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Co-Borrowers Account For 23% Of Single Family Loans

ATTOM Data Solutions found that more than 2 million (2,033,296) loans were originated on U.S. residential properties (1 to 4 units) in the second quarter of 2017, up 27 percent from a three-year low in the previous quarter but still down 12 percent from Q2 2016.

The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 1,700 counties accounting for more than 87 percent of the U.S. population. Counts and dollar volumes for the most recent quarter are projected based on available data at the time of the report (see full methodology below).

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The report also found that 22.8 percent of all purchase loan originations on single family homes in Q2 2017 involved co-borrowers — multiple, non-married borrowers listed on the mortgage or deed of trust — up from 21.3 percent in the previous quarter and up from 20.5 percent in Q2 2016.

“Homebuyers are increasingly relying on co-borrowers to help with home purchases, particularly in high-priced markets where sizable down payments are necessary to compete,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “This rising trend in co-borrowing is helping to eke out increases in purchase loan originations despite affordability and supply constraints.”

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Highest share of co-borrowers in San Jose, Seattle, Southern California and Portland

Among 42 cities with at least 1,500 purchase loan originations on single family homes in the second quarter, those with the highest share of co-borrowers were San Jose, California (50.9 percent); Miami, Florida (45.2 percent); Seattle, Washington (39.1 percent); the Southern California cities of Los Angeles (31.1 percent) and San Diego (29.4 percent); and Portland, Oregon (28.8 percent).

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“Climbing home prices are forcing more and more borrowers to consider other options, such as leveraging a parent’s credit, in order to qualify to buy,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. “Given the ongoing concerns about the emergence of another housing bubble, it was encouraging to see that Seattle has the tenth highest average down payment in the U.S. at 14 percent. Such substantial down payments can act as a cushion in the unlikely event that home prices start to reverse the substantial gains that we’ve seen over the past several years.”

Cities with the lowest share of co-borrowers in the second quarter were Memphis, Tennessee (10.3 percent); Mesa, Arizona (12.5 percent); Oklahoma City, Oklahoma (14.2 percent); Gilbert, Arizona (14.4 percent); and Henderson, Nevada (15.1 percent).

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Data Shows That Home Flipping Is On The Rise

ATTOM Data Solutions released its Q1 2017 U.S. Home Flipping Report, which shows that 43,615 single family homes and condos were flipped — sold in an arms-length transfer for the second time within a 12-month period — nationwide in the first quarter of 2017, down 8 percent from the previous quarter and down 6 percent from a year ago to the lowest number of homes flipped since Q1 2015 — a two-year low.

Home flips in Q1 2017 accounted for 6.7 percent of all single family home and condo sales during the quarter, up from 5.8 percent in the previous quarter and unchanged from a year ago.

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For the report, a home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period based on publicly recorded sales deed data collected by ATTOM Data Solutions in more than 950 counties accounting for more than 80 percent of the U.S. population (see full methodology below).

One-third (33.3 percent) of all single family homes and condos flipped in Q1 2017 were purchased by the flipper with financing, up from 31.9 percent in Q4 2016 and up from 29.5 percent in Q1 2016 to the highest level since Q3 2008, when 37.6 percent of completed home flips were purchased by the flipper using financing.

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“The business of financing for home flippers continued to grow in the first quarter of 2017 even as the home flipping rate plateaued compared to a year ago and average home flipping returns decreased for the second consecutive quarter,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Home flippers financed an estimated $3.5 billion in purchases for homes flipped during the quarter, up from $3.3 billion in the previous quarter and up from $2.4 billion a year ago to the highest level since the fourth quarter of 2007 — a more than nine-year high.”

Colorado Springs, Denver, Seattle lead markets with most financed home flips

Among 85 metropolitan statistical areas with at least 90 completed home flips in Q1 2017, those with the highest share originally purchased by the flipper with financing were Colorado Springs, Colorado (69.3 percent); Denver, Colorado (54.8 percent); Seattle, Washington (51.6 percent); Boston, Massachusetts (51.3 percent); and Providence, Rhode Island (47.3 percent).

