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Real Estate Big Data

Surprising study reveals a gender gap in foreclosure rates

(HOUSING DATA) You may have heard about the housing gender gap, but have you ever wondered if there’s a foreclosure gender gap? A recently released study answers this question and it may surprise you.

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Women earn less than men, per Uncle Sam

According to the U.S. Bureau of Labor Statistics, women earned 19 percent less than men on average in 2015, giving them reduced purchasing power when it comes to buying a new home. It might make you wonder if that wage gap translates into a housing and foreclosure gender gap.

While there are conflicting opinions on this, a new study from ATTOM Data Solutions, the parent company to RealtyTrac, suggests the answer is “yes.” A few months ago, ATTOM conducted a similar study which examined the housing gender gap, and now they’ve conducted a follow-up to address the foreclosure gender gap.

What the study found

The foreclosure gap study looked at tax assessor records and publicly recorded foreclosure filings for more than 5 million single family homes and condos nationwide where the primary homeowner was identified as an individual man or an individual woman. The analysis did not, however, include homes owned by married couples when both were listed as homeowners, or other joint homeownership situations.

Defining the gender gap

Keeping this in mind, along with the fact that some men may make more money than some women, women do a slightly better job of holding onto their homes and avoiding foreclosure, according to the study. Click To Tweet

The only exception is for single men homeowners, who have a lower foreclosure rate than single women homeowners. Based on the analysis, married men and widowers both have higher foreclosure rates than married women and widows.

Let’s get down to the numbers

The foreclosure rate gap was even bigger between married men and married women homeowners: 83 out of every 10,000 homes with an individual married man listed as the primary homeowner were in foreclosure, whereas individual married woman made up only 66 out of every 10,000.

Surprisingly, the biggest foreclosure rate gender gap was among widowed homeowners. The foreclosure rate for widowers was 112 out of every 10,000 homes while the foreclosure rate for widows was 94 out of every 10,000 homes.

Again, the one exception to the rule was among single and unmarried homeowners where homes owned by women had higher foreclosure rates on average (73 out of every 10,000 homes) than those owned by men (70 out of every 10,000 homes).

What does this say about foreclosures overall?

What does this study say about the foreclosure market as a whole? Does the simple fact that a study like this is necessary say something about the prevalence of foreclosures? I think it does. I think it says that while foreclosures may be dwindling in some markets, they are still affecting a large percentage of homeowners. However, these types of studies give us better insight into how the gender gap affects all different aspects of life, including foreclosures. Did you find any of the data surprising?

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Jennifer Walpole is a Senior Staff Writer at The American Genius and holds a Master's degree in English from the University of Oklahoma. She is a science fiction fanatic and enjoys writing way more than she should. She dreams of being a screenwriter and seeing her work on the big screen in Hollywood one day.

Real Estate Big Data

An effortlessly easy way to combat negative reviews from non-customers

(MARKETING) Some reviews are blatantly fallacious, so what should you do when a groundless, nasty comment is left about you?

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reviews Woman seated on ground writing cold email to clients.

Have you ever found a business through Yelp that you wanted to like but just couldn’t make up your mind about because of the contrasting reviews of the place? Like a restaurant with the best service but had cold soup and an unresponsive hostess, or a B&B that was warm and clean but had an owner who did not provide the second B come morning time?

Some of these outlying negative reviews can be telling of the business, and I always make sure to read them in case I set my expectations too high (like I did for the eggs benedict from that diner up north).

However, while most reviews do reflect a genuine experience and are useful to would-be customers, others can be exaggerated or even outright falsified.

One such encounter one of our team members had was when searching for a private firearms trainer. Her online search had taken her to a trainer she liked. However, the comments on Yelp for the trainer were horrible.

Before she ran the other way, she saw comments from the trainer that simply said, “This person is not a verified client of [Company Name].” Apparently, he made a tv news appearance advocating for a specific gun right, and people from all over the globe made negative comments.

The fact that they weren’t his clients made her totally disregard their comments, because those reviews weren’t based on his professional performance. Guess who she hired?

Sites that allow anyone to review an unlimited number of businesses naturally risk exploitation. Such review sites make it possible to communicate quick, personal experiences about any business out there, and that also means an easy dig from a disgruntled customer to the place that hurts a company most.

