Bright MLS September 2024 Housing Report: Falling Mortgage Rates Bring More Buyers

New pending sales higher while prices continue to rise Conditions are improving for buyers in the Mid-Atlantic. Mortgage rates have fallen, inventory is increasing, and buyers have more time to make a decision. While the market is still competitive, this fall will be a better market than buyers have seen in quite some time. Mortgage rates fell to a 20-month low in September and are now just above 6%. The drop in mortgage rates means that prospective homebuyers will save around $300 on the monthly payment of the median-priced home in the region. That drop in rates brought more home shoppers in the market this September. The number of home showings is up in many markets and more offers are being made. There were 19.945 new pending sales across the Bright MLS service area, which is up 10.3% compared to a year ago. “There are many prospective homebuyers who have been waiting for mortgage rates to fall,” said Dr. Lisa Sturtevant, Bright MLS Chief Economist. “The recent drop in rates has motivated both home buyers and home sellers to get into the market, which means that it will likely be a very busy fourth quarter.” Inventory has been increasing for eight consecutive months in the Bright MLS service area. At the end of September, there were 38,205 total active listings, which is up 16.8% compared to a year ago. Despite the steady increases, overall inventory is still just over half of what it was in 2019. The low inventory is the primary reason why home prices in the region continue to rise. In the Bright MLS service area, the median sold price in September was $410,000, which is down from the summer peak but is an increase of 6.4% over last September. Dropping mortgage rates and more supply will continue to drive more buying activity. It will likely be a busy market for the last few months of the year, with 2024 wrapping up stronger than 2023. Affordability challenges remain for some buyers, with prices expected to continue to rise. More affordable markets could see more buyer interest than more expensive regions. September 2024 Mid-Atlantic Housing Market by Region Philadelphia:Lower rates and more inventory could fuel a busy fall market in Philadelphia Baltimore:Market activity has been sluggish, but sales should pick up in the 4th quarter Washington, D.C.:Home sales in the Washington DC region are picking up as mortgage rates fall The full Mid-Atlantic and market metro area reports are available at BrightMLS.com/MarketInsights. SOURCE Bright MLS

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Incenter Insurance Solutions’ Profit Sharing Renters Program Turns Property Owners’ Risks into Revenue

Innovative Program is also a Boon for Renters, Who Can Forgo Security Deposits, Protect their Belongings and Keep their Pets Incenter Insurance Solutions, a national broker, announced a new Profit Sharing Renters Program that enables property owners and property managers to capitalize on the burgeoning rental market while reducing their risks and increasing their revenues. The innovative coverage package is designed for property owners and property managers responsible for 1,000 or more rental units, and delivers an average of $300 in added profits per unit per year. It also offers significant financial benefits for renters, who can forgo large, lump sum security deposits in favor of low monthly insurance payments, protect their belongings, and keep their beloved pets. “We’re excited to offer a program that gives property owners and property managers a competitive advantage by responding to the changing needs of today’s renters. This solution will enable our clients to grow their incomes, while making their properties more attractive to prospective tenants,” said Mike Griffith, program director, Incenter Insurance Solutions. In the U.S., it’s common for property owners and property managers to require both a security deposit and a $100,000 renters liability policy—a burden for tenants who must cough up one or more months of rent, totaling hundreds or thousands of dollars, for the security deposit alone. Moreover, more than 70% of renters own pets, and they are likely to be required to pay an additional pet damage security deposit and/or related monthly fee. The Incenter Insurance Solutions program for all types of residential units, student housing, and storage units includes: When tenants opt into this coverage, a majority of the premiums are pooled in a captive trust account to pay claims. At the end of each policy period, property owners and property managers keep 100% of their net reserves, plus any investment income. Individuals seeking more information should contact Mr. Griffith at Michael.griffith@incenterls.com or 215-370-1492, or see incenterinsurance.com. About Incenter Insurance Solutions Licensed in all 50 states, Incenter Insurance Solutions provides personal, commercial, health and life insurance services and solutions that help clients advance their goals. The firm’s flexibility and partnerships with dozens of carriers enable them to custom-design solutions with creative precision. Incenter Insurance Solutions has offices in Fort Washington, Pa. and Parsippany, N.J. For more information, visit incenterinsurance.com. Contact Dawn Ringel, dawn.ringel@incenterls.com

