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WORD OF THE DAY: Breviloquent

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[brə-VIL-ə-kwent] Part of speech: Adjective Origin: Latin, mid-19th century Definition:(of a person, speech, or style of writing) using very few words; concise. Examples of Breviloquent in a sentence “Usually he was breviloquent, but he went into great detail when describing his favorite book.” “If you find it hard to be breviloquent, ask someone to edit your paper before submitting it for a grade.” About Breviloquent There’s eloquent, and then there’s breviloquent. If someone describes you as the former, they’re admiring your ability to be fluent or persuasive in speaking or writing. If you’re the latter, you may still be eloquent, but you’re concise about it. Did you Know? Brevity is the soul of wit. Thanks again, Shakespeare. These words that appear in “Hamlet” sum up the opinion that less is more, at least when it comes to your word choices.

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Latest HouseCanary Data Indicates Potential Housing Market Cooldown Heading into Summer

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Latest Report Highlights that Net Inventory Remained Negative in May, with Monthly Net New Listings Decreasing 16.6% Year-Over-Year Median Listed and Closed Prices Increased at a Slower Pace in May Compared to February through April of 2022 Listings Under Contract Nationwide Experienced a 10.9% Decrease Year-Over-Year, Underscoring Slowing Market Activity HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, released its latest Market Pulse report, covering 22 listing-derived metrics and comparing data between May 2021 and May 2022. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform. Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented: “In May, we saw the first sign of a potential softening in the housing market as mortgage rates are climbing higher than pre-pandemic levels. It continues to be a challenging environment for buyers, as increased rates, already bloated prices, and short supply leading to competitive bidding has made homeownership more expensive. At the same time, price growth has slowed compared to February through April of this year and listings under contract experienced a double-digit decrease year-over-year, indicating slowing market activity may be cooling as we head into the summer months. Even so, pent up demand still exists in the market currently. Over the next few months, we expect to continue to experience short supply and low single digit price growth.” Select findings from this month’s Market Pulse are below. Be sure to review the Market Pulse in full for extensive state-level data. Total Net New Listings: Since May 2021, there have been 3,150,503 net new listings placed on the market, which is a 4.2% decrease versus the 52 weeks prior Percentage of total net new listings over the last 52 weeks, broken down by home price: $0-$200k: 15.7% $200k-$400k: 38.5% $400k-$600k: 23.0% $600k-$1mm: 15.3% >$1mm: 7.5% Percent change in net new listing activity over the last 52 weeks versus the same period in 2021, broken down by home price: $0-$200k: (-23.4%) $200k-$400k: (-13.4%) $400k-$600k: +13.9% $600k-$1mm: +20.9% >$1mm: +14.6% Monthly Net New Listing Volume (Single-Family Detached Homes): Monthly new listing volume was down 11.6% compared to May 2021 In May, there were 332,965 net new listings placed on the market, representing a 16.6% decrease year-over-year For the month of May, the percent change in net new listing volume compared to May 2021, broken down by home price: $0-$200k: (-27.4%) $200k-$400k: (-26.9%) $400k-$600k: (-8.7%) $600k-$1mm: (-0.4%) >$1mm: +5.4% Listings Under Contract: Over the last 52 weeks, 3,336,319 properties have gone into contract, representing an 8.3% decrease relative to the same period in 2021 Percentage of total contract volume since May 2021, broken down by home price: $0-$200k: 16.4% $200k-$400k: 39.1% $400k-$600k: 22.5% $600k-$1mm: 14.7% >$1mm: 7.3% Percent change in contract volume over the last 52 weeks versus the same period in 2021, broken down by home price: $0-$200k: (-24.0%) $200k-$400k: (-16.4%) $400k-$600k: +7.3% $600k-$1mm: +13.8% >$1mm: +7.5% Monthly Contract Volume (Single-Family Detached Homes): For the month of May, there were 346,276 listings that went under contract nationwide, which is a 10.9% decrease year-over-year For the month of May, the percent change in contract volume compared to May 2021, broken down by home price: $0-$200k: (-15.7%) $200k-$400k: (-18.8%) $400k-$600k: (-2.1%) $600k-$1mm: +1.4% >$1mm: (-7.6%) Median Listing Price Activity (Single-Family Detached Homes): For the week ending May 27, 2022, the median price of all single-family listings in the U.S. was $438,263, a 12.7% increase year-over-year For the week ending May 27, 2022, the median closed price of single-family listings in the U.S. was $430,934,a 14.4% increase year-over-year The median price of all single-family listings in the U.S. is up by 1.1% month-over-month and the median price of closed listings has increased by 1.8% month-over-month As a nationwide real estate broker, HouseCanary’s broad multiple listing service (“MLS”) participation allows us to evaluate listing data and aggregate the number of new listings as well as the number of new listings going into contract for all single-family detached homes observed in the HouseCanary database. Using this data, HouseCanary continues to track listing volume, new listings, and median list price for 41 states and 50 individual Metropolitan Statistical Areas (“MSAs”). About HouseCanary Founded in 2013, national real estate brokerage HouseCanary empowers consumers, financial institutions, investors, and mortgage lenders, with industry-leading valuations, forecasts, and transaction support. These clients trust HouseCanary to fuel acquisition, underwriting, portfolio management, and more. Learn more at www.housecanary.com.

