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U.S. FORECLOSURE ACTIVITY SEES SPIKE IN MAY 2023

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Foreclosure Starts Increase 4 Percent from Last Month, While Completed Foreclosures Increase 38 Percent ATTOM, a leading curator of land, property, and real estate data, released its May 2023 U.S. Foreclosure Market Report, which shows there were a total of 35,196 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 7 percent from a month ago and up 14 percent from a year ago. “The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur,” said Rob Barber, CEO at ATTOM. “This upward trajectory suggests the possibility of continued heightened activity, and with foreclosure completions seeing the largest monthly increase this year, we will continue to monitor the potential impacts this may have on the housing market.” Illinois, Maryland and New Jersey post highest foreclosure ratesNationwide one in every 3,967 housing units had a foreclosure filing in May 2023. States with the highest foreclosure rates were Illinois (one in every 2,144 housing units with a foreclosure filing); Maryland (one in every 2,203 housing units); New Jersey (one in every 2,257 housing units); Florida (one in every 2,470 housing units); and Ohio (one in every 2,478 housing units). Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2023 were Lakeland, FL (one in every 1,361 housing units with a foreclosure filing); Elkhart, IN (one in every 1,621 housing units); Cleveland, OH (one in every 1,622 housing units); Palm Bay, FL (one in every 1,647 housing units); and Ocala, FL (one in every 1,671 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in May 2023, including Cleveland, OH, were: Jacksonville, FL (one in every 1,699 housing units); Baltimore, MD (one in every 1,908 housing units); Chicago, IL (one in every 1,991 housing units); and Orlando, FL (one in every 2,049 housing units). Greatest numbers of foreclosure starts in Florida, California and TexasLenders started the foreclosure process on 23,245 U.S. properties in May 2023, up 4 percent from last month and up 5 percent from a year ago. States that had the greatest number of foreclosure starts in May 2023 included: Florida (2,901 foreclosure starts); California (2,451 foreclosure starts); Texas (2,286 foreclosure starts); Illinois (1,358 foreclosure starts); and New York (1,287 foreclosure starts). Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in May 2023 included: New York, NY (1,452 foreclosure starts); Chicago, IL (1,163 foreclosure starts); Houston, TX (811 foreclosure starts); Los Angeles, CA (700 foreclosure starts); and Philadelphia, PA (677 foreclosure starts). Foreclosure completion numbers increase 38 percent from last monthLenders repossessed 4,020 U.S. properties through completed foreclosures (REOs) in May 2023, up 38 percent from last month and up 41 percent from last year. States that had the greatest number of REOs in May 2023, included: Illinois (352 REOs); Ohio (279 REOs); Michigan (271 REOs); Texas (240 REOs); and Pennsylvania (229 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2023 included: New York, NY (244 REOs); Chicago, IL (230 REOs); Detroit, MI (136 REOs); St. Louis, MO (112 REOs); and Washington, DC (91 REOs). Media Contact:Christine Stricker949.748.8428christine.stricker@attomdata.com Author admin View all posts

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500,000 homes could be constructed, renovated and sold under the bipartisan bill Representatives Mike Kelly (R-PA) and Brian Higgins (D-NY) introduced legislation to create a new tax incentive that would produce 500,000 starter homes in under-resourced communities over the next decade. The Neighborhood Homes Investment Act (“Neighborhood Homes”) would address the needs of families throughout the country who are struggling to purchase homes as costs continue to rise and the supply of homes remains limited. In many areas, the cost to build or rehab a home exceeds the price at which the home could be sold once completed. The new tax credit would help fill that “value gap” – up to 35 percent of eligible development costs for new homes – thus reducing the developer’s risk of loss and encouraging investments in new and rehabbed housing. This will in turn make homeownership more feasible and support broader revitalization and economic development strategies in disinvested urban and rural communities. Joining Representatives Kelly and Higgins as original co-sponsors of the legislation were Representatives Claudia Tenney (R-NY), Dan Kildee (D-MI), Randy Feenstra (R-IA) and Dwight Evans (D-PA). Similar legislation introduced in the previous session of Congress was co-sponsored by 133 Members of the House and Senate from 37 different states, from Delaware to North Dakota to California. Under Neighborhood Homes: “For too long, the cost of rehabilitating a home