Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 106 NUMBER 49 ■ MECKTIMES.COM
Part of the
network
TUESDAY, DECEMBER 27, 2022 ■ $2.00
Construction employment increases in 27 states Page 2
Gen-Z looks to offsite built housing for beautiful, energy-efficient homeownership, shattering outdated misperceptions Page 3
35% of employees cite poor connectivity and network issues as ongoing hindrances when working from home Page 4
ENNICO: Getting involved in a ‘turnaround’ company Page 5
NOVAK: Unfair or unlawful? Only a lawyer knows
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 pre-pandemic 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 housing units with a foreclosure filing); Cleveland, Ohio (one in every 589); Jacksonville, North Carolina (one in every 593); Columbia,
PLEASE SEE PRE-PANDEMIC ON PAGE 6
Page 6
Stocks drift, bond yields jump after Japan surprises markets Page 7
“In addition to improving network security and mitigating cyber threats, organizations must implement technologies to enhance employee experience.” John Ruthven IR
Story, page 4