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Association of Independent Mortgage Experts (AIME) Announces Jonathon Haddad as New CEO

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Haddad Will Focus Association Efforts on Wholesale Channel Growth The Association of Independent Mortgage Experts (AIME), the leading membership organization representing the independent mortgage broker industry, announced the appointment of Jonathon Haddad as Chairman and Chief Executive Officer. Mr. Haddad is joining the AIME staff immediately as CEO and will assume the Chairman role on April 1, 2024, when current Chairman and CEO Katie Sweeney steps down to become the full-time CEO of the Broker Action Coalition (BAC). A 10-year mortgage veteran, Haddad successfully transitioned from the retail channel, formerly a Vice President at one of the largest retail lenders, and joined the broker channel in 2020. He brings a proven track record as a top originator and business owner as President of Next Door Lending, one of the nation’s top mortgage brokerages. As a current AIME member, he has also experienced the association from a member’s perspective and will leverage that insight as the organization’s leader. “I am honored to take on the role of CEO at AIME and have seen firsthand the strength and potential of the broker community,” said Jonathon Haddad. “My goal is to further enhance AIME’s commitment to supporting mortgage brokers and fostering their growth and success in the industry.” AIME will continue its dedication to membership support and development programs. This includes high-level loan escalations with AIME lender partners, broker education via AIME Academy, consumer education through brokersarebetter.com, wholesale networking opportunities, the annual Fuse national conference, and supporting the Broker Action Coalition’s (BAC) advocacy efforts for the broker channel. “I’ve been a leader at AIME since its inception and I value our community greatly,” adds Marc Summers, President of AIME. “We’re very proud of what we’ve accomplished in just the past few years, and we’re excited to build on that momentum and continue our growth and together, we will work towards a future that’s bright for brokers.” Under Haddad’s leadership, AIME will introduce new initiatives, including a deeper focus on Retail to Wholesale originator recruitment, enhanced business support for the nation’s wholesale brokerages, and the implementation of pro-broker awareness within the community and external organizations. “I want to create an environment where brokers thrive, fostering growth and success for all participants in the wholesale channel,” added Haddad. “I’ve seen both sides of our industry, and I can wholeheartedly say that the future of mortgage is with independent brokers. I made the decision to put homebuyers first when I moved into the wholesale world, and now, I’m doubling down on my commitment to them and the entire broker community.” United Wholesale Mortgage (UWM), AIME’s title sponsor and the nation’s #1 mortgage lender, expresses their support for AIME and Haddad’s appointment. “It is no secret that UWM is 100% dedicated to the continued growth and success of the broker channel and supportive of anything and anyone that aligns with this focus,” states Mat Ishbia, President and CEO of UWM. “I look forward to seeing Jonathon build upon the strong foundation AIME has today and do great things to support the broker community and educate borrowers that the broker channel is the best choice for them.” AIME will continue supporting and working with the Broker Action Coalition (BAC) as it leads the wholesale channel’s advocacy efforts in Washington, D.C., for state and federal legislative reform. “Continuing to partner with AIME is crucial for advancing the interests of brokers, and we are focused on the positive impact this collaboration will have on our shared goals,” said Katie Sweeney, the newly announced CEO of BAC. “I firmly believe that together, we can achieve great things for our channel.” “AIME has always been an organization that thrives on innovation, something that aligns with our own mission to bring the broker channel into the 21st century through digital advancement,” said Eddy Perez, CMB, Founder and CEO of EPM. “ It’s exciting to see the organization’s growth since the beginning and we remain committed to our shared vision for the future of the channel.” AIME and its partners are aligned in their mission to support the broker community, empower homebuyers, and increase wholesale market share. Jonathon Haddad’s appointment marks a significant step forward in achieving these future objectives. Author admin View all posts

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HOME-SELLING PROFITS DROP IN 2023 FOR FIRST TIME IN OVER A DECADE AMID MODEST PRICE GAINS