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Walker & Dunlop Releases Latest Research with Spring Multifamily Outlook

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The report spotlights growth and rental trends in the current economy, Build-for-Rent opportunities, and the booming Nashville market Walker & Dunlop, Inc. announced the release of its latest Multifamily Outlook Report—an exclusive look at the apartment market amid last year’s historic growth, recent developments from monetary tightening to the war in Ukraine, and more. The report provides the latest market trends and insights backed by proprietary data from Zelman & Associates, the leading housing research firm in the country.  In this edition of the Multifamily Outlook Report, they: Examine the state of the U.S. economy: Despite inflation, rising interest rates, and geopolitical unrest, the underlying fundamentals are strong, with several positive trends and indicators. Provide a rental market forecast from Zelman & Associates: After historic revenue growth and returns, can multifamily anticipate another robust year? Host a Q&A with Zelman & Associates Managing Director Peter Carroll: He shares how the Cristo Rey Corporate Work Study Program benefits both companies and students. Profile—and demystify—Build-for-Rent: Comprised of single-family homes built for renters from the ground up, this space attracted over $50 billion in capital in 2021 alone. Spotlight the Nashville market: The city’s multifamily sector led the nation in new construction growth rates last year. How is innovation turning Music City into a rising tech titan? To learn more about the current state of the multifamily industry and read their data-backed predictions for the future, download the report.  About Walker & DunlopWalker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune‘s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

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VACANT ZOMBIE PROPERTIES RISING IN SECOND QUARTER AMID JUMP IN FORECLOSURE ACTIVITY

