Five Tips for Working Moms Getting Started in Single-Family Real Estate Investing

Five Tips for Workin

iCrowdNewswire   Nov 25, 2020  3:48 PM ET

Katy Klesitz owns 66 single-family rental properties in Omaha, Nebraska, and Waco, Texas, and she purchased nearly of them after launching Katy & Frank Home Buyers with her husband in 2019. That may sound unremarkable except that she did it all virtually while staying at home to take care of her two young children.

 

It helped that the 34-year-old mother of a four-year-old and five-year-old had a background as a real estate agent. So did the assistance and financial support of her husband Frank, an ad agency executive. Still, buying all those homes during a pandemic without even opening the front door of her own home is impressive, to say the least.

How did she do it? “Technology is what makes it possible to do this now,” she says. “My support team is in the Philippines, and my estimators on the ground have the latest iPhone that takes great video. There’s no need for me to see a house in person. Money is cheap to borrow now, too. We bought all the homes with the bank’s money, yet it’s still profitable.”

Klesitz likes to share her top tips for working mothers who might also want to consider getting into real estate investing even when money, resources, and time are limited.

  1. Find fellow investors to buy wholesale from you. Klesitz recommends purchasing a mailing list of people who have purchased two or more non-owner-occupied, single-family homes under the median price point in the local market in the past 12 months. Phone numbers can be found in public records. Call, introduce yourself, and ask if it’s okay to call them again when you have a below-market-value purchase contract that they can close on and still be profitable. You find the deals, they’ll close on them, and you get paid a wholesale fee for arranging it all.
  2. Seek out newly distressed homeowners. Subscribe to an investor service that will send you an email notification when a homeowner in your market is in distress (divorce, bankruptcy, tax liens, failed to sell, foreclosure) and likely needs to sell their home fast. Call and ask if the homeowner would consider an offer. If they agree to one, get a contract signed, and then you can wholesale it to another investor for a fee, typically between $5,000 and $20,000. Follow your local laws.
  3. Hire others to help. Wholesaling is the perfect low-cost entry point for new investors to build cash reserves without much risk. Once you have accumulated enough money, hire a nanny or babysitter to come to your home so you can focus on work, and then get an overseas assistant to call homeowners on your behalf to save you time. Your calling assistant will live-transfer you to homeowners who want a cash offer fast.
  4. Obtain local community bank financing. You’ll need a bank loan to buy rental property. Contact CoreLogic for a list of all the banks that lent to local non-owner-occupied, single-family properties recently. This will tell you which local banks work with we buy houses companies. Call them up, introduce yourself, and find out about the loan programs they offer.
  5. Get comfortable working late nights and early mornings. If each day is a whirlwind of kids, errands, and other family obligations, the time to get to work is once the kids are in bed. You can usually reach homeowners on the phone as late as 9 p.m. and as early as 8 a.m. You can also email local investors anytime to start those relationships. 

Media contact:
Frank Klesitz
258917@email4pr.com 
402-515-5438

Contact Information:

Frank Klesitz
258917@email4pr.com 
402-515-5438


iCrowdNewswire

Home Sales Surge 24%, the Biggest Gain on Record, Prices up 14% in October

Home Sales Surge 24%

iCrowdNewswire   Nov 25, 2020  3:07 PM ET

The national median home price posted the second-largest annual increase on record in October, when it rose 14.2% year over year to $335,900, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. These near-record gains are fueled by an extreme imbalance between homebuying demand and the supply of homes for sale. Home sales surged 24% from a year earlier—the largest gain on record—while new listings were up just 12%.

“October very well may have been the hottest the housing market gets this year,” said Redfin chief economist Daryl Fairweather. “Buyers who stepped away from the market at the beginning of the pandemic had been making up for lost time, which sent prices skyrocketing. But given that we are entering a winter wave of the pandemic, housing demand will likely lose a bit of steam until 2021, cooling the market from red-hot to just hot. If you are a seller, it’s probably a good idea to wait until the new year to list your home, but if you are a buyer, right now is a short window of opportunity where competition likely won’t be as intense as it was in October.”

“The market has definitely slowed in just the last couple of weeks, said Atlanta Redfin real estate agent Ronisha Carson. “Affordable homes are still seeing multiple offers, but more expensive listings are receiving less interest from buyers. Even though homebuying activity has slowed down, I have had three sellers reach out to me just this week to get on the market. Last year we saw a spike in demand in January and I think we will see that again in 2021.”

Median prices increased in all but one of the 85 largest metro areas Redfin tracks. The only metro area where prices fell from a year earlier was Honolulu (-0.8%). The largest price increases were in Bridgeport, CT (+39%), Memphis, TN (+30%) and Newark, NJ (+24%).

It’s likely that the big price gains in Bridgeport and Newark are due to the rush of people moving out of New York City in search of more space now that remote work has become more commonplace.

Market Summary

October 2020

Month-Over-Month

Year-Over-Year

Median sale price

$335,900

0.9%

14.2%

Homes sold, seasonally-adjusted

657,900

3.8%

23.9%

Pending sales, seasonally-adjusted

617,700

4.2%

36.1%

New listings, seasonally-adjusted

691,200

2.7%

11.6%

All homes for sale, seasonally-adjusted

1,658,700

-1.4%

-22.1%

Median days on market

28

-1

-15

Months of supply

1.5

-0.1

-1.4

Sold above list

34.8%

0.7 pts

12.7 pts

Median Off-Market Redfin Estimate

$325,800

1.5%

6.2%

Average Sale-to-list

99.5%

0.1 pts

1.3 pts

† – “pts” = percentage point change

Home sales were up 24% in October from a year earlier on a seasonally-adjusted basis, the largest increase on record (this Redfin data series goes back through 2012).

The number of homes sold in October was up from a year earlier in all 85 of the largest metro areas. The largest gains in sales were in Bridgeport, CT (+71%), Elgin, IL (+54%) and New Haven, CT (+54%). The smallest increase in the number of homes sold was in Honolulu (+4%).

Active listings—the count of all homes that were for sale at any time during the month—fell 22% year over year to their lowest level on record in October,  the 15th-straight month of declines.

