Posts Tagged ‘How to find private money lenders’


By Diana Olick

House flipping is always hottest when home prices are nearing a peak. That is not the case right now nationally, and so flipping has remained pretty stable overall … with two very glaring exceptions. Las Vegas and Miami. Sound familiar? They should.

These two markets may well have been the poster children for the flip trade during the last housing boom, and they both paid dearly for it, with homes losing more than half their value when the markets inevitably crashed.

House flipping is generally defined as buying and selling a home within the same calendar year. During the mid-2000s flipping was easier than ever for several reasons. Prices were rising with seemingly no ceiling, builders were putting out more product than anyone could use and even a dog could get a mortgage with no money down. That is not the case now. Not even close, and yet flipping is back in certain spots.

At the peak of the last housing bubble, flipping made up 8.6 percent of all home sales nationally, according to Trulia. That share is now down to about 5 percent and holding steady. In Las Vegas, however, house flips are making up 10.4 percent of home sales, the highest in the nation, and the share is rising. Las Vegas flipping is now at about 80 percent of its 15-year peak.

Over the past year in Miami, where condominium construction is fast and furious yet again, flipping activity has increased most, from 4.7 percent of all sales to 6.4 percent. Other Florida markets are also seeing the practice gain popularity again, according to Trulia. Both Florida and Las Vegas held the highest foreclosure rates in the nation during the housing crash and are still mopping up the mess with higher-than-average distressed sales. The market with the smallest share of flips: Detroit.

While large-scale investors scooped up foreclosures and turned them into rentals, smaller investor-flippers had to sit out the housing crash years. Homes were losing value, and lenders all but locked up the mortgage market. In the past four years, as home prices began gaining value again, flipping became profitable, although not nearly as profitable as it once was. Companies cropped up to help streamline the process, like Texas-based 1-800-CashOffer, also known as WeBuyHouses, which connects investors with sellers across the country.

“Miami and Las Vegas are extremely hot and are very big markets for us. There are still a lot of houses that need repair. Home flippers make their money by buying a house and fixing it up,” said Jeremy Brandt, CEO of We Buy Houses. “Everyone has their own strategy, and out of 10 homes in a month, the WBH investor might keep one or two for their rental portfolio, flip six to other investors, then fix up and resell the rest on the MLS (multiple list serve) in order to turn their cash over so they can buy more properties.”

Last fall, Brandt said he was getting between 5,000 and 10,000 contacts a month from home sellers looking to unload their properties quickly. He admits, with tight inventory of homes for sale nationwide, finding and securing the right, profitable property is harder than ever.

On the flip side, “Selling a house isn’t a problem,” he added. Brandt’s company spends millions on marketing, building a strong national brand so that they can find sellers more easily. While Las Vegas is hot, he said investors are making the most money in Los Angeles — that is if they have deep pockets. Investors, there are flipping multimillion-dollar properties, so the rewards are therefore greater.


By Ralph McLaughlin

Typically, the housing market sees minimal activity during the week between Christmas and New Year’s. Why were existing home sales still able to rebound in December from the November slowdown?

The big jump in December was an anomaly because of the new “Know Before You Owe” lending disclosures went into effect in October, and in November we saw one of the biggest drops we’ve ever seen. Sales that normally would have closed in November were pushed into December, and December’s numbers really supported that thought. We think December’s numbers are an anomaly and the result of November’s sales spilling over into December. We don’t think it’s representative of any long-term trend of a large increase in inventory.

That said, 2015 was the best year for existing-home sales since 2006. There were about 5.3 million homes sold last year, and that was a 6.5 jump from 2014. So we are optimistic that existing-home sales will continue to increase in 2016. There was a little bit of somber news from today’s numbers, and that is that December’s inventory was down quite a bit from the same month in the previous year. So we think homebuyers going into 2016 will see continued tight inventory, at least coming into the spring buying season. But the fact that prices are up year-over-year would hopefully lead to more households putting their home on the market, because more homes will be out from being underwater—which is still plaguing some cities.

What are the biggest challenges facing the housing market in the year ahead?

We talked about inventory, and that’s on the supply side. We think there are going to be some demand-side challenges going into 2016. The demand-side challenges are two-fold. The first is that homebuyers, especially first-time homebuyers, are having a difficult time saving up for a downpayment. We conducted a survey at Trulia last year asking homebuyers what their biggest obstacle was to buying a home, and more of them said downpayment than any other answer. Going into 2016, what we’re hoping to see is that wage growth will continue—we saw some glimmers of hope of wage increases in 2015—and that will help buyers save up for that all-important downpayment.

