2024 – Page 39

Veterans United Names Best Cities for Veterans to Live

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Top cities offer what matters most to current and former service members, including housing affordability, low crime rates and a strong Veteran community Veterans United Home Loans, the nation’s largest VA lender, today released its 2024 Best Cities for Veterans to Live list. While each region of the country is represented, the East Coast and Midwest rank high among the best places for Veterans and service members to plant roots. The Top 10 overall markets for Veterans and service members are: Tampa, Fla., Rochester, Minn.; Wichita Falls, Texas; Fargo, N.D.; Virginia Beach, Va.; Watertown, N.Y.; Charleston, S.C.; Medford, Ore.; Altoona, Pa., and Sioux Falls, S.D. In addition to the overall list, the complete analysis includes separate rankings of the best big and small cities based on population size. “Our in-depth analysis factors in feedback and priorities from hundreds of Veterans we surveyed, so we can really dig into what those who serve are looking for when it comes to planting roots and building communities,” said Chris Birk, vice president of mortgage insight at Veterans United. “These cities, both big and small, are great places to raise a family, offer healthy job markets, an abundance of outdoor activities to enjoy for those kicking off the next chapter after the military and provide ample opportunities to connect with fellow Veterans.” Each quarter, Veterans United surveys Veterans to learn which factors are most important to them when deciding where to live. The Best Cities to Live list analyzes more than 500 metropolitan markets based on 25 factors, including cost of living, crime, housing affordability and a strong Veteran community, which all rank high among Veterans. Cost of living: Higher food, gasoline and utility costs mean less money for savings and discretionary spending. Veterans United considered the cost of goods and services to measure the cost of living. A higher composite score means a lower cost of living. With a composite score of 90.17, Sioux Falls was the most affordable of the Top 10 cities, followed by Wichita Falls at 90.13. At the other end of the spectrum, Virginia Beach (85.56) ranked as the most expensive city in the Top 10, slightly above the national average of 86.64. Crime: Veterans and service members consistently rank crime as one of the most important factors in deciding where to live. Veterans United analyzed the FBI’s local violent and property crime rates to assign a crime score to each market. A higher composite score means a lower crime rate. With a composite score of 90.71, Rochester ranked No. 1, putting it about 19 points higher than the national average score of 80.72. Only two cities in the Top 10 had a crime rate that was slightly above the national average, with Sioux Falls and Charleston–North Charleston scoring 79.30 and 77.97, respectively. Median home price: Affordability is a major consideration for Veteran homebuyers. Half of the markets in the Top 10 – Altoona, Wichita Falls, Fargo, Watertown and Sioux Falls – have median home prices that are below the national median home price of $383,538. Altoona offered the most affordable median home price at $129,950. At $415,500, Tampa has the highest median home price among the Top 10. Quality of life: To determine what makes a good place to live, Veterans United looked at a combination of highly rated quality of life factors for Veterans, such as local air quality, proximity to essentials like grocery stores, and local amenities, including outdoor activities and restaurants. The Top 10 markets rank high in each of these categories. For instance, top-rated Tampa has plenty of day and nighttime activities to appeal to all ages, from multiple amusement parks to museums, theaters and beautiful sandy beaches. Veteran community: Veterans and service members want to be near people who share common experiences and beliefs. To assess a Veteran community score, Veterans United examined both the local community as well as the state benefits afforded to Veterans. Wichita Falls (No. 3 on the Best Cities list) had the highest score of all 500+ cities, with a score of 166.71, well above the average of 128.1. Wichita Falls is also a beacon to the Veteran community because of the nearby Sheppard Air Force Base and local organizations, such as Base Camp Lindsey, which has a mission to eliminate Veteran homelessness in northern Texas. To see the full analysis, including individual city profiles, rankings of the best big and small cities, and a detailed methodology, visit: https://www.veteransunited.com/education/best-cities-for-veteran-homebuyers/ SOURCE Veterans United Home Loans

