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80 Connecticut Planet Realty, LLC Sales@CTREOTEAM.com 203-982-4985 cell www.CTREOTEAM.com Security • Preservation • Disposition Steve Rivkin thrilled that they are leading the way toward increased acceptance of AVMs in the market- place. is recognition is also a testament to Red Bell, a subsidiary of Radian, as a unique company that uses proprietary technology, data, and analytics to disrupt the real estate value chain." Fitch's expanded use of AVMs corre- sponds with growing industry acceptance of and confidence in AVMs in a variety of contexts. In recent years, Fannie Mae and Freddie Mac have both initiated programs that leverage AVMs in determining waivers for full appraisals. In addition, last month, federal banking regulators, including the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve Bank, approved a change to banking regula- tion to allow AVMs to be used in mortgage lending on loans up to $400,000, an increase from the prior $250,000 de minimis limit. ese actions by informed market oversight entities provide additional confirmation that the reduction of bias and improvement in ac- curacy of AVMs over manual products creates an opportunity to help consumers achieve their dream of homeownership more quickly and more cost effectively. Fitch's announcement of Red Bell as one of its approved vendors for RMBS came as it published new RMBS rating criteria and a report, "AVMs Can Play a Helpful Role in U.S. RMBS." Fitch will now allow AVMs to be used as secondary valuations for due dili- gence where a full appraisal is already present. AVMs may also be used as the primary valua- tion for second liens and seasoned performing loans. NEW YORK Big Apple, Big Mortgage Delinquency Problem CoreLogic found that as of June 2019, the foreclosure inventory rate fell 0.1 percentage points from June 2018 to 0.4%—with several Northeast metros leading the nation in their serious delinquency rates. Of the metros studied, the New York- Newark-New Jersey metro had the highest serious delinquency rate of 2.6%. e metro also had the highest overall foreclosure rate at 1.3%. e next highest was Miami-Fort Lau- derdale-West Palm Beach, Florida, at 2%. Overall, the national share of mortgages that were in some stage of delinquency was 4% in June 2019—a 0.3 percentage point decline, compared to last year's 4.3%. e share of mortgages that are delin- quent more than 90 days fell from 1.2% to 0.9%, and the percentage of mortgages that were more than 120 days delinquent dropped to 1% from 1.4% in June 2018. "A strong economy and eight-plus years of home price growth have made mortgage foreclosure an infrequent event," said Frank Nothaft, Chief Economist at CoreLogic. "is backdrop will help the mortgage market limit delinquencies in most of the country whenever a downturn should start." Mortgages delinquent between 30 and 59 days rose marginally from 2% last year to 2.1% in 2019. Denver-Aurora-Lakewood, Colorado, and San Francisco-Oakland-Hayward, California, had the lowest serious delin- quency rate at 0.4%. According to PropertyShark, Manhattan foreclosure cases were up 118% year-over- year during Q 3 2019, while Staten Island Island cases increased by 183%. Despite the large spike in Manhattan, the number of properties foreclosed only risen from 22 to 48 compared to the same period year. Mean- while, foreclosure activity in the Bronx dropped by 51%, while Queens saw a 10% dip in unique cases year-over-year. Of the 48 cases this quarter in Man- hattan, 25 of foreclosures were mortgage foreclosures. Only once in the past cycle has Manhattan had more foreclosures than in Q 3 2019, and that was in Q 4 2016. Ad- ditionally, pre-foreclosures increased 13% year-over-year in the borough. CoreLogic revealed the following states to seen an increase in delinquent activity: Vermont (0.7%); New Hampshire (0.3%); Nebraska (0.2%); and Minnesota (0.2%). Michigan, Iowa, Wisconsin, and Connecti- cut all posted marginal gains of 0.1%. PENNSYLVANIA Fitch Ratings Taps Red Bell's Automated Valuation Model Red Bell Real Estate, LLC—a wholly owned Radian subsidiary headquartered in Philadelphia—was named among a select group of automated valuation model (AVM) providers by credit rating agency, Fitch Rat- ings, to supply AVMs in support of Fitch's rating of residential mortgage-backed securi- ties (RMBS) transactions. e selection of Red Bell's proprietary AVM illustrates how high-quality AVMs are rapidly becoming more widely used in real estate valuations and related transactions. Based on testing results, Red Bell's AVM has been one of the most accurate products in the market with nation- wide coverage. "Red Bell is proud to offer an exceptional quality AVM that meets the high standards of Fitch Ratings," said Eric Ray, senior executive vice president, Technology and Transaction Services, Radian. "It is excit- ing that Fitch has recognized Red Bell's AVM offering, among its peers, and we are New York Prince & Associates Realty Group Serving Suffolk and Nassau Counties 631.252.9539 princeaar.com Angela Prince Distressed Property Real Estate Broker is the number of townhomes available for rent in Lebanon, Pennsylvania, which is among the highest in the nation. Source: National Association of Home Builders STAT INSIGHT 28.4% 28.4%

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