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PROPERTY MELD ANNOUNCES RELEASE OF POWERFUL NEXT-GENERATION PLATFORM

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Platform will house some of the next waves of innovation Property Meld, North America’s leading property maintenance software, announced the launch of Meld 2.0. This next-generation platform takes what was already a leading maintenance operations system and sets it up for the subsequent immediate waves of innovation.  “Property Meld has spent the past eight years redefining property management through maintenance, creating a space where our customers can create a serious NOI delivery chasm between them and their competition,” says Ray Hespen, CEO and co-founder of Property Meld. “So not only making it more intuitive, but this platform will house some of the next waves of innovation we’re launching alongside our customers.”  Notable improvements with Meld 2.0 include:  A prominent industry expert noted, “It’s as if the platform is anticipating precisely what a maintenance manager is thinking.” Meld 2.0 is currently available to all current Property Meld customers. For more information, please visit www.propertymeld.com. Contact: Madison Zimmerman, Property Meld   Phone: (605) 431-0265   Email: madison@propertymeld.com 

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Housing Activity Expected to Pick Up in 2024 as Rates Move Lower

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Economic Growth Still Predicted to Soften as the Labor Market Shows Signs of Cooling Existing home sales and new single-family housing starts are expected to grow modestly in 2024 amid lower mortgage rates and slowly strengthening homebuyer sentiment, according to the February 2024 commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group. While housing affordability is still seriously constrained following the home price run-up of the past few years, the supply of existing homes available for sale is finally showing signs of loosening. Additionally, more households have recently signaled that they expect mortgage rates to decline, as evidenced by Fannie Mae’s January 2024 Home Purchase Sentiment Index®, a newfound optimism that may signal an increased openness to moving. The ESR Group’s latest forecast sees mortgage rates falling to 5.9 percent by the end of 2024 and 5.7 percent by the end of 2025, both slight upticks compared to last month’s forecast. Additionally, it expects single-family starts to trend upward in 2024 despite the pullback this past month, as permits have increased for twelve consecutive months and demand for new homes remains robust. The ESR Group upgraded its 2024 macroeconomic growth outlook due to a stronger-than-expected Q4 2023 gross domestic product (GDP) report, as well as incoming data on recent population growth and immigration trends that point to faster payroll and GDP growth over the forecast horizon. Still, the ESR Group continues to expect a slower pace of economic growth in 2024 compared to 2023. An unsustainably low savings rate suggests softer consumer spending going forward, consistent with the pullback in January retail sales, and slowing local and state tax receipts point to slower direct government spending growth. Further, while payroll growth looks to have reaccelerated in December and January, other labor market measures indicate softness, including the household survey and the quits rate. On net, this suggests to the ESR Group that the labor market is likely to cool in the near future. “Market dynamics continue to reflect significant uncertainty regarding the sustainability of stronger-than-expected recent GDP growth, the continuity of the decline of inflation, and the path of monetary policy change, not to mention the many ways in which historical relationships in housing and the larger economy remain out of balance post-pandemic,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Right now, our base case scenario foresees economic growth decelerating, rates gradually declining, and new single-family home sales slowly recovering as construction adds supply. However, if economic growth continues to surprise to the upside, then we believe the risk of mortgage rates remaining higher for longer will also increase.” Visit the Economic & Strategic Research site at fanniemae.com to read the full February 2024 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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Realtor.com® January Rental Report: Mild Relief for Renters Continues As Rental Prices Decline to Start New Year

