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FoxyAI Unveils FoxyAI-GPT: A Generative AI Model Designed to Revolutionize Real Estate Research and Analysis

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Real Estate’s AI Experts Reinforce their Commitment to Innovation by Introducing the Latest Frontier in Generative AI Technology FoxyAI, a PropTech leader in real estate visualization and property intelligence, proudly announces the launch of FoxyAI-GPT, a highly specialized generative AI model poised to redefine the real estate industry. With unrivaled expertise in artificial intelligence and real estate, FoxyAI continues its mission to deliver practical and effective solutions to real estate professionals. While off-the-shelf GPT solutions have proven their utility in general applications, they often fall short when handling the specific nuances of different industries, including real estate. FoxyAI recognized this gap and developed FoxyAI-GPT to address the industry-specific challenges real estate professionals face. FoxyAI-GPT offers real estate professionals the following benefits: FoxyAI-GPT is a multimodal Generative Pre-training Transformer (“GPT”) model that has undergone rigorous training using a rich dataset comprised of textual and visual real estate data. This unique model integrated seamlessly with various data types, including text and images, offering real estate professionals a versatile tool to enhance their work. It can also be used alongside traditional AI models, e.g., object detection models, in order to refine research beyond predefined classifications. “Empowering real estate professionals with the latest in AI tools to help them make better decisions has always been our mission at FoxyAI,” said Vin Vomero, Founder and CEO of FoxyAI. “FoxyAI-GPT is the embodiment of that commitment, designed to make real estate research and analysis more accessible and insightful than ever before.” For more information about FoxyAI-GPT and its applications in the real estate sector, please visit https://foxyai.com/foxyai-gpt/. About FoxyAIFounded in 2018, FoxyAI is the leading proptech in real estate visualization and property intelligence. The company utilizes artificial intelligence and computer vision to convert everyday real estate photos into actionable data. FoxyAI’s suite of Property Intelligence tools, all available through its API, can instantly compute quality and condition, valuations, renovation costs, detect objects and materials, and much more. For additional information on FoxyAI, visit https://foxyai.com/. Media Contact:Jacqueline Silvajacqueline@silvacommunications.com(917) 880.2464 SOURCE FoxyAI

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MAYFLOWER DATA ILLUSTRATES BOOM IN MID-SIZE METRO AREAS FOR MOVERS IN THE U.S.

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New “Finding Home” data reveals the increasing preferences for location amenities and a sense of community offered by mid-size urban cities The looming effects of COVID, coupled with an uncertain economic climate, are making way for a new migration trend — Americans are moving from large metropolitan areas to mid-size cities, and recent Mayflower Transit moving data and customer feedback has made this clear. The often-overlooked mid-size city offers comparable amenities to a larger metropolitan area at a lower cost of living, providing a better quality of life. These findings challenge the long-held belief that bigger cities are better, while highlighting the changing preferences and priorities of the American population. As part of the 2023 Mayflower “Finding Home” campaign, Mayflower surveyed thousands of individuals across the country over the last two years (movers, past movers and future movers) to understand what drove them to choose a particular city. The results showed a significant shift in mindset, with many Americans now recognizing the benefits of mid-size cities over their larger counterparts. Based on inbound moves from Mayflower data, the mid-size cities with appealing lifestyle offerings include: –  Wilmington, North Carolina (81% inbound)–  Santa Fe, New Mexico (75% inbound)–  Knoxville, Tennessee (70% inbound)–  Greenville/Spartanburg, South Carolina (67% inbound)–  Ashville, North Carolina (66% inbound)–  Greensboro/Winston Salem, North Carolina (65% inbound)–  Fayetteville, Arkansas (65% inbound)–  Charlotte, North Carolina (64% inbound)–  Indianapolis, Indiana (60% inbound) One of the key factors driving this trend is the cost of living, with Mayflower’s Finding Home survey results revealing that 91% of movers say cost of living is an important factor when buying a home. “While larger cities have traditionally been associated with higher expenses, mid-size cities offer a more affordable lifestyle without compromising on amenities and opportunities,” Mayflower’s Vice President of Corporate Communications Eily Cummings said. “Our customers are sharing incredible stories of the importance of living near an abundance of outdoor space, where they have access to arts and cultural venues, some nightlife and less traffic. As the benefits of living in mid-size cities become more apparent, it is expected that this trend will continue to shape the future of urban living across the country.” Mid-size cities are often characterized by a strong sense of community and a slower pace of life. Residents reported feeling more connected to their neighbors and experiencing a greater sense of belonging, making mid-size cities an attractive option for those seeking a more fulfilling and connected lifestyle. “Everything is attractive here,” Karen Merritt, who recently moved from California to Asheville, North Carolina, said. “It’s green all the time! There is an abundance of fresh, locally grown food, and the art community is amazing. I have met many Californians here since I arrived, and they are transplants like me — most of them have left for similar reasons.” According to the survey: “They (Ashville residents) are supporting small businesses and the surrounding communities in a big way,” Merritt said. “I want to start a small business here. I’m excited to see a community that supports small businesses.” These recent findings will have significant implications for urban planning and development in mid-size cities. As more Americans move, policymakers and city planners will need to adapt to accommodate this shifting trend. Investments in infrastructure, transportation and community development will be crucial to ensure the continued growth and success of these cities. “Knoxville isn’t a small town, but it’s not big like Los Angeles,” Ron Wollard, who recently moved from California to Knoxville, Tennessee, to be closer to family said. “There is lots to do, Smoky Mountain National Park is right here so there are recreational opportunities and a thriving economy. It is a nice blend, and it is not a problem getting from one place to another.” To learn more about Mayflower and the 2023 “Finding Home” study, visit Mayflower.com. SOURCE Mayflower

