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OPPORTUNITY ZONE HOUSING MARKETS REBOUND IN Q2 2023 ALONG WITH REST OF NATION

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Median Home Values Increase After Period of Decline in Majority of Opportunity Zones Targeted for Economic Redevelopment Around U.S. ATTOM, a leading curator of land, property, and real estate data, released its second-quarter 2023 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017. In this report, ATTOM looked at 3,909 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the second quarter of 2023. The report found that median single-family home and condo prices increased from the first quarter of 2023 to the second quarter of 2023 in 61 percent of Opportunity Zones around the country, and rose at least 5 percent in about half. The increases reversed a brief fallback in values during the prior two quarters in a majority of zones, which sit in and around low-income neighborhoods where the federal government offers tax breaks to spur economic revival. The renewed price growth continued a long-term pattern of trends in Opportunity Zones largely matching those in other neighborhoods around the U.S. Values in those areas also dipped from late 2022 into early 2023 before recovering in the second quarter. Changes in home values inside Opportunity Zones have been tracking closely with national patterns for at least the last three years – mostly rising in a sign of economic strength inside some of the country’s most distressed communities. By two key measures, Opportunity Zone markets even showed signs of rebounding slightly better than other neighborhoods around the country during the second quarter of this year. Median prices inside those zones rose more often at a faster pace than the nationwide gain both quarterly and annually. “Another quarter and another sign of housing market strength. That was the story yet again in Opportunity Zones around the U.S. during the Spring buying season of 2023,” said Rob Barber, CEO for ATTOM. “It doesn’t seem to matter whether the national market is booming or cooling off. Prices are rising or falling at about the same pace inside Opportunity Zones as they are elsewhere around the U.S. – and even doing a little better in some ways. For sure, prices remain low in Opportunity Zones. But once again, home value trends present a positive note for investors considering using federal tax breaks offered to redevelop neighborhoods in need of revival.” Opportunity Zones are defined in the Tax Act legislation as census tracts in or alongside low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas that have 1,200 to 8,000 residents, with an average of about 4,000 people. As they have for many years, or even decades, typical home values in Opportunity Zones continued to fall well below those in most other neighborhoods around the nation in the second quarter of 2023. Median second-quarter prices were less the U.S. median of $350,000 in 80 percent of Opportunity Zones analyzed. That was about the same portion as in earlier periods over the past year. In addition, median prices remained less than $200,000 in 49 percent of the zones during the second quarter of 2023. Considerable price volatility also continued in Opportunity Zones, with median values either dropping or increasing by at least 5 percent in two-thirds of those locations from the first quarter of 2023 to the second quarter of 2023. That likely reflected the small number of sales in many zones. Still, second-quarter trends showed that the earlier downturn in home values nationwide failed to cause a long-term slump in Opportunity Zones, despite their economic distress. That suggests that a decade of home-price runups across the U.S. continues to leave a significant cluster of potential buyers with limited resources no choice but to take a chance and purchase homes in the lowest-priced communities. The apparently healthy demand in the second quarter continued even as home-mortgage rates climbed back up toward 7 percent for 30-year loans this Spring, cutting into what buyers could afford. “Opportunity Zones appear to still be enjoying the trickle-down effect of value spikes in mid-level markets that have likely priced marginal buyers out,” Barber added. “With an ongoing tight supply of homes for sale pushing the trends even more throughout the country, there are no major signs that Opportunity Zones price patterns will fall out of step with the national scenario in the near future.” High-level findings from the report: Media Contact:Christine Stricker949.748.8428christine.stricker@attomdata.com SOURCE ATTOM

