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What We Learned About Auction in 2023

How it Will Prepare You for 2024 By Amy Daniel Auction, once a market dominated by investors, is becoming more mainstream. People who previously were frightened by the process are no longer afraid to go down the auction path. In the last year, there was a shift to where everyday homebuyers became more comfortable with the auction process. Based on ServiceLink’s 2023 State of Homebuying Report (SOHBR), which surveyed 1,000 individuals who either purchased or tried to purchase a home in the last three years, 40% of respondents would consider buying at auction, up from 33% in 2022. Of that, Gen X was most likely to consider buying at auction at 46%, followed by Gen Z and millennials at 39% and baby boomers at 30%. So, why the shift? And what does this mean for investors who were in the game first? Here are some of the trends we saw in 2023 that will prepare you for a better 2024. Auction is An Added Channel At a time when the market is down, inventory is low, interest rates are high and prices have held relatively steady, auction has provided buyers with another avenue to find the right fit no matter what they are seeking. Based on the 2023 SOHBR report, 50% of respondents said they would potentially use their auction purchase as a primary residence, up from 29% in 2022. While longstanding investors are affected by the added competition in the auction space, this is where you need to tap into your expertise. Be savvy. Remember: Not everyone wants to buy a home. There is also an increase in people looking to do a short-term rental rather than dive into a purchase. This leaves a huge place for investors in the market. Investors need to track neighborhood property values, ensure their purchase is sustainable and be good at vetting tenants to promote long-term success. Even in this market, there is space for everyone to win. It is Easier Than Ever The auction process is simple. Thanks to the latest technological offerings, it has become even simpler. You can now bid on a property in another state and close on the asset within 30 days. Everything can be completed without ever having to pick up a phone or step foot in the state. There is no longer a need to find a local agent. eClosings are a big driver that fuel added traction in the auction space. Data also is readily available at buyers’ fingertips making the due diligence process much easier. Interactive photos, access to title reports and values of other properties in the area, can all be found with the tap of a finger. This makes buyers comfortable knowing they are making a knowledgeable decision without physically visiting the property. According to 2023 SOBHR data, 48% of respondents who purchased a home used an eSigning application or closing documents to complete their transaction, while 53% applied for a mortgage online and 25% conducted an appraisal remotely. In 2023, digital technology advancements made it easier than ever to purchase a property at auction. Tap into that. You can and should utilize the added technology to your benefit. Sharpen Your Pencil In 2023, investors are being more particular with what properties they are choosing to purchase. With a volatile market, it is important for investors to tap into their knowledge of the market, do their due diligence and ensure the property checks all—not just some—of the boxes. Also, have patience. A down market, while frustrating, has given investors time to reflect on their own processes and find ways they can do things more efficiently. Remember: Sharpen your pencil, look ahead and make sure the property makes sense in the long-term. It is OK to take your time when selecting your next purchase. The Right Partner is a Must Facing what industry experts have said could be one of the toughest winters ever for the real estate industry, it is now more important than ever to find the right partner that has financial stability, along with a team dedicated to the auction space. This is a niche market and investors need someone who knows the arena and can help them maneuver through the process. In 2024, it is going to be even more critical to partner with the right people who are in it for the long haul, that have longevity and can really help push you to that next level. Find a partner that moves quickly and gets it right. Every day matters. This is why it is important to find a partner who keeps the lines of communication open. A partner should keep investors updated with the latest happenings on their transaction, if there are any title issues involved and how long it is going to take to get things cleared. You want a partner who keeps you in the loop. What to Expect in 2024 It is not surprising, given the market and the added comfort people are finding with auction as they become more familiar with it, that there was more interest in auction in 2023 than in years prior. It is an exciting time for auction as it gains traction that will carry into 2024. There is no slowing down. The next year will continue to be a very busy year in auction. More properties will come to market and auction is going to be a critical piece of the real estate market, for homebuyers and investors alike. Even with the added auction competition from homebuyers, investors can stay ahead by tapping into their expertise, utilizing digital advancements in the industry, being patient and focusing on finding the right property that meets your needs, as well as teaming up with the right partner. This is the recipe for success in 2024.

