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RealFoundations Expands Leadership Team in Anticipation of International Growth

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Leading Real Estate Consulting and Managed Services Firm Welcomes Global Industry Veteran RealFoundations, the world’s foremost provider of consulting and managed services for the real estate industry, announced the appointment of Andy Rothery to the firm’s leadership team as an Enterprise Managing Consultant. Rothery brings over 30 years of real estate experience, along with extensive global operational expertise and industry relationships. With over three decades of experience in the real estate industry and a deep understanding of global real estate operations, Rothery will be instrumental to advancing brand awareness and generating new business opportunities within the UK and across Europe. “We are delighted to welcome Andy to our team, which will strengthen our advisory services within the UK and position us for growth across Europe,” said Phillip McCorkle, Chief Executive Officer of Management Consulting at RealFoundations. “Andy’s distinguished record of leadership and real estate advisory will play a critical role in expanding our presence and elevating RealFoundations’ mission to make real estate run better on a global scale.” Rothery, a seasoned real estate executive, has held executive leadership roles at some of the world’s most well-recognized professional services firms. His prior leadership roles include Equity Partner positions at both Arthur Andersen and Deloitte, where he was the global industry chair and founding managing partner of Deloitte Real Estate. Following his departure from Deloitte, Rothery engaged in various advisory roles and contributed to various charitable and educational initiatives. Most recently, he served as Co-head of Affordable Housing at QSix, a specialized residential investment manager, and as an advisor at Pinnacle Investments, where he supported the development of an institutional key worker housing investment vehicle. “I am very excited to be joining RealFoundations, who have a unique position as the world’s largest real estate focused operational consulting and managed services firm. I believe the winners in the next cycle will be those organizations that have the most efficient and effective operating platform. Those able to adapt quickly and at scale to growth challenges across markets, integrate ESG reporting, adopt AI tools, address cyber risk, and provide timely and accurate data to increasingly diverse and demanding stakeholder groups will be positioned for success. RealFoundations is uniquely positioned to help clients with all these challenges in Europe given its experience in the United States,” said Andy Rothery. To learn more about RealFoundations’ experience serving global leaders in the real estate market, visit www.realfoundations.net. About RealFoundations RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better. Contacts MediaCaliber Corporate Advisersrealfoundations@calibercorporate.com

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Consumers Feeling Better About Housing Market Despite High Home Prices

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HPSI Up Significantly from All-Time Low Recorded Two Years Ago The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 0.7 points in October to 74.6, pushing the measure of consumer confidence to its highest level since February 2022 and significantly higher than the all-time low recorded two years ago. In October, the share of consumers who think it’s a good time to buy a home increased to 20%, while the share who think it’s a good time to sell a home declined to 64%. On net, consumers continue to expect home prices to rise and mortgage rates to fall, with the latter component hitting another survey high this month. The personal finance components also remained fairly flat month over month, with fewer consumers expressing job loss concerns and slightly more indicating that their household income fell year over year. The full index is up 9.7 points year over year. “While we have seen significant improvement in overall housing sentiment over the past two years, consumers’ perception of homebuying conditions remains strained, with only 20% believing it a ‘good time’ to buy a home, primarily due to high home prices,” said Mark Palim, Fannie Mae Senior Vice President and Chief Economist. “In fact, the share citing mortgage rates as the primary driver of their homebuying pessimism declined again this month; however, since the fielding of the survey primarily in the first half of October, mortgage rates moved sharply higher, which may serve to suppress some of the recently observed rate optimism. One effect of the prolonged period of relatively high home prices of the past four years is that we are seeing a slowly growing preference to rent rather than buy on consumers’ next move. With rent growth expected to remain modest in 2025, more consumers may be seeking – and finding – attractive deals in the rental market as they continue saving toward a future home purchase.” Home Purchase Sentiment Index – Component Highlights Fannie Mae’s Home Purchase Sentiment Index (HPSI) increased 0.7 points in October to 74.6. The HPSI is up 9.7 points compared to the same time last year. Read the full research report for additional information. To receive e-mail updates with other housing market research from Fannie Mae’s Economic and Strategic Research Group, please click here. SOURCE Fannie Mae

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Roc360 Announces Latest Residential Transitional Loan Securitization, Rated by DBRS Morningstar

