REI INK

BPOs Help Evaluate Shifting Investment Markets

A Trusted Valuation Strategy By Kade Clark The investment-purpose single-family residential purchase market in the U.S. has seen significant growth in recent years, with several key metropolitan areas emerging as top destinations for investors. In these markets, the ability to fairly estimate the value of investment properties efficiently can be the difference between profit and loss. Evaluating properties at scale locally, regionally, or nationally may be particularly difficult. With different valuation tools on the market, investors oftentimes look for the right combination of speed, accuracy, and reliability while balancing cost. That is why Broker Price Opinions (BPOs) remain the gold standard for accurately forecasting the final realized sales price of a property. Let’s explore some of the major SFR markets that are beginning to fluctuate before delving into how the BPO may fit into an investor’s strategy to evaluate the impact to their portfolio. The Sunbelt Continues to Shine, but Growth is Slowing Down For investors who purchase single-family rental properties, some of the hottest real estate markets share characteristics that make them attractive to tenants and investors, including robust population growth, strong job markets, and relatively affordable housing compared to coastal metros. This combination creates an excellent environment for rental demand as young professionals and families that may be priced out of purchasing a home seek more affordable quality housing options. Over the last four years, the sunbelt has flourished as a destination for SFRs, especially metro areas in Georgia, Arizona, Florida, Texas, North Carolina, and South Carolina. In fact, according to the National Association of REALTORS®, cities in these markets have experienced significant population growth and job market expansion, fueling demand for rental properties. However, in recent months some of those high growth areas have begun to slow. Five of the slowest-growing markets as of February 2024 were in Texas and Florida according to an analysis of Zillow data from Arbor Realty Trust. Likewise, in April 2024, Redfin reported that home prices in Florida and Texas were beginning to stagnate due to softening demand and heightened supply. For example, home prices dropped 4.6% in the North Port-Sarasota metro in March 2024. Of course, home valuations may play a crucial role in understanding the dynamics in these markets. As home prices have appreciated nationwide in recent years, real estate investors have realized appreciated value in their property portfolio. But as rental price growth and home price appreciation slows down in some areas, SFR owners and investors need to be aware of how that may impact their portfolios. While markets are shifting across the country, savvy investors are keeping a close eye on emerging opportunities in other regions that may offer similar growth potential with more favorable entry points. To do that, investors need a reliable means of evaluating properties in multiple locations. That is where the Broker Price Opinion (BPO) has proven itself to be an invaluable tool. What Makes a BPO so Useful for SFR Investors? Since the inception of the single-family rental asset class more than a decade ago, the Broker Price Opinion has been the go-to valuation solution for institutional investors due to the product’s pricing accuracy, cost, and boots-on-the-ground approach of local agents pricing real estate in their home markets. A BPO is an estimate of a property’s potential selling price, conducted by a local licensed real estate broker. Typically, a BPO involves a drive-by exterior inspection, though sometimes it may include a brief interior walkthrough. The agent or broker gathers basic information about the property and surrounding neighborhood and compares it to similar properties in the area to develop a price estimate. Though BPOs may seem akin to appraisals, they differ mainly in the qualifications of the person providing the valuation. A BPO offers the perspective of a real estate agent or broker, while an appraisal is carried out by a certified or licensed real estate appraiser. Additionally, BPOs generally involve less detailed inspections and are subject to different regulations. As a result, BPOs are usually more affordable and faster to complete than full or hybrid appraisals, with the added benefit of being less disruptive for tenant-occupied properties. Importantly, Moody’s Investors Service has given its stamp of approval on the BPO. Dating back to 2014, Moody’s rating methodology for assessing credit risks for SFR securitizations includes BPOs as a primary source of initial property valuations. According to their analysis, Moody’s concluded “broker price opinions (BPOs), on average, can provide fair assessments of single-family home values if BPO providers follow detailed and thorough processes and procedures.” Thorough Processes and Procedures are Key for Quality BPOs As Moody’s mentions, thorough processes and procedures are key. Moody’s will adjust the property values based on a qualitative assessment of the valuation provider and the method and scope of the valuation used. A valuation provider must follow rigorous protocols to meet the industry standards for BPOs:  »         Extensive Documentation // Brokers typically gather and submit detailed evidence supporting their price opinion. This could include taking multiple photographs of the property’s exterior from various angles (front and each side), as well as images of surrounding streets. They also report any visible exterior damage or needed repairs. Additionally, they usually document broader market conditions, such as housing prices, employment trends, and neighborhood characteristics that might impact property values, along with the local housing supply and demand.  »         Multiple Comparable Properties //  Brokers performing BPOs generally use a minimum of six comparable properties in close proximity to the subject property, including three that have sold within the past year and three that are currently on the market.  »         Strict Comparable Property Guidelines // Exacting criteria for selecting comparable properties is typically used, so that comparables are similar in style, age, lot size, square footage, number of bedrooms and bathrooms, and overall condition. Additionally, these comparables are usually located within one mile in urban and suburban areas, and within five miles in rural areas. If brokers use comparables outside these guidelines, they will usually provide justification for their selection.  »         Quality Assurance

