News Updates

Obie Unveils Tenant Legal Liability Policy to Empower Real Estate Investors with Streamlined Tenant Risk Coverage

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Obie, a leader in modern insurance solutions for real estate investors, is proud to announce the launch of its Tenant Legal Liability (TLL) policy — a streamlined coverage option for protecting rental properties and their owners against tenant-related damage. TLL coverage seamlessly integrates into Obie’s online quoting platform at the time of new business, making adding this protection as simple as selecting a single checkbox. Obie’s TLL policy is among the first of its kind, offering landlords an additional layer of protection independent of tenant insurance requirements. By centralizing TLL within a landlord’s existing insurance plan, Obie simplifies policy management with a single bill, reducing administrative tasks and enabling investors to protect their portfolios with minimal effort. “Real estate investing often brings unforeseen challenges, and with the TLL policy, we’re delivering a solution that meets our customers’ needs for comprehensive, easy-to-manage coverage,” said Laura Olson, Chief Insurance Officer at Obie. To counteract these uncertainties, the TLL policy provides landlords additional coverage of up to $100,000 per occurrence, addressing scenarios where the tenant’s renters insurance may be inadequate or nonexistent. Specifically, this policy covers sudden and accidental tenant-caused damage to the property and landlord-owned furnishings. With no deductible, the TLL policy ensures that landlords face no out-of-pocket costs for covered incidents, providing a reliable, cost-effective layer of protection that integrates easily with existing Obie policies. Discover more about Obie’s TLL policy by exploring our FAQs, or take the next step toward enhanced insurance coverage with a quick, personalized quote today. Author admin View all posts

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Zillow Group, Inc. (Nasdaq: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, announced that tenured Zillow executive Jun Choo has been promoted to chief operating officer (COO). In this role, Choo will now oversee Zillow’s for sale business strategy and operations including Enhanced Markets and Mortgages in addition to the company’s real estate industry product lines, sales and operations. Choo joined Zillow Group in 2015 through the company’s acquisition of Trulia and has more than two decades of leadership and go-to-market experience in the real estate tech space. He has held leadership and strategy roles throughout sales, marketing and software over the last decade at Zillow. Most recently, he was Senior Vice President of Real Estate Software which encompasses Zillow Premier Agent sales, ShowingTime, dotloop, Zillow Showcase, Aryeo and other key B2B offerings for agents, brokers and multiple listing services. “Jun has long been an instrumental leader in our company, consistently creating and scaling innovative solutions across our business,” said Zillow Group CEO Jeremy Wacksman. “He has been a key driver of our numerous technology investments to digitize the industry. Under his leadership, we will expand the integrated transaction experience to more customers – agents, movers, and industry professionals – and offer them a better way to transact in real estate.” Throughout Choo’s tenure at Zillow Group, he has propelled the company’s mission forward – creating the integral Connections platform, inventing Premier Agent market-based pricing, and spearheading the ideation, development, and nationwide launch of the unparalleled Zillow Showcase product. Choo’s numerous accomplishments at Zillow are all anchored in identifying core customer needs, building excellent products to meet those needs, and rallying teams around bringing them to market effectively. “I’m honored to step into this role and continue supporting our company’s growth. With more than two-thirds of U.S. homebuyers on Zillow, we are seizing our incredible opportunity to deliver a more tech-enabled and integrated experience to get more people home,” says Choo. “Our industry software offerings are unmatched and we will continue to invest in new solutions that help modernize the real estate experience through Zillow’s housing super app.” In addition to Choo’s appointment, Susan Daimler and Matt Daimler, president of Zillow and senior vice president of product, respectively, have decided to leave Zillow. “We’re grateful for both Susan and Matt’s many contributions and leadership over the last 12 years,” said Wacksman. “They’ve each had a tremendous impact on Zillow’s growth and success and we wish them all the best.” SOURCE Zillow Group, Inc. Author admin View all posts