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California’s Assembly Bill 1033

May be a Game Changer for the Development of Accessory Dwelling Units By Kathryn Moorer, Esq. and T. Robert Finlay, Esq. You may have read or heard a lot about Accessory Dwelling Units or ADUs (also colloquially known as Mother-in-Law Suites) recently as building restrictions have been relaxed over the last several years allowing property owners to take advantage of additional lot space, or space within the primary residence, to add value to their property. Let’s not forget the benefits of getting the in-laws out of your personal space. However, what you may not know is that when the California legislature recently passed Assembly Bill 1033, it opened up a whole new world of opportunity to home-owners, developers, and investors by allowing for the ADU to be partitioned and sold separately from the primary dwelling unit on the property. For those unfamiliar with the evolution of laws governing ADUs or ADUs in general, this article provides a quick recap before examining the implications of the new statutory amendments set to take effect January 2024 concerning ADU sales. Accessory Dwelling Units ADUs are fully functional, separate housing units that can be attached to, or wholly detached from the primary residence, such as a guest house, casita, or converted garage. Typically, homeowners create ADUs to provide income opportunities or for family reasons (i.e., to care for loved ones while still maintaining a sense of independence and a level of privacy for all involved). Prior to 2020, cities adopted regulations that greatly restricted ADUs and, in effect, often made it impossible for homeowners to build them. However, multiple bills were signed into law since, preventing municipalities from imposing such harsh restrictions on ADUs with the aim of addressing the housing crisis in California. For example, cities cannot impose minimum lot size requirements, minimum ADU square footage requirements, maximums on unit size less than 850 square feet for a one-bedroom or 1,000 square feet for a two-bedroom, parking requirements, and height limits under 16 feet for detached ADUs. Cities cannot mandate that the ADU be owner-occupied or require that all existing structures be brought up to code as a condition of permit approval. Further, cities are required to ministerially approve or deny a permit application within 60 days without a discretionary hearing, and if the permit is denied, the city must identify the deficiencies in the application and describe how those can be remedied. Moreover, if the city fails to render a timely decision, the application for permit is deemed approved. Finally, homeowners’ associations, try as they might, cannot block an owner from building an ADU. Given the recently relaxed standards, many homeowners have taken the initiative to build an ADU, or two, on their property. Indeed, the current law mandates that local agencies must allow at least two ADUs — one standard and one junior ADU (an ADU no larger than 500 square feet located within the primary residence). Similarly, investors and developers have used this opportunity to construct ADUs on multiple family lots, thereby increasing the property’s value and maximizing income production. New Opportunities However, come January 2024, a new opportunity arises: the ability to sell one or more ADUs separately from the primary residence. AB 1033 amends Government Code section 65852.2 to allow property owners with ADUs to sever and convey the real property interests by creating condominiums. Currently, the separate sale of an ADU is only permitted under very limited circumstances involving an ADU constructed by a qualified non-profit corporation, a low- or moderate-income buyer, and a recorded tenancy in common agreement. Further, the sale must be accompanied by significant deed restrictions, namely, both the primary residence and ADU must be preserved for low-income housing for 45 years. Thus, the current state of the law does not present significant investment opportunities. Beginning January 1, 2024, private owners, investors, and developers may be able to take advantage of the new law and sell separate interests in ADUs without the burdensome deed and buyer restrictions concerning low-income housing. At the outset, it is important to note that, while existing law requires local agencies to allow a separate sale or conveyance of an ADU under the limited circumstances referenced above, the amendment is permissive as to whether a local agency can adopt an ordinance allowing for the private party separate sale of ADUs and only provides for the minimum requirements for such regulations, meaning that this opportunity may vary greatly from city to city. However, if a municipality adopts such an ordinance, there are mandatory minimum prerequisites that an owner must tackle. First, the separate property interests must be created as condominiums pursuant to the Davis-Stirling Common Interest Development Act and in conformity with the Subdivision Map Act. The Davis-Stirling Common Interest Development Act The Davis-Stirling Common Interest Development Act governs the creation of residential real estate developments in which exclusive rights to use/ownership of land are coupled with undivided interests in land that is owned or enjoyed in common with others, such as condominiums. Here, the ADU(s) and the primary residence will have exclusive rights and the remainder of the lot (or at least a portion thereof) would be a common interest area to allow ingress and egress to the occupants. In creating these interests, the act requires that a declaration and a condominium plan be recorded. Further, a homeowners’ association must be created to manage the property. The Subdivision Map Act The Subdivision Map Act grants local governments the power to regulate how their communities grow by requiring them to enact local ordinances that property owners must comply with to obtain approval to divide their land into smaller parcels. Thus, regulations will vary by county or city. The act prescribes the form of the subdivision map and the general approval process after which the city clerk delivers the map to the county recorder. If a landowner fails to obtain approval, the act allows local agencies to prohibit the sale, lease, or financing of a parcel until approval is obtained and