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Roc360, a leader in real estate financing solutions, is pleased to announce the successful closing of its second residential transitional loan (RTL) securitization, Roc Mortgage Trust 2024-RTL1. Structured to support professional investors in the residential market, the transaction highlights Roc360’s ongoing commitment to scalable, high-performance financing solutions. The securitization, totaling $237.5 million in mortgage-backed notes, was rated by DBRS Morningstar. As a revolving securitization, the transaction allows for the addition of new loans, supporting the continued growth of Roc360’s loan portfolio. The securitization was sponsored by Roc360 Real Estate Income Trust, a private mortgage REIT on the Roc360 platform. Roc360, through affiliated entities, provides loan origination, servicing, and asset management functions. All of the loans in the mortgage pool were originated by Roc360’s affiliates: Roc Capital, Finance of America Commercial, and CIVIC Financial Services. The transaction incorporates robust credit enhancement through subordination, overcollateralization, and excess spread, which support the credit ratings assigned by DBRS Morningstar. “We are thrilled to bring a second securitization to the market as we continue to grow our business, catering to the needs of real estate investors,” said Andrew Whelan, President at Roc360 REIT. “This transaction not only underscores our commitment to providing resilient financing options but also reflects our platform’s data-driven approach to optimizing credit performance.” This 2024-RTL1 securitization builds on Roc360’s inaugural 2021-RTL1 securitization, which demonstrated strong market interest and investor confidence. The 2024-RTL1 issuance provides a sequential-pay structure, ensuring principal is paid down across the class hierarchy following the reinvestment period. This structure aims to meet the needs of institutional investors and further strengthen Roc360’s position in the residential real estate finance market. As Roc360 continues to serve its network of private lenders, borrowers and institutional partners, the company leverages proprietary technology and data science to assess risk and optimize asset performance. Since 2014, Roc360 organically originated and acquired brands which collectively funded over $28 billion in loans throughout the United States, fueling growth in the residential transitional space and providing a dependable source of capital to real estate investors across the U.S. About Roc360 Founded in 2014, Roc360 is a vertically integrated financial services platform, specializing in residential real estate investment loans for professional investors. Headquartered in New York City, Roc360 organically originated and acquired brands which collectively funded over $28 billion in loans through its comprehensive suite of financial solutions, which include underwriting, servicing, insurance, and risk management. Roc360 is dedicated to empowering real estate investors with scalable, data-driven capital solutions. For Roc360 Media Relations: pr@roc360.com For more information about Roc360, please visit www.roc360.com SOURCE Roc360

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Redfin Reports The Number of Renter Households Is Growing Three Times Faster Than Homeowner Households

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San Jose, CA, Los Angeles and San Diego have the highest shares of renter households, while Cape Coral, FL, Charleston, SC and Columbia, SC have the lowest The number of renter households rose 2.7%, in the third quarter year over year, to a record 45.6 million. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That rate of growth is three times faster than the 0.9% increase in homeowner households, which now total a record 86.9 million. The 2.7% increase—representing 1.18 million additional renter households—was the second fastest pace since 2015, only trailing the first quarter’s 2.8% rate. Renter households have formed faster than homeowner households for the past four quarters as the cost of buying a home rose faster than the cost of renting. The median asking rent was up 0.6% year over year in September, but rents have remained largely flat for the past two years—becoming more affordable as wages grew at around 4%. In contrast, home prices climbed 6% year over year in September and have grown more than 10% in the past two years. Highlighting the affordability barriers that exist for prospective homeowners, just 2.5% of U.S. homes changed hands in the first eight months of 2024—the lowest rate in decades. “Affordable housing has been at the forefront of this election cycle because so many people are struggling to see how they will ever become homeowners—especially those from younger generations,” said Redfin Senior Economist Sheharyar Bokhari. “With home prices at record highs and mortgage rates remaining elevated, renting is increasingly the only viable choice for many young people and families. Building more homes will help address that, but we also have to recognize that Gen Z and future generations may not view homeownership as a life goal and the rentership rate may continue to rise for years to come.” New multifamily units are being completed at a record pace Part of the reason rents have remained stable—and renting has become more attractive to many—is the boom in multifamily construction over the past two years. The country is adding new multifamily housing units at an annual rate of 647,000 (as of the third quarter)—the fastest pace in records dating back to 1994. The recent boom in multifamily construction helped meet surging demand in some areas—especially in Sun Belt states—but builders are now pumping the brakes. Permits to build multifamily housing units were down 16% year over year in September, and down 47% from the post-pandemic high in February 2023—which was the highest mark in nearly 40 years. More than half the households in San Jose and Los Angeles rent Nationwide, just over one-third (34.4%) of households in the U.S. are renter households—a figure that has remained the same for the past three quarters. The rentership share is highest in metros in California and in New York City, where homes are generally more expensive to buy. San Jose, CA has a rentership rate of 52%, the highest among the 75 largest U.S. metropolitan areas. It’s followed by Los Angeles (50.8%), New York (49.1%), San Diego (48%) and Fresno, CA (47.4%). Rentership rates are lower in metros where, historically, it’s been more affordable to buy a home. In Cape Coral, FL, 21.8% of households are renter households—the lowest share among the metros Redfin analyzed. It’s followed by Charleston, SC (23.7%), Columbia, SC (24.5%), Allentown, PA (27.2%) and Detroit (28.2%). To view the full report, including charts, methodology and additional metro level data, please visit: https://www.redfin.com/news/renter-household-growth-q3-2024

