Newsletter – Page 3

Fred Matera Promoted to Chief Executive Officer of CoreVest

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CoreVest American Finance Lender, LLC (“CoreVest”), a leading lender to residential real estate investors nationwide and a division of Redwood Trust, Inc. (“Redwood”), is pleased to announce the promotion of Fred Matera to Chief Executive Officer. A tenured leader at Redwood, Fred has served as CoreVest’s Co-Head for the last year and has been an integral part of Redwood’s leadership team since 2019. In his new role, Fred will continue to report to Dash Robinson, Redwood’s President. As Chief Executive Officer of CoreVest, Fred will be responsible for overseeing all aspects of CoreVest’s operating strategy, including product growth and distribution. His focus will also include driving innovation and expanding distribution channels, ensuring that CoreVest remains committed to delivering exceptional value to its customers and stakeholders. Fred has demonstrated extensive leadership in managing both operating and investment platforms, most recently as Chief Investment Officer of Redwood in addition to his role as Co-Head of CoreVest. During this time, he has expanded CoreVest’s operating footprint, driving forward strategies that have significantly enhanced the platform’s market position. Fred boasts over 30 years of experience in residential lending and fixed income markets, including the last six with Redwood where he also spent time leading Redwood’s Residential Consumer Mortgage Banking platform. “I am pleased to announce the promotion of Fred Matera to Chief Executive Officer of CoreVest,” said Christopher Abate, Chief Executive Officer of Redwood. “Fred’s proven track record and market expertise will be instrumental as CoreVest enters a new stage of growth. With the market demanding more of CoreVest’s products and services, the business is poised to scale under Fred’s leadership.” “I am honored to take on this role and lead such a talented team,” said Fred Matera. “I look forward to building on our successes and exploring new opportunities that will support our borrowers and propel CoreVest forward.”

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New-construction homes are making up a smaller portion of total inventory as builders back off and more homeowners list their houses for sale Newly built homes made up 28% of single-family homes for sale nationwide in the third quarter, the lowest level in three years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s down from 30.5% a year earlier and a record-high 34.4% at the start of 2022. The share of houses for sale that are newly built has dropped from its peak for several reasons: Still, newly built homes make up a significantly higher portion of for-sale inventory than before the pandemic. That’s because the share shot up so much during the pandemic, going from roughly 17% in 2019 to nearly 30% by the end of 2021. Newly built homes have made up an outsized portion of homes for sale in the last four years because the supply of new-construction homes soared in 2022 and 2023, while the supply of existing homes dwindled. Inventory of existing homes fell over that period as mortgage rates rose and the lock-in effect took hold. The surge in newly built homes, meanwhile, was caused by builders responding to robust homebuying demand brought on by ultra-low mortgage rates and remote work. While building has since slowed, builders are still completing projects they started in the past few years. Looking forward, the share of inventory made up of newly built homes may fall slightly further as permits dwindle. But the share should remain higher than pre-pandemic levels because mortgage rates are likely to remain elevated, keeping the supply of existing homes from surging. To view the full report, including a chart, please visit: https://www.redfin.com/news/q3-2024-new-construction-homes/ Contacts Contact RedfinRedfin Journalist Services:Isabelle Novakpress@redfin.com

