Newsletter – Page 120

SingleSource Property Solutions Expands Title License into Alabama and New Mexico

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SingleSource, a provider of title and settlement, valuation, real estate-owned (REO) asset management, field services, and document management services, has expanded its title agency licenses into the states of Alabama and New Mexico. The company is approved to issue title insurance throughout the state of Alabama and has Title Plant access in 13 New Mexico counties that comprise approximately 80% of the population. “We are proud to stay true to our plans of continuous innovation and growth, despite the challenges the industry has faced over the past year,” says Ed Austin, SingleSource COO. “We look forward to expanding into additional western states to continue improving our service to our customers.” SingleSource is a licensed title insurance agent in most areas of the U.S. The company is directly authorized and licensed to provide title insurance in 37 states and the District of Columbia. SingleSource ensures its ability to provide clients with complete business solutions and works directly with a preferred network of licensed agents through workshare agreements to process title insurance orders in states in which the company is not licensed. Due to increased demand for its services, SingleSource is in the process of becoming licensed in additional Western states and in U.S. territories. About SingleSource SingleSource provides title and settlement, valuation, REO asset management, property preservation, and document management services. The company manages a network of independent real estate agents, brokers, appraisers, property preservation field contractors, closing agents, title abstractors, and attorneys nationwide and in Puerto Rico, the U.S. Virgin Islands, and Guam. SingleSource clients include loan servicing and origination organizations, banks, credit unions, investment banks, and hedge funds. The company was established in 2000 and is headquartered in Canonsburg, PA, near Pittsburgh. For more information, contact Marialice Skabardonis at 866-620-7577, x1166, or mskabardonis@singlesourceproperty.com or visit www.singlesourceproperty.com

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The trend is reversed in high-tax states, where an average of 2.5 people leave for every one person who moves in For states with the lowest taxes, an average of four people moved in from other parts of the country for every one person who left over the last eight years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The trend is reversed in high-tax states, where an average of 2.5 people left for every one person who moved in. Nevada, Florida, South Carolina and Texas are prime examples of low-tax states that are attracting new residents. Nevada gained more residents than any other state over the last eight years—for every nine people who moved into Nevada from 2013 to 2020, just one person left—and it has the sixth-lowest tax rate in the country. That’s according to a Redfin analysis of estimated migration to and from 48 U.S. states from 2013 to 2020, correlated with rates of sales tax, income tax and property tax in 2020. For the national average, the 15 states with the lowest taxes are considered “low-tax states” and the 15 states with the highest taxes are considered “high-tax states.” Hawaii and Alaska are excluded because they’re extreme outliers in terms of migration. Florida has the seventh-lowest tax rate in the country and gained more residents than all but four other states from 2013 to 2020. For every seven people who moved into Florida, just one person left. “A lot of people are moving into Jacksonville from places like California and the East Coast because they can work remotely. They figure it’s a pretty good deal to pay no state income tax and live at the beach,” said local Redfin agent Heather Kruayai. “Competition and prices are up and supply is down this year, partly due to those out-of-state buyers who sold homes in expensive markets and are buying homes using cash in Florida.” South Carolina has the lowest tax rate in the U.S. It also has the 11th-highest in-migration rate (tied with Delaware), with five people moving in for every one person who left from 2013 to 2020. Texas, with the eighth-lowest tax rate in the country, also saw five people move in for every person who left. “Three-quarters of my clients are moving to Austin from the Bay Area, and some are coming from other parts of California or New York,” said Austin Redfin agent Andrew Vallejo. “There are a lot of reasons to move to Texas, but for many homebuyers the fact that there’s no state income tax is one of the most attractive things. I have one client who moved his entire company from California