According to ATTOM Data Solutions’ Q1 2017 US Home Sales Report, which shows that homeowners who sold in the first quarter realized an average price gain of $44,000 since purchase, representing an average 24% return on the purchase price — the highest average price gain for home sellers in terms of both dollars and percentage returns since Q3 2007.

Meanwhile, the report also shows that homeowners who sold in the first quarter had owned an average of 7.97 years, down slightly from a record-high average homeownership tenure of 8.00 years in Q4 2016 but still up from 7.68 years in Q1 2016. Homeownership tenure averaged 4.26 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession.

"The first quarter of 2017 was the most profitable time to be a home seller in nearly a decade, and yet homeowners are continuing to stay put in their homes longer before selling," said Daren Blomquist, senior vice president with ATTOM Data Solutions. "This counterintuitive combination is in part the result of the low inventory of move-up homes available for current homeowners, while also perpetuating the scarcity of starter homes available for first-time homebuyers.

"The average homeownership tenure was down from a year ago in nine of the 66 markets we analyzed, including Memphis, Dallas, Boston, Portland and Tampa," Blomquist added.

Markets with biggest home seller price gains
Among 97 metropolitan statistical areas with at least 1,000 home sales in Q1 2017 (and with previous sales price information available), those with the highest average price gain since purchase realized by home sellers during the quarter were San Jose, California ($356,500 average price gain); San Francisco, California ($276,750 average price gain) and Los Angeles, California ($187,000 average price gain).

"Across our Southern California markets, low listing inventory has continued to drive multiple-offer scenarios," said Michael Mahon, president at First Team Real Estate covering the Southern California market. "We have noticed many buyers now leveraging investment accounts, as well as some leverage of reverse mortgages, to enable their ability to negotiate in competitive multiple-offer scenarios. This level of competition, as well as continued signals of a growth economy, has created momentum particularly in the luxury market of over $1 million in sales price."

Metro areas with the highest% return on the previous purchase price were San Jose, California (71% average ROI); San Francisco, California (65%); and Seattle, Washington (56%);

"Thanks to Seattle's robust economic and job growth, home prices continue to rise at well above average rates and have now surpassed their pre-housing bubble peak. Because of this, it's no surprise that distressed sales continue to fall," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market. "The increase in all-cash home sales in Seattle is likely not a result of investors, but rather all-cash buyers who are using this tactic to win homes in what it is a hyper-competitive housing market."

Cash sales share down from a year ago, still above pre-recession levels
All-cash sales represented 30.0% of all single family and condo sales in Q1 2017, up from 29.1% in the previous quarter but down from 32.1% in Q1 2016. The 30.0% share in the first quarter was well below the peak of 44.7% in Q1 2011 but was still above the pre-recession average of 20.4% from Q1 2000 to Q3 2007.

"With a stronger market and overall sales increasing, we are seeing a decrease in foreclosure sales across the markets we serve, as well as seeing a decrease in institutional investors purchasing homes," said Matthew Watercutter, senior regional vice president and broker of record for HER Realtors, covering the Dayton, Columbus and Cincinnati markets in Ohio. "With the stronger market and availability of money from institutional lenders such as mortgage companies and credit unions, we are seeing a decrease in cash purchases, as more properties are being sold to owner occupants and fewer to investors."

(Source: ATTOM Data Solutions)

Financial gains in the UK housing market are being put on the back burner, as low noise levels, a place to relax and unwind and a home with good natural light and views of nature - are now seen as three times more important than a house that will improve in value - according to a new report by construction giant Saint-Gobain UK and Ireland.

The study, which shows that 90% of homeowners and renters want a home that doesn’t compromise their health and wellbeing, also unveiled that environmental factors are top of respondent’s minds - with high energy bills, the levels of cold in winter and noise from neighbours among the top three things people want to change in their home.

The study, which quizzed more than 3,000 homeowners and renters across the UK, delved further into the top desires of a home, finding 84% of people want a property to be environmentally friendly, but only 16% would be willing to pay more for it. Safety also ranked highly - for the under 50’s a neighbourhood where children can play outside safely, is the most important and for the over 50’s a home where they feel safe and secure is key.

