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WORD OF THE DAY: Cantankerous

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[kan-tang-kə-rəs] Part of speech: Adjective Origin: Unknown; 18th century Definitions: Contentious; Uncooperative Examples of Cantankerous in a sentence “Our cantankerous mule has never been very cooperative, but he’s only gotten worse with age.” “My grandfather was known to be cantankerous, though he did have a kind side as well.” About Cantankerous While mules are stereotypically believed to be stubborn and cantankerous, they’re actually quite intelligent and generally cooperative. However, their intelligence gives them a long memory — so if they have a bad experience doing something, they’re unlikely to do it a second time. Did you Know? While the origins of cantankerous can’t be definitively pinpointed, one theory suggests that it started as a blend of the words contentious and rancorous.

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WORD OF THE DAY: Pollicitation

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[pə-lis-ə-TAY-shən] Part of speech: Noun Origin: Late Middle English, unknown Definitions: 1. The action of promising; a promise; a document conveying a promise; 2. Also Civil Law: a promise not yet formally accepted, and therefore in certain cases revocable. Examples of Pollicitation in a sentence “They formalized the agreement by signing a pollicitation.” “Their contract was hinged on a pollicitation.” About Pollicitation Pollicitation is a more formal word for a promise — specifically, the action of promising or a document describing a promise. Did you Know? Have you ever wondered where the pinky promise, a childhood form of pollicitation, came from? Perhaps the first pinky promises were made by Japanese schoolchildren and called “yubikiri,” or “finger cut-off.” The unbreakable oath has been adopted by children worldwide.

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Zillow Names the Best U.S. Metros for Singles to Move to for Love in 2022

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Wichita, Kansas, is the No. 1 city in the country for singles These places offer the best mix of available and affordable rental housing and are home to a high share of singles. Filling out the top five are Austin, Texas; Milwaukee, Wisconsin; Denver, Colorado; and San Antonio, Texas. Four Texas cities — Austin, San Antonio, Houston and Dallas — are among the best cities for singles. With a growing share of American adults living single, a new Zillow analysis has ranked the top U.S. destinations best suited for relocating to meet other singles, with Wichita, Kansas, coming out on top. Zillow ranked the 100 largest U.S. metros based on factors that included the share of singles, available rental units and rent affordability for singles. The list features a geographically diverse group of metros, with median rents ranging from $966 to $2,788 per month. Wichita, Kansas, ranked No. 1 in the U.S. for singles looking to relocate to find love. Despite not having one of the largest singles populations, Kansas’ main metropolitan area rose to the top of the ranking largely because of its incredible affordability. Out of all metros analyzed, it has the highest share of rental units affordable to singles, leaving single residents with more disposable income to spend on dating and social activities, which could increase the likelihood of finding a match. Filling out the top five are Austin, Texas; Milwaukee, Wisconsin; Denver, Colorado; and San Antonio, Texas. “Remote work has opened up housing possibilities all over the country,” said Amanda Pendleton, Zillow home trends expert. “If untethered from an office, singles can move to places that offer more affordability and a vibrant singles scene. Metro areas like Wichita, where your housing dollar stretches further, are particularly appealing at a time when, nationally, rents are nearly 16% higher than last year.”  Top 10 best metros for singles to move to for love, according to Zillow Wichita, KS Austin, TX Milwaukee, WI Denver, CO San Antonio, TX Houston, TX Dallas, TX Seattle, WA Washington, DC Boston, MA A recent Zillow survey found that a majority (51%) of renters report being single and never married, and have lower household incomes compared to the overall population. With rent prices steadily rising, those fortunate enough to be able to move are seeking more space and relative affordability. Zillow analyzed four main variables: Inventory per single: Reflects how many rental listings there are in an area per single person. Places with higher shares of inventory per single scored higher in this category. Share of singles in an area: Places with a higher share of singles (based on 2020 U.S. Census Bureau data) earned a higher index score in this category. Typical rent price: Based on ZORI for May 2022, metros with lower rent prices earned a higher index score in this category. Share of affordable rental listings: Reflects the share of the market affordable to single individuals based on single incomes (based on 2020 U.S. Census Bureau data)