to Texas because it has lower taxes. Low taxes are also motivating big companies like Tesla, Apple and Google to open offices in Austin, which brings in even more people.” States with high taxes typically lose residents On the other end of the spectrum, states with high taxes tend to lose residents. New York, which lost more residents than any other state from 2013 through 2020 (for every eight people who left, just one person moved in) has the sixth-highest tax rate in the U.S. Illinois and New Jersey are both among the top four states in the country in terms of both taxes and the number of people moving away. California also fits the pattern, albeit to a lesser extent. California has the highest tax rate in the country and while more people left the state over the last decade than moved in, it ranks number 15 in terms of out-migration, with about one person moving in for every three people who left. One in five homebuyers cite lower taxes as a factor in moving to a different area Twenty-one percent of homebuyers who are relocating cite lower taxes as one reason for their decision to move to a different area. The only factors more common than low taxes are proximity to family, desire to live somewhere more affordable and desire for a bigger house. That’s according to a recent survey of more than 600 Redfin.com users who have moved to a different metro in the last 12 months or plan to do so in the next 12 months. “Tax rates are one factor for homebuyers deciding whether to move and which state they ultimately land in, but just how important they are is different for everyone,” said Redfin lead economist Taylor Marr. “When people have the flexibility to move to another part of the country, they consider factors like living close to family and friends, job opportunities, cultural amenities, and outdoor activities in addition to how much of their paycheck goes directly into their pockets.” “Some people leave high-tax states and move to low-tax states because they’re seeking low taxes, but others make the move because relatively affordable housing, warm weather and business-friendly regulations are common in low-tax states,” Marr continued. There are a few exceptions to the pattern: Arizona, Idaho and Colorado, for instance, have high taxes and high rates of people moving in from other states. “Almost all my buyers are from out of state, with most coming from Chicago and Seattle, especially now that a lot of people can work remotely. They come to Phoenix because homes are relatively affordable here,” said local Redfin agent Heather Mahmood-Corley. “Income taxes don’t come up much in our conversations, but buyers do appreciate the low property taxes in Arizona. I recently helped a couple buy a single-family home with a casita that was three times the size of the two-bedroom condo they sold in downtown Chicago. Their annual property tax bill in Arizona is the same as their monthly bill was in Illinois.” To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/low-tax-states-migration/ About RedfinRedfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we’ve saved customers nearly $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and

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Lack of Listings and Increasing Supply Constraints Continue to Limit Existing and New Home Sales Expectations for full-year 2021 economic growth were revised upward in May to 7.0 percent, a modest improvement from last month’s projection of 6.8 percent, attributable primarily to stronger-than-expected first quarter real GDP growth and an improved near-term outlook for consumer spending, according to the May 2021 commentary from the Fannie Mae (OTCQB: FNMA) Economic and Strategic Research (ESR) Group. The additional strength in consumer spending was previously projected to occur later in 2021 or early 2022, but recent incoming data increasingly points to eagerness on the part of consumers amid continued progress mobilizing COVID-19 vaccinations and waning virus-related restrictions. With stronger growth expected in the current year, the ESR Group slightly downgraded its expectations for 2022 real GDP growth by 0.2 percentage points to 2.8 percent. Despite expectations that the economy will continue to grow over the forecast horizon, downside risks to the forecast are increasing and include supply chain disruptions, labor scarcity, and rising inflationary pressure. On housing, the ESR Group expects home sales in 2021 to increase 6.3 percent as the industry continues to grapple with strong demand and limited supply. While a lack of existing homes for sale is heightening the demand for new homes, supply constraints – most notably lumber – and a dearth of buildable lots, as well as hiring difficulties, are limiting homebuilders’ pace of single-family construction, which