You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default
Zurple Launches Social Bundle, Automates Agent Social Media Marketing with MLS Integration
Agents using Zurple can now leverage the Social Bundle to automatically reach prospects across multiple platforms with MLS integration, IDX listings and video content creation SAN DIEGO (NOVEMBER 12, 2019) -- Zurple, the definitive real estate lead nurturing solution for real estate agents, has announced the release of its Social Bundle, with all-new integrated social media marketing features. The Social Bundle allows agents to create and schedule posts to several social platforms, utilizing listing data pulled directly from the MLS. Initially launching in early October with listing posts to Facebook, the Social Bundle has now expanded to include plug-n-play listing videos, daily IDX listing posts, YouTube posting and more. Agents using Zurple can now leverage the Social Bundle to connect and convert prospects with enhanced automation and MLS integrations that boost engagement across multiple platforms with fully-integrated social campaigns for listings. For real estate agents looking to build their pipeline and reach consumers on Facebook, Twitter, YouTube or LinkedIn, delivering engaging, timely content on a consistent basis is vital to lead generation. The new suite of tools in Zurple's Social Bundle helps agents generate social leads, expand their sphere, and build their personal brand with localized and timely marketing. "With social media increasingly playing an active role real estate agent success, adopting tools that enable agents by automating the leg work that goes into converting leads in the digital space ensures competitiveness in both their local markets and the industry as a whole," said Jack Markham, General Manager of Zurple. "Zurple's new Social Bundle is an incredible value-add for Zurple offerings and a great tool to help our customers maximize their online presence." "Social media marketing is a key element of managing my lead pipeline and Facebook has become an invaluable tool for me, both as a channel to engage my existing network but also to reach new buyers," said Brandon Doyle of RE/MAX Results and coauthor of M3 – Mindset, Methods & Metrics: Winning as a Modern Real Estate Agent. "Daily posts on listings in the Twin Cities will help me build my following and make sure I'm seen consistently in the News Feed. I'm thrilled Zurple has made it so easy to reach a key audience." The Social Bundle is now live for all Zurple users. About Zurple Zurple provides thousands of realtors with a robust marketing automation platform. Founded in 2009 and previously ranked as one of the fastest growing companies in America by the Inc. 5000, Zurple offers a complete real estate marketing solution that generates leads, initiates conversations, and tracks lead behavior that improves conversion and close rates. Zurple is part of the Constellation Real Estate Group, which is a division of Constellation Software, Inc. The Constellation Real Estate Group acquires and invests in real estate software brands that are committed to providing long-term solutions and partnerships with franchises, brokers, agents, MLSs, and associations. Over 500,000 real estate agents, teams, and brokerages across North America rely on CREG's products and services to power, manage, and grow their businesses. For more information about Zurple, visit: zurple.com. For more information on the Constellation Real Estate Group, visit: constellationreg.com.
MORE >
U.S. Homeowners Found Far More Likely to Be Equity Rich than Seriously Underwater in Q3 2019
Equity-rich Properties Represent 26.7 Percent of All Mortgaged Properties; Highest Equity Levels in San Jose, San Francisco, Los Angeles IRVINE, Calif. - Nov. 7, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its third-quarter 2019 U.S. Home Equity & Underwater Report, which shows that 14.4 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 third quarter of 2019 represented 26.7 percent, or about one in four, of the 54 million mortgaged homes in the U.S. The report also shows that just 3.5 million, or one in 15, mortgaged homes in the third quarter of 2019 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 6.5 percent of all U.S. properties with a mortgage. "The latest numbers reveal another profound impact of the extended housing boom, as far more homeowners find themselves on the right side of the balance sheet instead of the wrong side. This is a complete turnabout from what was happening when the housing market crashed during the Great Recession," said Todd Teta, chief product officer with ATTOM Data Solutions. "There are notable equity gaps between regions and market segments. But as home values keep climbing, homeowners are seeing their equity building more and more, while those with properties still worth a lot less than their mortgages represent just a small segment of the market." Highest equity rich shares all in the Northeast and West The top 10 states with the highest share of equity rich properties in the third quarter were all in the Northeast and West regions, led by California (40.8 percent); Hawaii (39.2 percent); Vermont (39.0 percent); New York (35.7 percent); and Washington (35.6 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest shares of equity rich properties were San Jose, CA (62.7 percent); San Francisco, CA (51.1 percent); Los Angeles, CA (46.6 percent); Santa Rosa, CA (46.5 percent); and Honolulu, HI (39.4 percent). The leader in the Northeast region was Boston, MA (35.4 percent) while Dallas, TX led the South (38.2 percent) and Grand Rapids, MI led in the Midwest (27.8 percent). Top equity-rich counties concentrated in California Among the 1,467 counties with at least 2,500 properties with mortgages in the third quarter, 10 of the top 25 equity-rich locations were in California. Counties with the highest share of equity rich properties were San Francisco, CA (70.5 percent); San Mateo, CA (68.6 percent); Santa Clara, CA (63.6 percent); San Juan, WA (60.0 percent); and Kings County (Brooklyn), NY (55.6 percent). More than half of all properties were equity rich in 415 zip codes Among 8,213 U.S. zip codes with at least 2,000 properties with mortgages, there were 415 zip codes where at least half of all properties with a mortgage were equity rich. Forty-six of the top 50 were in California, with most in the San Francisco Bay area. They were led by zip codes: 94116 in San Francisco (82.6 percent equity rich); 94122 in San Francisco (81.1 percent equity rich); 11220 in Brooklyn, NY (78.3 percent equity rich); 94306 in Palo Alto, CA (77.9 percent equity rich); and 94112 in San Francisco (77.9 percent equity rich). Highest seriously underwater shares in the South and Midwest The top 10 states with the highest shares of mortgages that were seriously underwater in the third quarter were all in the South and Midwest, led by Louisiana (16.5 percent seriously underwater); Mississippi (15.8 percent); West Virginia (14.2 percent); Iowa (14.0 percent); and Arkansas (13.1 percent). Among 107 metropolitan statistical areas analyzed in the report with a population greater than 500,000, those with the highest share of mortgages that were seriously underwater included Youngstown, OH (16.8 percent); Baton Rouge, LA (15.7 percent); Scranton, PA (14.3 percent); Cleveland, OH (14.0 percent); and Toledo, OH (13.8 percent). More than 25 percent of all properties were seriously underwater in 160 zip codes Among 8,213 U.S. zip codes with at least 2,000 properties with mortgages, there were 160 zip codes where more than a quarter of all properties with a mortgage were seriously underwater. The largest number of those zip codes were in the Cleveland, St. Louis, Philadelphia, Chicago and Milwaukee metropolitan statistical areas. The top five zip codes with the highest share of seriously underwater properties were 71446 in Leesville, LA (65.1 percent seriously underwater); 44110 in Cleveland, OH (61.9 percent); 08611 in Trenton, NJ (61.8 percent); 53206 in Milwaukee, WI (60.3 percent); and 63115 in St. Louis, MO (59 percent). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, 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. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Homes.com Fine Tunes Listing Detail Pages to Create More Leads for You
MORE >
Luxury Housing Market Stabilized in the Third Quarter After a Weak First Half
Sales of homes priced at or above $1.5 million increased 3.2% annually, a sign that the high-end market is moderating after recession fears marred the first two quarters SEATTLE, Nov. 7, 2019 -- The average sale price for luxury homes nationwide rose 0.3 percent year over year to $1.6 million in the third quarter of 2019, according to a new report from Redfin. Even though that's essentially flat, it marks the first time luxury prices did not drop after three straight quarters of declines. For this analysis, Redfin tracked home sales in more than 1,000 cities across the U.S. (not including New York City) and defines a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, home prices increased 3.6 percent annually to an average of $319,000 in the third quarter. Sales of homes priced at or above $1.5 million rose 3.2 percent in the third quarter. The increase comes after three straight quarters of dipping sales in the luxury sector, including a 12 percent annual drop in the first quarter of 2019. Sales of homes priced below $1.5 million experienced a similar annual increase, with a 2.9 percent rise. Supply of homes priced at or above $1.5 million rose 9.3 percent year over year in the third quarter, the sixth consecutive quarter of growth, albeit the smallest annual increase in a year. The big increase in luxury supply was largely driven by a boost in the number of high-priced homes hitting the market. New listings priced at or above $1.5 million rose 6 percent year over year in the third quarter, while new listings of homes priced below $1.5 million dropped 4 percent. "Because recession fears peaked over the summer, I expected luxury home prices and sales to dip. But it appears that nerves alone weren't enough to scare off wealthy homebuyers," said Redfin chief economist Daryl Fairweather. "The U.S. economy grew faster than expected in the third quarter, partly as a result of healthy consumer spending. Those results, along with flat luxury home prices and rising sales, go to show that Americans are basing their spending habits on their own personal financial situation rather than concerns about global economic tensions. For many, that means strong incomes and good employment prospects." Luxury housing market summary Biggest luxury price gains Luxury prices increased in more than two-thirds of the markets tracked by Redfin. West Palm Beach tops the list, with a 128.3 percent year-over-year increase to an average price of more than $3.7 million. It's followed by two other cities in Florida: Clearwater (up 49.3% to $1.6 million) and Delray Beach (up 47.3% to $2.6 million). West Palm Beach Redfin agent Elena Glatko said one driving force in the particularly large year-over-year price increase in West Palm Beach in the third quarter was dozens of sales in a new luxury condo building. Sale prices for individual units spanned from roughly $4 million to more than $12 million. Glatko also noted a few other factors that contribute to the area's strong luxury market. "Homebuyers can get a lot more for their money in West Palm Beach than in more expensive places like Miami and Palm Beach Island," Glatko said. "And I've noticed that both luxury buyers and sellers feel that real estate is one of the assets least susceptible to economic changes. They believe that over time, luxury real estate is a better investment than the stock market." Biggest luxury price declines Luxury home prices in Charleston, South Carolina declined 17.6 percent to an average of $1.6 million in the third quarter, a bigger drop than any other city. Next come Virginia Beach (down 7.6% to $1 million) and Reno (down 6.9% to about $1.5 million). Luxury prices also declined in San Diego (down 4% to about $2.6 million), Miami (down 3.8% to about $2 million), San Jose (down 3.2% to about $2.3 million) and Scottsdale (down 1.5% to about $2 million). "There's been less activity in the luxury market in Miami over the last few years, and now it's definitely shifting toward buyer's favor," said local Redfin agent Jessica Johnson. "Sellers in the area can't get away with overpricing their home because buyers are less willing to overpay when they know luxury prices aren't increasing in Miami—if they can't get a good deal on one particular luxury home, they can probably go down the street or to another neighborhood and find a seller who is willing to negotiate with them." To read the full luxury report, including the methodology, please visit: https://redfin.com/blog/q3-2019-luxury-housing-report. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
MORE >
Families Using Creativity When Buying, Selling Homes: 2019 Buyer and Seller Survey
MORE >
Pending Home Sales Rise 1.5% in September
WASHINGTON (October 29, 2019) – Pending home sales grew in September, marking two consecutive months of increases, according to the National Association of Realtors. The four major regions were split last month, as the Midwest and South recorded gains but the Northeast and West reported declines in month-over-month contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 1.5% to 108.7 in September. Year-over-year contract signings jumped 3.9%. An index of 100 is equal to the level of contract activity in 2001. Historically low mortgage rates played a significant role in the two straight months of gains, according to Lawrence Yun, NAR's chief economist. "Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates," he said. "Furthermore, we've seen increased foot traffic as more buyers are evidently eager searching to become homeowners." Pointing to data from active listings at realtor.com®, Yun says the upper end of the market is faring well. Fort Wayne, Ind., Rochester, N.Y., Pueblo, Colo., Columbus, Ohio, and Topeka, Kan., saw the largest increase in active listings in September compared to a year ago. Although contract signings are on the upswing, Yun says the numbers would be even greater if more housing were available. "Going forward, interest rates will surely not decline in a sizable way, so the changes in the median price will be the key to housing affordability," he said. "But home prices are rising too fast because of insufficient inventory," he said. "In addition to boosting traditional home building, we should explore a greater utilization of modular factory constructed homes, converting old shopping malls or vacant office space into condominiums, permitting more accessory dwelling units, and other supply-increasing actions, in order to meet the rising demand for new housing," Yun said. September Pending Home Sales Regional Breakdown Regional indices in September were mixed, with the Northeast experiencing the smallest change of the four regions. The PHSI in the Northeast fell 0.4% to 93.9 in September, but is still 1.3% higher than a year ago. In the Midwest, the index increased 3.1% to 104.4 in September, 2.7% higher than September 2018. Pending home sales in the South increased 2.6% to an index of 127.5 in September, a 5.7% jump from last September. The index in the West declined 1.3% in September 2019 to 95.1, which is an increase of 3.4% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Technology Companies Adwerx and ActivePipe Create Innovative Integration for Realtors
MORE >
NAR Partners with Missouri's Columbia College to Expand Educational Opportunities for Realtors
WASHINGTON (November 6, 2019) – The National Association of Realtors today announced a new exclusive partnership with Columbia College in Columbia, Missouri, to offer expanded access to academic programs to association members. With the agreement, Columbia College will become the exclusive higher-education partner for more than 1.3 million NAR members, providing opportunities for them to complete a variety of associate, bachelor's and master's degrees, including real estate-specific offerings anticipated in late spring 2020. Columbia College also plans to develop and offer a Master of Business Administration degree with an emphasis in real estate, based on the award-winning Master of Real Estate degree curriculum developed by the association for its members through REALTOR® University. NAR Members that enroll in the NAR Academy at Columbia College can receive $100 per eligible course in financial support from the Center for Specialized REALTOR® Education (CSRE). The CSRE is a NAR wholly owned subsidiary that creates and facilitates educational programs in real estate, working to elevate professional standards through designations, certifications and degrees in real estate. "We are committed to continuing to add value by providing substantial educational opportunities that help our members grow personally and professionally. As a member's knowledge base grows, it leads to enhancing and broadening their business, which can increase their profitability and efficiency," said NAR CEO Bob Goldberg. "We're extremely proud to partner with Columbia College as it represents an important new phase in this bold vision." REALTOR® University was conceived and launched in 2012 to provide members a new opportunity to grow through academic achievement. This agreement represents a sustainable expansion of that vision. In addition to an MBA with an emphasis in Real Estate, Columbia College will develop degree completion programs for NAR members, bachelor's and associate's degree programs and college-level real estate certificate programs in 2020. The NAR Academy at Columbia College marks the successful realization of the Realtor University vision. With the graduation of all active Masters in Real Estate program students, and with the sharing of the curriculum with Columbia College, Realtor University will officially discontinue its master's program, and provide the opportunity for interested members to enroll in Columbia College as a member benefit. Founded in 1851 in Columbia, Missouri, Columbia College is a private, nonprofit, liberal arts and sciences institution. Accredited by the Higher Learning Commission, the college has more than 30 locations nationwide and offers day, evening and online classes to thousands of students each year. The college opened a new 60,000 square foot facility in September, housing its Robert W. Plaster School of Business. "We believe this new partnership between NAR and Columbia College will truly be a game-changer, not only for our institution but for the association's members around the country," said Columbia College President Dr. Scott Dalrymple. "As far as we know, this is the largest exclusive educational partnership in the United States." REALTOR® University alumni will become members of the Columbia College Alumni Association; with all of its privileges and benefits. These alumni will also become the founding members of an NAR scholar's society. "This is what we aspire to do as volunteer leaders – innovate, lead and create," says Ron Phipps, Chairman of the REALTOR® University Board of Regents. "Now we have ensured the groundbreaking work we have done for our members continues to provide true and recognized benefits for years to come." Columbia College was deemed the ideal institution to serve NAR with its legacy of academic excellence, global reach and robust online programs. For more information about the NAR Academy at Columbia College, visit nar.ccis.edu. For more information on the member benefit details see nar.realtor/nar-academy. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CRS Data Expands Reach with Seven New MLS Customers
MORE >
Homeowners are Staying in Their Homes Five Years Longer Than in 2010
Increased home tenure leaves first-time homebuyers with fewer options SEATTLE, Nov. 4, 2019 -- The typical American homeowner has spent 13 years in their home, up from eight years in 2010, according to a new report from Redfin, the technology-powered real estate brokerage. Median home tenure increased in all of the 55 metros Redfin analyzed, leading to decreased inventory available for first-time homebuyers in many places. Homeowners have been in their homes the longest in Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas, with homeowners in those metros staying in their homes for more than 20 years on average. "In Dallas, there are many neighborhoods that were built in the 1950s and 1960s where most of today's residents are still the original homeowners," said Dallas Redfin agent Christopher Dillard. "Because prices have been going up, and folks are gaining more and more equity, it's hard to justify selling when there aren't many if any affordable options." Many local governments have put policies in place that reduce property tax burdens for senior citizens, which have made it more affordable for older people to stay in their homes longer. In Texas, where homeowners tend to stay put the longest, homeowners over the age of 65 have the option to defer property taxes until the home is sold. Aging in place has reduced the number of homes for sale Homeowners age 67 to 85 are remaining homeowners longer, causing a shortage of 1.6 million homes, according to a report by Freddie Mac. In San Francisco, the median homeowner has been in their home for 14 years, compared to only 10 years in 2010. At the same time, there are about half as many homes for sale in San Francisco than there were in 2010, and the homes that are for sale are more expensive. The median home price has more than doubled in San Francisco since 2010. That's in part because older San Franciscans who own affordable homes are the ones staying put. In San Francisco, the median Redfin Estimate for homes where the resident hasn't changed in over 20 years is about $122,000 lower than the median Redfin Estimate for homes where the resident has changed in the last five years. That means there are fewer affordable homes for sale for first-time homebuyers, making a market more competitive. In Salt Lake City, where the median home tenure is the highest, the number of homes for sale has declined 59 percent from 2010 to 2019. That has led to a situation where current homeowners are further locked in place because they find it too difficult to sell and buy a home at the same time. "I have a client right now in West Valley who wants to move into the city in a more walkable, higher priced neighborhood," said Salt Lake City Redfin agent Daniel Lopez. "They would need to sell to buy, but are worried about making a competitive offer when they still need to sell their current home. I rarely see offers with home sale contingencies accepted in Salt Lake City because the market is competitive." Homeowners who already live with walkable access to amenities like schools, parks and shops are more likely to stay put in homes. And when homeowners stay put that means fewer homes are for sale. In zip codes with above-average Walk ScoreⓇ ratings for their metro, the median home tenure is 11 months longer and there is more competition for the homes that are listed with homes staying on the market eight fewer days compared to zip codes with below-average Walk Score ratings. That means first-time homebuyers who are still looking to own a home and start a family are relegated to neighborhoods in less walkable exurbs on the outskirts of town. Below is the median home tenure data for each metro included in Redfin's analysis. To read the full report, please visit: click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales. For more information or to contact a local Redfin real estate agent, visit www.redfin.com.
