Real Estate Buyers Outnumbering Sellers

The local real estate market continues hitting high marks in early 2017.

Sales are up from a year ago. Inventory is increasing. And interest rates are slowly inching up.

All three trends portend another busy year for the High Country Association of Realtors®, which represents real estate professionals in Alleghany, Ashe, Avery and Watauga counties. Local Realtors® sold 118 listings in February, up 17 percent compared to the same month last year, and the busiest February since 2007. It also extended to 24 the number of consecutive months sales have surpassed 100, according to the High Country Multiple Listing Service (MLS).

The last month to record just double-digit sales was February 2015, when 94 homes were sold in the four-county area. The total value of the 118 homes sold last month was $30.28 million. The median sold price – the midpoint at which half of all listings sold above or below – was $187,000. That was the lowest median sold price recorded in a month since July 2015 ($175,000).

Unseasonably warm temperatures encouraged sellers to slowly enter the market. As of March 16 there were 1,944 active listings within the High Country MLS. That was slightly higher than at the start of January (1,886), but about 361 fewer than this time last year (2,288).

The lack of strong supply is a national trend. According to the National Association of Realtors®, some portions of the country recorded slower sales last month because, for now, buyers are outnumbering sellers.

“Sales (nationally) got off to a fantastic start in January,” said Lawrence Yun, NAR chief economist. “But last month’ retreat in contract signings indicates that activity will likely be choppy in coming months as buyers compete for the meager number of listings in their price range.”

Meanwhile interest rates continue to fluctuate. After hovering around 4.16 percent the first two months of the year, the average fixed-rate on a 30-year mortgage hit 4.3 March 16, according to loan giant Freddie Mac. That’s the highest average this young year. The rate was 3.73 percent a year ago. The 15-year average was 3.5 percent, up from 2.42 a year ago.

To put the increase in perspective, a $300,000 home purchased a year ago would have cost $498,940 after 30 years, with a monthly payment of $1,386. That same house purchased today would cost an estimated $534,461 with a monthly payment around $1,485.

Bankrate.com’s recently reported that 90 percent of its experts surveyed believe rates will move higher in the coming weeks.

Lancaster Pollard Arranges $5.3M Fannie Mae Financing for …

BPM purchased Royalton Place in 2005 and adjusted the acuity mix in late 2014.

BPM purchased Royalton Place in 2005 and adjusted the acuity mix in late 2014.

MILWAUKIE, ORE. — Lancaster Pollard has arranged a $5.3 million Fannie Mae loan for BPM Senior Living. The loan provides capital for Royalton Place, a 70-unit assisted living and memory care community in the Portland suburb of Milwaukie.

BPM purchased Royalton Place in 2005 and adjusted the acuity mix in late 2014. The financing is part of the owner’s plan to replace the existing third-party operator, instead taking over management of the community itself.

Matt Lindsay led the transaction for Lancaster Pollard, aided by Doug Harper.





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DOJ’s Turn Against CFPB May Boil FHFA’s Net Worth Sweep

Fannie Mae (OTCQB:FNMA) and Freddie Mac (OTCQB:FMCC) are two companies that are privately owned, but are run by a government agency that has handed all their money over to another government agency for nearly a decade. The agency that has been set to regulate Fannie and Freddie is the Federal Housing Finance Agency (FHFA). On Friday, the DOJ went after the CFPB in an Amicus Brief:

FHFA is structured similar to the CFPB. It’s worth noting that Chad R. Readler is defending FHFA while simultaneously attacking the CFPB for what are in effect the same claims.

Investment Thesis: Companies that make money are not usually forced out of business and the incoming administration is rapidly approaching its first crossroads where it must show its hand. The sweep is scheduled for later this month, and in the middle of next month, investors get to learn if Trump’s administration is going to continue Obama’s tactics of making plaintiffs fight tooth and nail to get access to discovery documents that have been withheld. More recently, the DOJ has charted a new course, and in a recent Amicus Brief has suggested that the CFPB was improperly structured. FHFA is structured the same way and plaintiffs in the Collins lawsuit are saying that is a reason to vacate the sweep. The Collins motion becomes fully briefed Monday and a ruling can be expected in ~3 months. If the net worth sweep is stopped by law or by the administration, my preferred shares will likely soar in value as the market would begin anticipating a conservatorship that ends via recapitalization instead of decapitation.

