The US housing market is healthier now than during the Great Recession, however COVID-19 is negatively impacting sales. Pending home sales declined 40% YoY in mid-April due to fewer listings and showings. Unemployment could increase mortgage defaults if it remains high. Home prices are at record highs but historically low mortgage rates have improved affordability. Demand from millennial first-time buyers may sustain the market but supply constraints exist in some areas.
U.S. Housing Market Overview, September 2021Nima Wedlake
Key economic indicators in America’s residential real estate market, including mortgage origination volume, housing supply, credit availability and real estate pricing trends.
HouseCanary President, JP Ackerman presented to 100+ leaders from the 55+ Council at the Southern California Home Builder's Association on January 15th, 2015. The discussion was focused on Winning With the 55+ Age Segment, and contained insights on the 55+ growth opportunity and ways to operationalize at local level to maximize growth.
TRREB reported 4,581 home sales in January 2020 – up by 15.4 per cent compared to January 2019 and up by 4.8 per cent compared to December 2019.
“Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said TRREB President Michael Collins.
The average selling price in January was up by 12.3 per cent, driven by the detached houses & condominium apartments.
U.S. Housing Market Overview, September 2021Nima Wedlake
Key economic indicators in America’s residential real estate market, including mortgage origination volume, housing supply, credit availability and real estate pricing trends.
HouseCanary President, JP Ackerman presented to 100+ leaders from the 55+ Council at the Southern California Home Builder's Association on January 15th, 2015. The discussion was focused on Winning With the 55+ Age Segment, and contained insights on the 55+ growth opportunity and ways to operationalize at local level to maximize growth.
TRREB reported 4,581 home sales in January 2020 – up by 15.4 per cent compared to January 2019 and up by 4.8 per cent compared to December 2019.
“Steady population growth, low unemployment and low borrowing costs continued to underpin substantial competition between buyers in all major market segments,” said TRREB President Michael Collins.
The average selling price in January was up by 12.3 per cent, driven by the detached houses & condominium apartments.
Arbor Small Multifamily Report Q1 2020Ivan Kaufman
The nation’s rental market has a total of 41.9 million renter-occupied housing units as of 2018, according to the U.S. Census Bureau’s latest American Community Survey. Small multifamily, which includes apartment properties of 5 to 49 units, represented 33% (13.7 million units) of the total rental market.
Spotlight on Media & Entertainment: Box Office TrendsL.E.K. Consulting
In the first installment of our Executive Insights “Spotlight on Media & Entertainment" series – which features our insights in a new impactful visual format – we focus on box office trends. L.E.K.’s Dan Schechter, Gil Moran and Francesco Di Ianni explore the current trends in admissions, movie production, movie ticket prices and whether the 3D movie growth may be coming to an end.
U.S. National Housing Market Update - January 2020Scott Rodgers
Slide deck showing residential real estate housing market data. This is for the United States housing market and was created in January 2020. I also publish a local Denver real estate market update blog post on my website. Please do not hesitate to reach out if you have any questions or comments, or are interested in buying or selling Denver real estate - http://www.ThePeak.com
Arbor Single Family Rentals Report 2020 Q1Ivan Kaufman
Unsurprisingly, COVID-19 is the unavoidable and overarching theme across all areas of commercial real estate - the singe family rental (SFR) sector is no exception.
Single-Family Rentals | Q2 2020 | Arbor Realty Trust, Inc. Ivan Kaufman
The growing acceptability and adoption of work-from-home setups are framing housing decisions across the board, boosting demand for exurban housing options. However, as many of the accommodative features in the CARES act expire, the likelihood of increased tenant performance issues in the coming months remain high. All else equal, while the single-family rental sector will continue to work some COVID-related performance issues, it is as well insulated as any residential product type over the medium term.
Please also find attached our Real Estate Supplement. In it you will read about how issuance of bonds backed by commercial properties is on track to beat last year's supply and yield premiums for bonds backed by commercial property loans have narrowed. Also, Jefferies CMBS veteran Lisa Pendergast says she expects CMBS spreads to narrow by year end, while Fannie Mae economists Douglas Duncan and Patrick Simmons argue that a slowdown in the growth of the labor force suggests more modest prospects for the demand for new housing and construction. Emile J. Brinkmann, the chief economist of the Mortgage Bankers Association of America, probes how state regulations will affect the pace of foreclosures and delinquencies. Nicolas Retsinas of Harvard’s Joint Center for Housing has some advice for lawmakers on GSE reform and Donald Trump offers a characteristically confident view that the recovery in real estate. If you have any comments or feedback for future real estate issues please contact arozens@bloomberg.net.