is still forecast to be 24.8 percent higher in 2021 than 2020. The ESR Group’s mortgage origination forecast remains largely unchanged at $4.1 trillion in 2021, but the recently lower mortgage rate environment contributed to a slight shift in its composition, with the expected refinance share ticking up a couple percentage points to 55 percent. “While most indictors point toward brisk economic growth over the second quarter, the combination of a disappointing employment report and an unexpectedly strong burst of inflation has raised in the minds of many market participants the potential confluence of broad-based supply restraints, very strong house price growth, and the posture of monetary and fiscal policies,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Supply constraints across multiple sectors are pointing toward ongoing price pressure, most prominently in microchips and the auto sector. This has yet to significantly affect mortgage rates, except to the extent that the rise in the 10-year Treasury since the beginning of the year contains an increased expected inflation component and has prevented mortgage rates from retreating further from their temporary recent peak.” Duncan continued: “Stronger inflation and a resultant move in interest rates are risks that we believe should be monitored. As the effects of expansionary monetary policy continue to work their way through the economy, inflationary expectations may continue to rise. This could lead to prices rising further even with growth concurrently slowing in the presence of diminished labor market slack and waning fiscal policy support. If such a scenario were to play out, the question then becomes whether this necessitates a response by the Federal Reserve. While momentum in the housing market will likely continue in the near term, this is an increasingly important consideration for 2022.” Visit the Economic & Strategic Research site at fanniemae.com to read the full May 2021 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here. About Fannie MaeFannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog Fannie Mae Newsroomhttps://www.fanniemae.com/news

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NPL 2021-1 Includes the Company’s Seventeenth Community Impact Pool Offering Fannie Mae (OTCQB: FNMA) announced its latest sale of non-performing loans as part of the company’s ongoing effort to reduce the size of its retained mortgage portfolio, including the company’s seventeenth Community Impact Pool (CIP). CIPs are typically smaller pools of loans that are geographically focused and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors. The four larger pools include approximately 8,090 loans totaling $1.6 billion in unpaid principal balance (UPB) and the CIP of approximately 400 loans totaling $98.1 million in UPB. The CIP consists of loans geographically located in the Miami-Dade area. All pools are available for purchase by qualified bidders. This sale of non-performing loans is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc. as advisors. Bids are due on the four larger pools on June 8, 2021 and on the CIP on June 22, 2021. Among other elements, terms of Fannie Mae’s non-performing loan transactions require the buyer of the non-performing loans to pursue loss mitigation options designed to be sustainable for borrowers. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits before offering it to investors, similar to Fannie Mae’s FirstLook® program. Interested bidders are invited to register for future announcements, training and other information here. Fannie Mae will also post information about specific pools available for purchase on that page. About Fannie MaeFannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

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Equity-Rich Properties Outnumber Seriously Underwater Homes by Seven-to-One Ratio; Portion of U.S. Homes Considered Equity-Rich Up To 32 Percent; Seriously Underwater Properties Below 5 Percent ATTOM Data Solutions, curator of the nation’s premier property database, released its first-quarter 2021 U.S. Home Equity & Underwater Report, which shows that 17.8 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value. The count of equity-rich properties in the first quarter of 2021 represented 31.9 percent, or about one in three, of the 55.8 million mortgaged homes in the United States. That was up from 30.2 percent in the fourth quarter of 2020, 28.3 percent in the third quarter and 26.5 percent in the first quarter of 2020 – one of many measures showing how the U.S. housing market continues fending off economic damage caused by the worldwide Coronavirus pandemic. The report also shows that just 2.6 million, or one in 21, mortgaged homes in the first quarter of 2021 were considered