LEVERAGING THE LATEST HOUSING MARKET TRENDS TO HELP DISTRESSED HOMEOWNERS Renwood RealtyTrac LLC
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1 LEVERAGING THE LATEST HOUSING MARKET TRENDS TO HELP DISTRESSED HOMEOWNERS
2 WHAT WE LL COVER A bit about RealtyTrac Where have all the foreclosures gone? Markets bucking the downward trend Shadow inventory? Zombie foreclosures and occupied REOs Risks remain Underwater homeowners Zombie foreclosures and occupied REOs Non-performing loan sales Home prices lifting all boats Rising equity: non-distressed and distressed Fewer short sales, more auctions and bank-owned sales Institutional investors, cash buyers and flippers What happens when institutional investors pull out of a market? Effect of international buyers
3 FORECLOSURE TRENDS FIRST QUARTER 2014 U.S. Foreclosure continues downward trend with a handful exceptions U.S. foreclosure activity at lowest level since Q Foreclosure starts increased from year ago in 19 states Scheduled foreclosure auctions increased from a year ago in 29 states Occupied REOs still a problem More than half of 483,224 bank-owned homes nationwide still occupied Banks will likely be more aggressive in coming months to evict occupants REOS sold in first quarter took an average of 226 days to sell, up 34 percent from a year ago. Average time to complete foreclosure still climbing nationwide Up to 572 days on average nationwide New Jersey overtakes New York as state with longest process (1,103 days)
4 FORECLOSURE STARTS
5 SCHEDULED FORECLOSURE AUCTIONS
6 TIME TO FORECLOSE
7 TIME TO SELL FORECLOSURES
8 FORECLOSURE TRENDS APRIL 2014 Overall foreclosure activity continues path back to normal 115,000 properties with foreclosure filings in April, down 20 percent from year ago, representing the 43 rd consecutive month where activity decreased annually Normal is about 85,000 a month, and the peak was 367,000 in March Bank Repossessions were up from a year ago in 16 states Judicial states: New York, New Jersey, Illinois, Maryland Non-judicial states: Oregon, California, Nevada Banks turning attention to clearing out stubborn shadow inventory Silver lining is that these additional REOs in some areas mean more inventory will soon be listed for sale in a market that is starved for inventory. In some areas these are bottom-of-the-barrel properties that will need rehab
9 HISTORICAL U.S. FORECLOSURE ACTIVITY
10 STATES WITH HIGHEST FORECLOSURE RATES
11 STATES WITH BIGGEST JUMPS IN BANK-OWNED HOMES
12 ZOMBIE FORECLOSURES Vacant foreclosures account for more than one in five properties in the foreclosure process. More than 150,000 nationwide Added to 500,000 bank-owned properties In part an unintended consequence of long foreclosure timelines Biggest increases in non-judicial states Some of longest average zombie lifespans in non-judicial states
13 ZOMBIE FORECLOSURES
14 STATES WITH MOST ZOMBIES
15 STATES WITH MOST ZOMBIES AND REOS COMBINED
16 LIFESPAN OF ZOMBIES
17 LEVERAGING OPPORTUNITY WITH FORECLOSURE TRENDS Age of grace for distressed homeowners coming to an end More urgency to do a short sale or other foreclosure alternative The shadow is shorter, and taking longer to materialize Less competition from bandwagon agents no longer working distressed market Targeting distressed homeowner niches may be most effective Zombies: short sales in search of an agent Occupied REOs: listings in limbo
18 NEGATIVE EQUITY Negative equity at lowest level since Q million properties seriously underwater, 17 percent of all homes with mortgage Down from 12.8 million seriously underwater, representing 29 percent of all homes with mortgage in Q More foreclosures with equity 35 percent of properties in foreclosure process have equity Up from 24 percent a year ago More homeowners are equity rich or have resurfacing equity 9.9 million equity rich (19 percent of all mortgages) 8.5 million equity resurfacing (16 percent of all mortgages