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July Sales Down but Inventory is Up, Sellers Get Their Asking Price July marked the first month-over-month decline in home sales since April, signaling that perhaps the peak of summer buying is beginning to taper. Growth in the inventory of homes for sale inched up alongside modest increases in interest rates despite strong consumer demand. July home sales declined 14.7% from June and 16.1% compared to a year ago. The decline was tied to a 9.0% drop in new listings month over month and represented 26.7% fewer new listings year over year across the 50 metro areas surveyed. July inventory was up 3.1% from June, even though it still lagged 20.8% from July 2022. Tight inventory amid consistent demand continued to prop up the median sales price of $425,000. This is a marginal decline of less than 1% compared to June, while registering a 1.2% upswing in comparison to July 2022. With the average close-to-list price ratio in July at 100%, sellers were able to get their asking price from buyers. That was the average close-to-list ratio in June as well but was a decline from the 101% ratio recorded a year ago. “The market is playing out like we expected it to, it’s bumpy,” says Nick Bailey, President and CEO of RE/MAX LLC. “The inventory situation is unique — we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers’ confidence should strengthen, helping boost market activity.” Real estate agent Jeffrey Decatur of RE/MAX Capital in Latham, NY says it’s important to remember that real estate is hyper local. “The market continues to keep us on our toes. Inventory levels still pose a challenge in some areas while others are shifting and appreciating. Buyers are adjusting, too, and in some cases expanding search criteria or commute times to find more options. Working with an experienced professional who understands the nuances of the local market is the best way to navigate the ever-changing market.” Other notable metrics: Highlights and local market metrics for July include: New Listings Of the 50 metro areas surveyed in July 2023, the number of newly listed homes is down 9.0% compared to June 2023, and down 26.7% compared to July 2022. The markets with the biggest decrease in year-over-year new listings percentage were Phoenix, AZ at -59.3%, Las Vegas, NV at -45.8% and Providence, RI at -37.4%. Only one market had an increase in year-over-year new listings percentage, Kansas City, MO at +1.8%. Closed Transactions Of the 50 metro areas surveyed in July 2023, the overall number of home sales is down 14.7% compared to June 2023, and down 16.1% compared to July 2022. The markets with the biggest decrease in year-over-year sales percentage were Dover, DE at -34.9%, Providence, RI at -27.3%, and New York, NY at -24.4%. Only two markets had an increase in year-over-year sales percentage, Cincinnati, OH at +16.1% and Coeur d’Alene, ID at +12.7%. Median Sales Price – Median of 50 metro area pricesIn July 2023, the median of all 50 metro area sales prices was $425,000, down 0.7% compared to June 2023, and up 1.2% from July 2022. The markets with the biggest year-over-year decrease in median sales price were Phoenix, AZ at -4.4%, San Antonio, TX at -3.7%, and Las Vegas, NV at -3.4%. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +14.1%, Bozeman, MT at +9.2%, and Milwaukee, WI at +9.0%. Close-to-List Price Ratio – Average of 50 metro area pricesIn July 2023, the average close-to-list price ratio of all 50 metro areas in the report was 100%, flat compared to June 2023, and down from 101% compared to July 2022. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the lowest close-to-list price ratios were a tie between Bozeman, MT and New Orleans, LA at 97%. The highest close-to-list price ratios were a tie between Hartford, CT and Trenton, NJ at 105%. Days on Market – Average of 50 metro areasThe average days on market for homes sold in July 2023 was 30, up 1 day compared to the average in June 2023, and up 6 days from the average in July 2022. The metro areas with the lowest days on market were a tie between Baltimore, MD and Washington, DC at 11, followed by another tie between Dover, DE and Trenton, NJ at 12. The highest days on market averages were in Fayetteville, AR at 68, Coeur d’Alene, ID at 59, and San Antonio, TX at 54. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed. Months’ Supply of Inventory – Average of 50 metro areasThe number of homes for sale in July 2023 was up 3.1% from June 2023 and down 20.8% from July 2022. Based on the rate of home sales in July 2023, the months’ supply of inventory was 1.5, up from 1.3 in June 2023, and decreased compared to 1.6 in July 2022. In July 2023, the markets with the lowest months’ supply of inventory were a four-way tie between Charlotte, NC, Manchester, NH, Seattle, WA, and Trenton, NJ at 0.7. The markets with the highest months’ supply of inventory were San Antonio, TX at 3.5, Bozeman, MT at 3.4, and New Orleans, LA at 3.1. SOURCE RE/MAX, LLC