Related to that, which also affects the ability to save for a downpayment, is rent growth. We’ve seen rents charge ahead very strongly in many markets in 2014 and 2015. That’s a double whammy for homebuyers, especially those who are renting. Rising rents actually make it a better deal to buy—relatively speaking, it makes homeownership look more attractive—but at the same time, increasing rents make it more difficult to save for a downpayment. On the demand side, that’s one of the biggest challenges that we’re going to see heading into 2016.

The third thing that we’re going to keep a close eye on is affordability. We’ve seen prices charge ahead just as strongly as rent growth in the last couple of years. In many markets, especially for first-time homebuyers, affordability is a challenge. In many markets, especially on the costly costs—metros in California and in the Northeast—homebuyers would have to spend 30, 40, or even 50 percent of their income to buy the median-priced home.

Those three aspects—inventory, saving up for a downpayment, and affordability, are going to be the three big challenges coming into the years ahead.

How will future rate increases by the Fed affect those three challenges, or will they affect housing at all?

On the demand side, we don’t think that the Fed increasing the interest rates will have much of an effect on homebuying. And that’s because mortgage rates tend to move somewhat independently from the Fed rate, which primarily impacts short-term credit. Even though the Fed raised rates in December, mortgage rates are down.

Going ahead, even if mortgage rates were to rise—if the Fed were to be very aggressive with increasing interest rates—we also don’t think that will have much of an effect on demand, because in many markets, mortgage rates would have to be 7, 8, 9, even 10 percent for the cost of owning to roughly equate to the cost of renting. So the financial advantage for homeownership will still persist even if mortgage rates rise. So on the demand side, there won’t be much of an effect if the Fed decides to act aggressively.

On the supply side, however, we do think that if the Fed were to rapidly increase interest rates, we might see a temper on new housing starts. That’s primarily because the Fed rate impacts short-term credit, and many homebuilders use short-term credit construction loans to finance homebuilding. So if the Fed were to quickly increase interest rates, that may start to have an effect on homebuilding because it increases the cost of construction.

All that said, the Fed is going to have an increasingly difficult time when making the decision about whether to raise rates. That’s primarily because even though we’re near full employment, or close to it, inflation is well below target. The large drop in oil prices in the last month, or really in the last year, has led to very low inflation. In fact, we may enter into a period of slight deflation in the year ahead. So the Fed is certainly going to have its challenges in trying to make the decision about whether to raise rates.

Ralph McLaughlin was named Chief Economist at Trulia in January 2016. He joined Trulia in August 2014 as the Housing Economist. In his role as Chief Economist, McLaughlin leads housing economics research for Trulia and provides key insights about economic and housing trends as well as public policy for house hunters.


By Jenna Goudreau

People size you up in seconds, but what exactly are they evaluating?

Harvard Business School professor Amy Cuddy has been studying first impressions alongside fellow psychologists Susan Fiske and Peter Glick for more than 15 years, and has discovered patterns in these interactions.

In her new book, “Presence,” Cuddy says people quickly answer two questions when they first meet you:

Can I trust this person?
Can I respect this person?

Psychologists refer to these dimensions as warmth and competence respectively, and ideally you want to be perceived as having both.

Interestingly, Cuddy says that most people, especially in a professional context, believe that competence is the more important factor. After all, they want to prove that they are smart and talented enough to handle your business.

But in fact warmth, or trustworthiness, is the most important factor in how people evaluate you. “From an evolutionary perspective,” Cuddy says, “it is more crucial to our survival to know whether a person deserves our trust.” It makes sense when you consider that in cavemen days it was more important to figure out if your fellow man was going to kill you and steal all your possessions than if he was competent enough to build a good fire.

Cuddy’s new book explores how to feel more confident.

While competence is highly valued, Cuddy says it is evaluated only after trust is established. And focusing too much on displaying your strength can backfire.

Cuddy says MBA interns are often so concerned about coming across as smart and competent that it can lead them to skip social events, not ask for help, and generally come off as unapproachable.

These overachievers are in for a rude awakening when they don’t get the job offer because nobody got to know and trust them as people.