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CoreLogic: Annual Home Price Slowdown Continues in September

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CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for September 2024. U.S. home price growth continued to cool, slowing to 3.4% year-over-year in September. Compared with the month prior, home prices rebounded to post a very slight uptick (0.02%) following months of modest monthly declines. Taken together, home price levels have been relatively flat since late summer. Besides the uncertainty regarding the U.S. election and mortgage rate volatility, the mixed signals around the current state of the U.S. economy may be dampening demand and price appreciation. According to the latest numbers from the U.S. Bureau of Labor Statistics, the economy added just 12,000 jobs in October 2024, the fewest in almost four years. On the other hand, the most recent consumer spending data showed solid continued spending and an upbeat consumer outlook. “Like much of the housing market at the moment, home prices remained relatively flat coming into the fall,” said CoreLogic Chief Economist Dr. Selma Hepp. “Despite some improved affordability from lower mortgage rates during August, homebuyers mostly kept on the sidelines and decided to wait out the mortgage rate drop for a potentially better opportunity next year, when the current volatility, uncertainty surrounding the election’s outcome, and the impact on longer-term rates may be slightly clearer. And while the mortgage rate and economic outlook is full of questions, home prices are likely to maintain their leveled path until early next year when buyers return to the housing market.” Top Takeaways: The next CoreLogic HPI press release, featuring October 2024 data, is scheduled to be issued on December 3, 2024, at 8 a.m. EST. Source: CoreLogic

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Fred Matera Promoted to Chief Executive Officer of CoreVest

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CoreVest American Finance Lender, LLC (“CoreVest”), a leading lender to residential real estate investors nationwide and a division of Redwood Trust, Inc. (“Redwood”), is pleased to announce the promotion of Fred Matera to Chief Executive Officer. A tenured leader at Redwood, Fred has served as CoreVest’s Co-Head for the last year and has been an integral part of Redwood’s leadership team since 2019. In his new role, Fred will continue to report to Dash Robinson, Redwood’s President. As Chief Executive Officer of CoreVest, Fred will be responsible for overseeing all aspects of CoreVest’s operating strategy, including product growth and distribution. His focus will also include driving innovation and expanding distribution channels, ensuring that CoreVest remains committed to delivering exceptional value to its customers and stakeholders. Fred has demonstrated extensive leadership in managing both operating and investment platforms, most recently as Chief Investment Officer of Redwood in addition to his role as Co-Head of CoreVest. During this time, he has expanded CoreVest’s operating footprint, driving forward strategies that have significantly enhanced the platform’s market position. Fred boasts over 30 years of experience in residential lending and fixed income markets, including the last six with Redwood where he also spent time leading Redwood’s Residential Consumer Mortgage Banking platform. “I am pleased to announce the promotion of Fred Matera to Chief Executive Officer of CoreVest,” said Christopher Abate, Chief Executive Officer of Redwood. “Fred’s proven track record and market expertise will be instrumental as CoreVest enters a new stage of growth. With the market demanding more of CoreVest’s products and services, the business is poised to scale under Fred’s leadership.” “I am honored to take on this role and lead such a talented team,” said Fred Matera. “I look forward to building on our successes and exploring new opportunities that will support our borrowers and propel CoreVest forward.”

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