Clare Murray, Head of Sustainability at Levitt Bernstein comments of the findings; “From the results of the survey there is a distinct opportunity to connect views of external green spaces with areas of safe and easily accessible play to suit all life stages. Linking homes and people with the visual comfort provided by views of nature, while allowing children the independence to experience it, should continue to be a priority for the homes we design and build in the future.”

Developed to influence the future of homes, ‘The UK Home, Health and Wellbeing Report’ conducted by Saint-Gobain UK and Ireland, and released in collaboration with academia and other businesses in the built environment sector, including the UK Green Building Council, UCL and Levitt Bernstein – provides insight into better understanding householder needs and makes sure homes are truly fit for purpose.

Stacey Temprell, Habitat Marketing Director at Saint-Gobain UK and Ireland, commented: “Looking to how the study can step change the industry, it’s clear that putting wellbeing at top billing for property and rental listings, as well as influencing the building factors for new properties could be huge. The report detailed that 91% of 18 — 24 year olds for example, are the most likely group to be influenced by energy ratings when it comes to choosing a home to rent or buy – and these are our future decision makers.”

(Source: Multi Comfort)

Home ownership ambitions of millennials in the UK are still very much alive, despite the challenges of assembling a deposit for a house, according to HSBC’s first Beyond the Bricks study.

The study of more than 10,000 people across nine countries found that three-quarters (74%) of UK millennials expect to be property owners within the next five years, however, this is significantly below the global average of 83%.

Slow salary growth and house price inflation mean the British millennial generation face significant challenges compared to its global counterparts when it comes to housing affordability. The average property price in the UK increased by 7.5% in 2016, with official wage growth figures showing just a 1.9% growth.

Global statistics – millennial home ownership:

* China survey sample includes 85% urban, 14% rural and 1% rural respondents

According to Tracie Pearce, HSBC UK’s Head of Mortgages: “This study challenges the myth that the home ownership dream is dead for millennials in the UK. With three in ten already owning their own home, the dream of home ownership for millennials is definitely alive and kicking. In the UK, they face a two-pronged problem of rising house prices and slow salary growth meaning the dream of home ownership is a challenge but not unachievable.”

Financial support from parents can make all the difference when saving for a home, and over a quarter (27%) of millennials who bought their own home turned to the ‘Bank of Mum and Dad’ as a source of funding.

Despite the challenges, many UK millennials are willing to consider making sacrifices to afford their own home.  Almost half (47%) of those intending to buy would consider spending less on leisure and going out, 33% would be prepared to buy smaller than their dream home.

The report also finds that many millennials need to consider their financials when it comes to planning for their home purchase. Of millennial non-owners intending to buy a home in the next two years, more than 1 in 3 (40%) have no overall budget in mind and a further 48% have only set an approximate budget.

Therefore it is not surprising that over half (57%) of millennials who bought a home in the last two years ended up overspending their budget.

*Average national deposit based on current industry figures

HSBC’s research identified four actions that millennials can take to help make their home ownership dream a reality:

1. Plan early and don’t underestimate the deposit

Start planning early to make home ownership a reality sooner. Include saving for the deposit, usually the first payment you will need to make. Find a competitive mortgage to help make borrowing the rest more affordable.

1. Budget beyond the purchase price

Think about the extra things that will make the house you buy the home you want to live in, and make sure to include them in your home purchase budget.

1. Consider what cut backs you can make

Consider cutting back on your day-to-day spending. Think outside the box about what could help you to buy a home, such as buying with a family member or friend.

1. Get a full view of your finances

Think of your mortgage as part of your long-term financial plan, not as a one-off transaction. Different types of home loan suit different needs and situations. Seek professional financial advice if you need help to make the right choice.

[1] International Monetary Fund: Global Housing Watch November 2016   

[2] Korn Ferry Hay Group: 2017 Salary Forecast

(Source: HSBC)

Giving up "modern day luxuries" for one year could save you over £5,000 towards a deposit for a house, new research from online estate agent Hatched, has found.

With research suggesting that you need, on average, £33,000 for a deposit on a house in the UK, people are increasingly starting to really crunch the numbers, budget and save the pennies wherever possible.

By focussing on eight "modern day luxuries", the team at Hatched have looked at simple savings that could be made to get a bit of extra cash in the piggy bank, helping people get a foot onto the property ladder through some choice (but relatively easy) lifestyle changes.