2017 Q1 - U.S. Residential Housing Marketing ReviewTroy Adkins
The purpose of this presentation is to provide an overview of the events and trends that transpired in the U.S. residential housing market for during the first quarter of 2017, and to provide an overview of the top five over-priced cities and under-priced cities that make up the Adkins 60-City Home Price Index.
This special supplement includes insight from leading economists and market observers about the future of home sales, what higher rates mean for affordability and what regulatory changes at the U.S. housing agencies will do to long-term fixed rate mortgages. Inside you will also find unique data on commercial mortgage issuance, CMBS loan leverage, mortgage delinquencies and commercial property cap rates, as well as insight into real estate development in Manhattan.
The Thomvest Housing Report includes data through Q3 2022 and attempts to provide helpful KPIs related to the overall health of the U.S. residential real estate market in 2022, as well as a discussion of how real estate technology companies are adapting in this environment.
The median price of existing home sales is up 38% since March 2020. Mortgage rates are up over 3 percentage points in the past eight months, the first time we have seen anything like that since 1980/81. The combination of the two has caused affordability to deteriorate faster than at any point in our time series.
Arbor Small Multifamily Report Q1 2020Ivan Kaufman
The nation’s rental market has a total of 41.9 million renter-occupied housing units as of 2018, according to the U.S. Census Bureau’s latest American Community Survey. Small multifamily, which includes apartment properties of 5 to 49 units, represented 33% (13.7 million units) of the total rental market.
Spotlight on Media & Entertainment: Box Office TrendsL.E.K. Consulting
In the first installment of our Executive Insights “Spotlight on Media & Entertainment" series – which features our insights in a new impactful visual format – we focus on box office trends. L.E.K.’s Dan Schechter, Gil Moran and Francesco Di Ianni explore the current trends in admissions, movie production, movie ticket prices and whether the 3D movie growth may be coming to an end.
U.S. National Housing Market Update - January 2020Scott Rodgers
Slide deck showing residential real estate housing market data. This is for the United States housing market and was created in January 2020. I also publish a local Denver real estate market update blog post on my website. Please do not hesitate to reach out if you have any questions or comments, or are interested in buying or selling Denver real estate - http://www.ThePeak.com
Arbor Single Family Rentals Report 2020 Q1Ivan Kaufman
Unsurprisingly, COVID-19 is the unavoidable and overarching theme across all areas of commercial real estate - the singe family rental (SFR) sector is no exception.
Single-Family Rentals | Q2 2020 | Arbor Realty Trust, Inc. Ivan Kaufman
The growing acceptability and adoption of work-from-home setups are framing housing decisions across the board, boosting demand for exurban housing options. However, as many of the accommodative features in the CARES act expire, the likelihood of increased tenant performance issues in the coming months remain high. All else equal, while the single-family rental sector will continue to work some COVID-related performance issues, it is as well insulated as any residential product type over the medium term.
Please also find attached our Real Estate Supplement. In it you will read about how issuance of bonds backed by commercial properties is on track to beat last year's supply and yield premiums for bonds backed by commercial property loans have narrowed. Also, Jefferies CMBS veteran Lisa Pendergast says she expects CMBS spreads to narrow by year end, while Fannie Mae economists Douglas Duncan and Patrick Simmons argue that a slowdown in the growth of the labor force suggests more modest prospects for the demand for new housing and construction. Emile J. Brinkmann, the chief economist of the Mortgage Bankers Association of America, probes how state regulations will affect the pace of foreclosures and delinquencies. Nicolas Retsinas of Harvard’s Joint Center for Housing has some advice for lawmakers on GSE reform and Donald Trump offers a characteristically confident view that the recovery in real estate. If you have any comments or feedback for future real estate issues please contact arozens@bloomberg.net.
2017 Q1 - U.S. Residential Housing Marketing ReviewTroy Adkins
The purpose of this presentation is to provide an overview of the events and trends that transpired in the U.S. residential housing market for during the first quarter of 2017, and to provide an overview of the top five over-priced cities and under-priced cities that make up the Adkins 60-City Home Price Index.
This special supplement includes insight from leading economists and market observers about the future of home sales, what higher rates mean for affordability and what regulatory changes at the U.S. housing agencies will do to long-term fixed rate mortgages. Inside you will also find unique data on commercial mortgage issuance, CMBS loan leverage, mortgage delinquencies and commercial property cap rates, as well as insight into real estate development in Manhattan.
The Thomvest Housing Report includes data through Q3 2022 and attempts to provide helpful KPIs related to the overall health of the U.S. residential real estate market in 2022, as well as a discussion of how real estate technology companies are adapting in this environment.
The median price of existing home sales is up 38% since March 2020. Mortgage rates are up over 3 percentage points in the past eight months, the first time we have seen anything like that since 1980/81. The combination of the two has caused affordability to deteriorate faster than at any point in our time series.
