News Updates

Black Knight’s First Look: 2020 Ends With 1.7 Million More Seriously Delinquent Homeowners Than at Start of Year; Foreclosures at Record Low

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Black Knight, Inc. (NYSE: BKI) reports the following “first look” at December 2020 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 6.08%Month-over-month change: -3.90%Year-over-year change: 78.93% Total U.S. foreclosure pre-sale inventory rate: 0.33%Month-over-month change: 1.30%Year-over-year change: -27.77% Total U.S. foreclosure starts: 7,100Month-over-month change: 61.36%Year-over-year change: -82.03% Monthly prepayment rate (SMM): 3.15%Month-over-month change: 11.73%Year-over-year change: 112.17% Foreclosure sales as % of 90+: 0.07%Month-over-month change: 5.18%Year-over-year change: -95.33% Number of properties that are 30 or more days past due, but not in foreclosure: 3,251,000Month-over-month change: -130,000Year-over-year change: 1,448,000 Number of properties that are 90 or more days past due, but not in foreclosure: 2,146,000Month-over-month change: -47,000Year-over-year change: 1,719,000 Number of properties in foreclosure pre-sale inventory: 178,000Month-over-month change: 2,000Year-over-year change: -67,000 Number of properties that are 30 or more days past due or in foreclosure: 3,429,000Month-over-month change: -128,000Year-over-year change: 1,382,000 For a more detailed view of this month’s “first look” data, please visit the Black Knight newsroom. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.blackknightinc.com/data-reports/ by Feb. 1, 2021. For more information about gaining access to Black Knight’s loan-level database, please send an email to Mortgage.Monitor@bkfs.com.

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ATTOM Data Solutions, curator of the nation’s premier property database, released its 2021 Rental Affordability Report, which shows that owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report. That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation. The analysis incorporated recently released fair market rent data for 2021 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM in 915 U.S. counties with sufficient home sales data. Home ownership is more affordable in almost two-thirds of the country following a year when the impact of declining interest rates helped counteract home prices that rose faster than rents and wages. Trends favoring home ownership show up most in suburban and rural areas with the most affordable home values, while renting remains more affordable in the biggest cities. “Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check,” said Todd Teta, chief product officer with ATTOM Data Solutions. “It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.” Home prices rising faster than rents in 83 percent of counties across U.S. Median prices for three-bedroom homes are increasing more than average three-bedroom rents in 764 of the 915 counties analyzed in this report. Counties were included if they had at least 500 sales in YTD (Jan-Nov) 2020. The most populous counties where home prices are rising faster are Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ and San Diego County, CA. The largest counties where rents are rising faster are Kings County (Brooklyn), NY; Queens County, NY; New York County (Manhattan), NY; Bronx County, NY; and, Allegheny County (Pittsburgh), PA. Renting more affordable than buying in nation’s most populated counties Renting is more affordable than buying a home in 18 of the nation’s 25 most populated counties and in 29 of 44 counties with a population of 1 million or more (66 percent) — including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; San Diego County, CA; and, Orange County, CA (outside Los Angeles). Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home include counties in the New York City, Seattle, Dallas, San Francisco, San Jose and Boston and Riverside, CA, metropolitan areas. Among the 44 U.S. counties analyzed in the report with a population of 1 million or more, those where it is more affordable to buy a home than rent include Maricopa County (Phoenix), AZ; Miami-Dade County, FL; Clark County (Las Vegas), NV; Tarrant County (Fort Worth), TX; and, Broward County (Fort Lauderdale), FL. Owning more affordable in less-populated counties Home ownership is more affordable than renting in counties with a population of less than 1 million, especially among those with less than 500,000 people. Owning is more affordable in 47, or 50 percent, of the 94 counties with 500,000 to 999,999 people. The largest in this group where it is more affordable to buy are St. Louis County, MO; Pinellas County (Tampa), FL; Milwaukee County, WI; Marion County (Indianapolis), IN; and, Shelby County (Memphis), TN. The largest in this group where it is more affordable to rent are Honolulu County, HI; Fresno County, CA; Westchester County, NY (outside New York City); Collin County, TX (outside Dallas); and, Fairfield County (outside New York City), CT. Among the remaining 779 counties with a population less than 500,000, owning is more affordable in 510, or 65 percent. The largest in this group where owning is more affordable are Greenville County, SC; Adams County, CO (outside Denver); Lake County (Gary), IN; Hampden County (Springfield), MA; and, Clark County, WA (outside Portland, OR). The largest counties where renting is more affordable are Spokane County, (WA); Morris County, NJ (outside New York City); Polk County (Des Moines), IA; Richmond County (Staten Island), NY; and, Tulare County (Visalia), CA. Most affordable rental markets in South and Midwest; least affordable in West The report shows that renting the typical three-bedroom property requires at least a third of average weekly wages in 506 of the 915 counties analyzed for the report (55 percent). The most affordable markets for renting are mostly in the South and Midwest, led by Roane County, TN (outside Knoxville) (18.4 percent of wages needed to rent); Benton County (Rogers), AR (20.7 percent); Madison County (Huntsville), AL (21.6 percent); Greene County, OH (outside Dayton) (22.5 percent); and, Sullivan County (Kingsport), TN (22.6 percent). The most affordable for renting among counties with a population of at least 1 million are Allegheny County (Pittsburgh), PA (23.9 percent of average wages needed to rent); Cuyahoga County (Cleveland), OH (24 percent); Fulton County (Atlanta), GA (24.6 percent); Wayne County (Detroit), MI (26 percent); and, Oakland County, MI (outside Detroit) (26.1 percent). The least affordable for renting are mostly in the West, led by Santa Cruz County, CA (82.9 percent of average wages needed to rent); Santa Barbara County, CA (68.7 percent); Marin County, CA (outside San Francisco) (67.9 percent); Park County, CO (outside Denver) (67.5 percent); and, Kauai