MORE >
U.S. Housing Inventory Tightens as Competition Heats Up
MORE >
Second Century Ventures Makes Investment in Home Captain
CHICAGO (October 29, 2019) — The National Association of Realtors®' venture capital fund, Second Century Ventures, has made an investment in Home Captain, a veteran-owned, technology-enabled real estate platform that guides consumers through the home buying process. Home Captain was a member of Second Century Ventures' 2016 REACH Accelerator class, a unique technology growth program that provides companies with education, mentorship, an insight panel and industry exposure to facilitate their launch into the marketplace. "This financing provides Home Captain with additional working capital to accelerate our commercialization efforts and refinement of our AI toolset that builds a more qualified pipeline for Realtors® and lenders," said Grant Moon, Founder and CEO at Home Captain. "It also deepens the strategic relationship between a proven market leader and the National Association of Realtors®' unparalleled network within the real estate sector." NAR's Senior Vice President of Strategic Business, Innovation & Technology Mark Birschbach also expressed his support for Tuesday's announcement. "We are delighted to make this investment in Home Captain to further accelerate its current growth path. Its platform greatly improves the home buying experience by matching buyers who have been pre-qualified for a mortgage loan to a curated network of real estate agents." About Home Captain Home Captain is a veteran-owned, Conversion Optimization System that helps guide prospective clients through the home buying process. Home Captain's concierge team leverages an algorithmic matching process to pair pre-qualified homebuyers with a highly qualified professional in the company's curated network of over 95,000 participating real estate agents. The concierge team, comprised mainly of military spouses, acts as the liaison between the loan officer, homebuyer and real estate agent. Combined with their AI-powered chatbot and lender portfolio retention services, Home Captain increases lender conversion rates and borrower satisfaction. For more information, visit homecaptain.com. About Second Century Ventures Second Century Ventures is an early-stage technology fund, backed by NAR, which leverages the association's more than 1.3 million members and an unparalleled network of executives within real estate and adjacent industries. SCV systematically launches its portfolio companies into the world's largest industries, including real estate, financial services, banking, home services and insurance. SCV seeks to define and deliver the future of the world's largest industries by acting as a catalyst for new technologies, new opportunities and new talent. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
John Kuc Promoted to Executive Vice President of MMSI
MORE >
Florida Realtors Tech Helpline Now Available to Support Tech Firms
Real Estate's No. 1 Tech Support Service Announces Expansion ORLANDO, Fla., October 30, 2019 - "How is your tech support?" is one of the most challenging questions nearly every tech startup must address successfully to land new clients. Now, technology firms have the opportunity to answer the question with confidence by engaging real estate's number one technology support service, Tech Helpline, to provide customer support. Tech Helpline, dubbed "the Genius Bar" for real estate, today offers tech support by phone, chat or email to nearly half of the REALTORS® in the U.S. and Canada. More than 600,000 real estate professionals have access to Tech Helpline, a service created and owned by Florida Realtors. With a U.S.-based staff of tech analysts that have some 300 years of combined IT experience, Tech Helpline offers technical support services in both English and Spanish. Agents and brokers receive a wide range of expert technical assistance, covering both software and hardware issues, including smartphones, laptops, tablets, desktops, printers, computer and smartphone crashes, email setup problems, virus infections, recovery of lost files, wireless connections issues and more. "Tech Helpline has long proven to be one of the most popular member benefits for associations and MLSs," says Margy Grant, Florida Realtors CEO. "Now we're offering the talents of our incredibly skilled team to technology startups and established tech firms. Tech Helpline can give a tech firm the ability to offer exceptional and personalized tech support services to retain clients and keep them happy." According to dozens of surveys that the firm has conducted for more than a decade, Tech Helpline is often the highest-rated member benefit offered by Realtor Associations, Multiple Listing Services (MLSs), and real estate brokerage firms. "There's an extra benefit for real estate technology firms," Grant added. "Because Tech Helpline analysts work with Realtors every day, they uniquely understand what an agent does. This allows them to provide a higher level of customer service support that is often frictionless. Most importantly, Tech Helpline analysts are known as the friendliest tech support group around. As a result, agents and brokers aren't afraid to call and ask any tech question." ​Tech Helpline's successful track record for software support began with providing tech help for the Florida Realtors' Form Simplicity transaction management software. Tech Helpline services have grown from a single state, supporting Florida Realtors members, the industry's second-largest state association, to coverage nationwide and throughout Canada. Tech Helpline continues to be the exclusive technical support service for Form Simplicity. "We want to leverage the proven success of Tech Helpline by offering it to other tech firms. We believe there is an enormous void in the marketplace for high-quality, personalized, and friendly tech support. Our Orlando tech experts are ready to fill that gap," Grant added. Tech Helpline from the Florida Realtors will be at Booth 1234 during the 2018 REALTOR® Conference and Expo in San Francisco, as part of its Expo set for Nov. 8-10. More information about Tech Helpline also is available online at www.techhelpline.com. About Tech Helpline Tech Helpline began nearly 20 years ago as a service for members of Florida Realtors. Known for its no-nonsense technical advice and warm, friendly customer service, Tech Helpline rapidly grew by offering its service to other REALTOR® Associations, Multiple Listing Services (MLSs), and real estate brokerage firms. Tech Helpline is the real estate industry's No. 1 tech support service, available to nearly half the Realtors in North America – more than 600,000 in the U.S. and Canada. Tech Helpline's office and staff of professional tech analysts, with almost 300 years of combined IT experience, are located in Orlando, Florida, and are available to provide technical support by phone, chat or email. More information is available online at www.techhelpline.com. Florida Realtors serves as the voice for real estate in Florida. The state's largest professional trade association provides programs, services, continuing education, research and legislative representation to some 187,000 members in 52 local and regional Realtor associations or boards in Florida.
MORE >
MooveGuru Closes Series A Led by Atlanta Technology Angels
MORE >
Goodbye, Endless Scrolling! Announcing Realtor.com's Photo First Feature
Deep learning technology automatically categorizes and displays photos to simplify home search SANTA CLARA, Calif., Oct. 29, 2019 -- Realtor.com, the Home of Home Search, today announced the release of its Photo First feature, to help home buyers find their must-have rooms and finishes without the headache of scrolling through dozens of listing photos. The first-of-its-kind feature is designed to deliver the best browsing experience by making photos more personal and relevant than ever before. Powered by deep learning, the Photo First feature can automatically recognize characteristics of a room and organize photos into categories with more than 97 percent accuracy. For consumers, photos are an essential element of a home search. Realtor.com® has reimagined the listing photo experience to make it simpler and more useful than ever before. Now, with the Photo First feature, buyers can quickly hone in on the photos that are most important to them by simply selecting a feature category: exterior, kitchen, bathroom, bedroom, living room or dining room. And thanks to the feature's deep learning-based algorithm, there is no additional work required for the seller or listing agent to optimize photos. "Imagine a home search that's completely customizable. One where you can choose all the features that are important to you, and not only find those homes quickly, but view those photos first," said Chung Meng Cheong, chief product officer, realtor.com®. "The Photo First feature uses deep learning to optimize and categorize listing photos for each home to simplify the home journey. So, if you're particular about features in your kitchen or bathroom, you can view those photos right away." Developed by realtor.com®'s mobile and data science teams, the Photo First feature is powered by a proprietary deep learning model for image classification, which enables it to recognize different aspects and automatically associate each photo with the coinciding room. The result is a simple and streamlined interface that users love. In fact, 100 percent of test users preferred the Photo First interface and more than 60 percent engaged with photo categories during testing. The new functionality led to more consumers viewing the home's details and taking the next step to connect with an agent and learn more. Realtor.com® continues to invest in developing the best-in-class user experience for home shoppers. Today's announcement is the first of several planned AI-powered photo feature updates designed to help make buying and selling a home simpler and more enjoyable than ever. Photo First is now available on Android and iOS, and will be coming soon to web and mobile web. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Redfin Survey: Homebuyers and Sellers Say Rising Home Prices Have Made Their Lives Worse, and They Support Policies to Make Homes More Affordable
MORE >
Trick or Treat: Nearly 60 Percent of People Who Have Lived in a Haunted House Said They Found Out after Moving In
Thirty-seven percent knew it was haunted before and moved in anyway SANTA CLARA, Calif., Oct. 23, 2019 -- Nearly 60 percent of people who have lived in a haunted house didn't know it was haunted before they moved in, according to the realtor.com fourth annual Haunted Real Estate Report, which was released today. The findings, which might cause a fright, begs the question: would you consider living in a haunted home? The survey of 1,000 people across the United States was conducted earlier this month by Toluna Research through online interviews. Here are some of the spooky findings: Forty-three percent of respondents may have had a ghost as a roommate According to the survey, 58 percent of respondents said they have never lived in a haunted home, 23 percent of respondents said they have lived in one, while 20 percent think they may have lived in a haunted home. Of those who felt certain that they lived in a haunted house, 58 percent had no idea it was haunted before moving in and 37 percent knew it was and decided to go for it anyway. Five percent said maybe. Strange noises and shadows are the most common spooky happenings So what made them think it was haunted? Sixty-five percent of those surveyed said strange noises in the house made them think it was haunted. Fifty-two percent said strange shadows in the house, followed by 48 percent who said items moved on their own, 47 percent said certain rooms felt haunted, 46 percent said they would feel touched, and 44 percent said their home had hot and cold spots. "Moving into a new home is a really exciting time, but finding out that your new abode has an unwanted guest can definitely put a damper on the celebration," according to Nate Johnson, chief marketing officer at realtor.com®. "We conduct this survey annually and it's always interesting to see the results. This year, we were surprised by how many people had unknowingly moved into a haunted house at some point in their lives, and even more so by how many people knew and decided to move in regardless." Majority of people prefer to live ghost free When asked if they would ever consider moving into a haunted house, 54 percent of respondents said there was no way. Twenty-one percent were prepared to dust off the ole' Ghostbusters costume and brave whatever spooky happenings might be plaguing the house, while 21 percent were on the fence and responded with "maybe." Interestingly, survey responses were not that different even if the home buyer didn't actually buy the home. When asked what they would do if they inherited a haunted home, 51 percent of respondents said they would take the money and run by selling it immediately. Just under a quarter -- 23 percent -- would try to flush the ghosts out with a new kitchen or floors by renovating the home. Twenty percent of these brave souls are willing to take the risk and would simply move into their new abode, while 6 percent aren't taking any risks for themselves or others -- they'd tear the place down. But respondents don't mind a neighborhood ghoul While the majority of respondents were against the prospect of choosing to live in a haunted house, the survey found they were much more amenable to living next to one, rather than in one. Nearly 43 percent of respondents were willing to live next to a house they believed was haunted, compared to the 21 percent that would actually be willing to live in one. Still, 31 percent have seen the movies and they just aren't willing to take the risk of living next to a house they believed was haunted. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
CRMLS Launches MLS-Touch Realist Integration to 98,000+ Users
MORE >
Existing-Home Sales Decrease 2.2% in September
WASHINGTON (October 22, 2019) – Existing-home sales receded in September following two consecutive months of increases, according to the National Association of Realtors®. Each of the four major regions witnessed sales drop off last month, with the Midwest absorbing the brunt of those declines. Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September. Despite the decline, overall sales are up 3.9% from a year ago (5.18 million in September 2018). Lawrence Yun, NAR’s chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. “We must continue to beat the drum for more inventory,” said Yun, who has called for additional home construction for over a year. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.” The median existing-home price for all housing types in September was $272,100, up 5.9% from September 2018 ($256,900), as prices rose in all regions. September’s price increase marks 91 straight months of year-over-year gains. Total housing inventory at the end of September sat at 1.83 million, approximately equal to the amount of existing-homes available for sale in August, but a 2.7% decrease from 1.88 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, up from 4.0 months in August and down from the 4.4-month figure recorded in September 2018. Properties typically remained on the market for 32 days in September, up from 31 days in August and even with September 2018. Forty-nine percent of homes sold in September 2019 were on the market for less than a month. First-time buyers were responsible for 33% of sales in September, up from 31% in August and 32% recorded in September 2018. NAR’s 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33%. As the share of first-time buyers rose, individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in September 2019, unchanged from August but down from 16% recorded last September. All-cash sales accounted for 17% of transactions in September, down from 19% in August and 21% in September 2018. Distressed sales – foreclosures and short sales – represented 2% of sales in September, unchanged from August but down from 3% in September 2018. “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country,” said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. “These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.” According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.61% in September, down from 3.62% in August. The average commitment rate across all of 2018 was 4.54%. “Mortgage rates under 4% are amazingly attractive for homebuyers,” said Yun. “The rise in foot traffic as evidenced by the open rates of SentriLock key boxes shows growing buyer interest.” Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.78 million in September, down from 4.91 million in August, but up 3.9% from a year ago. The median existing single-family home price was $275,100 in September 2019, up 6.1% from September 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 600,000 units in September, 1.7% above the previous month and 3.4% higher than a year ago. The median existing condo price was $248,600 in September, which is an increase of 4.5% from a year ago. Regional Breakdown As noted, existing-home sales in September dropped in every region compared to the month prior. Compared to last year, September sales increased in three of the four major regions, while neither growing nor declining in the Midwest. Median home prices in every region increased from one year ago. September existing-home sales in the Northeast fell 2.8% to an annual rate of 690,000, a 1.5% rise from a year ago. The median price in the Northeast was $301,100, up 5.2% from September 2018. In the Midwest, existing-home sales dropped 3.1% to an annual rate of 1.27 million, which is nearly equal to August 2018. The median price in the Midwest was $213,500, a 7.2% jump from a year ago. Existing-home sales in the South decreased 2.1% to an annual rate of 2.28 million in September, up 6.0% from a year ago. The median price in the South was $237,300, up 6.3% from one year ago. Existing-home sales in the West declined 0.9% to an annual rate of 1.14 million in September, 5.6% above a year ago. The median price in the West was $403,600, up 4.5% from September 2018. Realtor.com®’s Market Hotness Index, measuring time-on-the-market data and listing views per property, revealed that the hottest metro areas in September were Fort Wayne, Ind.; Rochester, N.Y.; Pueblo, Colo.; Columbus, Ohio; and Topeka, Kan. The National Association of Realtors® is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Showing Index Reflects Surprising Strength in Buyer Demand with Back-to-Back Months of Increased Nationwide Activity
MORE >
Realtor.com and Veterans United Home Loans Launch New Home for the Holidays $100K Veteran Homebuyer Giveaway
One lucky winner will receive $100,000 toward the purchase of a dream home SANTA CLARA, Calif., Oct. 22, 2019 -- Realtor.com, The Home of Home Search, and Veterans United Home Loans announced today the New Home for the Holidays $100K Veteran Homebuyer Giveaway. The sweepstakes is the fifth collaboration between realtor.com and Veterans United to give back to Veterans and members of the U.S. military. "At Veterans United we are dedicated to helping the men and women who have bravely served our country achieve the American dream of homeownership," said Kris Farmer, chief marketing officer at Veterans United Home Loans. "We acknowledge the commitment and sacrifices our Veterans and service members have made so that we can enjoy the freedoms we have. For us and our partners at realtor.com®, we are privileged to be in a position to give back to our military community." "We are proud to partner with Veterans United for our fifth giveaway in a row with our New Home for the Holidays Giveaway," said Tricia Smith, senior vice president for realtor.com®. "Veterans and their families sacrifice so much for our country every day. Helping one Veteran afford their dream home is just one small way that we can honor their sacrifices." The giveaway is open to qualifying U.S. military service members and U.S. military Veterans, subject to the Official Rules. Entries to the giveaway will be accepted until 11:59 a.m. ET, Dec. 20, 2019, at https://www.realtor.com/100k-veteran-home-sweepstakes The winner will receive $100,000 (may be subject to tax withholding) at the closing of a home purchase transaction, subject to the Official Rules for the sweepstakes. Full prize details, conditions and sweepstakes rules are available at: https://www.realtor.com/100k-veteran-home-sweepstakes/rules About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com. About Veterans United Home Loans Based in Columbia, Missouri, the full-service national lender financed more than $12.8 billion in loans in FY2019. Its mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. Earlier this year, Veterans United was named No. 23 of the Fortune 100 Best Companies to Work For, according to Great Place to Work® and Fortune Magazine. The company's employee-driven charitable arm, Veterans United Foundation, is committed to enhancing the lives of Veterans and military families nationwide by focusing on supporting military families and nonprofit organizations that strengthen local communities. Veterans United and its employees have donated more than $51 million to the Foundation since its founding in November 2011. Learn more at EnhanceLives.com. Veterans United is not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC. NMLS ID #1907
MORE >
FBS Introduces Spring All-in-One Websites for Agents, Powered by the Revolutionary Spark API
MORE >
Migration Trends Reach Record High as 26% of Home Searchers Look to Change Metros
Boston tops list of U.S. migration destinations ahead of more affordable inland metros SEATTLE, Oct. 18, 2019 -- Twenty-six percent of home searchers looked to move to another metro area in the third quarter of 2019, up from 25 percent the year before, according to a new report from Redfin, the technology-powered real estate brokerage. This is a new all-time high for the national share of home-searchers looking to relocate, likely driven by those leaving expensive metros in search of more affordable homes. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who searched for homes across 87 metro areas from July through September. Moving In — Metros with the Highest Net Inflow of Redfin Users After two quarters at the top of our list of metro areas with the highest net inflow of Redfin users, Phoenix fell to number three in the rankings in the third quarter, passed by Boston at number one and Sacramento at number two. A net inflow means more people are looking to move in than leave, while a net outflow means there are more people looking to leave than people looking to move in. Seventeen percent of homebuyers searching in the Boston metro area were looking from other metro areas in the third quarter, up from both a year earlier (12.0%) and the second quarter (14.1%). New York continues to be the top origin city for people looking to move to Boston, and Boston is the top destination for people looking to leave New York. "There is a sense here in New York that the sky has been falling for our housing market all year," said Redfin New York market manager Nick Boniakowski. "People fleeing NYC aren't looking for a rural life, they are fleeing the high costs. Boston presents a slightly more accessible cost of living, while still providing urban quality of life that many desire today. Boston is appealing because it's close and there are similar employment opportunities." Boston's rise to the top of the migration list is unusual, since most of the top destinations in recent years have been more affordable metro areas. However, relative to New York City, Boston's lower sales taxes, income taxes, and property taxes are likely a big factor driving people to make the move between the two cities. Six of the top ten migration destinations have median prices below the national median, and only San Diego has a higher median price than Boston. The second quarter was the first time since Redfin began tracking migration data that Boston has been in the top 10 migration destinations. It debuted in the second quarter at number nine on the list before shooting all the way up to number one in the third quarter. Most of the interest in Boston continues to come from New York. Boston's lower sales, income, and property taxes are likely a big factor driving people to move there from New York. Moving Out — Metros with the Highest Net Outflow of Redfin Users The list of metros people most-often looked to leave was once again topped by New York, San Francisco, Los Angeles and Washington, D.C. in the third quarter. Net outflow is defined as the number of people looking to leave the metro minus the number of people looking to move to the metro. "Homebuyers are leaving expensive metros for affordable metros and as a result there are fewer and fewer homes for sale in more affordable parts of the country," said Redfin chief economist Daryl Fairweather. "In San Francisco, for example, inventory has been rising because there aren't many San Franciscans who can afford the high prices. San Franciscans are moving to Sacramento where homes are much more affordable, and that, combined with a lack of new listings, has caused inventory to decline in Sacramento." To read the full report, including additional data and an interactive migration map, please visit: https://www.redfin.com/blog/q3-2019-housing-migration-report. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
Q3 2019 Foreclosure Activity Down 19 Percent from Year Ago to Lowest Level Since Q2 2005
MORE >
CoreLogic Releases Most Recent HPI Forecast Validation Report
Analysis shows 16 metros had forecasts with less than a 1% difference from actual values CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest CoreLogic HPI Forecast Validation Report that compares its 12-month CoreLogic Home Price Index (HPI) Forecast to the actual CoreLogic Home Price Index. The report compares the changes in national and key metro-level forecasts made in June 2018 to the actual HPI index, which includes data through June 2019. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. National values are derived from state-level forecasts by weighing indices according to the number of housing units for each state. Published every six months, the Forecast Validation Report is designed to provide transparency into CoreLogic forecasting abilities. The report showed: Sixteen large metros had forecasts with less than a 1% difference from actual values, including the Phoenix, Houston and Milwaukee metros all coming in within 0.3%. The top 10 major metros all had forecasts within 0.5% of actual values. The national forecast prediction of a 5.7% increase was within 2.4% of the 3.3% increase of the HPI for the 12-month period ending in June 2019. Long-term affordability concerns, coupled with consumer sentiment about the general economic climate along with other economic factors caused actual home prices to increase at a slower rate. The most accurate metro-level forecast was for the Phoenix-Mesa-Scottsdale, AZ area, which at 5.9% came on target of the actual HPI increase of 5.9%. The widest metro gap was in the San Jose, California metro areas, with a 13% over-estimation of actual increase. CoreLogic noted that the variance in this under-valued metro was mainly due to a concern over long-term affordability. Severe inventory shortages and rising interest rates impacted the forecasts of several metros - including the Chicago and San Francisco areas - reflecting the overall market volatility of the past 12 months. Slowing home price appreciation across many markets over the last 12 months caused much more volatility in housing markets than has been observed over the last three years. "The latest HPI Forecast Validation report continues to demonstrate why CoreLogic is the gold standard when it comes to home price forecasting," said Ann Regan, executive, product management for CoreLogic. "While our national forecast results reflect the difficulties of forecasting in an extremely volatile market, our forecasts were still able to provide accurate, region-specific forecasts for major metro areas, providing HPI clients with the reliability they need in the current market." About CoreLogic CoreLogic, the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Kleard and Adwerx announce integration, bringing next-level automation to real estate agents
MORE >
Austin Board of REALTORS adopts Remine for its 15,000 MLS subscribers
Partnership marks 50th MLS, 1,000,000-agent milestone for rapidly growing technology and data company FAIRFAX, Va., Oct. 3, 2019 -- Remine today announced that the Austin Board of REALTORS (ABoR) will provide complete access to the Remine Agent Pro product to its 15,000 Multiple Listing Service (MLS) subscribers. This includes easy, intuitive access to Remine's best-in-class data, as well as full and unlimited use of its CRM, CMA, and Client Portal tools. "This is a significant milestone for us and a huge benefit for Austin REALTORS®, who will now have powerful, modern software and incomparable data at their fingertips," said Leo Pareja, Remine President. "We could not be happier to have ABoR as our 50th MLS partner." Rollout of Remine Agent Pro will begin in late October 2019. "We needed a solution for Austin REALTORS® that was fast, flexible, and continuously enhanced so our members are equipped to succeed in a real estate industry defined by rapid change," said ABoR CEO Emily Chenevert. "Remine is the only partner that can give us that." "All of us believe deeply in the MLS and have committed the full resources of our company to ensure its future," said Mark Schacknies, Remine CEO. "We have a singular vision of creating a better real estate experience for everyone, one that frees MLSs and their subscribers from the constraints of tired software and legacy systems. We are all inspired by and working towards a future without limits." About Remine Remine is a data and technology platform that enables a digital real estate experience without limits. The privately-held company is headquartered in Northern Virginia, with offices in Chicago, Toronto, and Irvine. Remine is live in 50 markets and available to more than 1,000,000 agents and their clients.
