News & Press

Below are press releases announcing; acquisitions, divestitures and industry news.

Home prices climb 6.9% in December

But new listings decline to the lowest level since 2012

In December, home sale-prices climbed 6.9% year over year, rising to a median of $312,500 across 217 housing markets, according to new data from Redfin.

Month over month, home sale-prices rose 1.1% on a seasonally adjusted basis, marking the largest increase since February of 2018.

Daryl Fairweather, Redfin’s chief economist, said December’s price growth is largely attributed to the nation’s relatively low mortgage rates, which boosted homebuyer demand during the month.

“Low mortgage rates and a strong economy fueled homebuyer demand in December, which boosted both home sales and prices,” Fairweather said. “Prices heated up in West Coast metros like Seattle and Los Angeles, which indicates the slowdown of 2019 has officially ended in these markets.”

According to Redfin’s analysis, the number of homes listed for sale in December increased by 6.8% from the previous year, marking the fifth consecutive month of increases.

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Top 10 U.S. Counties with Foreclosure Start Increases in 2019

According to ATTOM Data Solutions’ just released 2019 Year-End U.S. Foreclosure Market Report, foreclosure filings were reported on 493,066 U.S. properties in 2019, down 83 percent from a peak of nearly 2.9 million in 2010 to the lowest level since tracking began in 2005.

ATTOM’s annual year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,200 counties nationwide, with address-level data on nearly 25 million foreclosure filings historically, also available for license or customized reporting.

One key takeaway from the 2019 foreclosure market analysis is bank repossessions have decreased 86 percent since their peak in 2010. Lenders repossessed 143,955 properties through foreclosure (REO) in 2019, down 37 percent from 2018 and down 86 percent from a peak of 1,050,500 in 2010 to the lowest level as far back as data is available — 2006.

Another key takeaway from ATTOM’s year-end foreclosure market report is foreclosure starts hit a new record low nationwide. Lenders started the foreclosure process on 335,985 U.S. properties in 2019, down 9 percent from 2018 and down 84 percent from a peak of 2,139,005 in 2009 to a new all-time low going back as far as foreclosure start data is available — 2006.

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Multifamily market expected to grow in 2020

Following a record-setting 2019, the apartment market is predicted to see more new builds

According to a new report from RealPage, the U.S. apartment market is set to receive more new units in 2020 than it has in any of the last 30 years.

The multifamily market had a rollercoaster of a year in 2019.

Multifamily vacancies hit record lows, with occupancy levels reaching as high as 95.8%, according to RealPage. This is 40 basis points above figures in 2018.

The real estate tech company says it expects about 371,000 new apartment units to hit the market this year, which is a 50% increase compared to last year’s expected new builds.

With all of the new supply expected to hit the market this year, this means about 17% more apartment units will be added to the market.

“Developers have struggled to produce enough new housing to meet demand in recent years,” said Greg Willett, chief economist at RealPage. “However, the volume of apartments on the way in 2020 certainly could test the market’s ability to absorb a big block of additional units in a short time frame.”

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Proximity to Rail Service to Play a Bigger Role in Industrial Site Selection

As rail service has become faster, industrial developers are increasingly considering rail access in site selection.

A growing truck driver shortage, along with improved efficiency of U.S. rail operations, has more shippers considering rail transportation as a viable alternative to long-haul trucking. As a result, some developers are placing new industrial development projects adjacent to rail access sites.

Industrial developers and investors are considering the advantages of rail access when choosing locations for new projects, says Tray Anderson, who heads the logistics and industrial services platform in the Americas for real estate services firm Cushman & Wakefield. While rail access doesn’t drive location decisions, it has become a risk mitigation strategy, offering an alternative to trucking if the driver shortage escalates.

Rail’s efficiency, safety, cost savings and superior delivery windows are widely recognized, says Reagan Shanley, executive vice president of industrial development at Denver-based The Broe Group and its affiliate OmniTRAX, a railroad developer/operator that connects businesses to class I railroads nationally. A 2018 American Trucking Association’s study found that moving products by rail was 45 percent less expensive per ton than shipping by trucks. The exceptions, according to Anderson, include non-competitive destinations only served by one rail line and seasonal shipments of agricultural products, when pricing escalates.

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Apartment Outlook 2020: Riding the Zenith

Flush with capital and boosted by solid fundamentals, multifamily real estate rolls into the new decade with an optimism that seems almost too good to last.

