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Consumer Pessimism Regarding Direction of Mortgage Rates Hits New Survey High

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69% of Respondents Expect Mortgage Rates to Go Up in Next 12 Months The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased by 2.1 points to 73.2 in March, as consumers continue to express pessimism regarding the trajectory of mortgage rates and homebuying conditions generally. Overall, four of the index’s six components decreased month over month, including the components asking consumers whether they expect mortgage rates to go up and whether they believe it’s a good time to buy a home. In March, a survey-high 69% of respondents indicated that they expect mortgage rates to continue their upward ascent. On net, the “Good Time to Buy” component set a new survey low, with 73% of respondents reporting that it’s a bad time to buy a home. Year over year, the full index is down 8.5 points. “The ‘Good Time to Buy’ component of the index reached yet another record low, with high home prices, rising mortgage rates, and macroeconomic uncertainty serving as consumers’ chief concerns,” said Mark Palim, Fannie Mae Vice President and Deputy Chief Economist. “Only 24% of consumers believe it’s a good time to buy a home, with similar levels of pessimism expressed by nearly all of the demographic groups surveyed,” Palim continued: “This month, we also saw a survey-high share of consumers expecting their financial situations to worsen over the next year; this was especially true among current homeowners. These concerns, together with the run-up in mortgage rates since the end of 2021, will likely diminish mortgage demand from move-up buyers – and fewer move-up buyers mean fewer available entry-level homes, adding to the rising-rate challenges for potential first-time homebuyers. If consumer pessimism toward homebuying conditions continues and the recent mortgage rate increases are sustained, then we expect to see an even greater cooling of the housing market than previously forecast.” Home Purchase Sentiment Index – Component Highlights Fannie Mae’s Home Purchase Sentiment Index (HPSI) decreased in March by 2.1 points to 73.2. The HPSI is down 8.5 points compared to the same time last year. Read the full research report for additional information. Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home decreased from 29% to 24%, while the percentage who say it is a bad time to buy increased from 67% to 73%. As a result, the net share of those who say it is a good time to buy decreased 11 percentage points month over month. Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home increased from 72% to 74%, while the percentage who say it’s a bad time to sell decreased from 22% to 21%. As a result, the net share of those who say it is a good time to sell increased 3 percentage points month over month. Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months increased from 46% to 48%, while the percentage who say home prices will go down increased from 16% to 20%. The share who think home prices will stay the same decreased from 32% to 28%. As a result, the net share of Americans who say home prices will go up decreased 2 percentage points month over month. Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months increased from 3% to 4%, while the percentage who expect mortgage rates to go up increased from 67% to 69%. The share who think mortgage rates will stay the same increased from 22% to 23%. As a result, the net share of Americans who say mortgage rates will go down over the next 12 months decreased 1 percentage point month over month. Job Concerns: The percentage of respondents who say they are not concerned about losing their job in the next 12 months decreased from 87% to 86%, while the percentage who say they are concerned increased from 9% to 11%. As a result, the net share of Americans who say they are not concerned about losing their job decreased 3 percentage points month over month. Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago increased from 27% to 29%, while the percentage who say their household income is significantly lower increased from 12% to 13%. The percentage who say their household income is about the same decreased from 56% to 53%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago increased 1 percentage point month over month.                     About Fannie Mae’s Home Purchase Sentiment IndexThe Home Purchase Sentiment Index® (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier. About Fannie Mae’s National Housing SurveyThe most detailed consumer attitudinal survey of its kind, Fannie Mae’s National Housing Survey (NHS) polled approximately 1,000 respondents via live telephone interview to assess their attitudes toward owning and renting a home, home and rental price changes, homeownership distress, the economy, household finances, and overall consumer confidence. Homeowners and renters are asked more than 100 questions used to track attitudinal shifts, six of which are used to construct the HPSI (findings are compared with the same survey conducted monthly beginning June 2010). For more information, please

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Welcome to the Latest Off-Market Asset Opportunities

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These properties are presented as part of a Highest-And-Best offer strategy.  The minimum offer price is shown & all assets will be sold at that minimum price, or the Highest-And-Best price received by end date of offering. These assets are being premiered today, and official offers will be made available on Tuesday, April 12th.  All offers with proof of funds will be due and time stamped by the portal on Thursday, April 14th – 5:00 pm EST. Please email Marketing@REI-ReferralNetwork.com with questions or to submit an early inaugural offer with this new Highest-And-Best offer platform. GOOD LUCK!!!!