MORE >
Laurie Weston Davis Joins RateMyAgent
MORE >
I Owe U: Student Debt Total Reaches $1.5 Trillion, Nearly Doubles U.S. Housing Market
The average student loan borrower owes more than the typical down payment for a home; Millennial debt totals $498 billion SANTA CLARA, Calif., Oct. 15, 2019 -- Realtor.com, The Home of Home Search, today released new data that found total student debt could buy every U.S. house on the market 1.9 times over. With the rising costs of education, students are borrowing more and more money, which has led to delayed homeownership as the average student loan borrower owes $34,500 -- $8,500 more than the typical down payment off $26,000. "Student debt has ballooned to an all-time high as the price of education continues to outpace wage growth, and this is holding back many potential buyers from being able to purchase a home," according to realtor.com®'s Senior Economist, George Ratiu. "Student debt is already impacting borrowers' ability to buy a home and education debt is expected to hamper consumers' financial decisions for many years down the road." Students are taking on more debt to cover their expenses than ever before, according to the Department of Education. This is in part due to the fact that wage growth has been stagnant in comparison to the rapid growth in cost of higher education. The typical tuition at a public university has grown at four times the rate of the average wage since 1986, and private university tuition has grown at seven times the rate of the average wage over the same time. Nationally, the median sale price of a U.S. home is $260,000, according to realtor.com®. With a typical down payment of 10 percent that would come out to $26,000, which is $8,500 less than the average student debt of $34,500. Additionally, the total value of U.S. homes on the market is $780 billion. That is 1.9 times less than the total outstanding student debt of $1.5 trillion shouldered by 42.8 million borrowers. At 15.1 million strong, millennials make up 34 percent of all student borrowers. The generation's total debt has accumulated to $498 billion -- over half the value of all U.S. homes for sale. Millennials have an average balance of $33,000 per borrower, which is $7,000 more than the typical down payment on the median U.S. home. In comparison, the median down payment for millennials is $11,400, according to realtor.com. "The important implication of rising debt is that young generations are delaying major life decisions," added Ratiu. On the real estate front, the affordability crisis in major cities is driving young families to more affordable Midwestern and Southern markets, where savings for a down payment stretch much further and can turn owning a home from a future dream into today's reality." According to a recent NAR report, 26 percent of millennials cite student loans as the primary barrier to saving up for a down payment. Additionally, 61 percent of those millennials say their student loans have delayed their home purchase. On a state level, the state with the greatest outstanding loan balance is California, with $116 billion in student debt. Meanwhile, Washington, D.C. has the largest average balance per borrower at $52,581. Ohio has the most affordable down payment, compared with educational debt load, where the average down payment on a median priced home in Ohio is 53 percent of the average student loan balance. Ohio is followed by Alabama, Michigan, Arkansas, and Oklahoma. In the short term, a high down payment to student debt ratio will delay many buyers' ability to enter the market, while reducing access to available inventory. National Breakdown - Down Payment vs. Debt State Breakdown - Down Payment vs. Debt Methodology Federal student loan debt data taken from U.S. Department of Education, Q2 2019. Home sale prices taken from realtor.com home sales database, July 2019. Total market value derived from realtor.com residential listings database, September 2019. Millennial median down payment is based on a realtor.com analysis of a sample of residential mortgage loan originations from Optimal Blue. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
Locations Close to Public Transit Boost Residential, Commercial Real Estate Values
MORE >
How to Get More Leads from Homes.com
You can never have too many lead generation sources, and your Homes.com account comes with a variety of ways you can generate and convert extra leads. Check out this list of 8 free, quick, and easy ways you can leverage your Homes.com account to generate more leads for your business. Homes.com Profile As one of the top listing portals in the United States, Homes.com's agent directory is a crucial marketing tool for real estate agents. Simply login to access your existing account. From there, add your photo and update your profile to help buyers and sellers get to know you and feel confident reaching out to you with their business. You can update your contact info, bio, social links, coverage areas, and office info through your dashboard's profile. Coverage Areas In your profile section, you can expand your business's reach by choosing up to five coverage areas. These are the cities you do business in (or would like to expand into) and will determine which agent directories you will show up in on Homes.com. While free coverage areas are limited to a max of five cities, you can purchase Local Connect and City Sponsor ads wherever you hope to attract business. Leads & Contacts The Leads & Contacts section of your dashboard is packed with tools to help you convert your contacts into clients. Get started with this free CRM by importing your leads via csv file or setup automatic lead imports from other lead services. Once you've consolidated your leads, make use of the free Buyer Profile tool to jot down important notes and facts about your contacts and their housing needs, transaction timeline and more. This will ensure you'll know who you're talking to and what they need when leads who are further down the funnel or who you worked with years ago come get ready for a new real estate transaction with you. Listings Showcasing your current listings is an important part of finding new buyers and sellers. Make sure your listings are importing over to Homes.com in the Listing Manager of your dashboard. To add or remove an MLS from your listing sources, click the Listing Source Setup in your listing manager. If you would like to learn how to get preferred listing status on your listings, click here. Email Marketing One of the best parts of having a Homes.com account is the email marketing center. Here you'll find dozens of pre-made, editable drip email campaigns you can enroll your leads and contacts into. The Email Marketing center also includes a free monthly newsletter you can send out, bulk email tools you can use to contact many contacts at once, and an email library you can draw from for individual marketing messages to clients. Looking for more ways to build your business through Homes.com? Check out our full range of products and advertising services here. We also sponsor the Secrets of Top Selling Agents brand which offers a free monthly webinar with one of real estate's top trainers, coaches, or agents. Be sure to register for the next webinar for the latest marketing and sales strategies! To view the original post, visit the Homes.com blog.
MORE >
Redfin and LinkedIn Reveal the 5 Best Emerging Tech Hubs for Software Engineers to Buy a Home
MORE >
Rising Financial Wealth Boosts Demand for Vacation Homes
WASHINGTON (October 10, 2019) – Increased financial wealth and low mortgage rates boosted the demand for and price of vacation homes, according to the National Association of Realtors® 2019 U.S. Vacation Home Counties Report. Between 2013 to 2018, the median sales price in vacation home counties increased at a slightly higher pace of 36% compared to the pace of increase of all existing and new homes sold, at 31%. Median price increases occurred across both expensive and inexpensive areas. The counties with the highest price increases during this five-year span were in three states: Pennsylvania, which includes Pike and Monroe counties; Wisconsin, which contains Price and Washburn counties; and Massachusetts, which includes Nantucket. Lawrence Yun, NAR's chief economist, says the present figures are telling, especially when compared to data from 10 years prior. "As of 2018, household net worth reached an all-time high of $100.3 trillion – that's nearly double from a decade ago when wealth declined during the recession. Some of this tremendous growth in wealth, although concentrated, increased demand for vacation homes." Although most homebuyers purchase their residence with an intent to use the property as a primary home, that is not the case for all buyers. In fact, a portion of homeowners purchase a second home expecting to use it as a general family vacation spot, as a tenant rental, a means to gain equity, or – upon retirement – a future primary residence. The NAR report uses the U.S. Census Bureau's American Community Survey data to examine "vacation home counties." These areas are counties where the vacant housing for seasonal, recreational or occasional use, made up 20% or more of the county's total housing stock. Of 3,141 counties, 206 counties (6.6%) were identified as vacation home counties. Additionally, NAR identified the most and least expensive and affordable vacation home counties, and exactly who is able to afford to purchase a second home. Top Vacation Home Counties According to the NAR report, the top 26 vacation home counties – the counties with the largest percentages of vacant seasonal, recreational, or occasional use housing units – include those with nationally-known sites, as well as local destinations. Though less populated, this group includes a large number of counties along northern Michigan, Wisconsin, and Minnesota. Leading the list are counties in Massachusetts (Nantucket and Dukes, 56%; Barnstable, 41%), New Jersey (Cape May, 51%), Colorado (Grand, Summit Eagle, Jackson and Pitkin, 51%), Wisconsin (Vilas, Lincoln, Langlade, Forest and Oneida, 43%), and Michigan (Roscommon, Ogemaw, Gladwin, Iosco and Arenac, 42%). "Some people may visualize the common popular vacation destinations in the U.S. when considering a vacation home, such as counties in Florida or California," says Yun. "And although those locations have their share of vacation properties, we see that some homeowners prefer some of the other counties, including those in Massachusetts and New Jersey. These areas are often known for harsh weather conditions, but are popular nonetheless." Some other notable vacation home counties are found in Maine, Pennsylvania, New York, New Hampshire, Maryland, Delaware, North Carolina, Vermont, Florida, California, Georgia, South Carolina, Arizona, Idaho and Oregon. Most Expensive Vacation Home Counties The areas identified as the top 25 most expensive vacation home counties included many well-known summer and winter getaways. Using Black Knight property records data, Nantucket, Mass. emerged as the most expensive vacation home county in 2018, with the median sales price at $1 million. Following were other counties in Massachusetts, including Dukes, a portion of which includes Martha's Vineyard. Other places of note were Colorado, which contains counties like Pitkin, Eagle, Summit and Grand that are popular Rocky Mountain summer and winter destinations; Florida, which includes Monroe and Collier, known respectively for the Florida Keys and Naples; California, which contains the counties of Mono, Alpine and Inyo, among others, all of which are near Yosemite National Park; and Arizona, which includes Coconino county, home of part of the Grand Canyon. Taking into account the 2018 median sales price and the income of a typical family in the top 25 most expensive areas, the typical family – that is, a family earning the median income only – would be unable to afford to purchase a home in these counties. Least Expensive Vacation Home Counties Data from Black Knight property records showed that the median price for a vacation home was usually less than $100,000. The most inexpensive vacation home counties were found in Maine (Aroostook, Piscataquis, Somerset, Franklin, Oxford, Washington and Waldo), New York (Chenango and Franklin), Pennsylvania (McKean, Venango, Clarion, Elk, Potter, Clearfield and Jefferson), Missouri (Miller), and Michigan (Gogebic, Lake, Arenac, Iosco and Cheboygan). The expected annual mortgage on a 30-year mortgage with a 20% down payment for a home purchased at the median sales price is less than $5,000. Under such a scenario, the mortgage payment would account for less than 10% of the income of a typical family that purchased a vacation home in one of the top least expensive vacation destination locations. Owning a second home is more affordable for families living in these particular areas. Other Significant Findings Buyers purchasing a vacation home usually pay all-cash or opt to obtain a mortgage, and typically make a 20% down payment. Recent low mortgage rates made it more affordable to borrow to purchase a second home. Cape May, New Jersey, topped the list of vacation home counties where second home mortgages accounted for the largest share of home purchase loans. Also on that list, among other areas, was California, which has Alpine and Mono counties; New York, which has Hamilton and Delaware counties; and, among others, Colorado, which is the location of Grand and Summit counties. Most of the borrowers who obtained mortgages for second homes earned around $100,000 or more. Among borrowers for second homes, the estimated mortgage payment to income ratio ranged from 4% to 12% in the vacation home counties. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Lowest for a July in at Least 20 Years, but Four States Post Annual Gains
MORE >
Housing Trends Foreshadow Housing Shortage Ahead
Low mortgage rates shrink entry-level and mid-tier inventory levels in September 2019 SANTA CLARA, Calif., Oct. 8, 2019 -- Nearly two years after U.S. housing inventory hit its lowest levels in recorded history, the market is showing signs it may be headed for another shortage, according to realtor.com's September 2019 housing trend report released today. Data show increased demand from lower mortgage rates prompted a 10 percent year-over-year decrease in available homes under $200,000 and halted 18 months of inventory gains in the mid-market last month. National inventory of homes for sale continued to decline in September, posting a 2.5 percent decrease over this time last year, and a faster rate of decline compared to August's 1.8 percent decrease. Driven by strong demand and short supply, entry-level homes priced below $200,000 have been steadily decreasing since May of 2014, which continued in September with a yearly decline of 9.8 percent. After 18 months of solid inventory growth, mid-market homes priced between $200,000 and $750,000 -- which make up the largest segment of inventory -- flatlined in September with 0 percent growth and are poised for their first decline next month. "Buyers looking for their next home have faced the headwinds of tight inventory and a competitive market this year. While lower mortgage rates and the arrival of fall promised a reprieve, conditions continue to tighten as demand remains strong. September inventory trends, especially in the mid-market, may be the canary in the coal mine that we could be headed for even lower levels of inventory in early 2020," according to George Ratiu, senior economist for realtor.com®. Finding an affordable home has been a challenge for buyers in recent years, but mid-market inventory in particular has seen some relief in the last 18 months. This month's data shows that recovery has halted, which should translate into increased competition for move-up buyers, not just first-time buyers. "The mid-tier of housing represents nearly 60 percent of homes for sale on the market, making it a solid indicator of how tight inventory levels are in the U.S. After more than a year and a half of solid growth in this segment, we're seeing inventory levels stall out and flat-line. If, or better yet, when inventory in this segment begins to take a downturn, the vast majority of homebuyers are going to feel its effects as their options rapidly dwindle," said Ratiu. Homes listed over $750,000 continued to grow by 4.7 percent year-over-year. However, if strong homebuying demand, fueled by lower interest rates, continues to persist into the fall, the inventory of homes in this upper-tier price range could also see declines by February of the coming year. Price gains continued to moderate this month. The median U.S. home list price was $305,000 in September, 4.3 percent higher than this time a year ago. However, price growth is slower than last September, when the median list price grew by 7.3 percent. The pace of sales also remained at near record highs.The median age of properties on realtor.com® in September reached 65 days. The typical property spent one more day on the market compared to last September and two more than last month, in keeping with the seasonal trend of buying activity slowing in the fall. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
'Wow' Moments and Relationships: An RPR Story
MORE >
Altus Group Partners with CREA and its Member Boards and Associations to Expand the MLS Home Price Index Nationally
Advanced AVM technology from Altus Group combined with extensive data from real estate boards and associations delivers first national Canadian index making it one of largest and most comprehensive in the world TORONTO, Oct. 02, 2019 -- Altus Group Limited, a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry, together with The Canadian Real Estate Association ("CREA") and the Founding Boards, including the Greater Vancouver Real Estate Board, the Fraser Valley Real Estate Board, the Calgary Real Estate Board, the Toronto Regional Real Estate Board, and the Quebec Professional Association of Real Estate Brokers, announced the broadening of their partnership to expand CREA's Multiple Listing Service® ("MLS®") Home Price Index nationally. The MLS® Home Price Index is the most advanced and accurate tool relied on by the industry to gauge a neighbourhood's home price levels and trends. The MLS® Home Price Index was pioneered by CREA and the Founding Boards and leverages Altus Group's proprietary technology and sophisticated statistical models. Altus Group developed the technology that powers the MLS® Home Price Index in 2009 which analyzes all of the sales data from a board or association's MLS® system, applies a value to a "typical" home for various types of dwellings for each submarket, and tracks the relative change in value over time. Through the timely access to data inputs directly from the real estate boards and associations, real estate transactions across the country are captured on a real-time basis to ensure the index values capture market trends and activity to allow for faster insights for realtors and their clients. Leveraging its machine learning expertise along with its proprietary knowledge of automated valuation models ("AVM") and data cleansing, Altus Group has continued to improve the technology that powers the MLS® Home Price Index and supports its expansion to markets across Canada. "We're excited to announce that for the first-time there is an agreement in place for all Canadian real estate boards and associations to join the MLS® Home Price Index and create a truly national housing price index that encompasses all of the housing market activity. Providing all of our members with this level of analysis and visibility into the market trends is invaluable," said Michael Bourque, CEO of CREA. "We're pleased to continue and further expand our strategic partnership with Altus Group to deliver greater value to REALTORS® and the Canadian real estate market by providing consistent and reliable insights on a local and national level." This new agreement provides a framework to expand the MLS® Home Price Index from the current 18 real estate boards to all of CREA's 90 real estate boards and associations across Canada, representing more than 130,000 REALTOR® members. The expansion enables CREA and all real estate boards and associations to jointly provide a truly national MLS® Home Price Index for Canada. "This is a reflection of the success we've achieved in our partnership to date, and the combination of machine learning and AVM technology delivers a powerful tool at a scale that brings greater value to everyone across the industry," said Richard Simon, Managing Director of Data Solutions at Altus Group. "This expanded agreement with Altus Group enables us to support REALTORS® with the first truly national Housing Price Index. Having greater access and visibility to data is critical in today's competitive market and a national MLS® Home Price Index will better equip REALTORS® to address the needs of consumers across all markets," said Gregory Klump, Chief Economist at CREA. "This is great news for REALTORS® and their clients," said Bill Stirling, CEO of the Newfoundland and Labrador Association of REALTORS®. "The MLS® Home Price Index provides the best way to understand how local housing price trends are evolving, and we're proud to be a part of this." About Altus Group Limited Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,500 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world's largest real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF. For more information on Altus Group, please visit: www.altusgroup.com. About The Canadian Real Estate Association The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations. CREA works on behalf of more than 130,000 REALTORS® who contribute to the economic and social well-being of communities across Canada. Together they advocate for property owners, buyers and sellers.