Collins: The DOJ Went Against CFPB

On Monday, March 20, the Plaintiff Motion For Summary Judgment On Their Constitutional Claim gets fully briefed. This is Count IV which seeks to vacate the Net Worth Sweep:

The plaintiffs here are effectively making the same argument that the DOJ made against the CFPB in their Amicus Brief filed Friday. In the Perry Capital ruling, the judges went out of their way to not address the constitutional issues saying that in effect these issues were not raised:

Well that may have been true in the Perry lawsuit, but the Collins lawsuit is now off to the races with that argument, and once it becomes fully briefed on Monday, we wait for a ruling.

New York Times Lighting It Up

Gretchen Morgenson at the New York Times has suggested that Trump may allow Fannie and Freddie to keep their capital:

Gretchen called Treasury and the DOJ, but didn’t call FHFA. Investors have long argued that Melvin Watt could on his own power stop the net worth sweep. Right now, there are no capital requirements for Fannie Mae and Freddie Mac. I may be wrong, but I don’t see why those wouldn’t return to stop the sweep if that’s what they’re going to do this month.

With regards to receivership, I’m not sure how that would even be on the table later this year. My understanding is that if you are trying to zero out shareholders, you need to spin off Fannie and Freddie operations before they are placed into receivership in order to not wind them down and cause the mortgage market to lock up. I don’t think that the government is anywhere close to being ready to spinning off the operational assets into new vehicles. There doesn’t therefore appear to be a mechanism to maintain mortgage market liquidity and shutter the GSEs this year anyway. The CSS/CSP would need to be fully functional and they’d have to have the baby catchers in place to catch the new, perhaps merged company or government agency. Instead, words by Mnuchin, Cohn, Calabria, and Watt would make one believe that is simply not on the table.

David Fiderer’s Timeless Thoughts

David Fiderer proposes the application of common sense to understand what is going on:

David Fiderer operates from the frame of reference that cash dividends during conservatorship are illegal. That argument hasn’t been battled in court and is perhaps one of the reasons Perry was able to rule the way that it did.

Around 11,292 Documents Remain In Flux

Judge Sweeney is overseeing discovery in the Federal Court of Claims and thousands of documents have been produced. These documents may contain the answers plaintiffs have been looking for to support their case. Sessions recently asked more Obama-era attorneys to resign.

This may mean that the attorneys who have been fighting the release of these documents to plaintiff attorneys may be replaced by attorneys who are less resistant to the truth behind them seeing the light of day.

Summary and Conclusion

I own 4050 shares of FMCCH, 23088 shares of FMCCP, 7370 shares of FMCCT, 1341 shares of FMCKO, 13185 shares of FMCKP, 12788 shares of FNMFN, and 5 shares of FNMFO.

The problem is one of timing. The ball is in the administration’s court and they get to call all the shots for now. If the lawsuits have merit, especially the Collins case, the time where investors will begin prevailing legally may be in time for not this month’s net worth sweep, but perhaps the next one if there is one this month. Urban Institute has proposed a host of future alternatives. It’s a false choice when alternatives that simply are not possible are proposed as the only options to choose from for a solution when the best solution is a few minor tweaks away. Jim Millstein said similar things about the GSEs at 3:25:

It really may be the only practical alternative is to recapitalize them, reregulate them…and then reprivatize them.

Josh Rosner seems really confident the current administration knows what they’re doing as well. We know that housing reform is a priority for Mnuchin. It will be interesting to see how quickly things start changing. My bet is this month if the administration is going to stop it, after which I figure that there’s a good shot there could be a Collins constitutionality ruling around June.

Disclosure: I am/we are long FMCCH, FMCCP, FMCCT, FMCKO, FMCKP, FNMFN, FNMFO.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

Fannie Mae Notes Hopeful Construction Outlook

Fannie Mae’s March economic forecast was
written before the FOMC announced an increase in the fed funds rate last
Wednesday.  The company’s economists assumed
there would be an increase, but hedged some of their predictions by noting both
upside and downside risks
to their 2 percent growth forecast.