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New Zillow survey data finds many buyers are securing lower mortgage rates from home builders, sellers, or borrowing from friends or family members Almost half of recent home buyers with a mortgage secured a rate below 5%, a recent Zillow® survey shows. Current mortgage rates are hovering near 7%, yet many home buyers who purchased a home in the past year thought outside the box to unlock homeownership. Mortgage rates surged from historic lows of 2.65% in 2021 to decade-long highs of 7.79% by the fall of 2023. This directly impacted home shoppers’ buying power. The typical mortgage payment rose 115% from pre-pandemic times to a recent peak in May 2024. The unpredictable mortgage-rate landscape presents hurdles for home buyers, restricting their choices and, in some cases, preventing them from entering the housing market altogether. Despite these challenges, determined buyers are finding creative ways to afford their dream of homeownership. Among recent buyers, 45% managed to secure a rate below 5%, Zillow’s survey data shows. More than one-third (35%) of these recent buyers could get a lower rate because the seller or home builder offered them special financing. About one-quarter either made their offer contingent on a rate buydown (26%), refinanced to a lower rate after buying (25%), or borrowed from a friend or family member (23%). “This surprising finding really underscores the creativity of both buyers and sellers navigating today’s dynamic real estate market,” said Amanda Pendleton, Zillow’s home trends expert. “Buyers are finding innovative ways to secure a lower mortgage rate, but sellers are also coming up with financing solutions to make their property more attractive to a potential buyer. Prospective home buyers should explore all the ways they can reduce their monthly payment to bring homeownership within reach.” Here are a few ways to secure a lower mortgage rate: Focus on credit score. A higher credit score often leads to a lower interest rate. Buyers should prioritize boosting their credit score and maintaining it all the way through closing by refraining from opening new lines of credit or making large purchases. One way to build credit is through Zillow’s rent reporting service. It allows renters who pay their rent on Zillow to build their credit when they make on-time rent payments. Additionally, Zillow Home Loans’s BuyAbilitySM tool offers buyers a personalized assessment of suitable home prices and monthly payments that align with their financial capabilities. By considering factors like the buyer’s credit score, income and down payment, and by using current mortgage rates, this tool provides home shoppers with a comprehensive understanding of their purchasing potential. Look into rate buydowns and mortgage points. Consider mortgage rate buydowns or purchasing mortgage points to lower interest costs on your loan. A rate buydown involves an initial payment for reduced rates in the early loan years, while buying points results in ongoing savings on monthly payments throughout the term of the loan. When buying a new-construction home, the builder may cover these costs as incentives. If this is not the case, negotiating with the seller or builder is always an option. It’s crucial for home buyers to evaluate the break-even timeline — the point at which the savings from these strategies equal the associated costs. For personalized guidance, buyers should seek advice from a trusted loan officer. Put more money down. Increasing the down payment decreases the loan size and the risk for the lender, which may mean they can offer a lower mortgage rate. However, saving for a down payment to even qualify for a loan can be a significant challenge for home buyers — 44% of first-time buyers used either a gift or loan from family or friends. But resources are available to alleviate the burden. By answering a few simple questions, buyers can see the available down payment assistance programs they may qualify for on Zillow listings. Among recent first-time buyers who used a mortgage, 60% received some sort of down payment assistance. Consider house hacking. If it aligns with a buyer’s lifestyle, renting out rooms in their home to produce rental income can reduce their mortgage rate. Recent mortgage buyers who included projected rental income in their application were more likely to secure a mortgage rate below 5% than those who did not. Check out nontraditional loan types. A 30-year, fixed-rate mortgage is the most common loan type, but there are others. An adjustable rate mortgage (ARM) features an initial lower interest rate that can change to the market rate after a fixed period, typically three, five, seven or 10 years. The primary risk of an ARM is that rates could be higher when the initial period ends, leading to higher payments. Another option for home buyers to explore is a shorter loan term, such as a 15-year mortgage. These shorter loans come with much higher monthly payments, because the loan is being paid off more quickly, but markedly lower interest rates, meaning less of a homeowner’s monthly payment is going toward interest. To assess affordability and determine the best course of action, consulting a loan officer is recommended to make a well-informed decision tailored to a borrower’s personalized monthly budget. MortgageRate Share ofRecentMortgageBuyers* Share ofRecentMortgageBuyers WhoReceivedDownPaymentAssistance* Share ofRecentMortgageBuyers WhoFinanced Withan ARM* Share ofRecentMortgageBuyers With aLoan TermShorter Than30 Years* Share ofRecentMortgageBuyers WithProjectedRentalIncome* < 2% 2 % 4 % 4 % 2 % 3 % 2%–2.99% 4 % 6 % 4 % 7 % 6 % 3%–3.99% 16 % 24 % 21 % 23 % 22 % 4%–4.99% 22 % 29 % 28 % 33 % 28 % 5%–5.99% 20 % 19 % 22 % 21 % 20 % 6%–6.99% 24 % 12 % 16 % 10 % 14 % 7% + 12 % 6 % 6 % 5 % 7 % NET: < 5% 45 % 63 % 57 % 65 % 59 % NET 5% + 55 % 37 % 43 % 35 % 41 % *Source: Zillow Consumer Housing Trends Report 2024 SOURCE Zillow, Inc.