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More boomers favor renting, with little interest in buying a home Many prospective homebuyers fear the long-term consequences of renting, including 70% who feel they’re not making a long-term investment in their future, and 72% who worry that rent increases could affect their current and long-term finances, according to a new Bank of America Homebuyer Insights Report (HBIR), conducted in partnership with Bank of America Institute. However, with higher interest rates and home prices, uncertainty over whether to keep renting or to buy a home in the current market has grown. Today, 57% of respondents are unsure whether it’s a good time to buy, compared to 48% at this time last year. This trend is even more prevalent among first-time homebuyers, as 62% shared they’re unsure what to do. “Given the highly competitive homebuying market, renters are unsure whether now is the right time to buy,” says Matt Vernon, Head of Consumer Lending at Bank of America. “That said, our research continues to show that the vast majority of prospective homebuyers overwhelmingly feel buying a home, now or in the future, is the best decision for them in the long run.” These decisions are further complicated by the continued population flows across the United States. In its quarterly On the move publication, Bank of America Institute notes that cities in the South continued to see large inflows of people as of the first quarter of 2024, often fueled by the younger generations. The Institute finds that while housing supply has increased in response to population change, the supply of rental properties in some regions may not be sufficient to account for growing populations. Against this background, while 37% of respondents in the HBIR say renting is the better choice right now, they still plan to take steps towards buying a home in the near future. Among prospective buyers, 81% said that renting is temporary and suits their current stage in life, and 76% are planning to buy a home within the next five years. The Emotional Value of Owning vs. RentingNew insights from this research show that most homeowners and prospective homebuyers agree on the many financial and emotional benefits of homeownership—benefits that two-thirds (66%) of renters feel they’re losing out on. However, baby boomers are an anomaly. Today, 80% of baby boomer renters believe that it’s better to rent than to buy a home in the current environment – up from 63% a year ago. This can be attributed in part to the fact that baby boomers say: Lacking Confidence & Avoiding MistakesExacerbating the difficulties presented by higher interest rates and home prices, many prospective buyers feel that they lack the confidence needed to begin their homebuying journey, and don’t want to make a mistake. “Grants are a valuable resource to help bridge the gap between your savings and a downpayment,” shares Vernon. “Meeting with a lending specialist can be a great first step to see if you qualify for assistance programs, such as Bank of America’s down payment and closing cost grants.” However, some buyers do feel they made mistakes during the homebuying process. Two-thirds (66%) of current homeowners said they would have done something differently when buying their first home, including: saving more for a down payment (26%), spending more time shopping around (19%) and considering other neighborhoods (18%), and saving money for new appliances or other updates they wanted to make to the home (17%).

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Foreclosure Starts Decrease 7 Percent from Last Month; While Completed Foreclosures Increase 8 Percent from Last Month ATTOM, a leading curator of land, property, and real estate data, released its April 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,649 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4 percent from a month ago and down 4 percent from a year ago. “April’s foreclosure numbers highlight a mixed landscape in the U.S. housing market,” said Rob Barber, CEO at ATTOM. “While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market.” Maryland, Illinois, and Nevada post highest foreclosure rates Nationwide one in every 4,453 housing units had a foreclosure filing in April 2024. States with the highest foreclosure rates were Maryland (one in every 2,214 housing units with a foreclosure filing); Illinois (one in every 2,517 housing units); Nevada (one in every 2,546 housing units); South Carolina (one in every 2,573 housing units); and Florida (one in every 2,854 housing units). Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2024 were Elkhart, IN (one in every 1,565 housing units with a foreclosure filing); Columbia, SC (one in every 1,689 housing units); Cleveland, OH (one in every 1,859 housing units); Lakeland, FL (one in every 1,861 housing units); and Flint, MI (one in every 1,998 housing units). Among those metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in April 2024, aside from Cleveland, OH, included: Baltimore, MD (one in every 2,096 housing units); Chicago, IL (one in every 2,189 housing units); Orlando, FL (one in every 2,199 housing units); and Jacksonville, FL (one in every 2,237 housing units). Foreclosure starts decline 7 percent from last month Lenders started the foreclosure process on 21,753 U.S. properties in April 2024, down 7 percent from last month and down 3 percent from a year ago. States that had at least 100 foreclosure starts in April 2024 and saw the greatest monthly decline included: New Jersey (down 51 percent); Indiana (down 32 percent); Colorado (down 31 percent); Massachusetts (down 21 percent); and Connecticut (down 20 percent). Counter to the national trend those states that had at least 100 foreclosure starts in April 2024 and saw the greatest monthly increase included: Maryland (up 85 percent); Oregon (up 80 percent); Oklahoma (up 65 percent); Mississippi (up 38 percent); and Michigan (up 25 percent). Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in April 2024 included: Chicago, IL (1,211 foreclosure starts); New York, NY (1,141 foreclosure starts); Houston, TX (1,068 foreclosure starts); Miami, FL (751 foreclosure starts); and Los Angeles, CA (652 foreclosure starts). Foreclosure completions increase 8 percent monthly Lenders repossessed 2,904 U.S. properties through completed foreclosures (REOs) in April 2024, up 8 percent from last month but down less than 1 percent from last year. Those states that had the greatest number of REOs in April 2024 included: Illinois (244 REOs); Pennsylvania (241 REOs); California (233 REOs); New York (225 REOs); and Maryland (200 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of REOs in April 2024 included: New York, NY (157 REOs); Chicago, IL (150 REOs); Baltimore, MD (95 REOs); Washington, DC (88 REOs); and Philadelphia, PA (74 REOs). Media Contact:Megan Huntmegan.hunt@attomdata.com SOURCE ATTOM

