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HOMEOWNER EQUITY TURNS BACK UPWARD ACROSS U.S. IN Q2 2024

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Half of Mortgaged Homeowners Once Again Equity-Rich;  Portion of Owners Seriously Underwater Drops to Five-Year Low  ATTOM, a leading curator of land, property, and real estate data, released its second quarter 2024 U.S. Home Equity & Underwater Report, which shows that 49.2 percent of mortgaged residential properties in the United States were considered equity-rich in the second quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values. The portion of mortgaged homeowners in equity-rich territory during the second quarter of 2024 rose from 45.8 percent in the first quarter of 2024, matching a high point reached in the Spring of last year. The increase reversed a series of three straight quarterly declines and marked one of the best gains in the past five years. While equity-rich levels improved, the report also reveals that the portion of home mortgages that were seriously underwater in the U.S. declined to 2.4 percent during the second quarter, or just one in 42. That was down from 2.7 percent in the prior quarter to the lowest level since at least 2019. Seriously underwater mortgages are those with combined estimated balances of loans secured by properties that are at least 25 percent more than those properties’ estimated market values. The second-quarter equity gains came as home prices spiked during the 2024 Spring buying season, with the median national price shooting up 9 percent quarterly to a new record of $365,000. Rising prices helped raise equity levels throughout most of the country by widening the gap between the estimated value of homes and the amounts homeowners owed on their loans. “Homeowner wealth took a notable turn for the better during the second quarter as equity levels piggybacked on some of the biggest home-price spikes we’ve seen in recent years,” said Rob Barber, CEO for ATTOM. “After a period where equity seemed stagnant or even declining, this brought another boost of good news for homeowners from the enduring housing market boom. Supplies of homes for sale remain limited these days and buyer demand is typically elevated during the Summertime. So, it should be no surprise if home values go even higher and take equity along for the ride.” The latest market pattern reflects a period when the housing market rebounded from several sluggish quarters of price gains and losses. Values surged amid a tight supply of homes combined with the usual Springtime increase in buyer demand. Additional help came from relatively stable home-mortgage rates that hovered back and forth around 7 percent for a 30-year fixed loan as well as a national unemployment rate that fell below 4 percent and investment markets that hit new highs. Equity-rich shares of mortgages climb throughout U.S.The portion of mortgages that were equity-rich increased in 48 of the 50 U.S. states from the first quarter of 2024 to the second quarter of 2024, commonly by more than two percentage points. Measured annually, equity-rich levels were up in 31 states as the nationwide figure of 49.2 percent equity-rich in the second quarter of this year matched the portion from the second quarter of 2023.  The biggest quarterly increases came in lower-priced markets, mainly across the South and Midwest regions, led by Kentucky (where the portion of mortgaged homes considered equity-rich increased from 28.7 percent in the first quarter of 2024 to 37.4 percent in the second quarter of 2024), Illinois (up from 28.3 percent to 36.1 percent), Missouri (up from 38.3 percent to 45.5 percent), Oklahoma (up from 28.1 percent to 34.5 percent) and Alabama (up from 35.7 percent to 41.9 percent). At the other end of the scale, equity-rich levels remained the same in two states (staying at 54 percent in Utah and 51.5 percent in South Dakota). The smallest increases were in North Dakota (up from 31.5 percent to 32 percent), California (up from 58.6 percent to 59.4 percent) and Louisiana (up from 20.1 percent to 21 percent). Seriously underwater mortgage levels also improve in most statesThe portion of mortgaged homes considered seriously underwater declined nationwide during the second quarter of 2024 to one in 42. That was down from one in 37 in the first quarter of 2024 and one in 36 in the second quarter of last year – well below the ratio of one in 15 recorded in 2019. The rate decreased in 47 states quarterly and 37 states annually. As with rising equity-rich levels, the biggest decreases in seriously underwater mortgages were clustered mainly in the South and Midwest. The largest quarterly decreases were in Wyoming (share of mortgaged homes that were seriously underwater down from 8.8 percent in the first quarter of 2024 to 2.5 percent in the second quarter of 2024), Kentucky (down from 8.3 percent to 6.3 percent), Illinois (down from 5.2 percent to 4 percent), Oklahoma (down from 6.1 percent to 5 percent) and Alabama (down from 3.6 percent to 2.8 percent). On the flip side, two states saw slight increases in the percentage of seriously underwater homes from the first quarter to the second quarter of 2024. They were Utah (up from 2.1 percent to 2.2 percent) and South Dakota (up from 3 percent to 3.1 percent). The rate was unchanged in three states: New Mexico (2.6 percent), Kansas (2.9 percent) and Idaho (2.4 percent). Largest levels of equity-rich homeowners still in higher-priced markets of Northeast and WestThe 10 states with the highest levels of equity-rich mortgaged properties around the U.S. during the second quarter of 2024 again were in the Northeast or West regions. Those with the largest portions were Vermont (83.5 percent of mortgaged homes were equity-rich), Maine (61.5 percent), New Hampshire (61.1 percent), Montana (61.1 percent) and Rhode Island (60.2 percent). Nine of the 10 states with the lowest percentages of equity-rich properties during the second quarter of 2024 were in the Midwest or South. The smallest portions were in Louisiana (21 percent of mortgaged homes were equity-rich), Alaska (31 percent), North Dakota (32 percent), West Virginia (33.6 percent) and Oklahoma (34.5 percent). Among 107 metropolitan statistical areas around the nation with a population of at least 500,000, upscale markets where median home values topped $400,000 again dominated the list of places with the highest portion of mortgaged properties that were equity-rich during the second quarter. (See ATTOM’s latest Q2 2024 U.S. home sales report) Those markets were led by San Jose,

