Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 107 NUMBER 31 ■ MECKTIMES.COM
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TUESDAY, AUGUST 1, 2023
Property Still a Popular Investment Page 2
Construction employment increases in 45 states Page 3
Climate extremes drive changes in building products demand Page 4
MARGENAU: Ungrateful greedy geezers Page 5
It’s Lonely at the Bottom Page 6
US economy unexpectedly accelerated to a 2.4% growth rate in April-June quarter despite Fed hikes Page 7
Foreclosure activity in first half of 2023 ticks upwards toward pre-COVID levels ATTOM has released its Midyear 2023 U.S. Foreclosure Market Report, which shows there were a total of 185,580 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2023. That figure is up 13 percent from the same time period a year ago and up 185 percent from the same time period two years ago. “Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,” stated Rob Barber, CEO for ATTOM. “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.” States that saw the greatest increase in foreclosure activity compared to a year ago in the first half of 2023 included Maryland (up 100 percent); Oregon (up 99 percent); Alaska (up 95 percent); West Virginia (up 83 percent); and Arkansas (up 72 percent).
Illinois, New Jersey, and Maryland post highest state foreclosure rates
Nationwide, 0.13 percent of all housing units (one in every 752) had a foreclosure filing in the first half of 2023. States with the highest foreclosure rates in the first half of 2023 were Illinois (0.25 percent of housing units with a foreclosure
filing); New Jersey (0.24 percent); Maryland (0.23 percent); Delaware (0.23 percent); and Ohio (0.20 percent). Other states with first-half foreclosure rates among the 10 highest nationwide were South Carolina (0.19 percent); Florida (0.19 percent); Nevada (0.19 percent); Indiana (0.18 percent); and Connecticut (0.16 percent).
Highest metro foreclosure rates in Cleveland, Atlantic City, and Fayetteville
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in the first half of 2023 were Cleveland, Ohio (0.33 percent of housing units with foreclosure filings); Atlantic City, New Jersey (0.33 percent); Fayetteville, North Carolina (0.30 percent); Columbia, South Carolina (0.29 percent); and Lakeland, Florida (0.29 percent). Other major metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2023 were Chicago, Illinois (0.28 percent of housing units with a foreclosure filing); Jacksonville, Florida (0.26 percent); Florence, South Carolina (0.26 percent); Philadelphia, Pennsylvania (0.25 percent); and Elkhart, Indiana (0.25 percent).
Foreclosure starts up 15 percent from last year
A total of 135,065 U.S. properties started
the foreclosure process in the first six months of 2023, up 15 percent from the first half of last year and up 36 percent from the first half of 2020. States that saw the greatest number of foreclosures starts in the first half of 2023 included California (14,217 foreclosure starts); Florida (13,837 foreclosure starts); Texas (13,419 foreclosure starts); New York (8,772 foreclosure starts); and Illinois (7,995 foreclosure starts).
Bank repossessions climb in first half of 2023 from last year
Lenders foreclosed (REO) on a total of 22,672 U.S. properties in the first six months of 2023, up 9 percent from the first half of 2022 and up 133 percent from the first half of 2021, but down 40 percent from the first half of 2020. States that posted the greatest number of REOs in the first half of 2023 included Michigan (2,423 REOs); Illinois (2,059 REOs); Pennsylvania (1,420 REOs); California (1,362 REOs); and New York (1,350 REOs).
Q2 2023 foreclosure activity below pre-recession averages in 78 percent of major markets
There were a total of 97,608 U.S. properties with a foreclosure filings during the second quarter of 2023, up 2 percent from the previous quarter and up 8 percent
PLEASE SEE FORECLOSURE ON PAGE 3
“Laurent is going to bring a sophisticated and elevated experience that offers the true lifestyle comforts typically found in the hospitality industry.” Mike Sullivan, Greystar .
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