has been more expensive than simply starting from scratch. Now, the Neighborhood Homes Investment Act will allow homeowners and developers to more affordably restore beautiful homes and create more affordable housing in communities that need it the most,” Representative Kelly said. “This legislation creates stronger homes, stronger families, and stronger neighborhoods.” “The United States is experiencing an affordable housing crisis and my community of Western New York is not immune,” said Representative Brian Higgins. “Older communities like Buffalo and Niagara Falls have aging homes with good bones, but the high cost to rehab these properties, compared to their value, causes them to fall into disrepair. As a result, neighborhoods are plagued by blighted homes and vacant lots. I am proud to join my colleagues in leading the bipartisan Neighborhood Homes Investment Act, which closes the value gap these neighborhoods face with a tax credit that encourages investments in single family homes and leads to community revitalization. For the families whose dreams of homeownership feel unattainable, this legislation can be a gamechanger.” “It is vital that we, as a country, make equitable investments in our housing infrastructure — both for the stability of our economy and the well-being of families and communities across the country,” said Christopher Tyson, President of the National Community Stabilization Trust. “Neighborhood Homes encourages private investments in communities that would not otherwise have access to this kind of capital, creating new opportunities for families to put down roots in their own homes, strengthen their communities and build wealth for the future.” “Neighborhood Homes is particularly important right now given the nation’s deepening affordable housing crisis, much of which is the result of insufficient housing investments in recent decades,” said Matt Josephs, Senior Vice President for Policy for the Local Initiatives Support Corporation. “This legislation is the first step in mitigating the devastating impact that the crisis – worsened by last year’s record inflation rates and rising interest rates – has had on first time and minority home buyers across the country, especially those in marginalized communities.” “Struggling urban, rural, and suburban communities face a dilemma,” explained Buzz Roberts, President and CEO of the National Association of Affordable Housing Lenders. “They need new and renovated homes to revitalize, but home values are too low to support development costs. Neighborhood Homes offers a straight-forward way to break the vicious cycle of neighborhood decline.” The Neighborhood Homes Coalition estimates that the legislation would support a substantial economic impact over the next 10 years. The 500,000 homes that would be developed or rehabbed would: About Us The Neighborhood Homes Coalition is a national advocacy group of 36 national organizations, including housing and community development nonprofits, financial institutions, and related trade associations — all supporting enactment of the Neighborhood Homes legislation. Please visit https://neighborhoodhomesinvestmentact.org/ for additional information. SOURCE Neighborhood Homes Coalition Author admin View all posts

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Acquisition adds more than 150 homes to Poplar’s growing management portfolio, marks company’s entry into Arizona Poplar Homes, the tech-enabled property management company changing the way independent single-family rental investors and multifamily owners manage their rental properties, today announced it has acquired Venture REI’s single-family for rent property management portfolio. The acquisition marks Poplar’s entry into Arizona and adds 152 homes in Scottsdale to the company’s property management portfolio as part of its national expansion. Venture REI’s short-term rental and investment client property management portfolios were not part of the transaction, and these properties will continue to be managed by Venture REI. Terms of the transaction were not disclosed. “We’re thrilled to be entering the Phoenix market, which is home to some of the largest single-family for rent operators in the country. The combination of Poplar’s model, which leverages technology with experienced on-the-ground property management teams, and Venture’s local expertise levels the playing field for the mom and pop investors competing with large institutional investors,” Poplar Co-Founder and CEO Greg Toschi said. “The slowing rental market is a great opportunity to demonstrate the power of Poplar’s model. In addition to having the data and operating leverage needed to properly price and market properties, our clients have the assurance of Poplar’s rent guarantee and eviction protection as well as the benefit of unique renter offerings that allow them to differentiate their properties