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U.S. FORECLOSURE ACTIVITY DECREASES IN Q3 2024

Foreclosure Starts Down 10 Percent from Last Year; Bank Repossessions Down 12 Percent from Last Year ATTOM, a leading curator of land, property data, and real estate analytics, released its Q3 2024 U.S. Foreclosure Market Report, which shows a total of 87,108 U.S. properties with a foreclosure filing during the third quarter of 2024, down 2 percent from the previous quarter and down 13 percent from a year ago. The report also shows a total of 29,668 U.S. properties with foreclosure filings in September 2024, down 2 percent from the previous month and down 19 percent from a year ago. “While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” said Rob Barber, CEO of ATTOM. “Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures.” Foreclosure starts decrease nationwide A total of 62,380 U.S. properties started the foreclosure process in Q3 2024, down less than 1 percent from the previous quarter and down 10 percent from a year ago. States that had 1,000 or more foreclosures starts in Q3 2024 and saw the greatest annual decrease included, North Carolina (down 44 percent); Georgia (down 29 percent); Maryland (down 22 percent); New Jersey (down 20 percent); and South Carolina (down 19 percent). U.S. Foreclosure Starts Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q3 2024 included, New York, New York (3,776 foreclosure starts); Chicago, Illinois (3,231 foreclosure starts); Los Angeles, CA (2,166 foreclosure starts); Miami, FL (2,142 foreclosure starts); and Houston, Texas (1,791 foreclosure starts). Highest foreclosure rates in Illinois, Nevada, and Florida Nationwide one in every 1,618 housing units had a foreclosure filing in Q3 2024. States with the highest foreclosure rates were Illinois (one in every 904 housing units with a foreclosure filing); Nevada (one in every 922 housing units); Florida (one in every 971 housing units); Delaware (one in every 1,060 housing units); and South Carolina (one in every 1,069 housing units). Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q3 2024 were Lakeland, Florida (one in 610 housing units); Provo, Utah (one in every 647 housing units); Macon, Georgia (one in every 649 housing units); Columbia, South Carolina (one in every 663 housing units); and Atlantic City, New Jersey (one in every 766 housing units). U.S. Historical Total Foreclosure Activity Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, include Chicago, Illinois (one in every 775 housing units); Las Vegas, Nevada (one in every 796 housing units); Cleveland, Ohio (one in every 819 housing units); Orlando, Florida (one in every 859 housing units); and Riverside, California (one in every 867 housing units). Bank repossessions decrease 12 percent from last year Lenders repossessed 8,795 U.S. properties through foreclosure (REO) in Q3 2024, up 1 percent from the previous quarter but down 12 percent from a year ago. U.S. Completed Foreclosures (REOs) Those states that had the greatest number of REOs in Q3 2024 were California (852 REOs); Pennsylvania (715 REOs); New York (670 REOs); Illinois (668 REOs); and Michigan (559 REOs). Average time to foreclose increases 6 percent from last year Properties foreclosed in Q3 2024 had been in the foreclosure process for an average of 815 days. This remains the same from the previous quarter but represents a 6 percent increase from the same time last year, continuing an upward trajectory since Q3 2023. Average Days to Complete Foreclosure States with the longest average foreclosure timelines for homes foreclosed in Q3 2024 were Louisiana (3,520 days); Hawaii (2,531 days); New York (2,087 days); Rhode Island (1,880 days); and Georgia (1,876 days). States with the shortest average foreclosure timelines for homes foreclosed in Q3 2024 were New Hampshire (165 days); Minnesota (172 days); Texas (181 days); Michigan (189 days); and Montana (248 days). September 2024 Foreclosure Activity High-Level Takeaways Media Contact: Megan Hunt megan.hunt@attomdata.com Data and Report Licensing: datareports@attomdata.com

