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U.S. FORECLOSURE ACTIVITY INCREASES QUARTERLY IN Q1 2024

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Foreclosure Starts See Quarterly Increase of 2 Percent; Bank Repossessions Up 7 Percent from Previous Quarter ATTOM, a leading curator of land, property, and real estate data, released its Q1 2024 U.S. Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filings during the first quarter of 2024, up 3 percent from the previous quarter but down less than 1 percent from a year ago. The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1 percent from the previous month and down 10 percent from a year ago. “Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.” Foreclosure starts increase nationwide A total of 67,657 U.S. properties started the foreclosure process in Q1 2024, up 2 percent from the previous quarter and up 4 percent from a year ago. States that had 100 or more foreclosures starts in Q1 2024 and saw the greatest quarterly increase included, New Hampshire (up 43 percent); Illinois (up 26 percent); Florida (up 22 percent); Rhode Island (up 21 percent); and Nevada (up 16 percent). U.S. Foreclosure Starts Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2024 included, New York, New York (4,404 foreclosure starts); Houston, Texas (2,977 foreclosure starts); Chicago, Illinois (2,867 foreclosure starts); Los Angeles, CA (2,398 foreclosure starts); and Miami, FL (2,319 foreclosure starts). Highest foreclosure rates in Delaware, New Jersey, and South Carolina Nationwide one in every 1,478 housing units had a foreclosure filing in Q1 2024. States with the highest foreclosure rates were Delaware (one in every 894 housing units with a foreclosure filing); New Jersey (one in every 919 housing units); South Carolina (one in every 929 housing units); Nevada (one in every 961 housing units); and Florida (one in every 973 housing units). Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2024 were Columbia, South Carolina (one in every 569 housing units); Spartanburg, South Carolina (one in 597); Lakeland, Florida (one in 624); Atlantic City, New Jersey (one in 628); and Cleveland, Ohio (one in 662). U.S. Historical Total Foreclosure Activity Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, included Cleveland, Ohio at No.5; Riverside, California at No. 9; Orlando, Florida at No.10; Las Vegas, Nevada at No. 13; and Jacksonville, Florida at No. 15. Bank repossessions increase 7 percent from last quarter Lenders repossessed 10,052 U.S. properties through foreclosure (REO) in Q1 2024, up 7 percent from the previous quarter but down 20 percent from a year ago. U.S. Completed Foreclosures (REOs) Those states that had the greatest number of REOs in Q1 2024 were Michigan (1,049 REOs); California (845 REOs); Pennsylvania (838 REOs); Illinois (810 REOs); and Texas (596 REOs). Average time to foreclose increases 2 percent from previous quarter Properties foreclosed in Q1 2024 had been in the foreclosure process for an average of 736 days. While this marks a slight increase from the previous quarter, it represents a 20 percent decrease from the same time last year, continuing a downward trajectory observed since mid-2020. Average Days to Complete Foreclosure States with the longest average foreclosure timelines for homes foreclosed in Q1 2024 were Louisiana (2,641 days); Hawaii (2,031 days); New York (1,958 days); Nevada (1,701 days); and Kentucky (1,701 days). States with the shortest average foreclosure timelines for homes foreclosed in Q1 2024 were Montana (123 days); Virginia (152 days); Texas (163 days); Wyoming (191 days); and West Virginia (217 days). March 2024 Foreclosure Activity High-Level Takeaways

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RISING INSURANCE COSTS A GROWING CONCERN FOR REAL ESTATE INVESTORS Insurance challenges have become a major cause of concern among real estate investors, according to the Spring 2024 Investor Sentiment Survey from RCN Capital, conducted by market intelligence firm CJ Patrick Company. Over 68% of the investors surveyed noted that rising insurance costs or the unavailability of insurance coverage was a factor in their decisions to buy and sell real estate. Almost 57% noted that these insurance issues had caused them to miss out on an investment opportunity. To view the full report: https://lp.constantcontactpages.com/sl/FkHtyJV/InvestorSentimentSpring24 The problem is particularly acute for investors in