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Data & Analytics

Standing Strong in the Complex SFR Market

Investors Need to Streamline Their Processes to Optimize Efficiency By Amy Daniel The scorching hot single-family rental market has cooled in recent months, as the Fed’s inflation-fighting interest rate hikes have prompted investors to take a breather. Many of them believe that these increases and the pressure they exert on individual buyers and sellers will drive values down, making conditions right for investors to capture better deals in the months ahead. For the time being, following substantial growth in acquisitions through the first half of 2022, bulk securitizations and overall purchases have slowed, as both large investors and smaller community investors pause to consider their next moves. All eyes are on the market, not so much because anyone expects rates to come down anytime soon, but rather because investors anticipate growing inventories of SFR properties in addition to the potential for better deals to come. They are taking a moment now to make strategic calculations as to when and where it may make the most sense for them to buy. On the consumer side, potential buyers continue to focus on finding their ideal homes, although, like investors, many are waiting for market conditions to stabilize before taking the plunge. For those who have recently discovered they cannot afford quite as much home as they qualified for before interest rates began climbing, SFR properties offer an attractive alternative. As established renters have already found, renting provides the homeowner experience without the long-term commitment to a huge mortgage. What do SFR renters look for in the homeowner experience? More privacy and indoor and outdoor space than apartments offer, a community atmosphere, and perhaps amenities such as a pool, a clubhouse with workout facilities, a playground, a dog park, walking trails, etc. Investors know that these features are what attract people, particularly younger generations, to the SFR space, whether because they crave the flexibility to easily relocate now that employers embrace work-from-anywhere policies, or they simply are not ready or able to commit the financial resources required to purchase a home. And so, through build-to-rent communities and individual purchases, investors are fulfilling potential renters’ wish lists, striving to do so at price points these consumers can afford. While they may be pausing on making huge property investments at the moment, most of these investors look at SFR as a high-potential emerging market. They realize that if they get their approach right now, they will lay the foundation for years — even decades — of investment returns to come. Riding Out the Storm Hunkering down for what could be many more months of tight margins and market uncertainty, investors are working toward streamlining their processes to optimize their efficiency. Many are finding that working with a service partner that can manage multiple areas related to portfolio management, as opposed to relying on one provider for this and another for that, helps them do exactly that. Think about it: In the current environment, every move you make as an investor, whether long- or short-term, is consequential. Having one partner you know you can rely on for title and close, valuations, inspections and other services frees you and your team to focus more fully on getting those strategic plays right. While it may take some doing to identify your ideal partner — few service providers offer such breadth of services — the payoff can be tremendous. Ultimately, your partner of choice should be well-equipped to support you in these areas:  »         SFR title and close. SFR transactions have their own nuances, meaning your partner should have a team dedicated to SFR title work and closings. In addition to being able to clear title quickly and accurately, they should offer options for closing anywhere you would like, through mobile notaries, local attorneys or eClose services. Expeditious document preparation, document review and recording services are also essential.  »         Valuations. The circumstances surrounding every property and transaction are unique. Your service partner should offer flexibility in the valuations process and be able to tailor valuations to your particular needs, whether you require a traditional, hybrid or desktop appraisal; BPO; AVM; or some other form of valuation. Make sure your partner is keeping up with the evolving standards being put into place by Freddie Mac and Fannie Mae, too, as appraisal modernization is set to go mainstream in 2023.  »         Property inspection and preservation. Having boots on the ground to verify that what you think you are buying is actually what you are buying is critical. When your partner physically inspects a home, you know exactly what is happening with that property. When the inspection coincides with closing, they will generally be able to rekey those properties for you in real time. If you need eviction services, they may be able to provide those as well.             Additionally, some service partners help ensure properties you are holding do not fall into a state of neglect by providing property preservation services. If that is the case, you may want to evaluate whether that partner may be more effective than contractors you have used in the past, due to their fuller understanding of your business and goals.  »         Asset disposition. A service partner that can support you in the disposition of properties adds even more value to your relationship. Again, that full understanding of who you are and where you would like your business to go enables them to help you assess available disposition options and make well-informed decisions. The Long-Term Outlook for SFR Though rates may not come down in the near future, the market will, at some point, stabilize in terms of both interest rates and home prices. Once consumers get comfortable with the going rates in the new normal, demand for SFR properties will certainly begin climbing once again. Investors who have prepared for this impending uptick — by streamlining and perfecting their approach — will prevail.