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S&P Dow Jones Indices (S&P DJI) released the August 2024 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 4.2% annual gain in August 2024, a slight decrease from previous levels in 2024. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/. YEAR-OVER-YEAR The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.2% annual return for August, down from a 4.8% annual gain in the previous month. The 10-City Composite saw an annual increase of 6.0%, down from a 6.8% annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 5.2%, dropping from a 5.9% increase in the previous month. New York again reported the highest annual gain among the 20 cities with an 8.1% increase in August, followed by Las Vegas and Chicago with annual increases of 7.3% and 7.2%, respectively. Denver posted the smallest year-over-year growth of 0.7% MONTH-OVER-MONTH The pre-seasonally adjusted U.S. National Index, 20-City Composite, and 10-City Composite upward trends reversed in August, with a -0.1% drop for the national index, and the 20-City and 10-City Composites saw -0.3% and -0.4% returns for this month, respectively. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.3%, while the 20-City and 10-City Composite reported a monthly rise of 0.4% and 0.3%, respectively. ANALYSIS “Home price growth is beginning to show signs of strain, recording the slowest annual gain since mortgage rates peaked in 2023,” says Brian D. Luke, CFA, Head of Commodities, Real & Digital Assets. “As students went back to school, home price shoppers appeared less willing to push the index higher than in the summer months. Prices continue to decelerate for the past six months, pushing appreciation rates below their long-run average of 4.8%. After smoothing for seasonality in the data, home prices continued to reach all-time highs, for the 15th month in a row. “Regionally, all markets continue to remain positive, barely,” Luke continued. “Denver posted the slowest annual gain of all markets this year, dropping below Portland for the first time since the spring. The Northeast remains the best performing region, with the strongest gains for over a year. Currently, only New York, Las Vegas, and Chicago markets are at an all-time high. Comparing average gains of traditional red and blue states highlight a slight advantage for home price markets of blue states. With stronger gains in the Northeast and West than the South, blue states have outperformed red states dating back to July 2023.” For more information about S&P Dow Jones Indices, please visit www.spglobal.com/spdji.

