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WORD OF THE DAY: Quiddity

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[KWID-ə-dee] Part of speech: Noun Origin: Latin, 14th century Definitions: The inherent nature or essence of someone or something; a distinctive feature; a peculiarity. Examples of Quiddity in a sentence “Her love of singing is as much a quiddity as her brown hair is.” “Many people share the quiddity of dipping their fries into their milkshakes.” About Quiddity Quiddity is a Middle English word, but originally developed in Latin from the words “quidditas” and “quid” (which both mean “what”). Did you Know? Taking a personality test today might mean completing a career assessment or seeing if you share a particular quiddity with a friend. The first personality tests were created during WWI, when psychologists tried to assess the mental hardiness of U.S. Army recruits.

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ATTOM Unveils New Data Product for Reliable Rental Market Data

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ATTOM’s new Rental AVM (Automated Valuation Model) delivers automated rental estimates, arming real estate professionals with reliable values to make better decisions ATTOM, a leading curator of real estate data nationwide for land and property data, is pleased to announce it has added yet another new data product to the ever-expanding ATTOM Table of Data Elements – the ATTOM Rental AVM (Automated Valuation Model). This new solution, built from the foundation of the company’s nationwide property database, provides rent estimates for over 72 million single-family residences nationwide. ATTOM’s new Rental AVM solution delivers automated rental estimates on a monthly basis, arming real estate professionals with reliable values to help them make better decisions for their business and their clients. The ATTOM Rental AVM leverages the company’s nationwide property database and best-in-class geospatial layers to group and localize the value of similar properties within the same neighborhood. ATTOM tests its rental estimates using proven statistical techniques and by comparing to over one million nationwide active rental listings. “Whether you’re a real estate investor looking to evaluate potential profits and returns on investment, understand the viability of a new investment property, operate a real estate platform in need of enhanced content and SEO, or a mortgage professional tasked with the verification process for investment loans, our Rental AVM solution provides an accurate estimate to help analyze and identify trends in specific geographic areas and markets,” said Todd Teta, chief product and technology officer at ATTOM. “This new data product further delivers on our core mission to provide real estate stakeholders with information that increases real estate transparency and improves decision making.“ For a free trial or to learn more about the ATTOM Rental AVM to improve your business or investment portfolio, get in touch with an ATTOM representative today. About ATTOM ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud. Media Contact: Christine Stricker 949.748.8428 christine.stricker@attomdata.com Data and Report Licensing: datareports@attomdata.com

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Second Avenue Names New COO, Strategic Advisors