“Seattle has such a high number of flippers who are financing their purchases relative to the U.S. as a whole due to escalating home prices in our region. The decision to finance is proof that these flippers believe the risks of financing are low due to our booming housing market,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where the Q1 2017 home flipping rate of 8.0 percent was above the national average and up 7 percent from a year ago. “While the number of home flippers across the nation is not growing, the opposite is true in Seattle. The demand for homes in our market is extremely competitive and this is enabling flippers to still see a return, even amidst rising home prices.”

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Other markets where more than 40 percent of home flips completed in Q1 2017 were originally purchased by the flipper using financing included San Diego, California (46.3 percent); Minneapolis-St. Paul, Minnesota (46.2 percent); Phoenix, Arizona (44.1 percent); San Francisco, California (43.0 percent); and Washington, D.C. (40.5 percent).

“With low interest rates, and available lenders willing to provide non-owner occupied loans, we are seeing many of our investors across Southern California take advantage of leverage financing when participating in housing flips,” said Michael Mahon, president at First Team Real Estate, covering the Southern California housing market.

Highest home flipping rates in DC, Nevada, Alabama, Tennessee, Maryland and Missouri

The District of Columbia had the highest home flipping rate in the nation in the first quarter (10.7 percent), followed by Nevada (9.8 percent); Alabama (9.0 percent); Tennessee (8.9 percent); Maryland (8.5 percent); and Missouri (8.0 percent).

Among 85 metropolitan statistical areas with at least 90 single family and condo home flips completed in Q1 2017, those with the highest home flipping rate were Memphis, Tennessee (15.1 percent); York-Hanover, Pennsylvania (12.5 percent); Fresno, California (11.1 percent); Birmingham, Alabama (10.3 percent); and Las Vegas, Nevada (10.0 percent).

Average home flipping returns decrease for second consecutive quarter

Homes flipped in the first quarter of 2017 were sold for a median price of $200,000, a gross flipping profit of $64,284 above the median purchase price of $135,716, up from a gross flipping profit of $63,500 in the previous quarter and a gross flipping profit of $59,100 in Q1 2016 — a new all-time high going back to Q1 2000, as far back as the data is available.

The $64,284 average gross flipping profit translated into an average 47.4 percent gross return on investment (ROI) for homes flipped in Q1 2017, down from an average 49.0 percent average gross flipping ROI in Q4 2016 and an average 48.5 percent average gross flipping ROI in Q1 2016 — the second straight quarter where the average gross flipping ROI decreased on a year-over-year basis following six consecutive quarters of year-over-year increases.

Highest home flipping returns in Pennsylvania, Ohio, Louisiana, New Jersey, Oklahoma

States with the highest average gross flipping ROI in the first quarter were Pennsylvania (107.1 percent); Ohio (96.3 percent); Louisiana (96.0 percent); New Jersey (87.1 percent); and Oklahoma (85.7 percent).

Among 85 metropolitan statistical areas with at least 90 single family and condos home completed flips in Q1 2017, those with the highest average gross flipping ROI were Pittsburgh, Pennsylvania (141.8 percent); Allentown, Pennsylvania (122.2 percent); Cleveland, Ohio (118.6 percent); Philadelphia, Pennsylvania (111.7 percent); and Baltimore, Maryland (106.0 percent).

Older, smaller homes flipped in first quarter

Nationwide, the median size of homes flipped in Q1 2017 was 1,402 square feet, down from a median 1,409 square feet in the previous quarter and 1,428 square feet a year ago to the smallest median square footage as far back as the data is available, Q1 2000.

The median year built of homes flipped in Q1 2017 was 1978, the same as in the previous quarter but down from a median year built of 1981 for homes flipped in Q1 2016.

“As the average age of the U.S. housing stock continues to increase across most of the country due to economic, environmental, and regulatory restrictions hampering investments in new construction growth, we will continue to see a renewal of interests in housing flips by investors willing to invest in the time, money, and resources necessary to update and modernize housing stock for lucrative profits,” noted Mahon of First Team Real Estate in Southern California.