Update on National Commercial Real Estate Markets
"Commercial real estate sales transactions
picked up in the fourth quarter, but full –year
transactions were 32% below last year’s level." - NAR
In a time of high uncertainty 2 sectors stood out, Apartments and Industrial Real Estate.
Economic conditions always impact demand, construction, absorption rates, availability and vacancy rates.
These are major considerations for those looking to:
- Purchase commercial property for their business
- Those looking to obtain a commercial real estate loan
- Investors looking to find stable investment assets
- Landlords trying to determine lease concessions
- Tenants decisions on lease terms and options to renew negotiations
The purpose of this video is to provide an overview of the recent events and trends that have transpired in the residential housing environment, and to provide an overview of the home-price level for a select group of cities that make up the Adkins 60-City Home Price Index. This analysis is for the second quarter of 2015.
Thomvest Ventures Research's 2023 Housing Market Health Check analyzes shifting dynamics impacting supply, demand, affordability, mortgage activity and loan performance. Key takeaways: plunging affordability threatening homebuyers, construction lagging enduring demand, forecasted sales rebound after significant 2023 declines, and delinquencies remaining near historic lows despite uncertainty. The report offers insight into the market's sharp cooldown while providing an optimistic long view.
Fintech is a hot sector among investors, but why?
As a fintech focused VC, take a look at our perspective on why financial services is on the cusp of change.
VCs have for the most part retreated from investing in Bitcoin and Blockchain. The appetite for blockchain products however has only increased. Corporations have formed consortiums such as R3 and the Hyperledger Project to learn more about the technology. Numerous enterprises have rolled out internal pilots to test and explore the applications of blockchain.
At Thomvest, we believe blockchain adoption is about to take off - making it a prime time for VCs to begin making early stage bets.
Take a look at our most recent research report which delves into the current state of blockchain.
China Mobile Advertising Landscape Report (Thomvest Ventures)Thomvest Ventures
This report examines China's digital advertising industry, with a specific focus on mobile. Our goal with this research is to grasp the many nuances of advertising technology in China – what role does programmatic play, who are the key vendors in the space, what challenges do these vendors face, and how do we expect the market to evolve over the next several years?
While insuretech has become a major area of interest among VCs, we recognize that few investors in the space have comprehensive knowledge of the industry. To better understand the complexities and opportunities in the space, we have compiled the research report posted below. The report provides an overview of the auto, homeowners, life, and health insurance sectors. We hope you find the presentation insightful and welcome comments and questions.
In this report we provide an overview of the native advertising ecosystem, with a specific focus on native advertising delivered programmatically. We touch on the native advertising market size, key vendors in the space, recent updates from incumbent advertising companies like Facebook, Google, Yahoo & Twitter, and key challenges and opportunities within the native ads market.
AdTech Late Stage Deal & M&A Analysis (Thomvest Ventures)Thomvest Ventures
This report is a compilation of data on late stage investment in advertising technology (adtech) companies over the last several years, as well as a summary of M&A activity in the sector.
Thomvest Mobile Advertising Overview - February 2016Thomvest Ventures
This is an overview of the mobile adtech ecosystem. Research was conducted by Thomvest Ventures. It covers topics including mobile advertising spend, programmatic advertising, key mobile advertising vendors (i.e DSP, SSP, exchanges & networks), and key trends.
The banking industry appears to be undergoing a renaissance driven by changing consumer behavior and technical innovation. Software is eating the industry. In retrospect, we can see how the first wave of innovation came in areas such as online account access and payments. Changing consumer behavior (such as the shift to mobile) and the use of big data has enabled increasingly complex transactions (such as lending and asset management) to move online. Consumers have largely stopped going to retail branches, and reserve the occasional branch visit for major one-off transactions.
Our first investment in the financial services industry came many years ago with an investment in LendingClub. We put both equity and debt into the company, making a sizable purchase of loans via the platform itself. We saw the company’s potential to bring marketplace dynamics and software disruption to the lending industry. The end goal for borrowers and investors on the platform was simple: lower cost loans for borrowers, increased yields for investors, and high levels of customer satisfaction. As a result, LendingClub has grown into a sizable public company. With experience on the platform and a realization of the potentially transformative nature of this model, we’ve gone on to invest in companies across the online lending space: Kabbage (www.kabbage.com), LendUp (www.lendup.com), and SoFi (www.sofi.com).
The renaissance in financial services has drawn in substantial amounts of venture capital. In the past year alone, the number of fintech deals has grown 16% and the capital funded is up 46%.
