team has committed to delivering daily recordings of ownership changes for use cases that absolutely need that level of currency. The Enhanced Ownership dataset is an enhancement both in currency & depth of information on top of the ownership data their base parcel data already contains. “Knowledge of ownership – including changes to ownership – is key to understanding a property or place,” says Regrid CEO, Jerry Paffendorf. “Increasing the frequency of ownership updates is an awesome addition to our core dataset, and we’re very happy to work with our friends at ATTOM to provide it.” Regrid has partnered with ATTOM to create this enhanced product. “Our mission at ATTOM has always been to increase real estate transparency and improve decision making across various industries,” said Sean Mooney, vice president of product at ATTOM. “In joining forces with Regrid and utilizing ATTOM’s robust ownership data, which provides enhanced currentness, coverage, completeness, and standardization of property ownership data, users can streamline decision making and gain deeper intelligence about a property.” For use-cases that rely on the most current and complete ownership data, Regrid’s Enhanced Ownership parcel data add-on solution includes multiple owner names (shared ownership), mailing addresses and ownership information, matched at a parcel level with Regrid’s universal unique parcel IdeededD. This new solution empowers users in real estate, 5G broadband planning, energy and utility infrastructure management and planning, and even as an input into advanced growth models to name just a few use cases for this insightful content. Please join Regrid data experts, Sahana Murthy, Chief Product Officer and Mathew Karli, Product Manager on Mar 1, 2023 at 2:00 PM EST to get a preview of this data and the story behind why Regrid is making this valuable dataset available to the market. Sign up for the live event or to view the recording here. About Regrid: Regrid is an industry-leading property data and location intelligence company, serving an array of industries that require land parcels and spatial data at scale, including real estate, insurance, energy, infrastructure, agriculture, logistics, and government. Learn more about Regrid and their products at regrid.com The Regrid team can be reached out at parcels@regrid.com