seriously underwater, with a combined estimated balance of loans secured by the property at least 25 percent more than the property’s estimated market value. That figure represented 4.7 percent of all U.S. properties with a mortgage, down from 5.4 percent in the prior quarter, 6 percent in the third quarter of 2020 and 6.6 percent a year ago. Among the 50 states, 41 showed an increase from the fourth quarter of 2020 to the first quarter of 2021 in the percentage of homes considered equity-rich, while 49 saw a decrease in the percentage that were seriously underwater. The improvement at both ends of the equity scale continued across the nation despite the fallout from the pandemic. Gains came as median home prices nationwide rose 16 percent, year over year, in the first quarter of 2021 and were up at least 10 percent in most of the country. As the nine-year U.S. housing-market boom has surged ahead, equity has continued to improve because price increases have widened the gap between what homeowners owe on mortgages and the value of their properties. Prices have kept rising over the past year as rock-bottom interest rates and a desire to escape virus-prone areas have led to a bubble of home buyers largely untainted by the pandemic’s financial damage. Those buyers have been chasing a declining supply of properties for sale, resulting in soaring values. “It continues to be a great time to be a homeowner most everywhere in the country. The ongoing price spikes we’re seeing help to cut down the number of seriously underwater properties and boost the level of equity-rich properties,” said Todd Teta, chief product officer with ATTOM Data Solutions. “However, that may shift once the foreclosure moratorium is lifted and that’s something we’re watching, partly because it could limit equity gains and draw people underwater. For now, though, the equity picture remains one of many signs that the long U.S. housing market boom keeps charging ahead.” Western and northeastern states show biggest improvement in equity-rich share of homes Nine of the 10 states with the biggest gains in the share of equity-rich homes from the fourth quarter of 2020 to the first quarter of 2021 were in the West or Northeast. States where the portion of mortgaged homes considered equity-rich rose most were Idaho (up from 42.7 percent in the fourth quarter of 2020 to 50.6 percent in the first quarter of 2021), Utah (up from 37.9 percent to 42.5 percent), Colorado (up from 36.5 percent to 40.6 percent), Vermont (up from 47.8 percent to 51.5 percent) and Washington (up from 41 percent to 44.5 percent). States where the share of equity-rich homes decreased the most from the fourth quarter of 2020 to the first quarter of 2021 were West Virginia (down from 21.6 percent of mortgaged properties to 19.5 percent), Louisiana (down from 17.1 percent to 15.7 percent), Pennsylvania (down from 26.1 percent to 24.9 percent), Iowa (down from 22.1 percent to 20.9 percent) and Mississippi (down from 25.6 percent to 25.2 percent). Largest declines in underwater properties across Midwest and South Nine of the 10 states with the biggest declines in the percentage of mortgaged homes considered seriously underwater from the fourth quarter of 2020 to the first quarter of 2021 were in the South and Midwest. They were led by Iowa (share of homes seriously underwater down from 11.3 percent to 8.7 percent), Mississippi (down from 11.4 percent to 9.1 percent), Louisiana (down from 14.9 percent to 13 percent), South Dakota (down from 8.2 percent to 6.3 percent) and Nebraska (down from 7.3 percent to 5.5 percent). States where the percentage of seriously underwater homes rose, or dropped by the smallest amounts, from the fourth quarter to the first quarter were Pennsylvania (up from 7.1 percent to 7.3 percent), Oklahoma (down from 8.3 percent to 8.2 percent), Washington (down from 2.2 percent to 2.1 percent), Illinois (down from 10.6 percent to 10.4 percent) and Minnesota (down from 4.2 percent to 3.9 percent). Northeast and West continue to have largest shares of equity-rich homes The Northeast and West again had far higher levels of equity-rich properties than other regions. The top 11 states with the highest levels in the first quarter of 2021 were led by Vermont, (51.5 percent of mortgage properties were equity-rich), Idaho (50.6 percent), California (49 percent), Washington (44.5 percent) and Utah (42.5 percent). The 10 states with the lowest percentage of equity-rich properties in the first quarter of 2021 were in the Midwest and South, led by Louisiana (15.7 percent), Illinois (16.8 percent), Oklahoma (18 percent), West Virginia (19.5 percent) and Alabama (20.3 percent). Among 106 metropolitan statistical areas with a population greater than 500,000, the 10 with the highest shares of equity-rich properties again were in the West during the first quarter of 2021. They were led by San Jose, CA (67.4 percent of mortgaged properties were equity-rich); San Francisco, CA (60.8 percent); Boise,