Only three of the 85 largest metros tracked by Redfin posted a year-over-year increase in the count of seasonally-adjusted active listings of homes for sale: San Francisco (+48%), New York City (+25%) and San Jose, CA (+4%). The number of homes for sale are building up in these markets thanks to big gains in new listings (all over 40% year over year) coupled with more mild increases in home sales.

Compared to a year ago, the biggest declines in active housing supply in October were in Allentown, PA (-50%), Kansas City, MO (-49%) and Salt Lake City (-49%).

The number of new listings of homes for sale increased 12% in October from a year earlier, the largest year-over-year increase since September 2013. However, the increase in new listings was dwarfed by the increase in pending sales, which were up 36% from October 2019.

Measures of competition such as time on market and the share of homes sold above list price hit new records in October as they once again bucked the usual seasonal trend. This ongoing market dynamic is the result of a severe imbalance between the number of homebuyers and sellers in the market.

The typical home that sold in October went under contract in 28 days—16 days less than a year earlier, and a new all-time low.

Typically by this time of year, the market is well into a seasonal pattern where homes spend more time on the market and the share of homes that sell above list price declines. This year, seasonality is out the window as the market stays hot despite the ongoing pandemic and recession.

In October 35% of homes sold above list price—the highest level in Redfin’s data, which goes back through 2012—up from 22% a year earlier.

To read the full report, including charts and additional metro-level data highlights, please visit: https://www.redfin.com/news/home-sales-surge-24-percent/.

About Redfin
Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we’ve helped them buy or sell more than 235,000 homes worth more than $115 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com.

Contact Information:

press@redfin.com.


iCrowdNewswire

Existing-Home Sales Jump 4.3% to 6.85 Million in October Key Highlights

Existing-Home Sales

iCrowdNewswire   Nov 25, 2020  2:46 PM ET

 Existing-home sales continued to trend upward in October, marking five consecutive months of month-over-month gains, according to the National Association of Realtors®. All four major regions reported both month-over-month and year-over-year growth, with the Midwest experiencing the greatest monthly increases.

 

Total existing-home sales,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3% from September to a seasonally-adjusted annual rate of 6.85 million in October. Overall, sales rose year-over-year, up 26.6% from a year ago (5.41 million in October 2019).

“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” said Lawrence Yun, NAR’s chief economist. 

While coronavirus-induced shutdowns hindered virtually all markets, Yun says the housing industry has mounted an impressive rebound.

“The surge in sales in recent months has now offset the spring market losses,” he said. “With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market’s growth to continue into 2021.” Yun forecasts existing-home sales to rise by 10% to 6 million in 2021.

The median existing-home price2 for all housing types in October was $313,000, up 15.5% from October 2019 ($271,100), as prices increased in every region. October’s national price increase marks 104 straight months of year-over-year gains.

Total housing inventory3 at the end of October totaled 1.42 million units, down 2.7% from September and down 19.8% from one year ago (1.77 million). Unsold inventory sits at an all-time low 2.5-month supply at the current sales pace, down from 2.7 months in September and down from the 3.9-month figure recorded in October 2019.

“Homebuilders’ confidence has soared even though the actual production has not,” Yun said. “All measures, such as reduction to lumber tariffs and expansion of vocational training, need to be considered to significantly boost supply and construct new housing.”

Yun’s call for an increase in newly built homes comes on the heels of NAR’s quarterly Metropolitan Median Area Prices and Affordability report, which found that single-family existing-home prices rose in all of the 181 metropolitan areas NAR tracks. Sixty-five percent of those metros show double-digit price increases. Yun says replenishing the short supply of homes would help decelerate rising costs and improve market affordability.

Properties typically remained on the market for 21 days in October, seasonally even with September and down from 36 days in October 2019. Seventy-two percent of homes sold in October 2020 were on the market for less than a month.

First-time buyers were responsible for 32% of sales in October, up from the 31% in both September 2020 and October 2019. NAR’s 2020 Profile of Home Buyers and Sellers – released last week– revealed that the annual share of first-time buyers was 31%.

Individual investors or second-home buyers, who account for many cash sales, purchased 14% of homes in October, a small increase from the 12% figure recorded in September 2020 and equal to October 2019. All-cash sales accounted for 19% of transactions in October, up from 18% in September but unchanged from October 2019.

Distressed sales5 – foreclosures and short sales – represented less than 1% of sales in October, equal to September’s percentage but down from 2% in October 2019.

“Faced with many uncertainties in 2020, the real estate industry has been able to meet surprisingly strong homebuying demand and help lead our country’s economic recovery,” said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and broker/owner of Prominent Properties Sotheby’s International Realty. “As we continue to help consumers secure housing and property, we will also remain vigilant in working to expand housing options, equality and affordability for all who are entering the marketplace.”

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 2.83% in October, down from 2.89% in September. The average commitment rate across all of 2019 was 3.94%.

Single-family and Condo/Co-op Sales

Single-family home sales sat at a seasonally-adjusted annual rate of 6.12 million in October, up 4.1% from 5.88 million in September, and up 26.7% from one year ago. The median existing single-family home price was $317,700 in October, up 16.0% from October 2019.

Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 730,000 units in October, up 5.8% from September and up 25.9% from one year ago. The median existing condo price was $273,600 in October, an increase of 10.3% from a year ago.

Regional Breakdown

Median home prices increased at double-digit rates in each of the four major regions from one year ago.

September 2020 saw existing-home sales in the Northeast climb 4.7%, recording an annual rate of 900,000, a 30.4% increase from a year ago. The median price in the Northeast was $356,500, up 20.2% from October 2019.

Existing-home sales jumped 8.6% in the Midwest to an annual rate of 1,640,000 in October, up 28.1% from a year ago. The median price in the Midwest was $243,500, a 16.7% increase from October 2019.

Existing-home sales in the South increased 3.2% to an annual rate of 2.91 million in October, up 26.5% from the same time one year ago. The median price in the South was $272,500, a 15.7% increase from a year ago.