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 Innovative Single-Family Rental (SFR) Investment Platform Brings in Trio of Industry Veterans Second Avenue Group (‘Second Avenue’), a full-service, institutional quality single-family rental platform (“SFR”), announced that three visionary SFR industry executives have joined the company in various senior-level roles. Ray Barrows, who boasts more than 25 years of experience in housing operations, acquisitions and development, joins Second Avenue as the firm’s new COO. In addition, Bruce Strohm and Fred Tuomi – two iconic and longtime SFR and related housing industry executives – join as Strategic Advisors to Second Avenue. “Second Avenue is experiencing extremely high growth in the SFR market today, which makes the hiring of these three gentlemen a truly transformative moment for our company,” said Second Avenue CEO and Founder Mike Rothman. “Not only have they validated the strength of our existing platform by joining us, but their presence on the team positions us to expand on an even greater level going forward with their combined knowledge and proven industry leadership,” said Second Avenue CEO and Founder Mike Rothman.     Ray Barrows previously served as EVP of National Operations and Chief Operating Officer at Progress Residential where he helped oversee the company’s growth from 28,000 to 55,000+ single-family home rentals. Prior to working with Progress Residential, Mr. Barrows was a Senior Vice President with The Irvine Company in California. In that capacity, he oversaw the day-to-day property management operations for the company’s 64,000 apartment units in Southern California. Mr. Barrows has also held senior positions with Waypoint Residential, Bell Partners, Archstone Communities and Security Capital Group. “It’s an honor to join a team as experienced and innovative as Second Avenue,” said Barrows. “Second Avenue is one of the few SFR companies to create an end-to-end technology platform that effectively manages the required aspects of both maintenance and capital decisions at the home level, as well as providing the personalized customer service that residents now demand from quality SFR housing. The Board, Senior Management and Operations team are unparalleled in both experience and the understanding of how these tech-enabled systems will be utilized to provide superior returns for Second Avenue’s investors.” Bruce Strohm previously served as the Executive Vice-President, General Counsel and Corporate Secretary of Equity Residential, an S&P 500 public company, from 1995 until January 2018. Equity Residential is one of the largest apartment companies in the United States, owning over 300 properties, with 80,000 units, with a market capitalization in excess of $30 billion. From 2018 to 2019, Mr. Strohm was Chief Legal Officer of Equity International, a private equity company focusing on investing in real estate outside the United States. During his tenure at Equity Residential and Equity International, Mr. Strohm provided legal oversight of transactions, litigation and insurance, and worked closely with the chief executive officer and chief financial officer on capital markets activities and shareholder relations. “Having worked for Sam Zell for over 30 years, I have a highly disciplined approach to investing, with a laser focus on the right supply-demand metrics. Second Avenue does that exceptionally well, which is why I invested with Mike Rothman and his company in 2019,” said Strohm. “Second Avenue is one of the few SFR operators to have the ability to effectuate a high velocity of acquisitions because of their proprietary lead generation technology, investment valuation and underwriting expertise. I am pleased to be a strategic advisor to Second Avenue, helping them maximize performance for their institutional investors.” Fred Tuomi served as President, Chief Executive Officer and Director of Invitation Homes Inc, the nation’s largest single-family rental company, from 2017 until his retirement in 2019. Prior to its merger with Invitation Homes, Mr. Tuomi served as Chief Executive Officer and Director of Starwood Waypoint Homes from 2016 until 2017. Prior to its merger with Starwood Waypoint Homes, he served as Co-President and Chief Operating Officer of Colony American Homes, Inc. from 2013 until 2016. Mr. Tuomi was Executive Vice President and President—Property Management for Equity Residential, the nation’s largest multi-family REIT, from 1994 until his retirement in 2013. He led the development of Equity Residential’s property management group through years of rapid growth and expansion, while helping to pioneer its leading operational platform. Said Tuomi: “Along with the substantial level of investment capital continuing to flow to the SFR sector, there is a tremendous need for an institutional quality, full service and tech-enabled platform for acquisition, asset management and property management of SFR homes and BTR communities. Second Avenue recognized this need in 2017 and has developed a highly capable platform for large scale investors, empowered by robust technology and experienced SFR professionals. I am pleased to be an investor and to serve as an advisor to Second Avenue.”  Second Avenue, which was founded in 2017, is currently active in 10 markets, primarily in the Southeastern and Southwestern United States.  The firm has targeted an additional 10 markets for entry in the next year and expects to deploy as much as ~$1 billion annually.  The firm’s growth outlook is consistent with the long-awaited and now widely recognized boom in the single-family rental sector, addressing the growing demand for high-quality suburban rental housing. About Second Avenue Discover the joy of renting with Second Avenue, the next-gen single-family rental investing platform. Second Avenue provides sought-after rental homes for today’s families and compelling risk-adjusted returns in single family rental (SFR) property portfolios for institutional investors. Bringing exceptional discipline, tech simplicity, and professional property acquisition and management to the industry, Second Avenue makes SFR renting and investing easier and better than ever. Discover the simplicity and possibility of Second Avenue homes and investing. With ~$2 billion under management, Second Avenue is privately held and headquartered in Tampa, Florida with regional teams throughout the United States. For more information about Second Avenue, visit: www.secondavenue.com

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WORD OF THE DAY: Snuggery

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[snə-ɡə-ree] Part of speech: Noun Origin: British English, early 19th century Definitions: A cozy or comfortable place, especially someone’s private room or den; another term for snug, a small, comfortable public room in a pub or inn. Examples of Snuggery in a sentence “The hidden snuggery behind the kitchen is my favorite room in the house.” “The extra room was supposed to be an office, but it turned into a reading snuggery.” About Snuggery A snuggery is probably exactly what you are envisioning in your head: A cozy little nook filled with comfortable chairs, pillows, blankets, and books. Or whatever your personal dream den would be filled with. Did you Know? Do you know the word hygge (pronounced HOO-gah)? It’s a Danish word meaning cozy, but it’s also a modern obsession with all things comforting and content. Having a snuggery is a key element of reaching the perfect state of hygge.

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Home Sales, Seller Profits Dip Across U.S. in First Quarter of 2022 As Price Increases Slow

