News Updates

Homes in Upstate New York Sell in Roughly a Week While in Austin It Takes Nearly Two Months

by admin
Comment Off
422 views

Albany, Rochester and Buffalo are among the nation’s fastest housing markets. Austin, once known for its speed, is one of the slowest. In Albany, NY, the typical home that sold in September went under contract in just eight days, making it the fastest market in the country, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Next came Rochester, NY (9), Grand Rapids, MI (9) Buffalo, NY (11), San Jose, CA (12) and Seattle (12). Aside from Seattle and San Jose, all of the six fastest markets have median home sale prices well below the national level of $412,081—one reason homes in these metros are getting snatched up so quickly. The typical home that sold in Rochester last month went for $235,000, making it the 4th most affordable metro in the nation. Buffalo ranked 8th, with a median sale price of $255,000, and Albany and Grand Rapids ranked 21st and 24th, with median sale prices of $310,000 and $320,000, respectively. That’s based on a list of U.S. metropolitan areas with populations of at least 750,000. Homes in affordable places have become more competitive as housing affordability has dwindled due to rising mortgage rates and still-high home prices. The average 30-year-fixed mortgage rate hit 8% last week for the first time in 23 years, sending the typical homebuyer’s monthly payment up significantly from a year ago. “You might not think of Rochester as a hotspot, but people are still flocking into our area and supply remains very low,” said Kimberly Hogue, a local Redfin real estate agent. “Especially for someone coming with a big-city budget, paying $400,000 for a beautiful single-family home in a desirable neighborhood is a no brainer, and there just aren’t enough to go around. Even with mortgage rates near 8%, homes here are still affordable.” The situation is a bit different in nearby Buffalo, according to local Redfin agent James Strzalkowski, who has observed signs that the market is beginning to slow. “Buffalo was promoted for years as an affordable city with so much to offer, including cheaper labor, but our local economy is changing. Home prices and the general cost of living are catching up to other parts of the country,” he said. “We have a housing shortage in part because people can’t afford to move, but homes that are listed are starting to sit for longer and see price drops as mortgage rates rise and inflation impacts our city.” In Austin, Homes Used to Fly Off the Shelves. Now It’s the Second Slowest Housing Market in the Country. In New Orleans, the typical home that sold in September went under contract in 70 days, making it the slowest market in the country. Next came Honolulu (62), Austin, TX (59), West Palm Beach, FL (58), McAllen, TX (53) and Charleston, SC (53). Homes in most of the aforementioned markets have historically taken longer to sell than the typical U.S. home. The outlier is Austin, where homes have historically sold faster. Austin exploded in popularity during the pandemic as scores of remote workers moved in from expensive coastal cities to take advantage of the area’s relatively affordable housing. In turn, home prices skyrocketed, and many homebuyers were priced out. Austin’s housing market has lost its edge in large part because it has become more expensive. The typical home that sold in September went for $450,000, or 9.2% more than the typical U.S. home. That gap has narrowed since home prices peaked last spring, when homes in Austin were selling for nearly 30% more than the typical U.S. home. To view the full report, including charts and metro-level data, please visit: https://www.redfin.com/news/fastest-slowest-housing-markets-september-2023/

by admin
Comment Off
382 views

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released its monthly Loan Performance Insights Report for August 2023. In August 2023, 2.6% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.2 percentage point decrease compared with 2.8% in August 2022 and a 0.1 percentage point decrease from July 2023. To gain a complete view of the mortgage market and loan performance health, CoreLogic examines all stages of delinquency. In August 2023, the U.S. delinquency and transition rates and their year-over-year changes, were as follows: The share of U.S. mortgages that fell into serious delinquency — representing borrowers who are three months late on payments — dropped to the lowest level in nearly 25 years in August, at 0.9%. Nationwide, overall mortgage delinquencies (2.6%) and foreclosures (0.3%) also remained near historic lows, a clear sign that most U.S. homeowners can currently cover their monthly payments. But as interest rates have approached 8% in October, more prospective buyers could be sidelined, a factor that makes timing the housing market crucial to building long-term wealth. “U.S. mortgage performance remained strong in August, supported by a robust job market and a healthy economy,” said Molly Boesel, principal economist at CoreLogic. “However, this thriving job market comes at a time when interest rates are quickly rising, which is keeping many potential homebuyers from being able to secure a mortgage.” State and Metro Takeaways: The next CoreLogic Loan Performance Insights Report will be released on November 30, 2023, featuring data for September 2023. For ongoing housing trends and data, visit the CoreLogic Intelligence Blog: www.corelogic.com/intelligence. Source: CoreLogic

