All U.S. Homes Worth Cumulative $31.8 Trillion

– Renters paid a record high $485.6 billion in 2017, a $4.9 billion increase from 2016

– The entire U.S. housing stock gained $2 trillion in value over the past year.

– The value of all U.S. homes grew 6.5 percent in 2017, the fastest pace in four years.

– Los Angeles, New York and San Francisco are the most valuable housing markets, each worth more than $1 trillion.

Seattle, WA – Dec. 28, 2017 (PRNewswire) The total value of all homes in the United States is now $31.8 trillion after gaining $2 trillion in 2017.

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The cumulative value of the U.S. housing market grew at its fastest annual pace – 6.5 percent – in four years. The value of all U.S. homes rose 8 percent annually in the early stages of the housing recovery in 2013.

For many households, a home is the single largest source of wealth, but the collapse of the housing market and the ensuing Great Recession demonstrated the importance of housing to the U.S. economy as well. The housing market has gained $9 trillion since the lowest levels of the recession.

The value gained in 2017 alone is equivalent to more than the valuation of two companies the size of Apple. Over the past year, the U.S. housing market has gained $1.95 trillion, while Apple recently hit a market value of $900 billion, the first U.S. company to do so(i).

The Los Angeles and New York markets each account for more than 8 percent of the value of all U.S. housing, and are worth $2.7 trillion and $2.6 trillion, respectively. San Francisco is the only other housing market worth more than $1 trillion.

Among the 35 largest U.S. markets, Columbus grew the most in 2017, gaining 15.1 percent. San Jose, Dallas, Seattle, Tampa, Las Vegas and Charlotte, N.C. also grew by 10 percent or more over the past year.

This was a record year for home values as the national housing stock reached record heights in 2017,” said Zillow® Senior Economist Aaron Terrazas. “Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation’s booming coastal markets. Renters spent more than ever on rent this year, but the amount they spent grew at the slowest pace in recent years as more renters transitioned into homeownership and new rental supply slowed rent growth across the country. Despite recent changes to federal tax laws that have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018.”

Renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016. Renters in New York and Los Angeles spent the most on rent over the past year. These markets are also home to the largest number of renter households.

San Francisco rents are so high that renters collectively paid $616 million more in rent than Chicago renters did, despite there being 467,000 fewer renters in San Francisco than in Chicago.

Las Vegas, Minneapolis and Charlotte, N.C. had the largest gains in the total amount of rent paid, with each increasing by more than 7 percent since 2016.

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Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG), and headquartered in Seattle.

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Median U.S. Home is $12,500 More Valuable Today than a Year Ago

– Homes in more than half of the nation’s largest metros gained more than $10,000 in value in the last year, according to Zillow’s Housing Market Reports

– Nationally, home values rose 6.5 percent over the past year to a Zillow Home Value Index of $203,400 (ZHVI).

– The median-priced U.S. home is worth $12,500 more than it was in October 2016.

– Home values in booming West Coast markets have gained the most value over the last year. San Jose, Calif. home values rose $118,200 over past year, and Seattle home values rose $48,100.

– Homes in more than half of the nation’s largest metros are currently worth more than they were prior to the onset of the Great Recession.

– Rents across the country are up 2.2 percent year-over-year, to a Zillow Rent Index (ZRI) of $1,432 per month. Rents in Sacramento, Calif. and Riverside, Calif. are appreciating the fastest.

Seattle, WA – Nov. 22, 2017 (PRNewswire) Home values are setting new records, and homes are gaining thousands of dollars in value every month. The national median home value is $12,500 more than it was just one year ago, according to the October Zillow® Real Estate Market Report(i).

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More than half of the nation’s largest markets are worth more than they were prior to the onset of the Great Recession. Home values in San Jose, Calif. gained the most in value over the last year, with homes worth 12.3 percent more than they were in October 2016, which translates to a $118,200 increase. Seattle – 11.7 percent – and Las Vegas – 11.2 percent – also saw double-digit home value appreciation over the past year.

Limited housing supply and heavy demand continue to play a role in driving up home prices. There are 11.7 percent fewer homes for sale in the U.S. than a year ago. Inventory has dropped most significantly in San Jose, San Francisco and San Diego over the past year. In San Jose, there are 60.4 percent fewer homes on the market than at this time last year. In San Francisco and San Diego there are 32 and 31 percent fewer homes fewer homes for sale, respectively.