“If someone you’re trying to influence doesn’t trust you, you’re not going to get very far; in fact, you might even elicit suspicion because you come across as manipulative,” Cuddy says.

“A warm, trustworthy person who is also strong elicits admiration, but only after you’ve established trust does your strength become a gift rather than a threat.”

Reading a room is a skill that can be learned; a guide to nonverbal cues like how people stand or hold their hands.
WSJ’s Sue Shellenbarger offers tips to better networking across busy rooms.

Some people enter a room of strangers and glide along from one lively conversation to another, uncovering golden new business contacts.

How do they do it?

These people know how to read a room—a capacity that can be partly inborn, but also learned. From the barrage of sights, sounds and behavioral details, they extract clues about which people have the most to offer and which to avoid.

That energetic guy with the 1,000-watt smile, booming voice, ready handshake and a fistful of other people’s business cards might seem like fun, for example. But he’s moving too fast to connect with people in a meaningful way and is probably just trying to bag clients.

“You meet somebody at a business function, and five minutes later they’re slapping you on the back and calling you by a nickname, ‘Yo, Vic!’ Only my close friends call me Vic,” says Vickie J. Gray, chief marketing officer at Ober Kaler, a Baltimore law firm. Such glad-handers “give networking a bad name,” she says.

Body Language at Cocktail Hour


The cues to finding allies in a crowded room aren’t obvious. Those in groups talking all at once and laughing might look like great people to know. Often, however, they’re sharing a private joke or memories of past experiences, and “they’re having way too much fun” to welcome an outsider, says Anne Baber, co-owner of Contacts Count, a networking consultant from Newtown, Pa., that provides training for attorneys at Ober Kaler.

A tight circle of three to five people standing face-to-face in a closed O, maintaining eye contact and talking intently, might look intriguing, but they may be solving a pressing problem, making them too busy to greet someone new.

The most promising group may be lined up loosely, with gaps between participants, “just sort of muddling along, trying to have a conversation,” Ms. Baber says. They’re likely to welcome a newcomer, especially someone who can loosen them up.

Luiz Vieira networks often in his role as president of a Philadelphia technology and consumer-product materials company and a member of an association of CEOs. He looks for a group that isn’t clicking. “They look like they’re bored, and they need someone to jump-start their conversation,” he says.

Consultant Liz Sears Smith met a new work contact after exhibiting welcoming body language at a museum gala. PHOTO: RALPH ALSWANG

Working with Philadelphia impression-management coach Karen Kaufman, he learned to come prepared to talk about a few interesting topics, such as the World Cup or the stock market, and to feel at ease approaching others, asking questions and starting a new discussion. “If you’re able to shift the mood of a group in a positive way, it’s very powerful” in forming bonds with others, he says.

Participants in groups that are welcoming often make eye contact as a newcomer approaches, raise their brows in a welcoming way and smile.

Two people facing outward, instead of directly facing each other, also signal a readiness to talk, says Michele Woodward, a Washington, D.C., executive coach.

Ms. Woodward met Liz Sears Smith a few months ago at a museum gathering after spotting her near a standing cocktail table, leaning against the rail shoulder-to-shoulder with a colleague, looking out at the crowd. “It was clear from their body language that they were open,” Ms. Woodward says. Ms. Woodward and Ms. Smith made eye contact and both smiled. Ms. Woodward introduced herself, and they talked for about five minutes and realized their work was similar in some ways, Ms. Woodward says.



Come prepared with topics to discuss or experiences to share.
Observe others’ facial expressions and body language in deciding whom to approach.
Look for opportunities to help others with information or introductions.
Keep at least one hand free of snacks and drinks so you can shake hands.
Look for eye contact or a nod from others as a signal to introduce yourself.


Measure success by the number of business cards you collect.
Look over the shoulder of the person you’re talking to in case someone more interesting shows up.
Try to look smarter and more competent than others so people will be drawn to you.
Assume anyone standing alone is a loser and should be avoided.
Demonstrate your power and influence by talking in a loud voice.

“We decided we wanted to have coffee, and Michele took the first step of sending an email later. We’ve kept that relationship going,” says Ms. Smith, Washington-based reputation-management consultant.

Noticing subtle, nonverbal cues can help. Domineering people tend to talk most of the time and avoid eye contact with listeners, research shows.