states which have seen unusually high levels of extreme weather events over the past few years and have subsequently seen homeowner insurance rates double or triple. In some cases, insurers have pulled out of these states entirely. Over 90% of fix-and-flip investors in Florida and 83% in California claimed to have missed out on an investment opportunity due to insurance issues. Similarly, 44% of rental property investors in both states cited insurance matters as their second-biggest challenge in today’s market, behind only the high cost of financing. “Investors are already facing many challenges in today’s housing market – rising prices, limited inventory, and higher financing costs,” said RCN Capital CEO Jeffrey Tesch. “Soaring insurance costs, and instances where hazard insurance is simply not available is another significant hurdle for these investors to overcome.” The Spring 2024 Investor Sentiment Survey is the fourth quarterly report from RCN Capital, taking the pulse of real estate investors across the country, identifying market challenges and opportunities, and getting feedback on current trends and events. Investor Sentiment Cautiously Optimistic Investor sentiment on today’s market conditions was something of a mixed bag in this survey. Fewer investors thought conditions today were better than last year compared to respondents in the Winter 2023 survey (37% vs. 40%), but only 27% felt conditions were worse, which was the lowest number recorded in the survey series. Investors were more optimistic about future market conditions in the Spring (42%) than in the Winter (39%), and only 18% expected conditions to worsen over the next six months. Fix-and-flip investors are more comfortable with market conditions today and more optimistic about the future than rental property investors. Forty percent of flippers but only 23% of rental property investors felt that conditions today were better than a year ago; and 43% of flippers and 32% of rental property investors believe that things will continue to improve. Investors Facing New Challenges and Local Issues Investors cited many of the same factors as major challenges to their success as in previous surveys, but there were some new findings. The high cost of financing was mentioned by 71% of respondents; rising home prices (a new option) was cited by 45%; the lack of inventory of properties for sale was mentioned next by 36% of respondents; and competition from institutional investors by 35%. Generally, these trends were similar for both flippers and rental property investors. Financing costs were noted by 75% of flippers and 78% of rental investors; rising home prices by 46% and 52% respectively; inventory by 34% and 40%; and competition from larger investors by 31% and 35%. But digging into the findings from the two states most frequently mentioned for purchases by investors revealed different local market conditions. While both types of investors cited high finance costs most frequently as a major challenge, flippers in Florida mentioned competition from large investors much more frequently (62%) and noted difficulty securing a loan as their third biggest challenge (57%). Florida rental investors cited insurance issues as their second-biggest challenge (44%) and 28% mentioned problems securing a loan. California flippers, on the other hand, cited only two major challenges with any frequency: high financing costs (90%) and rising home prices (64%). California rental property investors, like their Florida counterparts cited insurance issues 44% of the time, their second most mentioned challenge. These rental investors also cited difficulty hiring more often than their peers nationwide at 22%. “If California and Florida can be considered bellwether states in the real estate market, findings in this quarter’s survey may be predicting more widespread problems,” noted Rick Sharga, CJ Patrick Company CEO. “Investors in both states are already facing strong headwinds due to insurance issues, which may be contributing to some of the problems they’re having securing loans. We may start to see similar issues in other states prone to extreme weather events, such as Texas, Colorado, and Louisiana in the future.” Prices Expected to Rise, Investment Volume Consistent Investors continued to see the impact of rising home prices and higher mortgage rates in their local markets. Over 89% have seen either a decline in demand for owner-occupied homes, an increase in demand for rental