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» VISIT US ONLINE @ DSNEWS.COM 7 A look at facts you didn't know you couldn't live without. Compiled by the DS News Staff The average tenure of homeowners remaining in their current homes has increased from four years in 2007 to 10 years in September 2018, according to First American's Potential Home Sales report released in mid-October. According to a TransUnion study entitled "Emerging Opportunities in Home Equity Lending," home equity is approaching the $15 trillion mark and has surpassed its prior peak from Q1 2006 by $1 trillion. THE RIPPLE EFFECT OF RECESSION FORECLOSURES INSIDE THE JOURNAL // ON THE WEB // THE APP SPECTRUM // MOVERS & SHAKERS TAKE A LOOK INSIDE THE NUMBERS D ATA B I T S * LendingTree used its home database to calculate median home sizes for single-family homes in the 45 largest cities in the country. Source: LendingTree blog post entitled "LendingTree Reveals the Cities with the Biggest Houses in America" CITIES WITH THE BIGGEST HOUSES* CITIES WITH THE SMALLEST HOUSES* 45. DETROIT, MICHIGAN 1,333 $140K 44. MINNEAPOLIS, MINNESOTA 1,360 $273K 43. MILWAUKEE, WISCONSIN 1,388 $175K 42. ST. LOUIS, MISSOURI 1,404 $165K 41. KANSAS CITY, MISSOURI 1,428 $171K 40. PITTSBURG, PENNSYLVANIA 1,452 $147K 39. PROVIDENCE, RHODE ISLAND 1,456 $283K 38. LOUISVILLE, KENTUCKY 1,482 $157K 37. BALTIMORE, MARYLAND 1,504 $300K 36. CLEVELAND, OHIO 1,513 $138K 1. HOUSTON, TEXAS 1,952 $196K 2. ATLANTA, GEORGIA 1,914 $196K 3. WASHINGTON, D.C. 1,908 $446K 4. DALLAS, TEXAS 1,862 $217K 5. AUSTIN, TEXAS 1,861 $283K 6. LAS VEGAS, NEVADA 1,835 $262K 7. PHOENIX, ARIZONA 1,832 $255K 8. RALEIGH, NORTH CAROLINA 1,795 $215K 9. BOSTON, MASSACHUSETTS 1,767 $457K 10. ORLANDO, FLORIDA 1,758 $228K A report by Zillow explained how the effects of the Great Recession were not just twofold but deeply profound—and also how the crisis served to benefit those who bought foreclosed homes during that time. According to the report, nearly half (45.4 percent) of all homes foreclosed in the wake of the subprime mortgage crisis were valued in the lowest third of the U.S. housing market, contrasted with just 16.9 percent of homes valued in the top third. ose not locked out of the market who could also afford to buy these underwater homes reaped the profits. Not only did those Americans not foreclosed on see an overall increase on average in their wealth, but they were also presented with an incredible opportunity. Since the homes that foreclosed earliest saw the sharpest increase in value, those who bought into the market quickest at that time stood to gain the most. roughout the recovery, such homes grew in value 1.6 times faster than the average U.S. home. e report said that nationwide previously foreclosed homes lost 42.6 percent of their value during the housing bust but have since earned it all back, and then some. "Today, the median, previously foreclosed home is worth 0.1 percent more than it was during its prerecession peak, a testament to the precipitous pace of home-value growth over the past six years," the report revealed. "Over the same time, the typical U.S. home value fell 25.9 percent—a much more moderate decline—and is worth 8.1 percent more today than it was before the recession." Of course, the effects of these foreclosures are still felt today— both for those at the top and those at the bottom—with a total 7 percent rise in rentals for single-family homes since the recovery began. e boom and bubble preceding the bust saw many low-income Americans enter the housing market when credit was easy to obtain, and for several years those buying entry-level homes had reason to believe their fortunes were improving. After all, their home values were rising and with it their overall share of wealth. But these low-income homeowners were far more likely to have most, if not all, of their investments tied up in their mortgages—a fact that remains true of low-income homeowners today, the report indicated. Conversely, the wealthiest Americans had only about a quarter of their wealth, on average, tied up in their homes, something which protected them from dropping values. When the bust occurred and home values tanked, entry-level homes were foreclosed upon in much larger numbers. Nearly half (45.4 percent) of all homes foreclosed in the wake of the subprime mortgage crisis were valued in the lowest third of the U.S. housing market, contrasted with just 16.9 percent of homes valued in the top third. PAGE 20 Partner, Rosenberg & Associates, LLC COUNSEL'S CORNER WITH John Ansell III RANKING CITY MEDIAN ESTIMATED PRICE MEDIAN SIZE (SQ. FT.) RANKING CITY MEDIAN ESTIMATED PRICE MEDIAN SIZE (SQ. FT.)

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