Currently the country appears on track to
start the year with first quarter growth decelerating from the previous quarter
for the fourth consecutive year.  In
February, Fannie Mae predicted the downturn would be minimal, with growth remaining
around 1.9 percent annualized.  New data
indicates that forecast was too optimistic and they have revised their first
quarter estimate to 1.6 percent.  The
main culprit was consumer spending, which fell 0.3 percent, the biggest drop in
three years.

The strong February jobs report, 235,000
new jobs, was boosted by the largest monthly increase in total construction
payrolls since 2007, at least in part due to unseasonably warm weather.  Residential construction payrolls extended a
string of at least 18,000 jobs added per month since last November.

 

 

Home sales rebounded in January from their
December downturns.  Existing homes had a
sizeable gain, growing to the strongest annual rate since 2007 and new home
sales partially recouped the previous month’s losses.  However leading indicators were
worrying.  Pending sales declined for the
second time in three months to a 12-month low and purchase mortgage
applications dropped on overage in February after three previous consecutive
monthly gains.  Fannie’s economists say “The
weakness in these leading indicators supports our view that some of the
improvement in home sales at the start of the year was likely the result of a
rush to enter the market before mortgage rates could rise further.”

 

 

On a positive note, Fannie Mae’s Home
Purchase Sentiment Index increased in February for the second month and was at
its highest level since data collection began in 2010.  Housing inventory remains very tight,
especially for existing homes, which had the smallest inventory in January
since tracking began in 1999. This scarcity has sustained upward pressure on
home prices.  At the end of 2016 the
major home price indices recorded the strongest annual appreciation since 2013
and the early January releases indicate the trend is continuing.

Further, the inventories are leanest at
the lowest tier of home prices, weighing against first-time homebuyers.  Because listings are not keeping pace with
demand for starter homes, prices for lower-tier homes are also appreciating at
a much faster pace than prices for higher-end homes.

Homeowner net equity increased $0.5
trillion, in the fourth quarter, resulting in a cumulative increase of $7.1
trillion over the past five years.  CoreLogic reported home equity as a percent of
real estate value increased to 57.8 percent last quarter from a record low of
36.0 percent in the first quarter of 2009 and the share of residential
properties with negative equity continued to trend down, reaching 6.2 percent from
a peak of 26.0 percent seven years earlier.  

While rising home prices are creating
challenges for first-time homebuyers, the large Millennial generation is moving
full-force into the age groups (late twenties through mid-30s) where first-time
home buying is common and there are indications indicates that homeownership
rate gains have accelerated recently among that generation.

Another positive for the mortgage market
is that February’s National Housing Survey showed the share of consumers who
believe that it is easier now to get a mortgage exceeded those who believe it
is more difficult by the greatest margin in six years.

 

 

Tight inventories and home price gains are
good news for homebuilding.  In January,
single-family starts rose modestly as multifamily activity fell sharply.
Homebuilders remain upbeat; the builder confidence index rose 4 points in
February and 6 in March.

Fannie Mae’s outlook for mortgage rates,
housing activity, and mortgage originations changed little changed from its prior
forecast. Total mortgage originations are expected to drop about 19 percent
this year to $1.57 trillion, and the refinance share should decline 15
percentage points from 2016 to 33 percent. Single-family mortgage debt
outstanding continued to recover from its dive during the housing crisis, rising
2.7 percent annualized in the fourth quarter from the prior quarter and 2.3
percent from a year ago.

Russians are surging into New York real estate, data show

The never-ending quest for the perfect apartment in New York City could be getting that much tougher, new data suggests, thanks to new competition for scarce supply from other parts of the world—and one surprising country in particular.

Newly released figures from TripleMint, a residential real estate start-up based in New York, points to a shift in the countries most interested in buying into the city’s active housing market, which attracts more than its fair share of domestic and international buyers and remains one of the world’s priciest.

Over the course of 2015 and 2016, the company tracked the location of visitors on its website hunting for housing, ranking countries by a percentage of total foreign searches for that year, and compared the results. It found the biggest mover was Russia, which jumped from #20 on their top searchers list in 2015, to #2 last year, landing just behind the United Kingdom.