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WORD OF THE DAY: Piedmont

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[PEED-mahnt] Part of speech: noun Origin: Italian, mid-19th century Definition: A gentle slope leading from the base of mountains to a region of flat land. Examples of Piedmont in a sentence “The area’s piedmont had surprisingly fertile land.” “The piedmont rarely experienced severe flooding.” About Piedmont This word comes from the Italian “piemonte,” meaning “mountain foot.” Did you Know? When people hear “piedmont,” they tend to think of one of two specific locations: either northwestern Italy at the foot of the Alps, or the hilly highland between the Appalachian Mountains and the Atlantic Coast.

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New Coldwell Banker Data Shows High Rate of Out-of-State Searches

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Fresh Coldwell Banker data from the Move Meter℠ reveals where Americans are dreaming of moving This summer, as Americans enjoy their favorite activities to cool down, dreams of moving are heating up. Fresh data from the Move MeterSM on the refreshed coldwellbanker.com shows trends and insights into where Americans are dreaming of moving, giving sellers an informative, clear picture about the potential of listing their homes. In fact, 82% of all Move Meter℠ searches to date were looking to move out of state. The Move Meter℠ compares cost of living city by city. It was created by Coldwell Banker Real Estate as part of a suite of industry exclusive tools to allow consumers to dream of home and guide them to their new destination. In addition to the Move Meter, Coldwell Banker has created the ultimate destination for home sellers at coldwellbanker.com, with industry exclusive tools like the CB Estimate℠, which provides a home value estimate, and a remarkable new Seller’s Assurance Program. Americans are on the Move (Meter) Going the distance: The average Move Meter℠ search covered 1,015 average miles (about the distance of New York to Miami). Eighty-two percent (82%) of all Move Meter℠ searches were looking to move out of state. On the flip side, Massachusetts had the greatest proportion of searchers considering staying in-state, with 40% of all searches from Massachusetts looking to stay loyal to the Commonwealth. Only about 13% of all searches were looking within a driving distance of 100-miles from their origin destination with the highest proportion of moves being somewhere between 500 to 1,500 miles away (42%). Chasing Sunshine: While Midwesterners and Northeasterners are looking for warmer temps in the Southeast (38% vs 46%), Southeasterners, Southwesterners and Westerners all had higher likelihoods of staying local to their respective regions. Americans are dreaming of moving – but where to? Southern Charm: Austin, Texas, topped the chart as the most searched destination to move to, and had 46% more searches than the next closest destination. The top locale dreaming about moving to Austin is San Diego, California. So how does the move stack up? According to the Move Meter℠, the move from San Diego to Austin could be a smart move if you value job market strength. California Dreamin’: 20% of searches from California were looking to stay in the Golden State. The top in-state searches looking to move somewhere else within California were from San Diego, San Francisco and Bakersfield. And for those looking outside of California, where were they dreaming about? Californians are looking to Texas, Florida, Tennessee and Washington overall, with Austin, Dallas, Seattle and Nashville having the greatest move appeal outside of California. Burnin’ Up for Florida: The #1 state topping the Move Meter℠ interest index was Florida with one out of seven of all Move Meter℠ searches looking to move to the Sunshine State. The top states looking to soak up the Florida sun included New Jersey, California, New York, Illinois, Ohio and Massachusetts. Where in Florida are these searchers looking? Sarasota, Miami, Naples, and Tampa were the most popular searched cities. Floridians don’t disagree – they, too, see the appeal, as they were one of the top states searching for destinations within the state as well, with a quarter of Floridian searches looking to stay in-state. The other top states Floridians are searching was North Carolina and Tennessee. Destination Dreams: The top 10 searched cities included Austin; Sarasota, Florida; San Diego; Denver; Nashville, Tennessee; Tampa, Florida; New York; Naples, Florida; Charlotte, North Carolina; and Seattle. “Through the new tools on coldwellbanker.com, we’re seeing a strong interest and desire in Americans and homeowners to take a leap of faith and relocate to live in their dream destinations this summer. The Coldwell Banker Move Meter℠ provides sellers with the support and tools they need to make those dreams become a reality.” – David Marine, CMO of Coldwell Banker Real Estate LLC With a network of over 100,000 agents across the globe, Coldwell Banker has affiliated agents in nearly every market in the United States. So, no matter where searchers are looking, a Coldwell Banker affiliated agent can help make the dream come true. Home sellers and buyers can visit coldwellbanker.com to find an agent and prepare for their next move to their dream home using the coldwellbanker.com/movemeter.