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Zombie-Property Trends Follow Decrease in Overall Foreclosure Cases ATTOM, a leading curator of land, property data, and real estate analytics, released its fourth-quarter 2024 Vacant Property and Zombie Foreclosure Report showing that 1.4 million (1,355,909) residential properties in the United States are vacant. That figure represents 1.3 percent, or one in 77 homes, across the nation – virtually the same as in third quarter and up just slightly from a year ago. The report analyzes publicly recorded real estate data collected by ATTOM — including foreclosure status, equity and owner-occupancy status — matched against monthly updated vacancy data. The report also reveals that 215,601 residential properties in the U.S. are in the process of foreclosure in the fourth quarter of this year, down 3.3 percent from the third quarter of 2024 and down 32.8 percent from the fourth quarter of 2023. Among those pre-foreclosure properties, about 7,100 sit vacant as zombie foreclosures (pre-foreclosure properties abandoned by owners) in the fourth quarter of 2024. That figure is slightly above the number in the prior quarter, but down 20.2 percent from a year ago. The latest count of zombie homes extends a long-term pattern of those properties representing only a tiny portion of the nation’s total housing stock, currently at just one of every 14,591 homes around the U.S. The ratio is virtually unchanged from one in 14,776 in the prior quarter, but well down from one in 11,412 in the fourth quarter of last year, marking one of the lowest levels in the past five years. Zombie foreclosures, which can attract vandals and spread neighborhood blight, continue to have little or no impact on most local housing markets. That phenomenon remains one of many enduring effects of a housing market boom around the nation now in its 13th year. “The near-total disappearance of zombie foreclosures has been and still is one of the more subtle, but important benefits of the country’s soaring housing market. Those properties have gone from a plague in many areas of the U.S. following the Great Recession of the late 2000s, when millions of homes fell into foreclosure, to a distant memory in most communities today,” said Rob Barber, CEO for ATTOM. “That’s unlikely to change much in the near future given that record home prices are keeping home-equity levels at historic highs and foreclosures cases dropping. On top of that, the supply of homes is so tight that even when a property is abandoned, buyers are more likely to swoop in and pick it up.” Zombie foreclosures up by small amounts quarterly around U.S. while down annually A total of 7,109 residential properties facing possible foreclosure have been vacated by their owners nationwide in the fourth quarter of 2024, up 1.5 percent from 7,007 in the third quarter of 2024 but down from 8,903 in the fourth quarter of 2023. The number of zombie properties has gone up quarterly in 30 states – usually increasing by less than 20. The number has declined or stayed the same in 20 states. The biggest percent decreases from the fourth quarter of 2023 to the fourth quarter of 2024 in states that had at least 50 zombie homes a year ago are in Connecticut (zombie properties down 87 percent, from 100 to 13), Iowa (down 76 percent, from 281 to 68), North Carolina (down 73 percent, from 195 to 53), New Mexico (down 72 percent, from 81 to 23) and Oklahoma (down 71 percent, from 197 to 58). The only annual increases among states that had at least 50 zombie foreclosures in the fourth quarter of 2024 have come in Kansas (zombie properties up 126 percent, from 35 to 79), Arizona (up 114 percent, from 28 to 60), Florida (up 65 percent, from 1,199 to 1,974), Texas (up 52 percent, from 126 to 191) and New Jersey (up 14 percent, from 188 to 215). 2024 Zombie Foreclosure Infographic Overall vacancy rates change by tiny amounts The vacancy rate for all residential properties in the U.S. has remained virtually the same for 11 quarters in a row, hovering around 1.3 percent. The latest figure of 1.31 percent (one in 77 properties) is the same as in the third quarter of 2024 and up slightly from 1.27 percent in the fourth quarter of last year. States with the highest vacancy rates for all residential properties are Oklahoma (2.37 percent, or one in 42 homes, during the fourth quarter of this year), Kansas (2.28 percent, or one in 44), Missouri (2.15 percent, or one in 47), Alabama (2.11 percent, or one in 47) and West Virginia (2.08 percent, or one in 48). Those with the lowest overall vacancy rates are New Hampshire (0.34 percent, or one in 296 homes), Vermont (0.40 percent, or one in 248), New Jersey (0.46 percent, or one in 216), Idaho (0.50 percent, or one in 200) and Connecticut (0.57 percent, or one in 175). Other high-level findings from the fourth quarter of 2024: Media Contact: Megan Hunt megan.hunt@attomdata.com Data and Report Licensing: datareports@attomdata.com

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ServiceLink is reinforcing its commitment to innovative technology enhancements and expanding its best-in-class products and services with the appointment of Hemanth Panyam as its senior vice president of product innovation. Panyam, a data-oriented, hands-on leader, has more than 20 years of product innovation, management and strategy experience. Over the course of his career, he launched multiple 0-1 products and scaled numerous SaaS technology products for some of the nation’s largest technology-led services and businesses in the healthcare and financial sectors. His extensive expertise in product management and strategy includes scaling multiple SaaS and technology consulting businesses from $0 to $300 million in revenue across various industries and geographies. In this role, Panyam will be responsible for bringing new, innovative products and services to life at ServiceLink, teaming up with operations and sales to meet the needs of our clients. He will report directly to chief technology officer Kiran Vattem and build a team that is focused on systematically identifying ways to improve and innovate the mortgage space through products and services. “I am excited to bring my extensive knowledge and experience to ServiceLink that is grounded in technology and innovation that challenges the status quo. I look forward to deeply examining client-consumer touchpoints to analyze and then create disruptive innovations that will impact the mortgage landscape,” Panyam said. “I want to make a meaningful impact in people’s lives by removing friction and elevating their experience in the mortgage space.” Over the course of his career, Panyam worked across the healthcare, retail and fintech industries, building cutting-edge technology products. His efforts have taken him across the world, where he founded, led and scaled the digital products and solutions for a U.S.-based Fortune 200 firm in Australia and New Zealand, built and exited a retail start up that he co-founded and played a pivotal role as the first member of the India team for a startup that went on to make waves in the healthcare technology space. He excels at creating multi-year product strategies and leading large teams through the build, launch and scale processes.