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Realtor.com® July Housing Report: Inventory Hits Post-Pandemic High

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Seattle (37.3%), San Jose (30.8%) and Columbus (17.4%) See Highest Gains in New Listings this July According to the Realtor.com® July housing data, the market is becoming more buyer friendly through a combination of rising inventory levels and price cut reductions. Homes actively for sale grew 36.6% in July 2024 relative to the same time last year, hitting a post-pandemic high, while the share of listings with price cuts reached 18.9%, the highest rate since October. “The inventory scars of the pandemic-era housing market are continuing to fade,” said Danielle Hale, Chief Economist of Realtor.com® “Although active listings are still short of the pre-pandemic mark, we saw the gap continue to narrow meaningfully as active listings hit a post-pandemic high. As sellers continue to list homes and buyers become choosier, the time a home spends on the market is extending, thereby helping the housing market move in a more buyer-friendly direction. In response, sellers are curbing expectations and reducing listing prices more often which could set the stage for more sales this fall, especially if mortgage rates continue to decline.” July 2024 Housing Metrics – National Metric Change over Jul 2023 Change over Jul 2019 Median List Price Per Sq.Ft. +3.1 % +52.3 Median listing price +0.0% (to $439,950) +37.7 % Active listings +36.6 % -28.6 % New listings +3.6 % -24.5 % Median days on market +5 days (to 50 days)  -8  days Share of active listings with price reductions +3.4 percentage points(to 18.9%) +1.3  percentage points Inventory Hits Post-Pandemic HighJuly brings a growth in inventory across the country as all four regions saw active inventory grow year-over-year. Nationwide the total number of homes for sale increased by 22.6%, growing for the ninth straight month and surpassing last month’s rate of 22.4%. While inventory still sits below pre-pandemic levels, the gap between the 2017-2019 and present day levels is getting smaller. In particular, the South and the West experienced the most gains, with a growth in listings of 47.6% and 35.4%, respectively. The two regions are also closing the pre-pandemic and present day gap in inventory the most, with the South’s inventory hovering 14% below pre-pandemic levels, while the West’s inventory sits at 19.4% below. There is still a sizable difference in the gaps that need to be closed in the Midwest and the Northeast, where inventory still sits below pre-pandemic levels by 46.8% and 55.5%, respectively. “In addition to seeing inventory levels rise to heights not seen since before the pandemic, buyers are also seeing sellers cut prices on a much larger share of homes than last year,” said Realtor.com® Senior Economist Ralph McLaughlin. “These are signs that the housing market is healing from an unhealthy state and becoming more balanced.” Sellers Warm Up to Listing Homes and Cutting PricesWith the recent decrease in mortgage rates, more sellers are getting into the market and have seemingly open minds as the share of listings with price cuts increased to 18.9%; the highest since October of last year. While all 50 of the top metros saw share of listings with price cuts increase year-over-year, the metros that saw the most include Denver (32.4%), Austin (31.4%), and Tampa (30.6%).  Additionally, newly listed homes on the market grew by 3.6% this month compared with the same time last year, but measurably lower than June 2024’s 6.6% figure. This marks the ninth consecutive month of an increased number of newly listed homes, leading to more options and availability of homes for those who are eager to buy. Homes Linger on Market LongerWhile options for homes are on the rise, the time homes are spending on the market is also growing. This month, the typical home spent 50 days on the market, which is the fourth month in a row where time spent on market is more than it was during the previous year, meaning buyers have more of an opportunity to scoop up a home they’ve been eyeing than in previous months. That being said, while it’s five more days than the time the typical home spent on the market in July 2023, it’s still more than a week (8 days) less than the time spent in July from 2017-2019. Additional details and full analysis of the market inventory levels and additional trends in listing prices and more can be found in the Realtor.com® July Monthly Housing Report. SOURCE Realtor.com

