Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 107 NUMBER 1 ■ MECKTIMES.COM
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National rent growth cools to the slowest annual pace in 16 months Page 2
First-time home buyers are back, despite affordability challenges Page 3
Outdated hiring processes and technology are preventing organizations from filling jobs, new symphony talent research shows Page 4
ENNICO: Fame is fleeting, so write a Christmas song Page 5
NOVAK: Working wives who never learn Page 6
Asian shares mixed after tech-led decline on Wall Street Page 7
U.S. foreclosure activity continues to increase quarterly nearing pre-pandemic levels ATTOM has released its Q3 2022 U.S. Foreclosure Market Report, which shows there were a total of 92,634 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 3 percent from the previous quarter and 104 percent from a year ago. The report also shows there were a total of 31,836 U.S. properties with foreclosure filings in September 2022, down 8 percent from the previous month but up 62 percent from September 2021. Foreclosure starts close to prepandemic levels nationwide Lenders started the foreclosure process on 67,249 U.S. properties in Q3 2022, up 1 percent from the previous quarter and up 167 percent from a year ago — nearly reaching pre-pandemic levels. “Foreclosure starts, while rising since the end of the government’s foreclosure moratorium, still lag behind pre-pandemic levels,” said Rick Sharga, executive vice president of market intelligence for ATTOM. “Foreclosure activity is
reflecting other aspects of the economy, as unemployment rates continue to be historically low, and mortgage delinquency rates are lower than they were before the COVID-19 outbreak.” States that posted the greatest number of foreclosure starts in Q3 2022, included California (7,368 foreclosure starts); Florida (6,671 foreclosure starts); Texas (6,217 foreclosure starts); Illinois (4,702 foreclosure starts); and New York (3,997 foreclosure starts). Among the 223 metropolitan statistical areas analyzed in the report those that posted the greatest number of foreclosure starts in Q3 2022, included New York, New York (4,621 foreclosure starts); Chicago, Illinois (3,950 foreclosure starts); Los Angeles, California (2,275 foreclosure starts); Philadelphia, Pennsylvania (1,991 foreclosure starts); and Miami, Florida (1,990 foreclosure starts); Counter to the national trend of quarterly increases, among those metropolitan areas with a population
greater than one million that saw a decline in foreclosure starts in Q3 2022 were Tulsa, Oklahoma (down 60 percent); Kansas City, Missouri (down 26 percent); Birmingham, Alabama (down 25 percent); Minneapolis, Minnesota (down 23 percent); and Cincinnati, Ohio (down 22 percent). Highest foreclosure rates in Illinois, Delaware, and New Jersey Nationwide one in every 1,517 properties had a foreclosure filing in Q3 2022. States with the highest foreclosure rates in Q3 2022 were Illinois (one in every 694 housing units with a foreclosure filing); Delaware (one in every 825); New Jersey (one in every 855); South Carolina (one in every 971); and Ohio (one in every 1,027). Among 223 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2022 were Peoria, Illinois (one in every 472
PLEASE SEE PRE-PANDEMIC ON PAGE 6
“What is surprising is that despite all the investment that HR is making in talent acquisition solutions, hiring teams feel like they are falling behind.” Kermit Randa Symphony Talent
Story, page 4