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19 top 10 destinations for relocating homebuyers, a major factor in prices shooting up about 30% in both metros from January 2021 to their May 2022 peak. ey're two of just a few metros where prices have started falling year over year. Virginia Beach homeowners are likely to have less-than-average equity because so many buyers there use 0% down VA loans. Homeowners in Oakland and Seattle are at risk because prices there are likely to fall faster than in the rest of the country. ey're both among the fastest-cooling markets in the United States, partly because would-be buyers are feeling the sting of high rates and high prices as layoffs hit the tech industry and tech stocks stumble. It's also worth noting that prices in pan- demic boomtowns and tech towns are likely to fall more than the national average, which means a higher share of homeowners would fall underwater. With an 8% decline, 14.4% of new Sacramento homeowners would be underwater. It's 10.4% in Phoenix, 13.4% in Virginia Beach, 11.1% in Oakland, and 10.1% in Seattle. Homeowners in many parts of Florida are even less likely to fall underwater. Florida homeowners are least likely to fall underwater on their mortgage payments. With a 4% home-price drop in 2023, less than 0.5% of homeowners who bought in the last two years in Miami, Fort Lauderdale, or West Palm Beach would be underwater. ose are the only U.S. metros of the places included in this analysis where nearly zero homeowners would be underwater. Even if home prices were to drop 12% in 2023, the typical new homeowner in those three metros would gain value. "Recent homebuyers in parts of Florida are sitting pretty because home prices there have risen even more dramatically than they have in the rest of the country and they haven't come close to falling," Bokhari said. "In fact, prices in Miami, Fort Lauderdale, and West Palm Beach are still up by double digits from a year ago. Values in Florida are resilient because there's still a fair amount of demand from remote workers and retirees who are relocating from more expensive areas." BANKS FEEL PRESSURE OF CHANGING INDUSTRIES Due to changing regulatory demands, great- er transparency rules, accessibility, and compe- tition, banks are feeling pressured to develop a new digital revolution according to the Global Association of Risk Professionals (GARP) and SAS' newest risk technology study. e study, which gathered information from 300 banking sector risk practitioners, re- vealed that Credit Risk Transformation (CRT) is one of the top priorities for banks in the race to give them a competitive edge. According to GARP and SAS, other top priorities of banks include: • Essential evolution. 79% of credit risk pros placed medium to high priority on CRT compared to other organizational transformations within banking. • Top speed, top priority. More than half (55%) anticipate their institution will complete their transformations within two years—an accelerated pace the report describes as "…surprising for traditionally pragmatic and cautious banks when pursu- ing projects core to their business." • Faster, smarter decisions. Almost three-quarters (72%) identified optimiz- ing credit decisioning as their main CRT business objective. "When it comes to accomplishing credit risk transformation, there seems to be an element of rebuilding the plane in flight," said Troy Haines, SVP and Head of Risk Research and Quantitative Solutions at SAS. "Risk practitioners know that digitalization requires a rich understanding of advanced analytics and how to integrate them into existing operations, but successful realization can take time. at traditionally ROI-focused banks are working to achieve credit risk transformation at break- neck speed as a vital business objective shows how critical credit risk measurement and active credit portfolio management are to financial institutions' survival." According to the study, 52% of profession- als predict a "Phygital" landscape for banking (or one with both real-life and virtual options for consumers). Yet-to-be-developed analytics, machine learning, and automation will be paramount to the future of banking, providing data and lessons on which these new systems will run. e top three areas banks should address first were: • Advanced analytics, including artificial intelligence and machine learning (48%) • Automation and streamlining of processes (47%) • Better customer data management (45%) "It's clear that banks have made significant progress in their CRT efforts," said Chris- topher Donohue, Managing Director of the GARP Benchmarking Initiative. "However, we've found there is still much work to be done regarding the integration of AI and machine learning, the improvement of customer data management, and the optimization of credit decision-making." "Understanding and effectively apply- ing advanced analytics is essential to banks realizing the full potential of credit risk transformations," said Zeynep Salman, Head of Risk Decisioning for EMEA at SAS. "As risk practitioners advance their organizational transformations, the technologies that present as stumbling blocks now will become building blocks to a faster, smarter, and more accessible future for banks and consumers." Journal