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Rent Growth Picked Up in July, Reports Yardi Matrix

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July marks six consecutive months of gains in national advertised asking rents Consistent economic growth and demographic trends sustained multifamily demand at the start of the third quarter, according to the latest Yardi® Matrix National Multifamily Report. The average U.S. publicly advertised rent or “asking rent” rose 0.8 percent year-over-year (YoY) through July, or $4 to $1,743. The national occupancy rate in June remained at 94.6 percent for the seventh straight month, down 0.4 percent YoY. Gateway metros in the East and secondary markets in the Midwest continued to lead rent growth YoY, with the strongest performance registered in New York City (5.2 percent), Washington, D.C. (4.0 percent) and Kansas City (3.4 percent). Rent growth remained negative in several Sun Belt metros, led by Austin (-5.7 percent), Atlanta (-3.3 percent) and Raleigh (-2.8 percent). The single-family rental market continued to exhibit strength, with advertised asking rents up $5 in July to $2,171, up one percent YoY. Demand is sustained by high cost of homeownership and the lack of available homes for sale. Gain more insight in the new Yardi Matrix National Multifamily Report. SOURCE Yardi

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Yancy Riggs joins ServiceLink’s default division

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ServiceLink, the nation’s premier provider of tech-enabled services for all phases of the mortgage lifecycle, is pleased to welcome Yancy Riggs, vice president, national sales executive, to its default division. Riggs, who will be responsible for driving client growth and new business development for default solutions, is an accomplished and respected mortgage banking professional with more than 20 years of industry experience. He has a proven track record of success developing and implementing complex initiatives to drive improved customer satisfaction and performance. An enthusiastic producer, he brings a sense of urgency to capture market opportunities and a passion for winning. Riggs joins ServiceLink after a stint at Covius (RealtyBid), where he was responsible for all facets of revenue generating activities. He previously held leadership roles at CoreLogic, Black Knight Financial and Equifax. Riggs possesses a solid understanding of topical issues surrounding his customer base and has a thorough understanding of applicable sales techniques and strategies to develop and improve customer satisfaction and loyalty. Riggs, whose mission is to help his clients achieve their strategic goals, realize greater success and better serve their customers, has a reputation for building long lasting customer relations through a relentless commitment to innovation, quality and customer satisfaction. Contact: Stephanie Hacke Public Relations & Communications Lead,  Marketing E: stephanie.hacke@svclnk.com M: 412.377.6629

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Redfin Reports Typical Homebuyer’s Monthly Payment Drops to Lowest Level in 4 Months