MORE >
People Who Bought Homes in 2012 Have Earned a Total of $203 Billion in Equity
MORE >
Home Improvement Projects Are Worth Cost and Time, Says Realtor Survey
WASHINGTON (October 3, 2019) – Homeowners who decide to undergo a home improvement project, whether it be interior or exterior modifications, often find that the task was worth the investment and time, according to a new report from the National Association of Realtors®, with insights from the National Association of the Remodeling Industry. The 2019 Remodeling Impact Report, an examination of 20 projects, surveyed Realtors®, consumers who have taken on home renovation projects and members of the National Association of the Remodeling Industry. The report examines a variety of remodeling projects, using responses to rank the appeal of a given project, rank the value of the project in terms of resale and determine its overall functionality. The findings also reveal the reasons for remodeling, the success of taking on the various projects and the increased happiness reported in the home upon completion of the job. After completing a remodeling project, 74% of owners have a greater desire to be in their home, 65% say they experience increased enjoyment, and 77% feel a major sense of accomplishment, according to the survey. Additionally, 58% report a feeling of happiness when they see their completed projects, while 38% say they have a feeling of satisfaction. "Realtors® and homeowners alike recognize the value of taking on a major home remodeling project," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us, with feelings of accomplishment, satisfaction and higher home values." NAR calculated what it refers to as a "Joy Score" for each project. The score is based on the happiness homeowners reported with their renovations; the more pleased with a given project, the better the Joy Score, with the highest possible score being 10. Interior projects that received some of the higher Joy Scores are complete kitchen renovations, closet renovations, full interior and individual room paint jobs, kitchen upgrades and basement conversions to living areas. Exterior jobs with the highest Joy Scores were new fiberglass or steel front doors, new vinyl and wood windows and new roofing. "The NAR report shows us that people often remodel for resale purposes, but it also reminds us that homeowners remodel, too, with the desire to make a home their own," said Lawrence Yun, NAR chief economist. Kitchen Renovation A complete kitchen renovation received a top Joy Score of 10. Ninety-three percent of those polled said they have a greater desire to be at home since the completion of their kitchen, and 95% said they have an increased sense of enjoyment when at home. "The kitchen is a space homeowners frequent regularly throughout the course of the day," Yun noted. "So when that area is remodeled to owners' exact preferences – as they enter and exit the room – they continually experience the satisfaction of a job well done." The most important result of a kitchen renovation is improved functionality and livability, according to 46% of those polled. As to the reasons why they decided to take on the project, 24% say they wanted to upgrade worn-out surfaces and materials. Another 20% report they had recently moved into their home and had a desire to customize the kitchen to their particular tastes. "Kitchens serve as the "heart of the home" for many, and whether you like to entertain or cook, updating a kitchen ensures greater access and use as homeowners age, especially when the upgrades take accessibility into account," said NARI 2019-2020 President of the Board, Robert Kirsic, (CKBR) certified kitchen and bath remodeler. "No matter the size of the kitchen, a certified professional can guide the design and build process in a way that will yield joy and happiness for the homeowner." Closet Renovation Upgrading home closets was another task that received a 10 Joy Score. This is due in part to the inconvenience of a disorganized closet, which is something a homeowner encounters daily, often at the start of their day. When a closet renovation is finished, the sense of achievement is immediate. Thusly, 68% of those surveyed say they feel a major sense of accomplishment when they think about the completed project. Nearly three-quarters, 72%, report having a greater desire to be at home since finishing the job. With a closet redesign, 56% say the most important result is better functionality and livability. Fifty-four percent say the top reason for doing the job was the need to improve organization and storage. Fifteen percent answered that it was time for a change. Full Interior Paint Job Completing a full interior paint job in the home scored a 9.8 Joy Score. A finished paint job is usually visible in every room in a home, which speaks to how important a task this is to respondents. A vast majority, 88%, say they have a greater desire to be home since having their home freshly painted. Eighty-six percent report feeling a major sense of accomplishment when they think of the project. New Fiberglass Front Door As mentioned, the installation of fiberglass front doors is a highly rated exterior project, receiving a Joy Score of 9.7. Seventy-nine percent of polled homeowners say they have had a greater desire to be at home upon completion of the job. Sixty-seven percent say they have an increased sense of enjoyment when they are at home, and another 69% state that they feel a major sense of accomplishment when they think of the completed project. New Vinyl Windows New vinyl windows also received a very high Joy Score, 9.6, while 42% of those surveyed say the most important result is improved functionality and livability. As for the top reasons for doing the job, 47% say they had a desire to improve their home's energy efficiency and 23% say they wanted to upgrade worn-out surfaces, finishes and materials. Cost Recovered Remodelers often take on projects with resale in mind, rather than their own home preferences. The report found the top projects for recovering cost are new roofing, hardwood floor refinishing, and new hardwood floor installation. NARI Remodelers estimate that new roofing costs $7,500, and Realtors® estimate that new roofing helps sellers recover $8,000, on average. That equates to 107% of value recovered from the project. Lastly, NARI Remodelers estimate that new wood flooring costs $4,700, with Realtors® estimating the project helps sellers recover $5,000, or a 106% value recovery. NARI Remodelers estimate that hardwood floor refinishing costs $2,600, and Realtors® estimate that the hardwood floor refinishing would help sellers recover $2,600. "Using a trusted, professional remodeler paves the way for a successful project outcome," said NARI CEO, David R. Pekel, MCR, UDCP, CAPS. "NARI members adhere to our code of ethics, and work to design the best solution for homeowners to deliver satisfaction." About NAR's Survey In June and July of 2019, homeownership site HouseLogic.com surveyed consumers regarding the last remodeling project they undertook. A total of 2,193 respondents took the online survey. The Joy Score was calculated by combining the share who were happy and those who were satisfied when seeing their completed project and dividing the share by 10 to create a ranking between 1 and 10. Higher Joy Scores indicate greater joy from the project. In March and June 2019, NARI emailed a cost survey to its 4,400 members. A total of 378 responses were received. The survey had an adjusted response rate of 11.6%. Respondents were asked to consider certain parameters. In July 2019, NAR emailed an interior remodeling project survey to a random sample of 52,491 members. A total of 2,485 responses were received. The survey had an adjusted response rate of 4.7%, (see report for full methodology). The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
CoreLogic Reports August Home Prices Increased by 3.6% Year Over Year
MORE >
OJO Labs Expands Its Suite of Leading Technology Products with Acquisition of Real Estate Software Platform RealSavvy
The acquisition speeds up the company's execution to deliver exceptional experiences for consumers and the real estate agents that serve them AUSTIN, Texas, October 2, 2019 – OJO Labs, which empowers consumers to make better decisions through its conversational AI (artificial intelligence) platform, "OJO," acquired Austin-based RealSavvy, a powerful real estate software platform for REALTORS®, brokers, and teams that combines its collaborative IDX with customizable websites, branded mobile apps, and a fully-integrated predictive CRM. OJO Labs has been forward-thinking in its approach to create a full stack of product offerings and solutions that will solve real consumer issues and advance the real estate industry that serves them. Now, with its WolfNet and RealSavvy divisions, the company is in a position to bring an unprecedented combination of the best data, proprietary AI and technology platforms to further its mission and offer a truly differentiated, comprehensive home buying and selling experience, and help agents engage at optimal times during the process. RealSavvy's competitive edge comes from the way its platform keeps agents and their clients connected throughout the home transaction cycle. The home search is uniquely collaborative through a social, Pinterest-like and highly communicative experience. Among all homebuyers, the top two sources for information and property search are online websites (93%) and real estate agents (86%) as published by the National Association of REALTORS® research division. RealSavvy's products bring these sources together in a consumer-centric, shared space with superior CRM functionality, rich client search analytics and notifications, as well as its real-time chat functionality, ensuring agents build and retain momentum from search to close. "RealSavvy's game-changing products and features were built to solve hard and entrenched problems that agents and brokers have wrestled with for years," shares John Berkowitz, CEO of OJO Labs. "Even more significant than the products and underlying technology, is our alignment on vision and values. Our teams invested in similar visions, not to build products or a company for a quick sale, but to create products that truly impact people's lives in a positive way, for both consumers and the agents that serve them." With RealSavvy joining OJO Labs in its new Austin headquarters on South Congress Ave., the company has assembled an outstanding team of engineering, data science, product and marketing professionals on its trajectory toward transforming real estate experiences for consumers. The culture, passion and focus enable the organization to solve complex problems while blazing new trails in ways no other company has done before. The synergy will allow partnered brokerages the ability to scale distinct products into the hands of consumers and agents. "Our visions are aligned to effect transformative changes in the behaviors of agents and consumers working together," Rick Orr, CEO of RealSavvy commented. "Bringing our platforms together, with a team of exceptional talent solving hard technical problems, adds fuel to our vision and helps agents have less dependency on portals, or aging technology, giving the industry a momentus advantage." OJO Labs is not disclosing details of the acquisition, however, RealSavvy will be immediately integrated into the company, leveraging its resources, market access, and team to further RealSavvy offerings and vision. About OJO Labs Inc. OJO Labs is on a mission to empower people to make better decisions through the fusion of machine and human intelligence. The company's unique, patented AI technology products can conduct text conversations with consumers at scale. By combining natural language understanding with data and personalization, the products allow consumers to deeply engage in a purchase process before interacting with a salesperson. OJO Labs is backed by the two most active VC firms in Texas, leaders in real estate and financing industries, as well as key industry executives. OJO Labs has been recognized with seventeen major industry and workplace awards in 2019, including CV Magazine's Best Digital Property Search Platform award, an AI Breakthrough Awards Best AI-Based Solution for Real Estate winner, an Austin Chamber of Commerce 2019 Austin A-List winner, and listed in FORTUNE Magazine's Best Workplaces in Texas 2019. The OJO team has decades of combined success scaling businesses and deep experience in data science, engineering, product marketing, and operations. About RealSavvy Founded in 2014 in Austin, TX, RealSavvy is an all-in-1 platform for real estate agents, teams and brokerages dedicated to innovating how homebuyers engage with their agents through a "Pinterest-style," collaborative home search. Winners of the 2015 SXSW Accelerator for Innovative Technology, the RealSavvy team is setting the bar high for IDX websites, CRM, and mobile apps.
MORE >
W+R Studios Announces Cloud Agent Suite Will Be Free to Try Until 2020
MORE >
CREXi Commercial Listings Go Live on RPR
In May of 2019, RPR announced a strategic partnership with CREXi, a commercial real estate listings portal, community and marketplace. Today, the RPR-CREXi listings partnership goes live, which will offer REALTORS® and RPR users access to more than 84K for sale properties, 180K spaces for lease, and 50K historical sale/off-market properties. These listings will be searchable in RPR nationwide, making RPR's commercial inventory more robust than ever before. Together, CREXi and RPR enable NAR's commercial members to streamline, manage and grow their business. This data integration between RPR and CREXi will allow commercial practitioners to manage their for-sale and for-lease properties in a more streamlined fashion. Bottom line: it will simplify transactions and boost business for all commercial users. Watch this video to learn more about the RPR-CREXi partnership Another big advantage for REALTORS® is an exclusive 35% discount to join CREXi Pro, a premium version of CREXi that includes more features and has the potential to increase property marketing efforts. Learn more about CREXi Pro. To view the original post, visit the RPR blog.
MORE >
Median-Priced Homes Remain Unaffordable for Average Wage Earners in 74 Percent of U.S. Housing Markets
MORE >
Pending Home Sales Grow 1.6% in August
WASHINGTON (September 26, 2019) – Pending home sales increased in August, a welcome rebound after a prior month of declines, according to the National Association of Realtors. Each of the four major regions reported both month-over-month growth and year-over-year gains in contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, climbed 1.6% to 107.3 in August, reversing the prior month's decrease. Year-over-year contract signings jumped 2.5%. An index of 100 is equal to the average level of contract activity. "It is very encouraging that buyers are responding to exceptionally low interest rates," said Lawrence Yun, NAR chief economist. "The notable sales slump in the West region over recent years appears to be over. Rising demand will reaccelerate home price appreciation in the absence of more supply." August Pending Home Sales Regional Breakdown All regional indices are up from July, with the highest gain in the West region. The PHSI in the Northeast rose 1.4% to 94.3 in August and is now 0.7% higher than a year ago. In the Midwest, the index increased 0.6% to 101.7 in August, 0.2% higher than August 2018. Pending home sales in the South increased 1.4% to an index of 124.4 in August, a 1.8% bump from last August. The index in the West grew 3.1% in August 2019 to 96.4, an increase of 8.0% from a year ago. Yun noted that historically low interest rates will affect economic growth, especially home buying, going forward. "With interest rates expected to remain low, home sales are forecasted to rise in the coming months and into 2020," said Yun. "Unfortunately, so far in 2019, new home construction is down 2.0%. The hope is that housing starts quickly move into higher gear to meet the higher demand. Moreover, broader economic growth will strengthen from increased housing activity." The National Association of Realtors® is forecasting home sales to rise 0.6% in 2019 and another 3.4% in 2020. Housing starts are predicted to increase by 2.0% in 2019 and jump an additional 10.6% in 2020, which in turn raises GDP to growth at 2.0% in 2020. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
U.S. Navy Veteran Wins $75,000 Veteran Homebuyer Giveaway
MORE >
Matterport Announces AI Capabilities that Will Turn Smartphones into 3D Capture Devices
Company's cloud-based image processing software will create 3D experiences derived from standard smartphone cameras SUNNYVALE, Calif., Sept. 26, 2019 -- Matterport, the leading spatial data company focused on digitizing and indexing the built world, announced today its latest breakthrough, Matterport 3D Capture for Smartphones, which will turn consumer smartphones into 3D capture devices. This capability, which was demonstrated for the first time today at an invite-only event at San Francisco's most exclusive property – Residence 950 – will support iPhone and Android devices. The first iPhone version is expected to be available in beta by the end of the year. Matterport's visionary CEO RJ Pittman explained at the gathering of technology and business leaders that this new innovation is made possible by advancements in Cortex, Matterport's AI-powered image-processing technology. Cortex features three-dimensional intelligence that can understand objects, rooms and the detailed characteristics of any physical space. The technology is trained on Matterport's industry-leading dataset that is comprised of billions of 3D data points and can construct stunning 3D digital twins from two-dimensional images. "Matterport aims to achieve full camera and capture ubiquity that will allow us to digitize the entire built world," Pittman stated. "Creating a 3D solution compatible with smartphones is a huge step towards reaching that goal, allowing the broader community of billions of iPhone and Android users to access the capabilities of our technology." Pittman was joined at Thursday's event by real estate moguls and stars of Bravo TV's Million Dollar Listing Los Angeles, Josh and Matthew Altman. "Matterport's 3D technology is a game-changer for our business, especially for marketing elite homes like 950 Lombard Street – an exceptional property in one of San Francisco's most desirable neighborhoods," said Josh Altman. "Matterport's cutting-edge technology makes it possible for a potential luxury homebuyer – sipping coffee halfway across the globe – to experience this gorgeous home in a realistic and immersive way. This is a great way to attract busy and out-of-town buyers!" Pittman added: "The digital transformation of the built world will fundamentally change the way people interact with buildings and the physical world around them. Matterport's 3D capture is foundational to this transformation because our unique technology is creating the data layer on which businesses and individuals can interoperate across industries." In addition to unveiling 3D capture for smartphones, Matterport also announced a new spatial awareness functionality that enables users to interactively measure and share the dimensions of any space – including floor plans, doorways, windows and walls – automatically. This powerful feature strengthens the impact of Matterport 3D experiences across applications and industries, from helping prospective homebuyers know whether furniture will fit in a space, to making it easier for contractors to more accurately and efficiently document dimensions during the construction or renovation process. Matterport's new spatial data features were announced and demonstrated alongside planned updates to the company's flagship app and cloud services, which include: Android compatibility for the Matterport Capture app, enabling anyone with an Android device to scan a space when connected to a compatible camera. The announcement of a planned developer program and updated SDK, offering extended functionality and robust developer APIs. About Matterport Matterport is the leading spatial data company digitizing and indexing the built world. The company enables anyone to create and share digital twins of the built world, which can be easily used to design, build, operate, improve and understand any space. These navigable virtual tours are presented in Matterport's photo-realistic digital media format. Experience real-world spaces through Matterport's interactive 3D digital twins as if you are actually there.
MORE >
WebsiteBox Introduces a New Real Estate Website Platform with Three Simple Pricing Plans
MORE >
CoreLogic Reports the Negative Equity Share Fell to 3.8% in the Second Quarter of 2019
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the Home Equity Report for the second quarter of 2019. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 4.8% year over year, representing a gain of nearly $428 billion since the second quarter of 2018. The average homeowner gained $4,900 in home equity between the second quarter of 2018 and the second quarter of 2019. States that saw the largest gains include Idaho, where homeowners gained an average of $22,100; Wyoming, where homeowners gained an average of $20,400; and Nevada, where homeowners gained an average of $16,800 (Figure 1). From the first quarter of 2019 to the second quarter of 2019, the total number of mortgaged homes in negative equity decreased by 7% to 2 million homes or 3.8% of all mortgaged properties. The number of mortgaged properties in negative equity during the second quarter of 2019 fell by 9%, or 151,000 homes, compared with the second quarter of 2018 when 2.2 million homes, or 4.3% of all mortgaged properties, were in negative equity. "Borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started," said Dr. Frank Nothaft, chief economist for CoreLogic. "Combined with low mortgage rates, this rise in home equity supports spending on home improvements and may help improve balance sheets of households who could take out home equity loans to consolidate their debt." Negative equity, often referred to as being underwater or upside down, applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in a home's value, an increase in mortgage debt or both. Negative equity peaked at 26% of mortgaged residential properties in the fourth quarter of 2009, based on the CoreLogic equity data analysis, which began in the third quarter of 2009. The national aggregate value of negative equity was approximately $302.7 billion at the end of the second quarter of 2019. This is down quarter over quarter by approximately $2.6 billion, or 0.8%, from $305.3 billion in the first quarter of 2019 and up year over year by approximately $21 billion, or 7.5%, from $281.7 billion in the second quarter of 2018. "Home values have continued to rise in most parts of the country this year and we are seeing the benefit in higher home equity levels. The western half of the U.S. has experienced particularly strong gains in home equity recently," said Frank Martell, president and CEO of CoreLogic. "In July 2019, South Dakota and Connecticut were the only two states to post annual home price declines. These losses mirror the states' home equity performances during the second quarter as both reported negative home equity gains per borrower." For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
More than Half Say 'Now Is a Good Time to Buy,' According to Realtor Survey
MORE >
U.S. Home Flipping Returns Drop to Nearly Eight-Year Low in Q2 2019