While many entrepreneurs develop expertise in the specific segment they intend to disrupt, we’ve noticed that startups usually don’t have the time or resources to look outside their niche and understand how they fit into the larger context of banking and lending markets. To help put the industry in perspective, we developed an overview of the banking industry in the US. What’s remarkable is not only the insights this gives into the financial lives of Americans (be it millenials or seniors), but also the perspective this gives us on the large banks we’ve all come to use. Indeed, consolidation over the last several decades has led the four major banks (JP Morgan, Bank of America, Citigroup, and Wells Fargo) to hold around half of the market’s depository assets.
Today we’re happy to provide the first version of this industry overview. We’ve chosen brevity over depth, so as to provide a snapshot of the overall banking landscape. We’ll continue to iterate on this overview and welcome questions and comments. In subsequent posts, we plan to provide deeper dives into sectors that are of interest to both ourselves and others. We look forward to contributing to what feels like yet another opportunity to be at the front door of history-making companies.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Total Environment Tangled Up In The Green - Residential Plots Where Nature an...JagadishKR1
Embark on a journey where lush landscapes and contemporary living converge at Total Environment's Tangled Up In The Green Residential Plots in Devanahalli, Bangalore. Surrounded by verdant expanses, these plots offer an idyllic setting for your dream home. Immerse yourself in the serenity of nature while enjoying the finest amenities and design, where every moment is a harmonious blend of luxury and tranquility.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
1. 1
U.S. Housing Market Health Check
Key economic indicators in America’s residential real estate market
Prepared by Nima Wedlake
Thomvest Ventures Research May 2020
2. Thomvest Ventures Overview
About Thomvest
Thomvest is a cross-stage venture capital with offices in San Francisco and Toronto. Our firm
has invested more than $500M since its founding, and we primarily focus on opportunities in
the fields of real estate technology, financial technology, cybersecurity and cloud infrastructure.
The capital we invest is our own, enabling us to be more creative, flexible and patient with our
entrepreneurial partners.
For more information on Thomvest, visit our website or contact this report’s author, Nima
Wedlake.
‣ Real Estate’s Tech-Enabled Future: Opportunities
for Startups in the Real Estate Sector
‣ Market Map: 140+ Real Estate Tech Companies
Transforming the $32 Trillion Housing Market
‣ Market Map, Part Two: 170+ Technology
Companies Reshaping Commercial Real Estate
‣ The Evolution of Crypto and Blockchain — a VC
Perspective
Additional Research from Thomvest
Our Real Estate Technology Portfolio
3. 3
I. Impact of COVID-19 on Housing
Relative to the Great Recession, the
U.S. housing market is “healthier”
— fewer subprime mortgages,
lower borrower debt-to-income,
and more equity in homes.
A sustained period of
unemployment may contribute to
increased mortgage defaults, in
lieu of government intervention.
The volume of new listings and
home showings is down in March &
April due to shelter-in-place orders
and general market unease.
4. -40%
-20%
0%
20%
Jan
1
Jan
7
Jan
13
Jan
19
Jan
25
Jan
31
Feb
6
Feb
12
Feb
18
Feb
24
M
ar1
M
ar7
M
ar13
M
ar19
M
ar25
M
ar31
A
pr6
A
pr12
A
pr18
Pending Home Sales, Year-over-Year Percent Change (2019 vs. 2020)
Source: Redfin, Data shown as a 7-day rolling average & includes data from the 90+ U.S. markets in which Redfin operates
Home sale volume
declined precipitously
in March as reported
COVID-19 cases spread
quickly across the U.S.
- U.S. pending sales are down 40% for
the seven days ending on April 18
compared to the prior year.
- New listings are also down — in the
first week of April, listings declined
27% compared to a year ago.
- There are currently just over
750,000 homes for sale in the U.S.
compared to just under 1 million
homes for sale at this time last year.
- The number of new listings typically
grows by about 50% from March 1
to early April, but this year fell 19%
as the COVID-19 pandemic
worsened.
-45% Decline in Pending Home
Sales Compared to 2019
COVID-19 Declared a National
Emergency on March 13
5. Weekly U.S. Home Showings Normalized to First Week of January (2019 vs. 2020)
Source: ShowingTime
Early data on home
tours suggests a
pronounced drop-off in
buyer interest as a
result of COVID-19
- Home showings in the U.S. dropped
meaningfully in mid-March as
shelter-in-place orders became
more widespread nationally,
according to ShowingTime.
- The initial drop in showing activity
experienced throughout much of
the country in the early weeks of
the COVID-19 pandemic has given
way to modest signs of stabilization.
- The data points represent a rolling
weekly average in ShowingTime’s
100 top markets, with each market
recording tens of thousands of
appointments in 2019 and 2020.