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Incenter Tax Solutions Advises Commercial Property Owners to Scrutinize their Tax Assessments

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Careful Reviews Can Uncover Hidden Savings Opportunities, Freeing up Funds for Property Enhancements With inflation, rising energy costs, supply chain interruptions and continued fallout from the pandemic exerting financial pressures on commercial property owners, Incenter Tax Solutions is urging them to find new ways to maximize savings–including scrutinizing their property tax assessments. “As property values continuously rise and fall with market conditions, these assessments are not always adjusted properly, especially in the current commercial market,” said Alison Tulio, Esq., President of the firm, whose mission is to make sure property taxes are accurate and fair. “We are telling our clients to be proactive and have their assessments reviewed annually so they never overpay.” According to the National Taxpayers Union Foundation, various experts estimate that “between 30 and 60 percent of taxable property in the United States is over-assessed.” Lowering assessments could free up capital for property improvements, help compensate mall owners for the loss of anchor tenants and give multifamily property owners an edge when competing for new renters. “The opportunities to leverage this potential source of hidden savings are numerous,” said Ms. Tulio. A few examples include: Reducing (or not raising) rents to keep tenants happy, and prevent them from leaving for “somewhere better” Adding amenities, collaborative spaces and safety/security improvements to make buildings more attractive for hybrid work Repurposing restaurants to accommodate less dining in and more takeout/delivery Incenter Tax Solutions, which has a national network of real estate attorneys and appraisers covering the country’s 19,495 municipalities, provides complimentary property tax assessment reviews for their commercial clients. If the firm determines that they are excessive, they will offer to handle the entire appeal process, which includes preparing and filing an appeal free of charge, except for an initial appraisal (which clients then own) and attending a hearing if required. Incenter Tax Solutions only receives a one-time contingency fee if the appeal succeeds. The firm’s principals have prevailed on behalf of their clients 100% of the time, saving them thousands of dollars. Tax appeal deadlines vary from state to state, ranging from May 15 (in most cases) for Texas and June 1 for Colorado, to August 1 for regions of Pennsylvania. For more information, contact Incenter Tax Solutions at 1-888-901-2287 or submit an inquiry at incentertaxsolutions.com. About Incenter Tax Solutions Incenter Tax Solutions protects commercial and residential property owners from overpaying their property taxes. The firm is part of Incenter LLC, a family of 11 companies helping mortgage banking and real estate finance organizations improve performance. See incentertaxsolutions.com for further information. To learn about Incenter, see incenterms.com. Contacts Dawn RingelDawn.ringel@incenterms.com or 267-620-8401

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WORD OF THE DAY: Sedulous

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[SEH-jəl-əs] Part of speech: Adjective Origin: Latin, mid-16th century Definition: (Of a person or action) showing dedication and diligence. Examples of Sedulous in a sentence “Marnie’s sedulous nature was a good fit for medical research.” “Because Jeremy is sedulous, he caught the mistake right away.” About Sedulous This word stems from the Latin “sedulus,” meaning “zealous.” Did you Know? Even though the word “sedulous” offers a positive connotation of widely cherished values in society, it’s not a commonly used word. Words like “diligent” are used much more frequently to describe hardworking, dedicated individuals.

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ServiceLink Survey Reveals How Homebuyers are Adapting to a White-Hot Real Estate Market