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Returns Drop for First Time in Over Two Years and Decline at Fastest Pace in 10 Years; Median U.S. Home Price Up Just 2 Percent Quarterly, to New High of $320,500 ATTOM, a leading curator of real estate data nationwide for land and property data, released its first-quarter 2022 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home sales across the United States dipped to 47.2 percent – the first quarterly decline since late 2019 and the largest in a decade. In a sign that the nationwide housing-market boom may be slowing, the latest profit margin was down from 51.6 percent in the fourth quarter of 2021. While profit margins often decrease during the relatively slow Winter home-buying season, the latest dip of more than four percentage points marked the first quarterly decline since the fourth quarter of 2019 and the largest since the first quarter of 2011. The report reveals that the typical return on investment remained historically high, easily topping the 37.5 percent level recorded in the first quarter of 2021 and almost 20 points above the 29.4 percent figure from the first quarter of 2019. Gross profits, while also near record highs, followed a similar pattern in the first quarter of 2022. The typical single-family home sale across the country generated a gross first-quarter profit of $103,000, down from $107,187 in the fourth quarter of last year, although still well above $75,001 a year earlier. “Home prices simply can’t continue to go up as rapidly as they have for the past few years,” said Rick Sharga, executive vice president of market intelligence for ATTOM. “The combination of higher prices, rising mortgage rates, and the highest rates of inflation in 40 years may be pricing some prospective buyers out of the market, which means we may begin to see lower sales numbers. Ultimately, as affordability worsens, price appreciation should slow down, and we may even see modest price corrections in some markets.” The lower gross profits came as the national median home price increased just 1.7 percent, from $315,000 in the fourth quarter of 2021 to $320,500 in the first quarter of this year. That marked the ninth straight quarterly record and was up 16.5 percent from the first quarter of 2021. But the modest quarterly gain fell below price spikes that first-quarter sellers commonly were paying when they originally bought their homes, which led to the decline in profits. Home sales also lagged behind the numbers from the first quarter of 2021, with sales falling from 1.2 million to 1.1 million. These sales, pricing. and profit trends point to the possibility of a calmer period in a housing market that has largely roared ahead over the past two years, both in spite of and because of the ongoing economic threat posed by Coronavirus pandemic that hit early in 2020. A surge of buyers largely unscathed financially by the pandemic has flooded the market over that period, chasing a historically limited supply of homes for sale and driving up prices. That happened amid a period of rock-bottom mortgage rates that dipped below 3 percent for a 30-year fixed-rate loan, and a desire of many households to trade congested virus-prone parts of the country for the relative safety of a house and yard along with larger spaces for developing work-at-home lifestyles. But even as employment has grown over the past year, interest rates are rising, which has cut into what buyers can afford. The nation’s inflation rate, meanwhile, is at a 40-year high, generating further economic uncertainty that could stifle home-price increases. Profit margins decline quarterly in over 40 percent of metro areas around the U.S. Typical profit margins – the percent change between median purchase and resale prices – fell from the fourth quarter of 2021 to the first quarter of 2022 in 71 (42 percent) of the 170 metro areas around the U.S. with sufficient data to analyze. That trend emerged even as investment returns remained up annually in 152 (89 percent) of those metros. Metro areas were included if they had at least 1,000 single-family home sales in the first quarter of 2022 and a population of at least 200,000. The biggest quarterly decreases in profit margins came in the metro areas of Santa Barbara, CA (margin down from 72.9 percent in the fourth quarter of 2021 to 45.8 percent in the first quarter of 2022); Boise, ID (down from 110.4 percent to 88.8 percent); Brownsville, TX (down from 54.3 percent to 38.1 percent); St. Louis, MO (down from 37.6 percent to 23.9 percent) and Des Moines, IA (down from 48.1 percent to 35.2 percent). Aside from St. Louis, the biggest quarterly profit-margin decreases in metro areas with a population of at least 1 million in the first quarter of 2022 were in Raleigh, NC (margin down from 53.1 percent to 40.7 percent); Sacramento, CA (down from 63.9 percent to 52.1 percent); Minneapolis, MN (down from 40 percent to 32 percent) and Atlanta, GA (down from 38.5 percent to 31 percent). Profit margins increased quarterly in 99 of the 170 metro areas analyzed (58 percent). The biggest quarterly increases were in Kingsport, TN (margin up from 51.1 percent in the fourth quarter of 2021 to 71.1 percent in the first quarter of 2022); Rochester, NY (up from 57.1 percent to 76.3 percent); Lake Havasu City, AZ (up from 58.2 percent to 75.2 percent); Cape Coral-Fort Myers, FL (up from 64.2 percent to 80.9 percent) and Toledo, OH (up from 39.8 percent to 53.3 percent). Aside from Rochester, the largest quarterly increases in profit margins among metro areas with a population of at least 1 million came in Honolulu, HI (up from 34.8 percent to 47.6 percent); Richmond, VA (up from 48.2 percent to 60 percent); Oklahoma City, OK (up from 30 percent to 38.6 percent) and New Orleans, LA (up from 27.6 to 34.4 percent). Largest profit margins again in West; smallest in South and Midwest The West continued to have the largest profit

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WORD OF THE DAY: Myopic

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[mī-ˈō-pik] Part of speech: Adjective Definition: Without foresight or imagination; nearsighted Examples of Myopic in a sentence “She tends to take a myopic view of the future, losing sight of the big picture.” “His myopic eyesight left him unable to even read the street signs, let alone obey them.” About Myopic The difference between people who are myopic and farsighted has been known since the time of Aristotle. But it was Johannes Kepler in 1604 who first showed that near-sightedness resulted from light being focused in front of the retina rather than directly on it. Did you Know? As far as words go, myopic is fairly young. It’s only existed since the 1800s.

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