in a competitive market.” The acquisition is the latest in a series for Poplar, which serves individual property owners who control two-thirds of the $85 billion single-family rental market, owners of small multifamily properties and individuals looking for a better way to rent while pursuing their dream of homeownership. Over the past two years, the company has significantly expanded both its doors under management and geographic presence through 16 strategic acquisitions. Poplar currently has 15,000 rental properties under management in 25 markets across 17 states and plans to expand to 20 new markets and reach 30,000 doors in 2023. “We grew our single-family rental portfolio organically and it was important that we provide our clients with a provider that offered a best-in-class experience,” said Venture REI Founder Dan Noma Jr. “Poplar shares our commitment to offering unmatched service. This, combined with its tech-forward industry-leading platform, offered the best fit for our team and our clients.” Lindsay Shoenfeld joins from Venture REI to serve as Poplar’s property manager in Arizona. Poplar combines its proprietary tech-enabled property management platform with the expertise of local property management teams to provide individual property investors with access to the tools and services typically only available to large institutional investors. In addition to being able to track the performance of their investment properties in real time, Poplar clients have the benefit of their properties being managed by local property management professionals as well as guaranteed rent and eviction protection. For renters, Poplar provides the ability to tour, get approved and rent properties online. They also have access to Poplar’s troubleshooting platform, which resolves two-thirds of maintenance issues remotely as well as local property management teams. In keeping with the company’s mission to partner with customers through every step of their real estate journey, Poplar’s StreetCred program is designed to help renters achieve their homeownership goals. About Venture REIVenture REI is a full-service real estate brokerage and advisory firm specializing in the purchase, sale, rental and marketing of select residential new developments and premier resale properties. Headquartered in Arizona, Venture REI is a boutique firm with international reach, delivering a brand of service based on integrity, informed by expertise and practiced in efficiency. 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 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. Media contact:Janice McDilljanice.mcdill@poplarhomes.com312.307.3134 SOURCE Poplar Homes Author admin View all posts

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Transaction brings together two of the fastest growing tech firms in the asset-backed lending ecosystem, advances shared vision of building next-gen lending infrastructure Setpoint announces the acquisition of Resolute Diligence Solutions, an industry leading due diligence provider focused on Single Family Rental (SFR) and Residential Transition Loans (RTL). Third party due diligence is the trust builder in lending transactions – ensuring each deed, title, or lease is verified and reported accurately against financial statements. Resolute is the preferred partner by the world’s largest banks and private lenders as well as originators. The combination of Resolute’s outstanding service and Setpoint’s technology will revolutionize fintech lending. “Resolute is highly complementary to the Setpoint platform and, when combined, is far and away the best in class solution for capital markets borrowers and lenders. A clear example of 1 + 1 = 4”, said Setpoint Co-Founder and CIO Michael Lam. Founded by Brent Taggart and Richard Lundbeck, Resolute has quickly become a leading diligence firm covering SFR and RTL transactions. Resolute’s customer obsession and deep industry experience enabled their rapid expansion and position as the preferred partner for lenders and originators. Resolute’s transaction services and customer service will continue to be a mainstay of the combined Setpoint & Resolute offering. Behind consumers’ most important transactions, from buying a home to using a credit card, is a complex system of trust and credit. Each day, billions move between warehouse lenders and companies that originate loans. These transactions are powered by email, Excel, paper documents and software developed in the 1980s. Errors and friction drive up the cost to lend or borrow. As a result, consumers and businesses lack equal access to trust and credit. Setpoint has built lightning fast, accurate infrastructure that makes credit more widely available and the underlying assets and loans more liquid, which drives down costs for lenders and borrowers. Setpoint offerings include: 3rd Party Verification Services: Capital Markets