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Profits on Home Sales Across U.S. Decrease for First Time Since 2011;Typical Seller Gains Remain Strong, But Decline from 60 Percent to 57 Percent;National Median Home Price Rises at Slowest Pace in 12 Years ATTOM, a leading curator of land, property and real estate data, released its Year-End 2023 U.S. Home Sales Report, which shows that home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5 percent return on investment. But even as both gross profits and profit margins remained near record levels, they decreased from 2022, marking the first declines in either category since 2011. The gross profit on median-priced single-family homes sales dipped down from $122,600 in 2022 while the profit margin dropped, year over year, from 59.8 percent. That happened as the median nationwide home price rose at the smallest annual pace in more than a decade. The profit fallback came during a year of ups and downs for the U.S. housing market that featured flat prices early in 2023, followed by a spike in the Spring and a drop-off in the fourth quarter. Price patterns were mixed as the upward pressure of strong employment and investment markets, along with a historically tight supply of homes, competed with the downward force of home-mortgage rates that rose during most of 2023. “Last year certainly stood out as another very good year for home sellers across most of the United States. Typical profits of over $120,000 and margins close to 60 percent were still more than double where they stood just five years earlier,” said Rob Barber, CEO at ATTOM. “But the market definitely softened amid modest price gains that weren’t enough to push profits up higher after a long run of improvements. In 2024, the stage seems set for more small changes in prices as well as seller gains given the competing forces of interest rates that have headed back down in recent months and home supplies that remain tight, but home ownership costs that remain a serious financial burden for many households.” Among 129 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, sellers in western and southern states again reaped the highest returns on investment in 2023. The West and South regions had 12 of the 15 metro areas with the highest ROIs on typical home sales last year, led by San Jose, CA (99.4 percent return on investment); Knoxville, TN (98.1 percent); Seattle, WA (92.9 percent); Spokane, WA (90.6 percent) and Scranton, PA (89.6 percent). Historical U.S. Home Seller Gains National median home price rises at slowest pace since 2011The U.S. median home price increased 2.1 percent from 2022 to 2023, reaching another all-time annual high of $335,000. The typical 2023 price has more than double the nationwide median in 2011, a point in time right before the housing market began recovering from the aftereffects of the Great Recession that hit in the late 2000s. The 2023 increase, however, represented the smallest annual bump during the extended boom period that began in 2012. The full-year median home-price appreciation slowed down as interest rates rose in 2023 close to 8 percent for a 30-year mortgage. While gains were mostly small, median prices still rose from 2022 to 2023 in 97, or 75 percent of the 129 metropolitan statistical areas around the U.S. with a population of 200,000 or more and sufficient home price data last year. Those with the biggest year-over-year increases were Hilton Head, SC, (median up 12.2 percent); Naples, FL (up 10.6 percent); Hartford, CT (up 10.5 percent); Savannah, GA (up 10.5 percent) and Rochester, NY (up 9.7 percent). Aside from Hartford and Rochester, the largest median-price increases in metro areas with a population of at least 1 million in 2023 came in Miami, FL (up 8.6 percent); Cincinnati, OH (up 8.1 percent) and Milwaukee, WI (up 6.9 percent). Metro areas where median prices dropped most in 2023 were Austin, TX (down 6.2 percent); San Francisco, CA (down 4.4 percent); Stockton, CA (down 4.4 percent); Boise, ID (down 4.1 percent) and Phoenix, AZ (down 3.8 percent). Profit margins drop in two-thirds of nation, with worst declines in South or WestProfit margins on typical home sales decreased from 2022 to 2023 in 84 of the 129 metro areas with sufficient data to analyze (65 percent). That happened as the 2.3 percent jump in the median sale price nationwide in 2023 fell behind the typical 4.4 percent increase recent sellers had been paying when they originally bought their homes. The 40 largest decreases in investment returns were all in the South or West, led by Port St. Lucie, FL (ROI down from 104.5 in 2022 to 82.7 percent in 2023); Austin, TX (down from 67.2 percent to 46.2 percent); Phoenix, AZ (down from 79.3 percent to 60.6 percent); Reno, NV (down from 80.6 percent to 64.5 percent) and Salt Lake City, UT (down from 68.3 percent of 52.2 percent). Aside from Austin, Phoenix and Salt Lake City, the largest ROI losses from 2022 to 2023 in metro areas with a population of at least 1 million were in San Francisco, CA (ROI down from 92.7 percent to 79.5 percent) and Las Vegas, NV (down from 74.3 percent to 61.8 percent). The biggest increases in investment returns from 2022 to 2023 came in Scranton, PA (ROI up from 75.1 percent to 89.6 percent); South Bend, IN (up from 53.6 percent to 66.5 percent); Hartford, CT (up from 53.2 percent to 65.8 percent); Rockford, IL (up from 48.8 percent to 57.8 percent) and Rochester, NY (up from 53.8 percent to 62.8 percent). Aside from Hartford and Rochester, metro areas with a population of at least 1 million and increasing profit margins in 2023 included Cincinnati, OH (up from 54.8 percent to 61.2 percent); Cleveland, OH (up from 48 percent to 53.4 percent) and Milwaukee, WI (up from 52.9 percent to 57.2 percent). Gross profits still top $100,000 in more than half the country, with largest again clustered on West CoastDespite the small national decrease, gross profits on median-priced home sales in 2023 still topped $100,000 in 77, or 60 percent, of the 129 metro areas with sufficient data to analyze. The West region had 12 of the top 15 gross profits in 2023, led by San Jose, CA ($698,000); San Francisco, CA ($476,000); San Diego, CA ($354,000); Los Angeles, CA ($330,000) and Seattle, WA ($325,000). The 15 smallest gross profits in 2023 were in the South and Midwest, reflecting lower home prices in those areas than elsewhere. They were led by Peoria, IL ($35,500); Davenport, IA ($41,052); McAllen, TX ($46,167); Baton Rouge, LA ($47,600) and Toledo, OH ($49,800). Homeownership