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Ten Tax Mistakes to Avoid

Tax Planning Gives You Control of Your Outcome By Teresa Bilsky Most all investors, business owners, and even individual taxpayers have experienced that sinking feeling of receiving a letter from the Internal Revenue Service or reviewing their tax return with different results than they expected. Your rental property lost money, so why aren’t you seeing the savings in taxes? Or perhaps you received a penalty letter citing some obscure tax code that you were expected to know! Though there is a wealth of information available (some accurate, some that could land you in jail, some that used to be accurate but is no longer so, and some that is comprised of lots of half-truths), the bottom line is that you are expected to know and understand the laws. Penalties sting, but the real issue that taxpayers are wasting millions of dollars on are missed opportunities. So, where do you begin? Begin with the basics. 1. Missing Filing Deadlines Filing deadlines are absolute. Missing them creates penalties that may not be deductible as an expense. For example, 1099-NECs are required to be filed by Jan. 31 regardless of submission method. Penalties range from $50 to $290 per form. Though there is not a deadline for obtaining the W-9 tax information needed to complete the 1099-NEC in a timely manner, we recommend that businesses obtain a completed W-9 prior to any contractor payments. 2. Federal Tax Extensions Extensions are available to allow for the accurate reporting of tax transactions as well as required disclosures. However, money is due when money is due. Extensions do not apply to the payment of tax. Avoid costly penalties and interest by knowing how much you owe by the due date. The failure to file/failure to pay penalty is the federal short-term rate plus 3%, compounded daily. 3. Estimated Tax Payments These payments are due in April, June, September, and January and should equal 25% of the required minimum amount. You often hear these payments referred to as quarterly tax payments though there is humor in that Congress apparently cannot count in threes. The time between Jan. 16 and April 15 is used to complete the calculation of the actual tax due. Payments are due with the return or extension filing by April 15. Business owners receiving a W-2 from their entity may meet this requirement with withholding regardless of the when, or how many times a payroll is received during the year. The law treats W-2s as having been paid equally throughout the year. Missing those due dates by even one day subjects that portion of the tax to the failure to file/failure to pay penalty. This is such a common penalty and common waste of money that there is a box for it on the personal tax return, form 1040. 4. Tax Liability The IRS announced that beginning in October 2023, the interest rate for underpayment or late payment of tax will increase to 8% in addition to the 5%-10% late payment penalty. Generally, the required minimum tax is either 100% of your tax liability from your prior year return or 90% of the current year liability. For an Adjusted Gross Income over $150,000, you need to pay 110% of the prior year or 100% of the current year to reach Safe Harbor. The Safe Harbor date is Jan. 15. Safe Harbor means meeting this required prepayment which grants you the January to April time frame to complete your total tax estimate. Many states follow the same time frame and concept. 5. Holding Period Oh, what a difference a day can make. Closing on a sale held 365 days or less is taxed as ordinary income. The 2023 highest rate is 37%. For long term capital gain treatment, the holding period is a year and a day. Capital gains are taxed between 0%-20%. The additional 17% in tax for that one day is a lot of your money. 6. Real Estate Professional Rules The “Good” and the “Bad.” The Good — Real Estate Professionals are not subject to passive activity loss limitations (PAL) on their rental activities. Nor are they subject to the 3.8% Net Investment Income Tax. The Bad— they are subject to the 15.3% Self-Employment Tax on rental activity profits. You must understand the annual election rules. To qualify, 750 hours must be dedicated to real estate activities AND more than 50% of service income must derive from those activities. Paying off the mortgage on a rental property may cost you more than you think you are saving. 7. Tracking Business Activities Accounting for income and expenses is essential to saving on taxes and for avoiding or repeating costly mistakes. Many business owners use personal money which is never visible and rarely remembered when recapping activates, once a year. With the top tax rate at 37% and the Self-Employment Tax at 15.3% for a total of 52.3%, EVERY dollar matters. Tracking expenses goes beyond saving taxes, it also provides feedback on areas where you may be bleeding money in small amounts that add up but are not easily felt during your day-to-day activity. Properly accounting for your expenses includes recording non-cash transactions such as depreciation, recording deductible portions of mortgage payments and so on. Some transactions should be tracked even though the tax benefit is limited or disallowed in order to have a complete understanding of how your business is performing. 8. Use Entities There are over one-million words in the US Tax Code. Use them all Entity structures are designed to help with various issues including taxes. Understand the differences and optimize the opportunities to report the very same activities and very same numbers on different pieces of paper for very different outcomes. Also understand when the entity is completely ignored by the IRS. Most importantly, using an entity goes beyond forming it. A business entity must have its own ID and its own bank account. Track and report its own specific transactions. Treat them as a separate person. This is

