FHFA: Home-price gains in July were second-smallest in 4 years

FHFA | September 24, 2019

Single-family house prices rose 5% in July from a year earlier, according to the Federal Housing Finance Agency. It was the second-smallest annual gain in more than four years, following June's 4.9% pace. The FHFA's House Price Index is calculated using data from mortgages backed by Fannie Mae and Freddie Mac. Because of this, it excludes high-end homes bought with jumbo loans or cash sales.

Spotlight

Using data from the latest Home Buying and Selling Generational Trends report, this infographic looks at Generation X home buyers.

Spotlight

Using data from the latest Home Buying and Selling Generational Trends report, this infographic looks at Generation X home buyers.

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MARKET OUTLOOK,REAL ESTATE INVESTMENT

New Western Launches Residential Real Estate Investment Marketplace in Fort Myers

New Western | August 16, 2022

New Western, the largest national private source of fix-and-flip residential investment properties, announced today the opening of its fifth Florida office, located in Fort Myers. Over the next five years, New Western intends to help revitalize $641 million worth of homes in the city and increase housing inventory by purchasing value-added properties and then selling them to investors who will improve them. "We're very pleased to continue our expansion into Florida with the opening of our Fort Myers office, The residential real estate market in Fort Myers has been growing expeditiously as of late, and our team is looking forward to bringing affordable housing back to the market. The success we've experienced in our other Florida locations is a testament to the value we bring to local real estate investors through our marketplace and expertise." -Kurt Carlton, co-founder and president of New Western With nearly 580,000 aged properties in the Fort Myers metropolitan area alone, including 61% built before 2002, the area offers significant potential inventory for investors looking to rehabilitate and resell homes. At the same time, Fort Myers is in need of more affordable housing options: The average Fort Myers home sales price has increased by 30% year-over-year to $410,000. New Western, however, acquires properties for less than $250,000 on average, and investors who rehab properties purchased through New Western sell them for up to 31% less than the cost of a newly built home. I'm looking forward to becoming a part of the Fort Myers community and helping provide much-needed housing inventory to local investors, There is ample opportunity in this market for us to make a difference. Our marketplace and team is in an ideal position to assist in facilitating more affordable housing solutions in Fort Myers,said Milton Bernal, general manager of New Western's Fort Myers office. Fort Myers is the 49th office opening for the real estate marketplace offering exclusive opportunities to investors looking to rehab houses. Since 2008, New Western has bought and sold more than $12 billion worth of residential real estate by leveraging data and local market insight to stock its marketplace with exclusive investment properties. On average, New Western buys a property every 13 minutes, and sells a property within 90 minutes of purchase. About New Western New Western makes real estate investing more accessible for more people. Operating in most major cities, our marketplace connects more than 100,000 local investors looking to rehab houses with sellers. As the largest private source of investment properties in the nation, we buy a home every 13 minutes. New Western delivers new opportunity for all—a fresh start for sellers, exclusive inventory for investors, and affordable housing for buyers.