The results were somewhat surprising, taking place during a volatile period in U.S./Russia relations. The country is being hammered by accusations of hacking as well as electoral meddling , although it was unclear to what extent those events influenced TripleMint’s data, if at all.

Nevertheless, the findings came as a surprise to the company.

“We had no idea that we were going to find that,” David Walker, TripleMint’s CEO, told CNBC in an interview. “It was fascinating seeing this data and how much search traffic has picked up from Russia.”

The top foreign searcher for both years was the United Kingdom, which saw a huge spike in 2016. Nearly 30 percent of the traffic increase for the year from the U.K. came in the four days following the Brexit referendum that could see Britain exit the European Union within the next few years.

TripleMint’s findings were consistent with other data showing a steady influx of foreign buyers keeping demand and prices at frothy levels. Last year, the National Association of Realtors said international buyers purchased $102.6 billion of residential property in the U.S. between April 2015 and March 2016.

According to TripleMint, the second biggest move came from Mexico, which tumbled nine ranks from 2015 to 2016.

With respect to Britain, TripleMint’s Walker explained the influx of searches after Brexit represented a concrete example of how policy shifts and news can impact where people want to live.

The proprietary data collected by TripleMint is part of the company’s focus on using indicators and algorithms — which the 28 year-old Walker calls its “secret sauce” — to predict which properties will come on the market before they do. They also want to use it to help clear up market misinformation, he added.

“One of the problems in our industry is that there is a lack focus on knowledge, education and transparency for the client,” Walker said.

Walker, a Yale University graduate, founded TripleMint with his classmate Philip Lang in 2013. Last month, TripleMint raised $4.5 million in Series A funding, landing the company’s total funding at over $7 million.

The round was backed by DN Capital, which previously invested in Purplebricks, a real estate company now public on the London Stock Exchange.

–CNBC’s Diana Olick contributed to this article.

CORRECTION: This story has been updated to correct the name of the National Association of Realtors.

More From CNBC

PEOPLE AND PROFESSIONS: Reported March 19, 2017 – Herald

Accreditations/Certifications

Alicia Mohr, quality coordinator, administration for Blessing Physician Services, has met the requirements to retain certification in nursing informatics from the American Nurses Credentialing Center. Nursing informatics integrates nursing information and knowledge with management of information and communication technologies. Requirements for retaining certification included 75 or more hours of continuing education in the field and a minimum of 1,000 hours of practice in the specialty. Mohr has nursing degrees from Loyola University-Chicago and Blessing-Rieman College of Nursing and Health Sciences. She has a master’s degree in business administration from Culver-Stockton College. A 15-year member of Blessing Health System, Mohr worked in the Blessing Hospital Emergency Department, Information Systems and Informatics, before joining Blessing Physician Services. She is a member of the American Nursing Informatics Association, the National Association of Healthcare Quality, American Nurses Association, ANA-Illinois and Sigma Theta Tau International Honor Society of Nursing-Pi Pi Chapter.

Activities

Quincy University Music Department faculty members recently participated in the Illinois Music Educator’s Conference College Fair. Christine Damm, assistant professor of music, presented a lecture to over 100 Illinois music educators titled “Clarinet Playing Made Easy: Improve Your Section in 5 Easy Steps.” In addition, Bill Machold, assistant professor of music and director of bands, performed with the Quincy Community Concert Band. The band was the only community band selected to perform.

Laura Doran has been inducted into Delta Gamma, the local chapter of Delta Kappa Gamma Society International. DKG is an international honor society for female educators that promotes professional and personal growth and excellence in education. Doran began her teaching career as a speech therapist in Jefferson City, Mo. While living in Quincy, she taught third grade at Berrian, kindergarten at Dewey and worked in the Parenting Program at Quincy High School.

Appointments

Dr. John Roth, MD, has joined Hannibal Regional Medical Group. He is a board-certified surgeon with over 17 years of experience. Roth has a medical degree from the University of Alabama School of Medicine and completed his surgical residency at Marshall University in Huntington, W.Va. As a general surgeon, Roth manages a variety of surgical conditions affecting all organ systems. Common procedures include gallbladder removal, appendectomy, hernia repairs, breast surgery, cancer removal, abscess drainage and screening colonoscopy. Roth also is trained in robotic surgery.