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Black Knight: Signs of Cooling in Nation’s Least Affordable Markets as Inventory Levels Improve

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-Home price growth slowed in 97 of the 100 largest U.S. housing markets in May, with the national annual appreciation rate pulling back by more than a full percentage point from the month prior -While the slowdown to 19.3% from a revised 20.4% in April marks the largest single-month deceleration since 2006, prices were still up 1.5% month over month – nearly twice the historical average for May -Markets experiencing the strongest cooling in home price growth are those with comparatively poor affordability levels and low inventory deficits -Housing is now the least affordable it has been since the mid-1980s, when sharp Fed hikes led to double-digit mortgage rates and a greater than 50% payment-to-income (P-to-I) ratio   –Tightening affordability then was almost entirely interest rate-driven – with income growth largely keeping up with home prices -Today’s 36.2% ratio is a result of both rising interest rates as well as soaring home values largely driven by historically low inventory levels -Even though May saw the largest jump in housing inventory in the past five years as pending listings begin to normalize and existing listings sit longer on the market, for-sale inventory remains at a 60% deficit The Data & Analytics division of Black Knight, Inc. released its latest Mortgage Monitor Report, based upon the company’s industry-leading mortgage, real estate and public records datasets. This month’s report looks at recent cooling in the annual rate of home price appreciation and the intertwined impacts of both affordability and inventory on those trends. According to Black Knight Data & Analytics President Ben Graboske, May marked the second consecutive month of cooling at the national level. “The annual home price growth rate fell by more than a full percentage point in May, the largest monthly decline at the national level since 2006,” said Graboske. “However, even with growth slowing in 97 of the top 100 U.S. markets, overall home prices still rose 1.5% from April – nearly twice the historical average for the month of May. And while any talk of home values and 2006 might set off alarm bells for some, the truth is that price gains would need to see deceleration at this rate for more than 12 months just to get us back to a ‘normal’ 3-5% annual growth rate. That said, the pace of deceleration could very well increase in the coming months, as we’ve already begun to see in select markets such as Austin, Boise and Phoenix.  “The record-low listing inventory that had been driving these price gains nationwide has also begun to improve, albeit slightly. Indeed, even with an increase in active listings of 107,000 in May – nearly double the traditional seasonal rise for the month – we are still 60% below the number of active listings we would normally see at this time of year. All major markets are still facing inventory deficits, but some have seen their shortages shrink much faster than others. Among these are some of the hottest housing markets in recent years: San Francisco, San Jose and Seattle. Unsurprisingly, these are also among the markets seeing the strongest levels of cooling so far this year, with annual home price growth rates in each down more than three percentage points in recent months.” As mortgage interest rates continue their upward climb, this month’s Mortgage Monitor also examines the resulting further deterioration in home affordability. With 30-year rates hovering close to 6% and home prices up nearly 11% since the start of 2022, home affordability is at its worst point since the mid-1980s – when sharp Fed hikes led to high double-digit mortgage rates that resulted in a greater than 50% payment-to-income ratio. The affordability challenge back then was almost entirely driven by the interest rate environment, while incomes largely kept up with home price growth. Today’s falling affordability is due in equal measure to rising rates and soaring home values largely driven by historically low inventory levels. The average home price is now more than six times the median household income, the largest multiple on record since the early 1970s. As of mid-June 2022, it takes 36.2% of the median household income to make the mortgage payment on the average- priced home purchase, well above the 34.1% post-1980s peak in July 2006. To review the full report, visit: https://www.blackknightinc.com/data-reports/ About Black KnightBlack Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that drives innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

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