Flipping Rate Declines After Spike In Q1 2019; Total Dollar Volume of Homes Flipped With Financing Reaches $8.4 billion – A 13-Year High IRVINE, Calif. – September 19, 2019 — ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Flipping Report, which shows that 59,876 U.S. single family homes and condos were flipped in the second quarter of 2019, up 12.4 percent from the previous quarter, but down 5.2 percent from a year ago. The homes flipped in the second quarter represented 5.9 percent of all home sales during the quarter, down from a post-recession high of 7.2 percent in the previous quarter, but up from 5.4 percent a year ago. Homes flipped in Q2 2019 typically generated a gross profit of $62,700 (the difference between the median sale price and median paid by investors), up 2 percent from the previous quarter, but down 2 percent from a year ago. The typical gross flipping profit of $62,700 in Q2 2019 translated into a 39.9 percent return on investment compared to the original acquisition price, down from a 40.9 percent gross flipping ROI in Q1 2019 and from a margin of 44.4 percent in Q2 2018. Returns on home flips have dropped six quarters in a row and eight of the last 10, now standing at the lowest level since Q4 2011. "Home flipping keeps getting less and less profitable, which is another marker that the post-recession housing boom is softening or may be coming to an end," said Todd Teta, chief product officer at ATTOM Data Solutions. "Flipping houses is still a good business to be in and profits are healthy in most parts of the country. But push-and-pull forces in the housing market appear to be working less and less in investors' favor. That's leading to declining profits and a business that is nowhere near as good as it was a few years ago." Home flipping rate up from a year ago in 70 percent of local markets Despite the quarterly drop in home-flipping rates, 104 of 149 metropolitan statistical areas analyzed in the report (70 percent) posted a year-over-year increase in their rates in Q2 2019, including Raleigh, NC (up 72 percent); Charlotte, NC (up 54 percent); Atlanta, GA (up 46 percent); San Antonio, TX (up 46 percent) and Tucson, AZ (up 43 percent). Among the areas analyzed, the number of homes flipped reached new peaks in Q2 2019 in 10 MSAs. The largest were Charlotte, NC; San Antonio, TX; Pittsburgh, PA; Oklahoma City, OK and Raleigh, NC. Home flip lending volume up 31 percent from a year ago, to 13-year high The total dollar volume of financed home flip purchases in the second quarter of 2019 was $8.4 billion, up 31.3 percent from $6.4 billion in Q2 2018 to the highest level since Q3 2006. Flipped properties originally purchased by the investor with financing represented 41.0 percent of all home flips in Q2 2019, up slightly from 40.8 percent in the previous quarter, but down from 45.9 percent a year ago. Among 53 metropolitan statistical areas analyzed in the report with at least 1 million people, those with the highest percentage of Q2 2019 completed flips purchased with financing were Salt Lake City, UT (93.7 percent); Austin, TX (92.6 percent); Dallas-Fort Worth, TX (86.4 percent); San Antonio, TX (83.1 percent) and Kansas City, MO (82.2 percent). Investors are doubling their money in five markets Among the 149 metropolitan statistical areas analyzed in the report with at least 50 home flips completed in Q2 2019, five had gross ROI flipping profits of more than 100 percent: Scranton, PA (134 percent); Pittsburgh, PA (132.5 percent); Reading, PA (129.3 percent); Kingsport, TN (104.1 percent) and Augusta, GA (101.1 percent). Along with Pittsburgh, metro areas with a population of at least 1 million and the highest gross flipping ROI included Philadelphia, PA (99.9 percent); Cleveland, OH (98.3 percent); Baltimore, MD (91.5 percent) and Buffalo, NY (85.5 percent). Average home flipping returns continue to slip Homes flipped in the second quarter of 2019 were sold for a median price of $220,000, with a gross flipping profit of $62,700 above the median purchase price of $157,300. The Q2 2019 figure was up from a gross flipping profit of $61,500 in the previous quarter, but down from $64,000 in Q2 2018. Of those 149 markets with at least 50 or more flips and a population greater than 200,000 in the second quarter of 2019, those that saw the smallest gross flipping profits were Montgomery, AL (profit of $23,250); Raleigh, NC (profit of $24,000); Springfield, MO (profit of $27,025); San Antonio, TX (profit of $27,117) and Savannah, GA (profit of $28,900). Markets with the smallest rates of returns included Raleigh, NC (10.9 percent ROI); Las Vegas, NV (15.2 percent ROI); Phoenix, AZ (15.3 percent ROI); San Antonio, TX (15.6 percent ROI) and San Francisco, CA (17.1 percent ROI). Areas that saw their ROIs drop most in Q2 2019 included Raleigh, NC (down 72 percent from an ROI of 38.7 percent to 10.9 percent), Savannah, GA (down 56 percent, from an ROI of 47.3 percent to 20.6 percent); San Antonio, TX (down 53 percent, from an ROI of 33 percent to 15.6 percent); Springfield, MO (down 52 percent from an ROI of 42 percent to 20.2 percent) and Baton Rouge, LA (down 50 percent from 106.6 percent to 53.5 percent). Average time to flip nationwide is 184 days Homes flipped in Q2 2019 took an average of 184 days to complete the flip, up from an average of 180 days for homes flipped in Q1 2019 and up from an average of 183 days a year ago. Among the 149 metro areas analyzed in the report, those with the shortest average days to flip were Memphis, TN (137 days); Mobile, AL (147 days); Raleigh, NC (150 days); McAllen-Edinburg-Mission, TX (150 days) and Phoenix, AZ (151 days). Metro areas with the longest average days to flip were Crestview-Fort Walton Beach-Destin, FL (239 days); Naples, FL (229 days); Provo, Utah (219 days); Lansing, MI (217 days) and Gainesville, FL (214 days). Flipped homes sold to FHA buyers increases from previous quarter Of the 59,786 U.S. homes flipped in Q2 2019, 14.4 percent were sold by the flipper to a buyer using a loan backed by the Federal Housing Administration (FHA), up from 13.8 percent in the previous quarter and up from 12.8 percent a year ago. Among the 149 metro areas analyzed in the report, those with the highest percentage of Q2 2019 home flips sold to FHA buyers — typically first-time homebuyers — were Allentown, PA (29.6 percent); Port St. Lucie, FL (29.6 percent); Stockton, CA (28.5 percent); Fresno, CA (27.8 percent) and Lakeland, FL (27.7 percent). Seventeen counties had a home flipping rate of at least 12 percent Among 694 counties with at least 10 home flips in Q2 2019, there were 17 counties where home flips accounted for at least 12 percent of all home sales. Here are the top five: Macon County, TN in the Nashville metro area (15.8 percent); Chester County, TN in the Jackson metro area (14.7 percent); Prince George's County, MD in the Washington metro area (14.1 percent); Haralson County, GA in the Atlanta metro area (14.0 percent) and Duplin County, NC (13.9 percent). Sixteen zip codes had a home flipping rate of at least 25 percent Among 1,797 U.S. zip codes with at least 10 home flips in Q2 2019, there were 16 zip codes where home flips accounted for at least 25 percent of all home sales. Here are the top five: 85714 in Pima County, AZ (32.4 percent); 44110 in Cuyahoga County, OH (31.0 percent); 38109 Shelby County, TN (30.1 percent); 08083 in Camden County, NJ (28.6 percent) and 38118 in Shelby County, TN (28.0 percent). Report methodology ATTOM Data Solutions analyzed sales deed data for this report. A single-family home or condo flip was any arms-length transaction that occurred in the quarter where a previous arms-length transaction on the same property had occurred within the last 12 months. The average gross flipping profit is the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping veterans estimate typically run between 20 percent and 33 percent of the property's after repair value). Gross flipping return on investment was calculated by dividing the gross flipping profit by the first sale (purchase) price. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, 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. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Redfin Survey: 38% of Homebuyers and Sellers Hesitant to Move to a Place Where They'd Be in the Political Minority
MORE >
Existing-Home Sales Increase 1.3% in August
WASHINGTON (September 19, 2019) – Existing-home sales inched up in August, marking two consecutive months of growth, according to the National Association of Realtors. Three of the four major regions reported a rise in sales, while the West recorded a decline last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.3% from July to a seasonally adjusted annual rate of 5.49 million in August. Overall sales are up 2.6% from a year ago (5.35 million in August 2018). Lawrence Yun, NAR's chief economist, attributed the increase in sales to falling mortgage rates. "As expected, buyers are finding it hard to resist the current rates," he said. "The desire to take advantage of these promising conditions is leading more buyers to the market." The median existing-home price for all housing types in August was $278,200, up 4.7% from August 2018 ($265,600). August's price increase marks the 90th straight month of year-over-year gains. "Sales are up, but inventory numbers remain low and are thereby pushing up home prices," said Yun. "Homebuilders need to ramp up new housing, as the failure to increase construction will put home prices in danger of increasing at a faster pace than income." Total housing inventory at the end of August decreased to 1.86 million, down from 1.90 million existing-homes available for sale in July, and marking a 2.6% decrease from 1.91 million one year ago. Unsold inventory is at a 4.1-month supply at the current sales pace, down from 4.2 months in July and from the 4.3-month figure recorded in August 2018. Properties typically remained on the market for 31 days in August, up from 29 days in July and in August of 2018. Forty-nine percent of homes sold in August were on the market for less than a month. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.62% in August, down from 3.77% in July. The average commitment rate across all of 2018 was 4.54%. The Federal Reserve should have been bolder and made a deeper rate cut, given current low inflation rates," said Yun. "The housing sector has been broadly underperforming but there is huge upward potential there that will help our overall economy grow." First-time buyers were responsible for 31% of sales in August, down from 32% in July and equal to the 31% recorded in August 2018. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33%. As the share of first-time buyers rose, individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in August 2019, up from 11% recorded in July and from 13% recorded in August a year ago. All-cash sales accounted for 19% of transactions in August, about equal to July's percentage and moderately down from August 2018 (19% and 20%, respectively). Distressed sales – foreclosures and short sales – represented 2% of sales in August, unchanged from July, but down from 3% in August 2018. "Rates continue to be historically low, which is extremely beneficial for everyone buying or selling a home," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "The new condominium loan policies, as well as other reforms NAR is pursuing within our housing finance system, will allow even more families and individuals in this country to reach the American Dream of homeownership." Regional Breakdown Compared to July, existing-home sales recorded in August rose in the Northeast, Midwest and South regions, but fell slightly in the West region. Compared to last year, August sales increased in each of the four major regions, with the greatest gain coming in the South. Median home prices rose from a year ago, except in the Northeast, with the Midwest showing the highest price increase. August existing-home sales in the Northeast increased 7.6% to an annual rate of 710,000, a 1.4% rise from a year ago. The median price in the Northeast was $303,500, down 0.3% from August 2018. In the Midwest, existing-home sales grew 3.1% to an annual rate of 1.31 million, which is a 2.3% increase from August 2018. The median price in the Midwest was $220,000, a 6.6% jump from a year ago. Existing-home sales in the South increased 0.9% to an annual rate of 2.33 million in August, up 3.6% from a year ago. The median price in the South was $240,300, up 5.4% from one year ago. Existing-home sales in the West declined 3.4% to an annual rate of 1.14 million in August, 1.8% above a year ago. The median price in the West was $415,900, up 5.7% from August 2018. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.90 million in August, up from 4.84 million in July and up 2.9% from a year ago. The median existing single-family home price was $280,700 in August 2019, up 4.7% from August 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 590,000 units in August, 1.7% above the rate from the previous month and about equal to a year ago. The median existing condo price was $257,600 in August, which is up 5.2% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Showing Index Records Nationwide Growth for the First Time in More Than a Year, Indicating Increasing Strength in Buyer Demand
MORE >
The "Black Friday" of Homebuying is Almost Here
The first week of Fall is the best time of the year to buy a home. It offers buyers less competition, more price reductions and greater inventory SANTA CLARA, Calif., Sept. 19, 2019 -- Many homebuyers may be ready to give up on their home search for the year, but the best time to buy a home in 2019 is the week of September 22, during which shoppers will find less competition, more price reductions and more inventory to choose from, according to new data released today by realtor.com®, the Home of Home Search. Of the 53 markets in the U.S., 41 reported the week September 22-28 as the best time to buy. According to metro level data analyzed from 2016 to 2018, there is a sweet spot in September when U.S. buyers face 26 percent less competition and there tends to be 6.1 percent more homes on the market, compared to the average week of the year. Nearly 6 percent of homes on the market go through price reductions and tend to be 2.4 percent cheaper than their peak, making this the "Black Friday" of homebuyers, only buyers won't even have to line up overnight to score on these deals. "As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again. With dramatically less competition, persistent buyers will feel the scales tip in their favor as eager sellers begin to cut their prices in an effort to entice a sale," said George Ratiu, senior economist of realtor.com®. "As seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today's low mortgage rates and increased purchasing power." Regionally, these effects are most noticeable in the West where buyers will have nearly 30 percent less competition than the average week. Listing prices are down 4 percent versus their peak and nearly 9 percent of homes will have their prices reduced. Additionally, there will be 22 percent more active listings available to buyers and homes will stay on the market nearly 38 percent longer than their peak week. All in all, this week will be a great time for western U.S. buyers to find a home. On a market by market basis, Seattle leads the nation with a 41.3 percent drop in competition compared to the average week. It is followed by Portland, Ore. (-35.5 percent); Buffalo, N.Y. (-34.6 percent); Milwaukee (-32.8 percent), and Minneapolis (-32.6 percent). This week also sees a large influx of price cuts. Nationally, nearly 6 percent of actively listed homes see their prices reduced in an attempt to sway buyers. This trend is most prevalent in Denver where 11 percent of listings have their prices reduced. Denver is followed by Salt Lake City (10.8 percent), Seattle (10.2 percent), Austin, Texas (9.9 percent) and Portland, Ore., (9.9 percent). More fresh listings entering the market also contribute to making this the best week to buy a home. With 116,000 new listings added to the national inventory, this week has 6.1 percent more listings than the average week and 76 percent more than the start of the year. Seattle leads the nation with 41 percent more listings than the average week. It is followed by Portland, Ore. (30.9 percent), San Jose, Calif. (28.6 percent), Denver (27.2 percent), and San Francisco (25.7 percent). About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
HouseFax adds 'Radon Risk' data to Comprehensive Property History Reports
MORE >
REALTORS' Guide to Mastering Direct Mail
This handy, downloadable eBook will arm you with tips and strategies to begin or continue a successful direct mail real estate marketing campaign. You'll learn direct mail basic principles, including why direct mail works, how to create mailers and who to target. We'll also share why digital marketing hasn't killed direct mail and how it's actually done the opposite. Also included are step-by-step details on how to search an area geographically and how to create mailing labels within RPR. Get your REALTORS®' Guide to Mastering Direct Mail today!
MORE >
CoreLogic Reports an 11.4% Year-Over-Year Decrease in Mortgage Fraud Risk in the Second Quarter of 2019
MORE >
Redfin Report: Rochester, Buffalo and Hartford at Least Risk of a Housing Downturn in the Next Recession
Another recession is unlikely to have a widespread impact on the real estate market, but some parts of the country are at more risk than others SEATTLE, Sept. 6, 2019 -- Rochester, Buffalo and Hartford have the lowest risk of a housing downturn in the next recession, according to a new report from Redfin, the technology-powered real estate brokerage. While the next recession is unlikely to have a large negative impact on the real estate market, some metro areas including Riverside, Phoenix and Miami have the highest risk. Since 1980, there have been five official recessions in the United States. In all but the 2007-2009 Great Recession, inflation-adjusted home prices only declined an average of 2.7 percent from the month before the recession began to the final month of the recession, according to the home price index data from Robert Shiller. With the Great Recession still fresh in Americans' memories, the idea of a housing crash is psychologically linked with an economic recession for many people. But historically, that usually hasn't been the case. The Great Recession is a major outlier in the relationship between home prices and recessions, largely because the overinflated housing market was its major cause. But the housing market, which remains strong, is unlikely to be a culprit or victim of the next recession. "Home prices are high right now, but they're high because there's not enough supply to meet demand, which means there's not a bubble at risk of bursting," said Redfin chief economist Daryl Fairweather. "Most of today's financed homeowners have excellent credit and a cushion of home equity, making them unlikely to default on their mortgage even if their weekly grocery bill grows or their stock portfolio shrinks in the next recession." Fairweather continued, "If the U.S. enters a recession in the next two years, it will likely be caused by the global trade war. U.S. industries that rely on exports, like the automotive industry and the agricultural industry, would be the most vulnerable and susceptible to layoffs. Homeowners who are laid off may not be able to continue covering their monthly mortgage payment and may be forced to sell their homes. And would-be homebuyers won't feel so confident about making a big purchase when they don't feel confident about their job security or their financial wellbeing. That could cause declines in home prices in markets whose economy depends on global trade, but home prices nationwide are likely to hold steady." Whatever does end up causing the next recession, housing markets in certain metro areas are at greater risk of negative impacts like declining prices and a glut of homes for sale. To identify the local housing markets most likely to feel adverse effects from the next recession, we looked at the following factors: Median home sale price-to-household income ratio (weight: 1.5, higher is riskier) Average loan-to-value ratio of recently-purchased homes (weight: 1.5, higher is riskier) Home price volatility, measured by the standard deviation of home prices year-to-year (weight: 1.5, higher is riskier) Share of home sales that are flips (weight: 1.5, higher is riskier since flipping can be volatile in a shaky economy) Diversity of local employment (weight: 1.0, less diversity is riskier) Share of the local economy dependent on exports (weight: 1.0, higher is riskier during a trade war) Share of local households headed by someone age 65 or older (weight: 0.5, higher is riskier) The metro area with the highest risk of a real estate dip during a recession is Riverside, California, with an overall score of 72.8 percent, followed by Phoenix (69.8%) and Miami (69.5%). The areas at most risk are many of the same regions where housing was hit hardest by the Great Recession, clustered in Southern California, the Southwest, and Florida. These are all areas where home prices tend to be more volatile than other parts of the country. This is likely due to their relatively high loan-to-value ratios, and larger share of the market that is dominated by home flippers. These markets tend to attract a lot of investor activity, which can drive prices up, leading local homeowners to take on more debt to afford homes in their area. The metro area with the lowest risk of a real estate dip during a recession is Rochester, New York, with an overall score of 30.4 percent, followed by nearby Buffalo (31.9%) and Hartford, Connecticut (33.9%). The areas with the least risk are heavily clustered in the Northeast and the Midwest. This is due to a number of factors, including more affordable home prices, less investor activity, and local economies that are less prone to volatile boom-bust swings. None of the metro areas in the top 10 with the lowest risk of a housing downturn is west of the Mississippi. The lowest score in the West was Denver, with an overall risk score of 41.5 percent, ranked 12 on the list. The sole metro on the West Coast with a risk score below 50 percent is San Francisco at 42.9 percent, which already began to slow earlier this year and therefore has less risk of a price downturn when the next recession hits. To read the full report, including the full list of metros and their relative risk of a housing downturn in the next recession, please visit: https://www.redfin.com/blog/next-recession-housing-market. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
CoreLogic Reports Stark Contrast Between Rising Mortgage Delinquencies in Eight States while National Rate Remains at 20-Year Low
MORE >
U.S. Housing Inventory Declines for First Time in a Year
Median listing prices see the largest July to August drop since 2012 SANTA CLARA, Calif., Sept. 10, 2019 -- Realtor.com, The Home of Home Search, today released its August 2019 housing trend report, which registered the first U.S. inventory decline in a year. Conversely, August data also shows an earlier than usual seasonal slowdown in the national median listing price as consumers react to news of economic uncertainty. "The state of the housing market as we head into the latter half of 2019 is a tug of war between increased affordability and economic anxiety. We're starting to see this tension play out in our August data," said George Ratiu, senior economist for realtor.com®. "On the one hand, lower interest rates have given buyers more purchasing power, which is contributing to August's decline in national inventory. However, concerns over trade wars and cutbacks in corporate spending are causing some buyers to postpone their search. This is contributing to both the slow down in prices, as well as the inventory decline, as buyers stay put in their current homes." Earlier this spring, realtor.com® predicted U.S. inventory would decline in fall 2019. As lower than expected mortgage rates combined with rising wages, buyers snapped up existing homes and prompted an early arrival in August of a 1.8 percent decline. The U.S. median listing price in August was $309,000, still 4.9 percent higher than a year ago, but 1.8 percent lower than July -- the largest drop from July to August since 2012. Typically, home prices increase from June until September. Although July to August declines do occur, the size of this drop points to an earlier than usual deceleration of prices, likely attributed to recent concerns over economic uncertainty. This data is consistent with the findings of realtor.com®'s August 2019 home shopper survey, which showed that 11 percent of buyers expect a recession by the end of this year, and 33 percent expect one in 2020. If a recession does hit, 56 percent of home shoppers stated that they would pause their home search until the economy recovered. According to Ratiu: "These strong but opposing forces make it more difficult to predict what will happen in the second half of this year. If the headwinds of economic uncertainty intensify, it could prompt a decrease in buyer demand and shift housing inventory's current trajectory. But if increased purchasing power prevails, we could see even more inventory declines and intensified competition between buyers." The median age of U.S. inventory in August reached 62 days. The typical property spent three days longer on the market compared to last August and four days longer than July 2019. For more information on realtor.com®'s August monthly data report, please visit: https://www.realtor.com/research/august-2019-data/ ‎ About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
RESAAS Announces Partnership with DocuSign to Accelerate the Digitization of the Real Estate Industry
MORE >
Terradatum Partners with Restb.ai to Include Image Tagging A.I. in Listing Videos
Image tagging seamlessly lines up rooms and features with human narration in Listing Videos. OVERLAND PARK, KAN. (SEPTEMBER 06, 2019) -- Terradatum announces their recent partnership with Restb.ai, the leading computer vision solution for real estate. This partnership leverages artificial intelligence software and enables auto-tagging of property photos, which Terradatum utilizes in their automated and data-driven Listing Video services. Listing Videos by Terradatum are dynamic presentations of available properties, featuring professional human narration, company branding for the brokerage and listing agent, company colors, exclusive scene selection, email video newsletters, and more. Amie Hall, Vice President of Video Solutions notes, "We always strive to be innovators in automated and scalable video services. The concept of artificial intelligence has been around for quite some time, and we are excited to incorporate this form of AI to create business value for our industry, instead of it just being a buzzword. This partnership further emphasizes the distinction between a ‘property slideshow' or ‘virtual tour' and a Listing Video by Terradatum. Coupling this technology with our narration is a game-changer for the product." Integrations like these create an enhanced experience in all aspects of the video solution. Brokers and agents can leverage the videos to differentiate themselves and earn more listings. Sellers and buyers alike appreciate that it's more than just elevator music with photos– It's a visually compelling story about the home. "Imagery is one of the most important digital assets in real estate because it caters to the emotional side of looking for your dream home. Restb.ai is, therefore, proud to be working with innovative partners like Terradatum to help brokers/agents effortlessly create video content they can be proud of. This is done by automagically identifying rooms and features in images so they line up seamlessly with Terradatum's human voiceover," adds Angel Esteban, CEO of Restb.ai. This service is available now from Terradatum for both broker and agent Listing Video products. About Terradatum, Inc. Terradatum is a leading provider of innovative real estate analytics solutions, delivered "any way you want it" on any available platform. Our advanced metrics enable real estate professionals to gain deep insight from their local MLS data. Our flagship product, BrokerMetrics®, is used by more than 15,000 real estate offices to chart market trends in comparative measurements of effectiveness, quality, and market performance. Learn more at terradatum.com. About Restb.ai Restb.ai is a computer vision company specializing in image recognition for real estate. Restb.ai's plug-n-play solution identifies, categorizes, and delivers results on property-related images with an accuracy of up to 99 percent. The solution pushes the boundaries of machine learning, having been designed from the ground up to accurately recognize complex concepts within a real estate context. Learn more at Restb.ai.