The eight "luxuries" include: morning coffee fix; weekly treat meal out; a gym membership; body "maintenance" treatments; summer holiday abroad; nights out on the town with friends; a smartphone contract; and monthly cinema trips.

If you can abstain from all eight examples of these "luxuries" at once, you would save an impressive £5,433.30 in a year. If you can keep this up, in six years you could have saved almost enough for a deposit (£32,599.80), without needing any other savings at all.

If you rely on that first sip of your morning coffee from a branded paper cup in order to start your 9-5, over a one-year period you will have consumed approximately 250 coffees, at a calculated cost of over £680 - so the potential savings to be had by bringing your own (or giving up altogether) are quite the buzz.

If you really can't quit your coffee habit, just think of it like this – after 12,223 coffees you will have spent the equivalent of a deposit on a house.

But, interestingly, this wasn't the biggest potential saving to be had out of all of the examples we reviewed. Calculations suggest that by forgoing fortnightly nights out, you could save an eye-watering £1,403.52 over 12 months, which might be incentive enough to suggest a night-in instead of painting the town red next time you arrange to see your friends.

Other indulgences that can be cut out to help you on to the property ladder include:

• Home workouts rather than costly gym memberships will see you £627 closer a year to that first home
• By cutting out a weekly treat meal out, say at a popular chicken restaurant, you could save around £650 per year – cheeky!
• By resisting the urge to treat yourself to a pamper session, body "maintenance" treatments (such as haircut, hair colour, tanning, hair removal, nail treatments, facials, massage, and so on) can add up to a cool £876 over a year
• Forgoing the annual summer holiday will add £554.50 on average to the property ladder coffers
• The full list of luxuries than can be cut out to save a deposit can be seen here: https://www.hatched.co.uk/blog/134/saving-for-a-deposit-on-a-house-cut-out-these-luxuries

Adam Day, Managing Director at Hatched, commented on the findings: “The formula, in essence, is simple – spend less and save more – but we know this can be easier said than done. By consciously cutting out things that you don't need, you can substantially add to your pot of savings towards a deposit on a new home.

"In isolation, these specific sacrifices won't be enough, and so you'd have to be committed and willing to cut out multiple luxuries to make a real impact. But remember - when it comes to saving for a deposit on a house, making sure to put a chunk from your pay-check into a savings account each month is still as important as it ever was.

"This amount of lifestyle changes that we are suggesting might be difficult for some people to implement in their everyday lives, but it's only a short-term sacrifice in the long run, and if you're looking to buy a property with another person, say a partner, then you can get to your goal twice as quick.

“With our advice, prospective homeowners can sooner be in better financial positions to get themselves onto the property ladder. As they say, 'Look after the pennies, and the pounds will look after themselves'. A mantra to stick by, if you ask us..."

(Source: Hatched)

Turning our attention to real estate appraisal, we interviewed Robert Nord – an expert in appraisal and mortgage loan origination of income-producing properties in Northern and Southern California, the Western United States, and in Canada and Latin America.

Prior to working for his own firm, California True Values, Robert was employed as principal with Arthur & Young in San Francisco Office and Regional Chief Appraiser for First Interstate Mortgage Company, California Federal Savings and New York life in the San Francisco Offices.

As a professional with 30 years’ experience in appraisal - looking at the work of your peers, and in your past experience, how would you say the role of a real estate appraiser has changed over the past decade?

Since 1989, the Appraisal Standards Board adopted the Uniform Standards of Professional

Appraisal Practice (USPAP).  Thus, the role of the appraiser has been to standardize in the reporting of their results.  But the ultimate results have been the same, to provide the client with answers in a clear and concise reconcilable manner.

Over the past 30 years, what would you say have been the three most impacting turning points for the US’ real estate market?

I think that the most significant turning points happen approximately every ten years or so. These are the supply and demand issues that are coincidental with the capital markets. That is when supply of new space grows and the demand for the space grows as well. Remember when short-term shot up to 13 percent and long-term increased to about 10 percent about 35 years ago, well, the inverse is going to happen shortly. As excess supply, has work itself off the market, interest rates will increase. Long-term government bond yields have trended downward to about 2.5 to 3 percent from over 8.5 percent the last 35 years. And overall capitalization rate will go up from 4.5 to 6.0 percent to 7.5 percent to 9.0 percent over the next 10 years. After all, I can’t imagine a negative return on bond yields, and what it would mean for real estate appraisals? Can you? So, I see rents going higher and capitalization rates both increasing with Donald J. Trump as President over the next four years or so. When were overall capitalization rates at 5 percent? 60-years ago? So, you can see how the cycles have influenced our work from the recessionary 1979-82, 1989-94 and the 2007-10 periods. During the 1980s, 95 percent of my work was for lenders. But it changed to 95 percent non-lenders in the 1990s. So, you can see that cases involving values can grow beyond lending.