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A Look Back at 2022 and Ahead to 2023

Where There is Chaos, There is Often Opportunity By Rick Sharga As we prepare to exit one of the most tumultuous years for the housing market in recent memory, there’s a lot to unpack. The market started the year off white hot, with consumers, and individual and institutional investors competing for limited inventory, driving home prices up another 15% from 2020’s already-high numbers. Housing starts were increasing to levels not seen in a decade, and vacancy rates in owner-occupied and rental properties dropped below 1%. But the market’s momentum screeched to a stop as mortgage rates jumped from sub-4% to over 7% seemingly overnight, and prospective buyers faced the prospect of monthly mortgage payments that were 40%, 50% or 60% more than they’d been just a few months earlier. Sales fell immediately, along with builder and consumer sentiment. Weakening demand, worsening affordability, and higher financing costs don’t paint a rosy picture for real estate investors. What’s in store for the coming year? Will the U.S. economy enter a recession in 2023? Probably. The economy has been resilient over the past few years, especially considering the short-term turmoil caused by the COVID-19 pandemic and subsequent government shutdown. Most economic indicators today remain positive — job growth is surging, unemployment very low, productivity high, and consumer spending is strong. Normally, none of this would point towards a recession. But inflation has been running at its highest rates in 40 years, and the Federal Reserve has taken unprecedentedly aggressive action to get it under control, raising the Fed Funds rate more dramatically and more quickly than at any time in the past 20 years. Historically, when the Fed has taken this kind of action, a recession has usually followed. Dating back to 1955, the Fed has raised rates 11 times in order to get inflationary cycles under control. In three cases, the Fed was able to manage a “soft landing” for the economy and avoid a recession. In the other eight cases, it waited too long — inflation had either risen too far or become too persistent – and the Fed had to over-correct in order to slow the economy down. In all eight of those cases, a recession followed, and it seems highly likely that the Fed is driving us in that direction again, given how long it waited to begin addressing inflation, and how difficult it’s been to make any progress. Another historical trend that suggests a recession is heading our way is the Yield Curve Inversion. This phenomenon, an indication that the bond market is anticipating a recession, happens when yields on short term and long-term bonds invert — yields on long term bonds like 10-year U.S. Treasuries become lower than yields on short term bonds like 2-year U.S. Treasuries. The market has been in this inverted position for months now, and the degree of the inversion has been significant. Equally significant is that each of the last seven times there’s been a yield curve inversion, a recession has followed. There’s little reason to believe that we’ll escape making it eight times in a row. Most economists and market analysts believe that while a recession is likely, it’s also likely that it will be relatively mild and short-duration, since the underlying economic factors mentioned above are all strong, and household balance sheets are in good shape, with $4.6 trillion in savings accounts across the country. Will the housing market crash? Probably not. This depends, at least in part, on the definition of “housing crash.” With mortgage rates doubling this year — something that Freddie Mac says has never happened before — affordability became a huge problem for many prospective homebuyers, and home sales have declined significantly. According to Lawrence Yun, the Chief Economist for the National Association of Realtors (NAR), existing home sales in 2022 will fall 15% from 2021 and drop another 7% in 2023. In its October Housing Forecast, Fannie Mae projected a drop of 17.9% this year and 21.8% next year for existing homes and 19.6% and 12.6% for new home sales. Sales volume has definitely “crashed,” but prices haven’t followed suit. Unlike the 2008 market meltdown that led to a 24.7% decline in national home prices according to the Case Shiller Home Price Index, prices have continued to increase on a year-over-year basis, even as the number of homes sold has dropped. According to NAR, as of October, home prices have risen on an annual basis for a record 126 consecutive months. The rate of home price appreciation has slowed down considerably; according to Freddie Mac, national home prices rose by 2% in September, down from 14% increases just a few months prior. More recently, there’s been downward pressure on pricing — according to a report by ATTOM, the median sales price of homes dropped 3% nationally between the second and third quarters, marking the first quarterly decline in years. But there’s little indication of an impending crash in home prices. Supply remains low at about three months – half of what represents a healthy, balanced housing market — and demographically-driven demand remains, as the largest cohort of young adults in U.S. history marches towards the prime age for household formation and home ownership. There’s still more demand for the few homes that come to market, and the odds are that inventory will remain low in 2023. Homeowners with sub-4% mortgage rates are unlikely to rush to purchase a new home with a 7% mortgage and will probably sit tight and wait for market conditions to improve before listing their homes. Builders have reversed course since home sales began falling off, with housing starts declining by double digits each of the last three months. Homeowner equity, a record $29 trillion, gives current homeowners an enormous cushion against home price declines, and a hedge against losing their homes to foreclosure in the event their household finances take a turn for the worst. According to ATTOM, almost half of all homeowners with an active mortgage are “equity-rich,”