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Roc Capital Holdings LLC (“Roc360”, the “Company”), a vertically integrated platform for residential real estate investors and a leading originator of business-purpose loans, and Temasek, a global investment company headquartered in Singapore, announced the launch of Roc360 Real Estate Income Trust Inc (“Roc360 REIT”). The externally managed mortgage REIT will invest in business purpose loans for residential real estate investment properties principally originated by Roc360. Since its founding, Roc360’s core focus has been to connect the highly fragmented business of residential investment property lending with institutional capital through an “originate-to-sell” business model. The formation of the Roc360 REIT establishes Roc360’s presence as an asset manager, which will enable the Company to further diversify its base of committed capital to enhance the certainty of capital for its borrowers. “As demand for our assets has increased, we view the Roc360 REIT as an opportunity to secure more funding for our customers by diversifying our range of capital sources,” said Arvind Raghunathan, Ph.D., Roc360 Founder and Chief Executive Officer. “We are honored to partner with Temasek on this important endeavor, which will have a beneficial impact on our customers’ ability to scale their businesses in combating the shortage of affordable, energy efficient homes in this country.” The partnership between Roc360 and Temasek highlights the continued interest in US residential real estate from the international investor community. “This year, we have taken a number of steps to grow our origination capabilities both organically and via acquisitions. As such, we view the Roc360 REIT as a natural extension of our platform, which binds best-in-class origination capabilities and diverse, committed and scalable capital through technology and data which provides our borrowers certainty of execution and a streamlined process. We are excited to provide an alternate funding model for this segment of the industry outside of whole loan purchases and securitization markets,” said Maksim Stavinsky, Co-Founder and President of Roc360. In addition to the REIT, Roc360 will maintain and expand its existing loan purchase programs and asset management solutions to accommodate its growing origination footprint. Deutsche Bank Securities Inc. served as sole structuring agent for this transaction. About Roc360 Roc360 is a leading financial services platform for residential real estate investors, providing vertically integrated solutions, including lending, servicing, insurance, and valuation. Founded in 2014 by Arvind Raghunathan, Maksim Stavinsky and Eric Abramovich, Roc360 employs over 300 people and its wholesale and retail brands have funded in excess of $25 billion in loans throughout the United States since inception. The company is headquartered in New York City with offices on three continents. Prior to Roc360, the company’s founding partners and its leadership team had extensive experience in founding and/or serving in senior capacities in asset and risk management roles at a range of global financial institutions. For more information about Roc360, please visit www.roc360.com

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Poplar is among the top 13 fastest-growing companies in the San Jose, CA, metro and top 31 in real estate Inc. revealed today that Poplar Homes is No. 865 on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America. In addition to making its debut on the Inc. 5000 in the top third of the overall list, Poplar Homes ranked as the 13th fastest-growing company headquartered in the San Jose, Sunnyvale, Santa Clara, Calif. MSA and the 31st fastest-growing real estate company in the country. The ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. Facebook, Chobani, Under Armour, Microsoft, Patagonia, and many other household name brands gained their first national exposure as honorees on the Inc. 5000. “We are honored to be included on the 2023 Inc. 5000 list of America’s fastest-growing public companies,” Poplar Co-Founder and CEO Greg Toschi said. “This recognition is a testament to the incredible work our team has done to change the way millions of independent owners of single-family and multifamily properties manage their rental properties.” Poplar Homes was founded in 2014 by Toschi, Rico Mok, Chief Technology Officer, and Chuck Hattemer, Chief Marketing Officer, to help solve for their own housing needs while students at Santa Clara University. Since that time, by combining its proprietary tech-enabled property management platform with the expertise of local property management teams Poplar has evolved its services to help both owners and renters. With Poplar, individual property investors, who comprise two-thirds of the $85 billion SFR market, have access to the tools and services typically only available to large institutional investors, while renters have the ability to tour, get approved and rent properties online while earning credit to achieve their homeownership goals. “Running a business has only gotten harder since the end of the pandemic,” said Inc. Editor-In-Chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.” In the past two years, Poplar has grown rapidly, completing 19 acquisitions that have expanded its presence to over 25 markets in 17 states and 15,000 doors under management. The company is on track to be in 18 new markets and grow to 25,000 doors in 2023. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, can be found at www.inc.com/inc5000. About Poplar HomesPoplar Homes is a national technology-enabled property management company that empowers both property owners and residents throughout their lifetime real estate journey. With remote staffing and a proprietary full-stack platform, Poplar offers zero-fuss leasing, managing, and maintenance services to over 15,000 doors across 17 states and over 25 major markets. For renters entering the market, Poplar rebalances the power dynamic and makes it easy to get approved, view available properties, and rent a home online. For property owners, Poplar Homes makes maintaining a rental home as easy as managing a stock portfolio online. Poplar’s coast-to-coast expansion is bringing national tools to local teams, empowering investors to manage and monetize residential rental property across disparate locations while increasing efficiencies by 5x and saving thousands in operating costs. Contact:Janice McDillPoplar Homes PRjanice.mcdill@poplarhomes.com312.307.3134