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Foreclosure Starts and Completed Foreclosures Decrease 1 Percent from Last Month, 17 Percent Compared to April 2020 ATTOM Data Solutions, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), a foreclosure listings portal, released its April 2021 U.S. Foreclosure Market Report, which shows there were a total of 11,810 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 1 percent from a month ago and down 17 percent from a year ago. “Foreclosure activity continues to trend near historic lows as we enter the 14th month of the Federal Government’s foreclosure and eviction moratorium,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM Data Solutions company. “Coupled with the CARES Act mortgage forbearance program, the government and mortgage servicing industry have worked together exceptionally well to prevent millions of unnecessary foreclosures. Because of these programs, and the nearly 90 percent success rate of borrowers resuming mortgage payments as they exit forbearance, a large influx of foreclosures when the programs expire seems very, very unlikely.” Delaware, Nevada and Illinois had the highest foreclosure rates Nationwide one in every 11,636 housing units had a foreclosure filing in April 2021. States with the highest foreclosure rates were Delaware (one in every 5,700 housing units with a foreclosure filing); Nevada (one in every 5,738 housing units); Illinois (one in every 5,890 housing units); Florida (one in every 6,375 housing units); and New Jersey (one in every 6,390 housing units). Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2021 were Macon, GA (one in every 2,334 housing units with a foreclosure filing); Provo, UT (one in every 3,295 housing units); Pensacola, FL (one in every 3,492 housing units); Cleveland, OH (one in every 3,550 housing units); and Beaumont, TX (one in every 3,561 housing units). Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in April 2021 including Cleveland, OH were: Las Vegas, NV (one in every 4,838 housing units); Riverside, CA (one in every 5,020 housing units); Jacksonville, FL (one in every 5,243 housing units); and Chicago, IL (one in every 5,324 housing units). Foreclosure starts increase monthly in 24 states nationwide Lenders started the foreclosure process on 6,355 U.S. properties in April 2021, down 1 percent from last month and down 26 percent from a year ago. “April 2020 was the first full month of the foreclosure moratorium, and foreclosure activity that month dropped by 75 percent compared to April 2019,” Sharga noted. “Given that, it’s a little surprising to see foreclosures drop by another 24 percent compared to last year, but virtually all of the foreclosure activity today is made up of vacant and abandoned properties, or commercial loans, which often don’t have the same protections as loans on residential properties.” Counter to the national trend, states that had at least 100 foreclosure starts in April 2021 and saw the greatest monthly increase in foreclosure starts included: Washington (up 76 percent); New York (up 53 percent); Kentucky (up 47 percent); Alabama (up 28 percent); and Indiana (up 26 percent). In looking more granular, those counties that had the greatest number of foreclosure starts in April 2021 included: Los Angeles County, CA (259 foreclosure starts); Cook County, IL (256 foreclosure starts); Clark County, NV (142 foreclosure starts); Riverside County, CA (98 foreclosure starts); and Maricopa County, AZ (86 foreclosure starts). Foreclosure completion numbers decrease 1 percent from last month Lenders repossessed 1,555 U.S. properties through completed foreclosures (REOs) in April 2021, down 1 percent from last month and down 41 percent from last year. Those states that had the greatest number of REOs in April 2021, included: California (190 REOs); Florida (176 REOs); Illinois (127 REOs); Texas (111 REOs); and New Jersey (109 REOs). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in April 2021 included: Chicago, IL (113 REOs); Philadelphia, PA (90 REOs); Riverside, CA (53 REOs); Los Angeles, CA (43 REOs); and Miami, FL (35 REOs). About ATTOM Data Solutions ATTOM Data Solutions provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, 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. About RealtyTrac (Powered by ATTOM’s Property Data) RealtyTrac.com is the premier foreclosure listing and search portal for investors and consumers looking to gain a competitive edge in the distressed market. Realtytrac.com grants access to insight that is typically only available to real estate professionals.