Read More

Essential Benefits of Managed Services for Your Property

Why Investors are Using Managed Service Providers in 2024 By Fay Smith Modern property management cannot do without managed services. Investors compare managed service providers (MSPs) to dynamos, citing their ability to clear the way for resources, render assets “bulletproof,” and exponentially increase property values. MSPs are typically defined in real estate as third-party providers of services related to property and asset management. For example, MSPs may offer services like data entry, document management, some forms of accounting, lease implementation and management, rental management, and other boutique administrative functions. In many ways, the primary benefit of working with an MSP is freeing up time for professionals and specialists within a company to dedicate themselves more intensely to their most effective activities. For example, removing administrative duties from a top sales team could create an environment in which there is a potential for exponentially more deals each year because the team will be able to focus on converting leads instead of documenting and filing paperwork. Similarly, removing certain elements of data entry from a small company’s founder’s list of responsibilities gives that visionary more time to focus on client relations, strategy, and even marketing. The Top 5 Benefits of Working with MSPs Ultimately, MSPs positively affect business outcomes in five primary ways: 1 // Lower Total Cost of Ownership An effective MSP can help you reduce the total cost of ownership (TCO) by creating and implementing innovative budgeting solutions. Working with an experienced MSP can help business owners lower monthly expenses to create a financial situation that is predictable and allows for growth. 2 // Streamlining & Control of Operations Investors often work with MSPs to take control of their operations and eliminate unnecessary expenses and platforms. Integrated property management solutions make it easy to create and maintain a well-run business infrastructure. This applies to digital elements of your business as well as physical ones. Additionally, working with an MSP can give investors access to remote management capabilities and allow property managers to oversee multiple properties from a single platform. 3 // Enhanced Security and Compliance Managed Service Providers (MSPs) shield your properties from potential threats by implementing a multi-layered defense strategy that addresses both digital and physical vulnerabilities. 4 // Cybersecurity Property managers who prioritize cybersecurity to safeguard their investments are most likely to avoid the crippling financial blows that come with a security breach. MSPs leverage comprehensive IT management services to ensure that all aspects of your digital infrastructure are continuously monitored and optimized. With their cutting-edge cybersecurity services, you can rest easy knowing your digital fortress is constantly on the lookout for threats and receiving regular security check-ups to keep you compliant with regulatory standards. 5 // Physical Security Managed physical security measures like access control systems and video surveillance safeguard both physical properties and the people living and working in them. For example, comprehensive access control systems prevent unauthorized entry and boost tenant confidence. Focus on Property Values and Digital Benefits Outsourcing IT and security functions to a managed services provider allows property managers to focus on core objectives such as tenant satisfaction, property improvements, and business growth. Working with an experienced MSP can result in higher tenant satisfaction thanks to some very basic (but vitally important) benefits: convenient access to speedy internet and reassuring safety features that provide real peace of mind. This boost in property appeal directly translates to higher occupancy rates and a happier tenant base. Property values also may get a serious boost when you work with experienced MSPs, particularly those offering access to sleek energy-efficient systems and futuristic smart-building tech that transforms buildings into hubs of efficiency. Sustainability and cost savings go hand in hand. As you trim the fat from your operational expenses, you will watch your property value and ROI grow in tandem. Expanding with Solutions in Sight As properties expand, they need solutions that can keep up. Managed services deliver the flexibility property managers require to accommodate growing portfolios. MSPs offer customized plans that ensure seamless integration and consistent performance. Furthermore, as property portfolios grow, MSPs should be able to scale accordingly. Managing multiple properties and integrating new technologies can be a hassle. But MSPs are set up to accommodate your changing needs, keeping your management duties streamlined. Growing pains become a thing of the past with scalable solutions that expertly handle mergers and acquisitions, keeping operations running smoothly. Managed services convert capital expenses into operational expenses, avoiding unexpected costs associated with hardware failures or system upgrades. This financial stability is essential for effective long-term planning and resource allocation in property management. How to Know if Your MSP is Right for You The best MSPs function the same way having a top-notch property management tech expert on speed dial should: They are always ready to lend a helping hand, whether you need guidance on implementation or ongoing support. You cannot predict when technical issues will strike, but with an MSP, you can count on fast and effective support — any time, day or night, so your property stays running at its best. Staying ahead of the curve is a top priority for MSPs, so they regularly refresh their services with the hottest new technologies, enabling investors to offer residents access to cutting-edge technology. MSPs also may function as “expert guides” to new industry technology, helping clients separate the “nice-to-haves” from the “must-haves” when it comes to technology investments. Conclusion Let’s face it: You cannot do it all. Property managers who learn to prioritize and delegate can enjoy a refreshingly clear mind, ready to tackle the tasks that truly matter. Strategic infrastructure and service integration are key. Property managers who find a reliable managed services partner get a triple win: they streamline their workload, delight their tenants, and watch their property’s value soar.