properties, or both, in the markets where they invest. Investors believe that home prices will continue to increase – almost 59% expect home prices to go up, 31% believe prices will remain about the same, and less than 10% believe they’ll decrease. Despite these higher prices, 55% of respondents expect to buy the same number of properties as they did a year ago. Thirty-one percent expect to buy fewer and 14% expect to buy more. This marks the third consecutive quarter where fewer investors said they planned to buy more properties; interestingly, it’s also the third consecutive quarter where fewer investors said they planned to buy fewer homes. Most Investors Opting for Rental Properties, Buying Close to Home For the third time in the last four surveys, more investors claimed to focus on buying rental properties than fixing-and-flipping homes. Forty two percent of the respondents buy and rent properties, while 31% fix-and-flip properties to home buyers. Wholesaling – securing the rights to sell a property without taking title – was cited by 22% of respondents as their primary type of investment activity. As in the previous survey, the majority of investors purchase their investment properties close to home – 35% purchase within their

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Americans report skipping meals, working overtime, and delaying medical care to afford housing Half of U.S. homeowners and renters (49.9%) sometimes, regularly or greatly struggle to afford their housing payments, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Many report making sacrifices to cover their housing costs. The most common sacrifice was taking no or fewer vacations. More than one-third of homeowners and renters (34.5%) who struggle to afford housing indicated that they skipped vacations in the past year in order to afford their monthly costs. But many people who struggle to afford housing made more serious sacrifices: 22% skipped meals and 20.7% worked extra hours at their job. A similar share (20.6%) sold belongings. These responses are based on a Redfin-commissioned survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to roughly 3,000 U.S. homeowners and renters. Most of Redfin’s report focuses on the 1,494 respondents who indicated that they sometimes, regularly or greatly struggle to afford regular rent or mortgage payments. More than one of every six people (17.9%) who struggle to afford housing borrowed money from friends/family, and 17.6% dipped into their retirement savings. Over one in seven (15.6%) delayed or skipped medical treatments. “Housing has become so financially burdensome in America that some families can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices, work overtime and ask others for money so they can cover their monthly costs,” said Redfin Economics Research Lead Chen Zhao. “Fortunately, the country’s leaders are starting to pay attention, and homebuyers may get a reprieve in June if the Federal Reserve cuts interest rates, which would bring down the cost of getting a mortgage.” Mortgage payments are near their all-time high due to rising prices and elevated mortgage rates: The median U.S. home sale price is up about 5% from a year ago, and mortgage rates are hovering around 7%, not far from the 23-year high of roughly 8% hit in October. The typical household earns roughly $30,000 less than it needs to afford the median-priced home, and rents are on the rise again. 14% of Millennials Dipped Into Retirement Savings to Afford Housing Payments Nearly one of every seven millennials (13.5%) who struggle to afford their housing payments have dipped into retirement savings to cover their monthly costs. Most millennials are not retired, but housing affordability has become so strained that some are resorting to outside-the-box strategies to cover expenses. Millennials are the largest adult generation, and many are aging into their homebuying years at a time when home prices and mortgage rates are high. The income needed to afford a starter home is up 8% from a year ago, prompting some young buyers to use family money to cover their down payment. Baby boomers who struggle to afford housing were most likely to dip into retirement funds, with over one-quarter (27.5%) saying they did so to cover housing expenses. That makes sense, as many baby boomers are already retired, and it’s common for retirees to put their retirement savings toward housing. Roughly 1 in 6 (15.5%) Gen Xers who struggle