“We are in the midst of an inventory crisis that shows no signs of waning, impacting potential buyers all across the country,” said Zillow Chief Economist Dr. Svenja Gudell. “Home values are growing at a historically fast pace, and those potential buyers want to get in the market while they still can. But with homes gaining so much value in just one year, buyers – especially first-time buyers – have to set aside more and more money for a down payment just to keep up with them. Unfortunately, there’s just not enough homes for sale, and demand will continue to drive prices higher until we reach a better balance between supply and demand.”

Annual rent appreciation grew for the sixth consecutive month, with rents increasing 2.2 percent from last October to a Zillow Rent Index(ii) of $1,432.

Mortgage rates(iii) on Zillow ended the month of October at 3.73 percent. Rates reached a monthly high of 3.82 percent near the end of the month, and the lowest rate of the month was 3.68 percent. Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

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Zillow

Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

(i) The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit www.zillow.com/research/. The data in Zillow’s Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are typically recorded in each county and publicly available through a county recorder’s office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/local-info/ and www.zillow.com/research/data.

(ii) The Zillow Rent Index (ZRI) is the median Rent Zestimate® (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow’s database, regardless of whether they are currently listed for rent. It is expressed in dollars.

(iii) Mortgage rates for a 30-year fixed mortgage

(iv) The Zillow Home Value Index (ZHVI) is the median estimated home value for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. It is expressed in dollars, and seasonally adjusted.

Seriously Underwater U.S. Properties Decrease By 1.4 Million From A Year Ago In Q3 2017

Biggest Year-over-Year Drop in Number of Seriously Underwater Since Q2 2015; Share of Equity Rich Properties Increases to New High of 26 Percent

Irvine, CA – Nov. 16, 2017 (PRNewswire) ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, today released its Q3 2017 U.S. Home Equity & Underwater Report, which shows that at the end of the third quarter of 2017 there were 4.6 million (4,628,408) U.S. properties that were seriously underwater (where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value), down by more than 800,000 properties from the previous quarter and down by more than 1.4 million properties from Q3 2016 — the biggest year-over-year drop since Q2 2015.

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The 4.6 million seriously underwater properties at the end of Q3 2017 represented 8.7 percent of all U.S. properties with a mortgage, down from 9.5 percent in the previous quarter and down from 10.8 percent in Q3 2016.

“Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago.”

26 percent of U.S. properties were equity rich in Q3 2017
There were more than 14 million (14,030,394) U.S. properties that were equity rich — where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property — down slightly from the previous quarter but still up by 905,000 compared to a year ago.

The 14 million equity rich U.S. properties represented 26.4 percent of all U.S. properties with a mortgage, up from 24.6 percent in the previous quarter and up from 23.4 percent in Q3 2016.

Highest share of equity rich properties in Hawaii, California, New York, Oregon, Washington
States with the highest share of equity rich properties were Hawaii (41.9 percent); California (41.4 percent); New York (35.7 percent); Oregon (34.0 percent) and Washington (33.6 percent).

Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (61.0 percent); San Francisco, California (56.4 percent); Los Angeles, California (45.3 percent); Honolulu, Hawaii (43.9 percent); and Oxnard-Thousand Oaks-Ventura, California (38.7 percent).

“The number of Seattle homeowners who are considered ‘seriously underwater’ continues to drop and is now at an all-time low of 3 percent,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. “Thanks to the strong appreciation of home prices in our area, I expect to see this number drop even further as we move into 2018. At the same time, the percentage of ‘equity rich’ homeowners in Seattle continues to rise, reporting a remarkable 103 percent increase since the end of 2013.”

Other metros where at least 35 percent of properties were equity rich at the end of Q3 2017 were Seattle, Washington (38.7 percent); San Diego, California (38.3 percent); Portland, Oregon (36.7 percent); Austin, Texas (35.8 percent); and Stockton, California (35.2 percent).

Highest share of seriously underwater properties in Baton Rouge, Scranton, Youngstown
States with the highest share of seriously underwater properties were Louisiana (19.2 percent); Iowa (14.2 percent); Pennsylvania (14.0 percent); Mississippi (13.8 percent); and Alabama (13.7 percent).

Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.5 percent); Scranton, Pennsylvania (19.5 percent); Youngstown, Ohio (18.2 percent); New Orleans, Louisiana (17.4 percent); and Dayton, Ohio (16.4 percent).