Read More

Lower Variances to Improve Efficiencies

Making or Breaking Your Fix and Flip Deals By Joshua Jensen Over my 15+ years as a real estate investor, there is one single piece of advice that always proves true more than any other: “You make your money when you buy the home.” What this boils down to is the better you negotiate and the tighter you control costs, the better the final profit is. Continuing with my one liners, the core issue of cost variances comes down to one thing I learned in statistics class in graduate school, “Garbage in equals garbage out.” Translating this to renovation scope writing, if you build a renovation scope using bad data, almost uniformly, the scope is going to be incorrect and have large variances. So, what are sources of bad data when it comes to building scopes? To answer this, think about your current process and how you go about writing scopes. Are you building scopes on site? Or are you building them afterwards based upon a site visit? Are you walking the property yourself or with one of your employees? Are you hiring a contractor? Maybe an inspector? Think about how the data is being captured. Are notes being taken in an app? In a notebook? In the back of your mind? Each of these paths create variability and you need to focus on minimizing that variability and working towards collecting a uniform data set from which you can build scopes. Let’s take the example of you sending your own employees to build scopes on site and having them collect data in a mobile app. A zero-variance process would be one where each employee walks the property in the same way, builds a scope with the exact same requirements, and documents it in the mobile app in a standardized way. The latter can be solved with good software along with guiding the employees to walk the property in a similar fashion. The middle component, building scopes with the exact same requirements, will require each employee to understand not only what constitutes adding a scope item, but also the details of that scope item being added. In fact, it is this component that we have seen to be the largest driver of variances in project scopes. By solving this, we have seen variances reduce 10X over the past few years. When we started working with institutional investors in early 2021, our solution for building scopes for our clients was very similar to the industry norm; have our inspectors walk the property and build the scope on site vs. focusing on collecting a uniform dataset. Because of our nationwide scale and fast turnaround times, we grew quickly. But we also quickly found out that our scope variances were abysmal, ranging upwards to 20-30%. The main driver? Our thousands of inspectors did not uniformly understand what constituted adding a work item and the details of that work item. Out of necessity, we made a fundamental shift. Instead of having our inspectors build scopes on site, we focused the software toward having them collect a uniform data set on the property (asset level data, conditions, dimensions) and built software for our end customers, investors, to build scopes remotely using that uniform data set. This simple-yet-profound change, was based upon one principle: It is far easier to train a large workforce to document the current state of a property than to identify what the future state should look like. The latter is best reserved for a smaller, highly leveraged workforce building scopes remotely. To give an example of why this is true, think about the last time you walked a property you were acquiring. I would venture to say that the vast majority of the scope items you added were subjective in nature, for example, replacing the carpets with new LVP flooring. This is more based upon your opinion of an improvement to be completed vs actual facts. Compare this to if you were simply documenting the condition of the property, which is far more objective in nature. For example, is there carpet in the room? By having your large workforce focus on objective inputs and leaving the subjective outputs to a smaller team, you can significantly reduce variance in scopes. When we made this change internally, two things happened. The first, which was expected, was our scope variances decreased by simply minimizing the number of people making subjective outputs. The second, which was more nuanced, was that we started to identify patterns between the objective inputs (i.e., property data) and the subjective outputs (i.e., scope data). While there is still much work to be done, we have begun to automate the creation of scopes using software to further reduce variances and improve overall efficiency in the scoping of renovations. Real estate investing is an extremely diverse industry in terms of processes, and there will never be a one-size-fits-all solution to every business. We found a method that works perfectly for our model and our customers, but it is in no way a solution that will work for everyone. That being said, in principle, the more you can lower your variances, the tighter you can run your business to improve efficiencies and your bottom line.