to afford housing dipped into retirement savings to afford monthly housing costs. The share was lowest among Gen Z respondents (6.5%), many of whom don’t yet have retirement savings. The IRS typically taxes people who make withdrawals from their retirement accounts before the age of 59.5, but makes an exception for qualified first-time homebuyers, who are allowed to borrow up to $10,000 tax free. Broken down by race/ethnicity, white respondents who struggle to afford housing were most likely (20.7%) to use retirement savings to cover housing costs, followed by Asian/Pacific Islander respondents (14%), Hispanic/LatinX respondents (13.6%) and Black respondents (12.6%). Black Respondents Most Likely Work Extra Hours to Afford Housing; Gen Zers Most Likely to Sell Belongings While pressing pause on vacations was the most common sacrifice for respondents as a whole, it wasn’t the top answer choice for every demographic. People of color and younger generations often made more serious sacrifices. For example, Black respondents who struggle to afford housing were most likely to say they worked extra hours (25.9%) to cover their monthly costs, while Hispanic respondents were most likely to say that they sold belongings (28.2%). Skipping vacations was the most common answer among Asian/Pacific Islander respondents (43.8%) and white respondents (39.6%). Black millennials are half as likely to own homes as white millennials, according to a separate Redfin analysis, though the racial homeownership gap exists across every generation due to decades of racist policies and discrimination. When it came to age groups, skipping vacations was the top choice for baby boomers (42.8%), Gen Xers (36.8%) and millennials (31.3%) who struggle to afford housing. But for Gen Zers, the most common sacrifices were working extra hours, selling belongings and skipping meals, all of which clocked in at roughly 27%. White Respondents, Baby Boomers and Homeowners Most Likely to Afford Housing Easily Of the roughly 2,995 people who took the survey, half (50.1%) said they can easily afford their regular rent or mortgage payments, and half (49.9%) said they sometimes, regularly or greatly struggle to do so. But the results vary by demographic. For example, 54.5% of white respondents said they can easily afford their housing payments, compared with 37.8% of Hispanic/LatinX respondents, 46.6% of Black respondents and 47.4% of Asian/Pacific Islander respondents. Baby boomers were most likely to say they easily afford housing payments (61.9%), followed by Gen Xers (48.7%), millennials (40.2%) and Gen Zers (26.9%). And homeowners (59.9%) were roughly twice as likely as renters (30.8%) to indicate that they easily afford their housing payments. To view the full report, including charts and a detailed methodology, please visit: https://www.redfin.com/news/homebuying-sacrifices-survey-2024

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Total Single-Family Taxes Levied Nationwide in 2023 Rise Twice as Fast as in 2022; Average Property Tax Up 4 percent, to $4,062, While Effective Rate Also Increases; Highest Effective Tax Rates Remain Clustered in Northeast and Midwest ATTOM, a leading curator of land, property, and real estate data, released its 2023 property tax analysis for 89.4 million U.S. single family homes, which shows that $363.3 billion in property taxes were levied on single-family homes in 2023, up 6.9 percent from $339.8 billion in 2022. The increase was almost double the 3.6 percent growth rate in 2022 – and the largest in the past five years. The report also shows that the average tax on single-family homes in the U.S. increased 4.1 percent in 2023, to $4,062, after going up 3 percent the previous year. The latest average tax resulted in an effective tax rate nationwide of 0.87 percent. That was up slightly from 0.83 percent in 2022, marking the first increase since 2017. View 2023 Property Taxes by County Heat Map The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county levels along with estimated market values of single-family homes calculated using an automated valuation model (AVM). The effective tax rate shows the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area. Effective rates increased last year throughout much of the U.S. amid a combination of declining home values and rising tax bills. Nationwide, the average home value dipped 1.7 percent as the nation’s decade-long housing market boom cooled off in 2023, especially