Carl Dranoff is like the M. Night Shyamalan of multifamily real estate development. Rooted in Philadelphia since receiving his MBA from Harvard in 1972, Dranoff has succeeded through multiple economic cycles by adopting a maverick mentality and a cut-no-corners approach to developing high-end, placemaking properties across the City of Brotherly Love. With a zig-when-they-zag strategy for finding emerging investment opportunities, Dranoff follows a personal credo that “if you follow the pack, you’ll always be behind the curve.”

So when Dranoff unloaded his six-property luxury apartment portfolio to Denver-based Aimco in April 2018 for $445 million, market watchers took notice. On the surface, Dranoff’s subsequent move into for-sale, high-rise condominium development has had all the marks of the developer’s iconoclastic market timing. Even as investor demand for multifamily has continued to boost asset valuations in Philadelphia and nationally, Dranoff has tapped into a parallel (and unmet) demand for luxury condos from buyers discontented with the single-family home market supply.

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There are 218 cities in the U.S. where the “typical” home costs at least $1 million

Zillow report shows how much it costs to buy a “typical” home in the U.S.

The luxury real estate market had a bumpy 2019, but ended in a steady rise in luxury home prices.

In the first quarter of 2019, luxury home prices declined for the first time in almost three years, and sales saw their largest decline since 2010 as supply increased by double digits.

Luxury home prices later increased 0.3% year over year, marking the first time in nearly a year that luxury prices did not fall.

Now, there are 218 cities with a typical home value of at least $1 million, three more cities than there was in December 2018, according to a new report from Zillow.

In its report, Zillow said that an average of just under 20 cities a year broke the $1 million threshold from 2014-2018, including a high of 25 in 2017 when home value growth was approaching 7% per year.

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Market Monitor: Six Top Multifamily Metros

Take a look at how multifamily is faring in Dallas-Fort Worth, Denver, Miami, Phoenix, Seattle, and Washington, D.C.

With data and insight from RealPage as well as Hanley Wood’s Metrostudy and Meyers Research, the Multifamily Executive staff takes a deep dive into the state of housing in six of the nation’s top metropolitan areas for multifamily activity: Dallas-Fort Worth, Denver, Miami, Phoenix, Seattle, and Washington, D.C., which includes its surrounding Maryland and Virginia suburbs.

The following reports offer some insight as to how the markets will fare in 2020. Each one is chock-full of data, from building activity to average rents. Consistent across all six of these markets are job growth and strong local economies, which are positive signs for the apartment market.

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U.S. Tightens Rules for Foreign Deals’ Security Risk Reviews

The new rules will have an increased focus on real estate transactions.

(Bloomberg)—The Trump administration on Monday issued long-awaited rules that will intensify scrutiny of foreign investment in U.S. companies.

The final regulations, which will go into effect on Feb. 13, put teeth in a 2018 law that expanded the authority of the Committee on Foreign Investment in the United States, or Cfius, to examine national security risks posed by foreign deals. More cross-border transactions will now be subject to reviews by the inter-agency panel, exposing a greater number of deals to the risk of rejection by the U.S. government.

“These regulations strengthen our national security and modernize the investment review process,” Treasury Secretary Steven Mnuchin said in a statement. “They also maintain our nation’s open investment policy by encouraging investment in American businesses and workers, and by providing clarity and certainty regarding the types of transactions that are covered.”

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Buying A Home Is More Affordable Than Renting In 53 Percent Of U.S. Housing Markets

Renting More Affordable Mainly in Suburban and Urban Counties; Home Price Gains Outpacing Wages in 66 Percent of U.S. Markets

IRVINE, Calif. – Jan. 9, 2020 — 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 2020 Rental Affordability Report, which shows that owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 455, or 53 percent, of the 855 U.S. counties analyzed for the report.

However, the analysis shows a split between different-sized markets, with ownership more affordable mainly in lightly populated counties and renting more affordable in more populous suburban or urban areas.

The analysis incorporated recently released fair market rent data for 2020 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 855 U.S. counties with sufficient home sales data (see full methodology below).

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Here’s where rent prices surged – and where they didn’t – in 2019

Nationally, cost of rent went up 4.1% for one-bedroom units

As 2019 saw historically low vacancy rates among multifamily housing, it also led to a rising cost of rent, too.

According to realtor.com, a report from Abodo said rental prices went up in 38 states, including Washington, D.C., in 2019. In the other 12 states, the cost of rent actually fell, but only slightly.

Nationally, median rents for one-bedroom units went up 4.1%, making monthly rent $1,078 at the end of 2019.

Prices for two-bedroom units went up 5.5%, making monthly rent $1,343.

In 2019, multifamily occupancy rates reached as high as 96.3%. The demand of multifamily housing keeps rising, as home prices are also continuing to climb.

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