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U.S. Foreclosure Activity Sees Uplift In August 2023

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Foreclosure Starts Increase 9 Percent from Last Month;  Completed Foreclosures Up 1 Percent from Last Month ATTOM, a leading curator of land, property, and real estate data, released its August 2023 U.S. Foreclosure Market Report, which shows there were a total of 33,952 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 7 percent from a month ago but down 2 percent from a year ago. Nevada, Illinois, and South Carolina post highest foreclosure rates Nationwide one in every 4,113 housing units had a foreclosure filing in August 2023. States with the highest foreclosure rates were Nevada (one in every 2,224 housing units with a foreclosure filing); Illinois (one in every 2,433 housing units); South Carolina (one in every 2,506 housing units); New Jersey (one in every 2,585 housing units); and Delaware (one in every 2,618 housing units). Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2023 were Columbia, SC (one in every 1,471 housing units with a foreclosure filing); Fayetteville, NC (one in every 1,694 housing units); Peoria, IL (one in every 1,746 housing units); Las Vegas, NV (one in every 1,796 housing units); and Jacksonville, NC (one in every 1,848 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2023, including Las Vegas, NV, were: Cleveland, OH (one in every 1,896 housing units); Riverside, CA (one in every 2,132 housing units); Jacksonville, FL (one in every 2,137 housing units); and Chicago, IL (one in every 2,257 housing units). Austin, Nashville and Raleigh see greatest increases in foreclosure starts Lenders started the foreclosure process on 22,899 U.S. properties in August 2023, up 9 percent from last month but down 4 percent from a year ago. States that saw the greatest monthly increases and had 100 or more foreclosure starts in August 2023 included: Louisiana (up 40 percent); California (up 32 percent); Tennessee (up 32 percent); Alabama (up 30 percent); and Florida (up 28 percent). Those major metropolitan areas with a population greater than 1 million that saw the greatest monthly increases and had 50 or more foreclosure starts in August 2023 included: Austin, TX, (up 79 percent); Nashville, TN (up 77 percent); Raleigh, NC (up 73 percent); Riverside, CA (up 68 percent); and Miami, FL (up 63 percent). Foreclosure completions increase monthly but decline annually Lenders repossessed 3,354 U.S. properties through completed foreclosures (REOs) in August 2023, up 1 percent from last month but down 15 percent from last year. States that had the greatest number of REOs in August 2023, included: Illinois (324 REOs); Pennsylvania (253 REOs); Ohio (250 REOs); New York (205 REOs); and Texas (191 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2023 included: Chicago, IL (192 REOs); New York, NY (166 REOs); Philadelphia, PA (96 REOs); St. Louis, MO (76 REOs); and Detroit, MI (70 REOs). Media Contact: Christine Stricker 949.748.8428 christine.stricker@attomdata.com

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TurboTenant launches mobile app revolutionizing rental property management

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Prioritizing efficiency and tenant satisfaction, the new mobile app streamlines every aspect of rental property management TurboTenant, a rental property management company empowering landlords to self-manage their businesses, announced the launch of its all-in-one mobile app of the same name. The new app equips landlords with user-friendly tools for self-managing their rental properties — anywhere, at any time. “Recognizing the challenges landlords face in effectively managing their properties while maintaining tenant satisfaction, we built a solution for every stage of rental management,” said Seamus Nally, TurboTenant’s CEO. “Our new app places powerful tools directly into the hands of the people managing rental properties, enabling them to take control and become great landlords.” Available for iOS and Android, TurboTenant’s app boasts the same features as its beloved software, giving landlords unique flexibility and convenience plus push notifications to receive real-time updates. Streamlining how rental property managers find, screen, and manage tenants, TurboTenant offers: “It’s very nice to be able to use TurboTenant from the couch or whenever I’m not in front of [my] computer,” said experienced landlord David Turner. “[The app’s] fluid and intuitive, [making it] easy to use!” TurboTenant is committed to continuous improvement and rolls out regular updates based on user feedback to enhance the app’s capabilities. More than 550,000 independent landlords leverage TurboTenant software to create welcoming rental experiences for over 12 million tenants nationwide. Learn more at turbotenant.com. About TurboTenantBuilt by landlords for landlords, TurboTenant empowers independent property managers at every step of the rental process. More than 550,000 independent landlords nationwide enjoy TurboTenant’s free, all-in-one online property management solutions. Features offered by TurboTenant include rental applications, tenant screening, property marketing, rent payments, lease agreements, and rent reporting, streamlining every aspect of rental business operations in one place. Please contact press@turbotenant.com for specific data requests or visit turbotenant.com for more information. Contact:Krista Reutherpress@turbotenant.com SOURCE TurboTenant, Inc.