Full Report & Methodology

About ATTOM Data Solutions
ATTOM Data Solutions is the curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties. The ATTOM Data Warehouse delivers actionable including bulk file licenses, APIs and customized reports.

Media:
Jennifer von Pohlmann
(949) 502-8300
jennifer.vonpohlmann@attomdata.com

Custom Reports:
(949) 502-8313
datareports@attomdata.com

Study Shows Value of Real Estate Continuing Education and Networking

Are other real estate professionals better educated and connected than you?

Brookfield, WI – Oct. 31, 2017 (PRNewswire) Real estate agents can see how their real estate continuing education habits compare to those of 1,100 peers who took part in an exclusive study about the importance of CE and networking.

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The anonymous study, which was conducted by a third party contracted by OnCourse Learning, is a barometer of where real estate professionals, new and old, should spend their time and money in terms of cultivating their careers.

“We reached out to working agents and brokers to determine how they obtain and use real estate CE, how often they avail themselves of educational opportunities and their networking habits,” said Brian Sholly, executive vice president of real estate at OnCourse Learning. “Anonymously conducting the study eliminated any bias real estate professionals may have for OnCourse Learning.”

An easy-to-read infographic provides demographic information about the study participants, including age, level of education and type of real estate practice. It also contains the opinions of study contributors on the importance of keeping skills sharp via continuing education courses.

Real Estate Infographic

Real estate CE value

“Our results indicate these real estate professionals view CE as an effective way to grow as individuals and move their careers forward,” Sholly said. “Study results show more than 90% of real estate professionals seek learning opportunities throughout the year.”

The two-page infographic “Learn how you compare with real estate agents and brokers who took part in our study” is now available as a free download.

OnCourse Learning Real Estate is a trusted source of training, licensing and continuing education. It has helped more than 650,000 real estate, appraisal and home inspection professionals begin and advance their careers through a blend of e-learning, instructor-led courses and textbooks. To learn more, please call 800-532-7649, visit www.oncourselearning.com/real-estate, or follow us on Facebook and Twitter.

For media inquiries, contact:

Deborah Filipek, Media Relations Manager
(847) 908-8017
182548@email4pr.com

About OnCourse Learning

OnCourse Learning delivers licensure, regulatory and compliance education solutions throughout the nation’s leading industries including financial services, healthcare and real estate. Through trusted industry expertise, compliance management and technology solutions, OnCourse Learning focuses on advancing the e-learning environment for individuals and businesses to help to build new careers, empower employees through knowledge and identify efficiencies in corporate training management. OnCourse Learning offers a full suite of educational products including state and federally approved prelicensing and continuing education programs, accredited course content, exam prep tools, publications, e-books, events and a sophisticated and customizable learning management system and course-authoring tool. To learn more, visit OnCourseLearning.com.

Lower-cost Home Renovations Offer Best Value: Appraisal Institute

Chicago, IL – April 18, 2017 (PRNewswire-USNewswire) The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today advocated that homeowners pursue smaller-scale renovation projects in order to maximize their potential return on investment.

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“The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio,” said Appraisal Institute President Jim Amorin, MAI, SRA, AI-GRS. “Spending big dollars on major renovations doesn’t necessarily equate to a dollar-for-dollar return. In short: cost doesn’t necessarily equal value.”

According to Remodeling magazine’s most recent Cost vs. Value report, the projects with the highest expected return on investment are attic insulation (fiberglass), entry door replacement (steel), manufactured stone veneer and minor kitchen remodel. Other projects with potential payoffs, according to the report, are garage door replacement and siding replacement.

Amorin encouraged homeowners contemplating renovation projects to compare the planned improvement to what’s standard in the community.

“Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property,” Amorin said.

He also noted that homeowners might consider renovations simply for their personal enjoyment. While it’s nice to gain a solid return on investment, it’s certainly reasonable for property owners to upgrade just to enhance their quality of life, Amorin said.

For an unbiased analysis of what their home would be worth both before and after an improvement project, a homeowner can work with a qualified real estate appraiser – such as a Designated Member of the Appraisal Institute – to conduct a feasibility study.

The Appraisal Institute offers a free, informative brochure titled “Remodeling & Rehabbing,” which provides consumers with valuable advice on home improvement projects.

The Appraisal Institute is a global professional association of real estate appraisers, with nearly 19,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.