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Underwater Homes Decrease

Data from ATTOM Data Solutions shows that as of the end of the first quarter of 2017 there were nearly 5.5 million (5,497,771) U.S. properties seriously underwater — where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value — up from 5.4 million seriously underwater properties in Q4 2016 but still down by more than 1.2 million from the 6.7 million seriously underwater properties in Q1 2016.

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The 5.5 million seriously underwater properties at the end of Q1 2017 represented 9.7 percent of all U.S. properties with a mortgage, up from 9.6 percent in Q4 2016 but down from 12.0 percent in Q1 2016.

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The report is based on publicly recorded mortgage and deed of trust data collected and licensed by ATTOM Data Solutions nationwide along with an industry standard automated valuation model (AVM) updated monthly in the ATTOM Data Warehouse of more than 150 million U.S. properties.

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“While negative equity continued to trend steadily downward in the first quarter, it remains stubbornly high in often-overlooked pockets of the housing market,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “For example, we continue to see one in five properties seriously underwater in several Rust Belt cities along with Las Vegas and central Florida. Additionally, close to one-third of homes valued below $100,000 are still seriously underwater.

“Several of the cities with the biggest quarterly increases in underwater properties saw a corresponding increase in share of distressed sales in the first quarter, creating a drag on overall home values, and in the case of Baton Rouge that increase in distressed sales may be in part attributable to the catastrophic flooding there in August 2016,” Blomquist noted. “Across the country, the share of seriously underwater homes was higher in high-risk flood zones.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Integration Gives Buyers More Information

ATTOM Data Solutions and Auction.com have expanded their strategic partnership that makes Home Disclosure Reports powered by ATTOM Data Solutions available for properties nationwide posted for sale on Auction.com.

Available on nearly 120 million U.S. properties, Home Disclosure Reports provide information in more than 42 categories, including neighborhood, school, crime and environmental data. Additionally, Home Disclosure Reports are able to pull in-depth public record property profiles that consist of ownership details, loan position, equity, sales history, building permits and property tax information.

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“As the premier disposition company in the market, our mission and focus are to create the most dynamic and trusted real estate market place for buying and selling Foreclosure Sales and Bank-owned properties,” said Jason Allnutt, general manager for Auction.com. “The addition of ATTOM-powered Home Disclosure Reports provides our customers with greater insights and data to help them make more informed and educated decisions.”

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Beginning in January 2017, Auction.com made the Home Disclosure Reports available for select properties following a limited-access trial period. As a result, the number of Home Disclosure reports downloaded by Auction.com customers doubled between January and March. Based on positive user experience during the trial period, Auction.com will continue to make ATTOM’s Home Disclosure Reports available moving forward.

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“The comprehensive and intuitive Home Disclosure Reports are empowering buyers, investors and sellers navigating Auction.com with crucial information they need to know about a property and its neighborhood before completing an online transaction,” said Rob Barber, chief executive officer at ATTOM Data Solutions. “The reports synthesize a myriad of data points from hundreds of disparate data sources into an organized and user-friendly format designed to convey the key details to consumers quickly and clearly. These reports will help further the common mission of ATTOM and Auction.com to make real estate transparent.”

“Home Disclosure Reports provide an added value into listed properties that buyers appreciate,” said Colleen Lambros, chief marketing officer for Auction.com. “It is our goal to ensure that buyers have access into insights that allow them to bid with confidence.”

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The Next Real Estate Boom

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A new white paper titled “Landlord Land” done by ATTOM Data Solutions and Clear Capital analyzes the “who” behind the recent real estate boom that has seen home prices reach near all-time highs nationwide even while the national homeownership rate remains near its 50-year low.

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“Though prices in several markets are nearing pre-bust levels, the composition of both the supply and demand of today’s real estate market is starkly different than a decade ago,” said Alex Villacorta, Ph.D., vice president of research and analytics at Clear Capital. “As such, it’s imperative for all market participants to understand the nuances of the New Normal Real Estate Market.”
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Leveraging proprietary data from ATTOM Data Solutions and Clear Capital Analytics, along with insights from national and local market experts, the white paper follows the arc of the recent housing boom starting with the rise of institutional investors as early as 2009 in some markets. It then traces the eventual pullback of institutional investor acquisitions followed by a brief uptick in first-time homebuyers and a more sustained surge in smaller rental investors that in turn is feeding a renewed home flipping frenzy.