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ATTOM, curator of the nation’s premier property database, has hired seasoned veteran Stuart Bern as head of strategic partnerships & corporate development. In this role, Bern will lead the development of new partnerships and support M&A efforts, as ATTOM continues its exponential growth. This appointment signals ATTOM’s ongoing expansion and its commitment to expand strategic business relationships. “Stuart’s wealth of business development experience and go-to-market strategies will make him an extremely vital asset as ATTOM further expands its data footprint and accelerates its business growth,” said Rob Barber, CEO of ATTOM. “His expertise in growing a B2B ecosystem and his proptech knowledge, will guide us as we take additional steps to drive market growth and build strategic partnerships.” This exciting announcement comes on the heels of ATTOM’s recent acquisition of Home Junction, solidifying ATTOM’s mission to increase real estate transparency, and showcasing its steadfast investment in data and people. “I am excited to join the ATTOM family,” said Bern. “I look forward to leveraging my previous experience in identifying and building strategic partnerships to continue ATTOM’s already tremendous growth and to further scale our business.”

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eScreenLogic, a leading provider of commercial real estate due diligence services, is expanding its Platform-as-a-Service (PaaS) technology as a part of its growth, and has rebranded to become CREtelligent™. The company’s platform provides professional insights to empower lenders and corporate real estate professionals to make strategic decisions with instant access to and interpretation of environmental, valuation, and other relevant due diligence data on properties. The new name and brand identity reflect the company’s vision for the modernization of CRE due diligence processes with a transformational approach to delivering unbiased, insightful, data-driven solutions that optimize costs and time. “We’re excited to unveil our new name, CREtelligent, as it reflects the exceptional growth, quality, turnaround times, and world-class customer experience that we offer to our customers in the commercial real estate ecosystem. Our PaaS solution expedites transactions by providing accurate, intelligent, and ultra-fast environmental and related due diligence insights and data, while simultaneously providing customers with environmental engineering experts across the country at their fingertips,” said Anthony Romano, CEO, CREtelligent. CREtelligent is powered by the Radius platform that aggregates local, state, and national property databases to streamline the evaluation of the environmental condition of a commercial property through a proprietary interface that creates a visualization of the data.

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The COVID-19 pandemic and associated shift to working from home have transformed the location and feature requirements of both homebuyers and renters, according to companion surveys of more than 1,000 consumers and 600 real estate professionals by Homes.com. The “new normal” is fueling more moves from cities to suburbs, more long-distance moves, and new space and amenity demands while also prompting sellers to be more selective in a market where 95% of transactions are receiving multiple offers. A majority of these moves are likely to be permanent, with nearly three out of four consumers who have moved or planning to move to take advantage of remote work opportunities reporting they will not return to their pre-pandemic residences. “The surge in the work-from-home population has rewritten the playbook for many homebuying and rental decisions, from when and where to relocate, to what people are looking for in their next residence,” said Homes.com President, David Mele. “That, in turn, is prompting changes for real estate professionals, many of whom are expanding their market area to better serve clients who are moving farther than before. If working from home becomes standard operating procedure for many companies, as predicted, these changes will be with us for years to come.”

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Lument, a national leader in commercial real estate finance, has been ranked second in Federal Housing Administration (FHA) multifamily and seniors housing and healthcare lending for the fiscal year ending September 30, 2020, according to year-end figures released by the U.S. Department of Housing and Urban Development (HUD). The firm was runner-up for closed loan volume as well as loans closed. “We continue to be a proud partner of HUD and a champion of its lending programs,” said Lument CEO James Flynn. “They provide our clients with exceptional long-term certainty, especially in this historically low interest rate environment.” This was a record year for FHA, with 1,237 closings totaling over $22 billion, an increase of 58% year-over-year. “That HUD was able to record such impressive volumes despite the challenges posed by the COVID-19 pandemic is a testament to the dedication of its staff and the attractiveness of its programs,” Flynn added. The 2020 HUD volume does not include note modifications, which reduce interest rates on existing HUD loans. During this period, Lument closed more than 70 note modifications for seniors housing and healthcare borrowers totaling more than $740 million, bringing its total FHA lending volume in this category to $1.5 billion.