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Home Sales Were Unseasonably Strong While Inventory Climbed October home sales bucked seasonal trends and posted a 6.7% increase over September and were 8.4% higher year-over-year. Year to date, 2024 home sales have exceeded 2023 levels in six of 10 months. Though new listings were down 0.7% from September, they were 14.8% higher than October 2023. October’s active inventory grew just 0.6% from September – the lowest month-to-month increase since February – but was much higher, up 28.4%, year over year. October’s median sale price increased just 0.3% from September – and for the 16th consecutive month, experienced a year-over-year increase, climbing 4.9% higher than October 2023 ($410,000 to $430,000). “October brought some encouraging momentum,” said RE/MAX, LLC President Amy Lessinger. “Buyers took advantage of lower mortgage rates and closed deals. Although rising inventory levels are still falling short of demand, it’s great to see motivated buyers moving forward and achieving homeownership.” Of the 52 metro markets surveyed, San Antonio, Texas experienced one of the largest year-over-year increases in home sales – jumping 24.6%. RE/MAX Unlimited Broker Associate Sara Briseño Gerrish said the market also saw an increase in inventory. “It would make sense that as we move towards a more balanced market, and we are experiencing stable prices, we would also see increased sales. San Antonio is still the most affordable metropolitan area in Texas.” Other metrics of note: Highlights and local market results for October include: New Listings In the 52 metro areas surveyed in October 2024, the number of newly listed homes was down 0.7% compared to September 2024 and up 14.8% compared to October 2023. The markets with the biggest increase in year-over-year new listings percentage were Las Vegas, NV at +40.1%, Phoenix, AZ at +38.5%, and Bozeman, MT at +37.3%. The markets with the biggest year-over-year decrease in new listings percentage were Tampa, FL at -42.4%, San Francisco, CA at -9.1%, and Manchester, NH at -2.1%. New Listings:5 Markets with the Biggest YoY Increase Market Oct 2024 Oct 2023 Year-over-Year % Change Las Vegas, NV 4,303 3,072 +40.1 % Phoenix, AZ 9,415 6,800 +38.5 % Bozeman, MT 210 153 +37.3 % Denver, CO 4,663 3,422 +36.3 % Kansas City, MO 3,612 2,670 +35.3 % Closed TransactionsOf the 52 metro areas surveyed in October 2024, the overall number of home sales was up 6.7% compared to September 2024, and up 8.4% compared to October 2023. The markets with the biggest increase in year-over-year sales percentages were Seattle, WA at +27.4%, San Antonio, TX at +24.6%, and Denver, CO at +22.9%. The markets with the biggest decrease in year-over-year sales percentage were Tampa, FL at -15.7%, Miami, FL at -10.0%, and Orlando, FL at -9.3%. Closed Transactions:5 Markets with the Biggest YoY Increase Market Oct 2024 Oct 2023 Year-over-Year % Change Seattle, WA 4,399 3,454 +27.4 % San Antonio, TX 2,694 2,162 +24.6 % Denver, CO 3,547 2,885 +22.9 % Las Vegas, NV 2,618 2,191 +19.5 % Fayetteville, AR 957 805 +18.9 % Median Sales Price – Median of 52 metro area pricesIn October 2024, the median of all 52 metro area sales prices was $430,000, up 0.3% compared to September 2024, and up 4.9% from October 2023. The markets with the biggest year-over-year increase in median sales price were Dover, DE at +15.7%, Milwaukee, WI at +12.1%, and St. Louis, MO at +11.3%. The markets with the biggest year-over-year decrease in median sales price were Coeur d’Alene, ID at -2.1% followed by San Antonio, TX and Tulsa, OK, tied at -1.9%. Median Sales Price:5 Markets with the Biggest YoY Increase Market Oct 2024 Oct 2023 Year-over-Year % Change Dover, DE $364,000 $315,000 +15.7 % Milwaukee, WI $350,000 $312,000 +12.1 % St. Louis, MO $276,000 $248,000 +11.3 % Trenton, NJ $455,000 $415,000 +9.6 % New York, NY $610,000 $560,000 +8.9 % Close-to-List Price Ratio – Average of 52 metro area pricesIn October 2024, the average close-to-list price ratio of all 52 metro areas in the report was 99%, the same as in both September 2024 and October 2023. 