Kindel Kestner has joined Bower and Associates Inc. Realtors. She has successfully completed all education and exams and has been awarded a real estate broker license for Illinois. Kindel has applied to be a member of the Quincy Association of Realtors and the National Association of Realtors. She has a master’s degree in education counseling from Quincy University.

Scott Hayes of Monroe City, Mo., was elected to a three-year term on the National Pork Producers Council at its annual business meeting in Atlanta. The council is the global voice for the U.S. pork industry, protecting the livelihoods of America’s 60,000 pork producers.

Laura Harcharick has been named resource development and marketing associate for United Way of Adams County. She has six years of experience in marketing/graphic design and comes from Culver-Stockton College. Harcharick will strengthen and expand marketing/donor communications as well as provide staff support for the annual campaign. She is a Quincy native and a John Wood Community College graduate. Harcharick has a bachelor of fine arts degree from Stephens College and a master’s degree in business administration from William Woods University.

Honors

Heather J. Barnett, branch manager of Barnett Financial Partners Inc., associated with Wells Fargo Advisors Financial Network LLC, in Keokuk, Iowa, has been recognized as one of “America’s Top 200 Women Advisors” by Forbes. Barnett has over 21 years of experience in the financial services industry. She has a master of science in business administration from University of Wisconsin-Madison. She is a board member of the Keokuk Economic Development Corporation, a previous chairman of the Board of Directors for the Keokuk Area Community Foundation, a previous member of the Keokuk Rotary Club, and a Paul Harris Fellow.

Matt Loos, a carpenter with Matt Holtmeyer Construction, was recently recognized for 20 years of service. He was hired in 1997 and has many skills in home construction.

Jeannie Hildebrand, registered radiology tech, has received Quincy Medical Group’s most recent Experience the Difference Award. Hildebrand has been with QMG for nearly 33 years and was nominated by Dolly Little.

Montgomery County real estate briefs: Week of March 19 | Regional …

Sales associate receives award for assisting veterans

Scott Troxel, manager of Weichert, Realtors’ Collegeville office, announced sales associate Elizabeth “Beth” Miller was recognized by Veterans United Realty in recognition of her dedication to helping veterans achieve their dream of homeownership in 2016.

For nearly four years, Miller has been a referral agent with Veterans United Realty, which has enabled her to assist service members with their real estate needs, all while serving her Weichert clients in the Collegeville and Montgomery County area.

“I am delighted to see Beth be recognized for her hard work and dedication on behalf of veterans in our area,” Troxel said. “She is a great asset to our team and deserves this exceptional honor.”

Veterans United Realty is an independent affiliate partner of Veterans United Home Loans that offers a nationwide network of veteran-friendly real estate agents. Each year it recognizes its top agents across the country for helping veterans and military families find and purchase their next home. In 2016 alone, Miller helped 11 veterans and their families with their real estate purchases.

As an active real estate professional, Miller is a member of the National Association of Realtors, Pennsylvania Association of Realtors and Montgomery County Association of Realtors. She also holds the Accredited Buyer’s Representative and Seniors Real Estate Specialist designations.

Miller has more than 11 years of experience in the real estate industry and has been a part of the Weichert organization for 10 years. The lifelong Montgomery County resident has 12 grandchildren and a son who is a member of United States Army.

For more information about Veterans United Realty, visit veteransunited.com/va-loans/realty.

Local home builder wins statewide builder of the year

Jon Sukonik of Sukonik Building Companies in Plymouth Meeting was awarded the Pennsylvania Builders Association’s Builder of the Year during the Installation Awards Banquet at the Sheraton Valley Forge in King of Prussia Feb. 24.

This is one of the association’s most esteemed honors, having been presented to members since 1963.

“Jon is one of the most respected builders in our association. His opinion is constantly sought out when key decisions need to be made. He is our ‘go to’ guy,” said Dottie Fawcett, who nominated Sukonik for the award. “I also know that many of our builders and associates seek his opinion on industry, professional and personal issues.”

