SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez nos Conditions d’utilisation et notre Politique de confidentialité.
SlideShare utilise les cookies pour améliorer les fonctionnalités et les performances, et également pour vous montrer des publicités pertinentes. Si vous continuez à naviguer sur ce site, vous acceptez l’utilisation de cookies. Consultez notre Politique de confidentialité et nos Conditions d’utilisation pour en savoir plus.
Three segments of economic growth that benefit froma stable housing market Home Building & 1 Improvement 2 Transaction Economy Finance, Origination & 3 Servicing 2
“About half of the jobs created by building new homes are in1 Home Building construction. They include framers, electricians, plumbers, finish carpenters … “ - National Association of Home Builders New Single-Family Housing Starts (in thsds of units) 1,600 800 Source: NAHB/Wells Fargo Housing Starts 1985 1989 1993 1997 2001 2005 2009 2013 NAHB analysis of the broad impact of new construction shows that building 100 average single-family homes generates: § 305 jobs § $23 mn in wage & business income § $9 mn in taxes and revenue for state, local & federal governments 3
1 Home Improvement National Association of Realtors 2013 Profile of Buyer’s Home Feature Preferences Of buyers that undertook a home improvement project… § Within 3 months of a home purchase, 53% of buyers undertook a home kitchen improvement 47% improvement project. § The typical buyer spent $4,550 on various projects. bathroom improvement 44% A added or replaced lighting 41% added or replaced appliances 37% “… homeowners still said they would like more or larger closets and storage space. In addition, nearly half of recent buyers would prefer a larger kitchen...” - Paul Bishop, NAR VP Research Demand for home improvement drives commerce & enterprise 4
2 Transaction Economy The ecosystem of housing, provides a substantial living to many professionals - Architects & engineers - Attorneys - Appraisers - Agents & brokers - Movers - Escrow, insurance & title - Suppliers of wood & concrete products 5
2 Transaction Economy 90% of consumers start their real estate journey online (NAR)- The ecosystem is evolving, as a function of the consumer’s desire for mobile & online platforms- Innovation is providing a new ecosystem to the transaction economy- Job growth in online real estate companiesFree: Buy or sell:- Instant AVM - Houses- Search listings - Land- Find rentals - Notes- Market comps - Condos - CRE - US & abroad 6
Finance, Origination & The refinance boom has sustained tens of thousands of jobs with3 Servicing GSEs, banks, originators and servicers Total RMBS issuance $2.2T $2.0T $1.9T $1.8T $1.7T $1.4T $1.2T $1.2T As of 4Q12, the refi-to-purchase ratio is 3:1 2005 2006 2007 2008 2009 2010 2011 2012 Pending refi “cliff” or “taper”? | Estimates suggest refinance share could drop to as low as 40% by 4Q13 Redwood Trust is notable for their private-label MBS issuances; however, as of 4Q12, 99% of the MBS issuance were gov’t-backed High concentration remains | Top-5 originators: WFC, JPM, USB, BAC, & Quicken Loans comprised 53% of all originations in 3Q12 Source: Inside Mortgage Finance (Dec 2012) 7
Finance, Origination &3 Servicing 50.8 million First-lien mortgages Delinquency rates dropped substantially YoY in 4Q12, due to improved credit quality & stronger$17 Trn Approximate performance of recent origination vintages value of housing stock in the U.S.1 Source: OCC Mortgage Market Metrics 4Q12Mortgage debt in relation to the housing stock The housing finance industry requires professionals across the value chain Finance & Capital Markets Total US Mtg - Note sales & MSR trades $7.7T - Securitization debt $9.5T 2 Net Equity - Basel III RWA Origination - CFPB/QM compliance - MLOs, Ops/fulfillment - due diligence & underwritingNegative equity is still prevalent, estimates varyhow much and how long this will remain Servicing - Workouts, HAMP/HAFAServicers continue to improve workout - Specialty, Master & Sub-servicingcapabilities and are working through the backlog Source: Fed Flow of Funds Accounts, Table B.100 (Dec 2012) 8