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In January, U.S. median rents dropped (-0.3%) for sixth straight month Rents fell in January for the sixth month in a row, with year-over-year prices down -0.3%, according to the monthly Realtor.com® Rental Report . That’s providing some relief for renters, though prices remain higher than pre-pandemic levels amid strong demand and a limited supply of new units in many markets. In January, the median asking rent for 0-2 bedroom units in the 50 largest metros declined to $1,712, down $5 from the previous January and $46 below its August 2022 high. Following this trend, a recent Realtor.com® Avail Landlord & Renter Survey found that the percentage of landlords planning to raise rents in the next 12 months declined in recent quarters. Still, prices are 18.3% higher than they were four years ago. Median rents were mixed across unit sizes. Regionally, some big Western metro markets began to rebound while supply of new multifamily housing units outstripped demand in the South, pushing down prices. “Rental prices are declining, especially in places where new units are entering the market, but there’s still plenty of demand driven by the large population of renters, including potential first-time homebuyers who remain on the sidelines for now,” said Danielle Hale, Chief Economist at Realtor.com®. “Looking forward, Realtor.com® anticipates the rental market to decline only slightly in 2024, as an increase in the supply of new units is balanced out by continued enthusiasm for renting as a more affordable alternative to purchasing.” January 2024 Rental Metrics by Unit Size – National Unit Size Median Rent Rent YoY Rent Change – 4 years Overall $1,712 -0.3 % 18.3 % Studio $1,434 -1.0 % 11.9 % 1-bed $1,591 0.1 % 17.9 % 2-bed $1,892 -0.6 % 20.4 % Studios saw largest rent declinesThe median asking rent for studios fell by -1.0% to $1,434, which is down -3.8% from its October 2022 peak but still 11.9% higher than four years ago. Asking rents for two-bedroom units declined by -0.6% to $1,892. Those larger units still saw the highest growth in rent prices over the past four years, with an increase of $321 (20.4%). Meanwhile, asking rents for one-bedroom units rebounded after declining since July 2023, increasing by 0.1% year over year to $1,591 in January. Demand for one-bedroom units may be fueled by the perception that they’re a sweet spot in the market: more spacious than a studio and more affordable than a two-bedroom unit. Big Western Metros started to see reboundIn January 2024, the median rent in the West fell by -0.3% from a year ago, led by declines in areas including Phoenix (-4.0%), Riverside, Calif. (-2.6%) and Las Vegas (-1.8%). But rents rebounded in some big metros, with Los Angeles (0.2%) and Seattle (1.3%) showing year-over-year increases following eight straight months of decline. With home prices still high and mortgage rates expected to remain elevated in the short term, many first-time buyers are choosing instead to rent. Rents are rising faster in big Northeastern metros such as New York (2.3%) and Boston (2.7%), where labor