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The 2022 ServiceLink State of Homebuying Report highlights how low housing inventory and high home prices are leading the next generation of buyers to consider alternative paths to homeownership With the pandemic still affecting many parts of the housing industry and homebuying experience, buyers are adjusting their behaviors and expectations to navigate today’s competitive market conditions. A new survey report, released from ServiceLink, part of the FNF family of companies and the nation’s premier provider of tech-enabled mortgage services, analyzes generational trends among recent homebuyers, their attitudes toward alternative paths to homeownership and the role technology plays throughout the process. The 2022 ServiceLink State of Homebuying Report (SOHBR) features insights from 1,000 homeowners who purchased a home within the past five years. This comprehensive report examines shifting experiences and approaches to homebuying and refinancing and changing attitudes about the role technology plays in the process. Key findings of the report include: Homebuyer demographics are changing: Gen Z and millennials will play a big role in the housing market in 2022 • 32% plan to refinance this year (compared to 23% of Gen X and 9% of baby boomers) • 26% are likely to purchase a new home this year (compared to 12% of Gen X and 6% of baby boomers) • 23% would purchase a home without seeing it in person first (compared to 16% of Gen X and 5% of baby boomers). • 55% either have bought, or are willing to buy at auction (compared to 50% of Gen X and 23% of baby boomers) Buyer fatigue is real: Complicated market conditions are leading homebuyers to put off purchasing a new home • Almost a quarter (24%) of recent homebuyers considered buying a new home in the last five years, but ultimately decided against it • Nearly half (44%) said options were too expensive (as compared to 31% in the 2021 SOHBR) • 29% said their financial situation changed (as compared to 24% in the 2021 SOHBR) • 28% cited low housing inventory (as compared to 8% in the 2021 SOHBR) Auction is gaining traction: Homebuyers are considering alternative routes to homeownership • One-third of respondents (33%) would consider buying a home at auction while 11% of respondents have already purchased a home this way • Gen Z/millennials are the most open to buying an auction property as 55% have either already purchased one or would be willing to do so (compared to 50% of Gen X and 23% of baby boomers) • Top motivations for buying a home via auction: potential cost savings (72%), a faster homebuying process (44%) and being able to bid remotely via an app or online (37%) • The primary use for a home purchased at auction: fix and flip (31%), primary residence (29%) and rental income (23%). Gen Z/millennials are most likely to buy at auction to use the property for rental income (28%), compared to 19% of Gen X and 11% of baby boomers. Technology eases the process: Homebuyers continue to see the benefit of technology in improving the homebuying experience • Convenience/ease of use (72%) and time savings (60%) prove to be the biggest benefits of using technology in the homebuying process, across age and gender. This is similar to the results of the 2021 SOHBR where 68% cited convenience/ease of use and 68% cited time savings • 83% of baby boomers said convenience/ease of use was the top benefit of using tech (compared to 66% of Gen Z/millennials and 70% of Gen X) Rethinking refinance: The refinance boom shows signs of slowing • Securing a better mortgage rate (62%) was the number one reason for homeowners to refinance • One-quarter of respondents refinanced their current home. Of those that refinanced, Gen Z and millennials led the subset at 35% (compared to 19% of Gen X and 16% of baby boomers) • 64% say they are not very likely or not likely at all to refinance in 2022 (as compared to 50% in the 2021 SOHBR) “As bidding wars, low inventory and rising interest rates continue to intensify the competition, buyers have had to get creative in order to come out ahead in this challenging real estate market,” said Dave Steinmetz, president of origination services, ServiceLink. “Our study suggests that a growing number of buyers are embracing technology, and many are open to new pathways to achieve homeownership. This indicates there is an opportunity for lenders to provide more targeted resources and guidance to buyers throughout their homebuying journey.” Read the full report here. About ServiceLink ServiceLink is the nation’s premier provider of digital mortgage services to the mortgage and finance industries. ServiceLink leads the way by delivering best-in-class technologies, a full product suite of services and proven experience, built on a foundation of quality, compliance and service excellence. ServiceLink provides valuation, title and closing, and flood services to mortgage originators; and default valuation, integrated default title services, vendor invoicing and claims audit services, as well as field services and auction services to mortgage servicers. ServiceLink helps clients in the lending industry and beyond achieve their strategic goals, realize greater efficiencies, and better serve their customers. For more information about ServiceLink, please visit svclnk.com.

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WORD OF THE DAY: Nabob

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[NAY-bob] Part of speech: Noun Origin: Hindi, 17th century Definitions: A very wealthy and powerful person; historically, a European who made their fortune in India or another Eastern country Examples of Nabob in a sentence “He was such a nabob that he was invited to every fundraiser and charity event in town.” “In the 1800s, a man could leave England as a pauper and return after a few years in India as a celebrated nabob.” About Nabob Originally, a nabob was a man who came home after finding his wealth in India and flaunted his new fortunes. Now a nabob is anyone with considerable wealth and power, still with a rather showy connotation. This person could also be described as a tycoon, a magnate, or a mogul. Did you Know? The term “nabob” was brought into English from Hindi during British colonial rule in India. Droves of British men were employed by the East India Company (a giant in trading) and were coming home from the East with huge fortunes. The word continued to spread westward, landing in San Francisco. As rich and powerful men built impressive mansions on hills, they were referred to as nabobs. The name was eventually shortened, and you have the current neighborhood of Nob Hill.

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