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A New Year’s Resolution to Consider (Please!)

FTC Targeting Hidden and Bogus Fees By David Howard If you are an owner of single-family rental homes and you have not yet started thinking about New Year’s resolutions, allow me to make a suggestion: “Focus on fees.” Actually, as I will explain, focusing on fees should be more than a New Year’s resolution. I only suggest it as such in the hopes that it will make it easier to remember. For the better part of the past year, the Biden administration and its allies in Congress, have been intent on examining the economic impacts of a wide assortment of business fees on the American consumer. Not only was the issue of “harmful consumer fees” highlighted this year in the President’s State of the Union address, but it has also served as the subject of a number of congressional hearings and agency pronouncements. The effort to eliminate so called “junk fees” — defined by the administration as “hidden, surprise fees that companies sneak onto customer bills, increasing costs and stifling competition” — is in full swing in Washington, DC, and rental property owners, both single-family and multifamily, need to make sure they are acting in ways that comply with the administration’s regulatory framework as it governs the treatment of these fees. And although that framework is still emerging, there are things rental property owners can do now to prepare for what is sure to come. What Rental Property Owners Should be Doing Right Now First, we know what regulators are looking for in identifying “junk fees.” On Oct. 11, 2023, the Federal Trade Commission (FTC) issued a proposed rule banning “junk fee practices that consistently confuse and trick consumers.” Specifically, the FTC stated it was targeting both hidden fees and bogus fees, which it defined as:  »         Hidden fees // mandatory fees that businesses hide or exclude when advertising prices, to include fees that do not appear as part of the initial price but emerge later to significantly increase the final price  »         Bogus fees // fees that are misrepresented or not adequately and appropriately disclosed, to include those that serve to confuse consumers as to their amount and purpose Second, we know how regulators will act to enforce provisions of the new regulations: companies found to be charging “junk fees” will be assessed monetary penalties and damages for incidents found to be harmful to consumers. Third, we know the new regulations will apply to owners of rental housing. In a statement issued along with the FTC’s October 11 announcement, the Biden administration commented, “[T]he rule would apply to industries across the economy, including event tickets, hotels and lodging, apartment rentals, car rentals, and more.” It is NRHC’s strong belief that owners of single-family rental homes should assume the rule’s inclusion of apartment rentals is a mere proxy for all rental housing. How Can You Protect Yourself? So, where do the regulations stand and how can you protect yourself in this new environment? As of the writing of this column in mid-November, there will be a 60-day comment period from the time the proposed rule is entered into the Federal Register, on Nov. 8. The proposed rule, subject to any alterations, will then be voted on by commissioners of the FTC. As to whether and when the rule will pass and eventually become law, there is no absolute way of knowing. However, the administration clearly wants the rule to pass and is putting muscle behind it, if for no other reason — setting the merits of the rule aside — a win on “junk fees” is seen as a boost to the President’s reelection campaign in 2024. For owners of rental housing, the endgame regarding fees comes down to disclosure and transparency. And lots of it. Be clear and straightforward about your fee structure, make sure all fees are in the lease, and check with legal counsel to make sure you are protected. NRHC continues to engage with members of the administration and agency officials on the issue of rental housing fees, and we will be routinely communicating new developments and regulatory decisions with the membership as they occur. As to NRHC statements on the issue, please refer to the Newsroom of the NRHC website at www.rentalhomecouncil.org.

