The Psychology Behind the Recovery

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Th e M Rep o RT | 57 O r i g i nat i O n s e r v i c i n g a na ly t i c s s e c O n da r y m a r k e t ANALYTICS local edition ANALYTICS "volatility that could potentially cause whiplash for homebuyers and sellers," according to Zillow. Nationally, price appreciation is already tapering off, according to Zillow. After reaching a high of a 7.1 percent annual price gain in August, price gains remained below 7 percent for the entire fourth quarter. However, local markets will vary widely this year, with a 16.1 percent anticipated gain in Riverside, California, and a 0.4 percent gain anticipated in Kansas City, according to Zillow. All but three of the nation's 35 largest metros experienced price growth in 2013, and all but one are expected to experience price gains again this year, according to Zillow. After posting a 3.8 percent decline last year, St. Louis is the only metro expected to experience falling prices this year, with an anticipated 3.1 percent decline. In two of the 35 markets Zillow tracks—Denver and Pittsburgh—home prices sur- passed the peaks they reached before the housing downturn. While home prices rose 1.4 percent in the fourth quarter to $169,000, rents rose 0.7 percent to $1,302. Usres enhances valuation Platform New additioNs will improve quality for user compliaNce efforts. california // USRES, a pro- vider of management solutions for real estate assets and the parent company of RES.NET, recently unveiled enhancements to its proprietary valuations plat- form designed to improve quality control and compliance efforts. According to a company release, USRES' upgraded technology allows users to define automated routing and grants complete visibility into each transaction, improving timelines and managing cost analysis and compliance to increase efficiency for clients. "For many years, USRES has been an appraisal management company of choice for top servicers, and we are now harnessing more than 20 years of expertise in valuations to provide a total quality control solution," said Keith Guenther, CEO of USRES and RES.NET. Guenther added, "We are constantly assessing new ways to improve our technology to better serve our clients, and these added features bring them new levels of connectivity and transparency to more easily manage activities and communication with all parties involved." color Blocking study shows housiNg hardships are greater for black aNd hispaNic commuNities. Washington // Despite efforts to bring greater equality to the housing market, research con- ducted by Zillow suggests black and Hispanic homebuyers still face greater difficulties related to homeownership than whites. The research study, done in partnership with the National Urban League, found blacks and Hispanics are less likely to apply for a mortgage than white home- buyers. Together, they accounted for 15.4 percent of mortgage pur- chase applications in 2012 despite making up 29.4 percent of the U.S. population. In comparison, whites—who made up 63 percent of the population—filed 64.8 percent of purchase applications. Breaking down the application data, the study found blacks and Hispanics were more likely to ap- ply for a mortgage insured by the Federal Housing Administration (FHA) than a conventional loan, with 57.4 percent of black appli- cants and 60.3 percent of Hispanic applicants taking that route; only 30.1 percent of white applicants made the same choice. Out of those groups that ap- plied for a conventional loan, black applicants were 2.4 times more likely to be denied than white applicants, while Hispanics were 1.98 times more likely to be denied, Zillow reports. However, the report notes much of the difference is attrib- utable "to the different resources and qualifications of minority versus white applicants," making it difficult to judge the extent to which discrimination played a part in those denials. Furthermore, research found neighborhoods with high black and Hispanic populations have experienced the most overall depreciation since home prices peaked. In neighborhoods with high black populations, prices have fallen 23.3 percent, according to the report, while prices are down 32.6 percent in neighborhoods with high Hispanic populations. In comparison, predominantly white neighborhoods have seen prices fall 13.4 percent, while largely Asian neighborhoods have experienced depreciation of only 0.6 percent. realtytrac taps specialist to drive growth the compaNy is lookiNg to bolster its broker Network. california // RealtyTrac, one of the nation's leading sources for housing data, announced the hir- ing of real estate and technology specialist Samantha Tino as VP of sales for the RealtyTrac Network. "We are excited to announce the addition of Samantha to the RealtyTrac team," said RealtyTrac CEO Jamie Moyle. "Her years of valuable sales experience coupled with her extensive knowledge of the real estate industry will en- sure that we continue targeting and serving top-notch brokerages to advance the growth of our exclusive network." Tino brings to her new position more than 15 years' real estate and sales experience. She most recently served as VP of sales for Lone Wolf Real Estate Technologies, where her efforts contributed to the development of the company's sales strategies and its acquisition of new customers. Prior to that, Tino was director of regional sales for the Western United States at Delta Media Group, a technology marketing and business manage- ment company. Tino's responsibilities at RealtyTrac include spearhead- ing the continued expansion of its licensed broker network in markets across the country. "The RealtyTrac Network provides brokerages with a com- petitive edge with a multifaceted offering that includes RealtyTrac's extensive database, exclusive leads, and impressive media reach," she said. "I look forward to expanding the RealtyTrac Network's reach by bringing this unique opportunity to leading

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