MORE >
ShowingTime Acquires Centralized Showing Service, Accelerating Its Growth with Enhanced Offerings to an Expanded Audience
MORE >
CoreLogic Reports July Home Prices Increased by 3.6% Year Over Year
The HPI Forecast indicates annual price growth will increase 5.4% by July 2020 CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for July 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from June 2018. On a month-over-month basis, prices increased by 0.5% in July 2019. (June 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.4% by July 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.4% from July 2019 to August 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Sales of new and existing homes this July were up from a year ago, supported by low mortgage rates and rising family income," said Dr. Frank Nothaft, chief economist at CoreLogic. "With the for-sale inventory remaining low in many markets, the pick-up in buying has nudged price growth up. If low interest rates and rising income continue, then we expect home-price growth will strengthen over the coming year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 37% of metropolitan areas have an overvalued housing market as of July 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of June 2019, 23% of the top 100 metropolitan areas were undervalued, and 40% were at value. When looking at only the top 50 markets based on housing stock, 40% were overvalued, 16% were undervalued and 44% were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among millennials. The survey found that approximately 26% of this age cohort expressed an interest in buying a home in the next 12 months, but only 8% indicated a desire to sell their home within the same time frame. This means that new housing starts, or sellers from other age cohorts, will need to make up the necessary available housing stock to meet the demand. This desire to buy while housing stock is limited will continue to force prices up as buyers search for a home to purchase. "Although the rise in home prices has slowed over the past several months, we see a reacceleration over the next year to just over 5% on an annualized basis," said Frank Martell, president and CEO of CoreLogic. "Lower rates are certainly making it more affordable to buy homes and millennial buyers are entering the market with increasing force. These positive demand drivers, which are occurring against a backdrop of persistent shortages in housing stock, are the major drivers for higher home prices, which will likely continue to rise for the foreseeable future." The next CoreLogic HPI press release, featuring August 2019 data, will be issued on Tuesday, October 1, 2019 at 8:00 a.m. ET. Methodology The CoreLogic HPI™ is built on industry-leading public record, servicing and securities real-estate databases and incorporates more than 40 years of repeat-sales transactions for analyzing home price trends. Generally released on the first Tuesday of each month with an average five-week lag, the CoreLogic HPI is designed to provide an early indication of home price trends by market segment and for the "Single-Family Combined" tier, representing the most comprehensive set of properties, including all sales for single-family attached and single-family detached properties. The indices are fully revised with each release and employ techniques to signal turning points sooner. The CoreLogic HPI provides measures for multiple market segments, referred to as tiers, based on property type, price, time between sales, loan type (conforming vs. non-conforming) and distressed sales. Broad national coverage is available from the national level down to ZIP Code, including non-disclosure states. CoreLogic HPI Forecasts™ are based on a two-stage, error-correction econometric model that combines the equilibrium home price—as a function of real disposable income per capita—with short-run fluctuations caused by market momentum, mean-reversion, and exogenous economic shocks like changes in the unemployment rate. With a 30-year forecast horizon, CoreLogic HPI Forecasts project CoreLogic HPI levels for two tiers — "Single-Family Combined" (both attached and detached) and "Single-Family Combined Excluding Distressed Sales." As a companion to the CoreLogic HPI Forecasts, Stress-Testing Scenarios align with Comprehensive Capital Analysis and Review (CCAR) national scenarios to project five years of home prices under baseline, adverse and severely adverse scenarios at state, metropolitan areas and ZIP Code levels. The forecast accuracy represents a 95% statistical confidence interval with a +/- 2% margin of error for the index. About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 877 renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. Source: CoreLogic The data provided are for use only by the primary recipient or the primary recipient's publication or broadcast. This data may not be resold, republished or licensed to any other source, including publications and sources owned by the primary recipient's parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Alyson Austin at [email protected] or Allyse Sanchez at [email protected] Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. The data are compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
Free Google for Real Estate eBook Now Available
MORE >
Pending Home Sales Decline 2.5% in July
WASHINGTON (August 29, 2019) – Pending home sales fell in July, reversing course on two consecutive months of gains, according to the National Association of Realtors®. Of the four major regions, each reported a drop in contract activity, although the greatest decline came in the West. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.5% to 105.6 in July, down from 108.3 in June. Year-over-year contract signings fell 0.3%, doing an about-face of the prior month's increase. "Super-low mortgage rates have not yet consistently pulled buyers back into the market," said Lawrence Yun, NAR chief economist. "Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes." Yun expects GDP growth to ease to 2.0% in 2019 and 1.6% in 2020, but growth predictions are somewhat uncertain due to trade tensions. With slower economic growth, interest rates will remain low. Though home sales will get a short term boost from lower mortgage rates, existing-home sales are likely to be flat at 5.34 million in 2019 given the level of sales in the first seven months of the year. Amid tight inventory conditions, the median price of existing-home sales will continue increasing, but at a slower pace of 4% in 2019, to $269,000, and 3% in 2020, to $278,500. Low inventory numbers impact the nation's overall economy, according to Yun. "A boost to home building would greatly improve economic growth," he said. "More free-market prices on construction materials without government interference about where homebuilders have to get their supply will also help produce more and grow the economy. The housing industry cannot grow without more supply." July Pending Home Sales Regional Breakdown All regional indices are down from June. The PHSI in the Northeast fell 1.6% to 93.0 in July and is now 0.9% lower than a year ago. In the Midwest, the index dropped 2.5% to 101.0 in July, 1.2% less than July 2018. Pending home sales in the South decreased 2.4% to an index of 122.7 in July, but that number is 0.1% higher than last July. The index in the West declined 3.4% in July to 93.5 but still increased 0.3% above a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Most Areas Targeted for New Opportunity Zone Redevelopment Incentives Have Home Prices Well Below National Levels
MORE >
Home Buyers Gear Up for Potential 2020 Recession
Buyers are increasingly optimistic it will be better than 2008, but more than half plan to put their home search on hold when it hits SANTA CLARA, Calif., Aug. 28, 2019 -- An increasing number of home buyers expect a U.S. recession in the next three years, according to new survey data released today from realtor.com, the Home of Home Search. Although they remain optimistic that it will be milder than the Great Recession, more than half of current home shoppers expect to put their home search on hold until the economy recovers. More than 36 percent of the 755 active buyers surveyed by Toluna Research this month expect the next recession to begin sometime in 2020. When the same question was presented to 1,015 home shoppers in March 2019, just under 30 percent indicated they expected a recession in 2020. Additionally, 17 percent of current shoppers expect a recession to hit sometime in 2019, 14 percent expect sometime in 2021, and 7 percent expect sometime in 2022. Eight percent expect sometime in 2024 or later and 17 percent reported they didn't know. Active buyers are defined as consumers who are currently shopping for a home. As anxiety over a potential recession continues to rise in the U.S., the home shoppers recently surveyed are prepared to hit the pause-button on their home search until the clouds clear. Nearly 56 percent reported that if a recession hit they would halt their home search until the economy improved. "Economic activity is cyclical, so yes, undoubtedly we will face another recession at some point in the future, but we do not expect it to be anything like 2008," said George Ratiu, senior economist at realtor.com®. "The next recession will likely be driven by factors outside of housing, such as a prolonged trade war, cutbacks in corporate spending or contagion from a European recession. Unlike 2008, mortgage underwriting has been more disciplined and regulated, which should provide a more secure foundation for housing during the economic ups and downs." Despite recession concerns, home shoppers also believe a future downturn will be less severe than the housing crisis. Earlier this spring, 36 percent of home buyers were concerned that a future recession would be worse than 2008. However, that number has dropped slightly to 35 percent since then. News of trade wars and weakening economies globally dominate the headlines, but overall home buyers are more optimistic than they were in March 2019. Nearly 44 percent of current shoppers feel an upcoming recession will be less severe than 2008, up from 40 percent this past spring. Twenty-two percent feel it would be the same. Moreover, home shoppers' views toward homeownership have become more optimistic. According to the survey, nearly 50 percent of home shoppers revealed they think more favorably about homeownership after the 2008 recession. This is up from nearly 45 percent earlier this spring. The share of home shoppers who said they felt very or slightly pessimistic toward homeownership following the 2008 recession dropped slightly from nearly 22 percent in March to 21 percent this August. While potential buyers are becoming more confident and hopeful toward housing, those who are not currently shopping for a home have a much more bleak view of homeownership. According to the survey, 32 percent of active buyers indicated they are a lot more optimistic toward homeownership following 2008, whereas only 7 percent of non-buyers felt this way. In similar fashion, non-buyers are nearly twice as likely, at 11 percent, to feel very pessimistic or slightly more pessimistic toward homeownership following 2008, versus just 6 percent for active buyers. "When warned about an incoming storm, Americans know to prepare by stocking up on necessities and reinforcing their shelter. Similarly, given the cyclical nature of economic activity, consumers can and should prepare for the next downturn now. Taking steps to shore up their financial well-being, strengthening their professional networks and having adequate savings would provide cushioning during the slowdown," Ratiu noted. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
Northeast Region Sees Third Consecutive Month of Increased Year-Over-Year Buyer Traffic in July as U.S. Showing Activity Continues to Stabilize
MORE >
Homes.com and IXACT Contact Integration to Provide Real-Time Lead Generation and Conversion Tools for Agents
IXACT Contact, a leader in real estate CRM and marketing automation, announced its integration with Homes.com, a top consumer real estate resource and leading provider of advertising solutions for real estate professionals. Focusing on real-time data processing, this partnership will enable IXACT Contact customers to acquire and convert potential leads directly through the Homes.com website. Through its search portal and extensive product inventory, Homes.com has been helping real estate agents connect with local buyers and sellers for over 25 years. "We're excited to have Homes.com as one of our integrated partners for incoming leads. Sending new contacts into our database in real time increases the chance to convert that lead into a client," says Rich Gaasenbeek, IXACT Contact's Co-Founder and EVP. Through its Homes.com Connect platform, Homes.com collects early-stage transaction information when properties are listed for sale and as consumers interact with real estate professionals in the home search process. IXACT Contact helps agents convert leads into clients, maintain relationships with current and past customers, manage their spheres of influence, and encourage repeat transactions and the referral business that most real estate agents depend on. Pairing with Homes.com's lead generation and advertising solutions, IXACT Contact's automated marketing tools and email campaigns will streamline the conversion of prospects into buyers while maintaining high referral and retention rates. "At Homes.com, we're committed to connecting real estate professionals with the highly engaged consumers who visit our site. The API integration with IXACT Contact gives our advertisers quick and easy access to manage those incoming leads" said Andy Woolley, Homes.com Vice President of Industry Development. "Speed to first contact is critical in the lead conversion process, so avoiding duplicate data entry offers a big win to our shared customers." For more information about Homes.com marketing services visit marketing.homes.com and for more information about IXACT Contact visit www.ixactcontact.com. About IXACT Contact IXACT Contact® is a next-generation real estate CRM and marketing automation system that is changing the game. IXACT Contact provides a wide range of business-building features and capabilities, including an intelligent Dashboard, automated Keep in Touch call reminders, an automated monthly e-Newsletter, automated lead capture and nurturing, Google Sync, agent websites, Goal Setting and Tracking, and so much more. It is easy to use and setup, especially with our Concierge Setup Service. It is the virtual assistant agents need, and the marketing support they crave. With its robust CRM and fresh, relevant content IXACT Contact helps agents to do more with greater efficiency, affordability, and confidence. Learn more at ixactcontact.com. About Homes.com Homes.com is a division of Dominion Enterprises that offers today's demanding homebuyers, renters and those somewhere in between, a simply smarter home search. With smart search features like Homes.com Snap & Search, home shoppers now have a more personalized and conversational way to search for their next home. Since its launch over 25 years ago, Homes.com offers real estate professionals' brand and property advertising, search engine marketing, and instant response lead generation to help them succeed online. For more information, visit Homes.com.
MORE >
Curbio Named Winner at NAR's Second Annual iOi Summit Pitch Battle
MORE >
Existing-Home Sales Climb 2.5% in July
WASHINGTON (August 21, 2019) – Existing-home sales strengthened in July, a positive reversal after total sales were down slightly in the previous month, according to the National Association of Realtors. Although Northeast transactions declined, the other three major U.S. regions recorded sales increases, including vast growth in the West last month. Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.5% from June to a seasonally adjusted annual rate of 5.42 million in July. Overall sales are up 0.6% from a year ago (5.39 million in July 2018). "Falling mortgage rates are improving housing affordability and nudging buyers into the market," said Lawrence Yun, NAR's chief economist. However, he added that the supply of affordable housing is severely low. "The shortage of lower-priced homes have markedly pushed up home prices." Home price appreciation has been much stronger in the lower-price tier compared to homes sold in the upper-price tier, based on the analysis of proprietary deed records data from Black Knight, Inc. and Realtors Property Resource®. Of the same homes that were sold in 2018 that were purchased in 2012 in 13 large metro areas (repeat sales transactions), the lower half of the market had increased by more than 100% in 2018 in metro areas like Atlanta-Sandy-Springs-Roswell, Ga. (165%), Denver-Aurora-Lakewood, Colo. (103%), Miami-Fort-Lauderdale, Fla. (119%) and Tampa-St. Petersburg-Clearwater, Fla. (125%). The median home price for homes purchased in the upper half of the market in these same metro areas in 2012 increased at a much slower pace when sold in 2018. "Clearly, the inventory of moderately-priced homes is inadequate and more home building is needed," said Yun. "Some new apartments could be converted into condominiums thereby helping with the supply, especially in light of new federal rules permitting a wider use of Federal Housing Administration (FHA) mortgages to buy condo properties." The median existing-home price for all housing types in July was $280,800, up 4.3% from July 2018 ($269,300). July's price increase marks the 89th straight month of year-over-year gains. Total housing inventory at the end of July decreased to 1.89 million, down from 1.92 million existing-homes available for sale in June, and a 1.6% decrease from 1.92 million one year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from the 4.4 month-supply recorded in June and down from the 4.3-month supply recorded in July of 2018. Properties typically remained on the market for 29 days in July, up from 27 days in June and up from 27 days in July of 2018. Fifty-one percent of homes sold in July were on the market for less than a month. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 3.77% in July, down from 3.80% in June. The average commitment rate across all of 2018 was 4.54%. "Mortgage rates are important to consumers, but so is confidence about the nation's overall economic outlook," Yun continued. "Home buying is a serious long term decision and current low or even lower future mortgage rates may not in themselves meaningfully boost sales unless accompanied by improved consumer confidence." First-time buyers were responsible for 32% of sales in July, down from 35% the month prior and about equal to the 32% recorded in July 2018. NAR's 2018 Profile of Home Buyers and Sellers – released in late 2018 – revealed that the annual share of first-time buyers was 33%. As the share of first-time buyers rose, individual investors or second-home buyers, who account for many cash sales purchased 11% of homes in July, up from 10% recorded in June 2019 and down from 12% recorded in July a year ago. All-cash sales accounted for 19% of transactions in July, up from June and down from July of 2018 (16% and 20%, respectively). Distressed sales – foreclosures and short sales – represented 2% of sales in July, unchanged from June but down from 3% in July 2018. Less than 1% of July 2019 sales were short sales. "Present rates have opened the market for a number of potential buyers who couldn't afford a home just a year ago," said NAR President John Smaby, a second-generation Realtor® from Edina, Minnesota, and broker at Edina Realty. "Additionally, NAR has been working with the FHA for years to establish new condominium loan policies. Our hard work has paid off, and this change will begin benefiting buyers, sellers and our members as soon as this fall." Regional Breakdown Compared to June, existing-home sales recorded in July rose in the Midwest, South and West, but fell slightly in the Northeast region. Compared to last year, July sales dropped in the Northeast and West while experiencing modest gains in the Midwest and South. Median home prices rose from a year ago, except in the Northeast. July existing-home sales in the Northeast decreased 2.9% to an annual rate of 660,000, a 4.3% decline from a year ago. The median price in the Northeast was $305,800, down 1.0% from July 2018. In the Midwest, existing-home sales edged up 1.6% to an annual rate of 1.27 million, which is a 0.8% increase from July 2018. The median price in the Midwest was $226,300, an 8.1% surge from a year ago. Existing-home sales in the South increased 1.8% to an annual rate of 2.31 million in July, up 2.7% from a year ago. The median price in the South was $245,100, up 5.2% from one year ago. Existing-home sales in the West shot up 8.3% to an annual rate of 1.18 million in July, just 0.8% below a year ago. The median price in the West was $408,000, up 3.7% from July 2018. Single-family and Condo/Co-op Sales Single-family home sales sat at a seasonally adjusted annual rate of 4.84 million in July, up from 4.71 million in June and up 1.0% from a year ago. The median existing single-family home price was $284,000 in July 2019, up 4.5% from July 2018. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units in July, about equal to the rate from the prior month and down 3.3% from a year ago. The median existing condo price was $254,300 in July, which is up 2.5% from a year ago. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
The Top U.S. Destinations For Movers Aren't Where You Think
MORE >
NAR's Commitment to Excellence Program Selected as Learning! 100 Award Winner
CHICAGO (August 12, 2019) - The National Association of Realtors has been selected as a 2019 Learning! 100 Award Winner for its Commitment to Excellence Program, also known as C2EX. Previous winners of this award include Amazon, the U.S. Department of Defense and the American Heart Association, with NAR joining this group in recognition of its superior learning and development programs. Unveiled by NAR less than one year ago, C2EX has aimed to help Realtors® demonstrate their commitment to professionalism and the association's Code of Ethics, ensuring NAR's 1.3 million members continue setting the real estate industry standard in client service and ethical conduct. The 2019 Learning! 100 Award specifically honors organizations for fostering a culture of professional growth, innovation and organizational performance while "investing in a truly immersive learning culture," according to sponsoring organization Elearning! Media Group. "When we launched Commitment to Excellence in November of 2018, we envisioned a program that could help lead us into a future where consumers everywhere recognize that Realtors® are a step above the rest in their knowledge, skills and ability to serve their clients," said NAR CEO Bob Goldberg. "The program gives our members a tangible way to demonstrate their commitment to professionalism." C2EX's self-guided assessment and training course generates customized learning paths in 10 competencies of professionalism (11 for brokers), including the areas of data security, technology, client service, and professional reputation, among others. Program completion leads to an endorsement from NAR that members use to show peers and clients that they conduct their business at the highest professional standard. Participants can get started by logging in to www.C2EX.realtor. "As the real estate industry is always evolving, we know that our members must have access to every resource needed to thrive in a quickly changing market. We remain active in our pursuit of approaches to grow and improve the C2EX program. We thank Elearning! for the added motivation as we work to ensure Realtors® are differentiated from real estate licensees who haven't made professionalism their hallmark," Goldberg concluded. The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
House Poor, No More
MORE >
The Constellation Real Estate Group Acquires Assets of SmartZip
Constellation Real Estate Group adds to its best-in-class lead generation solutions for real estate agents and brokers. BELLEVUE, WASH. (AUGUST 19, 2019) -- The Constellation Real Estate Group ("CREG"), has announced today that it has acquired certain assets of SmartZip Analytics Inc. ("SmartZip"), a pioneer in predictive analytics and award-winning provider of data-driven marketing automation and lead generation products for the real estate industry. The acquisition includes SmartZip's SmartTargeting platform, patent-pending predictive analytics, data solutions, and automated referral-building content system, Reach150. The addition of SmartZip, which closely follows the recent acquisition of the Offrs.com business in July, marks CREG's second predictive analytics company and fourth new portfolio business in 2019, and aligns with CREG's strategy of investing in forward-thinking technology companies with a focus on strong solutions and its commitment to being a long-term, stable technology partner for the real estate industry. "We are excited to have both Offrs.com and SmartZip in the Constellation portfolio of real estate and mortgage software companies," said Scott Smith, President of the Constellation Real Estate Group. "We recognize the value of predictive analytics and big data and the importance of making it accessible to agents in a way that allows them to make smart business decisions. With these two companies, we can deliver unprecedented value and insights to our customers." "The Constellation Real Estate Group has a proven track record of delivering long-term value and stability to the companies it invests in, with a demonstrated commitment to their customers, products, and people," said Avi Gupta, CEO of SmartZip, "As demand for our pioneering work in predictive analytics and data-driven marketing continues to grow, this union presents a powerful opportunity to leverage decades of expertise to advance our products, ultimately benefiting SmartZip customers." Founded in 2009 in Silicon Valley, CA, SmartZip has spent over a decade developing predictive analytics and data-driven marketing automation solutions for the real estate industry and has consistently been recognized as a leading innovator in both the technology and real estate industries. The acquisitions of Offrs.com and SmartZip strengthen the Constellation Real Estate Group's position as one of the largest technology providers in the fragmented real estate industry, providing innovative lead generation, automated sales and marketing solutions, back office software, and mortgage loan origination and servicing solutions for over half of a million real estate agents, brokerages, MLSs, and banks across the U.S. and Canada. "I am very excited to combine the value propositions of Offrs.com and SmartZip and continue to deliver a best-in-class lead generation solution to real estate agents and brokers nationwide. Predicting future real estate transactions and driving high-value leads to our customers is our number one priority, and this acquisition demonstrates our commitment at the Constellation Real Estate Group," confirms Rich Swier, co-founder of Offrs.com. The Constellation Real Estate Group welcomes SmartZip customers and partners and we look forward to enhancing and growing these relationships for the long-term. The Constellation Real Estate Group The Constellation Real Estate Group, which is a business unit within the Perseus Operating Group of Constellation Software Inc., acquires and invests in real estate software brands that are committed to providing long-term solutions and partnerships with franchises, brokers, agents, MLSs, and banks. CREG provides a suite of market-leading technology solutions designed specifically for the real estate industry through its brands, which include: Market Leader, Constellation Web Solutions, Sharper Agent, Zurple, Z57, Diverse Solutions, Birdview, ReloSpec, Real Estate Digital, Baynet World, Mortgage Builder, TORCHx, Offrs.com and now SmartZip. Over 500,000 real estate agents, teams, and brokerages across North America rely on CREG's products and services to power, manage, and grow their businesses. For more information, visit: https://www.constellationreg.com The SmartZip Products The SmartZip SmartTargeting platform uses patent-pending predictive analytics, multi-channel marketing automation, and smart CRM to identify top home seller prospects, engage them through targeted marketing campaigns, and ultimately close more business with smart nurturing and prospecting tools. It also integrates the Reach150 system that automatically requests and publicizes client-generated testimonials and referrals to help real estate teams and professionals boost their reputation, online presence, and word-of-mouth business. Together, SmartTargeting and Reach150 help enterprises and professionals across the real estate ecosystem efficiently grow their business with the targeted acquisition of new, repeat and referral customers. For more information, visit: https://smartzip.com/