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1 in 5 Millennial Respondents Believe They’ll Never Own a Home

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About half of Gen Zers and millennials who don’t plan to buy a home in the near future say it’s because homes are too expensive Nearly one of every five (18%) millennials and 12% of Gen Zers who replied to a recent housing survey believe they will never own a home, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Lack of affordability is the number-one barrier to homeownership for young Americans. Roughly half of Gen Z and millennial renters who believe they’re unlikely to purchase a home in the near future say the high price of homes on the market is blocking them from buying. That’s the most commonly cited barrier, and it’s followed by several other affordability-related reasons. Nearly half (46%) of millennials and one-third (33%) of Gen Zers say their lack of ability to save for a down payment is a barrier, and more than one-third of both Gen Zers and millennials say mortgage rates are too high. Roughly one-third also say they’re unable to afford monthly mortgage payments. About one in five (21%) Gen Zers and 16% of millennials say they need to pay off their student loan debt before they’re able to buy a home. That’s according to a Redfin-commissioned survey conducted by Qualtrics in May and June 2023. The survey was fielded to 5,079 U.S. residents who either moved in the last year, plan to move in the next year, or rent their home. This report focuses on the 1,340 Gen Z (aged 18 to 26) and 1,973 millennial (aged 27 to 42) respondents. “The worsening housing affordability crisis has an outsized impact on Gen Zers and millennials because they’re much less likely to own a home than older generations,” said Redfin Chief Economist Daryl Fairweather. “That means many young Americans don’t benefit from rising home prices by gaining equity. Instead, these would-be first-time homebuyers bear the burden of high prices, high down payments and high monthly mortgage payments, without profits from a previous home to offset the cost. Many young people don’t have a choice between renting and buying. They’re renting their home because even though rent payments have increased, too, it’s still more affordable than buying in much of the country–and renters don’t need a down payment.” It has become much harder to afford a home since the pandemic began, especially for first-time homebuyers. Median home-sale prices are at record highs, up 40% since 2019. Wages have risen, too, but not as much: Average hourly earnings rose roughly 20% over the same period. Record-low mortgage rates and the increasing prevalence of remote work during 2020 and 2021 fueled intense homebuying demand, which drove prices up. Now, rising mortgage rates have exacerbated the expense of owning a home. Mortgage rates have more than doubled from their low, hitting their highest level in more than 20 years in August, while home prices remain high. Roughly one-quarter (26%) of Gen Z adults and half (52%) of millennials own their home, compared to 71% of Gen Xers and 79% of baby boomers. Roughly 40% of Gen Zers and millennials are working second jobs to save for their down payment, and about one-quarter plan to use a cash gift from family Of the young Americans who are planning to buy a home in the next year, many are turning to side hustles for their down payment. About two of every five Gen Zers (41%) and millennials (36%) say they’ll work a second job to help fund their down payment, the most commonly cited method aside from saving directly from paychecks. Roughly one-quarter of Gen Z (28%) and millennial (23%) homebuyers expect to receive a cash gift from family for their down payment, while 20% of Gen Zers and 15% of millennials plan to use an inheritance. Young Americans also cite investments as a way they’ll fund down payments. Just over 20% of both Gen Zers and millennials plan to sell stock, and roughly 15% of both generations plan to sell cryptocurrency. To view the full report, including charts and more details on the survey, please visit:https://www.redfin.com/news/gen-z-millennial-affordability-barrier-to-homeownership To learn about housing market trends and download data, visit the Redfin Data Center.

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Institutional Property Advisors Releases National Multifamily Construction Report

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Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), published a new national report, Pullback in Multifamily Construction Starts. “As access to development capital across the country diminishes and rent growth slows, multifamily starts are cooling,” stated Greg Willett, first vice president and national director, research services, IPA. “Among the 15 markets that account for over half of the nation’s ongoing apartment construction, building starts in the second quarter of 2023 totaled just under half the average volume recorded during the previous two years.” Pullback in Multifamily Construction Starts research report provides investors with the latest apartment construction research and analysis, including key findings such as: “Rent growth is likely to regain momentum as early as spring 2024, when the normal seasonal upturn in leasing velocity should coincide with obvious signs that today’s new supply excess is temporary,” added John Sebree, senior vice president and national director of the firm’s Multi Housing Division. “Price increases should prove robust during 2025.” Access IPA’s complete Pullback in Multifamily Construction Starts report here. About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com Contacts Gina Relva, VP of Public RelationsGina.Relva@marcusmillichap.com

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