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Zombie Foreclosures Up 3 Percent from First to Second Quarter of 2022 as Foreclosure Activity Increases 13 Percent; Increase in Empty Properties Facing Foreclosure Marks First Gain in a Year; Zombie Properties Still Represent Just One of Every 13,200 Residential Properties in U.S. and Remain Down Annually ATTOM, a leading curator of real estate data nationwide for land and property data, released its second-quarter 2022 Vacant Property and Zombie Foreclosure Report showing that 1.3 million (1,304,007) residential properties in the United States sit vacant. That represents 1.3 percent, or one in 76 homes, across the nation. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology below). Vacancy data is available for U.S. residential properties at https://www.attomdata.com/solutions/marketing-lists/. The report also reveals that 259,166 residential properties in the U.S. are in the process of foreclosure in the second quarter of this year, up 12.7 percent from the first quarter of 2022 and up 15.9 percent from the second quarter of 2021. This is also the third straight quarter that the count of pre-foreclosure properties has gone up since a nationwide foreclosure moratorium, imposed early during the Coronavirus pandemic, was lifted at the end of July 2021. Among those pre-foreclosure properties, 7,569 sit vacant in the second quarter of 2022, meaning that the number of zombie-foreclosure properties went up quarterly by 2.8 percent. “The incidence of zombie-foreclosures tends to be higher in cases where the foreclosure process has dragged on for many months and sometimes even for years,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “We’re now seeing properties where the borrower was already in default prior to the government’s moratorium re-enter the foreclosure process, and undoubtedly some of these homes will have been vacated over the past 26 months.” The number of zombie-foreclosures does remain down 6.3 percent from a year ago and continues to represent just a tiny segment of the nation’s total stock of 99.7 million residential properties. Just one of every 13,171 homes in the second quarter of 2022 are vacant and in foreclosure, meaning that most neighborhoods have none. The portion of pre-foreclosure properties that have been abandoned into zombie status also continues to decline, down from 3.6 percent a year ago to 3.2 percent in the first quarter of 2022 and 2.9 percent in the second quarter of this year. But the recent increase in zombie properties is the first since the moratorium ended. The portion of all residential properties sitting empty in the foreclosure process has grown 1.9 percent in the second quarter, up from one in 13,424 in the first quarter of this year. The upward second-quarter foreclosure trends – in both overall and zombie-property counts – add to a list of measures showing how the decade-long U.S. housing market boom remains strong but also faces a possible slowdown this year. Median single-family home prices have shot up 17 percent over the past year and typical home-seller profits remain historically high, at nearly 50 percent. Homeowner equity continues rising, greatly limiting the likelihood that homeowners facing foreclosure will simply walk away from their homes. “According to our equity report, almost 90 percent of homeowners in foreclosure have positive equity,” Sharga added. “Having equity gives financially-distressed homeowners an opportunity for a relatively soft landing – selling their home at a profit rather than losing everything to a foreclosure. That factor alone should keep the number of zombie-foreclosures from rising too much.” The median home value nationwide went up just 3 percent from the third quarter of last year to the first quarter of this year and home-seller profits have ticked down in 2022. At the same time, investment returns for speculators who flip properties have hit their lowest point since 2008. Beyond that, an estimated 1.5 million to 2 million homeowners fell behind on mortgages after the pandemic wiped out millions of jobs prior to the economy recovering last year. Zombie foreclosures up quarterly but still down annually A total of 7,569 residential properties facing possible foreclosure have been vacated by their owners nationwide in the second quarter of 2022, up slightly from 7,363 in the first quarter of 2022 but still down from up from 8,078 in the second quarter of 2021. Amid numbers that remain extremely low, the biggest increases from the first quarter of 2022 to the second quarter of 2022 in states with at least 50 zombie foreclosures are in Michigan, (zombie properties up 74 percent, from 54 to 94), Arizona (up 56 percent, from 32 to 50), Georgia (up 29 percent, from 62 to 80), Nevada (up 26 percent, from 68 to 86) and Iowa (up 17 percent, from 132 to 155). The biggest quarterly decreases among states with at least 50 zombie foreclosures are in Massachusetts (zombie properties down 13 percent, from 62 to 54), Missouri (down 13 percent, from 63 to 55), New Jersey (down 7 percent, from 275 to 257), New Mexico (down 3 percent, from 78 to 76) and New York (down 2 percent, from 2,074 to 2,041). Overall vacancy rates down annually in most of nation The vacancy rate for all residential properties in the U.S. has dropped to 1.31 percent in the second quarter of 2022 (one in 76 properties). That’s down from 1.37 percent in the first quarter of 2022 (one in 73) and from 1.42 percent in the second quarter of last year (one in 70). States with the biggest annual drops are Tennessee (down from 2.42 percent of all homes in the second quarter of 2021 to 1.55 percent in the second quarter of this year), Oregon (down from 1.84 percent to 1.01 percent), Maryland (down from 1.67 percent to 1.05 percent), Wisconsin (down from 1.36 percent to 0.76 percent) and Minnesota (down from 1.54 percent to 0.95 percent). Other high-level findings from the second quarter of 2022: Among metropolitan statistical areas in the U.S. with at