Existing-home sales in the West inched up 1.4% to an annual rate of 1,400,000 in October, an 22.8% increase from a year ago. The median price in the West was $467,800, up 15.1% from October 2019.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

For local information, please contact the local association of Realtors® for data from local multiple listing services (MLS). Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

NOTE: NAR’s Pending Home Sales Index for October is scheduled for release on November 30, and Existing-Home Sales for November will be released December 22; release times are 10:00 a.m. ET.

Information about NAR is available at www.nar.realtor. This and other news releases are posted on the NAR Newsroom at www.nar.realtor/newsroom. Statistical data in this release, as well as other tables and surveys, are posted in the “Research and Statistics” tab.

1 Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90% of total home sales, are based on a much larger data sample – about 40% of multiple listing service data each month – and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2 The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR’s quarterly metro area price reports.

3 Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90% of transactions and condos were measured only on a quarterly basis).

4 Survey results represent owner-occupants and differ from separately reported monthly findings from NAR’s Realtors® Confidence Index, which include all types of buyers. Investors are under-represented in the annual study because survey questionnaires are mailed to the addresses of the property purchased and generally are not returned by absentee owners. Results include both new and existing homes.

5 Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR’s Realtors® Confidence Index, posted at nar.realtor.

Contact Information:

https://www.nar.realtor


iCrowdNewswire

Urban Housing Ventures Announces Closing of its First Fund in Partnership with Microsoft, Washington Federal, Washington Trust Bank, and Stream Real Estate, and Financing Provided by Berkadia and Freddie Mac

Urban Housing Ventur

iCrowdNewswire   Nov 25, 2020  2:14 PM ET

Urban Housing Ventures (“UHV”), a fund with an innovative approach to addressing the affordable housing crisis, announced the closing of its first fund in partnership with Microsoft, Washington Federal, Washington Trust, and Stream Real Estate, and financing provided by Berkadia and Freddie Mac.

The organizations partnered to create a fund that enables investors to buy existing, market-rate apartments, then lower up to 40% of the units to middle-income levels, without losing long-term financial viability for investors. The new model accelerates the availability of affordable housing to middle-income earners like teachers and nurses.   

Urban Housing Venture’s Fund I acquired three Class A multifamily communities with 335 units in Bellevue and Kirkland, WA. UHV is converting 40% of the acquired units to middle-income affordable housing targeting individuals and families earning 60-80% of Area Median Income.

“The Puget Sound region hasn’t built enough housing for the people who live here, including many who are on the front lines of our community’s response to COVID-19,” said Brad Smith, President of Microsoft. “We need fresh, creative approaches like this one to quickly bring new private sector financing and funding to address the affordable housing crisis – in our home state of Washington and nationwide.”

“Through self-imposed rental restrictions we are helping ensure that affordable housing is not only preserved but created,” said Debby Jenkins, Executive Vice President and Head of Multifamily at Freddie Mac. “Our $325 million commitment will supply debt financing that drives the conversion of high-cost multifamily units to rental homes that are affordable to middle-class families. The creation of affordable housing is central to Freddie Mac’s mission, and it only becomes possible when we work together.”

“There are many different levels of need when it comes to affordable housing,” said Brent Beardall, President and CEO of Washington Federal Bank. “This partnership helps solve the often-forgotten middle income workforce – teachers, nurses, and first responders, to name a few. We are thrilled to be able to serve our community in this way, and to be part of a team leading the way to build diverse neighborhoods where middle income workers can actually afford to live.” 

Kevin Blair, President of Western Washington for Washington Trust Bank, added: “The rapid growth in the Puget Sound has put many pressures on the underlying infrastructure of our region.  Affordable housing is one of the key issues that we face. UHV provides an innovative and scalable solution for middle income housing. Washington Trust Bank is proud to team up with UHV and Microsoft to help create a solution for what is often referred to as workforce housing. By working together towards common goals like these, we can all make a difference in our communities.”

“Affordable housing is a critical issue that requires deep commitment and innovative problem solving from all sectors,” said Berkadia CEO Justin Wheeler. “I believe that multifamily solutions are the primary avenue to an answer. We are proud to have worked with UHV and Freddie Mac to facilitate a funding solution, together with Microsoft’s affordable housing commitment, for this unique and essential project. We will continue the crucial work that supports the shared mission of our partners to provide safe and affordable housing for communities in the Pacific Northwest and across the country.”

“One of the most pressing challenges we face in our community is how to quickly provide a new supply of high-quality affordable housing. We are grateful to our lead partners for supporting the long-term vision of bringing a scalable solution to this issue,” said Tim Cavanaugh, Managing Member of Stream Real Estate.

About Urban Housing Ventures

Urban Housing Ventures is an innovative privately funded company bringing affordable housing apartment units to middle-income individuals and families. UHV believes that our cities are stronger and more vibrant when those who work in our cities can also afford to live there.  Led by management from Stream Real Estate, UHV takes existing high-quality and well-located apartment units and converts units to affordable housing units while maintaining existing market-rate housing. This helps create economically diverse communities, while also delivering long-term risk adjusted market returns. UHV’s business model is economically viable and scalable because of the combination of low-interest Freddie Mac loans and a continuation of market rents on a portion of the units.  For more information on UHV’s philosophy and approach to addressing affordable housing, or for more information on leasing opportunities through UHV property manager Avenue 5, visit www.urbanhousingventures.com.

Contact Information:

www.urbanhousingventures.com


iCrowdNewswire

Knock Home Swap™ Launches in North Carolina, Homeowners Can Now Buy Before They Sell with Confidence

Knock Home Swap™ L

iCrowdNewswire   Nov 25, 2020  1:43 PM ET

 Starting today, homeowners in Charlotte and Raleigh, N.C., can use the Knock Home Swap to shop with confidence to purchase their new home before selling their old one.

The Knock Home Swap brings certainty, convenience and cost savings to home sellers who are also homebuyers by empowering them to make a non-contingent offer on the home they want and move before preparing and listing their old house for sale for the highest possible price.

