Real Estate

Rolling the dice on Atlantic City

To quote Springsteen, "maybe everything that dies someday comes back."
The Atlantic City-Hammonton, New Jersey Metropolitan Statistical Area boasts a legendary boardwalk and coastline but is now as well known for its bankrupt casinos. And, rather than a growing population with an expanding economy, the region remains on a downward trend, with a projected -2.9% depreciation.
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Case-Shiller reports increase in home price growth

Experts say rising home prices won’t stop anytime soon
Home prices increased across the U.S. in February, picking up the pace in annual price gains. This run, which is still ongoing, compares to the previous long run from January 1992 to February 2007. And with expectations for continued economic growth and further employment gains, the current run of rising prices is likely to continue.
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Existing home sales increase for second consecutive month

But continue to lag behind last year’s levels
Existing home sales increased in March for the second consecutive month, however as inventory shortages persist, home sales continue to fall below last year’s levels. One expert explained it’s hard to sell homes in large numbers when there’s so few available to buy, and that raises the question of whether the market has reached or surpassed its peak sales volume given current conditions.
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Black Knight: Delinquencies drop to 12-month low

But hurricane impact still lingers
National delinquencies fell in March to a 12-month low, including a decrease of 19,500 serious delinquencies in hurricane-devastated areas. However, this may not reflect that hurricane areas are getting better, in fact, it could mean they’re getting worse.
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RealPage continues growing, set to acquire ClickPay for $218 million

Acquisition will be company’s fifth since 2017
RealPage, a provider of software and data analytics to the real estate industry, went on quite the run of acquisitions last year, acquiring four different companies throughout the year. As it turns out, RealPage isn’t done yet. The company announced Friday that it is acquiring ClickPay, an electronic payment platform servicing 2.3 million units across the multifamily, HOA, condominium and co-op segments of real estate, in a $218 million deal.
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Construction sees most growth since first quarter of 2016

Could signal relief to inventory-starved market
Construction growth saw a surge in the fourth quarter of 2017 to the highest level since the beginning of 2016. Even as the number of new homes constructed continues to struggle, the increasing GDP within the construction industry gives hope that new home construction will soon see a surge.
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Lennar names new CEO for first time in 21 years

Stuart Miller promoted from CEO to executive chairman, Rick Beckwitt named CEO
Lennar, which became the nation’s biggest homebuilder earlier this year when it bought fellow homebuilder CalAtlantic Group in a $9.3 billion deal, announced recently that it is making a series of executive changes. The changes, which consist of promoting several of the company’s leaders, mark the first significant shakeup of the company’s leadership in some time.
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