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Realtor.com® December Rental Report: Price Peak Behind Us as Rents Continue to Fall at Year’s End

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In December, U.S. median rents dropped (-0.4%) for the eighth month in a row and across all-sized homes The U.S. rental market experienced a noticeable shift in momentum in 2023 and closed out the year with eight straight months of year-over-year price declines, according to the Realtor.com® December Rental Report. While rents are overall up from pre-pandemic levels, an uptick in supply from a building boom in recent years means 2023 didn’t see a new peak in rent prices from their 2022 highs. In December, the median asking rent for 0-2 bedroom properties in the 50 largest metros dipped to $1,713, down $7 (-0.4%) from the prior December and down $63 (-3.5%) from its July 2022 peak. Median rents declined across all unit sizes, and most notably in Western metros, but are still $309 (22.0%) higher than the same time in 2019. “The rental market took a turn in 2023 as an influx of new multi-family apartments coming to the market exerted downward price pressure on median asking rents, which resulted in eight consecutive months of year-over-year price declines as we closed out the year,” said Danielle Hale, Chief Economist at Realtor.com®. “Amid high inflation and costs, softening rental prices throughout 2023 offered renters a small reprieve, and looking forward, Realtor.com® anticipates continued weakness in the rental market for 2024, as a much-needed supply of apartment units continues to come onto the market and further impacts market dynamics.” December 2023 Rental Metrics by Unit Size – National Unit Size Median Rent Rent YoY Rent Change – Dec 2019 Overall $1,713 -0.4 % 22.0 % Studio $1,437 -1.0 % 16.7 % 1-bed $1,593 -0.7 % 21.7 % 2-bed $1,896 -0.4 % 24.8 % Supply exceeds demand in West, South and pushed down prices, while Northeast, Midwest see the oppositeRegionally, rental trends in December mirrored patterns seen in October and November. In the West and South, supply exceeded demand, leading to a decrease in rents, while markets in the Northeast and Midwest experienced more rental demand compared to supply, resulting in sustained rent growth. In December 2023, the median rent in the West was 1.6% lower than a year ago. Big metros such as San Francisco (-2.8%) and Los Angeles (-3.5%) continued to see year-over-year rent declines. While rental demand in the South remains vigorous, heightened supply from a substantial 32.0% growth in annual multifamily completion rates from January–October 2023 contributed to a downward push on rent prices, resulting in an overall decline in rental costs. The median asking-rent for 0-2 bedroom properties in the South was -0.5% lower than one year ago. Orlando, Fla. (-6.2%), Austin, Texas (-5.4%) and Dallas (-4.7%) saw the most significant year-over-year rent declines. In contrast, rents in populous Northeastern metros such as New York (6.2%) and Boston (6.3%) continued to experience faster growth, likely the result of heightened demand from a robust labor market and slower growth in new multi-family home construction in the region. Midwest metros, bolstered by relative affordability, were up 2.0% from the same time last year. Specifically, Milwaukee (5.0%), Cleveland (4.7%), Indianapolis (2.8%) and St. Louis (2.8%) emerged as the top-performing markets in the Midwest with the fastest year-over-year price growth. SOURCE Realtor.com Author admin View all posts