“We couldn’t be more excited to bring the Home Swap to Charlotte and Raleigh, two of our original Home Trade-In markets,” said Knock Co-Founder & CEO Sean Black. “Like the Home Trade-In, the Home Swap allows consumers to unlock the equity in their current house to buy their dream home and move on their terms. The Home Swap offers the advantage of additional cost savings, more funds to make needed home repairs to ensure the old house sells for top dollar and the ability to work with your own agent.”

With today’s launch, the Home Swap is available in a total of 11 markets in six states. In addition to Charlotte and Raleigh, consumers can use the Home Swap to buy before they sell in PhoenixDenverAtlantaOrlandoTampaAustinDallas/Fort WorthHouston and San Antonio through more than 40 brokerage firms with more than 27,000 agents. The company plans to expand to at least 21 markets by mid-2021.

Offered through local real estate professionals who have been trained as Knock Certified Agents, the Knock Home Swap provides a fully integrated and competitively priced mortgage, an interest-free bridge loan to cover the down payment on the new home as well as mortgage payments and up to $25,000 for home prep and repairs on the old house.

With the Home Swap, consumers immediately take ownership and begin earning equity in their new home. Once settled, they are able to prep and repair their old house so they can sell it for the highest possible price. As part of its Home Prep Concierge, Knock provides access to its approved contractor network and manages the payment of all bills upon client-approved completion of work. Additionally, Knock provides a backup offer on the old house in the unlikely event that it doesn’t sell within six months. Ninety percent of Knock homes sell in 90 days or less. 

Knock is partnering with Better Homes & Gardens Real Estate Paracle, Wilkinson ERA Real Estate and ERA Live Moore to enable homeowners in the Charlotte and Raleigh metros to “swap” their current house for their dream home.

“The Home Swap is specifically designed to help those people who need to use the equity in their house to buy a new home,” said Tony Hanson, Partner, Better Homes & Gardens Real Estate Paracle. “The word paracle means to come alongside, advise and counsel, and it’s more than just our name – it’s how we operate our business. By teaming with Knock, we are able to offer our customers a solution that will give them the comfort of knowing they can buy their new home before selling their old one for the highest possible price. It’s an incredible tool, especially in today’s low inventory environment.”

“Inventory across the Carolinas remains tight, making the markets we serve extremely competitive and creating multiple offer situations,” said Eb Moore, CEO of Wilkinson ERA Real Estate and ERA Live Moore. “The Knock Home Swap program in our Charlotte and Raleigh markets will give our agents a compelling tool that will allow them to help their clients win in multiple offer situations. In addition, it will help to ease some of the stress of buying when you have a home to sell, leading to a better consumer experience overall.”

About Knock
Knock makes it easy for consumers to swap their current house for their dream home. With the Knock Home Swap™, homeowners get the certainty of buying the new home they want first and the convenience of selling the old one after, while saving money in the process. Knock pioneered the Home Trade-In in 2017, and perfected it in 2020 with the launch of the Home Swap. Today, homeowners work with the local Knock Certified Agent of their choice to buy and move into their new home before selling their old one. They skip the hassles of living through repairs and showings, pay only one mortgage at a time and have home prep covered upfront so their old house sells on the market for the highest possible price.

Launched in 2015 by founding team members of Trulia.com, Knock has raised more than $600 million in debt and equity from top tier investors, including RRE Ventures, Foundry Group, Redpoint, Greycroft, Corazon Capital, Correlation Ventures, Great Oaks Venture Capital and FJ Labs. The company is headquartered in New York and San Francisco and offers the Home Swap in 11 markets with more cities on the way. Learn more at www.knock.com.

About Better Homes and Gardens Real Estate Paracle
Headquartered in Charlotte, N.C., Paracle LLC , is engaged in the Real Estate Industry and offers Real Estate Brokerage and Home Services around the Carolinas, currently selling homes in CharlotteRaleighWinston SalemGreensboroFayettevilleColumbia and Myrtle Beach. Recently recognized as one the fastest growing companies on the Inc. 5000 list. Paracle ranked 930th in the U.S. and the 31st fastest growing real estate company. The company has a notable legacy of more than eight years of real estate operations, and is on track to be a billion-dollar company by the end of 2021. For more information about the company and its services and markets, please visit the company’s website at www.ParacleRealty.com

About Wilkinson ERA
Wilkinson ERA Real Estate has 11 offices and over 850 agents in North and South Carolina.  With sales over $1.4 billion in 2019 and over 4,753 closed sides, Wilkinson ERA Real Estate is the #1 ERA real estate firm in the Carolinas, #2 in the United States, and the top 1% of real estate firms nationwide.  Wilkinson ERA Real Estate earned the ERA Circle of Success Platinum Company Designation again in 2019, recognizing real estate organizations that perform in excess of 1,500 total units closed and/or $7 million in total annual gross commissions. 

Contact: pr@knock.com

Contact Information:

 pr@knock.com


iCrowdNewswire

Realtor.com® Weekly Housing Report: Buyers and Sellers Jump Back in Post Election

Metro

Median
Listing
Price YoY

Total
Listings
YoY

Median Days
on Market
YoY

Akron, Ohio

9.9%

-51.9%

12 days faster

Albany-Schenectady-Troy, N.Y.

13.8%

-37.8%

15 days faster

Albuquerque, N.M.

14.9%

-46.3%

14 days faster

Allentown-Bethlehem-Easton, Pa.-N.J.

14.1%

-50.6%

21 days faster

Atlanta-Sandy Springs-Roswell, Ga.

8.2%

-46.1%

10 days faster

Augusta-Richmond County, Ga.-S.C.

7.7%

-51.0%

29 days faster

Austin-Round Rock, Texas

19.2%

-51.3%

13 days faster

Bakersfield, Calif.

17.6%

-46.7%

18 days faster

Baltimore-Columbia-Towson, Md.

1.6%

-52.8%

13 days faster

Baton Rouge, La.

13.7%

-39.7%

10 days faster

Birmingham-Hoover, Ala.

0.5%

-34.6%

18 days faster

Boise City, Idaho

21.9%

-72.3%

13 days faster

Boston-Cambridge-Newton, Mass.-N.H.