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Monthly housing payments are falling as mortgage rates decline, but many house hunters remain on the sidelines, with pending sales posting their biggest drop in nearly nine months The typical U.S. homebuyer’s monthly housing payment was $2,671 during the four weeks ending July 21, the lowest level in four months and down $166 from the record high set at the end of April. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Housing payments are falling because mortgage rates are falling: The weekly average mortgage rate has declined to 6.77%, its lowest level since March, as inflation cools. Buyers also have more homes to choose from: New listings are up 6.1% year over year, and more listings are growing stale, giving house hunters the opportunity to negotiate. But even though housing payments are declining and inventory is improving, homebuyers remain hesitant. Pending home sales are down 5.7% year over year, the biggest decline in nearly nine months, and mortgage-purchase applications are down 15% (purchase applications are down 4% week over week). Many would-be buyers are still waiting on the sidelines largely because even though mortgage rates are coming down a bit, home-sale prices are just shy of their record all-time high. Additionally, Redfin agents say some house hunters are waiting until after the upcoming presidential election to buy because they don’t want to make a large purchase in the midst of political and economic uncertainty. “I’m working with several buyers who are waiting for the election before they make a move,” said Matthew Purdy, a Redfin Premier agent in northern Colorado. “Some of them say they’ll only buy a home if their candidate wins. Others are waiting because they feel the economy and housing market are shaky, and hope it will improve after the election. I am working with a few foreign buyers who are wary about investing any more money in U.S. real estate before they see who takes office.” For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page. Indicators of homebuying demand and activity   Value (if applicable) Recent change Year-over-year change Source Daily average 30-year fixed mortgage rate 6.9% (July 24) Near lowest level since February; down from 7.14% 3 weeks earlier Unchanged from 6.9% Mortgage News Daily Weekly average 30-year fixed mortgage rate 6.77% (week ending July 18) Down from 6.89% a week earlier Essentially unchanged from 6.78% Freddie Mac Mortgage-purchase applications (seasonally adjusted)   Decreased 4% from a week earlier (as of week ending July 19) Down 15% Mortgage Bankers Association Redfin Homebuyer Demand Index (seasonally adjusted)   Essentially unchanged from a month earlier (as of week ending July 21) Down 16% Redfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents Touring activity   Up 19% from the start of the year (as of July 22) At this time last year, it was up 15% from the start of 2023 ShowingTime, a home touring technology company Google searches for “home for sale”   Up 12% from a month earlier (as of July 22) Down 15% Google Trends Key housing-market data U.S. highlights: Four weeks ending July 21, 2024Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.   Four weeks ending July 21, 2024 Year-over-year change Notes Median sale price $395,500 4.4% $1,000 below all-time high set during the 4 weeks ending July 7 Median asking price $401,250 4.9%   Median monthly mortgage payment $2,671 at a 6.77% mortgage rate 4.6% Lowest level since March; $166 below all-time high set during the 4 weeks ending April 28 Pending sales 81,224 -5.7% Biggest decline in nearly 9 months New listings 92,972 6.1%   Active listings 985,303 18.7% Smallest increase in 3 months Months of supply 3.6 +0.7 pts. 4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions Share of homes off market in two weeks 38.3% Down from 44%   Median days on market 33 +5 days   Share of homes sold above list price 31.2% Down from 36%   Share of homes with a price drop 6.7% +1.8 pts. Highest level on record Average sale-to-list price ratio 99.5% -0.5 pts.   Metro-level highlights: Four weeks ending July 21, 2024Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.   Metros with biggest year-over-year increases Metros with biggest year-over-year decreases Notes Median sale price Detroit (15.4%)Providence, RI (14.3%)New Brunswick, NJ (13.2%)Newark, NJ (13%)Milwaukee (12.4%) Austin, TX (-3.6%)Dallas (-1.2%)       Declined in 2 metros Pending sales Newark, NJ (7.1%)San Jose, CA (4%)Boston (3.1%)Cincinnati, OH (2.3%)San Francisco (1.7%)Los Angeles (1.4%)Columbus, OH (0.5%) Houston (-28%)Minneapolis (-16.1%)West Palm Beach, FL (-15.7%)Virginia Beach, VA (-14.3%)Atlanta (-13.6%)  Increased in 7 metros New listings San Jose, CA (25.8%)Las Vegas (20.6%)Miami (17.1%)Phoenix (16.2%)Jacksonville, FL (16.1%) Atlanta (-14.2%)Houston (-10.5%)Detroit (-4%)Chicago (-3.1%)Warren, MI (-2.5%) Declined in 8 metros

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Nearly Two-Thirds of Gen Z and Millennials Are Ready to Become Homeowners

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New data reveals that although the younger generations have considerations about affordability, they are ready to own a home and view it as an important part of life. The dream of homeownership remains an integral part of life for Gen Z and Millennials in the U.S., who continue to feel that owning a home is important despite market conditions. In a consumer survey, RE/MAX, the #1 name in real estate, showcases Gen Z and Millennials’ attitudes toward homeownership. Over the past several years, the housing market has seen fluctuating inventory levels, home prices, and interest rates. As the survey reveals, market conditions are not causing prospective buyers to reconsider their plans to purchase. In fact, 63% of Gen Z and Millennial respondents indicate they are interested, eager and ready to become homeowners, even though they have some considerations around housing prices, interest rates, etc. “Homeownership is still an important milestone, and our survey shows that Gen Z and Millennials are ready to achieve it,” says Amy Lessinger, President of RE/MAX, LLC. “While current market conditions have impacted timelines, this next generation of homebuyers is resolute in their desire to achieve homeownership. It’s up to us as real estate agents to provide them with the right tools and guidance to help them reach their goals of homeownership.” Key survey findings include: Gen Z and Millennials are Ready to Become Homeowners Buyers in these generations are ready to purchase a home but have some reservations. Americans View Homeownership as an Important Part of Life Gen Z and Millennials continue to view homeownership as an important life milestone. Millennials are More Confident in Their Financial Readiness Many respondents are confident in their knowledge of the homebuying process and their financial readiness to buy a home. Buyers Want Professional Guidance When Buying and Selling  Gen Z and Millennials are planning to use real estate agents when buying or selling a home to help guide them through the housing market and homebuying and selling process To review additional results from the survey, please visit news.remax.com. SOURCE RE/MAX, LLC

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