Networking & Mentorship: How High Level Relationships Will Dictate Success

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Welcome to another engaging episode of Uncontested Investing! Today, I have the pleasure of chatting with Hameto Benkreira from PadSplit. Hameto shares his unique journey from being a Fulbright grantee in Indonesia to his current role in the tech and real estate space. We dive deep into his experiences with startups, the importance of taking calculated risks, and how these lessons translate into real estate investing. This episode is packed with insights on learning by doing, leveraging your existing skills in new industries, and the critical role of mentors in any investment journey. Links & Resources: PadSplit: https://www.padsplit.com/ RCN Capital: https://rcncapital.com/ REI INK: https://rei-ink.com

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DLP Capital, a private real estate investment and financial services firm, announced Nick Stonestreet as its new President of Financial Services. With over 30 years of experience in the financial services industry, Stonestreet brings a wealth of knowledge and enhanced service delivery. Before joining DLP Capital, Stonestreet was the CEO, chief investment officer, and senior partner of Blue Trust, where he played a pivotal role in developing strategic initiatives and overseeing the management of the organization and its divisions. His prior roles also include founding and serving as CEO of Vident Financial, Regional Head of Private Wealth Management at Regions Financial, and holding various leadership positions at Merrill Lynch, including CEO of Merrill Banc Suisse, among others. Stonestreet began his distinguished career at Sun Trust Bank, setting a solid foundation for his trajectory in the financial services sector. “I am thrilled to join DLP Capital and work alongside Don Wenner and the dynamic team here,” commented Stonestreet. “The mission and values of DLP Capital resonate deeply with my professional ethos and personal goals. I am eager to leverage my experience and help drive growth and success.” At DLP Capital, Stonestreet will focus on working with the Funds Team to broaden the scope and accessibility of DLP Capital’s funds. Additionally, he will spearhead banking and financial services strategies to enhance the firm’s offerings and client experiences. Don Wenner, founder and CEO of DLP Capital, expressed his enthusiasm about Stonestreet’s appointment, stating, “Nick’s vast experience and proven track record in the financial services industry make him an invaluable addition to our team. His strategic vision and leadership abilities will be key to achieving our ambitious goals.” Nick Stonestreet earned a B.S. in Biology from Winthrop University and a Master’s degree in International Business Studies from the University of South Carolina.

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Once new units are absorbed, rents will rebound in markets where asking rates have fallen behind national average The multifamily market is a tale of two supply scenarios, shows a new special report from Yardi® Matrix. Of the 134 U.S. cities reviewed by Yardi Matrix, those that recorded substantial growth during the pandemic and are now receiving high volumes of new supply are posting stagnant or falling rents. Nine of 20 markets that saw rents fall since the beginning of the year are in Florida or Texas. Other pandemic high-growth markets like Atlanta, Raleigh-Durham and Salt Lake City are also experiencing lower average asking rents than a few months ago. Secondary markets in the Midwest, Northeast and South are still posting strong growth in asking rents. Markets with increases higher than two percent include Albany; Milwaukee; Worchester-Springfield; Louisville; Cincinnati; Des Moines; Richmond; Madison; Lafayette, Ohio; Youngstown; Providence; Northern Virginia; Portland, Maine; and Scranton-Wilkes-Barre. Honolulu, where supply is a consistent challenge, marked 5.7 percent growth year-to-date. “We still expect markets with lots of supply to continue to struggle to realize gains this year, but that is only a supply issue, and once those new units get absorbed all of those markets will be back in good shape,” notes the report. Rent growth in 2025 will be stronger than this year, and in 2026 even more so, as the current influx of supply to be fully absorbed. Gain more insights in the latest Multifamily Rent Forecast Update from 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, 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. SOURCE Yardi