in the second half of the year when median home-sale prices declined. The decrease in values, along with rising taxes, resulted in a small increase in effective rates. Rate trends this year will depend heavily on whether recent drop-offs in home mortgage rates and a historically tight supply of homes for sale around the nation prompt a market rebound. A renewed spike in values that outpaces tax increases would lower effective rates, while the opposite would likely happen if prices stagnate. “Property taxes took an unusually high turn upward last year, pushing effective rates up, while huge gaps in average tax bills between different parts of country remained in place,” said Rob Barber, CEO at ATTOM. “The tax increases were likely connected, at least in part, to inflationary pressures on the cost of operating local governments and schools, along with rising public employee wages and other major expenses.” He added that “ongoing disparities in how much homeowners pay in different parts of the country are usually related to a couple of important things: varying levels of government services and reduced economies of scale in metro areas with many small municipalities that each maintain separate local governments and school systems.” Highest effective property tax rates in Northeast and Midwest, led by Illinois, New Jersey, Connecticut, New York and NebraskaThe top 10 states with the highest effective property tax rates in 2023 were all in the Northeast and Midwest. They were led by Illinois (1.88 percent), New Jersey (1.64 percent), Connecticut (1.54 percent), New York (1.46 percent) and Nebraska (1.46 percent). Other states in the top 10 for highest effective property tax rates were Ohio (1.37 percent), Pennsylvania (1.33 percent), Vermont (1.29 percent), Kansas (1.26 percent) and New Hampshire (1.25 percent). Lowest effective rates in South and West, led by Hawaii, Arizona, Alabama, Delaware and TennesseeThe 10 states with the lowest effective property tax rates in 2023 were all in the South and West, Topping that list were Hawaii (0.31 percent), Arizona (0.41 percent), Alabama (0.42 percent), Delaware (0.43 percent) and Tennessee (0.44 percent). Other states with low effective property tax rates last year were Idaho (0.44 percent), Utah (0.45 percent), Nevada (0.48 percent), Colorado (0.48 percent) and West Virginia (0.49 percent). Northeastern states still have average taxes up to 10 times higher than elsewhereStates in the Northeast region had seven of the 10 highest average property taxes in the U.S. in 2023. They were led by New Jersey, where the average single-family-home property tax of $9,488 in 2023 was almost 10 times the average of $989 in West Virginia, which had the nation’s smallest average levy. Others states in the top five last year were Connecticut ($8,022), New York ($7,936), Massachusetts ($7,414) and New Hampshire ($7,172). The 10 states with the lowest average tax in 2023 were all in the South. Aside from West Virginia, the lowest were Alabama ($1,104), Arkansas ($1,296), Mississippi ($1,367) and Louisiana ($1,418). Highest metro-area effective rates concentrated in Illinois, Ohio, Pennsylvania and TexasAmong 223 metropolitan statistical areas around the country with a population of at least 200,000 in 2023, 15 of the 25 highest effective tax rates were in Illinois, Ohio, Pennsylvania and Texas. Metro areas with the highest effective property tax rates in 2023 were Akron, OH (2.71 percent); Rockford, IL (2.41 percent); Champaign, IL (1.95 percent); Trenton, NJ (1.94 percent) and Peoria, IL (1.91 percent). The highest effective rates among metro areas with a population of at least 1 million in 2023 were in Chicago, IL (1.84 percent); Rochester, NY (1.77 percent); Hartford, CT (1.76 percent); Cleveland, OH (1.66 percent) and Columbus, OH (1.45 percent). The lowest effective rates in 2023 were in Daphne-Fairhope, AL (0.27 percent); Salisbury, MD (0.30 percent); Honolulu, HI (0.31 percent); Knoxville, TN (0.32 percent) and Tuscaloosa, AL (0.32 percent). Aside from Honolulu, the lowest rates among metro areas with a population of at least 1 million in 2023 were in Phoenix, AZ (0.38 percent); Nashville, TN (0.45 percent); Las Vegas, NV (0.48 percent) and Salt Lake City, UT (0.49 percent). Property taxes increase faster than national average in over half of the U.S.Average property taxes rose by more than the national increase of 4.1 percent last year in 118, or 52.9 percent, of the 223 metro areas