Nearly Half of U.S. Adults Prefer Shopping In-Store Over Online Shopping According to Coldwell Banker Commercial Survey

New survey indicates brick and mortar retailers should adopt tech and small-store format to please shoppers

Madison, NJ – November 14th, 2017 (PRNewswire) The retail industry is in the midst of epic change and while some predict the end of brick and mortar stores, a recent Coldwell Banker Commercial Affiliates survey conducted online by Harris Poll aimed to explore current shopper preferences and trends to determine the real state of commercial real estate today.

According to the survey, nearly half (47 percent) of U.S. adults surveyed prefer to make purchases in-store over shopping online.

Real Estate Infographic

“Despite doomsday headlines about the retail industry and how e-commerce has taken over, our survey has found that Americans still enjoy and remain loyal to in-store shopping, regardless of the retail climate,” noted Fred Schmidt, president and chief operating officer of Coldwell Banker Commercial Affiliates. “When asked a similar question in 2016, 43 percent of Americans preferred to shop in-store over online, and this year it has ticked up to 47 percent of Americans. All in all, this shows that brick-and-mortar retail remains steady, but there is work to be done to keep the industry relevant.”

The survey responses also were segmented into the following generational categories: Younger Millennials (ages 18-29), Older Millennials (30-34), Gen Xers (35-49) and Baby Boomers (50-69).

Retail Technology is Making an Impression

As U.S. adults become more comfortable with technology in every aspect of their lives, the affinity for it seems to be spilling into their shopping preferences as well.

  • Self-serve checkouts: Over one-third of U.S. adults (35 percent) say that in-store technology, like self-serve kiosks and checkouts, improves their shopping experience.
  • Staying in Touch: When it comes to staying in touch with their favorite brands while shopping via in-store tracking and notifications, Younger Millennials prove that they are digital natives, with 4 in 10 (41 percent) showing interest in this.
  • Virtual Retail: The application of virtual reality (VR) is a relatively new concept in the world of retail, but it seems American adults are becoming more comfortable with it. In 2016, 10 percent of Americans were open to using augmented or virtual reality while shopping in store. This year, 17 percent of U.S. adults were open to this, while nearly 3 in 10 Older Millennials aged 30-34 (28 percent) reported interest in VR technology while shopping in store.

“Increasingly, American households are introducing more and more technology into their day-to-day routines, and it’s only natural for them to expect more from their retailers,” says Schmidt. “Not surprisingly, the Millennial crowd is more interested in these features than other generations and I expect these numbers to grow over time, not just as we become exposed to more tech, but also as Gen Z acquires more purchasing power as they grow older.”

Mom-and-Pops Remain Popular, Even Among a Younger Crowd

Despite the easy availability of goods online and in big box stores, it seems Americans across all age groups still value local small businesses and often prefer to shop in boutique stores.

  • Over 40 percent of U.S. adults (42%) say supporting local small businesses is important to them as they make decisions about where to shop. While Baby Boomers are more likely than Gen Xers to say this (45% vs. 37%), Millennials aren’t too far behind at 38 percent.
  • Millennials lead other generations when it comes to their preference to shop in-person at smaller boutiques or shops, instead of shopping at larger department stores (27% vs. 17% of Gen Xers and 16% of Baby Boomers).
  • “Across the board, Americans prefer to support locally-owned, small businesses, whether a traditional mom-and-pop or a more refined boutique store. Naturally, one might ask, ‘what will this mean for large, big box stores?’, and the answer is that they too will have to adapt,” added Schmidt. “In order to remain relevant, big box and department stores will need to look at their large stores and consult with their brokers about reconfiguring space to create a more appealing, boutique look to encourage more foot traffic.”

    Full survey findings are available on the Coldwell Banker Commercial website.

    Methodology

    This survey was conducted online within the United States by Harris Poll on behalf of Coldwell Banker Commercial Affiliates from August 15-17, 2017 among 2,001 adults ages 18 and older, including 194 Younger Millennials (18-29), 160 Older Millennials (30-34), 479 Gen Xers (35-49), and 884 Baby Boomers (50-69). The 2016 survey was conducted online within the United States by Harris Poll on behalf of Coldwell Banker Commercial Affiliates from September 14-16, 2016 among 2,069 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

    About Coldwell Banker Commercial Affiliates

    Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates is a division of Coldwell Banker Real Estate LLC. The Coldwell Banker Commercial brand has been a premier provider of franchised commercial real estate brokerage offices, recognized globally as a company that puts the client first while delivering individual, distinctly different service. Coldwell Banker Commercial affiliates cover territory throughout North America, South America, Europe, Africa, Asia and Australia. Coldwell Banker Commercial is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Each office is independently owned and operated. Coldwell Banker Commercial® is a registered trademark owned by Coldwell Banker Real Estate LLC. For more information, visit: www.cbcworldwide.com.

    Media Inquiries:

    Nicole Brzyski
    Coldwell Banker Commercial
    (973) 407-7251
    nbrzyski@cbcworldwide.com

    Rebecca Pineiro
    CooperKatz for Coldwell Banker Commercial
    (917) 595-3032
    rpineiro@cooperkatz.com

CoreLogic Reports Mortgage Delinquency Rates Lowest in More Than a Decade

  • Overall Mortgage Delinquency Rate Fell 0.6 Percentage Points Year Over Year
  • Foreclosure Rate Declined 0.3 Percentage Points Year Over Year
  • Serious Delinquency Rate Declined 0.5 Percentage Points Year Over Year

Irvine, CA – November 14, 2017 (BUSINESS WIRE) CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report which shows that, nationally, 4.6 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in August 2017. This represents a 0.6 percentage point year-over-year decline in the overall delinquency rate compared with August 2016 when it was 5.2 percent.