Over the years, which would you say have been your most successful and rewarding projects, and why?

In the 1980s, my work included the 30-story 583-unit high rise luxury residential condominium project in Emeryville, California.  In the 1990s, it was the Chevron World Headquarters in San Ramon for ad valorem taxation and the 300-acre Lockheed Skunk Works, a EPA super fund site of contaminated soil located in Burbank, California.  A bit further north in Saugus was the Rye Canyon facility which had an earthquake fault running through the middle of the site.  In 2000, another site included a Class 1 landfill site in Covina.  Another site appraised, a gold mine, on the behalf of EPA located in Plumas County with values going back thirty years to 1980.  Where do you find land sales?  Fortunately, a local assessor in Auburn had a personal printout for 1980.  A fortunate occurrence for sure!

More recently, I was involved with a marijuana cultivation facility where I appraised a proposed 170,000-square-foot campus on a 10-acre site in Desert Hot Springs.  And to date, no construction has occurred on any such facilities.  But there is a plenitude of proposed projects in the open vast desert, which will mushroom from the valley floor.  The cannabis will be pampered by air-conditioning and watered in its cultivation area with 13-foot clearance, while the native vegetation sweat to survive in 115-degree plus, summertime heat.  This cannabis, which will be grown for human medicinal purposes will contain five times the THC.  And since there are no facilities built to date, where are the comparable sale faculties?

Jean Liggett, CEO of visionary property investment consultancy, Properties of the World, has revealed her predictions for the UK property market in 2017. Celebrating 5 years of experience selling investment properties, she has identified the key trends we are likely to see next year. Liggett comments,

"The dual impact of Brexit and tax changes in the UK are going to be felt in 2017. It's going to be a very interesting year for the property sector, with the usual laws of supply and demand encountering some significant interference from external political and economic factors. This means some new winners when it comes to popular asset classes, although of course some traditional investment opportunities will never go out of style (at least, not for the foreseeable future!)."

With changes to the buy-to-let investment rules brought in under ex-Chancellor of the Exchequer George Osborne, Properties of the World has found that investors are finding the residential buy-to-let market to be less profitable.

The company experienced a surge in buyers who already have traditional residential buy-to-let portfolios moving to purchasing hotels, student accommodation and care homes for the first time in 2016.

Jean also found that buyers who were just starting their property portfolio were choosing these emerging asset classes over residential buy-to-lets, due to the substantially higher returns on offer and the lack of additional costs during ownership. This trend is expected to ramp up significantly in 2017.

The remaining of second home stamp duty for buy-to-let investors will also continue to impact buy-to-let investors in 2017 as it has done in 2016, with lower priced properties of Greater London and areas beyond the M25 increasingly drawing investors away from the centre of the capital. Areas such as Luton and Slough are set to benefit, as are cities further north (most notably Birmingham, Liverpool, Manchester, Sheffield and Bradford). As Properties of the World's Jean Liggett points out,

"Investors can save on stamp duty at the same time as achieving higher yields than are on offer in central London."

When it comes to Brexit, one area of impact will be the interest of overseas investors in the UK in 2017. Sterling is languishing at its lowest rate against the dollar for decades, which creates opportunities for property investors buying in foreign currencies to make substantial savings by purchasing in the UK. With further currency fluctuations expected around the Article 50 triggering process in 2017, overseas investors are likely to be poised and ready to pounce.

Brexit is also likely to impact on property sales in the UK in 2017. Despite the interest from overseas, the Properties of the World team believes that the number of residential property sales in the first six months of 2017 will be lower than in the first half of 2016.