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How Data is Reshaping the Real Estate Industry

Data Provides Greater Insight and Potential for Success for Industry Professionals By Erica LaCentra Companies in the real estate industry today are in a unique position where there is truly greater access to data than ever before. Long gone are the days of making decisions based only on anecdotal evidence, historical trends, and experience within the industry. Having the ability to pull accurate data in real time is empowering those in the industry to get a clearer understanding of where opportunities exist and how to capitalize on those areas of opportunity. So how is data best being leveraged in real estate and how is it being utilized to reshape the industry as a whole? Improved Property Evaluations Whether you are an investor looking to purchase a property, an individual selling a property, an agent trying to list a property, a developer looking to build, or a lender looking to finance a property, having an accurate property valuation is critical to your success. Traditionally, industry professionals rely on their expertise or the expertise and experience of others to manually appraise a property. Utilization of comparative market analyses certainly has its place, however, think how helpful it would be to be able to incorporate other data points into this process to price a property. Being able to factor in additional information such as current and historical market trends, supply and demand levels in an area, fluctuating costs of materials for flippers and builders, and property features provide the ability to more accurately price a home whether it be today or looking into the future. In cases where comparable properties may be unavailable or in rare supply, think luxury properties or properties in rural areas, there can be a greater level of confidence in pricing a home utilizing these data points. Better Risk Mitigation Understanding and analyzing risk in the real estate industry is critical not only to buyers and investors but also to real estate lenders, property owners, and business owners. Having increased access to property data allows real estate professionals to make faster decisions with greater confidence to reduce potential losses. Data can help provide potential homebuyers with greater insight into the area a property is in, such as crime rate trends, projections of property values, and much more that will allow them to understand how their asset might appreciate over time, if at all. For investors, having better data can help them determine the best use of a property. Would a property be a better investment if renovated and sold quickly or is there greater potential for it as a rental property? Being able to analyze market supply and demand, market demographics, rent growth history and projections, home appreciation, and more can create a clear picture of how an investor can get the greatest return on their investment and feel secure in that decision. In the same token, having access to this data can give lenders a greater level of confidence in any of the transactions they are financing. Similarly, having data points about the future use and potential performance of a property can allow lenders to make more calculated decisions about the terms they are offering to ensure they are secure in their position on the transaction, as is their borrower. Utilizing data can help reduce rates of default and help mitigate potential risk because those items have been factored into the decision of whether to lend and what terms to lend at. Enhanced Marketing One of the biggest uses of data currently in the real estate industry is in marketing because professionals can develop a more targeted strategy. Agents and investors are now utilizing data to determine not only how to best market a property but to whom. Being able to identify buyer and renter demographics in various markets ensures that a property is being marketed to the right audience and the appropriate aspects of the property are being highlighted. Having the ability to properly target the right end-buyer or renter so that the property does not sit on the market too long is critical. Also, by looking at market trends and data analytics, real estate companies can start to better predict consumer behaviors, such as when somebody may be ready to buy or sell a property or move, and what areas of the market are going to have increased interest. This allows companies to get in front of potential customers at just the right time to capture those transactions rather than coming in too early or too late and fighting with the competition. Utilizing data allows companies to proactively market in the real estate industry rather than market reactively as the market shifts. Better Forecasting and Understanding of Market Trends The real estate market is cyclical in nature, but it can often be challenging to forecast and predict the future of the space simply by looking at historical data. Having access to data in real-time is a game-changer for not only predicting the future of the industry but also understanding why certain trends may be occurring and what that means for the industry down the line. Being able to overlay data points such as employment trends, inflation vs income levels, home price appreciation, and rent growth allows real estate professionals to get a more complete picture of the market and how it will be impacted by those factors. So even in times of potential turbulence, like the industry is experiencing right now, it is much easier to forecast what the future of the space looks like depending on both internal and external factors. This reduces panic and allows those in the space to adapt to market changes and better prepare rather than just being along for the ride. The Future of Real Estate Data is Now While utilizing data and analytics in real estate does not change the fundamentals of the space, it does provide greater insight and greater potential for success for industry professionals. The real estate market is not a murky crystal ball with