Sukonik was recognized for his impact on the home building industry and his service to PBA, the National Association of Home Builders and his local association, the HBA of Bucks Montgomery Counties. He was unanimously awarded the PILLAR — Builder of the Year Award in 2015 by members of the HBA.

In more than 15 years as a member, Sukonik has served the federation in multiple capacities, including HBA president, HBA Life director, chair of the PBA Construction Liability, Risk Management Building Materials Special Committee, chair of PBA Uniform Construction Code Special Committee, member of PBA Statewide Licensure Special Committee, Southeast Region PHRC representative, regional vice president and regional legislative officer.

“He truly embodies the things that PBA stands for,” Fawcett said. “He is a firm believer in giving back … He believes that all members must support each other so that together we can move our industry forward. He embodies what it means to be Builder of the Year.”

Century 21 agent receives President’s Producer Award

Brian Slater, broker/owner of Century 21 Norris — Valley Forge, announced that in recognition of their outstanding sales production and commitment to quality service, Century 21 Real Estate LLC recently honored Lynne Norris, sales associate with Century 21 Norris — Valley Forge, with the Century 21 President’s Producer Award.

The annual award is bestowed upon those Century 21 System sales affiliates who earn the Century 21 Centurion Award and the Century 21 Quality Service Pinnacle Producer Award in the same calendar year.

The Centurion Award honors Century 21 System sales affiliates who earn $225,000 in sales production or 65 closed transaction sides within the calendar year.

To earn the Century 21 Quality Service Pinnacle Producer Award, a sales affiliate must receive completed customer surveys for at least 30 percent of their transactions from Jan. 1 to Oct. 31 with an average survey score of at least 95 percentage or better for two consecutive years.

“We are thrilled to recognize Lynne’s work for this momentous achievement,” said Rick Davidson, president and chief executive officer, Century 21 Real Estate LLC. “This is an outstanding honor since only a small percentage of affiliated agents in the United States received this award for sales.”

Berkshire Hathaway congratulates Breakfast of Champions

Berkshire Hathaway HomeServices Fox Roach, Realtors recently honored Montgomery County sales associates for their sales performance for January at a monthly Breakfast of Champions.

Sales associates honored were Linda Gedney and Pat Pezick, of the Blue Bell office; Kerry Boccella, Janet Cribbins, Michael Sivel and Barrett Stewart, of the Chestnut Hill office; Linda Downey, Joe Dudek and Megan Goldstein, of the Collegeville office; Lisa Grater and Jackie Smith, of the Harleysville Home Marketing Center; Joe Dougherty, Mike Murphy and Cindy Wollman, of the Jenkintown Home Marketing Center; and Angel Farrell, Fred Hencken and Lou Krosskove, of the Spring House Home Marketing Center.

Montgomery County real estate briefs: Week of March 19 | Regional …

Sales associate receives award for assisting veterans

Scott Troxel, manager of Weichert, Realtors’ Collegeville office, announced sales associate Elizabeth “Beth” Miller was recognized by Veterans United Realty in recognition of her dedication to helping veterans achieve their dream of homeownership in 2016.

For nearly four years, Miller has been a referral agent with Veterans United Realty, which has enabled her to assist service members with their real estate needs, all while serving her Weichert clients in the Collegeville and Montgomery County area.

“I am delighted to see Beth be recognized for her hard work and dedication on behalf of veterans in our area,” Troxel said. “She is a great asset to our team and deserves this exceptional honor.”

Veterans United Realty is an independent affiliate partner of Veterans United Home Loans that offers a nationwide network of veteran-friendly real estate agents. Each year it recognizes its top agents across the country for helping veterans and military families find and purchase their next home. In 2016 alone, Miller helped 11 veterans and their families with their real estate purchases.

As an active real estate professional, Miller is a member of the National Association of Realtors, Pennsylvania Association of Realtors and Montgomery County Association of Realtors. She also holds the Accredited Buyer’s Representative and Seniors Real Estate Specialist designations.

Miller has more than 11 years of experience in the real estate industry and has been a part of the Weichert organization for 10 years. The lifelong Montgomery County resident has 12 grandchildren and a son who is a member of United States Army.

For more information about Veterans United Realty, visit veteransunited.com/va-loans/realty.