Despite a forecasted lower number of sales, there is likely to be positive news when it comes to prices. Although residential buy-to-lets will be more heavily taxed than before, there continues to be a chronic shortfall of properties in the UK, coupled with increased demand. Put simply, there are not enough properties being built to fulfil demand.  This under-supply is expected lead to increased prices in 2017 or, in the worst-case scenario, properties prices remaining flat.

Finally, and again showing the effects of the Brexit process, Properties of the World believes that developments offering a fixed rate of return will boom in 2017. Fixed returns, along with no additional costs during purchase and ownership, provide investors with peace of mind and mitigates risk in an increasingly uncertain world. When investors are buying to supplement their income, knowing how much money they're going to be getting is essential.

Whatever happens, 2017 is certainly going to be a testing year for the UK property sector, but as Jean Liggett reminds us,

"Challenging circumstances can create exciting new opportunities for investors. Political change can have a big impact on property markets, but that doesn't mean the impact will necessarily be negative. Where one asset class or location may miss out, another will surely come along to reap the benefits!"

(Source:  Properties of the world) 

A commentary from Rick Nicholls, Managing Director, Bastien Jack Group Ltd, UK property developer.

In short, we have opportunity.

Initial shock at the prospect of leaving the EU sent the markets into decline, but have they not reacted pretty much as anticipated? Never letting a crisis go without opportunity, selling high to force a low, and then buy back? Since then there has been some indication stability is returning to the markets though GBP to USD and Euro are still trading lower. This is a good thing for UK exports, making them more competitive, assisting those companies that rely on export markets to grow. The UK vote for Brexit probably doesn't mean that the housing market in the UK is about collapse either. While some uncertainty in the short term may reduce house price growth, for the longer-term property investor, this could be a good opportunity for investing.

The foreign property investor has a boost in value-for-money

In the 24 hours after the Brexit vote, the value of sterling fell on foreign exchange markets. Not by as much as predicted but by around 6% against the euro and 8% against the dollar. As I'm writing this, the pound is now worth €1.11. This fall means the European property investor has more sterling to spend.

Demand for property, specifically in London from foreign investors is still likely to increase, interest has been high from China and Asia as their currency exchange has automatically allowed them a discount on current prices. This though is likely to bea short window of opportunity as we see markets recover from the initial shock.

Domestic demand will remain strong

Demand from home buyers and renters probably won't collapse either.

There is concern that demand for housing will fall in London and the UK. However, parliamentary research produced for the 2015 Parliament put demand at between 232,000 to 300,000 new housing units per year through to 2020. Demand for new homes is exceeding supply by around 150,000 every year. This demand, fed by the number of new households created each year, is unlikely to fall below the level of supply.

Immigration will probably remain strong

One of the main negotiations the UK and EU will have to discuss is the free movement of people. Despite the ‘Leave' campaign suggesting a limit to immigration, we now understand there needs to be movement but objective negotiations will have take place. This will form a significant part of the negotiations to leave the EU.

Outside the EU, the Prime Minister's current visit to India has the subject of immigration firmly on the agenda for a post Brexit trade deal.

Fundamentals of the UK Property Market

The uncertainty of the exact outcome of Brexit may cause the property investor a little nervousness, but the fundamentals for UK property remain strong.

In terms of capital growth, there are a number of comparable data choices but the Real House price tracker provides more meaningful guide to house prices and has been adjusted for the effects of inflation over the same period. Results confirm the increases in house prices have risen faster than inflation, and includes the last recession where the fall can be seen as a correction when compared to the overall property performance.

There has been widespread comment as to the likely effects on house prices, with falls of between 5% and 10% for areas outside London, though little evidence can be found to support this so far.

The BTL investor has also seen positive movements since 2001 with the size of private renters beginning to grow again.

Annual rent rises too have accelerated in recent years and these are not limited to London. Bristol and Brighton both enjoyed increases, averaging circa 18% in 2015 compared to the previous year. The insurer Homelet reported similar rises in the North (Newcastle upon Tyne and Edinburgh) with around 16% over the previous year. Ultimately the increases are attributable to what's happening in their specific area and will be influenced by strong fundamentals. Perhaps Hull can expect some positive growth when it is crowned City of Culture?

Rents in London have continued to rise with greater pace than other areas in the UK but have slowed since 2014, therefore a narrowing of the rent inflation gap between London and the rest of the UK.