by admin
Comment Off
382 views

With investment from Fika, Navitas, and Clocktower Blox, the financial AI automation company for real estate, announced the launch of its all-in-one software platform. Blox uses machine learning to automate key receivables tasks, including statement audit, refunds, payments, messaging, disputes, settlements, and bank treasury. Blox is founded by real estate technology veteran, Derek Merrill, who previously founded LeaseLock, installed in almost 500,000 apartment homes. Blox closed pre-seed investment from Fika Ventures, Navitas Capital, and Clocktower Technology Ventures. Navitas is anchored by strategic real estate LPs that include AvalonBay, Equity Residential, Greystar, and Invitation Homes. Blox is designed to help rental property operators centralize financial operations to drive efficiency, while also generating property NOI. The platform’s AI capabilities are fueled by property data sets, enabling individualized payment plans, email and text notifications, custom settlement offers, and other receivables automations. All features are managed from a single dashboard by a centralized resource, freeing up site teams to focus on core property initiatives. “The current market is forcing property management companies to accelerate their future operating models,” said Derek Merrill, CEO and founder of Blox. “Software is required to enable the transformation—and Blox is excited to help operators get there.” “We’re excited to partner with Blox, led by a visionary founder applying AI and machine learning to unfold a wider financial technology platform for the built world,” said TX Zhuo, General Partner at Fika. Blox comes pre-integrated to all major property management systems including RealPage, Yardi, Entrata, MRI, and ResMan. For more information, please visit bloxbot.com. About Blox: Blox is financial AI automation for real estate. Our all-in-one software platform helps rental property operators automate key receivables tasks, including statement audit, refunds, payments, messaging, disputes, settlements, and bank treasury. Blox is designed to help property management companies centralize their operations and drive efficiency, while also boosting property NOI. Contacts Lindsey HollandVP, Client ServicesBlox Platforms Inc.lindsey@bloxbot.com