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A housing recovery that is highly dependent on real estate investors is a bit of a double-edged sword.

Rapidly rising home values have been good for homeowner equity, but also have caused an affordability crunch for the first-time homebuyers.

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“A housing recovery that is highly dependent on real estate investors is a bit of a double-edged sword,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Rapidly rising home values have been good for homeowner equity, but also have caused an affordability crunch for the first-time homebuyers the housing market typically relies on for sustained, long-term growth.”

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“There are a few hard money lenders here, and they bring people who are not fulltime investors and people who are end users … to the (foreclosure) auction and are outbidding anyone who is a traditional investor,” said Chris Richter, CEO at Audantic Real Estate Analytics, a Seattle-based company providing predictive analytics for real estate investors.
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“Early on it was the mid-size investors all the way up to the large institutions (that) had the most urgent need for capital,” said Ryan McBride, COO at Colony American Finance, an Irvine, California-based company providing financing for real estate investors. “We see a lot more opportunities from the smaller, midsized operators, and so that is where we are focusing our efforts: the broad base of the pyramid.”

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We have one Google engineer who just bought his sixth house. He said ‘this is fantastic, real estate is so expensive here and I don’t want to be tied just to Bay Area real estate.’

I’ve noticed more millennials or their parents calling me and saying … ‘my son wants to buy a house and we’re willing to help with the down payment.’

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“A lot of demand is people in the Bay Area and New York City looking to buy in the Southeast,” said Gary Beasley, CEO and founder at Roofstock, an online marketplace for single family rentals. “We have one Google engineer who just bought his sixth house. He said ‘this is fantastic, real estate is so expensive here and I don’t want to be tied just to Bay Area real estate.’”

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“I’ve noticed more millennials or their parents calling me and saying … ‘my son wants to buy a house and we’re willing to help with the down payment. He’s been living with several other friends in an apartment … and they want to continue to live together,’” said Edward Krigsman, Managing Broker with Windermere Real Estate in Seattle.

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Home Flipping Reaches 10-Year High

Data from ATTOM Data Solutions shows that 193,009 single family homes and condos were flipped — sold in an arms-length transfer for the second time within a 12-month period — in 2016, up 3.1 percent from 2015 to the highest level since 2006, when 276,067 single family homes and condos were flipped.

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Home flips in 2016 accounted for 5.7 percent of all single family home and condos sales during the year, up from 5.5 percent in 2015 to a three-year high but still well below the peak in 2005, when 338,207 single family homes and condos were flipped representing 8.2 percent of all sales.

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For this report, a home flip is defined as a property that is sold in an arms-length sale for the second time within a 12-month period based on publicly recorded sales deed data collected by ATTOM Data Solutions in more than 950 counties accounting for more than 80 percent of the U.S. population (see full methodology below).

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The report also shows that 126,256 entities — including both individuals and institutions — flipped homes in 2016, up less than 1 percent from 2015 to the highest number since 2007, when 143,266 entities flipped properties.

Meanwhile, the share of flipped homes that were purchased by the flipper with financing increased to an eight-year high of 31.5 percent in 2016 while the median age of homes flipped increased to 37 years — a new high going back to 2000, as far back as data is available — and the median square footage of homes flipped decreased to 1422 — a new record low going back to 2000.

“Home flipping was hot in 2016, fueled by low inventory of homes in sellable or rentable condition along with a flood of capital — both foreign and domestic — searching for the returns and stability available with U.S. real estate,” said Daren Blomquist, senior vice president at ATTOM. “The combination of more home flips and a greater share of financing for flip purchases resulted in a 19 percent jump in the estimated dollar volume of financing for home flip purchases, up to $12.2 billion for the flips completed in 2016 — a nine-year high. Investors are increasingly willing to move to secondary and tertiary housing markets with older, smaller properties that are available at a deeper discount.”

