DS News

30 ASK THE ECONOMIST HEAR DIRECTLY FROM TODAY'S LEADING MARKET EXPERTS. When he's not analyzing macro- and microeconomic data trends within the housing market and the economy at large, Daren Blomquist, VP of Market Economics at Auction.com, is working to tell the story of these datasets in a way that all audiences can understand. Blomquist's reports and analysis have been cited by thousands of media outlets nationwide— including all the major news networks and leading publications such as e Wall Street Journal, e New York Times, and USA TODAY. Before joining Auction.com, Blomquist directed ATTOM Media, a division of ATTOM Data Solutions that publishes real estate reports and analysis sourced from national public record property data. He sat down with DS News to provide perspectives on the current housing market and the trends that will define the near term. You have spoken of how home flippers are a good barometer of where the market is heading. What are some of the noteworthy trends occurring in that sector? Home-flipping volume as a rate of overall home sales took a dive in the second half of 2018, paralleling the decline we saw in home sales volume and the rate of home price appreciation in the retail market. Home flippers are having trouble selling in a market with weakening retail buyer demand, and that is forcing them to hold onto properties longer than they would like. is trend, in turn, is causing the flippers to exercise caution in the acquisition of new flips. e good news is that downward trend in home flipping reversed itself in early 2019, with the home-flipping rate jumping to a seven-year high in February. at's a strong positive sign for the health of the overall housing market going forward for the remainder of the year. What does your typical day look like as VP of Market Economics? I analyze data—both internal Auction.com data and external market data—and figure out what the data is telling us about the marketplace. en, I get to take that data-driven message and tell it in innovative ways. at storytelling takes several forms, but primarily through written content, interactive visuals, and in speaking to various audiences. One of the most important audiences is the internal business owners and decision-makers at Auction.com, to help them make the most informed, data-driven business decisions. Sellers and buyers utilizing the Auction.com platform comprise another important audience for my data-driven content about the market. It's important for both sides of the transaction to be armed with solid information that will promote transparency and reduce friction in our marketplace. My job consists of communicating data-based anaysis to the larger mortgage and real estate industries, helping them gain insight particularly into the distressed disposition niche of the housing market. What are the key factors impacting inventory and millennial homebuying in the current market? e interplay between inventory and demand from millennials represents one of the most fascinating chicken- and-egg scenarios of the real estate recovery. Millennials represent a critical group of imminent homebuyers, and yet their potential has remained latent for a variety of reasons, ranging from high levels of student debt to later-in-life homebuying triggers such as getting married and having children. e most significant contributors to the large homeownership deficit for the under-35 generation are concrete and psychological ripple effects from the Great Recession. e psychological effects have caused homeownership to lose its luster for many "e biggest contributors to the large homeownership deficit for the under-35 generation are concrete and psychological ripple effects from the Great Recession." Daren Blomquist VP, Market Economics, Auction.com

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