by admin
Comment Off
233 views

U-Haul®, the industry leader in DIY moving and self-storage, announced an exclusive partnership with resident technology company Moved™. The agreement includes exclusive rights for both U-Haul and Moved’s business-to-business-to-consumer (B2B2C) software, which streamlines the onboarding and offboarding process for tenants of multifamily communities. It’s a first-of-its-kind commercial agreement for U-Haul, which has been providing movers with affordable mobility solutions since 1945. This also marks the first outside investment of U-Haul in a software firm. The U-Haul Tenant Moving Services division is an ideal partner for Moved, which addresses the need of multifamily housing owner-operators to offer tenants an easy and efficient “one-stop shop” for move-in and move-out services. Visit Moved.com to learn more or book a demo. “Renters have been turning to U-Haul for 78 years, and we’ve been there with the expertise to help,” stated John “JT” Taylor, President of U-Haul International. “This partnership is another way for us to reach renters and make their moving experience better. It puts the world’s largest DIY moving fleet at their fingertips, as well as U-Haul self-storage, U-Box portable moving containers, moving supplies, and localized access to 7,000 Moving Help Service Providers® and 23,000 U-Haul rental locations. Putting customers first is what U-Haul is about. Moved is another way to help us achieve that.” Renters move every two years on average. As the multifamily housing landscape continues to change, owner-operators face challenges like increasing costs, lower occupancy rates and evolving resident expectations. When residents move in (or out) of apartments, they anticipate a smooth and user-friendly experience. Moved and U-Haul help alleviate stress and improve tenant satisfaction while providing the most cost-effective solutions. Moved streamlines administrative tasks for management companies, reduces inefficiencies and, most importantly, provides a better moving experience for tenants. “Moved is on a mission to eliminate stress from moving – for multifamily owners and operators, as well as their residents,” stated Adam Pittenger, CEO of Moved. “Partnering with an iconic brand like U-Haul marks a significant milestone in our journey to achieving that goal and delivering a world-class moving experience.” About U-HAUL Founded in 1945, U-Haul is the No. 1 choice of do-it-yourself movers with more than 23,000 rental locations across all 50 states and 10 Canadian provinces. The enhanced U-Haul app makes it easier for customers to use U-Haul Truck Share 24/7 to access trucks anytime through the self-dispatch and self-return options on their smartphones through our patented Live Verify technology. Our customers’ patronage has enabled the U-Haul fleet to grow to 192,200 trucks, 138,500 trailers and 44,500 towing devices. U-Haul is the third largest self-storage operator in North America with 959,000 rentable units and 82.3 million square feet of self-storage space at owned and managed facilities. U-Haul is the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry. We were recently named one of America’s Best Large Employers (Forbes, 2023); a Best for Vets Employer (Military Times, 2022); and one of the Healthiest Workplaces in America (Healthiest Employers, 2022). Find careers at uhauljobs.com. Get the U-Haul app from the App Store or Google Play. About Moved Moved is a fully integrated, web-based software platform designed specifically for multifamily communities to create efficiency on-site by automating the move-in and out process, delivering an unforgettable experience for residents, and driving ancillary revenue. The interface guides residents through tasks required by the property they’re moving to or from – everything from uploading renters insurance, reserving elevators and loading docks to scheduling key pick-ups. This transparent, self-serve dashboard makes moving easy for residents while automating tasks for property management teams. Moved is an open platform that integrates easily with Yardi, RealPage, ResMan, Entrata, and more. SOURCE U-Haul

by admin
Comment Off
243 views

New listings inched up as some homeowners opted to cash out, fearing that elevated mortgage rates could drive a drop in home prices New listings climbed 1.4% month over month in September, the largest increase since February 2022 on a seasonally adjusted basis, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s a glimmer of relief for homebuyers, who for months have been waiting for more homes to hit the market. “A lot of Americans are sitting on piles of money in their homes, and some are opting to cash out even if it means giving up their low mortgage rate; they’re worried there’s a possibility home prices will fall if rates remain elevated. We expect rates to remain high for the foreseeable future,” said Redfin Chief Economist Daryl Fairweather. “But we also expect prices to stay high into next year. Housing supply is so strained that even a small uptick in listings lures buyers off the sidelines, bolstering sales.” Still, new listings dropped 8.9% on a year-over-year basis in September and remained far below pre-pandemic levels. That’s because mortgage rates hit the highest level in more than two decades, with the average weekly 30-year-fixed rate clocking in at 7.2%. It has since moved even higher, last week hitting a weekly average of 7.63%, and 8% on a daily basis. The overall supply of homes for sale (active listings) rose 1.9% month over month in September on a seasonally adjusted basis, the largest gain since last summer. But active listings fell 16.9% from a year earlier and remained near the lowest level on record as homeowners continued to feel locked in to their low mortgage rates. Pending Home Sales Tick Up, But Deals Fall Through at the Highest Rate in Almost a Year Pending home sales rose 1.3% month over month to the highest level in nearly a year on a seasonally adjusted basis as more listings hit the market. They were down 12.1% from a year earlier. But while pending sales—the number of homes going under contract—improved in September, closed sales fell to the lowest level since the onset of the pandemic. They dropped 1.5% from a month earlier and 12.8% from a year earlier on a seasonally adjusted basis. Pending sales ticking up and closed sales ticking down can be explained partly by a high portion of buyers backing out of contracts due to rising mortgage rates. Roughly 53,000 U.S. home-purchase agreements were canceled in September, equal to 16.3% of homes that went under contract that month—the highest percentage since October 2022, when mortgage rates surpassed 7% for the first time in two decades. That compares with 15.2% a month earlier and 15.8% a year earlier. “Buyers are extra cautious right now. They want to make sure they’re getting a good deal given how much mortgage payments have gone up, and when they don’t feel like they’re getting a good deal, they’re backing out,” said Heather Kruayai, a Redfin Premier Agent in Jacksonville, FL, which saw the second highest rate of deal cancellations among the major metros Redfin analyzed. “Transactions are also falling apart due to skyrocketing insurance premiums and disagreements between buyers and sellers over necessary repairs. Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close the deal.” Prices Continue to Climb as Lack of Supply Creates Competition The median U.S. home sale price rose 1.9% year over year to $412,081 in September, and fell 2% from a month earlier—typical for this time of year. Activity in the housing market is sluggish due to high mortgage rates, but prices remain near their record high because the buyers who are out there are competing for a limited number of homes. Nearly two of every five homes (37.4%) that went under contract in September did so within two weeks, up from 32.6% a year earlier—a sign of homebuyer competition. Starter homes are particularly competitive right now, Redfin agents say, because housing affordability has fallen so dramatically. Metro-Level Highlights: September 2023 To view the full report, including charts, tables, a metro-level breakdown and methodology, please visit: https://www.redfin.com/news/housing-market-tracker-september-2023