Operating Software: About Setpoint Setpoint is technology infrastructure for asset-backed lending. Founded in 2021, Setpoint’s capital and technology platform enables real-estate, auto, consumer, and other asset-backed borrowers to offer next-generation credit options to consumers. Setpoint is the foundation and platform that helps originators and lenders do their best work. To learn more, please visit setpoint.io. About Resolute Diligence Solutions Resolute, acquired by Setpoint in 2023, specializes in providing asset level reviews for single family rental, fix and flip and transportation transactions. Resolute is the preferred partner by the world’s largest banks and private lenders as well as originators due to their customer obsession and deep industry experience. To learn more, please visit resoluteds.com. Author admin View all posts

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The National Multifamily Housing Council (NMHC), working with Enterprise Community Partners, has released a groundbreaking new resource for apartment firms, policymakers, community advocates and the public to explore ways that multifamily housing can be an even greater catalyst for creating more equitable communities and improving economic resilience for the residents we serve. Opening Doors of Opportunity: A Guide for Advancing Housing Equity in the Multifamily Industry provides ideas, tools and case studies to advance housing equity, enhancing housing choice and growing the entire economy. The Guide presents specific tactics for improving outcomes through multifamily development, investment and management, emphasizing the urgent need for more housing options, particularly for people of color who historically have had a more difficult time accessing the housing market. Building more housing for renters is essential for creating more equitable communities and unlocking additional opportunities to collectively improve outcomes. “Nearly 40 million Americans, representing diverse racial, social and economic backgrounds, are building their lives in a multifamily apartment,” said Sharon Wilson Géno, NMHC’s President. “We know that housing profoundly impacts health, education and social outcomes, which means multifamily housing providers have a unique role to play in improving economic inclusion and mobility.” “Importantly, this work is not just an effort to improve individual outcomes,” said Wilson Géno, “but also to improve local communities, expand the overall economy and meet investor expectations and demands. In other words, undertaking this work makes good business and economic sense.” The Guide’s intended audience is broad and includes multifamily industry professionals, federal, state and local policymakers, and other community stakeholders seeking to apply a housing equity lens to their work. Examples include: The Guide is not a specific roadmap. Instead, it is a collection of resources to advance equitable outcomes for renters and strengthen communities through various policies, practices and products, as well as approaches to advance existing initiatives beyond current models. An interactive online version of the Guide, with extended content, features and interactivity, can be found at https://housingequityguide.nmhc.org/. 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 38.9 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 www.nmhc.org. Contacts Joslyn Hatfield-Eng202/974-2316jhatfield@nmhc.org Author admin View all posts

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Total Residential Loans Drop Another 19 Percent Quarterly to Lowest Point Since 2000;Refinance and Purchase Lending Decline Nearly 20 Percent Quarterly, With Refinancing Down 85 Percent Annually;Home-Equity Lending Decreases for Second Straight Quarter ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2023 U.S. Residential Property Mortgage Origination Report, which shows that just 1.25 million mortgages secured by residential property (1 to 4 units) were originated in the first quarter of 2023 in the United States – the lowest point since late-2000. That figure was down 19 percent from the fourth quarter of 2022, marking the eighth quarterly decrease in a row. It also was down 56 percent from the first quarter of 2022 and 70 percent from a peak reached in the first quarter of 2021. The ongoing sharp decline in residential lending resulted from another round of downturns in both refinance and purchase loan activity as well as the second straight quarterly drop-off in home-equity lending. Lending activity contracted again as a slowdown in the 11-year U.S. housing market that started in the middle of last year stretched into 2023 amid elevated mortgage rates, consumer price inflation and other signs of economic uncertainty. During a period when average interest rates remained double what they were a year earlier, lenders issued just $388 billion worth of