-50%
-25%
0%
25%
50%
Jan
12
Jan
19
Jan
26
Feb
2
Feb
9
Feb
16
Feb
23
M
ar1
M
ar8
M
ar15
M
ar22
M
ar29
A
pr5
A
pr12
A
pr19
A
pr26
M
ay
3
2019 % Change from First Week of January
2020 % Change from First Week of January
-48.9% Decline in Home Showings
Compared to Jan 12, 2020
COVID-19 Declared a National
Emergency on March 13
6. Indicators of Mortgage Borrower Credit Quality, 2007 vs. 2020
Source: Black Knight & Urban Institute
Credit quality of today’s
mortgage borrowers is
higher than that of
borrowers prior to the
Great Recession
- Today’s homeowners are in stronger
equity positions relative to 2007 —
fewer have mortgages (62% vs.
68%) and those that do have a lower
loan-to-value ratio (53.3% vs.
61.8%).
- There are fewer high-risk mortgage
products today, including 60%
fewer subprime loans and 75%
fewer adjustable rate mortgages.
- The mortgage payment to income
ratio is lower today relative to 2007
(20.9% vs. 31.8%) — however, a
sustained period of unemployment
may impact borrowers’ ability to
make mortgage payments.
Metric
Great Recession
(Entering 2007)
COVID-19
(February 2020)
Percent of Homeowners w/ a Mortgage 68.4% 62.9%
Number of Active Mortgages 53.7M 52.9M
Percent of Homeowners w/ Less Than 10% Equity 14.5% 6.6%
Total Market CLTV 57.4% 52.3%
Average Current CLTV 61.8% 53.3%
Average DTI at Origination 34.5 33.5
Average Original Credit Score 708 736
Average Current Credit Score 713 747
Mortgage Delinquency Rate 4.92% 3.28%
Mortgage Payment to Income Ratio 31.8% 20.9%
Number of Active Subprime Loans 5.1M 1.98M
Number of Active ARM Mortgages 12.89M 3.2M
ARM Mortgages Scheduled to Reset w/in 3 Years 4.95M 320K
GNMA/GSE Share 63% 75%
7. 10%
Unemployment
15%
Unemployment
20%
Unemployment
30%
Unemployment
18.8%
13.1%
10.3%
7.5%
5%
10%
15%
20%
Great Recession Peak
(January 2010)
Current
(February 2020)
3.7%
14.3%
Projected Non-Current Rate Based on Unemployment Rate
Based on analysis by Black Knight
Observed Non-Current Rate
Jan. 2010 & Feb. 2020
Impact of Unemployment Rate Scenarios on Mortgage Performance
Source: Black Knight
However, sustained
unemployment may
increase the likelihood
of missed or delayed
mortgage payments
- Unemployment peaked at 10%
during the Great Recession — at
this peak, 14.3% of mortgages were
non-current.
- “Non current” refers to loans in any
stage of delinquency or foreclosure.
- More than 20 million Americans
have filed for unemployment as a
result of the COVID-19 pandemic.
- The right-hand chart models
potential non-current mortgage
rates should unemployment persist
over the next several months,
according to Black Knight.
- In response to the pandemic, many
lenders have announced mortgage
forbearance programs in order to
temporarily ease the payment
burden.
Great Recession
(Peak UE, Jan. 2010)
Current
(Feb. 2020)
10%
Unemployment
15%
Unemployment
20%
Unemployment
30%
Unemployment
8. II. Housing Affordability & Supply
Home prices are at historical
highs following steady
appreciation since the Great
Recession.
Home prices have been buoyed by
low mortgage rates and limited
housing supply due in part to a
drop-off in new home
construction.
Demographic tailwinds and
relative affordability may lead to
sustained housing demand over
the next several years.
9. The current national
home price index has
eclipsed 2007 levels
S&P/Case-Shiller U.S. National Home Price Index, 1987-2019
- Home prices have grown rapidly in
the years following the Great
Recession.
- Between 2012 and 2020, home
prices grew 5.8% annually,
compared to 8.7% annual home
price appreciation between 1999
and 2007.
- Home prices dropped about 35%
between mid-2006 and early 2009
in the first nationwide decline since
the Great Depression.
- They have since recovered, and are
now at 115% of their prior peak level
in 2007.
Source: S&P Dow Jones Indices LLC
100
150
200
250
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
184.6
Mar. ’07
- The National Home Price Index tracks the purchase price and resale value of single-family homes. It covers the nine major U.S. census divisions.
- The 10-city covers Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, DC.
5.8%
CAGR
8.7%
CAG
R
214.7
Jan. ’20
10. Median U.S. Home Price to Household Income Ratio, 1987-2019
Source: Zillow Research
2.5x
3.0x
3.5x
4.0x
4.5x
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
3.8x in Q3 2019
4.1x in Q2 2006
In relation to house-
hold income, home
prices have reached
near record highs
- Home prices relative to household
income have yet to surpass its prior
peak during the Great Recession.
- Median household income is up
more than 10% over the last decade,
whereas home prices have
increased by 45% over the same
period.