analyzed in the report. Metro areas with a population of at least 1 million that had the largest increases in average property taxes from 2022 to 2023 were Charlotte, NC (up 31.5 percent); Indianapolis, IN (up 18.8 percent); Kansas City, MO (up 16.8 percent); Denver, CO (up 15.7 percent) and Atlanta, GA (up 15.2 percent). Major markets with the largest decreases in average property taxes last year included Rochester, NY (down 28.6 percent); Houston, TX (down 26 percent); San Antonio, TX (down 11 percent); Baltimore, MD (down 8.3 percent) and Buffalo, NY (down 3 percent). Average annual property tax tops $10,000 in 21 countiesAmong 1,502 U.S. counties with at least 10,000 single-family homes in 2023, 21 had an average single-family-home property tax of more than $10,000. Of those, 12 were in the New York City metro area. The top five average taxes in counties with at least 100,000 single-family homes were in Essex County, NJ (outside New York City ($13,145); Bergen County, NJ (outside New York City) ($13,112); Nassau County (outside New York City), NY ($13,059); San Mateo County, CA ($13,001) and Santa Clara County (San Jose), CA ($12,462). Media Contact:Megan Huntmegan.hunt@attomdata.com SOURCE ATTOM

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March data shows the largest share of price reductions since 2019 with 34 out of the 50 largest metros showing an uptick in drops According to the Realtor.com® March housing report, buyers are looking at an optimistic mix of increasing inventory and an uptick in price reductions going into the Spring season. In March, the percentage of homes with price reductions increased to 15.0% – the largest share in 5 years – and the total number of homes actively for sale grew by 23.5% compared to last March (but remains well below pre pandemic levels). “Sellers are starting to warm up to the current environment, wading into the market in increasing numbers despite market mortgage rates that are likely above their existing rate, if they have a mortgage. As a result, data shows surprisingly competitive pricing trends among sellers, especially in the lead up to this year’s Best Time to Sell, which Realtor.com® reported will be between April 14th – 20th,” said Danielle Hale, Chief Economist of Realtor.com®. “As seller optimism swells, we may see even further inventory gains later in the season that will likely create a more balanced environment for hopeful homebuyers.” List of the 10 Metro Areas with Largest Share of Price Reductions of Total Inventory Across the country, price reductions were up compared with last year. In the South it was up 3.5 percentage points, +1.0 percentage points in the Midwest, +0.5 percentage points in the Northeast, and +0.2 percentage points in the West. Sellers Turned Out as Home Listing Activity Continued to ClimbBetween January 2024 and March 2024, the inventory of homes actively for sale was at its highest level since 2020. While inventory looks to be on the upswing, it’s important to note that the market is still down 37.9% compared to pre-pandemic levels. Like in February 2024, one price range in particular has outpaced all other price categories as home inventory between $200,000 and $350,000 grew by 30.5% compared to March 2023. A few metros experienced huge gains in active inventory for sale including Tampa (+58.3%), Orlando (53.3%), and Miami (48.2%). Median List Price is in Flux; Up from Last Month, But Not Much has Changed from Last YearThe national median list price increased from $415,500 to $424,900 between February and March 2024. But, when compared to last year, the median list price only increased by 0.2% from March 2023. In two weeks of March, the median list price even dipped below last year’s levels. Out of the 50 largest metros, 18 saw their median list price decline compared to last year including Miami (-8.4%), Oklahoma City (-8.3%), and San Francisco (-7.6%), while Los Angeles (+15.1%), Richmond (+11.8%), and Pittsburgh (+11.6%) saw the biggest increases. As prices fluctuate, so do the requirements for financing a home. With mortgage rates hovering between 6.6% and 7% for the past three months, the cost of financing a home (assuming a 20% down payment) increased by $63 compared to last March. March 2024 Housing Metrics – National Metric Change over Mar 2023 Change over Mar 2019 Median listing price +0.2% (to $422,700) +38.9 % Active listings +32.5 % -37.7 % New listings +16.5 % -17.2 % Median days on market -2 days (to 50 days) -15 days Share of active listings with price reductions +2.2 percentage points(to 15.0%) +0.0 percentage points Additional details and full analysis of the market inventory levels, price reductions, fluctuations and stabilization can be found in the Realtor.com® March Monthly Housing Report. Media Contactpress@move.com SOURCE realtor.com