19 NEGATIVE EQUITY
20 NEGATIVE EQUITY
21 NEGATIVE EQUITY AND HOME PRICES
22 FORECLOSURES WITH EQUITY
23 LEVERAGING OPPORTUNITY WITH HOME EQUITY TRENDS Long tail of short sales Will take years for many underwater owners to regain equity Many will encounter a sales trigger before they regain equity Distress without the mess: foreclosures with equity Many may not know they now have equity Those without equity today may have equity tomorrow
24 SALES AND HOME PRICES FIRST QUARTER AND MARCH Signs of life after a slow winter U.S. sales volume up monthly after 4 months flat or declining Sales prices up monthly after 6 months flat or declining Price appreciation cooling in some of first markets to bounce back San Francisco, Detroit, Cape Coral, Phoenix, Atlanta Distressed sales down long-term but up from previous quarter Biggest increases in foreclosure auction sales and REO sales, indicating banks pushing through old inventory
25 MEDIAN HOME PRICES
26 HPA COOLING IN SOME OF HOTTEST MARKETS
27 DISTRESSED SALES
28 LEVERAGING OPPORTUNITY WITH HOME PRICE TRENDS Window of opportunity to sell may be closing for distressed sellers Slowing home prices mean many may have to give up hope of regaining equity in near future Banks are less inclined to do short sales because they know they can get the properties sold at auction or as bank-owned
29 CASH SALES AND INSTITUTIONAL INVESTORS Cash buyers still king 43 percent of all U.S. residential sales in first quarter were cash sales Tight lending, uptick in interest rates, low inventory 52 percent were to investors, 48 percent to owner-occupants Institutional investors cautiously opportunistic 5.6 percent of all sales in first quarter, down from 7.0 percent a year ago Jumping back in when more inventory at right price becomes available Institutional investor pullback seems to be sending HPA negative in some markets Jacksonville, Fla. & Greensboro, N.C.
30 CASH BUYERS & INSTITUTIONAL INVESTORS
31 CASH BUYERS & INSTITUTIONAL INVESTORS
32 CASH BUYERS & INSTITUTIONAL INVESTORS
33 HOME FLIPPING Flippers behaving more rationally in this recovery Fewer flips compared to year ago but bigger profits Longer time to flip indicates more rehab Flippers are still in good position because of low inventory and slow pace of home building Bigger rehab translates into more ROI up to a very specific point More expenditure on rehab = bigger ROI up to 23 percent of original purchase price spent on rehab.
34 FLIPPING
35 FLIPPING
36 FLIPPING
37 FLIPPING
38 INTERNATIONAL BUYERS From 2009 to 2013 RealtyTrac subscriber activity from foreign countries up 125 percent Biggest increases in United Arab Emirates (up 352 percent), Switzerland (up 270 percent) and China (up 254 percent). Biggest share of international subscriber activity from Canada (45 percent), UK, Australia, China and Mexico
39 INTERNATIONAL BUYERS
40 INTERNATIONAL BUYERS
41 LEVERAGING OPPORTUNITY WITH INVESTORS, CASH BUYERS Connect motivated sellers with motivated buyers Scenario 1 Motivated seller: homeowner in pre-foreclosure occupying a property in decent condition Motivated buyer: international cash buyer ready to act quickly Scenario 2 Motivated seller: homeowner in pre-foreclosure who has vacated property (zombie) Motivated buyer: flipper willing to do rehab Scenario 3 Motivated seller: bank with occupied REO they need to sell Motivated buyer: institutional investor that may be willing to allow homeowner to stay on as renter
42 THANK YOU! DAREN BLOMQUIST VICE PRESIDENT, REALTYTRAC
IRVINE, Calif. May 8, 2014
ALL-CASH SHARE OF U.S. RESIDENTIAL SALES REACHES NEW HIGH IN FIRST QUARTER EVEN AS INSTITUTIONAL INVESTOR SHARE OF SALES DROPS TO LOWEST LEVEL SINCE Q1 2012 May 5, 2014 By RealtyTrac Staff All-Cash Purchases
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