Even with the recent policy change for buy-to-let investors paying additional stamp duty, more people have turned to BTL investments perhaps as an alternative to low interest rates, bolstered with the knowledge the pace of house building has not kept up with demand therefore sustaining their investment. At the time of the referendum result, there was speculation the base rate would reduce from 0.5% to 0.25% which did take place in August. The Bank of England indicated they would consider reducing further if the economy worsened, which so far has not been the case. It was also confirmed at the time, they also would add money to support confidence and restrict banks freezing liquidity, if not this would probably cause a further credit crunch and restrict mortgage finance. The governor of the Bank of England, Mark Carney, confirmed the reserve of £250bn can be made available if required.

Carney further commented the substantial capital held and large liquidity gives banks the flexibility to continue to lend to businesses and individuals even during challenging times. This suggests provision and safeguards are in place to maintain current lending to suit demand.

Since the referendum, the markets have rallied well and only recently fallen as investors are perhaps concerned that central banks around the globe are easing up on the monetary policies given the uncertainty of the US election result.

In the UK, mortgage approvals by the main banks increased in September after a 19-month low in August. They were lower than the year before but speaking with our local agents, they suggest it's down to a lack of supply of new build property rather than purchasing confidence.

There are four main areas for focus as we get to grips with the prospect of the UK outside the EU.

1) Calm - we have some indication this is already with us; the markets do seem to have calmed. This is probably due to all the positions the markets took on ‘Remain' have now well and truly played out. It's not over yet though, the volatility is set to continue until Article 50 has been triggered and a new directional plan from the government for the UK to leave is known.

2) Change - Nothing ever stays the same, what works for today may not be right for tomorrow. A pertinent example is Kodak, they tried to ignore new technology hoping it would go away by itself on the basis of it being too expensive, too slow, too complicated etc. It wasn't and their market changed irreversibly in a relatively short period of time, moving from wet film to digital technology.

3) Opportunity - Leaving the EU does provide opportunity. With price correction, there is opportunity to procure better land deals than prior to the referendum, as there may be fewer developers with available funding. Contractors had full order books and build costs had become very high prior to the referendum. We are aware some development contracts have been cancelled as a result of Brexit. Therefore, there might be more opportunity to reduce build costs as price elasticity plays out. The current volatility will ease. The fact the UK has to build more houses to meet demand won't change.

Bastien Jack Group Ltd has a strong project pipeline and always procures sites which have strong fundamentals and in areas where people want to live. There is a huge amount of due diligence which goes into every site appraisal including courting many local agents and advisors to confirm local demand and Gross Development Values. Speaking with agents in our pipeline areas, they have confirmed confidence is still strong and enthusiastic house viewings are still going ahead. As long as lending is still being offered and liquidity remains within the economy, there remains a great opportunity for us to progress.

(Source: Bastien Jack Ltd)

Melanie Leech, Chief Executive of the British Property Federation

New lending to commercial property increased by over fifty per cent and reached a six-year high in 2014, as non-traditional lenders entered the commercial real estate (CRE) market at record levels.

The value of commercial property loan originations soared to £45.2 billion at year-end 2014, the highest figure since new lending reached £49.82 billion in 2008, according to the independently compiled De Montfort Commercial Property Lending Report.

The most comprehensive study of the UK’s commercial property lending market showed that the total value of outstanding debt declined to £165.2 billion at year-end 2014, excluding loans of approximately £16.1 billion secured by social housing.

At year-end 2014, insurance companies and other non-bank lenders accounted for 25% of new loan originations. Outstanding debt also saw increased diversity, with insurance companies representing 12.7% of the total debt, up from 10.2% last year, and other non-bank lenders representing 6.5%, almost doubling their 2013 share of 3.7%.

The value of distressed loans more than halved in 2014, falling from £44.7 billion at year end 2013 to £21.1 billion at year-end 2014, supported by a strong recovery in the underlying property market as well as an improving UK economy more generally.

Greater market diversification is further evidenced by the share of outstanding debt held by the top 12 lenders, which stood at 66% of outstanding debt in 2014 compared to 72% in 2013.

Lending intentions remained strong, with 82% lenders intending to increase their loan book size and 84% intending to increase loan originations.

Melanie Leech, chief executive of the British Property Federation, said, “The increasing diversification of lenders has been marked over the past year, and we feel this is broadly positive for the market.”