Your inside source for real estate, development and construction information serving the counties of Mecklenburg, Union & Iredell VOLUME 108 NUMBER 4 ■ MECKTIMES.COM
Part of the
TUESDAY, JANUARY 23, 2024
network
Construction industry adds 17,000 workers in December but association survey finds contractors are struggling to find skilled employees Page 2
Asheville (NC) Voted the 24th Most Coveted Town in America to Escape the ‘Rat Race’ Page 3
FG Communities Acquires 21st Property Page 4
MARGENAU: Turning Full Retirement Age in 2024? Consider Filing for Benefits This Month Page 5
GOLDMAN: Want to Succeed in Business? Ask an FBI Agent. Page 6
Job gains and freespending shoppers lifted Wall Street in 2023, but new data tells another story Page 7
U.S. foreclosure activity increases from 2022 but still below pre-pandemic levels Foreclosure Starts Up from 2022, While Foreclosure Completions Decline; December 2023 Foreclosure Activity Declines from Previous Month; Q4 2023 Foreclosure Activity Declines from Previous Quarter ATTOM has released its Year-End 2023 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 357,062 U.S. properties in 2023, up 10 percent from 2022 and up 136 percent from 2021 but down 28 percent from 2019, before the pandemic shook up the market. Foreclosure filings in 2023 were also down 88 percent from a peak of nearly 2.9 million in 2010. Those 357,062 properties with foreclosure filings in 2023 represented 0.26 percent of all U.S. housing units, up slightly from 0.23 percent in 2022, but down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010. “Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility,” said Rob Barber, CEO at ATTOM. “Our data suggests that while foreclosure activity may fluctuate, it’s unlikely to approach the highs seen in the last decade. Instead, we foresee a market that is
more reflective of broader economic trends, with foreclosure filings becoming a more predictable aspect of the housing landscape. This shift offers a silver lining — the opportunity for investors, homeowners, and industry professionals to plan and strategize with greater confidence and insight.” ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 3,000 counties nationwide, accounting for more than 99 percent of the U.S. population – also available for licensing or customized reporting. See full methodology below. The report also includes new data for December 2023, showing there were 30,314 U.S. properties with foreclosure filings, down 6 percent from the previous month and down 2 percent from a year ago.
Foreclosure starts on the rise nationwide Lenders
started
the
foreclosure
process on 270,222 U.S. properties in 2023, up 9 percent from 2022, up 193 percent from 2021, but down 20 percent form 2019 and down 87 percent from a peak of 2,139,005 in 2009. States that saw the greatest number of foreclosure starts in 2023 included California (29,180 foreclosure starts); Texas (28,533 foreclosure starts); Florida (27,427 foreclosure starts); New York (17,330 foreclosure starts); and Illinois (13,764 foreclosure starts). Counter to the national trend, 6 states saw an increase in foreclosure starts from 2019. They included Indiana (up 73 percent); Idaho (up 70 percent); Michigan (up 15 percent); Nevada (up 10 percent); and Minnesota (up 9 percent). Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of foreclosure starts in 2023, included New York, New York (18,464 foreclosure starts); Chicago, Illinois (11,620 foreclosure starts); Houston, Texas (9,476 foreclosure starts); Los Angeles, California (8,835 foreclosure starts);
PLEASE SEE FORECLOSURE ACTIVITY ON PAGE 3
“This survey reflects a growing desire for a balanced lifestyle, and we hope our findings inspire many to explore the enriching environments America has to offer. Each location on our list offers a unique way to reconnect with what truly matters in life, away from the frenetic pace of modern work culture.” Hannah Smith, Joy Organics.
Story, page 3