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Using Location Insights to Uncover Untapped Markets

Understanding Granular Attributes Crucial in Identifying Opportunities and Risks By Jason Stanley Single-family rental (SFR) is hardly a new phenomenon, but it has seen explosive growth recently. Occupancy in Q4 2021 was near 95%. According to CoreLogic’s Single-Family Rent Index, SFR has seen 13 consecutive months of record-breaking year-over-year (YoY) rent growth for all price tiers. In April 2022, the YoY SFR rent price growth was more than double what it was one year prior and over six times higher than it was two years prior. The increasing competition for deals also creates new challenges, including how to discover opportunity-rich neighborhoods that investors are ignoring. Most investors already have access to the same information about new homes coming on the market. But what about hidden opportunities similar to high-demand neighborhoods that have not seen a spike in SFR investment? Most investors would jump at the opportunity to identify these gems, yet they lack the granular insights needed to do so. At Local Logic, we are building products that help investors quantify street- and neighborhood-level insights to identify these opportunities and avoid critical risks. Below, we show how investors can use our insights to discover promising neighborhoods that are not on most investors’ radars. Identifying a point of reference Phoenix is a top destination for residential real estate investment. In the Phoenix metro area, Arrowhead Ranch in Glendale stands out as one that has seen strong SFR activity. On the one hand, SFR homeseekers like the neighborhood. On the other hand, investors are sufficiently aware of the neighborhood’s attractiveness to make competition for deals a challenge. Where can we find neighborhoods similar to Arrowhead Ranch that also elicit strong demand from SFR homeseekers but with less competition? Quantifying neighborhoods on key SFR variables First, we need to select the variables we will use to measure similarity. Local Logic has hundreds of location insights at the site, street, and neighborhood levels, so there is a lot of room to analyze which variables best predict success. For this analysis, we chose variables that often show up in SFR buy boxes:  »         Proximity to grocery stores  »         Proximity to high-quality schools  »         Proximity to interchange  »         Neighborhood wellness score  »         Household income // Example: percent of households with annual income between $40,000 and $59,999; percent of households with annual income of $60,000 or above  »         Employment level // Example: percent of the civilian labor force 16 years of age or older that is employed  »         Percent change in the size of the labor force // Example: percent change in the numberof people 16 years of age or older in the civilian labor force  »         Median rent cost  »         Median mortgage cost Scoring each neighborhood in the Phoenix metro area on each of the listed dimensions produces a dataset for subsequent steps. With rows in the dataset as inputs, we use a k-nearest neighbor algorithm to measure neighborhood similarity. We could use this to identify the similarity between any pair of neighborhoods in the area. For this analysis, we focus on similarities with Arrowhead Ranch. Identifying a promising alternative neighborhood To identify the most promising alternative, we first rank neighborhoods by their similarity to Arrowhead Ranch. Augusta Ranch stands out as the most similar neighborhood. Augusta Ranch is 42 miles from Arrowhead Ranch. Yet, our granular location insights show that it is very similar on the dimensions selected as key for investment and for eliciting homeseeker demand. How individual neighborhoods score on a few key dimensions shows why Augusta Ranch ranks as most similar to Arrowhead Ranch. The figure above provides heat maps for proximity to grocery stores, interstate access points, and schools. For any of these dimensions, Arrowhead Ranch is similar to many neighborhoods in the metro area. When combining the dimensions listed above, Augusta Ranch stands out as very similar. Augusta Ranch is slightly further from downtown Phoenix than Arrowhead Ranch, yet it is close to several satellite towns that are commercial and employment centers. That bodes well for homeseekers seeing it as a residential neighborhood with easy access to employment hubs, retail centers, and services. Examining the number of SFR units currently on the market in the two neighborhoods suggests that Augusta Ranch has lower market activity. That is promising for investors looking for neighborhoods that are similar in character to our reference point but with less competition. Risk avoidance Risk analysis is something most investors do, but not all risks are treated as importantly as they should be. Physical climate risks were long ignored because the effects were not large enough to matter for most investments. That is no longer the case as physical risks grow in more locations. According to Climate-Check, Arizona ranks as the riskiest state in the country when it comes to drought. The Phoenix region faces lower drought risk than some other cities in the state. But even within a single metro region, it’s important to drill down since different neighborhoods face different levels of risk. Plotting ClimateCheck drought risk data for neighborhoods throughout Phoenix, we see that Arrowhead Ranch faces a higher drought risk than Augusta Ranch. This is another reason that makes Augusta Ranch a solid investment potential compared to other areas. Our location insights help investors understand granular attributes crucial in identifying and measuring opportunities and risks. This is true for SFR. But it’s just as true for multi-family, for-sale residential, office, retail, and public sector services. Customers are already using our granular insights to assess incoming deals, measure risk for new and existing properties, and uncover hidden opportunities. Every site has its own set of specific attributes, each of which can be measured and monitored — if you have access to the location insights to make that possible.