residential mortgages in the first quarter of 2023. That was down quarterly by 20 percent and annually by 58 percent. The overall activity included 595,253 loans granted to home purchasers in the first quarter of 2023, down 19 percent from the fourth quarter of 2022 and 44 percent from the first quarter of 2022 to the lowest point since early 2014. The dollar volume of purchase mortgages dropped 18 percent quarterly and 45 percent annually, to $216 billion. On the refinance side, only 407,956 mortgages were rolled over into new ones – the smallest amount this century. That was down 18 percent quarterly, 73 percent annually and 85 percent from the first quarter of 2021. The value of refinance packages was down 21 percent from the prior quarter and 74 percent annually, to $127 billion. Home-equity lending also went down, dropping 23 percent in the first few months of 2023, to a total of 245,071. The decline marked the second quarterly decrease following a year and a half of gains. While lending activity kept declining across the board in early 2023, the portion represented by different kinds of home loans held steady. Purchase loans continued to comprise about half of all mortgages issued in the first quarter of 2023, with refinance packages making up a third and home-equity loans 20 percent. But that remained a sea of change from two years ago, when refinance deals made up two-thirds of all activity and purchase loans just one-third. “Lenders saw opportunities dwindle even more during the first quarter as the longest slowdown in mortgage activity in at least 20 years continued,” said Rob Barber, chief executive officer at ATTOM. “In one sense, it wasn’t that unusual, given that wintertime is usually the slow time of the year for lenders. But the latest slide extends a run that started two years ago and has carved away nearly three-quarters of the home-mortgage business. Things remain uncertain in the near future, with the potential for interest rates and inflation to go either way, but the Spring buying season will be a key indicator of whether things may turn around.” The across-the-board slump in mortgage activity continues to reflect a combination of economic forces that have helped stall the nation’s decade-long housing market boom and, by extension, damaged the mortgage industry. Those forces include mortgage rates that doubled last year, high consumer price inflation, a historically tight supply of homes for sale and broad economic uncertainty. They have combined to make refinancing or borrowing against home equity far less attractive, while also raising the cost of buying a home and limiting purchases. Total lending activity off 70 percent in just two yearsBanks and other lenders issued a total of 1,248,280 residential mortgages in the first quarter of 2023 – the smallest number since the fourth quarter of 2000. The latest figure was down 19.4 percent from 1,548,372 in the fourth quarter of 2022, 55.6 percent from 2,810,051 in the first quarter of 2022 and 70 percent from the most recent high point of 4,154,015 hit in early 2021. The eighth consecutive decrease extended the longest run of declines this century, while the annual downturn marked the largest since at least 2001. A total of $387.8 billion was lent in the first quarter, which was down 19.8 percent from $483.7 billion in the prior quarter and 58 percent lower than $923.8 billion in the first quarter of 2022. Overall lending activity decreased from the fourth quarter of 2022 to the first quarter of 2023 in 167, or 97 percent, of the 173 metropolitan statistical areas around the U.S. with a population of 200,000 or more and at least 1,000 total residential mortgages issued in the first quarter. It was down annually in every one of those metro areas. Total lending activity dropped at least 15 percent quarterly in 109 of the metros with enough data to analyze (63 percent). The largest quarterly decreases were in Buffalo, NY (total lending down 47.6 percent from the fourth quarter of 2022 to the first quarter of 2023); Albany, NY (down 46.4 percent); Toledo, OH (down 43.5 percent); Knoxville, TN (down 42.7 percent) and St. Louis, MO (down 39.1 percent). Aside from Buffalo and St. Louis, metro areas with a population of least 1 million that had the biggest decreases in total loans from the fourth quarter of 2022 to the first quarter of 2023 were Rochester, NY (down 34.7 percent); Minneapolis, MN (down 34.1 percent) and Indianapolis, IN (down 32.5 percent). No metro areas with a population of at least 1 million saw total lending rise during from the fourth quarter of 2022 to the first quarter of 2023. Smaller metro areas where lending did increase quarterly included Fort Myers FL (up 27.8 percent); Lakeland, FL (up 21 percent); Sarasota-Bradenton, FL (up 6.6 percent); Augusta, GA (up 6.1 percent) and Montgomery, AL (up 1.6 percent). Refinance mortgage originations hit another