- The high price-to-income ratio in
2006 points to lax credit standards
during that period which de-
prioritized income in the
underwriting process.
- The ratio compares the median price of homes to the median level of household income in a given area.
- It utilizes the Zillow Home Value Index, which is a measure of home values for a given metro.
11. U.S. Mortgage and Rent Affordability (% of Income), 1981-2019
Source: Zillow Research
10%
20%
30%
40%
50%
Q
11981
Q
11983
Q
11985
Q
11987
Q
11989
Q
11991
Q
11993
Q
11995
Q
11997
Q
11999
Q
12001
Q
12003
Q
12005
Q
12007
Q
12009
Q
12011
Q
12013
Q
12015
Q
12017
Q
12019
Mortgage
Rent
31.2% in Q3 2019
16.4% in Q3 2019
Historically low
mortgage rates have
improved mortgage
affordability
- While home prices have increased,
mortgage costs as a percentage of
household income has actually
declined over the last decade.
- This is due in part to: declining
mortgage rates, tightened credit
standards, and wage growth.
- However, rent affordability
continues to decline as demand for
rental housing has outpaced the
rate of unit growth.
- Since 2008, rental demand in the
U.S. has grown by 20% while
housing units have grown by only
6%.
- Mortgage affordability is calculated by determining the mortgage payment for the median house price
(using ZHVI) and the 30-year fixed mortgage rate during that time period (from Freddie Mac).
- Rent affordability utilizes the Zillow Rent Index, which tracks the monthly median rent in the U.S.
12. Mortgage and Rent Affordability by Metro (% of Income), 2001-2019
Source: Zillow Research
Mortgage Rent
20%
40%
60%
80%
2001 2007 2013 2019
20%
40%
60%
80%
2001 2007 2013 2019
20%
40%
60%
80%
2001 2007 2013 2019
San Francisco Bay Area New York, NY Los Angeles Area, CA
10%
20%
30%
40%
2001 2007 2013 2019
10%
20%
30%
40%
2001 2007 2013 2019
10%
20%
30%
40%
2001 2007 2013 2019
Chicago, IL Dallas-Fort Worth, TX Seattle, WA
10%
20%
30%
40%
2001 2007 2013 2019
10%
20%
30%
40%
2001 2007 2013 2019
10%
20%
30%
40%
2001 2007 2013 2019
Atlanta, GA Detroit, MI Phoenix, AZ
Across U.S. metro
areas, real estate
affordability varies
widely
- In supply-constrained markets like
San Francisco, mortgage payments
represent more than 40% of
household income.
- Across most markets, rental prices
have grown steadily relative to
income.
13. U.S. Age Distribution (in Millions), 2019
Source: U.S. Census Bureau, Population Division; Population estimate as of July 2019
3.5M
4.0M
4.5M
5.0M
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
4.81M
28 year-olds
Median Age of First-
Time Homebuyer
4.46M
33 year-olds
An impending boom in
first-time buyers may
drive continued
demand for housing
- The median age of a first time
homebuyer is 33— there are 4.4
million 33 year-olds in the U.S. vs.
more than 4.8 million 28 year-olds.
- As Americans in their late twenties
age into the home purchase market
over the next 2-4 years, we expect a
period of sustained housing
demand.
- However, we also expect
accelerated supply of properties
over the next decade as baby
boomers transition out of their
homes.
- About 9 million properties are set to
hit the market from 2017 through
2027 as baby boomers start to die in
larger numbers, according to Zillow.
14. The homeownership
rate declined sharply
between 2006–2016,
and has yet to recover
U.S. Homeownership Rate (% Owner-Occupied Homes), 1974-2019
Source: U.S. Census Bureau
61%
62%
63%
64%
65%
66%
67%
68%
69%
70%
Q
4
1974
Q
4
1977
Q
4
1980
Q
4
1983
Q
4
1986
Q
4
1989
Q
4
1992
Q
4
1995
Q
4
1998
Q
4
2001
Q
4
2004
Q
4
2007
Q
4
2010
Q
4
2013
Q
4
2016
Q
4
2019
65.1% in Q4 2019
62.9% in Q2 2016
69.1% in Q3 2006
- Trends in housing preferences and
affordability continue to move
consumers toward rentership vs.
ownership.
- 18% of current renters “want to own
a home” compared to 42% of
renters in 2016, according to
Freddie Mac.
- High student debt and delayed
personal milestones also contribute
to rental demand in lieu of
homeownership.
- The homeownership rate is
calculated by dividing the number
of owner-occupied homes by the
total number of occupied
households.