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Affordable markets including Little Rock and Milwaukee saw the biggest jumps in value, while pricey West Coast metros and pandemic boomtowns faced large drops; L.A. has shed $153 billion since last summer The total worth of U.S. homes hit a record $46.8 trillion in June, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. This overtakes the prior all-time high of $46.6 trillion set a year earlier, as a shortage of homes for sale propped up housing values. The value of U.S. homes rose 0.4% ($166.2 billion) from a year earlier in June and 19.1% ($7.5 trillion) from two years earlier. The housing market has now offset the $2.9 trillion decline in value—set off by rising mortgage rates—that occurred from June 2022 through February 2023. “The dominance of the 30-year fixed rate mortgage in America is propping up home values,” said Redfin Economics Research Lead Chen Zhao. “Tons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan. Now they’re staying put because moving would mean taking on a rate that’s twice as high. This means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging.” Roughly nine in 10 homeowners with mortgages have a mortgage rate under 6%, which is nearly a full percentage point below today’s 6.96% average. As a result, just 1% of the nation’s homes have changed hands this year—the lowest share in at least a decade. The number of houses for sale in the U.S. dropped 15% year over year to an all-time low in June, the biggest annual decline in nearly two years. West Coast Tech Hubs, Pandemic Boomtowns Saw Biggest Drops in Home Value There are 32 U.S. metropolitan areas where aggregate home value declined from a year earlier in June, bucking the national trend. Eleven of those 32 are in California and seven are in Texas. This analysis includes the 100 most populous metro areas for which there was sufficient data. The value of homes in Austin, TX fell 9.6% year over year to $388.1 billion in June—a larger decline than any other metro. Next came Oakland, CA (-8.7%), Seattle (-8.1%), San Francisco (-7.8%) and Los Angeles (-6.6%). Rounding out the top 10 are San Jose, CA, Phoenix, Oxnard, CA, Las Vegas and Sacramento, CA. Pricey West Coast markets like San Francisco and Seattle have experienced outsized declines because they’re among the most expensive markets in the nation, meaning home values had more room to fall. Scores of remote workers left these areas during the pandemic in search of more space and better bang for their buck, contributing to the drop in value. Additionally, the West Coast has been hit hard by tech layoffs. Many buyers in pricey coastal markets also got sticker shock after seeing the impact of elevated mortgage rates on paper; in a metro like San Francisco, a higher rate can equate to a monthly housing bill that’s thousands of dollars more expensive. The situation is somewhat similar in pandemic boomtowns; home values overheated, leaving many people priced out. Values surged in Sun Belt metros including Austin, Phoenix and Las Vegas because scores of remote workers moved in. Now, home values in those areas are coming back down to earth. “Occasionally, a special house will get multiple offers, but that’s not the norm in Austin anymore,” said local Redfin Premier real estate agent Carmen Gioia. “Buyers are shopping but taking their sweet time, in part because there’s so much inventory. I’m warning my sellers that it could take a few weeks to sell, even if their home is priced well.” In dollar terms, Los Angeles saw the biggest decline in aggregate home value, posting a $152.6 billion year-over-year decline in June. It was followed by Oakland (-$85.8 billion), Seattle (-$82.7 billion), Phoenix (-$58.4 billion) and San Francisco (-$57.5 billion). Relatively Affordable Markets Posted the Biggest Gains in Home Value The value of homes in Little Rock, AR climbed 8.8% year over year to $63.7 billion in June—a bigger increase than any other metro. Next came Camden, NJ (8.7%), Milwaukee (8.5%), Wilmington, DE (8.5%), Bridgeport, CT (8.3%), Greenville, SC (7.8%), Hartford, CT (7.6%), Charleston, SC (7.2%), Greensboro, NC (7.2%) and Columbia, SC (7.1%). Home values in these areas didn’t overheat nearly as much as they did in places like Phoenix and San Francisco during the pandemic, meaning they have room to rise. In a majority of the 10 aforementioned markets, the typical home still sells