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Nearly 80% Of Prospective Homebuyers Willing to Adjust Their Homebuying Plans

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New data reveals property and financing options prospective homebuyers are willing to consider. From purchasing multi-family properties to co-owning with friends and family, prospective buyers are willing to get creative to become homeowners in the next 12 months, new data reveals. In a consumer survey, RE/MAX, the #1 name in real estate, showcases Americans’ plans for achieving homeownership in 2024. The housing market has experienced a few years of record-high demand and historically low interest rates. As market conditions continue to evolve, many buyers have been forced to consider other options. The survey found that nearly 80% of prospective homebuyers are considering adjusting their homebuying plans. “Affordability remains a key concern for homebuyers as home prices, interest rates, and inventory continue to fluctuate,” shared Nick Bailey, President and CEO of RE/MAX, LLC. “Despite today’s economic environment, it’s clear that homeownership is still a priority for many, and the results of our survey prove that buyers are willing to go outside their comfort zone to reach their goal.” Key survey findings include: Current Market Conditions Continue to Impact Buyers Fluctuating market conditions and the uncertain rate environment continue to impact homebuyers’ plans. Many are considering creative ways to break into the housing market. Affordability Is the Main Priority Affordability remains top-of-mind, and homebuyers are willing to explore other property types and financing options to achieve it. Buyers Are Turning to Friends & Family for Help Buyers aren’t shying away from asking for help on the path to homeownership. To review additional results from the survey, please visit remax.news.com. SOURCE RE/MAX, LLC Author admin View all posts

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Marriott International Announces Global Growth of Apartments by Marriott Bonvoy Portfolio

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Just one year after announcing its intention to expand presence in premium and luxury apartment-style accommodations, Marriott has opened its first property in Puerto Rico and signed agreements in the United States, Italy, and Saudi Arabia. Marriott International, Inc. announced plans to further expand its new Apartments by Marriott Bonvoy™ brand offering, with signed development agreements in the United States, Italy, and the Kingdom of Saudi Arabia. Today’s announcement comes on the heels of the recent opening of Marriott’s first Apartments by Marriott Bonvoy property, Casa Costera, Isla Verde Beach, in San Juan, Puerto Rico. “Marriott is thrilled to bring Apartments by Marriott Bonvoy to our development community around the world,” said Marriott International Chief Financial Offer and EVP, Development Leeny Oberg. “This new, compelling offering provides residential and hotel developers an excellent value proposition for new builds and conversion opportunities. As guests are increasingly blending work, personal and family travel, they are looking for a distinct and locally inspired solution to meet their longer-stay needs.” Providing guests with a truly independent stay, complete with sizable living spaces and sophisticated locally inspired design, the properties are situated in prime locations and designed to offer premium and luxury apartment-style accommodations. No matter their length of stay, guests can expect private bedrooms, a separate living room, full kitchen, and in-unit washer and dryer to make them feel right at home. From an owner perspective, Apartments by Marriott Bonvoy provides residential and hotel developers a unique option to convert an existing building, pursue a new build, or integrate as part of a multi-use property with a dedicated welcome lounge, outdoor space, and other amenities. Current Marriott owners and franchisees who are looking to diversify their portfolios, as well as multi-family residential developers, have the power of both Marriott’s trusted name and award-winning loyalty program, Marriott Bonvoy® behind each project. With signed agreements in Detroit and St. Louis in the United States, Courmayeur, Valle D’aosta in Italy, and NEOM, Saudi Arabia, Apartments by Marriott Bonvoy is expected to continue growing its presence around the world through 2024 and beyond.    United States Marriott recently announced a signed agreement with Roxbury Group for an Apartments by Marriott Bonvoy in Detroit, Michigan. Anticipated to open Q3 2024, the property is a conversion of The Plaza Apartments in Midtown Detroit, centrally located in the hub of the city. With approximately 92 units, this location will also have a 500 square foot fitness center and sits atop two restaurant outlets with easy access for guests. Marriott is also announcing a new project with Midas Hospitality, a longtime owner and operator of Marriott properties, for an Apartments by Marriott Bonvoy in St. Louis, Missouri. This 50-unit property will be co-located with a new Sheraton Hotel in downtown St. Louis. With a dedicated hotel entry, welcome lounge and check-in, guests can also take advantage of the hotel’s services and amenities. Located in a historic building that was constructed in 1929, this property’s design will reflect the heart and history of the city, while offering guests the comforts of modern living. Italy In Courmayeur, Aosta Valley, Italy, Marriott signed an agreement with Castello Sgr, an asset management company with strong hospitality expertise, to open Le Géant, an Apartments by Marriott Bonvoy property. Paving the way for a new type of development project, this property is anticipated to have 47 units, each offering travelers sizeable living spaces and sophisticated locally-inspired design, to make each stay refreshingly unique. NEOM, Kingdom of Saudi Arabia Marriott has also signed an agreement with NEOM to bring Apartments by Marriott Bonvoy to the luxury island destination Sindalah on the northwest coast of Saudi Arabia. This Apartments by Marriott Bonvoy offering, marking the fourth collaboration between Marriott and NEOM on Sindalah, will be designed to reflect the destination and cater to travelers seeking more space and residential amenities. Anticipated to open in 2024, the property will feature 218 units including studios and one, two and three-bedroom apartment-style units, all equipped with a separate living room, full kitchen, and in-unit washer and dryer. The property is also slated to offer a gym and swimming pool. About Apartments by Marriott Bonvoy™ Apartments by Marriott Bonvoy offers a truly independent stay with sizable living spaces and sophisticated locally inspired design, making each stay refreshingly unique. Centrally located, premium and luxury apartment-style accommodations are designed with private bedrooms, a separate living room, full kitchen and in-unit laundry. Apartments by Marriott Bonvoy, one of more than 30 brands in the Marriott Bonvoy portfolio, participates in Marriott Bonvoy, the company’s award-winning travel program and Marketplace. To learn more and book a stay, visit Marriott.com. SOURCE Marriott International, Inc. Author admin View all posts