People who are genuinely open to new relationships adopt an open stance, shoulders apart and hands at their sides, turning slightly toward newcomers to welcome them, says Kelly Decker, president of Decker Communications, a San Francisco consulting and training firm. Also, their gestures match their words. Saying you’re delighted to meet someone when your arms are crossed in front of you is confusing, suggesting you don’t mean what you say.

Loners who stand in a corner, hunched over their cellphone or a plate of food, are sending a negative signal, Ms. Woodward says. Other singletons, facing the room with an open stance and a smile, however, may be happy to greet you. “For some people, a networking event is the seventh level of hell. If I can reach out and make it a little easier, I’m going to try,” she says.

Influential people often lead the conversation, but good networkers leave plenty of time to show interest in what others say. An influential speaker has listeners who are nodding and leaning forward, raising their eyebrows or murmuring brief responses such as “Really?” or “I see,” research shows. Listeners who stand close signal a desire to please. So do those who mirror a speaker’s gestures, tilting their heads at the same angle or simultaneously shifting their weight onto one foot.

Carl Arnold reads the overall energy level of a room in deciding how to approach people. At a cocktail reception in a restaurant bar three years ago, people were talking loudly, telling stories and laughing boisterously. So he asserted himself by puffing up his chest, standing tall and catching the eye of a man who appeared to be the most influential one there. Mr. Arnold, who chairs leadership groups for Vistage, a San Diego-based executive-coaching organization, introduced himself and made a joke, sparking a lively conversation.
A recent gathering of musicians he attended was quiet and laid-back, with people talking softly in twos and threes and “sipping a little Chardonnay, as opposed to vodka rocks,” Mr. Arnold says. “I kept it more on the down-low” and sought out the host, who introduced him to others. He met a valuable new business contact at the first gathering and made a new friend, a fellow musician, at the second.

People who try to impress strangers by reciting their résumé are missing the mark, Ms. Decker says. Others are more attracted initially to a person’s warmth, as conveyed by eye contact, a warm expression and a smile, rather than to their competence.

Pamela J. Bradley says networking used to be difficult for her as a shy, introverted person. With training from Ms. Baber’s firm, she says she’s learned to enter the room thinking, “I’m here to help people, with resources or introductions.”

Ms. Bradley, a human-resources manager for Keiter, a Glen Allen, Va., accounting and consulting firm, prepares by thinking up a list of things she can offer in a conversation, such as a tip about a new restaurant, and things she wants to learn. Then, she says, she listens closely to others for opportunities.

by: Deepak Chopra, M.D.

The mind-body connection is quickly coming of age. We’ve moved from the early stage when researchers were challenged to prove that our thoughts affect our bodies. The next stage was focused on how toxic mental patterns can harm us. Now a new phase has dawned, where “positive psychology” is the main focus. Gratitude is the prefect example of positive psychology.

In one 2003 study, a group of subjects kept a personal journal for 10 weeks, in which they rated their mood, physical health, and other factors that contribute to being happy. They were told either to describe five things they were grateful for that had occurred in the past week (the gratitude condition), or they did the opposite and described five daily hassles (the hassles condition) that they were displeased about.

Those in the gratitude condition reported fewer health complaints and even spent more time exercising than control participants did. Similar studies have shown improved emotions when someone who has a chronic illness focuses on an “attitude of gratitude” instead of feeling negative. Similarly, gratitude leads to lower levels of stress hormones.

Now that we know gratitude is good for you, it joins the list of things, including love and empathy that create a biochemical shift in the body. Since gratitude is a mental activity, it’s a powerful finding to show how something totally non-physical can alter the physical activity of the brain. The general lesson here is that the brain responds to positive input and sends life-enhancing messages to every cell in the body.

How can you activate the power of gratitude in your own life?

The 3 Stages of Gratitude

There are three stages of gratitude, each one more effective than the one before. These are:

1) Feeling grateful for the good things in your life

2) Expressing your gratitude to the people who have made your life betterAdopting new behavior as a result of interacting with those who have helped you

3) Expressing your gratitude to the people who have made your life better

Adopting new behavior as a result of interacting with those who have helped you
All of us have experienced the first stage—we have felt grateful that something good has happened, often in the context of escaping a threat like a disease diagnosis that turns out to be a false alarm. To make this feeling more than a passing moment, you need to make the “attitude of gratitude” more continuous. Keeping a brief journal, as in the gratitude study, is all it takes to trigger the health benefits of gratitude—a good start for anyone.