15. 750
1,500
2,250
3,000
1980
1983
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
2016
2019
Annual U.S. Housing Construction Starts (in Thousands of Units), 1980-2019
Source: Federal Reserve Bank of St. Louis
1.73M
Average annual starts, 2000-2007
948K
Average annual starts, 2008-2019
New construction
starts have yet to
recover following the
Great Recession
- Lack of new housing supply is a
major contributor to home price
appreciation — housing
completions have trailed household
growth in every year since following
the Great Recession.
- Rising construction costs may play a
role in lack of building: the per-
square-foot hard costs for
constructing multifamily housing in
California climbed 25 percent over
the last decade.
16. For Sale Housing Inventory (in Millions) and Months of Supply, 1999-2019
Source: National Association of Realtors
5
10
15
20
1M
2M
3M
4M
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
For Sale Inventory Months of Supply
Homes available for
sale are at multi-year
lows, which exacerbate
housing supply issues
- Compared with December of 2018,
inventory levels were down 8.5%.
This marks seven straight months of
year-over-year declines and is a
record-setting low since 1999.
- The lack of housing supply is
leading to fewer “months of supply”
— meaning homes are selling faster
than they have historically.
- Historically, six months of supply is
associated with moderate price
appreciation, and a lower level of
months’ supply tends to push prices
up more rapidly.
- In February, sales of existing houses
surged 6.5% from the previous
month to a seasonally adjusted
annual rate of 5.77 million units —
the highest level in February since
2007.
Average of 1.4 million
homes for sale in 2019
Average of 3.9 months
of supply in 2019
- “For sale inventory” refers to the average number of properties marked as active on the market.
- "Months of supply" refers to the number of months it would take for the current inventory of homes on
the market to sell given the current sales pace.
17. 17
III. Mortgage Activity
Cumulative mortgage debt in the
U.S. has surpassed 2008 levels,
however quarterly origination
volume has not eclipsed pre-
recession volumes.
Credit standards have tightened
following the Great Recession, and
mortgage default rates are near
historical lows.
Origination volume for second
mortgages and cash-out
refinances are down significantly
relative to 2006-levels.
18. Total U.S. Mortgage Debt Balance (in Trillions, USD), 2003-2019
Source: New York Fed Consumer Credit Panel/Equifax
$2T
$4T
$6T
$8T
$10T
$12T
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$9.56T in Q4 2019
$9.29T in Q3 2008
Total outstanding
mortgage debt has
surpassed Great
Recession levels
- While total debt has grown, its
growth rate over the last several
years is much lower (3%) than
annual debt growth seen prior to
the Great Recession (12%).
- Home values have grown more
rapidly in the period following the
Great Recession — the aggregate
value all U.S. owner-occupied
homes is more than $30 trillion.
12%
CAGR
3% CAGR
19. 200
400
600
800
1000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Mortgage Credit Availability Index, 2004-2020
Source: Mortgage Bankers Association
152.1 in March 2020
Peak of 868.7 in June 2006
Credit availability has
risen slightly, but is not
near Great Recession
levels
- Credit availability spiked during the
Great Recession, and declined
sharply due to regulatory changes,
as well as updates to bank
underwriting policies.
- The Mortgage Credit Availability
Index is calculated using several
factors related to borrower
eligibility (credit score, loan type,
loan-to-value ratio, etc.).
- The credit availability index
dropped sharply in March 2020, as
a result of tightening credit
standards during the COVID-19
pandemic.
- The recent decline in credit
availability is primarily impacting
the jumbo and non-QM space —
jumbo credit availability
experienced a 36.9% month-over-
month decline.
20. Quarterly U.S. Mortgage Originations (in Billions, USD), 2003-2019
Source: New York Fed Consumer Credit Panel/Equifax
$200B
$400B
$600B
$800B
$1,000B
$1,200B
Q
4
2003
Q
4
2004
Q
4
2005
Q
4
2006
Q
4
2007
Q
4
2008
Q
4
2009
Q
4
2010
Q
4
2011
Q
4
2012
Q
4
2013
Q
4
2014
Q
4
2015
Q
4
2016
Q
4
2017
Q
4
2018
Q
4
2019
$752B in Q4 2019
Peak of $1.06T in Q3 2003
Mortgage origination
volume has stayed
relatively consistent
over the last decade
- Mortgage originations spiked in the
years preceding the Great
Recession, driven by relaxed credit
standards and an active housing
market.
- In Q4 2019, origination volume
reached its highest level in more
than a decade, driven primarily by a
drop in mortgage rates.