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As of August 2017, the foreclosure inventory rate, which measures the share of mortgages in some stage of the foreclosure process, was 0.6 percent, down from 0.9 percent in August 2016. This was the lowest foreclosure inventory rate for the month of August in 11 years since August 2006 when it was 0.5 percent.

Measuring early-stage delinquency rates is important for analyzing the health of the mortgage market. To monitor mortgage performance comprehensively, CoreLogic examines all stages of delinquency as well as transition rates, which indicate the percentage of mortgages moving from one stage of delinquency to the next.

The rate for early-stage delinquencies, defined as 30-59 days past due, was 2 percent in August 2017, down slightly from 2.1 percent in August 2016. The share of mortgages that were 60-89 days past due in August 2017 was 0.7 percent, unchanged from August 2016. The serious delinquency rate (90 days or more past due) declined 0.5 percentage points year over year from 2.4 percent in August 2016 to 1.9 percent in August 2017. The 1.9 percent serious delinquency rate in June, July and August of this year marks the lowest level for any month since October 2007 when it was also 1.9 percent, and is also the lowest for the month of August since 2007 when the serious delinquency rate was 1.7 percent. Alaska was the only state to experience a year-over-year increase in its serious delinquency rate in August 2017.

“The effect of the drop in crude oil prices since 2014 has taken a toll on mortgage loan performance in some markets,” said Dr. Frank Nothaft, chief economist for CoreLogic. “Crude oil prices this August were less than half their level three years ago. This has led to oil-related layoffs and an increase in loan delinquency rates in states like Alaska and in oil-centric metro areas like Houston.”

Since early-stage delinquencies can be volatile, CoreLogic also analyzes transition rates. The share of mortgages that transitioned from current to 30-days past due was 0.9 percent in August 2017, unchanged from August 2016. By comparison, in January 2007 just before the start of the financial crisis, the current-to-30-day transition rate was 1.2 percent and it peaked in November 2008 at 2 percent.

“Serious delinquency and foreclosure rates are at their lowest levels in more than a decade, signaling the final stages of recovery in the U.S. housing market,” said Frank Martell, president and CEO of CoreLogic. “As the construction and mortgage industries move forward, there needs to be not only a ramp up in homebuilding, but also a focus on maintaining prudent underwriting practices to avoid repeating past mistakes.”

For ongoing housing trends and data, visit the CoreLogic Insights Blog: www.corelogic.com/blog.

Methodology

The data in this report represents foreclosure and delinquency activity reported through August 2017.

The data in this report accounts for only first liens against a property and does not include secondary liens. The delinquency, transition and foreclosure rates are measured only against homes that have an outstanding mortgage. Homes without mortgage liens are not typically subject to foreclosure and are, therefore, excluded from the analysis. Approximately one-third of homes nationally are owned outright and do not have a mortgage. CoreLogic has approximately 85 percent coverage of U.S. foreclosure data.

Source: CoreLogic

The data provided is for use only by the primary recipient or the primary recipient’s publication or broadcast. This data may not be re-sold, republished or licensed to any other source, including publications and sources owned by the primary recipient’s parent company without prior written permission from CoreLogic. Any CoreLogic data used for publication or broadcast, in whole or in part, must be sourced as coming from CoreLogic, a data and analytics company. For use with broadcast or web content, the citation must directly accompany first reference of the data. If the data is illustrated with maps, charts, graphs or other visual elements, the CoreLogic logo must be included on screen or website. For questions, analysis or interpretation of the data, contact Lori Guyton at lguyton@cvic.com or Bill Campbell at bill@campbelllewis.com. Data provided may not be modified without the prior written permission of CoreLogic. Do not use the data in any unlawful manner. This data is compiled from public records, contributory databases and proprietary analytics, and its accuracy is dependent upon these sources.

About CoreLogic

CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries.

Contacts

CoreLogic
For real estate industry and trade media:
Bill Campbell, 212-995-8057
bill@campbelllewis.com
or
For general news media:
Lori Guyton, 901-277-6066
lguyton@cvic.com

National Association of Realtors® Outlines Concerns in Advance of Tax Reform Vote

Washington, D.C. – November 14, 2017 (nar.realtor) As a vote on tax reform in the House of Representatives draws near, National Association of Realtors® President Elizabeth Mendenhall will outline how the House and Senate tax proposals are an attack on homeownership and middle-class Americans. Mendenhall will take questions from the media alongside senior NAR Government Affairs staff.

NAR logo

WHAT: Tax reform media conference call with the National Association of Realtors®

WHEN: Wednesday, Nov. 15, 2017, 2:00 p.m. – 2:45 p.m.

WHO: Elizabeth Mendenhall, NAR President Jamie Gregory, NAR Deputy Chief Lobbyist Evan Liddiard, NAR Senior Policy Representative

HOW: Participant Dial-in: 877-229-8493 (ID code: 117027) OR Streaming Link: https://video.teleforumonline.com/video/streaming.php?client=17027 (link is external)

Event Highlights:

  • Brief opening remarks from NAR President Elizabeth Mendenhall
  • A short presentation from NAR tax counsel Evan Liddiard on the tax proposals
  • Q&A with members of the media

RSVP not required, but appreciated. Please RSVP to Jon Boughtin (jboughtin@realtors.org (link sends e-mail), 202-383-1193) or reach out with questions.