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Rent Control and Other Rent Regulation Laws Hurt Renters Seeking Housing Opportunity and Affordability

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Regulations Disproportionally Benefit Higher Income Renters As communities across the nation continue to face real housing affordability challenges, too many lawmakers are considering policies to regulate rents instead of those that will increase the supply of housing and, therefore, enhance equity and lower housing costs for residents. A new study by Dr. Arthur C. Nelson, Professor Emeritus at the University of Arizona, provides a comprehensive review of peer reviewed academic articles which examine various rent control and other rent regulation laws across the United States and abroad. This review reaffirms that these programs reduce the supply of housing in communities resulting in, among other things, increased housing costs. Dr. Nelson’s work reinforces an earlier 2018 paper following similar methodology by Dr. Lisa Sturtevant. Since Dr. Sturtevant’s literature review was conducted, additional research has been published that looks at the impacts of more recent rent regulation models that may not appear to be as restrictive as older rent control programs. Dr. Nelson finds that the results of these newer rent control efforts have harmful effects on renters and those seeking rental housing including: “This empirical research illustrates that rent regulations not only do nothing to lower housing costs or provide housing to those most in need, but they actually hurt renters by undermining the very thing we need to address our housing affordability crisis – more housing development,” said NMHC President Sharon Wilson Géno. “Housing is a human need, not a partisan issue. Unfortunately, some lawmakers continue to promote rent regulation in an effort to gain political popularity, instead of doing the hard work of advancing longer term, but proven solutions like zoning reform, public-private partnerships, tax abatements and other programs that will actually create the needed housing which, in turn, will make housing more affordable for all. Investing in more housing subsidy programs will support those currently struggling to pay rent while we are expanding housing supply.” Another recent research paper by the Urban Institute, Place the Blame Where It Belongs, reiterates that there is only one answer to the housing affordability crisis, and it is building more housing. This paper further makes the point that “[s]everal factors have been blamed for [housing cost] increases, but none of them fundamentally alters the supply-demand balance . . . [t]he only solution to the supply shortage is more supply.” These findings, coupled with the new research by Dr. Nelson, clearly show that rent control and rent regulation undermine the creation of more housing, thus actually hurting existing renters, those seeking rental housing, as well as homeowners and communities as a whole. Find the full literature review here. Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the leadership of the apartment industry. We bring together the prominent owners, managers and developers who help create thriving communities by providing apartment homes for 40 million Americans, contributing $3.4 trillion annually to the economy. NMHC provides a forum for insight, advocacy and action that enables both members and the communities they help build to thrive. For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org, or visit NMHC’s website at nmhc.org. Author admin View all posts

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