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Veros Real Estate Solutions (Veros®), an industry leader in enterprise risk management and collateral valuation services, released its 2024 Q1 VeroFORECASTSM, with projections indicating an average nationwide appreciation of 2.9% over the next 12 months. This is an upward revision from last quarter’s forecast of 2.4%. VeroFORECASTSM evaluates home prices in over three hundred of the nation’s largest housing markets, and Veros is committed to the data science of predicting home value based on rigorous analysis of the fundamentals and interrelationships of numerous economic, housing, and geographic variables pertaining to home value. The prediction of a 2.9% increase in home prices over the next year comes amid a backdrop of low housing inventory and resilient demand despite elevated mortgage rates. Rates are expected to hover above 6.5% throughout 2024 due to inflation exceeding the Federal Reserve’s 2% target and a strong labor market, although displaying some signs of softening. Even with the high prices and mortgage rates, overall house prices are still trending up, driven by competition among homebuyers in the face of scarce listings. Further, millennials, the nation’s largest demographic, are stepping into their prime home-buying years, further amplifying demand. Though current mortgage rates exceed those of 2020-2021, they remain moderate in contrast to the daunting rates of the 1980s and 1990s. Looking ahead, the constrained housing supply will be influenced not only by financial factors but also by personal ties to homes and demographic shifts, such as Baby Boomers opting to age in place. Stringent lending regulations, a departure from the lax practices of the 2008 crisis, mitigate the risk of widespread defaults, ensuring market stability. The confluence of already high home prices and interest rates poses a formidable challenge for many buyers, particularly first-time homebuyers, underscoring affordability as a pivotal concern in the 2024 housing landscape. Consequently, buyers are gravitating towards smaller metros in the Northeast and Midwest, drawn by a blend of affordability, robust job markets, and lifestyle allure. The 10 strongest performing markets, poised for appreciation between 6%-7.5% over the next 12 months, predominantly hail from the Northeast and Midwest, boasting proximity to major metros and burgeoning opportunities catalyzed by the work-from-home trend. These include three in Pennsylvania -Lancaster, Reading, and Harrisburg; one in upstate New York – Rochester; two in New England – Manchester, NH; and Hartford, CT; and the remaining four in the Midwest – Rockford, IL; Grand Rapids, MI; Topeka, KS; and Indianapolis, IN. Rank Metropolitan Statistical Area Forecast 1 LANCASTER, PA 7.5% 2 ROCHESTER, NY 7.0% 3 MANCHESTER-NASHUA, NH 6.9% 4 READING, PA 6.7% 5 HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 6.6% 6 ROCKFORD, IL 6.5% 7 GRAND RAPIDS-KENTWOOD, MI 6.2% 8 TOPEKA, KS 6.1% 9 INDIANAPOLIS-CARMEL-ANDERSON, IN 6.1% 10 HARRISBURG-CARLISLE, PA 6.0% Conversely, the ten weakest markets anticipate a mild depreciation over the next 12 months, ranging from -1% to -3%, with several metros, such as some of those in Texas, Louisiana, and Kentucky, grappling with elevated unemployment rates and failing to attract new residents. Previously bustling markets like Austin are experiencing a slowdown due to shifting economic dynamics related to affordability challenges and a less competitive job market. The interplay of supply, demand, and economic factors continues to shape the housing market narrative, underscoring the importance of localized insights amidst broader trends. Rank Metropolitan Statistical Area Forecast 1 BROWNSVILLE-HARLINGEN, TX -3.2% 2 LAKE CHARLES, LA -2.5% 3 AUSTIN-ROUND ROCK-GEORGETOWN, TX -2.4% 4 ST. GEORGE, UT -2.1% 5 PUEBLO, CO -2.0% 6 WACO, TX -1.7% 7 PUNTA GORDA, FL -1.7% 8 BOWLING GREEN, KY -1.6% 9 BEAUMONT-PORT ARTHUR, TX -1.6% 10 MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC -1.4% Contacts Heather Zeller, Vice President of MarketingCommunications@veros.com(714) 415-6300