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REAL ESTATE TECHNOLOGY,REAL ESTATE ADVICE

Offerpad Helps Simplify the Home Mortgage Experience with New Mobile App

Offerpad | August 02, 2022

Offerpad, a leading tech-enabled platform for buying and selling residential real estate, today revealed a new mobile app that simplifies the home loan process to make it less time-consuming and overwhelming for borrowers. Digital tools designed for on-the-go efficiency, combined with the personal touch of Offerpad’s home loan and refinance experts, provide borrowers with a seamless journey to homeownership. "We have financing solutions to help make buyers’ dreams of home ownership a reality. Whether you’re a first-time buyer or need to sell before you buy, Offerpad can help you get the home you want with financing solutions to fit your unique needs. With our new mobile app, we're taking the mortgage process from time-consuming to timesaving" - Offerpad Vice President of Home Loans James J.R. Samsing. Offerpad’s new mobile app removes complexity and friction from the home loan process to provide borrowers with valuable benefits: Customizable and flexible loan application process Navigate the application process from the mobile app, online portal or toggle back and forth for a flexible and frustration-free mortgage experience. Easily access loan applications, complete tasks, securely scan, upload and e-sign documents, check on loan progress and communicate with an Offerpad loan officer – all from a single login. Securely and quickly submit loan documents from any mobile device. Fast and transparent pre-qualification and pre-approval Access loan products, pricing scenarios, quotes and rates from anywhere. Push notifications provide immediate transparency into loan progress, including pre-qualification or pre-approval status. In-app notifications for critical requests and required tasks ensure faster loan processing. Sell, buy and finance together to save thousands Bundle to save up to $4,000 when combining Offerpad’s sell and buy solutions with financing from Offerpad Home Loans. Borrowers can find a mortgage and keep the rate for up to 90 days for certainty and control while home shopping. About Offerpad Offerpad’s mission is to deliver the best home buying and selling experience so you can spend less time ‘real estat-ing’ and more time living. From cash offers and flexible listing options to mortgages and buyer services, Offerpad has been helping homeowners since 2015. We pair our local expertise in residential real estate with proprietary technology to put you in control of the process and help find the right solution that fits your needs. Offerpad’s real estate solutions are available in 28 U.S. markets and more than 1,800 cities and towns across the country. Visit Offerpad.com for more information.

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REAL ESTATE TECHNOLOGY

LightBox Unveils New Developer Portal for API Access and Connected Data

LightBox | July 13, 2022

LightBox, a leading information and technology platform for commercial real estate and location-based intelligence, announced the launch of the LightBox Data Platform. The platform serves as the most complete, connected data solution in the market bringing together third-party, public and customer data with LightBox proprietary content in a consistent data model for straightforward onboarding and integration. Clients can now use the newly launched Developer Portal to discover and connect to the full breadth and depth of LightBox data using a unified API and the LightBox ID, a permanent identifier that creates powerful connections to LightBox’s information model and allows users to easily identify relationships across LightBox’s property graph. LightBox’s expanding suite of APIs, data solutions and professional service offerings provide companies the flexibility to determine what solutions scale best to enable businesses and industries to make strategically sound decisions in broadband modeling, site selection, property research, portfolio management, risk analysis and more. LightBox SmartFabric™ will serve as the foundational dataset for the platform. SmartFabric brings together geospatial and non-geospatial datasets in a proprietary connected model. It provides customers with the insights and relationships across LightBox’s core parcel, building footprints, addressing, property characteristics, transactions, and other datasets for a complete view of a property. “The LightBox Data Platform builds on our strong data management capabilities and demonstrates the openness and connectivity we need to develop as an industry, The demand for data remains unabated, clients continue to look for a competitive edge through data, and we are innovating to meet the demand. Our new APIs coupled with LightBox’s identifier and geocoder provides customers with the connected data solution that they are looking for.” -Eric Frank, Chief Executive Officer at LightBox. The real estate industry’s desire to access and append more data has been growing at an exponential rate. Data management is a difficult process in the era of big data and a one size approach does not fit all, said Adam Cardarelli, Vice President of Product Management at LightBox. Users need the technological components to access and manage data according to their own specifications. The LightBox Data Platform will consistently deliver a diverse body of APIs and data in a usable fashion. It will meet the needs of everybody in the industry—buyers, sellers, lenders, appraisers, environmental professionals, and more—who can scale it according to need. LightBox’s APIs are now available through the LightBox Developer Portal allowing users to explore the catalog, discover new solutions, access sample code, and connect with other LightBox users in forums to gain input and insight about their business challenges. Developers will be able to discover LightBox APIs and LightBox data, with enough documentation and samples to put the system to immediate use however they require. The portal features over 75 endpoints with more being continuously added. About LightBox- LightBox is a leading real estate information and technology platform. Through operational excellence and a passion for innovation, LightBox facilitates transparency, efficiency, insight, and prediction for real estate investment and location analytics. LightBox customers include commercial and government agencies requiring definitive real estate data and powerful workflow solutions, including brokers, developers, investors, lenders, insurers, technology providers, environmental consultants, and valuation professionals. LightBox is backed by Silver Lake and Battery Ventures.

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