by admin
Comment Off
193 views

The U.S. is experiencing its costliest year ever in 2023 for severe convective storms, with insured losses from these events exceeding $50 billion through the end of September, according to the Insurance Information Institute (Triple-I.) Severe convective storms include natural catastrophes such as thunderstorms with lightning, hail, tornadoes, and derechos, which are organized lines of thunderstorms with widespread damaging winds. Tornadoes in Arkansas, Illinois, and Mississippi caused a significant loss of life and property damage in 2023’s first-half. They were followed by this summer’s intense hailstorms in Colorado and Minnesota, among other states. U.S. auto, home, and business insurers cover insured properties impacted by wind, hail, and lightning-caused fires. Flood-caused damage to private-passenger vehicles is covered under the optional comprehensive portion of a personal auto insurance policy. “A $50 billion loss for a single peril is a big deal,” said Steve Bowen, chief science officer, Gallagher Re, who collaborated with Triple-I on its just-released Issues Brief, Severe Convective Storms: State of the Risk. “In fact, the U.S. has had six years since 2010 where all annual catastrophe losses combined did not reach this threshold.” The higher dollar amount of the insured losses can be attributed in part to these events striking densely populated U.S. communities, the site of homes and commercial buildings which are costly to repair and replace, a Swiss Re study cited by Triple-I found. The 2023 weather and climate disasters causing at least $1 billion in damage, both insured and uninsured, are chronicled by the federal government and featured in a chart which is incorporated into Triple-I’s latest Issues Brief. There are steps individuals, communities, and businesses can take to manage these risks and to mitigate against severe convective storms, the Triple-I Issues Brief states. Two of them include: About the Insurance Information Institute With more than 50 insurance company members — including regional, super-regional, national, and global carriers — the Insurance Information Institute (Triple-I) is the #1 online source for insurance information in the U.S. The organization’s website, blog and social media channels offer a wealth of data-driven research studies, white papers, videos, articles, infographics and other resources solely dedicated to explaining insurance and enhancing knowledge. Unlike other sources, Triple-I’s sole focus is creating and disseminating information to empower consumers. It neither lobbies nor sells insurance. Triple-I offers objective, fact-based information about insurance – information that is rooted in economic and actuarial soundness. Triple-I is affiliated with The Institutes Risk and Insurance Knowledge Group.