12.8%

-25.6%

14 days faster

Bridgeport-Stamford-Norwalk, Conn.

0.0%

-26.7%

36 days faster

Buffalo-Cheektowaga-Niagara Falls, N.Y.

10.6%

-47.1%

10 days slower

Cape Coral-Fort Myers, Fla.

9.4%

-42.1%

7 days faster

Charleston-North Charleston, S.C.

14.5%

-44.9%

25 days faster

Charlotte-Concord-Gastonia, N.C.-S.C.

10.4%

-48.1%

14 days faster

Chattanooga, Tenn.-Ga.

8.7%

-50.6%

11 days faster

Chicago-Naperville-Elgin, Ill.-Ind.-Wis.

9.1%

-31.8%

8 days faster

Cincinnati, Ohio-Ky.-Ind.

15.3%

-42.7%

11 days faster

Cleveland-Elyria, Ohio

6.5%

-47.0%

16 days faster

Colorado Springs, Colo.

9.0%

-56.4%

16 days faster

Columbia, S.C.

9.3%

-49.4%

17 days faster

Columbus, Ohio

12.7%

-47.6%

12 days faster

Dallas-Fort Worth-Arlington, Texas

5.9%

-48.5%

10 days faster

Dayton, Ohio

11.8%

-44.3%

14 days faster

Deltona-Daytona Beach-Ormond Beach, Fla.

6.4%

-43.7%

12 days faster

Denver-Aurora-Lakewood, Colo.

4.4%

-45.5%

8 days faster

Des Moines-West Des Moines, Iowa

4.3%

-31.3%

11 days faster

Detroit-Warren-Dearborn, Mich

9.6%

-47.2%

8 days faster

Durham-Chapel Hill, N.C.

14.0%

-45.3%

16 days faster

El Paso, Texas

19.1%

-48.7%

5 days faster

Fresno, Calif.

9.2%

-57.9%

13 days faster

Grand Rapids-Wyoming, Mich

7.1%

-47.8%

5 days faster

Greensboro-High Point, N.C.

-1.9%

-50.8%

17 days faster

Greenville-Anderson-Mauldin, S.C.

3.4%

-40.5%

10 days faster

Harrisburg-Carlisle, Pa.

15.2%

-57.9%

7 days faster

Hartford-West Hartford-East Hartford, Conn.

8.7%

-29.8%

22 days faster

Houston-The Woodlands-Sugar Land, Texas

9.8%

-32.5%

13 days faster

Indianapolis-Carmel-Anderson, Ind.

3.5%

-44.9%

14 days faster

Jackson, Miss.

16.1%

-49.1%

21 days faster

Jacksonville, Fla.

1.0%

-46.8%

12 days faster

Kansas City, Mo.-Kan.

10.0%

-46.6%

14 days faster

Knoxville, Tenn.

10.5%

-50.3%

22 days faster

Lakeland-Winter Haven, Fla.

7.6%

-27.5%

11 days faster

Las Vegas-Henderson-Paradise, Nev.

7.6%

-17.9%

10 days faster

Little Rock-North Little Rock-Conway, Ark.

19.4%

-60.9%

16 days faster

Los Angeles-Long Beach-Anaheim, Calif.

16.3%

-18.0%

12 days faster

Louisville/Jefferson County, Ky.-Ind.

0.0%

-47.5%

16 days faster

Madison, Wis.

4.3%

-43.8%

17 days faster

McAllen-Edinburg-Mission, Texas

15.4%

-41.1%

25 days faster

Memphis, Tenn.-Miss.-Ark.

12.8%

-51.4%

12 days faster

Miami-Fort Lauderdale-West Palm Beach, Fla.

0.2%

-18.0%

1 day slower

Milwaukee-Waukesha-West Allis, Wis.

3.6%

-39.9%

11 days faster

Minneapolis-St. Paul-Bloomington, Minn.-Wis.

0.9%

-30.3%

8 days faster

Nashville-Davidson–Murfreesboro–Franklin, Tenn.

7.6%

-46.8%

9 days faster

New Haven-Milford, Conn.

11.2%

-24.7%

25 days faster

New Orleans-Metairie, La.

15.8%

-38.3%

7 days faster

New York-Newark-Jersey City, N.Y.-N.J.-Pa.

11.2%

-4.6%

5 days slower

North Port-Sarasota-Bradenton, Fla.

1.6%

-40.5%

13 days faster

Oklahoma City, Okla.

6.0%

-41.7%

5 days faster

Omaha-Council Bluffs, Neb.-Iowa

5.5%

-45.4%

1 day slower

Orlando-Kissimmee-Sanford, Fla.

1.6%

-21.6%

No change

Oxnard-Thousand Oaks-Ventura, Calif.

7.9%

-47.6%

9 days faster

Palm Bay-Melbourne-Titusville, Fla.

3.4%

-40.9%

8 days faster

Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.

15.3%

-40.3%

13 days faster

Phoenix-Mesa-Scottsdale, Ariz.

10.5%

-42.5%

8 days faster

Pittsburgh, Pa.

24.1%

-39.5%

11 days faster

Portland-South Portland, Maine

10.7%

-45.1%

30 days faster

Portland-Vancouver-Hillsboro, Ore.-Wash.

11.6%

-42.9%

10 days faster

Providence-Warwick, R.I.-Mass.

6.4%

-50.7%

14 days faster

Raleigh, N.C.

6.3%

-48.1%

18 days faster

Richmond, Va.

12.9%

-47.9%

7 days faster

Riverside-San Bernardino-Ontario, Calif.

15.9%

-53.9%

14 days faster

Rochester, N.Y.

15.0%

-41.3%

13 days faster

Sacramento–Roseville–Arden-Arcade, Calif.

15.2%

-46.3%

18 days faster

Salt Lake City, Utah

17.3%

-52.7%

13 days faster

San Antonio-New Braunfels, Texas

4.5%

-40.7%

12 days faster

San Diego-Carlsbad, Calif.

9.9%

-21.8%

2 days slower

San Francisco-Oakland-Hayward, Calif.