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Single Family Rental Turns

Maximizing Tenant Satisfaction By Nickalene Badalamenti-Kalas It is an established dynamic in the single-family rental (SFR) space that a satisfied tenant tends to be a long-term tenant. Conscientious investors and property managers recognize the importance of fostering tenant satisfaction and understand the essential difference between a house and a true home. The former necessitates administrative efforts, whereas the latter yields substantial and perpetuated financial returns. There are a number of key criteria that support tenant satisfaction and long-term tenancy, and the critical juncture to addressing those criteria lies in the transition between occupants, a period averaging between three and five days. This brief interval involves many moving parts, making the tenant-turn process a multifaceted challenge. Achieving success during a tenant turn is predicated on all stakeholders —investors, property managers, inspectors, field service professionals — understanding and conducting their interdependent roles quickly and effectively. An empty house will detract from a neighborhood, it’s a waste of resources, and an inadequately prepared home is a wasted opportunity. A field services partner with the necessary scope, resources, and expertise to execute quick, high-quality turns on time, on budget, and within rental requirement guidelines are essential. Here are factors that make a difference in transforming a house into a true home, and that will help ensure your tenants’ satisfaction. Inspection/Scope The first step toward a swift and comprehensive tenant turn is a thorough inspection/scope. Proper execution within rental requirement guidelines demands training, oversight, and thorough, accurate documentation of the property’s condition. Experienced field service professionals can deliver a fast, technology-enabled inspection/scope — fully documented with geo-tagged and time-stamped photos — that meets rental compliance certification requirements These detailed reports are essential to processing claims and initiating necessary cleaning, repairs, grounds keeping, and other necessary work. The Satisfied Tenant Tenant satisfaction hinges on maintenance, repair, and cosmetic considerations. Long-lasting tenants want a house they can move into easily and seamlessly and that they can turn into a home without encountering livability issues. Factors influencing tenant satisfaction include the condition of interior walls, floors and working surfaces, exterior walls and roofs, windows, appliances, utilities, locks, alarms and other safety features, and the overall appearance and neatness of grounds, sidewalks and driveways. Doors, windows and attic insulation may require attention to maximize heat retention during winter months, and lower utility bills. Equally important to the tenant’s satisfaction is their relationship with property management and the prompt, professional resolution of maintenance and repair concerns. When a tenant feels supported in their home, they will be much more likely to take a personal stake in the care and upkeep of the property. The Quality Turn for the Happy Tenant To ensure a SFR property is turned over to a new tenant in the best possible condition, the following key components must be addressed during the turnover process: Appliance Audit Your field service providers should conduct a thorough assessment of major appliances and functional “systems, including HVAC, furnace and water heater, oven, dishwasher, microwave and laundry appliances. Regular maintenance checks on HVAC and climate control systems are essential in extending system life and preventing costly repairs. Plumbing Another area where an ounce of prevention is worth a pound of cure is the plumbing system. Field service providers will examine the general health of the plumbing network, checking for existing and potential leaks, backflow hazards, and water heater efficiency. This is also the perfect opportunity to address overall system efficiency, with consideration for improvements such as low-flow toilets, high-efficiency faucets, or tankless water heaters. Interior Cleaning A thorough deep clean of the home is essential to attracting the committed, long-term tenant. When they assess their future home, it should be in as-new-as-possible condition. The process should include steam-cleaning of carpets and floors, replacing as needed, cleaning and/or painting of walls and ceilings, cleaning interior and exterior window surfaces, and clearing out HVAC and heater vents. Window treatments including blinds and curtains should be addressed, and woodwork including baseboards, wainscotting and stair rails should be cleaned. This is also a good time to address air quality, with purifiers and ozone treatments, as necessary, to ensure an impression of overall quality and cleanliness upon entering the home. Exterior Cleanup When approaching the property, if the grass is tall or the entryway is dirty, a prospective tenant will be put on guard and begin looking for more things that are wrong. Your field service provider should enhance the curb appeal by attending to weeds, landscaping and trees, lawn maintenance, gutter cleaning, driveway and walkway appearance, and exterior walls and windows. In the latter cases, a power washing can do wonders for revealing the home’s native charm and curb appeal. Property Improvements The turn interval between tenants is also the ideal opportunity to make improvements and complete necessary rehabilitations where appropriate. Our field rehabilitation services are designed to improve efficiency and enhance visual appeal, such as kitchen and bath remodeling, landscaping, and irrigation system installations. Regarding efficiency, there are a range of upgrades available to lower tenant costs, including energy-efficient appliances, smart thermostats and locks. Consider upgrading to more efficient windows, door sealing and other insulation measures. Upgrades such as home alarms, smoke alarms, radon and CO2 detectors, and security cameras can go a long way to giving tenants the impression of a safe and secure home. A Lasting Investment The goal of any SFR property is to attract and retain high-quality tenancy. These are the tenants who want to create and protect their home for the long term, and who will complement your investment in the home with their own. They are more likely to take responsibility for its care and maintenance, lowering overall costs and increasing returns. Because the tenant-turn interval is brief and can include a wide range of activities, expert supervision and oversight are essential to executing a quick, quality turn. Your field services partner should be selected on their ability to manage the project within timelines, budgets, and rental requirement guidelines while ensuring a delighted tenant experience. This approach