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Home Flipping Dips Across U.S.

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Raw Profits on Home Flips Jump to New High By ATTOM Staff ATTOM, a leading curator of real estate data nationwide for land and property data, released its second-quarter 2022 U.S. Home Flipping Report showing that 115,198 single-family houses and condominiums in the United States were flipped in the second quarter. Those transactions represented 8.2% of all home sales in the second quarter of 2022, or one in 12 transactions. The latest portion was down from 9.7%, or one in every 10 home sales, in the nation during the first quarter of 2022, but still up from 5.3%, or one in 19 sales, in the second quarter of last year. Despite the decline, the home-flipping rate during the second quarter of this year still stood at the third-highest level since 2000, below the high point registered in the first quarter of 2022. “The second quarter was another strong showing for fix-and-flip investors. The total number of properties flipped was the second-highest total we’ve recorded in the past 22 years, and the median sales price of a flipped property — $328,000 — was the highest ever,” said Rick Sharga, executive vice president of market intelligence for ATTOM. “The big question is whether the fix-and-flip market will begin to lose steam as overall home sales have declined dramatically over the past few months, and the cost of financing has virtually doubled over the past year.” Typical profit margins, meanwhile, rose during the second quarter of this year after six straight periods when they had fallen or virtually stayed the same. The typical gross-flipping profit of $73,700 in the second quarter of 2022 translated into a 29% return on investment compared to the original acquisition price. While that remained down from 33% a year earlier —w and far below the peak of 53.1% this century, which hit in 2016 — the latest margin was up from 25.8% in the first quarter of 2022. Profit margins improved in the second quarter of 2022 as median resale prices trends on flipped homes improved compared to what was happening when investors were buying homes. Specifically, in the second quarter of 2022, the typical resale price on flipped homes reached another all-time high of $328,000. That was up slightly from $327,000 in the first quarter of 2022 and 21.5% from $270,000 a year earlier. The quarterly gain, while tiny, was better than the 2% decline in prices that investors were seeing when they originally bought their properties. The price-change gap between buying and selling resulted in profit margins going up from the first to the second quarter of 2022. Home flipping rates drop in 80% of local markets Home flips as a portion of all home sales decreased from the first quarter of 2022 to the second quarter of 2022 in 161 of the 202 metropolitan statistical areas around the U.S. analyzed for this report (80%). Rates mostly were down by less than percentages points. Among those metros, the largest flipping rates during the second quarter of 2022 were in: »          Tucson, AZ (flips comprised 14.5% of all home sales) »          Phoenix, AZ (14.1%) »          Jacksonville, FL (13.8%) »          Atlanta, GA (13.6%) »          Gainesville, GA (13.5%) Aside from Tucson, Phoenix, Jacksonville and Atlanta, three other metro areas with a population of more than 1 million ranked in the top 10 for highest flipping rates in the second quarter. They were: »          Charlotte, NC (13.1%) »          Tampa, FL (12.2%) »          San Antonio, TX (11.9%) The smallest home-flipping rates among metro areas analyzed in the second quarter were in: »          Honolulu, HI (1.7%) »          Hilo, HI (3.1%) »          Wichita, KS (3.5%) »          Bremerton, WA (4%) »          Seattle, WA (4.3%) “Fix-and-flip activity is mirroring overall housing market trends, with much of the activity, and the highest returns largely coming from the West and Southeast,” Sharga noted. “In fact, even though the highest gross profits came from the most expensive states, 14 of the 18 states where flips accounted for a higher percentage of overall home sales than the national average were in the South, Southeast, and Western states.