Read More

State of the Single-Family Rental Market

The National Rental Report By HouseCanary HouseCanary, Inc., a national brokerage known for its innovation and accuracy of real estate information, released its latest National Rental Report, showing that Single-Family Rental (SFR) inventory and days-on-market continue to see gradual growth, which increased at 16.7% and 15.4%, respectively. The increases in both metrics were driven by trends seen in the southern states. Consequently, and consistent with preceding reports, the stable growth seen in both inventory levels and days-on-market coupled with ongoing demand for rentals as an alternative to homebuying, the median national rent price also saw a slight increase of 2.3% compared to the previous year.  Chris Stroud, Co-founder and Chief of Research at HouseCanary, commented: “Our latest report generated results well-within our expectations, with a spike in inventory levels and days-on-market, particularly in the southern states. While the region saw strong and increasing demand in housing due to in-migration during the pandemic and ultimately drove real estate developments, that is no longer the case at this time. Florida is the perfect case study for this as the state saw the biggest increase in pricing between 2021-2022, but our latest report showed the opposite trend, with the state seeing the most significant decrease in pricing in the first half of this year.” Brandon Lwowski, Senior Director of Research at HouseCanary, added: “Furthermore, we continue to see a slight uptick in listing prices, which were up 2.3% from the same period last year. People are still choosing to rent as opposed to buying homes, in order to unshackle themselves from the long-term financial commitments of purchasing. On top of that, interest rates remain at multi-year highs, which further hinder buying capabilities. With the anticipated cutting of interest rates in the remainder of the year, we look forward to seeing how this can potentially shape the housing market in the second half of 2024.” Following a thorough analysis of the aggregated data, HouseCanary’s report identified the following key findings about the rental market for single-family detached listings in the first half of 2024:  »         Available-for-rent inventory nationwide shoots up // In H1 2024, available-for-rent inventory continued to increase 16.7% compared to the previous year. As a result, this half only saw marginal year-over-year increases in median SFR prices at just 2.3%, similar to the previous report.  »         Continued inventory influx results in days-on-market surge // The average days-on-market experienced a surge of 15.4% year-over-year. The increase in days-on-market was led by southern states, coupled with the region’s increase in inventory levels. Greenville-Anderson-Mauldin, SC saw the most significant increase in days-on-market, 145.2%.  »         Southern states leading the increase in inventory // The top ten MSAs that experienced the most significant increase in inventory levels were all southern states, led by Florida. The increase in inventory does not necessarily signal only a decrease in demand, but may be the result of other external factors, such as ongoing real estate developments and investments that drive supply up.   »         Florida’s Ongoing Rental Rollercoaster // Six out of the top ten MSAs that experienced the largest annual decrease in listing prices were in Florida, opposite of the trends seen almost two years ago in H2 2022 when Florida MSAs experienced the highest price increases. This can potentially signal a return to historically normal price levels in the state.  Additional Findings Home buying activities remain stagnant due to macroeconomic pressures, including consistently high interest rates and a record increase in sale prices, which then showed indications of increasing demand for single-family rentals. Rentals are also continuing to be desirable as people are looking for flexibility, should circumstances change with their personal lives, and to avoid the ballooning financial responsibilities associated with purchasing a home, such as mortgage, property taxes, and maintenance costs. Furthermore, we have observed growing trends in the demand for SFRs in Western states, such as California, Arizona, Nevada, and Colorado. We can only presume that in-migration to these states is becoming increasingly popular due to several factors such as cost of living, increasing job market, and desirable climate. Rental Listing Inventory Heading into the second half of 2024, rental listing inventory is up 16.7% year-over-year (YoY) and days on market is up 15.4% YoY, indicating a stable sector with healthy fundamentals, such as steady occupancy rates and balanced supply. From a national standpoint, prospective renters can expect to see continued growth in rent prices at a slowing pace, as demand for rentals continues to rise and is expected to remain strong, alternatively replacing demand for home sales. We can expect to see this trend to continue for the foreseeable future while there has been little indication of lowering interest rates. We would note that experts do not expect a housing market correction in the second half of 2024. At the close of H1 2024, the median national rent was $2,444, a 2.3% increase from H1 2023. Average listings also increased 16.7%, raising the average number of listings on the market to 73,207. The number of listings for the first half of 2024 stayed consistent and did not experience a drastic increase or decrease. Median days on the market continued to increase through H1 2024. With an increased median price, the market remains unaffordable for potential homebuyers. While there is a demand for housing, prices need to lower for future homeowners to enter the market. Rent and Days on Market The median price for each of the five bedroom categories ranging from 1 to 5 bedrooms saw a YoY price increase of more than 2% during H1 2024. Each category saw a notable increase in median days on market since H1 2023. One bedroom increased 24%, 2 bedrooms jumped 19%, 3 bedrooms saw a 20% increase, 4 bedrooms experienced a 15% increase, and 5 bedrooms saw a 14% increase. The median days on market across all bedroom counts calculated increased 15.4% since H1 2023. Greenville-Anderson-Mauldin, SC experienced the largest annual increase in days on market, jumping 145.2% from 31 days in H1 2023 to 76 in H1