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 ratio were Miami, FL at 94.0%, Coeur d’Alene, ID at 96.0% and Bozeman, MT at 96.5%. The metro areas with the highest close-to-list price ratios were San Francisco, CA at 103.5%, Hartford, CT at 102.3%, and Trenton, NJ at 102.1%. Close-to-List Price Ratio:5 Markets with the Lowest Close-to-List Price Ratio Market Oct 2024 Oct 2023 Year-over-Year Difference* Miami, FL 94.0 % 95.3 % -1.3 pp Coeur d’Alene, ID 96.0 % 97.0 % -1.0 pp Bozeman, MT 96.5 % 96.2 % +0.3 pp Tampa, FL 96.7 % 97.6 % -0.9 pp Orlando, FL 97.1 % 97.6 % -0.5 pp *Difference displayed as change in percentage points Days on Market – Average of 52 metro areasThe average days on market for homes sold in October 2024 was 42, up two days compared to the average in September 2024, and up six days compared to October 2023. The metro areas with the highest days on market averages were in Coeur d’Alene, ID at 81, Fayetteville, AR at 77, and San Antonio, TX at 72. The lowest days on market were Baltimore, MD at 15, Washington, D.C. at 16, and Trenton, NJ at 17. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed. Days on Market:5 Markets with the Highest Days on Market Market Oct 2024 Oct 2023 Year-over-Year % Change Coeur d’Alene, ID 81 78 +4.0 % Fayetteville, AR 77 73 +6.4 % San Antonio, TX 75 70 +7.3 % Bozeman, MT 72 77 -6.0 % Tampa, FL 72 43 +64.7 % Months’ Supply of Inventory – Average of 52 metro areasThe number of homes for sale in October 2024 was up 0.6% from September 2024 and up 28.4% from October 2023. Based on the rate of home sales in October 2024, the months’ supply of inventory was 2.6, down from 2.7 in September 2024, and up from 2.3 in October 2023. In September 2024, the markets with the lowest months’ supply of inventory were Manchester, NH and Hartford, CT, tied at 1.0 and Trenton, NJ and Seattle, WA, tied at 1.1. The markets with the highest months’ supply of inventory were Miami, FL at 6.8, San Antonio, TX at 5.2, and Bozeman, MT and Tampa, FL, tied at 4.8. Months’ Supply of Inventory:5 Markets with the Lowest Months’ Supply of Inventory Market Oct 2024 Oct 2023 Year-over-Year % Change Manchester, NH 1.0 0.9

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New commitment bolsters the Foundation’s progress toward $750 million investment by 2030 In honor of Veterans Day and the annual Operation Surprise initiative, The Home Depot Foundation is investing $10 million to help veterans age in their current residences and avoid homelessness. This significant funding will address the urgent need for accessible and stable housing for aging veterans, a population that is expected to surge in the coming decades. According to recent projections from the Department of Veterans Affairs (VA), the number of veterans over the age of 85 who require care will increase by a staggering 535% over the next 20 years. Research also indicates that homelessness among individuals aged 65 and older will reach its peak by 2030, with veterans being disproportionately affected compared to the general population. While veteran homelessness has decreased by 55% over the past decade, it began to rise again in 2023. “As veterans age, small accessibility modifications can mean the difference between remaining in their own homes versus being displaced,” said Erin Izen, executive director of The Home Depot Foundation. “With this new $10 million investment, The Home Depot Foundation is proud to further our support of our nonprofit partners improving veteran housing across the country, helping veterans safely maintain their independence for years to come.” The funding announced today will facilitate: “The generous investment from The Home Depot Foundation is an important step forward in our shared mission to support and uplift our veterans through housing,” said Stephen Peck, CEO of U.S.VETS. “We are honored to be a partner in this initiative to expand affordable, accessible supportive housing that meets the needs of those who have bravely served our nation.” In celebration of its annual Operation Surprise initiative, The Home Depot Foundation and Team Depot, The Home Depot’s associate volunteer force, will undertake hundreds of service projects nationwide to enhance the safety and accessibility of veterans’ homes. Throughout the month of November, Team Depot will focus on