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Newsweek Names Cornerstone Building Brands Among America’s Greatest Workplaces 2024

Third Newsweek Award in 2024 Recognizes Cornerstone Building Brands’ Commitment to Fostering a Positive and Supportive Work Environment Cornerstone Building Brands, Inc. (“Cornerstone Building Brands”), a leading manufacturer of exterior building products in North America, has been named one of America’s Greatest Workplaces for 2024 by Newsweek. Compiled in partnership with market data research firm Plant-A Insights, the list is established by conducting a large-scale employer study based on more than 1.5 million comprehensive company reviews from approximately 250,000 employees in America, providing insight into compensation and benefits, training and career progression, work-life balance and company culture.1 “We’re honored to be recognized as one of America’s greatest workplaces for our ongoing efforts to foster a positive, supportive work environment where our employees can thrive,” said Rose Lee, President and CEO of Cornerstone Building Brands.“This award exemplifies our commitment to the shared values and behaviors our team members demonstrate every day that not only drive value for our customers, but also make Cornerstone Building Brands an employer of choice.” This recognition comes at an exciting time for Cornerstone Building Brands as the company continues to build on its core values – Safety, Integrity and Inclusion – and the behaviors and mindsets – Customer-Centric, Interconnected and Continuous Improvement – that are the foundation of its culture. As a result of its efforts, Cornerstone Building Brands has seen a reduction in voluntary employee turnover in every segment of its business year-to-date.2 By remaining deeply committed to engaging and motivating its team members, the company is well positioned to continue developing and maintaining a workplace that attracts top talent and nurtures their potential. “Finding a great workplace is an important decision that needs to factor in pay, respect, training and advancement, as well as healthy work-life balance,” said Nancy Cooper, Global Editor in Chief at Newsweek. “Newsweek and market-data research firm Plant-A Insights are proud to publish ’America’s Greatest Workplaces 2024,’ the second annual ranking that highlights companies which are committed to offering a positive and supportive working environment.” In addition to being honored among America’s greatest workplaces, Cornerstone Building Brands was named as one of America’s Most Responsible Companies 2024 and one of Americas Greatest Workplaces for Diversity 2024 by Newsweek. 1 Study methodology involved an assessment of publicly accessible data, discussions / interviews with HR professionals, and large-scale confidential online surveys conducted among employees working for U.S. companies that employ more than 500 employees in 2023 and that employ more than 1,000 employees in 2022. Additional methodology details can be found here. 2 Turnover reduction based on comparison of January to August 2024 data versus full-year 2023 data. ABOUT CORNERSTONE BUILDING BRANDS Cornerstone Building Brands is a leading manufacturer of exterior building products for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and the Repair & Remodel (R&R) markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ broad, multi-channel distribution platform and expansive national footprint includes approximately 18,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and Environmental, Social and Governance (ESG) responsibility are embedded in our culture. We are committed to contributing positively to the communities where we live, work and play. For more information, visit us at cornerstonebuildingbrands.com. Contacts Gia Oei, Vice President of Corporate Communications and Cultureresponse@cornerstone-bb.com

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CoreLogic: Final Estimated Damages for Hurricane Helene to be Between $30.5 Billion and $47.5 Billion