markets are strong and there’s slow growth in new housing stock, putting upward pressure on rents. Rents grow in Midwest markets, drop in the SouthAsking rents in the Midwest rose by 0.2% in January, bolstered by markets such as Chicago (4.2%), Indianapolis (3.5%) and Kansas City, Mo. (3.1%). These markets are enjoying low unemployment, which stokes rental demand, and they remain affordable in comparison with other parts of the country. Chicago’s median rent of $1,852 is almost $1,000 less than big-city counterparts New York ($2,844) and Los Angeles ($2,829). Meanwhile, the median asking rent fell by 1.2% in the South, led by year-over-year declines in Memphis, Tenn. (-5.5%), Atlanta (-3.8%), Austin, Texas (-3.6%). St. Louis, Mo. (-3.6%) and Miami (-3.4%). Unemployment in the South is also low, but the supply of new multifamily housing is growing, pushing down rental prices.  Rental Data – 50 Largest Metropolitan Areas – January 2024 Metro Median Rent (0-2 Bedrooms) YOY (0-2 Bedrooms) Atlanta-Sandy Springs-Roswell, GA $1,619 -3.8 % Austin-Round Rock, TX $1,547 -3.6 % Baltimore-Columbia-Towson, MD $1,790 -0.6 % Birmingham-Hoover, AL $1,245 -0.8 % Boston-Cambridge-Newton, MA-NH $2,981 2.7 % Buffalo-Cheektowaga-Niagara Falls, NY NA NA Charlotte-Concord-Gastonia, NC-SC $1,542 -0.1 % Chicago-Naperville-Elgin, IL-IN-WI $1,852 4.2 % Cincinnati, OH-KY-IN $1,318 1.4 % Cleveland-Elyria, OH $1,217 -2.0 % Columbus, OH $1,178 -2.5 % Dallas-Fort Worth-Arlington, TX $1,505 -1.0 % Denver-Aurora-Lakewood, CO $1,922 0.3 % Detroit-Warren-Dearborn, MI $1,308 -0.3 % Hartford-West Hartford-East Hartford, CT NA NA Houston-The Woodlands-Sugar Land, TX $1,394 2.8 % Indianapolis-Carmel-Anderson, IN $1,288 3.5 % Jacksonville, FL $1,534 -2.2 % Kansas City, MO-KS $1,318 3.1 % Las Vegas-Henderson-Paradise, NV $1,489 -1.8 % Los Angeles-Long Beach-Anaheim, CA $2,829 0.2 % Louisville/Jefferson County, KY-IN $1,234 2.7 % Memphis, TN-MS-AR $1,247 -5.5 % Miami-Fort Lauderdale-West Palm Beach, FL $2,373 -3.4 % Milwaukee-Waukesha-West Allis, WI $1,574 -0.9 % Minneapolis-St. Paul-Bloomington, MN-WI $1,491 -0.4 % Nashville-Davidson–Murfreesboro–Franklin, TN $1,613 -2.3 % New Orleans-Metairie, LA NA NA New York-Newark-Jersey City, NY-NJ-PA $2,844 2.3 % Oklahoma City, OK $988 2.2 % Orlando-Kissimmee-Sanford, FL $1,682 -1.9 % Philadelphia-Camden-Wilmington, PA-NJ-DE-MD $1,780 -2.0 % Phoenix-Mesa-Scottsdale, AZ $1,550 -4.0 % Pittsburgh, PA $1,421 1.1 % Portland-Vancouver-Hillsboro, OR-WA $1,656 -0.7 % Providence-Warwick, RI-MA NA NA Raleigh, NC $1,529 -1.5 % Richmond, VA $1,492 -0.1 % Riverside-San Bernardino-Ontario, CA $2,174 -2.6 % Rochester, NY NA NA Sacramento–Roseville–Arden-Arcade, CA $1,844 0.9 % San Antonio-New Braunfels, TX $1,275 1.0 % San Diego-Carlsbad, CA $2,811 1.1 % San Francisco-Oakland-Hayward, CA $2,837 -0.6 % San Jose-Sunnyvale-Santa Clara, CA $3,217 2.9 % Seattle-Tacoma-Bellevue, WA $2,012 1.3 % St. Louis, MO-IL $1,295 -3.6 % Tampa-St. Petersburg-Clearwater, FL $1,740 -1.1 % Virginia Beach-Norfolk-Newport News, VA-NC $1,508 -0.4 % Washington-Arlington-Alexandria,DC-VA-MD-WV $2,194 1.9 % SOURCE Realtor.com