22. Number of U.S. Mortgage and Home Equity Accounts (in Millions), 2003-2019
Source: New York Fed Consumer Credit Panel/Equifax
20M
40M
60M
80M
100M
120M
Q
4
2003
Q
4
2004
Q
4
2005
Q
4
2006
Q
4
2007
Q
4
2008
Q
4
2009
Q
4
2010
Q
4
2011
Q
4
2012
Q
4
2013
Q
4
2014
Q
4
2015
Q
4
2016
Q
4
2017
Q
4
2018
Q
4
2019
Peak of 98.1M accts. in Q1 2008
Peak of 24.2M accts. in Q4 2007
Mortgage
Home Equity
80.9M accts. in Q4 2019
15.0M accts. in Q4 2019
The total number of
active mortgages is
nearly 20 million less
than its 2008 peak
- While total mortgage debt is at a
record high, the aggregate number
of mortgages is low relative to
historical standards.
- This is driven by a decrease both the
number of Americans who own a
home, as well as the number of
homeowners with a mortgage.
- 63% of homeowners have a
mortgage — the lowest level since
at least 2005.
23. Quarterly U.S. Cash-Out Refinance Volume (in Billions, USD), 1994-2019
Source: Freddie Mac
$20B
$40B
$60B
$80B
$100B
Q
11994Q
11995Q
11996Q
11997Q
11998Q
11999Q
12000Q
12001Q
12002Q
12003Q
12004Q
12005Q
12006Q
12007Q
12008Q
12009Q
12010Q
12011Q
12012Q
12013Q
12014Q
12015Q
12016Q
12017Q
12018Q
12019
Home Equity Cashed Out
2nd Mortgages/HELOC Consolidation
Cash-out refinancings
have dropped to less
than $25 billion per
quarter
- Home equity withdrawal amounts
ballooned between 2005 and 2007
to more than $80 billion per quarter.
- Cash-out refinancings have
increased over the last five years,
but quarterly volume is less than
25% of levels reached during the
Great Recession.
24. Tappable Equity of U.S. Mortgage Holders (in Trillions USD), 2004-2019
Source: Black Knight
$2T
$4T
$6T
$8T
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
$2.2T in 2011
Aggregate home equity
in excess of mortgage
balances reached $6.3T
in 2019
- “Tappable Equity” is the equity
available on all residential
properties with an existing
mortgage, before reaching a current
CLTV of 80%.
- Tappable equity reached an all-time
high of $6.3 trillion in 2019.
- The average owner with tappable
equity has $140,000 available to
borrow against.
- Housing equity as a share of
aggregate home values has grown
from 36.7% in 2009 to 60.4% in
2019, according to the Urban
Institute.
$6.3T in 2019
25. Mortgages rates are at
historical lows — which
contributes to home
price appreciation
Average Rate for Conforming 30-Year Fixed Rate Mortgage, 1972-2020
Source: Freddie Mac Primary Mortgage Market Survey
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
- Despite historically high home
prices, home affordability is low
relative to historical standards due
to a dramatic decline in mortgage
rates.
- For context, every 100 basis point
decrease in mortgage interest rate
increases “buying power” by ~15%
— meaning prospective buyers can
afford to purchase more expensive
homes.
3.45% in March 2020
6.57% in August 2007
26. New Seriously Delinquent (90+ Days) Balances by Loan Type (% of Balance), 2003-2019
Source: New York Fed Consumer Credit Panel/Equifax
0%
2%
4%
6%
8%
10%
Q
4
2003
Q
4
2004
Q
4
2005
Q
4
2006
Q
4
2007
Q
4
2008
Q
4
2009
Q
4
2010
Q
4
2011
Q
4
2012
Q
4
2013
Q
4
2014
Q
4
2015
Q
4
2016
Q
4
2017
Q
4
2018
Q
4
2019
Mortgage
Home Equity
.85% in Q4 2019
1.1% in Q4 2019
Delinquency rates for
mortgages and home
equity loans are near
historic lows
- Following the Great Recession,
mortgage delinquency rates have
stayed low by historical standards.
- 30 days or more delinquency rate
for January 2020 was 3.5% — the
rate was the lowest for a January in
at least 20 years.
- Delinquency rates are closely
correlated to unemployment — as
such, unemployment caused by the
COVID-19 pandemic may lead to a
spike in non-current mortgages
27. Number of Consumers with New Foreclosures and Bankruptcies (in Thousands), 2003-2019
Source: New York Fed Consumer Credit Panel/Equifax
200
400
600
800
1000
Q
4
2003
Q
4
2004
Q
4
2005
Q
4
2006
Q
4
2007
Q
4
2008
Q
4
2009
Q
4
2010
Q
4
2011
Q
4
2012
Q
4
2013
Q
4
2014
Q
4
2015
Q
4
2016
Q
4
2017
Q
4
2018
Q
4
2019
New Foreclosure New Bankruptcy
The frequency of
foreclosures and
bankruptcies in the U.S.
is down meaningfully
- Approximately 71,000 individuals
had a new foreclosure notation
added to their credit reports in Q4
2019, remaining very low by
historical standards.