News Updates

Downward Trend Continues for Foreclosure Filings

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ATTOM Data Solutions‘ July 2020 U.S. Foreclosure Market Report revealed a total of 8,892 U.S. properties with foreclosure filings (i.e., default notices, scheduled auctions or bank repossessions in July 2020. That’s down 4% percent from a month ago and 83% from a year ago. “Even as mortgage delinquency rates climb, foreclosure activity continues to be artificially low due to moratoria put in place by the federal and state governments,” said Rick Sharga, executive vice president at RealtyTrac. “It’s inevitable that there will be a significant increase in foreclosures once these moratoria have expired, although it’s unlikely that we’ll see default rates reach the levels we saw during the Great Recession.” Nationwide one in every 15,337 housing units saw a foreclosure filing during the time period. Three states—Delaware (1 in 6,489 housing units), South Carolina (1 in 7,328) and Maine (1 in 7,542)—posted the highest state foreclosure rates. New Mexico and California posted rates just behind those three states. Metropolitan areas with a population greater than 1 million that had the worst July 2020 foreclosure rates were Louisville, Kentucky (1 in every 5,383 housing units); Riverside, California (1 in every 7,345 ); Baltimore, Maryland (1 in every 8,139); Cincinnati, Ohio (1 in every 8,289); and St. Louis, Missouri (1 in every 8,514). Foreclosure starts were down across the country. A total of 4,530 U.S. properties started the foreclosure process in July 2020, which is 7% decrease from June 2020 and 83% from a year ago. States bucking the national trend and posting month-over-month increases in foreclosure starts included Connecticut (up 54%); Michigan (up 42%); Missouri (up 34%); Virginia (up 32%); and California (up 1%). Bank repossessions continued to drop to their lowest levels, with lenders foreclosing (REO) on a total of 2,163 U.S. properties in July 2020, down 14% from last month and 80% from a year ago, the lowest level since ATTOM began tracking in 2005. Author admin View all posts

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Real estate technology company Kleard has partnered with Kangaroo Home Security to offer its self-touring technology, called Kleared Now. The partnership between Kleard and Kangaroo will allow agents to purchase a home security package created specifically for real estate listings. Two package options are available. Both include a doorbell camera, door/motion sensors and an indoor camera. Installation will be completed via the Kangaroo app. In-app notifications will inform agents when buyers arrive, doors are opened and closed or when motion is detected inside the home. The technology will also capture images and video to provide agents with visual updates when motion is detected. The optional Complete plan also includes professional monitoring and other premium features that can be added. Dhruv Garg, Kangaroo’s co-founder and president said: “Kangaroo’s smart home technology was designed to be affordable, extremely easy to set up, and respectful of user data and privacy. In partnering with Kleard, we are able to extend these core principles into action to enable more secure self-tour events and complete visibility of listed properties for agents—peace of mind for all parties involved.” “We’re excited to partner with Kangaroo. We love that their home security devices are easy to set up and affordable. With this new partnership, agents will be able to add powerful home security to all their listings that have Wi-Fi and will make homes that are self-tour-enabled more secure,” said Jonathan Martis, Kleard CEO and co-founder. Author admin View all posts

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Rick Sharga has rejoined RealtyTrac as executive vice president, according to the firm’s parent company ATTOM Data Solutions. Sharga will oversee RealtyTrac’s marketing and public relations initiatives and implement new marketing strategies to increase brand awareness. He will be responsible for developing and executing a strategic marketing plan that optimizes growth and drives business development. “As ATTOM continues its growth and expansion in the data licensing business, we also have been revitalizing RealtyTrac, one of the original and strongest online brands in the U.S. residential real estate market,” said Rob Barber, CEO of ATTOM Data Solutions. “Rick’s extensive experience in the real estate and mortgage industry, along with his established industry relationships, make him an invaluable addition to the growing RealtyTrac team.” Sharga is no stranger to RealtyTrac. For eight years in the early 2000s, he helped develop its internal and external communications program for eight years. He now returns at a pivotal moment, as RealtyTrac once again positions itself as the premier foreclosure listings and search portal. Sharga returns to RealtyTrac after serving as executive vice president for Carrington Mortgage Holdings and chief marketing officer of the company’s Vylla business unit. He served as the primary spokesperson for the Carrington family of companies and worked with the company’s business development and industry relations teams to identify and secure business partners and opportunities. He also has previously served as chief marketing officer at Auction.com, where he was responsible for rebranding the company from Auction.com to Ten-X, creating new internal communications programs and coordinating the development of a brand architecture that supported both the corporate and business unit brands. Sharga makes regular appearances in major broadcast media such as CNBC, FOX Business, Bloomberg, CBS Evening News, NBC Nightly News, CNN, ABC World News and NPR. He is a founding member of the Five Star National Mortgage Servicing Association and is a member of the board of directors of REOMAC. He has been included in the Inman News Inman 100 in 2013 and 2014. Author admin View all posts

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Nuvolo, a Connected Workplace Company and the largest Built on Now partner has announced a new alliance with Deloitte. The alliance leverages Nuvolo’s built on ServiceNow facilities management and space planning capabilities and the acumen and experience of Deloitte’s Real Estate & Location Strategy and ServiceNow Practices. Deloitte will serve as an elite professional services provider for Nuvolo as well as a strategic go-to-market partner for key industries. Author admin View all posts

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Research and advisory firm T3 Sixty has released the 2020 Real Estate Almanac. The 450-page annual printed report analyzes the core components of the residential real estate brokerage industry and organizes key data about them into five sections: leaders (SP 200), organized real estate (ORE 200), technology (Tech 500), enterprises (franchise brands and holding companies) and brokerages (Mega 1000). The resource gives industry executives insight into where the industry is, where it is headed and who is taking it there. The compendium includes 2,257 companies, organizations and leaders who excelled in 2019 and lead the industry in 2020. Research and compilation of the report’s data began in September 2019 and took more than 1,200 hours. It involved poring over companies’ year-end financials and reporting, numerous surveys, interviews, verification and some audits. T3 Sixty also uses its proprietary algorithms to test and benchmark data against industry parameters and regional standards. Author admin View all posts

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Pembrook Capital Management has provided a $12.4 million loan for the acquisition and rehabilitation of 100 Belmont Place and 101 Daniel Low Terrace in Staten Island. The two adjacent rent-stabilized apartment buildings house 12 apartment units. The buildings will be converted to long-term rent-regulated properties through New York City’s Article XI Tax Incentive Program. The plan is designed to encourage new construction or rehabilitation of affordable housing. The property will be subject to a 40-year Regulatory Agreement mandating its affordability at 55%-100% of area median income. In return, the city will give the borrower an Article XI tax abatement that will help safeguard the property’s fiscal stability for decades to come. The borrower plans to use the majority of the financing package to acquire the asset and will set aside $2.3 million of the funding to implement a comprehensive capital improvement program that will include exterior and interior renovations. Pembrook is a real estate investment manager that provides financing throughout the capital structure. The firm has originated or participated in investments totaling over $1.4 billion since it began investing in 2007. Author admin View all posts