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Property Taxes Levied On Single Family Homes In 2016 Total More Than $277B

ATTOM Data Solutions released a 2016 property tax analysis for more than 84 million U.S. single family homes, which shows that property taxes levied on single family homes in 2016 totaled $277.7 billion, an average of $3,296 per home and an effective tax rate of 1.15 percent.

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The report analyzed property tax data collected from county tax assessor offices nationwide at the state, metro and county level along with estimated market values of single family homes calculated using an automated valuation model (AVM). The effective tax rate was the average annual property tax expressed as a percentage of the average estimated market value of homes in each geographic area.

New Jersey, Illinois, Texas post highest property tax rates

States with the highest effective property tax rates were New Jersey (2.31 percent), Illinois (2.13 percent); Texas (2.06 percent); New Hampshire (2.03 percent); and Vermont (2.02 percent).

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Other states in the top 10 for highest effective property tax rates were Connecticut (2.00 percent), Pennsylvania (1.89 percent), New York (1.88 percent), Ohio (1.68 percent), and Rhode Island (1.64 percent).

Among 217 metropolitan statistical areas with a population of at least 200,000, those with the highest effective property tax rates were Binghamton, New York (3.10 percent); Rochester, New York (2.99 percent); Rockford, Illinois (2.96 percent); Atlantic City, New Jersey (2.77 percent); and Syracuse, New York (2.67 percent).

Hawaii, Alabama, Colorado post lowest property tax rates

States with the lowest effective property tax rates were Hawaii (0.32 percent); Alabama (0.48 percent); Colorado (0.52 percent); Tennessee (0.54 percent); and Delaware (0.56 percent).

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Other states in the top 10 for lowest effective property tax rates were West Virginia (0.57 percent); South Carolina (0.63 percent); Nevada (0.64 percent); Utah (0.65 percent); and Arkansas (0.67 percent).

Among the 217 metro areas analyzed for the report, those with the lowest effective property tax rates were Honolulu (0.32 percent); Montgomery, Alabama (0.35 percent); Tuscaloosa, Alabama (0.36 percent); Florence, South Carolina (0.44 percent); and Colorado Springs, Colorado (0.44 percent).

9 counties with average annual property taxes of more than $10,000

Among 586 counties with a population of at least 100,000 and at least 10,000 single family homes, nine posted average annual property taxes of more than $10,000: Westchester, Rockland, and Nassau counties in New York; Essex, Bergen, Union and Morris counties in New Jersey; Marin County, California; and Fairfield County, Connecticut.

There were a total of 32 counties with average annual property taxes of $7,000 or more, including counties in Illinois, Texas, Virginia and Massachusetts.

Owner-occupied properties register higher effective tax rate than investment properties

The average annual property tax for owner-occupied single family homes nationwide was $3,658, an effective tax rate of 1.21 percent. That was higher than the average annual property tax of $2,437 and effective tax rate of 1.03 percent on non-owner occupied (investment) homes.

The effective tax rate for investment homes was lower than the effective tax rate for owner-occupied homes in 34 states, including California, Texas, Ohio, Illinois and New York.

States where the effective tax rate for investment homes was higher than the effective tax rate for owner-occupied homes included Florida, Pennsylvania, Michigan, Indiana and Arizona.

Investment property homeowners owed $51.4 billion in property taxes in 2016, accounting for 19 percent of the total property taxes owed nationwide, while the number of investment properties accounted for 26 percent of all single family homes.

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Data Shows That Homes Are Becoming Less Affordable

ATTOM Data Solutions released its Q1 2017 U.S. Home Affordability Index, which shows that one in every four county housing markets analyzed for the report were less affordable than their historic affordability averages in the first quarter of 2017.

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A total of 95 counties out of 379 counties analyzed for the report (25 percent) posted an affordability index below 100 in Q1 2017 — the highest share of markets below the normal affordability index of 100 since Q4 2009. An affordability index below 100 means that the share of averages wages needed to buy a median-priced home is above the historic average for a given market (see full methodology below).