Read More

New Actions to Lower Housing Costs

Cutting Red Tape to Build More Housing By David Howard Recently the Biden Administration proposed a number of actions and policy reforms designed to spur new housing development. The administration’s clear intent is to reduce and recast existing regulatory barriers that restrict or disincentivize the production of new housing, especially affordable housing. The actions announced are listed below with narrative explanations reprinted from a White House fact sheet. Making funding available to help communities break down barriers to housing The Department of Housing and Urban Development (HUD) is announcing the availability of $100 million through its landmark Pathways to Removing Obstacles to Housing (PRO Housing) program, which provides grants to communities to identify and remove barriers to affordable housing production and preservation. Providing interest rate predictability to spur housing development The Department of the Treasury and HUD are announcing a major improvement to the Federal Financing Bank (FFB) Multifamily Risk Sharing Program that would provide greater interest rate predictability for state and local housing finance agencies that finance housing projects through the FFB. This new action will provide housing finance agencies with greater certainty about the interest rate that they will face after the construction period ends, making more housing developments financially viable. Streamlining requirements for transit-oriented development projects The U.S. Department of Transportation (DOT) is announcing new guidance to streamline and clarify requirements for closing DOT loans for residential development near transit, including commercial-to-residential conversions. Accelerating historic preservation reviews for federal housing projects The Advisory Council on Historic Preservation (ACHP) proposed a new tool that would accelerate historic preservation reviews for millions of federally-funded, licensed, or owned housing units across the country. Challenging communities to use Section 108 to build housing HUD is launching a Legacy Challenge — encouraging communities that directly receive Community Development Block Grants to leverage low-cost, low interest loans for transformative housing investments. Enabling more housing types to be built under the HUD Code HUD anticipates finalizing a rule to update its Manufactured Home Construction and Safety Standards. In addition to making changes that will increase the quality, energy efficiency, and resilience of manufactured homes, the new rule, if finalized, would enable duplexes, triplexes, and fourplexes to be built under the HUD Code for the first time, extending the cost-saving benefits of manufactured housing to denser urban and suburban infill contexts. Expediting housing permitting Permitting requirements contribute to the nationwide housing shortage, leading many would-be deals to not be financially viable or be scaled down, and driving up the cost of housing. Reforms to streamline permitting processes can lead to more housing being built more quickly, which will lower housing costs. The NRHC Perspective With the cost of regulation accounting for nearly one-quarter of the total sales price of a newly-built home, efforts to reduce the administrative burden of building and developing housing can serve as an important step on the path to expanding the supply of new homes, a point the Administration emphasized in its comments announcing this week’s actions: “Building rental units and homes faster means lower costs for consumers: not only will more units get to the market faster, but increasing the speed of construction lowers building costs.” Through these actions, the administration has expanded on what has become a robust — and commendable — effort to support new housing development by reducing bureaucratic and costly red tape. However, while right-sizing the regulatory state is clearly a positive, the administration’s continuing attacks on “corporate landlords” and calls of support for national price controls on the rental housing market (i.e., rent control) are counterproductive to the larger objective of creating a stronger, more viable housing market for all.