Stage 2 is more challenging. It’s hard to reach out to someone else, especially because many people think that opening up and expressing your appreciation makes you more vulnerable. It’s easier to stay inside your shell. But when you express gratitude to someone else, an emotional bond is formed, and emotional bonding is one of the key traits of truly happy people. Some of the earliest mind-body studies showed how loneliness and isolation—the very opposite of bonding with others—led to decreased health and a higher risk of mortality. Now it’s time to reverse our focus and emphasize the positive side of the equation, putting emotional bonding high on the list of self-care.

Stage 3 is the most powerful because it changes people’s futures. When your gratitude leads to showing more sympathy, less judgment, and greater appreciation for life itself, you are setting the stage for years of positive reinforcement. By adopting gratitude as your default position, so to speak, you tell your brain that positive input is going to far outweigh negative input. Mixed signals lead to mixed results. By being consistent in your attitude of gratitude, you set down a blueprint that over time leads to brain changes with farseeing benefits.

Clearly, the way of gratitude is one of the most natural paths to wholeness because body, mind, and spirit are affected at every level almost effortlessly; give it a try.

About the Author
Deepak Chopra, M.D.

DEEPAK CHOPRA MD, FACP, founder of The Chopra Foundation and co-founder of The Chopra Center for Wellbeing is a world-renowned pioneer in integrative medicine and personal transformation, and is Board Certified in Internal Medicine, Endocrinology and Metabolism. He is a Fellow of the American College of Physicians and a member of the American Association of Clinical Endocrinologists.



U.S. housing appears to be insulated so far from the cooling global economy.

Home values and rental prices are steadily rising, fueled by strong demand and a tight supply of available properties, a pair of reports Tuesday showed. The solid demand drove sales growth early this year and spurred additional construction.

The Standard & Poor’s/Case-Shiller 20-city home price index climbed 5.1 percent in the 12 months that ended in August — a level many economists view as more sustainable than the sharp double-digit gains at the start of 2014.

And in September, median rents nationwide rose a seasonally adjusted 3.7 percent from a year ago; according to real estate data firm Zillow. As with home prices, the pace of rent increases appears more stable than the sharper increases earlier this year.

Still, while three years of solid hiring and low mortgage rates have bolstered real estate, further gains will likely require better pay for workers. Increases in home values continue to exceed average annual earnings, which have risen just 2.2 percent from a year ago.

For now, homes in tech hubs with a high concentration of good-paying jobs appear to be the main beneficiaries of rising prices. S&P reported that San Francisco and Denver both enjoyed a 10.7 percent year-over-year jump in home values, the largest of any city. Portland, Oregon’s annual gain of 9.4 percent was the third largest.

“Prices are rising the fastest in markets where job growth and net migration are the strongest and inventories are the tightest,” said Mark Vitner, an economist at Wells Fargo Securities. “Portland is an excellent example.”

Those same metro areas were among the leaders in the rental increases tracked by Zillow. At the same time, those high rental prices sparked some new construction, which has created more apartments and tempered the rental-price appreciation in recent months.

The median rent in San Francisco was $3,348 last month, a yearly increase of 13.3 percent. The year-over-year increase in August was even higher — 14.2 percent.

The housing market’s overall gains are defying the impact of a sluggish global economy. Falling commodity prices, weakened growth in China, a struggling Europe and tumult in emerging economies such as Brazil have hampered a world that is still battling its way out of the 2008 financial crisis.

Not every area of the United States is benefiting. Rental price growth has slowed in areas at the epicenter of the oil and natural gas industry, according to Zillow. Average oil prices have nearly halved in the past year to $44 a barrel. Houston’s rental costs are up 5.8 percent over the past 12 months, down from annual growth above 6 percent. Price appreciation has also slipped in Dallas and Tulsa.

But the S&P index shows that home values have advanced a solid 8.9 percent in Dallas over the past year, a sign of resilience in the heart of Texas.

Overall in the United States, the housing sector has expanded for much of 2015. Sales of existing homes jumped 4.7 percent in September to a seasonally adjusted annual rate of 5.55 million, the National Association of Realtors said last week.