It is up to the business to stay vigilant about what is being said out there and seek out ratings and review platforms that verify customers.

Since customers rely on sites like Yelp, businesses need to maintain their profile in the same way they would maintain their storefront. Just as they would fix the broken lighting in their lobby, they need to acknowledge any unreliable reviews a cranky customer may write about them. By having a human presence on these sites, businesses can breed a sense of integrity and accountability that others will pick up on.

If those scathing and seemingly random reviews had been acknowledged by the supposed perpetrators, I would have had an easier time overlooking the more exaggerated claims, just like my team member did.

By responding, the business provides context for the incident, but more importantly, it shows that they care.

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Real Estate Big Data

Fall has brought record rent prices and they’re not slowing down

(REAL ESTATE DATA) A market saturated with buyers and fewer homes, along with current job growth, is causing just as much demand for rent as to own.

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for rent sign in front of house yard

September 2021 reported an increase in rent for single-family homes from 2.6% in 2020 to 10.2% in 2021. A market saturated with buyers and little homes to choose from, along with current job growth, is causing just as much demand for rent as to own.

93% of people surveyed believe owning a home is a good investment, but many are being forced to rent even with sky-high prices due to the current state of homebuying. Buyers feel like the competition is too fierce or that a market crash resembling the 2008 crisis is looming in the near future.

Even more so than apartment complexes, private rentals of single-family homes are being scouted as they provide more room for multiple roommates or a family. Millennials aging into marriage and adulthood that would like to buy a home, but don’t feel it is the right time, are settling for paying double the mortgage of a single-family home in order to wait out the market.

“Single-family rental vacancy rates remained near 25-year lows in the third quarter of 2021, pushing annual rent growth to double digits in September,” said Molly Boesel, principal economist at CoreLogic. “Rent growth should continue to be robust in the near term, especially as the labor market improves and the demand for larger homes continues.”

Some particular markets are heating up while others are cooling off. Miami, FL saw a 25.7% gain year-over-year with the highest median rent prices across the entire US. Phoenix, AZ, and Las Vegas, NV take the second and third spots at 19.8% and 15.9%.

“Austin, Texas, and San Diego rounded out the top five markets for rent growth.”

On the other hand, major metro cities such as Chicago, Boston, Philadelphia, Washington D.C., and New York City are seeing lower rent growth, still 5% above mid-pandemic rates.

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Real Estate Big Data

Cities and states where renters eviction protection policies are still in place

(REAL ESTATE BIG DATA) Even though the national eviction ban has lapsed, 7 states and over 20 cities still have policies in place for renters eviction protection.

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UnTil Debt Do Us Part representing renters debt

Half of the renters in the United States still have some protections available due to the coronavirus pandemic.

Many of these renters were those who were tenants before, during, and “after” the pandemic though the effects are still lingering. Some new renters have had to enter the expensive rental market scene after being discouraged when attempting to buy a home. Those that are over the bidding wars, rising prices, and dwindling options are stepping out of the home buying process and are opting to rent instead, driving rental prices sky-high. It’s a lose-lose situation either way.

The Supreme Court ruled in August 2021 that the national moratorium on evictions was overreaching, even though the policy had been in place since September 2020. In response, many states and cities are setting their own limits.

Even though the national eviction ban has lapsed, 7 states and over 20 cities still have policies in place for protection. More than 15% of renters are behind on payments with the average debt owed is $3,700. Though in some areas, the debts amount to $10,000 per household.

New Jersey and New York tenants can’t be evicted until the new year in most counties. In New Mexico, renters also can’t be pushed out for late payments, but the end date for that protection has not been established.

In Connecticut and Virginia, landlords can’t evict tenants who have applied for federal aid. In LA, the eviction protection ends January 31, 2022, in Austin, TX, December 31, 2021, and in Seattle, January 16, 2022.

In Oregon, Massachusetts, Michigan, Minnesota, and Washington D.C., eviction proceedings are paused for those that have their renter’s federal assistance application pending. In Nevada, showing that you’ve applied for rental assistance is considered a defense against eviction until June 2023.

$45 billion in aid is allocated by Congress for federal rental assistance, but less than $13 billion has been used so far.

If you are still in need of assistance and don’t reside in any of the areas above, consult location advocates and learn your rights to see what protections are available to you.

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