MORE >
Adwerx Named to Inc. 5000 List for Third Consecutive Year
MORE >
Over 1.5 Million Vacant U.S. Homes in Q3 2019 Represent 1.6 Percent of All Single-Family Homes and Condos
Over 9,600 Vacant "Zombie" Foreclosures in the Third Quarter of 2019 IRVINE, Calif. - August 15, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q3 2019 Vacant Property and Zombie Foreclosure Report showing there are over 1.5 million (1,530,563) U.S. single-family homes and condos vacant in the third quarter of 2019, representing 1.6 percent of all homes. The report analyzes publicly recorded real estate data collected by ATTOM Data Solutions — including foreclosure status, equity, and owner-occupancy status — matched against monthly updated vacancy data. (See full methodology enclosed below.) During the third quarter of 2019, over 304,000 homes were in the process of foreclosure, with about 3.2 percent being "zombie" foreclosures. While the count of properties in the process of foreclosure is down by nearly 22 percent since ATTOM's last foreclosure vacancy report in the same period of 2016, the number that sits empty has dropped nearly in half. "The blight of vacant, decaying properties facing foreclosure has declined dramatically across the United States – another good-news offshoot of the housing boom that's gone on for eight years," said Todd Teta, chief product officer with ATTOM Data Solutions. "A handful of areas still face notable problems with homes abandoned by owners after they get hit with foreclosure claims. But with the economy improving and the housing market still hot, an expanding number of neighborhoods across the country face little or no problem with these so-called zombie properties." High-level findings from the report: A total of 9,612 properties facing possible foreclosure have been vacated by their owners nationwide. Washington, D.C. had the highest percentage of zombie foreclosures (12.5 percent). States where the rates were above the national average of 3.2 percent included Oregon (8.8 percent), Maine (8.5 percent), Kansas (7.6 percent) and New Mexico (7.0 percent). The lowest rates – all less than 1.4 percent – were in New Hampshire, Idaho, Colorado, Connecticut and Delaware. New York had the highest actual number of zombie properties (2,428), followed by Florida (1,634), Illinois (985), Ohio (891) and New Jersey (463). Among metropolitan areas with at least 100,000 residential properties, Peoria, IL, had the highest percent of vacant foreclosures (zombies) at 16.5 percent, followed by Wichita, KS (9.5 percent), Syracuse, NY (9.3 percent), Honolulu, HI (8.5 percent) and Youngstown, OH (8.4 percent). Among zip codes with at least 100 properties in pre-foreclosure, the highest rates of owner-vacated properties were concentrated in New York, Florida, Ohio and Illinois. The zip codes with the top percentages were zip code 61605 in the Peoria, IL metropolitan statistical area with 48.6 percent, zip codes 44108 (26.0 percent), 44112 (23.0 percent), and 44105 (19.7 percent), all in the Cleveland, OH, area and rounding out the top five is zip code 14701 in Jamestown, NY with 19.6 percent. The top zombie foreclosure rates in counties with at least 500 properties in foreclosure included Peoria County, IL (21.9 percent); Baltimore City, MD (11.4 percent); Broome County, NY (11.1 percent); Onondaga County, NY (9.6 percent) and Madison County, IL (9.6 percent). The highest levels of vacant investor-owned properties were in Indiana (8.8 percent), Kansas (6.7 percent), Minnesota (6.0 percent), Ohio, (5.9 percent) and Rhode Island (5.8 percent). Report Methodology ATTOM Data Solutions analyzed county tax assessor data for more than 98 million single-family homes and condos for vacancy, broken down by foreclosure status and, owner-occupancy status. Only metropolitan statistical areas with at least 100,000 single-family homes and condos and counties with at least 50,000 single-family homes and condos were included in the analysis. Vacancy data is available here. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, 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. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
National Association of Realtors Moves to Dismiss Antitrust Suits; Shows Lawsuits Are Self-Contradictory, Ignore Precedent and Lack Economic Sense
MORE >
CoreLogic Reports U.S. Overall Delinquency Rate Remains Steady at 20-Year Low in May
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report. The report shows that nationally 3.6% of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in May 2019, representing a 0.6 percentage point decline in the overall delinquency rate compared with May 2018, when it was 4.2%. This marks the second consecutive month the rate has been at its lowest point in more than 20 years. As of May 2019, the foreclosure inventory rate – which measures the share of mortgages in some stage of the foreclosure process – was 0.4%, down 0.1 percentage points from May 2018. The May 2019 foreclosure inventory rate tied the prior six months as the lowest for any month since at least January 1999. Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency, as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next. The rate for early-stage delinquencies – defined as 30 to 59 days past due – was 1.7% in May 2019, down from 1.8% in May 2018. The share of mortgages 60 to 89 days past due in May 2019 was 0.6%, unchanged from May 2018. The serious delinquency rate – defined as 90 days or more past due, including loans in foreclosure – was 1.3% in May 2019, down from 1.8% in May 2018. May's serious delinquency rate of 1.3% tied the April 2019 rate as the lowest for any month since August 2005 when it was also 1.3%. Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30 days past due was 0.8% in May 2019, unchanged from May 2018. By comparison, in January 2007, just before the start of the financial crisis, the current-to-30-day transition rate was 1.2%, while it peaked in November 2008 at 2%. "Growth in family income and home prices continues to support low delinquency rates," said Dr. Frank Nothaft, chief economist at CoreLogic. "Communities that experienced a rise in delinquencies are generally those that also suffered from natural disasters. Last year's hurricanes and wildfires, and this spring's severe flooding from heavy rainstorms and snowmelt have pushed delinquency rates higher in these impacted communities." The nation's overall delinquency rate has fallen on a year-over-year basis for the past 17 consecutive months. In May 2019, 20 of the country's metropolitan areas posted at least a small annual increase in overall delinquency, with some of the highest gains occurring in the Midwest and parts of the Southeast. Specifically, areas impacted by flooding this spring in Kentucky, Ohio, Illinois and Indiana have experienced an increase in delinquency rates. "While the rest of the country experienced record-low mortgage delinquency rates again in May, the Midwest and parts of the Southeast are still experiencing higher rates as they recover from extreme weather," said Frank Martell, president and CEO of CoreLogic. "Areas in Kentucky and Ohio, which were hit particularly hard this spring with historic flooding, experienced some of the largest annual gains in the country." The next CoreLogic Loan Performance Insights Report will be released on September 10, 2019, featuring data for June 2019. For ongoing housing trends and data, visit the CoreLogic Insights Blog. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
BoomTown Announces New Consumer-Facing Mobile App for Clients
MORE >
U.S. Housing Market Deja Vu
Increased demand spurred by lower interest rates and fewer homes coming to market reverse 10 months of inventory growth SANTA CLARA, Calif., Aug. 13, 2019 -- Lower interest rates are prompting more buyers to come into the market, putting pressure on an already tight U.S. housing market and reversing 10 months of national inventory growth, according to realtor.com's July 2019 Monthly Housing Trend report released today. The report, which tracks key trends across the market, including the national median home price, days on market and inventory, showed flat inventory growth, which could lead to inventory declines sooner than originally predicted. In July, active listings on realtor.com were flat, following slowing growth since the start of the year. Newly listed properties were down 7 percent from a year ago. The national median home price in July was $315,000, up 5.5 percent from a year ago and a decrease from last year's year-over-year growth of 8.7 percent. Additionally, July prices were down 0.2 percent from June, marking the earliest seasonal slowdown in home prices since 2012. The median number of days on market in July was 58, the same as a year ago. "July's data highlight tension in the housing markets between buyers eager to take advantage of lower mortgage rates and potential sellers concerned about slowing price growth," said George Ratiu, realtor.com's senior economist. "The decline in newly listed properties suggests that some would-be sellers are stepping back from the market, during the peak buying season, when most people are searching for their next home." Ratiu noted that although overall housing inventory had been growing, the number of homes in the entry-level segment declined. Now that trends are shifting for the market as a whole, he said challenges for entry-level and first-time buyers are mounting, including faster price growth ahead. The inventory of properties priced below $200,000 in July decreased 9.9 percent year-over-year, while at the same time, the inventory of homes priced above $750,000 increased 6.6 percent. Competition for entry-level homes continues to be tight -- homes priced below $200,000 only spent 56 days on the market, whereas properties priced over $750,000 spent 81 days on the market. Despite these challenges, some millennials are finding success. The share of millennial mortgage originations increased to 46 percent from 43 percent last year, according to realtor.com's second quarter Generational Propensity report. The report found the median home purchased by millennials was priced at $248,000, up 5 percent year-over-year, a bigger increase than either Gen X or boomers had in home purchase price. Looking across generational cohorts, the larger gains in the price of homes purchased by millennials reflect both the intense competition at the entry-level price point and the fact that some millennials have been delaying major life milestones (e.g. starting families, forming households, having children), and are skipping the starter home to purchase larger, trade-up homes. The report also found that while Gen X and boomers have increased their down payment percentages, millennials saw the average down payment slip to 8.2 percent from 8.9 percent a year ago. This increased the size of the typical millennial loan amount to $227,000 from $215,000. Lower mortgage rates are helping to cushion the impact of buying a higher-priced home and making additional debt more affordable. The monthly mortgage amount that millennials paid on a newly purchased home fell to $1,099 from $1,131 year-over-year. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
MORE >
When the Back to School Shopping List Includes a House
MORE >
Luxury Home Prices Up 1% Amid Falling Sales and Surging Supply in the Second Quarter
High-end market remains chilly despite a modest rebound in prices SEATTLE, Aug. 6, 2019 -- The average sale price for luxury homes nationwide increased 1 percent year over year to $1.64 million in the second quarter of 2019, according to a new report from Redfin, the technology-powered real estate brokerage. This marks a modest return to the trend of rising luxury home prices, which was interrupted by a 1.7 percent decline in the first quarter of this year. For this analysis, Redfin tracked home sales in more than 1,000 cities across the U.S. (not including New York City) and defined a home as luxury if it's among the 5 percent most expensive homes sold in the quarter. In the other 95 percent of the market, home prices increased 3.2 percent year over year to an average of $322,000 in the first quarter, a continuation of seven straight years of increases. Sales of homes priced at or above $1.5 million declined 4.6 percent year over year last quarter. That's the third consecutive quarter of dropping sales in the category, though the decline was much smaller than the 13.8 percent dip last quarter. Sales of homes priced under $1.5 million dropped 6.7 percent year over year. Supply of homes priced at or above $1.5 million increased 18.7 percent in the second quarter, the fifth straight quarter of rising luxury inventory and the biggest increase in two years. Supply of homes priced under $1.5 million increased just 2.1 percent annually. The minor gain in prices, along with dipping sales and a significant increase in supply, suggests that demand for luxury homes is tepid, especially compared to the past few years. "Luxury home sales have been relatively soft since early 2018 when the tax code overhaul made it so that people with big mortgages and those living in high-tax states and counties couldn't deduct as much from their annual tax bill," said Redfin chief economist Daryl Fairweather. "But wealthy Americans who would otherwise be considering a multi-million dollar home purchase may now be a bit spooked that the economic expansion they've been enjoying for the past decade could soon be nearing its end." "Business owners and people with large investments are paying close attention to the escalating trade war and other uncertainties in global markets," Fairweather explained. "Despite the fact that the economy at home is continuing to grow, these and other signs that a recession could be looming are likely causing well-heeled homebuyers to feel extra cautious about a big purchase or investment. The Fed's rate cut is unlikely to have a big impact on the course of the economy and especially on the luxury housing market, where buyers are the least rate-sensitive. As a result, I expect to see continued caution in the high-end market as the future of the economy becomes more clear to those whose wealth is most closely tied to it." Luxury homes are selling slightly faster than they were last year. The typical luxury home that sold in the second quarter went under contract in 68 days, down slightly from 71 days a year before. That's the fastest luxury homes have sold in at least a decade. The typical non-luxury home that sold during the same time period went under contract seven days faster than a year earlier, in 56 days. Just 1.3 percent of homes priced in the top 5 percent sold above list price in the second quarter, down from 1.6 percent a year earlier. That's a much smaller share of homes sold above list price than the other 95 percent of homes; among those, 23.4 percent sold above list price in the second quarter. Biggest price gains Two Las Vegas suburbs are among the cities with the biggest increases in luxury home prices in the second quarter. In Paradise, Nevada, where home prices in the top 5 percent of homes increased 46.8 percent year over year, more than any other city, the average luxury home sold for $1,079,000. In Henderson, Nevada, seventh on this quarter's list, the average luxury home sold for $1,223,000, up 16.4 percent from the year before. Cities in Florida, including Fort Lauderdale, St. Petersburg and Tampa, also experienced some of the biggest increases in luxury home prices. Though it's typical for Florida cities to be among the regions with the biggest increases in the category, this is the first time since the third quarter of 2017 a Florida city hasn't topped the list. Biggest price declines Seattle, Washington, D.C., Honolulu and San Jose—some of the most expensive real estate markets in the U.S.—are among the cities where luxury home prices have dropped the most. In Seattle, home prices for the top 5 percent of the market declined 14.4 percent to roughly $2.2 million in the second quarter, and in San Jose prices in the same category dipped 8.2 percent to $2.37 million. "Part of the reason prices for luxury homes in Seattle are dropping this year is because it experienced a bigger market boom in all price ranges (especially the high-end market) in the last six years than most other cities, with Amazon and other tech firms bringing folks into the area quickly with high salaries. A bigger rise tends to lead to a bigger fall, and luxury is usually one of the first markets to feel the crunch," said local Redfin agent Tamar Baber. "Now that the market has cooled down a bit, high-end buyers are scrutinizing their home purchases very carefully. Some of them feel the country could be headed toward a recession and aren't willing to spend $2 million, $3 million or $4 million on a home right now unless it meets their exact specifications. Luxury sellers are slowly adjusting their pricing accordingly." To read the full report, including methodology and a list of the most expensive home sales last quarter, please click here. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
296,458 U.S. Properties with Foreclosure Filings in First Six Months of 2019, Down 18 Percent from a Year Ago
MORE >
Metro Home Prices Increase in 91% of Metro Areas in Second Quarter of 2019
WASHINGTON (August 7, 2019) – Most metro areas saw price gains under marginal inventory growth in the second quarter of 2019, according to the latest quarterly report by the National Association of Realtors. Single-family median home prices increased year-over-year in 91% of measured markets in the second quarter, with 162 of 178 metropolitan statistical areas1 showing sales price gains. That is up from the 86% share in the first quarter of 2019. The national median existing single-family home price in the second quarter was $279,600, up 4.3% from the second quarter of 2018 ($268,000). The metro areas where single-family median home prices declined included the high-cost areas of San Jose-Sunnyvale-Santa Clara, Calif., (-5.3%), San Francisco-Oakland-Hayward, Calif., (-1.9%) and Urban Honolulu, Hawaii (-1.2%). Ten metro areas experienced double-digit increases, including the moderate-cost metro areas of Boise City-Nampa, Idaho; Abilene, Texas; Columbia, Mo.; Burlington-South Burlington, Vt. and Atlantic City-Hammonton, N.J. Lawrence Yun, NAR chief economist, said home builders must bring more homes to the market. "New home construction is greatly needed, however home construction fell in the first half of the year," he said. "This leads to continuing tight inventory conditions, especially at more affordable price points. Home prices are mildly reaccelerating as a result." Ninety-three out of 178 metro markets under study have price growth of 5% or better. "Housing unaffordability will hinder sales irrespective of the local job market conditions," Yun said. "This is evident in the very expensive markets as home prices are either topping off or slightly falling." Notable Takeaways The five most expensive housing markets in the second quarter were the San Jose-Sunnyvale-Santa Clara, Calif., metro area, where the median existing single-family price was $1,330,000; San Francisco-Oakland-Hayward, Calif., $1,050,000; Anaheim-Santa Ana-Irvine, Calif., $835,000; Urban Honolulu, Hawaii $785,500; and San Diego-Carlsbad, Calif., $655,000. The five lowest-cost metro areas in the second quarter were Decatur, Ill., $97,500; Youngstown-Warren-Boardman, Ohio, $107,400; Cumberland, Md., $117,800; Binghamton, N.Y., $119,300; and Elmira, N.Y., $119,400. In expensive metro areas where the median prices were $500,000 and above, the single-family median prices declined when compared to the levels of one year ago. The most costly area, San Jose-Sunnyvale-Santa Clara, Calif., saw a 5.3% drop. Next in line was San Francisco-Oakland-Hayward, Calif., whose decline was 1.9%. Homes in Urban Honolulu, Hawaii dropped by 1.2%, followed by Boulder, Colo., which saw a 0.9% slide. Bridgeport-Stamford-Norwalk, Conn., recorded single-family housing prices that were slightly down (0.6%) from last year, possibly due to limits on property tax deductions. In addition, in other expensive metro areas, prices rose, albeit at a lukewarm pace, including in Anaheim-Santa Ana-Irvine, Calif., which rose only 0.6%. Home prices in Los Angeles-Long Beach-Glendale, Calif., saw a 1.8% gain, while San Diego-Carlsbad, Calif., saw a 1.6% price increase. Second Quarter Affordability Declines National family median income is estimated to have risen to $78,3662 in the second quarter, but greater home price growth contributed to an overall decrease in affordability from last quarter. A buyer making a 5% down payment would need an income of $62,192 to purchase a single-family home at the national median price, while a 10% down payment would necessitate an income of $58,918, and $52,372 would be required for a 20% down payment. In the most expensive metro areas in the West, families seeking to avoid paying no more than 25% on mortgage payments saw steep requirements for median household income. San Jose home buyers would need $295,832, while buyers in San Francisco would need $233,552. At the end of 2019's second quarter, 1.93 million existing homes were available for sale,3 which is about equal to the total inventory at the end of 2018's second quarter. Average supply during the second quarter of 2019 was 4.4 months – up from 4.3 months in the second quarter of 2018. Yun says housing sales should improve, but cautions of greater economic uncertainty. "The exceptionally low mortgage rates will help with housing affordability over the short run. But if the low interest rates are due to weakening economic confidence, as reflected from a correction in the stock market, then the low rates will not help with job growth and will eventually hinder home buying and home construction." The National Association of Realtors® is America's largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.
MORE >
Redfin Reveals the 6 U.S. Metros Where You Can Retire by Age 40
MORE >
CoreLogic Reports June Home Prices Increased by 3.4% Year Over Year
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI) and HPI Forecast for June 2019, which shows home prices rose both year over year and month over month. Home prices increased nationally by 3.4% from June 2018. On a month-over-month basis, prices increased by 0.4% in June 2019. (May 2019 data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results each month.) Single-family home prices stand at an all-time high and continue to increase on an annual basis, with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.2% from June 2019 to June 2020. On a month-over-month basis, the forecast calls for home prices to increase by 0.5% from June 2019 to July 2019. The CoreLogic HPI Forecast is a projection of home prices calculated using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state. "Tepid home sales have caused home prices to rise at the slowest pace for the first half of a year since 2011," said Dr. Frank Nothaft, chief economist at CoreLogic. "Price growth continues to be faster for lower-priced homes, as first-time buyers and investors are both actively seeking entry-level homes. With incomes up and current mortgage rates about 0.8 percentage points below what they were one year ago, home sales should have a better sales pace in the second half of 2019 than a year earlier, leading to a quickening in price growth over the next year." According to the CoreLogic Market Condition Indicators (MCI), an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 38% of metropolitan areas have an overvalued housing market as of June 2019. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued, by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income. As of June 2019, 24% of the top 100 metropolitan areas were undervalued, and 38% were at value. When looking at only the top 50 markets based on housing stock, 42% were overvalued, 16% were undervalued and 42% were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10% above the long-term, sustainable level. An undervalued housing market is one in which home prices are at least 10% below the sustainable level. During the second quarter of 2019, CoreLogic together with RTi Research of Norwalk, Connecticut, conducted an extensive survey measuring consumer-housing sentiment among various millennial age cohorts. The study found home-price increases in lower-cost homes disproportionately impact older millennials (ages 30 - 39). Additionally, this cohort is significantly more active in searching for a new home than any other age group. Nearly half (45%) say they purchased a home in the past three years, while 25% say they will likely do so within the next year. While affordability concerns drive older millennials toward renting, they have more positive market perceptions than older generations and 37% say purchasing a home within their market is at least somewhat affordable. "Millennial homebuyers are no longer a trend on the industry horizon. In fact, they are the new, first-time homebuyers of today. However, only about half of recent millennial buyers were satisfied with the number of options of available homes in their market or price range," said Frank Martell, president and CEO of CoreLogic. "Affordable housing continues to be a growing issue. A deeper look at the data shows that 43% of those surveyed indicated they couldn't afford to buy a new home or are concerned they won't be able to." About the CoreLogic Consumer Housing Sentiment Study In the second quarter of 2019, 508 Millennial renters and homeowners were surveyed by CoreLogic together with RTi Research. This study is a quarterly pulse of U.S. housing market dynamics. Each quarter, the research focuses on a different issue related to current housing topics. This first quarterly study concentrated on consumer sentiment within high-priced markets. The survey has a sampling error of +/- 3.1% at the total respondent level with a 95% confidence level. About RTi Research RTi Research is an innovative, global market research and brand strategy consultancy headquartered in Norwalk, CT. Founded in 1979, RTi has been consistently recognized by the American Marketing Association as one of the top 50 U.S. insights companies. The company serves a broad base of leading firms in Financial Services, Consumer Goods, and Pharmaceuticals as well as partnering with leading academic centers of excellence. About CoreLogic CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.