10.2%

9.1%

3 days faster

San Jose-Sunnyvale-Santa Clara, Calif.

10.4%

-1.5%

14 days faster

Scranton–Wilkes-Barre–Hazleton, Pa.

15.6%

-50.8%

36 days faster

Seattle-Tacoma-Bellevue, Wash.

8.6%

-36.7%

7 days faster

Spokane-Spokane Valley, Wash.

7.1%

-50.8%

8 days faster

Springfield, Mass.

14.6%

-43.5%

18 days faster

St. Louis, Mo.-Ill.

9.1%

-38.9%

14 days faster

Stockton-Lodi, Calif.

5.4%

-64.4%

8 days faster

Syracuse, N.Y.

9.8%

-43.7%

7 days faster

Tampa-St. Petersburg-Clearwater, Fla.

7.3%

-42.8%

13 days faster

Toledo, Ohio

0.0%

-43.0%

11 days faster

Tucson, Ariz.

10.5%

-45.0%

7 days faster

Tulsa, Okla.

8.0%

-39.5%

9 days faster

Urban Honolulu, Hawaii

-8.1%

27.2%

2 days faster

Virginia Beach-Norfolk-Newport News, Va.-N.C.

5.0%

-46.8%

23 days faster

Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.

5.2%

-34.2%

10 days faster

Wichita, Kan.

9.8%

-35.4%

15 days faster

Winston-Salem, N.C.

0.4%

-48.2%

19 days faster

Worcester, Mass.-Conn.

9.1%

-51.0%

25 days faster

Youngstown-Warren-Boardman, Ohio-Pa.

16.7%

-52.7%

24 days faster

All County Property Management Extends Services to Texas

All County Property

iCrowdNewswire   Nov 25, 2020  12:41 PM ET

Owning rental properties in Texas just got easier. The creators of All County® Property Management are proud to announce they are expanding service to the West Houston area.  All County Prime Property Management is now one of the 55+ franchisees of one of the world’s best and most comprehensive franchises in property management.

All County provides tenant screening, negotiation, placement and renewals, rent collection, maintenance coordination, and easy online accounting. Fady Chaban, one of the owners of All County Prime Property Management says, “We were impressed by the professionalism, quality, and knowledge All County provides. We saw an opportunity for both [Ana and I] to grow, and we want to extend that growth to our clients.”

After both working and owning his own firm in the petroleum engineering consulting industry for 12+ years Fady and Ana Chaban were ready for a change. Fady, with his background in consulting with clients worldwide and Ana, with her degree in Accounting and finance thought a Property Management Business would be perfect for them. Growing up around a family of Real Estate investors Ana and Fady have comprehensive experience and knowledge of the Property Management Industry. “Our management approach consists of strong coordination between investors, accounting, vendors, and property managers,” adds Fady.  “We offer quality services tailored to the individual needs of our clients. If our clients are happy, then we are happy too.”

All County® Prime is located at 25722 Kingsland Blvd. Suite 201-A Katy, TX 77494.  Please call us at (832) 510-2800 or visit AllCountyPrime.com so we can help you get the best return on your property investment.

About:
All County Prime Property Management has joined a nationwide network containing the world’s best and most comprehensive franchises in the property management industry. All County property managers are experts in their fields, from marketing and tenant screening to lease negotiation, rent collections, and maintenance. With 30 years of experience in the property management industry, All County helps property owners maximize their investments by maintaining locations, communicating openly with tenants, and taking on the daily responsibilities of ownership.

All County provides franchisees with the opportunity to work under the reputation of a well-established firm, and gain the confidence and ability to own a business prepared for success.

For more information about All County Franchise, please visit AllCountyFranchise.com

Media Contact: Krysta Brown, All County Franchise, 1-855-245-7368 ext. 121, Krysta@AllCountyFranchise.com

Contact Information:

ll County Franchise, 1-855-245-7368 ext. 121, Krysta@AllCountyFranchise.com


iCrowdNewswire

Caesars Entertainment and VICI Properties Complete Sale of Bally’s Atlantic City

Caesars Entertainmen

iCrowdNewswire   Nov 25, 2020  12:10 PM ET

Caesars Entertainment, Inc. and VICI Properties Inc. announced they have completed the previously disclosed transaction to sell Bally’s Atlantic City to Bally’s Corporation , previously known as Twin River Worldwide Holdings Inc., for $25.0 million.  The proceeds of the transaction were split 75% to VICI and 25% to Caesars, while the annual base rent payments under the Regional Master Lease between Caesars and VICI remain unchanged.

About Caesars Entertainment

Caesars Entertainment is the largest casino-entertainment company in the U.S. and one of the world’s most diversified casino-entertainment providers. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s®, Horseshoe® and Eldorado® brand names. Caesars Entertainment offers diversified amenities and one-of-a-kind destinations, with a focus on building loyalty and value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.    

About VICI Properties

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 28 gaming facilities comprising 47 million square feet and features approximately 18,000 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars, Century Casinos, Hard Rock International, JACK Entertainment and Penn National Gaming. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond Caesars’ and VICI’s control and could materially affect actual results, performance, or achievements.

Although each of Caesars and VICI believe that in making such forward-looking statements its expectations are based upon reasonable assumptions, such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected.  Caesars and VICI cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Important risk factors that may affect their respective business, results of operations and financial position (including, without limitation, the effects of the COVID-19 public health emergency) are detailed from time to time in each of Caesars’ and VICI’s filings with the Securities and Exchange Commission. Neither Caesars nor VICI undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Contact Information:

www.caesars.com/corporate


iCrowdNewswire

Simon Property Group Announces Pricing Of Upsized Common Stock Offering

Simon Property Group

iCrowdNewswire   Nov 25, 2020  11:49 AM ET

Simon Property Group, Inc., a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced that Simon has priced an upsized public offering of 19,250,000 shares of common stock at a public offering price of $72.50 per share that is expected to close November 23, 2020, subject to the satisfaction of customary closing conditions. Net proceeds from the offering, after deducting fees and estimated expenses related to the offering, will be approximately $1.35 billion. The Company has granted the underwriters an overallotment option to purchase up to 2,887,500 additional shares of common stock.