Local home builder wins statewide builder of the year

Jon Sukonik of Sukonik Building Companies in Plymouth Meeting was awarded the Pennsylvania Builders Association’s Builder of the Year during the Installation Awards Banquet at the Sheraton Valley Forge in King of Prussia Feb. 24.

This is one of the association’s most esteemed honors, having been presented to members since 1963.

“Jon is one of the most respected builders in our association. His opinion is constantly sought out when key decisions need to be made. He is our ‘go to’ guy,” said Dottie Fawcett, who nominated Sukonik for the award. “I also know that many of our builders and associates seek his opinion on industry, professional and personal issues.”

Sukonik was recognized for his impact on the home building industry and his service to PBA, the National Association of Home Builders and his local association, the HBA of Bucks Montgomery Counties. He was unanimously awarded the PILLAR — Builder of the Year Award in 2015 by members of the HBA.

In more than 15 years as a member, Sukonik has served the federation in multiple capacities, including HBA president, HBA Life director, chair of the PBA Construction Liability, Risk Management Building Materials Special Committee, chair of PBA Uniform Construction Code Special Committee, member of PBA Statewide Licensure Special Committee, Southeast Region PHRC representative, regional vice president and regional legislative officer.

“He truly embodies the things that PBA stands for,” Fawcett said. “He is a firm believer in giving back … He believes that all members must support each other so that together we can move our industry forward. He embodies what it means to be Builder of the Year.”

Century 21 agent receives President’s Producer Award

Brian Slater, broker/owner of Century 21 Norris — Valley Forge, announced that in recognition of their outstanding sales production and commitment to quality service, Century 21 Real Estate LLC recently honored Lynne Norris, sales associate with Century 21 Norris — Valley Forge, with the Century 21 President’s Producer Award.

The annual award is bestowed upon those Century 21 System sales affiliates who earn the Century 21 Centurion Award and the Century 21 Quality Service Pinnacle Producer Award in the same calendar year.

The Centurion Award honors Century 21 System sales affiliates who earn $225,000 in sales production or 65 closed transaction sides within the calendar year.

To earn the Century 21 Quality Service Pinnacle Producer Award, a sales affiliate must receive completed customer surveys for at least 30 percent of their transactions from Jan. 1 to Oct. 31 with an average survey score of at least 95 percentage or better for two consecutive years.

“We are thrilled to recognize Lynne’s work for this momentous achievement,” said Rick Davidson, president and chief executive officer, Century 21 Real Estate LLC. “This is an outstanding honor since only a small percentage of affiliated agents in the United States received this award for sales.”

Berkshire Hathaway congratulates Breakfast of Champions

Berkshire Hathaway HomeServices Fox Roach, Realtors recently honored Montgomery County sales associates for their sales performance for January at a monthly Breakfast of Champions.

Sales associates honored were Linda Gedney and Pat Pezick, of the Blue Bell office; Kerry Boccella, Janet Cribbins, Michael Sivel and Barrett Stewart, of the Chestnut Hill office; Linda Downey, Joe Dudek and Megan Goldstein, of the Collegeville office; Lisa Grater and Jackie Smith, of the Harleysville Home Marketing Center; Joe Dougherty, Mike Murphy and Cindy Wollman, of the Jenkintown Home Marketing Center; and Angel Farrell, Fred Hencken and Lou Krosskove, of the Spring House Home Marketing Center.

Freddie Mac Considers Backing Single-Family Home Rentals

Freddie Mac is considering backing loans that finance single-family rental homes for the first time, mirroring a controversial transaction that Fannie Mae disclosed in January, according to people with knowledge of the matter.

The company’s regulator is looking to allow Fannie Mae and Freddie Mac to experiment with a limited number of transactions, to better understand if the U.S.-backed housing finance companies should be allowed to do more, according to one of the people, who asked not to be identified because the matter is not public. A spokesman for Freddie Mac declined to comment, as did a spokesman for their regulator at the Federal Housing Finance Agency.

Lawmakers and community groups criticized a Fannie Mae deal announced in January that guaranteed a $1 billion loan to Blackstone Group-backed Invitation Homes, saying that the transaction does little to advance the Fannie’s mission to promote affordable homeownership. Ten Democratic members of Congress wrote the FHFA last month questioning the transaction.