MORE >
W+R Studios announces Homebeat, a new tool to keep agents top of mind with their clients by sending scheduled automated online CMA
MORE >
New ATTOM Data Solutions Analysis Examines the Grocery Store Impact on the U.S. Housing Market
Trader Joe's takes the gold for homebuyers and ALDI triumphs with investors; Average home values near Trader Joe's is $608,305, compared to $521,142 near Whole Foods and $222,809 near ALDI IRVINE, Calif. - August 2, 2019 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its 2019 Grocery Store Battle analysis, which examines whether living near a Trader Joe's, a Whole Foods or an ALDI can affect a home's value – as a homebuyer based on seller ROI and home equity, or as an investor looking for the best home flipping returns and home price appreciation. For this analysis, ATTOM looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. (See full methodology enclosed below.) Click here to view the infographic visualizing the results of this analysis. For Homebuyers Homes near a Trader Joe's realized an average home seller ROI of 51 percent, compared to homes near a Whole Foods with an average home seller ROI of 41 percent and ALDI at 34 percent. The average home seller ROI for all zip codes with these grocery stores nationwide is 37 percent. Homes near a Trader Joe's have added equity, owning an average 37 percent equity in their homes ($247,445), while homes near Whole Foods had an average of 31 percent equity ($187,035) and homes near ALDI had average 20 percent equity ($53,650). The average equity for all zip codes with these grocery stores nationwide is 25 percent. For Investors Properties near an ALDI are an investor's cornucopia with an average gross flipping ROI of 62 percent, compared to properties near a Whole Foods which had an average gross flipping ROI of 35 percent and Trader Joe's at 31 percent. The average gross flipping ROI for all zip codes with these grocery stores nationwide is 52 percent. Properties near an ALDI have seen an average 5-year home price appreciation of 42 percent, compared to 33 percent appreciation for homes near a Trader Joe's, and 31 percent appreciation for homes near a Whole Foods. The average appreciation for all zip codes with these grocery stores nationwide is 38 percent. Report methodology For this analysis ATTOM Data Solutions looked at current average home values, 5-year home price appreciation from YTD 2019 vs. YTD 2014, current average home equity, home seller profits, and home flipping rates on 1,859 zip codes nationwide with a least one Whole Foods store, one Trader Joe's store and one ALDI store. Grocery store locations are from the USDA (http://www.fns.usda.gov/snap/retailerlocator). About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, 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. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk property data licensing, Property Data APIs, market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
MORE >
Big City Metros Fall Off Realtor.com's 2019 Hottest ZIP Codes Report
MORE >
Redfin Report: Racial Gaps in Homeownership, Home Equity and Wealth Widened during the Historic Decade-Long Economic Expansion
U.S. home prices have risen 73% since 2010, but the resulting home equity gains haven't benefited black Americans, whose homeownership rate fell to a record low in the second quarter SEATTLE, July 31, 2019 -- Homeowners in primarily white neighborhoods gained an average of $70,000 more in home equity than homeowners in primarily black neighborhoods from 2012 to 2018, according to a new report from Redfin, the technology-powered real estate brokerage. In part as a result of the inequality in homeownership and home-equity gains, black Americans have seen their median net worth decline in the past decade while for white Americans it rose by double digits. While U.S. home prices have risen 73 percent since the first quarter of 2010, homeownership rates among all Americans dropped 3 percentage points to 64.1%. Still, 73.1 percent of white Americans owned homes as of the second quarter of 2019, compared with a record-low of 40.6 percent for black Americans and 46.6 percent for Hispanic & Latino Americans. The resulting 32.5 percentage-point gap in homeownership between black and white Americans is 3.6 points wider than it was at the beginning of 2010. Meanwhile the homeownership gap between white and Hispanic & Latino Americans widened by half a point. "With higher unemployment rates and less wealth to begin with, black Americans were less able to buy homes even when prices were at their lowest point, meaning many missed out on opportunities to build wealth and put down roots in their communities through homeownership," said Redfin chief economist Daryl Fairweather. "The growing racial homeownership gap has widened the wealth gap, as home equity remains one of the most significant wealth-building tools. And now, with higher home prices and tighter lending standards than before the housing crash of 2008, it's more difficult than ever for minorities to break into the housing market. That's likely to contribute to growing economic inequality in the U.S." Redfin compiled data on homeownership rates, home equity, net worth and unemployment by race. The already-large homeownership gap between black and white Americans has widened since 2010 The homeownership rate for black Americans dropped 5 percentage points to 40.6% in the second quarter of 2019 from 45.6% in the first quarter of 2010. The rate for white Americans dropped just 1.4 percentage points, from 74.5% to 73.1%, over the same time period. The homeownership rate for Hispanic & Latino people fell 1.9 points (from 48.5% to 46.6%). The nationwide rate dropped 3 points to 64.1%. The homeownership gap between black and white Americans has widened over the last decade to a 32.5 percentage-point gap in the second quarter of 2019, from a 28.9 percentage-point gap in the first quarter of 2010. The homeownership rate remained over 70% for white Americans from 2010 through the first quarter of 2019, but it never surpassed the 50% threshold for black Americans. Homeowners in majority-black neighborhoods experienced significantly smaller home-equity gains in dollars than those in majority-white neighborhoods from 2012 to 2018 Homeowners in primarily black neighborhoods saw smaller dollar gains in home equity ($120,800) from 2012 to 2018 (the most recent full year for which data is available) than those in Hispanic/Latino and white neighborhoods. Homeowners in primarily white neighborhoods saw a gain of $190,935 during the same time period, and they started and ended with the most equity in dollars. Homeowners in primarily Hispanic & Latino communities gained $206,000 in equity. Home prices in majority-black neighborhoods rose 24.9% from 2012 to 2018, higher than the 21% gain for Hispanic & Latino communities and the 12.5% gain for white communities. Homeowners in majority-black neighborhoods saw the biggest percentage gain in equity (213%), but started with substantially lower equity in the homes than white and Hispanic & Latino neighborhoods. The home-equity gap between black and white Americans widened slightly from 2012 to 2018, from $67,229 to $70,135. Home-equity gains for black Americans haven't translated into an increase in net worth The median net worth for black Americans dropped 2.8% to $17,100 in 2016 (the most recent full year for which data is available) from $17,600 in 2010. That leaves the typical black American more than $10,000 short of the 20% down payment ($27,980) likely needed to purchase a median-priced home in Detroit, one of the most affordable major housing markets in the U.S. Median net worth rose 18.5% to $171,000 during the same period for white Americans. The net-worth gap between black and white Americans increased 22.8% to $153,900 in 2016 from $125,300 in 2010. Hispanic & Latino Americans saw their median net worth increase by 15.1% over the six year period to $20,600, also well below the typical down payment for a home in Detroit. In 2010, the ratio of white to black net worth was 8:1. By 2016, the ratio had widened to 10:1. The unemployment rate for black Americans is nearly double the rate for white Americans The unemployment rate for black Americans dropped 10.5 percentage points to 6% in June 2019 from 16.5% in January 2010, while the rate for white Americans fell 5.5 percentage points to 3.3% over the same time period. The unemployment gap between black and white Americans has narrowed substantially since the beginning of 2010, from a 7.7 percentage-point gap to a 2.7-point gap. To read the full report, including charts and methodology, please visit: https://www.redfin.com/blog/black-americans-homeownership-rate. About Redfin Redfin is a technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. and Canada. The company has closed more than $85 billion in home sales.
MORE >
NAR Wins 2019 Sustainability Award from Business Intelligence Group
MORE >
RPR Adds Qualified Opportunity Zones
CHICAGO (August 1, 2019) - Realtors Property Resource® (RPR), a nationwide data resource and a wholly-owned subsidiary of the National Association of REALTORS® (NAR), is pleased to announce the addition of Qualified Opportunity Zones (QOZ) to its platform. This powerful data layer will allow REALTORS® to use RPR's map interface to analyze and search for properties within the 8,700 Opportunity Zones throughout the U.S. Created in 2017 as part of the Tax Cuts and Jobs Act, the purpose of the federal government's QOZ program is to drive economic growth through long-term investments in economically disadvantaged communities. Designated as "Opportunity Zones," these areas present opportunities for real estate investment and development by offering tax incentives to investors. "With the Opportunity Zone initiative poised to transform American communities that have long been shunned by investors, NAR has developed resources to help facilitate and expedite investments in these areas. As our work continues, REALTORS® are committed to ensuring Americans can take full advantage of this valuable new initiative," said Joseph Ventrone, NAR Vice President, Federal Policy and Industry Relations. Through RPR, REALTORS® will search a geographic area, then choose to display the Opportunity Zones layer, which will then reveal shaded areas that qualify. REALTORS® can then analyze all properties that fall in the Opportunity Zone, review economic and demographic statistics for the area, and create reports for investors about the buying potential. They will also be able to reach out to residents and business owners in the area about selling advantages through RPR's recently launched Mailing Labels feature. "These Opportunity Zones encourage private investment into low-income communities, with the intent of stimulating economic growth and job creation," said Bob Turner, NAR's 2019 Commercial Liaison and RPR Advisory Council Member. "Residential practitioners will notice homes that fall within Opportunity Zones gain a boost to their marketability because of increased attention, while Commercial practitioners will likely see properties once being skipped over turn into desirable investment opportunities." Under the program, taxpayers who reinvest capital gains from a previous sale into a fund for investing (called "Opportunity Funds"), are eligible to defer paying taxes on those gains, and can potentially reduce their tax liability by 10 – 15% (based on the amount of time they hold the investment). Additionally, if the investment is held for at least ten years, any appreciation on it is tax-free. "I'm very excited to see RPR offer REALTORS® another tool to help us serve our clients," said Deena Zimmerman, Vice President of SVN in Chicago, IL. "The benefits of Opportunity Zones are broad, and with the tax benefits on the table for investors, we should see increased attention to properties in these areas." About Realtors Property Resource® Realtors Property Resource, LLC®, a wholly-owned subsidiary of the National Association of REALTORS®, is an exclusive online real estate database created to support the core competence of its members. The parcel-centric database, covering more than 160 million residential and commercial U.S. properties, provides REALTORS® with the analytical power to help clients make informed decisions while increasing efficiency in the marketplace. Log in to RPR today: narrpr.com. For support on this feature, contact RPR at (877) 977-7576.
MORE >
Redfin Migration Report: Phoenix, Atlanta, Sacramento, Las Vegas and Austin Continue to Attract Thousands of Homebuyers From Pricey, High-Tax Metros
MORE >
Get Ready to Make a Splash! Realtor.com Reveals the Top 10 Affordable Lake Towns of 2019
As temperatures continue to rise, realtor.comⓇ offers a glimpse into hot deals for lake town real estate across the United States SANTA CLARA, Calif., July 30, 2019 -- As the summer heat shows no signs of relenting, realtor.com®, the Home of Home Search℠, today released its list of the 10 most affordable lake towns, which offer waterfront properties under $450,000. Unlike owning a vacation home on the ocean, lake homes can be more accessible – not just in price, but also for those who don't live near the coasts. "Lake towns often offer people an affordable destination with water sports, amenities, natural beauty and an array of often top-quality dining options," said Clare Trapasso, senior news editor, realtor.com®. "Some of these lake towns also double as ski resorts in the winter. Those who enjoy cold-weather sports, in addition to summer activities may in fact, be getting a home they can enjoy throughout the year." The most affordable town on the list is Jamestown, N.Y., with a median list price of just $59,000, but if you desire a two-bedroom home with a private shoreline that can raise the price significantly. Sandpoint, Idaho, is the most expensive of the affordable lake towns, with a median list price of $429,000 and a variety of lakefront houses that can cost well over $1 million. While the cost of homes in these affordable lake towns can vary, some of the common themes shared by the majority on the list are attractions that provide year-round entertainment and an abundance of single-family homes available for purchase. From East Coast to West Coast - and everywhere in between - the following towns are the best places to score an affordable lake house, in rank order: 1. Branson, Mo. Median Listing Price: $205,900 Near two of Missouri's most popular lakes, Branson is a Midwestern vacation destination filled with music venues, amusement parks, nightlife, and other attractions for locals and visitors to enjoy. For those seeking a prime spot for watersports and boating, Table Rock Lake is surrounded by a variety of single-family homes, which often range from $350,000 to over $650,000. Lake Taneycomo comes in at a top pick for trout fishers and those seeking a quieter destination where buyers can find one-bedroom condos for approximately $120,000. 2. East Stroudsburg, Pa. Median List Price: $187,000 A popular destination for people looking to escape city living, East Stroudsburg is a vacation spot within the Poconos, known for its lakes, ski resorts, historic towns and water parks. While most properties in the area have a low price tag, prime lakefront homes can range from $900,000 to $1.4 million. Lake Naomi and Timber Trails are also great nearby options that have smaller single-family homes that start around $120,000. 3. Port Clinton, Ohio Median List Price: $259,900 Port Clinton is a charming small town on the western edge of Lake Erie with plenty of low-priced condos, and single-family homes that typically start around $300,000. In addition to the many beaches, islands and quiet bays of Port Clinton, the town has a plethora of entertainment, including an African Safari Wildlife Park, The Watering Hole Safari and Waterpark, unique antique stores, and waterfront restaurants. 4. Jamestown, N.Y. Median List Price: $59,900 Jamestown sits at the tip of Chautauqua Lake and is known for its exceptionally affordable real estate, and of course, its lakes. However, Jamestown has also made a name for itself as a top-notch comedy destination. As the hometown of comedian Lucille Ball, Jamestown hosts the annual Lucille Ball Comedy Festival, which has featured Jerry Seinfeld, Amy Schumer and Jay Leno, among others. Those looking to stay year-round will be able to land a bargain as the area is filled with older single-family homes listed at great prices. 5. Alexandria, Minn. Median List Price: $288,900 Alexandria is located in Douglas County, where there are about 300 lakes and certainly no shortage of lakefront homes. Waterfront properties are predominantly single-family homes that start at just over $100,000. However, there are also a variety of larger houses, with more acreage, and higher price tags available. 6. Clearlake, Calif. Median List Price: $219,900 The popular Northern California vacation town, Clearlake, was hit hard by the previous foreclosure crisis and recent wildfires. However, the town is making a comeback and there are even plans to reopen the renowned Konocti Harbor Resort. Rumored to be the oldest lake in North America, the fresh water of Clear Lake is still a major draw, especially with real estate prices that are just a fraction of those in nearby cities like Napa and San Francisco. 7. Spirit Lake, Iowa Median List Price: $315,000 With waterfront attractions, including an amusement park, and deep clear water that is perfect for boating, Spirit Lake and Okoboji are two of Northern Iowa's more lively and desirable lake towns. West Okoboji Lake is filled with waterfront, multi-million-dollar homes and grand estates, while East Okoboji and Spirit Lake house more affordable condos and single-family homes with shared lake access. 8. Mountain Home, Ark. Median List Price: $174,900 For those seeking a tranquil, peaceful abode by the lake, head to Mountain Home. Unlike many of the other lake towns on this list, Mountain Home doesn't have a lot of entertainment. Instead, the main attraction to this peaceful place is Lake Norfolk, a 22,000-acre manmade lake that has nearly two dozen parks and 550 miles of shoreline. In this slower paced town, you can find a two-bedroom home overlooking the lake or river for about $200,000 or a larger waterfront house which can range from $300,000 up to $2 million. 9. Baraboo, Wis. Median List Price: $189,900 Baraboo is home to the world-renowned Ringling Brothers and Barnum & Bailey Circus, which started in 1888 and shut down in 2017. The town is also known for its outdoor adventures and attractions, such as rock climbing, the International Crane Foundation, Lake Wisconsin and the Wisconsin River. The lake and river are lined with single-family homes that range from $200,000 for a modest two-bedroom cottage up to $3.6 million for a grand estate on the water. 10. Sandpoint, Idaho Median List Price: $429,000 While Sandpoint is the most expensive town on the list, this small community in Idaho is surrounded by a lake and mountains that provide year round attractions for visitors and residents. Fishing, boating, wine tasting, and The Festival at Sandpoint are some of the main summer activities, while skiing at Schweitzer Mountain Resort is popular during the winter. Prime lakefront homes in the area typically go for over $1 million, while houses on the river can be found for less than half of the price. To put together the list, realtor.com® looked at real estate listings that mentioned things such as "lake view" and "lake house" in more than 900 U.S. metropolitan and micropolitan areas. Each location had to have at least 50 listings over a 12-month period ending May 31, 2019 and couldn't have more than 150,000 households. To ensure these were true vacation spots, the percentage of vacation homes and the percentage of dining, drinking and outdoor activity establishments were also measured. Finally, to measure affordability, realtor.com® ensured that none of the towns in this ranking had median prices of more than $450,000. For more information about these towns, please click here. About realtor.com® Realtor.com®, The Home of Home Search℠, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >
Pending Home Sales Climb 2.8% in June
MORE >
Realtor.com Expands Local Expert to Cities
Agents and brokers can now augment their branding with city searches on the site SANTA CLARA, Calif., July 29, 2019 -- Consumers who search for homes on realtor.com® by city may now see branded content and listings from Local Expert agents, teams and brokers in their search results and then again in their social media feeds, thanks to new citywide branding opportunities through realtor.com®'s Local Expert. With this new release, agents, teams and brokers can elevate their brand to consumers on a citywide level as well as targeting specific zip codes. Real estate professionals can customize ads that showcase their current or sold listings with prominent branding that displays in city and/or zip code searches on realtor.com®. Local Expert also targets these potential buyers on social media with first-party data exclusive to realtor.com®. Local Expert Agent Listing Ad Local Expert Broker Branding Ad The city version of Local Expert is available in approximately 25,000 cities across the U.S. "We're excited to expand our successful Local Expert branding program to the city level for brokers, teams and agents, and the initial response has been very positive," said Deepak Thakral, realtor.com® senior vice president, product management. "It's just one more example of how realtor.com® is helping real estate professionals compete in a rapidly changing marketplace." Since its initial launch in November 2018, Local Expert has helped thousands of agents and teams build their brand awareness with customized, branded ads in targeted ZIP code searches on realtor.com® and in home shoppers' social media feeds. According to the 2018 National Association of Realtors®' Profile of Home Buyers and Sellers, 40 percent of recent home buyers said the most important factors when choosing an agent were the agent's experience, reputation, or knowledge of the neighborhood. Local Expert helps real estate professionals demonstrate their strengths in all of these areas. Agents, teams and brokers can use Local Expert to expand their visibility and awareness with buyers who are looking for homes in their markets of expertise and amplify their marketing tactics for their seller clients' properties at the same time. "Realtor.com® wants to make buying and selling homes easier and more rewarding for consumers, agents and brokers alike," said Thakral. "Whether it's brand building tools like Local Expert, the means to capture, communicate, and connect with leads through solutions like Connections Plus, or our broker concierge service, realtor.com® is anticipating where the market is headed and leveraging those insights to help connect consumers with the real estate professionals who can help them achieve their goals. To learn more about how real estate professionals are leveraging Local Expert in their own businesses, visit https://industry.realtor.com/branding-and-local-expert. About realtor.com® Realtor.com®, The Home of Home Search, offers the most MLS-listed for-sale listings among national real estate portals, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. Through its Opcity platform, realtor.com® uses data science and machine learning to connect consumers with a real estate professional based on their specific buying and selling needs. Realtor.com® pioneered the world of digital real estate 20 years ago, and today is a trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
MORE >