The Mecklenburg Times April 26, 2022

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Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 106 NUMBER 17 ■ MECKTIMES.COM

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TUESDAY, APRIL 26, 2022 ■ $2.00

Construction spending increased in December for the month and year Page 2

Lee Allen installed as 2022 President for Canopy Realtor® Association, Canopy MLS and Canopy Housing Foundation Page 3

Beauxwright and Ascent conclude sale of $36M third ward creative office and retail complex Page 4

ENNICO: Expect these questions when you give employees stock options Page 5

NOVAK: New ventures take time; nothing new is easy

U.S. Foreclosure activity sets post pandemic highs in first quarter of 2022 ATTOM, has released its Q1 2022 U.S. Foreclosure Market Report, which shows a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago. The report also shows a total of 33,333 U.S. properties with foreclosure filings in March 2022, up 29 percent from the previous month and up 181 percent from a year ago — the 11th consecutive month with a year-over-year increase in U.S. foreclosure activity. “Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB’s enhanced mortgage servicing guidelines,” said Rick Sharga, executive vice president of market intelligence for ATTOM.

“But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic.” Foreclosure starts increase in all 50 states A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67 percent from the previous quarter and up 188 percent from a year ago. States that had the greatest number of foreclosures starts in Q1 2022 included, California (5,378 foreclosure starts), Florida (4.707 foreclosure starts), Texas (4,649 foreclosure starts), Illinois (3,534 foreclosure starts), and Ohio (3,136 foreclosure starts). Those major metros that had the

greatest number of foreclosures starts in Q1 2022 included, Chicago, Illinois (3,101 foreclosure starts), New York, New York (2,580 foreclosure starts), Los Angeles, California (1,554 foreclosure starts), Houston, Texas (1,431 foreclosure starts), and Philadelphia, Pennsylvania (1,375 foreclosure starts). Highest foreclosure rates in Illinois, New Jersey and Ohio Nationwide one in every 1,795 housing units had a foreclosure filing in Q1 2022. States with the highest foreclosure rates were Illinois (one in every 791 housing units with a foreclosure filing); New Jersey (one in every 792 housing units); Ohio (one in every 991 housing units); South Carolina (one in every 1,081 housing units); and Nevada (one in every 1,090 housing units).

PLEASE SEE FORECLOSURES ON PAGE 6

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US stocks edge higher; Netflix plunges on subscriber losses Page 7

“We’re grateful for the opportunity to play an integral role in the ongoing transformation of our creative Charlotte community.”

Chris Warren, Beauxwright

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