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U.S. Foreclosure Activity Remains Steady in October 2023

Foreclosure Starts Decrease 7% from Last Month By ATTOM Staff ATTOM, a leading curator of land, property, and real estate data, released its October 2023 U.S. Foreclosure Market Report, which shows there were a total of 34,472 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 6% from a month ago but up 6% from a year ago. “Foreclosure filings continue to paint a concerning picture,” said Rob Barber, CEO at ATTOM. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.” Delaware, Ohio and New Jersey Post Highest Foreclosure Rates Nationwide one in every 4,051 housing units had a foreclosure filing in October 2023. States with the highest foreclosure rates were:  »         Delaware (one in every 2,432 housing units with a foreclosure filing)  »         Ohio (one in every 2,492 housing units)  »         New Jersey (one in every 2,550 housing units)  »         Maryland (one in every 2,565 housing units)  »         South Carolina (one in every 2,569 housing units) Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2023 were  »         Cleveland, OH (one in every 1,403 housing units with a foreclosure filing)  »         Atlantic City, NJ (one in every 1,547 housing units)  »         Spartanburg, SC (one in every 1,708 housing units)  »         Bakersfield, CA (one in every 1,785 housing units)  »         Jacksonville, NC (one in every 1,848 housing units) Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in October 2023, including Cleveland, OH, were:  »         Miami-Fort Lauderdale, FL (one in every 2,180 housing units)  »         Riverside, CA (one in every 2,254 housing units)  »         Houston, TX (one in every 2,269 housing units)  »         Philadelphia, PA (one in every 2,323 housing units) Greatest Numbers of Foreclosure Starts in Texas, California, and Florida Lenders started the foreclosure process on 23,343 U.S. properties in October 2023, down 7% from last month but up 7% from a year ago. States that had the greatest number of foreclosure starts in October 2023 included:  »         Texas (2,966 foreclosure starts)  »         California (2,747 foreclosure starts)  »         Florida (2,319 foreclosure starts)  »         New York (1,405 foreclosure starts)  »         Georgia (1,054 foreclosure starts) Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in October 2023 included:  »         New York, NY (1,412 foreclosure starts)  »         Houston, TX (1,132 foreclosure starts)  »         Miami-Fort Lauderdale, FL (941 foreclosure starts)  »         Los Angeles, CA (808 foreclosure starts)  »         Chicago, IL (705 foreclosure starts) Foreclosure Completion Numbers Remain Unchanged From Last Month Lenders repossessed 3,332 U.S. properties through completed foreclosures (REOs) in October 2023, down less than 1% from last month and down 20% from last year. States that had the greatest number of REOs in October 2023, included:  »         Pennsylvania (297 REOs)  »         Illinois (273 REOs)  »         Ohio (231 REOs)  »         California (219 REOs)  »         Michigan (216 REOs) Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2023 included:  »         Chicago, IL (213 REOs)  »         New York, NY (166 REOs)  »         Philadelphia, PA (102 REOs)  »         Washington, DC (79 REOs)  »         Detroit, MI (76 REOs)

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