Housing Shortage

Financing residential rental homes could help alleviate the affordable housing shortage that the U.S. faces, according to a February report from researchers at the Urban Institute, a think tank focusing economic and social policy issues. The FHFA should create a regulatory framework that helps ensure that these sorts of transactions increase the availability of affordable housing, and that other players, including small investors, can compete effectively against firms that have government-backed financing, the report said.

Freddie Mac executives pushed to finance single-family rentals as early as 2012 but were stopped by FHFA officials who worried Freddie and Fannie would stifle bank participation in the market. Instead, the companies typically made loans for only a handful of rentals per borrower, which made cheap financing available to individual landlords but wasn’t designed for institutional investors that were building portfolios of thousands of homes.

Fannie Mae has defended its deal, and has said that its arrangement falls in line with its mission to support affordable housing. It’s also said that contrary to the arguments of community groups, the deal is not a “subsidy” for private equity.

There’s almost $20 billion of bonds outstanding backed by single-family rental properties, some of which currently qualify to be refinanced into a government-backed loan, Bank of America Corp. analysts wrote in a report in January.

Freddie Mac Announces Pricing of $290.6 Million Multifamily Small Balance Loan Securitization

MCLEAN, VA, Mar 15, 2017 (Marketwired via COMTEX) — MCLEAN, VA–(Marketwired – Mar 15, 2017) – Freddie Mac (otcqb:FMCC) announces the pricing of the SB28 offering, a multifamily mortgage-backed securitization backed by small balance loans underwritten by Freddie Mac and issued by a third-party trust. The company expects to guarantee approximately $290.6 million in Multifamily SB Certificates (SB28 Certificates), which are anticipated to settle on or about March 27, 2017. Freddie Mac Small Balance Loans generally range from $1 million to $6 million and are backed by properties with five or more units. This is the third SB Certificate transaction in 2017.

SB28 Pricing

Class   Principal/Notional Amount (mm)   Weighted Average Life (Years)   Spread   Coupon   Yield   Dollar (bps) Price A-5H   $124.314   4.06   S + 45   2.7200%   2.5608%   $100.4816 A-7F   $18.924   5.51   S + 47   2.8500%   2.7366%   $100.4627 A-7H   $22.870   5.48   S + 70   3.0800%   2.9637%   $100.4666 A-10F   $86.862   7.25   S + 67   3.1600%   3.0747%   $100.4573 A-10H   $37.691   7.32   S + 95   3.4046%   3.3585%   $99.7929 X1   $322.958   5.13   Non-Offered 

Details

Sole lead manager and bookrunner: Wells Fargo Securities, LLC

Co-managers: Amherst Pierpont Securities LLC, FTN Financial Capital Markets, J.P. Morgan Securities LLC, and Multi-Bank Securities, Inc.

151 mortgages originated by CBRE Capital Markets, Inc., Greystone Servicing Corporation, Inc. and RED Mortgage Capital, LLC

SB28 Certificates Offering Circular

Small Balance Securitization Investor Presentation

Freddie Mac is guaranteeing five senior principal and interest classes and an interest only class of securities issued by the FRESB 2016-SB28 Mortgage Trust and is also acting as mortgage loan seller and master servicer to the trust. In addition to the six classes of securities guaranteed by Freddie Mac, the trust will issue certificates consisting of the Class X-2, B and R Certificates, which will not be guaranteed by Freddie Mac and will be sold to private investors.

The Small Balance Loan (SBL) origination initiative was first announced in October 2014, and expands the company’s continuing effort to better serve less populated markets and provide additional liquidity to smaller apartment properties. Freddie Mac has a specialty network of Seller/Servicers and SBL lenders with extensive experience in this market who source loans across the country.

This announcement is not an offer to sell any securities of Freddie Mac or any other issuer. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the Securities and Exchange Commission (SEC) on February 16, 2017; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2016, excluding any information “furnished” to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information furnished to the SEC on Form 8-K.

Freddie Mac’s press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company’s Annual Report on Form 10-K for the year ended December 31, 2016, and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company’s Web site at www.FreddieMac.com/investors and the SEC’s Web site at www.sec.gov.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

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