The Company intends to contribute the net proceeds from the offering to Simon Property Group, L.P. (the “Operating Partnership”), which intends to use such proceeds to fund the previously announced acquisition of an 80% interest in The Taubman Realty Group Limited Partnership (the “Taubman Acquisition”) in part and for other general business purposes, which may include, without limitation, repaying or repurchasing indebtedness, working capital and capital expenditures.

BofA Securities and Citigroup are acting as joint book-running managers and representatives of the underwriters for the offering. J.P. Morgan, Mizuho Securities, Scotiabank, SMBC Nikko, SOCIETE GENERALE, BNP PARIBAS, TD Securities, Jefferies, Wells Fargo Securities, BTIG, Truist Securities, RBC Capital Markets, Barclays, Deutsche Bank Securities, Raymond James and Santander are also acting as joint book-running managers for the offering. BNY Mellon Capital Markets, LLC, Credit Suisse, Regions Securities LLC, Fifth Third Securities, MUFG, Compass Point Research & Trading, Evercore ISI, Piper Sandler, Ramirez & Co., Inc. and Stifel are acting as co-managers for the offering.

The offering is being conducted as a public offering under the Company’s effective shelf registration statement and a preliminary prospectus supplement and accompanying prospectus filed by the Company with the Securities and Exchange Commission (“SEC”).  Any offer of securities will be made by means of the prospectus supplement and accompanying prospectus.  The preliminary prospectus supplement and accompanying prospectus related to the offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov.

When available, copies of the prospectus supplement and accompanying prospectus for the offering can be obtained by contacting: BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-Looking Statements
Certain statements made in this press release may be deemed “forward–looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in any forward–looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained, and it is possible that the Company’s actual results may differ materially from those indicated by these forward–looking statements due to a variety of risks, uncertainties and other factors. Such factors include, but are not limited to: uncertainties regarding the impact of the COVID-19 pandemic and governmental restrictions intended to prevent its spread on our tenants’ businesses, financial condition, results of operations, cash flow and liquidity and our ability to access the capital markets, satisfy our debt service obligations and make distributions to our stockholders; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; changes in economic and market conditions that may adversely affect the general retail environment; the intensely competitive market environment in the retail industry; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; the potential loss of anchor stores or major tenants; decreases in market rental rates; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that may adversely affect our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; general risks related to real estate investments, including the illiquidity of real estate investments; security breaches that could compromise our information technology or infrastructure; risks relating to our joint venture properties; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; changes in insurance costs; the availability of comprehensive insurance coverage; natural disasters; the potential for terrorist activities; environmental liabilities; the loss of key management personnel; the completion of the Taubman Acquisition and the use of proceeds from the offering; and the transition of LIBOR to an alternative reference rate. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC.  The Company may update that discussion in subsequent other periodic reports, but except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

About Simon 
Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company. Our properties across North AmericaEurope and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

Contact Information:

http://www.simon.com


iCrowdNewswire

Rise In Home-Purchase Mortgages Helps Power Third-Quarter Increase In Residential Lending

Rise In Home-Purchas

iCrowdNewswire   Nov 25, 2020  11:08 AM ET

 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 2020 U.S. Residential Property Mortgage Origination Report, which shows that 3.25 million mortgages secured by residential property (1 to 4 units) were originated in the third quarter of 2020 in the United States. That figure was up 17 percent from the prior quarter and 45 percent from the third quarter of 2019, to the highest level in 13 years.

With interest rates dipping below 3 percent for a 30-year fixed-rate loan, home mortgages originated in the third quarter of 2020 represented an estimated $974.1 billion in total dollar volume. That number was up 20 percent from the second quarter of 2020 and 52 percent from a year ago, to the highest point since 2005.

The increases came in part from a jump in purchase mortgages, which grew faster on a quarterly basis than the number of refinance loans for the first time in more than a year.

Lenders issued roughly 1.05 million home-purchase mortgages in the third quarter of 2020, up 28 percent from the second quarter and 25 percent from the third quarter of 2019. The dollar amount of purchase loans jumped to $336.3 billion in the third quarter of 2020, a 35 percent increase from the prior quarter and a 36 percent increase from a year ago.

Refinance activity, meanwhile, continued to represent the majority of home loans and kept growing, but at a smaller quarterly pace than purchase lending. The number of refinancing loans went up only 16 percent from the second quarter to the third quarter of 2020, to 1.96 million, while the amount refinanced increased 15 percent, to $587.6 billion.

As a result, the amount of money lent to buyers taking out new mortgages in the third quarter of 2020 represented 34.5 percent of all lending, up from 30.6 percent in the second quarter of 2020; the portion refinanced by owners rolling over old mortgages dipped from 63.1 percent in the second quarter of 2020 to 60.3 percent in the third quarter of 2020.

While purchase and refinancing activity increased, home equity lending continued declining, with the dollar volume dipping another 1 percent in the third quarter to the lowest level since 2014.

The overall rise in home lending during the third quarter resumed as the virus pandemic continued spreading throughout the United States, damaging major sectors of the economy. While the national unemployment rate dropped in the third quarter, it remained more than twice as high as it was when the pandemic began surging through the country in March.

Historical Residential Mortgage Originations Graphic

“The home-loan industry got even busier in the third quarter of 2020, with the housing market still operating as if the recession brought on by the pandemic didn’t exist. Buyers and owners, lured by low mortgage rates, kept lining up for loans at levels not seen in more than a decade,” said Todd Teta, chief product officer at ATTOM Data Solutions. “The one difference in the third quarter was that purchase lending beat out refinance activity for the first time in more than a year. However, we do cautiously note again, as we have with other recent market reports, that the pandemic and other factors could come together and halt the market boom. In the meantime, the third quarter stands out as another banner quarter for lenders.”

Purchase originations rise 25 percent from second quarter to third quarter in half the nation
Lenders originated 1,050,624 purchase mortgages in the third quarter of 2020, up 28.1 percent from the second quarter of 2020 and up 25.4 percent from the third quarter of 2019, to the highest level since the third quarter of 2006.