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WORD OF THE DAY: Derring-Do

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[DER-ing-DO] Part of speech: Noun Origin: Middle English, late 16th century Definition: Action displaying heroic courage. Examples of Derring-Do in a sentence “The spy novel was filled with instances of derring-do.” “Elizabeth dreamed of being swept off her feet by a a suitor’s derring-do.” About Derring-Do In the late 14th century, the term was “dorrying don,” literally translated to “daring (to) do, stemming from “durring,” meaning “daring.” This term is the present participle of the Middle English “durren,” meaning “to dare” — a combination of the verb “dare” + “don,” the infinitive of “do.” Did you Know? “Derring-do” came about through a chain of mistakes and misinterpretations. Its Middle English root, “dorrying don,” means “daring to do.” But it was misprinted as “derrynge do” in 16th-century writings by poet John Lydgate. From there, it was mistaken as a noun by Edmund Spenser, who defined it as “manhood and chevalrie.” Author Sir Walter Scott and several Romantic poets used it in their work and brought “derring-do” into (somewhat) modern language.

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Zeus Living Releases Inaugural Future of FlexLiving Report

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New data report reveals surge in demand for extended trips in 2022, ranks top destinations to live and work remotely Zeus Living, a leading property management and hospitality platform, released its first-ever Future of FlexLiving Report based on proprietary data and a new study conducted among more than 1,700 U.S. residents who work remotely. Findings suggest that many Americans are pausing their house hunt in light of high prices and mortgage rates. Instead, a significant number of people with the opportunity to work from anywhere are living in a new location this year. Trips for 30 days or longer are on the rise, and cities are the top in-demand destinations for extended stays on Zeus Living’s website. “The data tells us clearly that it’s about to be an incredible summer for FlexLiving as a category,” said Kulveer Taggar, CEO and Co-Founder of Zeus Living. “Since the pandemic began, people have commanded greater flexibility from their jobs, housing providers, and travel companies. The expectation for ease and flexibility is here to stay, and it’s why we’re working hard to offer increased options to our residents. Simultaneously, people are placing greater value on spending quality time with loved ones, and exploring new destinations. Looking at our own bookings this summer, length of stay is up 43% year-over-year. For these reasons and more, it’s clear to me that travel and living have become synonymous with each other — and I believe FlexLiving is the future.” Takeaways from the report include: 1. Americans are more likely to live and work from a new city than they were prior to the pandemic. Sixty-seven percent of survey respondents would consider living and working from a new city in 2022, and one in two (48%) are more likely to book an extended stay now compared to pre-pandemic times. Meanwhile, nearly half (44%) report they’re less likely to buy a house now than they were before COVID-19 in light of current low inventory and high prices. 2. People are investing in experiences over material items. Eighty-four percent would budget up to $2,500 per month for an extended stay. Respondents would give up — or drastically cut back on — personal costs such as monthly subscriptions, alcohol, and shopping to afford an extended stay. 3. Length of trip is increasing. Looking at bookings on Zeus Living from June through September 2022, length of stay is up 43% compared to last year, totaling in 110 days on average. Searches for 30+ night stays on Zeus Living’s website are up 38% since the start of 2022. 4. Cities are back. Earlier on in the pandemic, Zeus Living experienced the greatest demand for less populated markets and cities with access to outdoor activities. Now, the top U.S. destinations based on searches through Zeus Living’s website for 30+ night stays are San Francisco, Seattle, L.A., Washington, D.C., and New York City. 5. Most FlexLiving residents are millennials who work remotely. In surveying its own residents, Zeus Living found that 78% work remotely and over half (52%) are millennials. Forty-one percent of respondents who stayed in a home managed by Zeus Living for 30 days or more were accompanied by a significant other, while a quarter brought their kids. The full report can be found here, containing more data and insights about FlexLiving. About Zeus Living Zeus Living designs and manages modern homes that can be rented for 30 days or longer across more than 100 destinations in the U.S. Through its leading technology platform and the expertise of dedicated hospitality professionals around the country, Zeus Living strives to help people live well, and on their own terms. Zeus Living drives revenue for owners while taking care of their properties, and delivers unparalleled support to residents, ensuring memorable experiences wherever they choose to stay. Organizations trust Zeus Living to serve as an end-to-end corporate travel partner, with flexible options based on personalized needs. To date, Zeus Living has raised over $150 million in capital from leading investors and hosted more than 40,000 residents for 1.6 million nights. For more information, visit zeusliving.com or follow @zeusliving on Twitter.

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