Read More

U.S. Foreclosure Activity Sees a Monthly Increase in July 2024

Foreclosure Starts Increase 18%; Completed Foreclosures Increase 14% By ATTOM Team ATTOM, a leading curator of land, property, and real estate data, released its July 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,929 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 15% from a month ago and up slightly by .2% from a year ago. “July’s foreclosure activity reflects a slight shift in the housing market,” said Rob Barber, CEO at ATTOM. “With an 18% increase in foreclosure starts and a 14% rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.” Delaware, Nevada, and Utah post highest foreclosure rates Nationwide, one in every 4,414 housing units had a foreclosure filing in July 2024. States with the highest foreclosure rates were:  »         Delaware (one in every 2,214 housing units with a foreclosure filing)  »         Nevada (one in every 2,245 housing units)  »         Utah (one in every 2,289 housing units)  »         New Jersey (one in every 2,607 housing units)  »         Illinois (one in every 2,660 housing units) Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in July 2024 were:  »         Provo-Orem, UT (one in every 940 housing units with a foreclosure filing)  »         Macon, GA (one in every 1,167 housing units)  »         Columbia, SC (one in every 1,587 housing units)  »         Spartanburg, SC (one in every 1,895 housing units)  »         Atlantic City-Hammonton, NJ (one in every 1,910 housing units) Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in July 20244 were:  »         Las Vegas, NV (one in every 2,089 housing units)  »         Philadelphia, PA (one in every 2,197 housing units)  »         Jacksonville, FL (one in every 2,274 housing units)  »         Chicago, IL (one in every 2,279 housing units)  »         Riverside, CA (one in every 2,556 housing units) Greatest numbers of foreclosure starts in California, Florida, and Texas Lenders started the foreclosure process on 21,870 U.S. properties in July 2024, up 18% from last month and up 4% from a year ago. States that had the greatest number of foreclosure starts in July 2024 included:  »         California (2,342 foreclosure starts)  »         Florida (2,339 foreclosure starts)  »         Texas (2,222 foreclosure starts)  »         Illinois (1,221 foreclosure starts)  »         New York (1,145 foreclosure starts) Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in July 2024 included:  »         New York, NY (1,286 foreclosure starts)  »         Chicago, IL (1,555 foreclosure starts)  »         Philadelphia, PA (782 foreclosure starts)  »         Miami, FL (758 foreclosure starts)  »         Los Angeles, CA (689 foreclosure starts) Foreclosure completion numbers increase from last month Lenders repossessed 3,282 U.S. properties through completed foreclosures (REOs) in July 2024, up 14% from last month and down 2% from last year. States that had the greatest number of REOs in July 2024, included:  »         New York (377 REOs)  »         California (370 REOs)  »         Illinois (221 REOs)  »         Pennsylvania (219 REOs)  »         Michigan (212 REOs) Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in July 2024 included:  »         New York, NY (271 REOs)  »         Chicago, IL (136 REOs)  »         San Francisco, CA (104 REOs)  »         Detroit, MI (100 REOs)  »         Los Angeles (97 REOs)

Read More