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Foreclosure Starts Decrease 4%

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Completed Foreclosures Also Decrease 5% from Last Month By ATTOM Staff ATTOM, a leading curator of real estate data nationwide for land and property data, released its July 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,358 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4% from a month ago but up 143% from a year ago. “While it’s encouraging to see both foreclosure starts and completions drop off a bit in July, it’s also worth noting that there may be some seasonality impacting the numbers,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “In eight of the last 10 years Q3 foreclosure activity has been lower than the previous quarter, so we might just be seeing a return to a more normal seasonal pattern of delinquencies and defaults.” Delaware, Illinois and New Jersey had the highest foreclosure rates Nationwide one in every 4,628 housing units had a foreclosure filing in July 2022. States with the highest foreclosure rates were: »          Delaware (one in every 2,127 housing units with a foreclosure filing) »          Illinois (one in every 2,334 housing units) »          New Jersey (one in every 2,564 housing units) »          Nevada (one in every 2,609 housing units) »          South Carolina (one in every 2,976 housing units) Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in July 2022 were: »          Elkhart, IN (one in every 1,592 housing units with a foreclosure filing) »          Davenport, IA (one in every 1,626 housing units) »          Fayetteville, NC (one in every 1,673 housing units) »          Cleveland, OH (one in every 1,757 housing units) »          Atlantic City, NJ (one in every 1,886 housing units) Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in July 2022 including Cleveland, OH were: »          Chicago, IL (one in every 2,082 housing units) »          Las Vegas, NV (one in every 2,190 housing units) »          Riverside, CA (one in every 2,431 housing units) »          Philadelphia, PA (one in every 2,519 housing units) Foreclosure starts increase monthly in 21 states nationwide Lenders started the foreclosure process on 21,428 U.S. properties in July 2022, down 4% from last month but up 226% from a year ago. States that had at least 100 foreclosure starts in July 2022 and saw a monthly increase in foreclosure starts included: »          Michigan (up 42%) »          Massachusetts (up 39%) »          Iowa (up 26%) »          Wisconsin (up 25%) »          Indiana (up 22%) “It appears that a few states are still catching up on processing foreclosures on loans that were seriously delinquent prior to the pandemic, which accounts for the year-over-year spike in foreclosure starts,” Sharga added. “But early-stage delinquencies continue to be lower than normal, so once these older loans have re-entered the foreclosure process, it will be interesting to see if foreclosure starts fall off significantly.” Those major metropolitan areas with a population greater than 200,000 that had the greatest number of foreclosures starts in July 2022 included: »          New York, NY (1,380 foreclosure starts) »          Chicago, IL (1,247 foreclosure starts) »          Los Angeles, CA (678 foreclosure starts) »          Miami, FL (666 foreclosure starts) »          Philadelphia, PA (652 foreclosure starts) Foreclosure completion numbers decrease 5 percent from last month Lenders repossessed 3,068 U.S. properties through completed foreclosures (REOs) in July 2022, down 5% from last month but up 27% from last year. Counter to the national trend, those states that saw a monthly increase in REOs in July 2022, included: »          Maryland (up 147%) »          Hawaii (up 58%) »          North Dakota (up 38%) »          Massachusetts (up 38%) »          Michigan (up 27%) States that saw the greatest number of REOs in July 2022, included »          Illinois (359 REOs) »          Pennsylvania (185 REOs) »          Ohio (184 REOs) »          Michigan (182 REOs) »          New York (167 REOs) Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in July 2022 included: »          Chicago, IL (270 REOs) »          New York, NY (90 REOs) »          Philadelphia, PA (89 REOs) »          Detroit, MI (82 REOs) »          Birmingham, AL (66 REOs)

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