making veteran housing safer, more accessible and livable for the long run. Beyond physical improvements, Team Depot will also deliver special moments of appreciation to honor those who have served. On Veterans Day last year, The Home Depot Foundation announced it had surpassed $500 million invested in veteran causes since 2011, meeting its previous financial commitment two years early. The Foundation also laid out plans to grow its mission to serve those who served with an updated commitment of $750 million to veteran causes by 2030. Through this incremental $250 million commitment, the Foundation, its nonprofit partners and Team Depot will focus primarily on affordable housing issues and will impact an estimated 50,000 veterans. The Home Depot is proud to have tens of thousands of veterans, service members and military spouses in orange aprons. To learn more about The Home Depot’s commitment to the veteran and military communities, visit homedepot.com/military. Follow #OperationSurprise to see how the Foundation and Team Depot are making homes more welcoming for veterans across the country. About The Home Depot FoundationThe Home Depot Foundation, the nonprofit arm of The Home Depot (NYSE: HD), works to improve the homes and lives of U.S. veterans, support communities impacted by natural disasters and train skilled tradespeople to fill the labor gap. Since 2011, the Foundation has invested more than $550 million in veteran causes and improved more than 65,000 veteran homes and facilities. The Foundation has pledged to invest $750 million in veteran causes by 2030 and $50 million in training the next generation of skilled tradespeople through the Path to Pro program by 2028. To learn more about The Home Depot Foundation visit HomeDepotFoundation.org and follow us on Twitter @HomeDepotFound and on Facebook and Instagram @HomeDepotFoundation. SOURCE The Home Depot Foundation Author admin View all posts

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Foreclosure Starts Increase 6 Percent from Last Month; Completed Foreclosures Increase 12 Percent from Last Month ATTOM, a leading curator of land, property data, and real estate analytics, released its October 2024 U.S. Foreclosure Market Report, which shows there were a total of 30,784 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 4 percent from a month ago but down 11 percent from a year ago. “Foreclosure activity remains challenging for U.S. homeowners, with starts and completed foreclosures up in October,” said Rob Barber, CEO of ATTOM. “As we approach 2025, the recent Fed rate cut, and the new administration could impact mortgage rates and market stability. While seasonal factors may slow things down briefly, we’ll be watching closely to see how these recent dynamics affect the market in the coming year.” Nevada, New Jersey, and Florida post highest foreclosure ratesNationwide, one in every 4,578 housing units had a foreclosure filing in October 2024. States with the highest foreclosure rates were Nevada (one in every 2,741 housing units with a foreclosure filing); New Jersey (one in every 3,059 housing units); Florida (one in every 3,086 housing units); California (one in every 3,152 housing units); and South Carolina (one in every 3,272 housing units). Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2024 were Vallejo, CA (one in every 1,464 housing units with a foreclosure filing); Bakersfield, CA (one in every 1,640 housing units); Chico, CA (one in every 1,724 housing units); Stockton, CA (one in every 1,802 housing units); and Lakeland, FL (one in every 1,894 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in October 2024 were: Riverside, CA (one in every 1,978 housing units); Cleveland, OH (one in every 2,186 housing units); Fresno, CA (one in every 2,247 housing units); and Indianapolis, IN (one in every 2,293 housing units); and Las Vegas, NV (one in every 2,314 housing units). Greatest numbers of foreclosure starts in California, Texas, and FloridaLenders started the foreclosure process on 20,950 U.S. properties in October 2024, up 6 percent from last month but down 10 percent from a year ago. States that had the greatest number of foreclosure starts in October 2024 included: California (2,915 foreclosure starts); Texas (2,282 foreclosure starts); Florida (2,227 foreclosure starts); New York (1,187 foreclosure starts); and Michigan (1,035 foreclosure starts). Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in October 2024 included: New York, NY (1,247 foreclosure starts); Los Angeles, CA (911 foreclosure starts); Chicago, IL (761 foreclosure starts); Miami-Fort Lauderdale, FL (727 foreclosure starts); and Houston, TX (624 foreclosure starts). Foreclosure completion numbers increase from last monthLenders repossessed 2,938 U.S. properties through completed foreclosures (REOs) in October 2024, up 12 percent from last month but down 12 percent from last year. States that had the greatest number of REOs in October 2024, included: California (306 REOs); Illinois (252 REOs); Texas (249 REOs); New York (212 REOs); and Florida (140 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2024 included: Chicago, IL (162 REOs); New York, NY (147 REOs); Los Angeles, CA (61 REOs); Detroit, MI (59 REOs); and San Antonio (58 REO’s). Media Contact:Megan Huntmegan.hunt@attomdata.com Data and Report Licensing:datareports@attomdata.com SOURCE ATTOM Author admin View all posts

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Leading Real Estate Consulting and Managed Services Firm Welcomes Global Industry Veteran RealFoundations, the world’s foremost provider of consulting and managed services for the real estate industry, announced the appointment of Andy Rothery to the firm’s leadership team as an Enterprise Managing Consultant. Rothery brings over 30 years of real estate experience, along with extensive global operational expertise and industry relationships. With over three decades of experience in the real estate industry and a deep understanding of global real estate operations, Rothery will be instrumental to advancing brand awareness and generating new business opportunities within the UK and across Europe. “We are delighted to welcome Andy to our team, which will strengthen our advisory services within the UK and position us for growth across Europe,” said Phillip McCorkle, Chief Executive Officer of Management Consulting at RealFoundations. “Andy’s distinguished record of leadership and real estate advisory will play a critical role in expanding our presence and elevating RealFoundations’ mission to make real estate run better on a global scale.” Rothery, a seasoned real estate executive, has held executive leadership roles at some of the world’s most well-recognized professional services firms. His prior leadership roles include Equity Partner positions at both Arthur Andersen and Deloitte, where he was the global industry chair and founding managing partner of Deloitte Real Estate. Following his departure from Deloitte, Rothery engaged in various advisory roles and contributed to various charitable and educational initiatives. Most recently, he served as Co-head of Affordable Housing at QSix, a specialized residential investment manager, and as an advisor at Pinnacle Investments, where he supported the development of an institutional key worker housing investment vehicle. “I am very excited to be joining RealFoundations, who have a unique position as the world’s largest real estate focused operational consulting and managed services firm. I believe the winners in the next cycle will be those organizations that have the most efficient and effective operating platform. Those able to adapt quickly and at scale to growth challenges across markets, integrate ESG reporting, adopt AI tools, address cyber risk, and provide timely and accurate data to increasingly diverse and demanding stakeholder groups will be positioned for success. RealFoundations is uniquely positioned to help clients with all these challenges in Europe given its experience in the United States,” said Andy Rothery. To learn more about RealFoundations’ experience serving global leaders in the real estate market, visit www.realfoundations.net. About RealFoundations RealFoundations (RF) is the world’s foremost professional services firm focused solely on the real estate industry. Through our delivery of Management Consulting and Managed Services, we help companies that develop, own, operate, service or invest in real estate make better, more profitable decisions. We are proud partners to over 500 real estate companies around the globe, providing accelerated solutions that solve some of real estate’s most complex challenges. We Make Real Estate Run Better. Contacts MediaCaliber Corporate Advisersrealfoundations@calibercorporate.com Author admin View all posts