The pace of home construction rose in September and is up 12 percent so far this year compared with 2014. But the bulk of the growth has been fueled by condominiums and apartment buildings. Single-family-home construction — the heart of the housing market — was flat in September.

That reflects a greater preference for renting rather than home-buying since the Great Recession, which has reduced the percentage of Americans who own homes to nearly a 48-year low of 63.7 percent.

Home values are rising largely because few properties are being listed for sale. The number of existing homes for sale has fallen 3.1 percent in the past 12 months. In September, the number of available homes was equal to just 4.8 months’ of sales, below the six months’ supply that is typical of a balanced market.

Low mortgage rates are helping would-be buyers. The average rate on a 30-year fixed mortgage fell to 3.79 percent last week, its 13th straight week below 4 percent.


By Pat Wechsler

Many Americans, intent on building their fortune, think of heading to New York or San Francisco. But it turns out neither are the best U.S. city to live in for the majority of Americans looking to build wealth over time.

The best city for Americans looking to save money and accumulate wealth is Houston, according to a new study by The web site calculated the rankings based on the metropolis’ affordability, the ability to buy a home and have its value appreciate, and several other key factors that enable people to accumulate wealth. The Texas oil capital is closely followed by Washington D.C., Cleveland and Detroit.

New York ranks fifth, while San Francisco doesn’t even finish in the top 10.

“When we talk about building wealth, we’re not talking about becoming the next Warren Buffett or Mark Zuckerberg,” said Claes Bell, a banking analyst at Bankrate and the study’s author. “We’re talking about the ability of most people to buy homes, put aside money for their children’s education or save a nest egg for retirement.

“In a city like New York or San Francisco, you may be making six figures, but you’re spending that, too,” Bell explained.

Bell focused on the 18 biggest cities in the U.S. for which the Bureau of Labor Statistics’ Consumer Expenditures Survey publishes figures—numbers critical to the study. To calculate rankings, Bell looked at average net incomes after taxes and took out average annual expenditures for each city. The difference became the money a person might be able to save. Then, he factored in such variables as average debt burdens; the five-year appreciation of each city’s real estate values; access to affordable financial services and higher education; and the strength of local job markets.

“People tend to look only at their gross incomes when they think about saving, but it’s really more about net incomes,” Bell said. “It’s like if you only focused on the revenue side of a business. The expense side is just as important in determining whether you’ll have profits.”

Why Detroit made the list.

Home ownership is a key element in the wealth most Americans are able to accumulate over a lifetime, Bell explained, and cities with high percentages of home ownership tended to fare better in the study.

“Detroit’s high ranking may be a surprise because of that city’s high foreclosure rate,” Bell said. But “in a place like Detroit, 75% of the people own their own homes. That’s because homes are more affordable.”

In New York City, only 49.4% own homes and in San Francisco, only 52.5%, he noted. The massive wealth that permeates a financial mecca like New York or a tech center like San Francisco actually works against the ability of average people to purchase real estate by pushing up prices—an impact that lowered those cities’ rankings.

Obstacles to wealth.

Higher taxes—income, property or sales—also represent another impediment to building wealth and cities that impose them ranked lower, Bell pointed out.

Besides mortgages, student loans composed a large segment of average citizens’ debt burden, even in top-ranked cities. Yet, that debt proved less of a drag on cities like Washington, where many professionals shoulder leftover debt from undergraduate and graduate school, because of its lower interest rates and monthly costs.

Additionally, Bell considered whether residents of certain cities had access to employer-sponsored retirement plans, which he described as a pivotal tool for the average person to build wealth. Higher productivity rates in certain cities also tended to allow employers to provide higher wages.

“This isn’t to say if you move to Houston, you’ll suddenly be saving lots of money,” Bell noted. “Much depends on which industry you work in and what the market in that city looks like.

“Of course, everything is predicated on whether a person makes the individual decision to save in the first place, but you can’t even begin to worry about that without excess disposable income,” Bell concluded.

The top 10 cities are:

  • Houston
  • Washington, D.C.
  • Cleveland
  • Detroit
  • New York City
  • Dallas-Fort Worth
  • Baltimore
  • Miami
  • Minneapolis-St. Paul
  • Chicago

The cities that didn’t make the top 10 are Boston (11), Seattle (12), San Francisco (13), Atlanta (14), Philadelphia (15), Los Angeles (16), Phoenix (17), and San Diego (18).