Total insured loss estimated at $10.5 to $17.5 billion CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, announced its updated and final damage estimates for Hurricane Helene. According to this new and final data analysis, total flood and wind losses are between $30.5 billion and $47.5 billion. This estimate includes wind loss as well as insured and uninsured storm surge and inland flood loss for residential and commercial properties across 16 states. See Table 1 below for a detailed breakdown of peril loss estimates. “When intense storm surge and flooding events, like Hurricane Helene, reach regions that are infrequently affected by natural hazards, we can expect to see damage to homes without flood insurance coverage. The fact that so much damage was concentrated outside the Special Flood Hazard Areas (SFHAs) makes it challenging to realize the full extent of impact to uninsured homeowners,” explains Jon Schneyer, Director of Catastrophe Response at CoreLogic. “Thankfully FEMA’s NFIP is expected to provide up to $6.5 billion of insurance for the recovery efforts, which will help bring much needed recovery aid to the affected areas.” Table 1: Hurricane Helene Insured and Uninsured Wind and Flood Losses Peril Industry Loss (in billions) Wind $4.5 – $6.5 Flood1 $6.0 – $11.0 Private Insured $1.5 – $4.5 NFIP $4.5 – $6.5 Total Insured Wind and Flood $10.5 – $17.5 Uninsured Flood $20.0 – $30.0 Total Wind and Flood (insured + uninsured): $30.5 – $47.5 1 Losses paid by private insurers and the NFIP for recovery. Includes both inland flood and storm surge. Source: CoreLogic, 2024 More Information on Damage Estimates Insured loss represents the amount insurers and NFIP will pay to cover damages. Unlike wind damage, which is covered by a standard homeowners policy, flood is a separate coverage which is not mandatory outside the designated SFHAs. The analysis includes damage to both buildings and their contents of residential, commercial, and industrial structures including a time element component and does not include broader economic loss from the storm. The losses also include damage to automobiles. Damage to personal marine craft, offshore infrastructure, governmental structures, and infrastructure (like roads and bridges) are excluded. Visit the CoreLogic Hazard HQ Command Central™ to get more details about the storm characteristics and data insights for Hurricane Helene. Source: CoreLogic

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Yardi Matrix Introduces Affordable Housing Coverage with First Market Conditions Report

New study pinpoints affordable market challenges while offering increased transparency The need for additional affordable housing inventory is a foundational issue for the market, a new Yardi® Matrix Research Bulletin on the affordable housing sector shows. With an increasing number of households being designated as “cost burdened” across earning brackets, policymakers are pushing for more affordable stock, with an expected 69,600 units set to come online in 2024. A multi-year peak for the sector is anticipated with the 70,500 units projected for delivery in 2025. However, a looming slowdown in new inventory after 2025 could exacerbate the problem.    The primary challenge facing governments and renters alike is that market rate housing is not competitive with affordable housing in many of the country’s major metros, including markets such as Chicago, San Francisco, Los Angeles, Boston, Miami and Northern New Jersey. In San Fracisco (where the market-rate average is $3,028 and fully affordable average is $1,982) or Boston (where the market-rate average is $2,801 and fully affordable average is $1,819), there is a big gap between market-rate and fully affordable rents. Conversely, at least 90 percent of market-rate stock is competitive with affordable properties in seven small markets, including South Dakota; Wichita, Kan.; Huntsville, Ala.; Amarillo, Texas; Des Moines, Iowa; Fayetteville, Ark.; and Omaha, Neb. The Yardi Matrix study is based on a dataset containing over 3.3 million units in 20,000 fully affordable housing properties. These properties are owned and operated by both private sector entities and non-profit organizations. The study compared the average maximum allowable rent of fully affordable units owned by private entities with the average advertised rent of market-rate units, broken into four levels of apartment quality. Review the levels and income required for affordability of each type in the report. In addition to the competitiveness disparity, supply growth limitations and composition of total housing stock are additional affordable housing challenges. However, every market is unique and analysis of the issues on a broad scale comes with its own caveats and challenges. “We believe that this analysis represents a valuable first step to compare the differences between market-rate and affordable rents and to understand why some markets are more successful at producing housing that meets the demands of households with limited incomes. Far from being the last word on the topic, we view this as a beginning of what we hope is an ongoing effort to study numbers that are now available through the new Matrix database,” said Paul Fiorilla, director of research for Yardi Matrix. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, affordable housing, student housing, vacant land, industrial, office, retail and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more. About Yardi Celebrating its 40-year anniversary in 2024, Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 9,500 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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