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The Blueprint for Growing & Scaling Multiple Businesses

Ricardo Rosales is a real estate entrepreneur with years of experience in flipping and owning rental properties. Today, he is the CEO of Top Of The Line VA and Prospector Web, which are businesses he built out of the challenges he faced during different market cycles. He is on the show today to tell us more about his journey, what fuels his passion, and how he overcame adversity through the years. Quotables “Pick one first and run with it, so before you diversify yourself into 4 or 5 income streams, make sure you’re good at one, that way you could pay the bills with that.” “Businesses are either going up or going down. There’s not a plateau. There’s no steady state, that doesn’t exist.” “Just go and take action. Go implement everything you’ve dreamed of – if you want to be a real estate investor, go buy something. A piece of land, buy a mobile home, buy a trailer, buy a house, buy something, but go do it and don’t just stay in the planning stages.” Links Website: Ricardo Rosales https://www.ricardorosales.com/ Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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Private Lending Industry Veteran Stephan Leccese Joins Lima One Capital’s Senior Management Team

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Lima One Capital, the nation’s premier lender for real estate investors, has added Stephan Leccese as Managing Director of Operations. In this newly created role, Leccese oversees core operational functions including loan production, strategic accounts, lender finance, valuations, and construction management. Leccese brings over two decades of experience in real estate, finance, and technology that will help Lima One drive efficient loan production and a more effective customer experience. “I’m pleased to welcome Stephan to the Lima One team,” Lima One CEO Jeff Tennyson said. “I have known Stephan for several years in various operational and industry leadership roles and have always respected him and his strong operational skills, insights, ethics, and professionalism. He’s an excellent addition to our senior leadership.” Rankin Blair, Lima One’s Chief Operating Officer, stated, “As Lima One continues to grow, we are always looking for experienced industry leaders to join our team. We are pleased to have Stephan and his family in Greenville and look forward to the positive impact he will make on our operations and loan closing processes.” Leccese’s track record features deep experience in business-purpose lending for real estate investors. He has co-founded multiple real estate ventures where he played key roles in generating over $1 billion annually in both loan origination and loan acquisition across multiple companies. He is also a founding member of the National Private Lenders Association (NPLA), having served multiple terms on the Advisory Council and currently serving as the co-chair of the Ethics Committee. “After serving on the NPLA Advisory Council with Jeff Tennyson for many years, I witnessed firsthand and respected the impressive company culture and values at Lima One. And I was impressed with how they have achieved substantial growth over the last few years in a very challenging industry environment,” Leccese said. “I am thrilled to join Jeff and to work directly with Rankin and his impressive operations team as we continue to deliver operational excellence to our borrowers as the nation’s premier lender for real estate investors.” About Lima One Capital: Since its inception in 2010, Lima One Capital has been recognized as the nation’s premier lender for real estate investors and has funded over $9 billion in business purpose real estate loans. With a reach across 46 states, Lima One operates as a capital partner for real estate investors who are building, improving, and stabilizing neighborhoods. Lima One’s core loan products are Fix and Flip loans, New Construction loans, Rental Property and Portfolio loans, and Multifamily Bridge loans. Lima One works directly with customers and also offers business-to-business partnership platforms for Brokers, Wholesale, and Lender Finance table funding. For more information, visit limaone.com. Contact: Robert Neely rneely@limaone.com (864) 248-6066

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Redfin Home Price Index: Price Growth Holds Steady at Start of the Year

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Home prices rose 0.5% month over month in January, on par with December’s gain, as the drop in mortgage rates at the end of last year gave buyers a bit more purchasing power U.S. home prices climbed 0.5% from a month earlier in January, matching the 0.5% gain seen in both December and November, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. On a year-over-year basis, prices rose 6.7%—the largest increase in a year. This is according to the January Redfin Home Price Index (RHPI), covering the three months ending Jan. 31, 2024. Read the full RHPI methodology here. “Price growth held steady last month because many of the home purchases that closed in January were negotiated at the end of last year, when mortgage rates posted the biggest drop since 2008. The decline in rates gave buyers more purchasing power, and for some, a sense of urgency to lock in a mortgage,” said Redfin Senior Economist Sheharyar Bokhari. “Prices also climbed because there’s still a shortage of homes for sale, which is fueling competition in some areas.” New listings fell 1.2% month over month on a seasonally adjusted basis in January, the first drop since June, and remained far below pre-pandemic levels—contributing to the increase in prices. Listings are declining largely because many homeowners are hesitant to give up their rock-bottom mortgage rates; a majority of homeowners still have rates below current levels. Prices Climbed Most in Montgomery County, Fell Fastest in Charlotte In Montgomery County, PA, home prices rose 3.7% from a month earlier in January—the biggest increase among the 50 most populous U.S. metropolitan areas. Next came Philadelphia (1.9%), Baltimore (1.9%), Cleveland (1.7%) and New York (1.6%). Thirteen metros saw price declines. In Charlotte, NC, home prices dropped 0.7% month over month—the largest decrease among the 50 most populous metros. It was followed by San Francisco (-0.6%), Austin, TX (-0.6%), San Diego (-0.5%) and Sacramento, CA (-0.4%). To view the full report, including charts, please visit:https://www.redfin.com/news/redfin-home-price-index-january-2024

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