for below the national median of $426,056. That’s likely bolstering homebuyer demand, because fewer people are priced out. In dollar terms, Atlanta saw the biggest jump in aggregate home value, posting a $40.1 billion year-over-year increase in June. It was followed by Boston ($33.4 billion), Miami ($30.3 billion), New Brunswick, NJ ($22.6 billion) and Montgomery County, PA ($21.4 billion). Millennials Now Hold More Home Value Than the Silent Generation The total value of U.S. homes owned by millennials rose 2.9% year over year to $5 trillion in the first quarter of 2023—the most recent period for which generational data is available—a bigger increase than any other generation. That’s the second quarter in a row that Millennials have held more value than the Silent Generation, on a revised basis. The value of homes owned by the Silent Generation fell 11.4% to $4.7 trillion. Meanwhile, the value of homes owned by Generation X dropped 0.7% to $13.4 trillion, and the value of homes owned by Baby Boomers was flat, at $18 trillion. The Silent Generation has lost home value as many of its members have passed away or moved into retirement homes. Millennials have gained value because they’re in prime homebuying age, which means they’re purchasing substantially more homes than they were in recent years. Millennials now make up the biggest piece of the homebuying pie, purchasing roughly 60% of homes bought with mortgages over the last several years. Interestingly, Millennials have lost home equity. Millennial home equity declined 18.2% year over year in the first quarter—a bigger decline than any other generation. Home Values Held Up Better in Suburbs and Rural Areas Than in Urban Areas The total value

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Foreclosure Starts Down 12 Percent from Last Month; But Completed Foreclosures Up 4 Percent ATTOM, a leading curator of land, property, and real estate data, released its July 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,877 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 9 percent from a month ago but up 5 percent from a year ago. “The slight decline in foreclosure filings we are seeing is yet another sign of a rebounding housing market,” said Rob Barber, CEO at ATTOM. “With home prices back up, several factors have combined to put more financial resources in the hands of homeowners, providing more options to avoid foreclosure. However, given with the U.S. housing market remains in flux, the various forces at play could keep the market improving or turn it back downward over the coming months.” Maryland, New Jersey and Delaware post highest foreclosure ratesNationwide one in every 4,380 housing units had a foreclosure filing in July 2023. States with the highest foreclosure rates were Maryland (one in every 2,071 housing units with a foreclosure filing); New Jersey (one in every 2,335 housing units); Delaware (one in every 2,343 housing units); Illinois (one in every 2,430 housing units); and South Carolina (one in every 2,511 housing units). Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in July 2023 were Fayetteville, NC (one in every 1,367 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,708 housing units); Columbia, SC (one in every 1,747 housing units); Trenton, NJ (one in every 1,870 housing units); and Cleveland, OH (one in every 1,957 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in July 2023, including Cleveland, OH, were: Baltimore, MD (one in every 1,991 housing units); Las Vegas, NV (one in every 2,098 housing units); Jacksonville, FL (one in every 2,243 housing units); and Philadelphia, PA (one in every 2,273 housing units). Salt Lake City, Honolulu and Kansas City see largest declines in foreclosure startsLenders started the foreclosure process on 21,020 U.S. properties in July 2023, down 12 percent from last month and down 2 percent from a year ago. States that saw the greatest monthly declines and had 10 or more foreclosure starts in July 2023 included: Hawaii (down 51 percent); New Hampshire (down 45 percent); Idaho (down 43 percent); Arkansas (down 40 percent); and Alabama (down 38 percent). Those major metropolitan areas with a population greater than 1 million that saw the greatest monthly declines in foreclosure starts in July 2023 included: Salt Lake City, UT (down 63 percent); Honolulu, HI (down 53 percent); Kansas City, MO (down 46 percent); Rochester, NY (down 43 percent); and Birmingham, AL (down 41 percent). Foreclosure completions continue to increase monthly and annuallyLenders repossessed 3,332 U.S. properties through completed foreclosures (REOs) in July 2023, up 4 percent from last month and up 9 percent from last year. States that had the greatest number of REOs in July 2023, included: Illinois (355 REOs); Pennsylvania (230 REOs); California (217 REOs); Michigan (200 REOs); and Texas (200 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in July 2023 included: Chicago, IL (233 REOs); New York, NY (148 REOs); St. Louis, MO (104 REOs); Baltimore, MD (82 REOs); and Philadelphia, PA (80 REOs). Media Contact:Christine Stricker949.748.8428christine.stricker@attomdata.com SOURCE ATTOM