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Americans Ditch the Northeast and Head to the West… and Vermont

More than 150 years after young men were urged to go West as the U.S. pushed through its frontier, Americans are again leaving the Northeast and flocking westward.

For the sixth straight year, more people left the Northeast in 2017 than moved into the region, according to United Van Lines’ annual National Movers Study, which tracks customers’ state-to-state migration patterns. The study cited rent and cost of living, as well as climate, as factors propelling the trend.

Fifty-four percent of movers tracked in the study headed toward the mountain states, with Colorado a new addition to the list of top 10 states Americans move to in a given year. Perhaps this could be an indication multifamily could be looking up in the West – and potentially other property types as well, since more residents could mean more office space and more retail opportunities.

No. 2 on the inbound list was Oregon. In Oregon’s largest city – namely Portland, which USA Today named as one of 16 cities where it is more affordable to rent than own – strong job growth is driving multifamily demand and keeping the market stable.

The South was also popular, with 52% of total moves being inbound to states such as Alabama, South Carolina and North Carolina, United Van Lines found.

The moving and relocation company said New Jersey, New York, Connecticut and Massachusetts were the Northeast’s biggest sources of outbound moves.

Yet two states bucked the trend.

It was a Midwest state, Illinois, that had the highest outbound rate (63%). And given the appeal of the mountain states, perhaps it should be no surprise that the Green Mountain State ended up with the highest percentage of inbound migration in 2017 (68%) – even though Vermont is very much located in the Northeast.

To find out more about properties in the West, South or other parts of the U.S., click here.

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Alex Veksler

Head of Content

Alex Veksler has 16 years of finance, data analysis and project management experience. He is a former vice president at Morgan Stanley, where he worked on product control of equity and fixed-income derivatives products as well as various projects involving finance and technology, such as revamping risk attribution and balance-sheet systems for profits and losses. Alex has previously worked at hedge funds, most recently as a director at Exigent Capital. He has a bachelor’s in computer science from Yeshiva University and an MBA from New York University.

Ely Razin

CEO

Ely Razin founded CrediFi in 2014 with Battery Ventures. A rare combination of seasoned corporate executive and technology entrepreneur, Ely previously served as global head of board governance for Thomson Reuters Accelus and head of business law for Thomson Reuters, after the software company he founded was acquired in 2004. The company, Expert Ease Software, developed AI-based software that automatically summarizes key deal terms for transactions in fields including capital markets, M&A and real estate. Ely began his career as a corporate and securities lawyer, and holds an LLB and MBA from York University.

Frank Muhlon

Head of Transactions

Frank Muhlon oversees CredifX, the commercial real estate financing marketplace that mines the CrediFi database at its core. Prior to joining CrediFi, Frank served as vice president of Northeast region business operations for online CRE property trading platform Ten-X, which has closed over $40 billion in transactions since its inception. He has also held key positions at Orix USA/Houlihan Lokey, Silverstein Properties and Trammell Crow Company. Frank received his master’s degree in real estate finance from New York University and his bachelor’s in finance from Rutgers University.

Charles Mctiernan

Head of Sales

Charles Mctiernan comes to CrediFi from Ned Davis Research Group and Roubini Global Economics, where he was the global head of sales. He also spent more than 10 years at Reuters America Holdings, where he held a number of senior sales leadership roles, including head of solutions sales and head of global accounts. Charles, who received his bachelor’s in economics from East Carolina University, has more than 25 years of experience in technology, data and research sales.

Amichai Levy

VP R&D

Amichai Levy is the former VP of R&D at Israeli high-tech firm Payoneer, where he developed its signature cross-border payment platform and integrated it with existing bank technology. In his prior role at Ness Technologies, Amichai was a key player in developing an electronic case filing system for Israel’s courts. He has over 20 years of experience in software engineering.

David Fajgman

Head of Finance

David Fajgman brings over 14 years of financial and managerial experience to CrediFi. Prior to joining the CrediFi team, he served as finance director of Bioness Neuromodulation Ltd., which develops and manufactures medical devices involved in neurological rehabilitation. He has previously worked in multiple finance roles at Thomson Reuters and as an accounting and consulting manager at Ernst & Young, where he was responsible for a wide range of clients, including companies listed on the Nasdaq and privately held high-tech companies. David is an Israel-licensed certified public accountant and has a bachelor’s degree in business and accounting.

Liat Bar David

Head of Human Resources

Liat Bar David has over nine years of human resources experience, primarily focused on the high-tech industry. She is a former HR business partner at semiconductor solutions provider Broadcom, where she was responsible for onboarding processes, benefits, policies, training and development, performance management and employee retention. Liat holds a bachelor’s in communication and human services and a master’s in human resources and services, both from the University of Haifa.