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88 Florida Minority Certified Business MIAMI-DADE & BROWARD COUNTIES 786-499-6994 www.REOPitStop.com Luis@ContinentalRealtors.com RESNET ID: 106089 | Equator ID: 272261 Luis F. Guzman Broker/Owner TEXAS Firm Closes Multi- Million Dollar Deal Amherst Holdings, headquartered in Austin, Texas, announced recently that its Single-Family Residential platform sold a portfolio of 751 single-family rental properties to Altisource Residential for a total sales price of $117.1 million. e Single-Family Residential platform currently manages multiple pools of capital that invest in single-family rental homes, and it has raised more than $3.5 billion of debt and equity capital in support of its acquisition, stabilization, and portfolio sale activities since 2012. Amherst's platform combines national scale with local market knowledge and execution. e platform has sold over 9,000 professionally managed rental properties since the beginning of 2016 to institutional investors and operators. e transaction announced in June signi- fies Amherst's second closing with Altisource Residential as part of a March 2017 agree- ment to sell Altisource Residential up to 3,500 single-family rental properties this year. Amherst and Altisource Residential have now closed on the purchase and sale of 1,508 single-family rental properties in the first half of 2017. Under the terms of the agreement, Alti- source Residential has purchased a fee-simple interest in the portfolio of properties, and Amherst-sponsored entities are providing seller financing equal to 75 percent of the sale price. Drew Flahive, President of the Amherst Single-Family Residential platform, said the firm is excited to continue its partnership with Altisource Residential to deliver portfolios of professionally managed single-family rental properties with strong cash flow. "Amherst is committed to investing signifi- cant capital in this asset class as single-family rental properties continue to demonstrate strong performance momentum and insti- tutional investor interest in this asset class continues to rise," Flahive said. Amherst will remain the property manager for the portfolio. To manage its portfolio of single-family properties and support its devel- opment and sale activities, Amherst founded Main Street Renewal, LLC, an internally managed, vertically integrated property acqui- sition, repair, and management business that currently manages more than 12,000 single family rental properties across the U.S. MISSISSIPPI Mississippi Declared Best Mortgage- Paying State According to recent data from Black Knight Financial Services, prepayments, which normally are a good indicator of refi- nance activity, jumped 23 percent month-over- month—the highest point so far in 2017. is is likely due to softening interest rates. ese levels are still more than 18 percent below where they were this time last year. Delinquencies fell 7.13 percent month-over- month—a reversal of their performance in April, when they rose 13 percent, the largest increase since November 2008. It's typical to see a partial reversal in calendar-driven in- creases. Loans either seriously delinquent (90 or more days past due) or in active foreclosure both hit 10-year lows in May and are continu- ing to improve. Only 421,000 loans are in active foreclosure, a decrease of 12,000 since April and 153,000 since 2016. e top five states by noncurrent percent- age were Mississippi at 10.66 percent, Loui- siana at 8.68 percent, Alabama at 7.13 percent, West Virginia at 6.83 percent, and Maine at 6.6 percent. In the bottom five states for past due mortgage payments, Oregon came in at 2.7 percent, Idaho at 2.69 percent, Minnesota at 2.51 percent, North Dakota at 2.26 percent, and Colorado at 2.12 percent. Mississippi, Louisi- ana, and Alabama kept their same ranking in the top five states by 90-plus days delinquent at 3.1 percent, 2.56 percent, and 2.13 percent, respectively. Foreclosure starts saw a slight increase in May, with 55,800 loans referred to foreclo- sure—a 5.7 percent increase over April. is is the second lowest number of monthly starts since 2005. NORTH CAROLINA Purdy Firm Selects New Technology Solution Purdy Enterprise, a North Carolina-based property services firm, has selected FotoNotes, a leading mobile and cloud field service man- agement platform, as its technology solution for managing property inspections, maintenance work orders, and other field service activities. Purdy Enterprise, which offers a comprehensive range of field services, maintenance, property management, and investor services, was re- cently awarded two Field Service Management (FSM) contracts from the U.S. Department of Housing and Urban Development (HUD). "We selected FotoNotes because the product is highly configurable and constantly improving, provides a cutting edge mobile ex- perience, has a highly robust and reliable cloud and web-based backend, is API friendly, and is significantly helpful to our field subcontrac- tors," said Purdy COO Mitch Davidson. "We also based our decision on the fact that the FotoNotes people are fantastic to work with regarding both development and an ongoing service relationship," Davidson said. FotoNotes was selected because of its repu- tation in the industry, best-in-class Android and iOS mobile apps, comprehensive back- office workflow management features, and full integration with Yardi's HUD P260 system "We're thrilled to be working with Purdy Enterprise," said Kamal Shah, FotoNotes' CEO and Founder. "ey are established lead- ers in property services and true innovators in the use of leading technology tools to operate their business more effectively." The percentage of homes that are in the $107,001 to $215,000 price range in North Carolina. Source: NeighborhoodScout North Carolina Appreciation Rate Trends and Housing Market Data STAT INSIGHT 38.2%