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Nationally the affordability index in the first quarter of 2017 was 103, down from 108 in the previous quarter and down from 119 a year ago to the lowest level since Q4 2008 — a more than eight-year low. The index of 103 translates to 33.6 percent of average weekly wages needed to buy a median-priced home nationwide, below the historic average of 34.6 percent but the highest share of wages needed since Q4 2008.

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“Home affordability continued to worsen in the first quarter, not surprising given the continued strong growth in home prices combined with the recent rise in mortgage rates,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Stronger wage growth is the silver lining in this report, outpacing home price growth in more than half of the markets for the first time since Q1 2012, when median home prices were still falling nationwide. If that pattern continues, it will help turn the tide in the eroding home affordability trend.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Homes Are Gaining Equity Again

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ATTOM Data Solutions released its Year-End 2016 U.S. Home Equity & Underwater Report, which shows that as of the end of 2016 there were 5.4 million (5,408,323) U.S. properties seriously underwater — where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value — a decrease of more than 1 million properties (1,028,058) from a year ago.

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The 5.4 million seriously underwater properties at the end of 2016 represented 9.6 percent of all U.S. properties with a mortgage, down from 10.8 percent at the end of Q3 2016 and down from 11.5 percent at the end of 2015 to the lowest level since ATTOM Data Solutions began tracking in Q1 2012.

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The report is based on publicly recorded mortgage and deed of trust data collected and licensed by ATTOM Data Solutions nationwide along with an industry standard automated valuation model (AVM) updated monthly in the ATTOM Data Warehouse of more than 150 million U.S. properties.

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“Since home prices bottomed out nationwide in the first quarter of 2012, the number of seriously underwater U.S. homeowners has decreased by about 7.1 million, an average decrease of about 1.4 million each year,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “Meanwhile, the number of equity rich homeowners has increased by nearly 4.8 million over the past three years, a rate of about 1.6 million each year.

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“Despite this upward trend over the past five years, the massive loss of home equity during the housing crisis forced many homeowners to stay in their homes longer before selling, effectively disrupting the historical domino effect of move-up buyers that feeds both demand for new homes and supply of inventory for first-time homebuyers,” Blomquist noted. “Between 2000 and 2008, our data shows the average homeownership tenure nationwide was 4.26 years, but that average tenure has been trending steadily higher since 2009, reaching a new record high of 7.88 years for homeowners who sold in 2016.”

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Creative Financing May Be Coming Back

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Following the subprime lending collapse in late 2008, there was a void in financing for low-credit borrowers with little or no down payments. Loans backed by FHA stepped in to fill some of that void, with FHA purchase loans jumping from just 3.3 percent of all purchase loan originations in Q4 2006 to 27.2 percent in Q4 2008.

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But FHA loans weren’t alone in their resurgence following the fallout of subprime lending. A lesser-known (although long-used) financing instrument called a contract for deed (see definition below) gained traction in the years following the collapse of subprime lenders, particularly for low-value homes in Rust Belt cities like Detroit, Flint, Youngstown and Indianapolis.

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New contract-for-deed data collected by ATTOM Data Solutions, curator of the nation’s largest synthesized property database, shows the trend.

More than 103,000 contracts-for-deed were recorded nationwide in the five years following the end of the Great Recession (2010 to 2014), a 10 percent increase compared to the previous five years (2005 to 2009).

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Some of the counties with above-average increases included Trumbull County/Youngstown, Ohio (136 percent increase); Wayne County/Detroit, Michigan (63 percent increase); Genesee County/Flint, Michigan (53 percent increase); Marion County/Indianapolis, Indiana (46 percent increase); Dane County/Madison, Wisconsin (26 percent increase); and Hamilton County/Cincinnati, Ohio (24 percent increase).

The average sales price for the 2010-to-2014 contracts-for-deed nationwide was $87,010, 38 percent below the average sales price of $141,423 for contracts-for-deed recorded between 2005 and 2009.

Over the same time period, average contract-for-deed prices were down 70 percent in Michigan, down 15 percent in Ohio, down 10 percent in Wisconsin, and down 12 percent in Indiana.

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