Residential purchase mortgage originations increased from the second to the third quarter of 2020 in 204 of the 215 metro areas that have a population greater than 200,000 and at least 1,000 total loans (94.9 percent) and increased by at least 25 percent in 115 metro areas (53.5 percent). The largest quarterly increases were in Springfield, IL (up 233.5 percent); Savannah, GA (up 158 percent); Barnstable Town, MA (up 132.7 percent); Scranton, PA (up 85.6 percent) and Bridgeport, CT (up 77.5 percent).

Metro areas with at least 1 million people and the biggest quarterly increases in purchase originations were Boston, MA (up 75.3 percent); Hartford, CT (up 52.6 percent); San Jose, CA (up 49.8 percent); Los Angeles, CA (up 43.3 percent) and St. Louis, MO (up 42.2 percent).

Counter to the national trend, residential purchase mortgage lending decreased from the second quarter to the third quarter of 2020 in just 11 of the 215 metro areas analyzed in the report (5.1 percent). The largest decreases were in Sioux Falls, SD (down 60.1 percent)Myrtle Beach, SC (down 17.5 percent); Cedar Rapids, IA (down 16.6 percent); Ann Arbor, MI (down 14.5 percent) and Baltimore, MD (down 7 percent).

Aside from Baltimore, one other metro area with at least 1 million people had a quarterly decrease in purchase originations, Pittsburgh, PA (down 3.6 percent).

Refinance mortgage originations up 16 percent from second quarter
Lenders issued 1,955,668 residential refinance mortgages in the third quarter of 2020, up 15.7 percent from the second quarter of 2020 and 84.5 percent from the third quarter of 2019.

Refinance activity increased from the second to the third quarter of 2020 in 183 of the 215 metropolitan statistical areas analyzed in the report (85.1 percent) and rose by at least 25 percent in 56 metro areas (26 percent). The largest quarterly increases were in Laredo, TX (up 73 percent); Clarksville, TN (up 60.4 percent); Scranton, PA (up 58.6 percent); Erie, PA (up 50.3 percent) and Visalia, CA (up 48.8 percent).

Metro areas with at least 1 million people with the biggest increases in refinance activity from the second quarter to the third quarter of 2020 were Tucson, AZ (up 38.4 percent); Virginia Beach, VA (up 37.8 percent); Richmond, VA (up 35 percent); Las Vegas, NV (up 32 percent) and San Jose, CA (up 31.8 percent).

Metro areas with the biggest declines in refinancing loans from the second to the third quarter of 2020 were led by Sioux Falls, SD (down 51.2 percent); Myrtle Beach, SC (down 44.7 percent); Springfield, IL (down 40.9 percent); Pittsburgh, PA (down 29.5 percent) and Ann Arbor, MI (down 28.1 percent).

Aside from Pittsburgh, metro areas with at least 1 million people where refinance mortgages decreased from the second to the third quarter of 2020 included Rochester, NY (down 14.8 percent); Detroit, MI (down 9.6 percent); Grand Rapids, MI (down 9.6 percent) and New Orleans (down 7.1 percent).

HELOC originations down 7 percent from the prior quarter
A total of 244,555 home equity lines of credit (HELOCs) were originated on residential properties in the third quarter of 2020, down 7.1 percent from the previous quarter and down 28.7 percent from a year earlier. The latest number marked the lowest point since the first quarter of 2014.

Residential HELOC mortgage originations decreased from the second to the third quarter of 2020 in 58.3 percent of metropolitan statistical areas that have a population greater than 200,000 and sufficient data to analyze. The largest decreases were in Ann Arbor, MI (down 56.5 percent); Sioux Falls, SD (down 51.4 percent); Atlantic City, NJ (down 49 percent); Pittsburgh, PA (down 42.7 percent) and Spartanburg, SC (down 42.2 percent).

Counter to the national trend, residential HELOC mortgage originations stayed the same or increased from the second to the third quarter of 2020 in 41.7 percent of metro areas analyzed for the report. The biggest increases were in Corpus Christi, TX (up 170.4 percent); College Station, TX (up 100 percent); New Haven, CT (up 93.2 percent); Bridgeport, CT (up 83.3 percent) and McAllen, TX (up 80 percent).

FHA loan share rises
Mortgages backed by the Federal Housing Administration (FHA) accounted for 336,272, or 10.3 percent of all residential property loans originated in the third quarter of 2020. That was up from 9.4 percent of all loans in the second quarter of 2020, but down from and 13.2 percent in the third quarter of 2019.

Residential loans backed by the U.S. Department of Veterans Affairs (VA) accounted for 283,216 or 8.7 percent of all residential property loans originated in the third quarter of 2020, the same percentage as in the previous quarter but down slightly from 8.8 percent a year ago.

Median down payments and total amount borrowed hit new highs
The median down payment on single-family homes and condos purchased with financing in the third quarter of 2020 was $20,775, up 48.9 percent from $13,950 in the previous quarter and 68.6 percent from $12,325 in the third quarter of 2019. The latest figure was the highest recorded since at least 2000.

The median down payment of $20,775 was 6.6 percent of the median sales price for homes purchased with financing during the third quarter, up from 5 percent in the previous quarter and up from 4.7 percent a year ago.

Among homes purchased in the third quarter of 2020, the median loan amount was $275,500 – also a new high since 2000. The amount was up 10.3 percent from the prior quarter and 24.2 percent from the third quarter of last year.

Report methodology
ATTOM Data Solutions analyzed recorded mortgage and deed of trust data for single-family homes, condos, town homes and multi-family properties of two to four units for this report. Each recorded mortgage or deed of trust was counted as a separate loan origination. Dollar volume was calculated by multiplying the total number of loan originations by the average loan amount for those loan originations.

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).

Media Contact:
Christine Stricker
949.748.8428
christine.stricker@attomdata.com 

Data and Report Licensing:
949.502.8313
datareports@attomdata.com

Contact Information:

Christine Stricker
949.748.8428
christine.stricker@attomdata.com 


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