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Greenville Business Magazine

The Business Narrative: Home Equity Rising in SC

Aug 05, 2022 09:14AM ● By David Dykes

South Carolina Among Top States for Equity-Rich Mortgaged Homes

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its second-quarter 2022 U.S. Home Equity & Underwater Report, which shows that 48.1 percent of mortgaged residential properties in the United States were considered equity-rich in the second quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values. 

The portion of mortgaged homes that were equity-rich in the second quarter of 2022 increased from 44.9 percent in the first quarter of 2022 and from 34.4 percent in the second quarter of 2021.

The latest increase, to virtually half of all mortgage payers, marked the ninth straight quarterly rise in the portion of homes in equity-rich territory. The report found that at least half of all mortgage-payers in 18 states were equity-rich in the second quarter, compared to only three states a year earlier.

Seven of the 10 states where the equity-rich share of mortgaged homes increased most from the first quarter of 2022 to the second quarter of 2022 were in the southern region of the U.S.

The biggest increases were in Wyoming, where the portion of mortgaged homes considered equity-rich rose from 26.1 percent in the first quarter to 33.9 percent in the second quarter. South Carolina came in fifth, up from 41.2 percent to 46.5 percent.

The report also shows that just 2.9 percent of mortgaged homes, or one in 34, were considered seriously underwater in the second quarter of 2022, with a combined estimated balance of loans secured by the property of at least 25 percent more than the property's estimated market value.

That was down from 3.2 percent of all U.S. homes with a mortgage in the prior quarter and 4.1 percent, or one 24 properties, a year earlier.

“After 124 consecutive months of home price increases, it's no surprise that the percentage of equity-rich homes is the highest we've ever seen, and that the percentage of seriously underwater loans is the lowest,” said Rick Sharga, executive vice president of market intelligence at ATTOM.

“While home price appreciation appears to be slowing down due to higher interest rates on mortgage loans, it seems likely that homeowners will continue to build on the record amount of equity they have for the rest of 2022.”

GTIS Partners to Develop Projects in Upstate

GTIS Partners, a global real estate investment firm that manages $4.7 billion in gross assets with a focus on residential and industrial investments, announced a joint venture with Collett Industrial, an industrial developer headquartered in Charlotte, N.C., to acquire and develop two projects in the Greenville-Spartanburg MSA.

The two projects have a total capitalization of $140 million.

One of the projects, Willimon Business Park, has executed leases or letters of intents with tenants totaling approximately 520,000 square feet for long-term occupancy at the project.

The GSP development projects, which will total nearly 1.2 million square feet of industrial space upon completion, are located directly adjacent to one another within the same Opportunity Zone on the eastern edge of the South Carolina Technology & Aviation Center. SCTAC is one of the largest business parks in South Carolina and houses the operations of over 110 companies.

The new projects are centrally located on the East Coast, offering greater access around Greenville, south to Atlanta, and north to Charlotte and Raleigh. Demand in the GSP industrial market is supported by a diverse set of factors including the strong availability of labor, proximity and connectivity to the Port of Charleston and Inland Port Greer, and the long history of manufacturing in the region.

“Fueled by the ongoing growth of ecommerce and onshoring, the demand for industrial warehouses remains strong, and we are excited to continue our expansion in the sector in partnership with the team at Collett Industrial,” said Robert McCall, a senior managing director at GTIS Partners.

“With a focus on Opportunity Zone properties specifically, we are also pleased to bring more jobs and economic opportunities to these communities, and look forward to encouraging development across the region.”

The joint venture with Collett underscores GTIS' continued expansion of its industrial acquisition and development platform.

With these two new projects, GTIS' global industrial portfolio encompasses 13 million in square feet with a total project cost of $1.25 billion across 14 projects.

Home Hospital Programs Developed in South Carolina

Ariadne Labs, in collaboration with CaroNova, a health innovation incubator for the Carolinas, recently concluded the first phase of the Home Hospital Early Adopters Accelerator to support health care systems to further develop their own home hospital programs.

Through this 40-week program, a total of 91 representatives from 18 health systems in the U.S. and South Africa joined in an agile fused network to rapidly design 20 tools to support successful home hospital programs.

In November 2020, the Centers for Medicaid and Medicare Services expanded their Hospital Without Walls initiative to include the Acute Hospital Care at Home Waiver. Since then, many hospitals and health systems across the United States have been working to expand their services to treat acutely ill patients in the home.

Home hospital programs have been shown to have benefits that include lower costs and readmission rates, yet successfully developing and launching these programs can be challenging.

With pro bono support from Scrum Inc., Accelerator participants used the Scrum agile project management framework to collaborate, design, and develop the tools needed to address the common needs and challenges early adopters face as they implement new home hospital programs.

Tools developed include criteria for identifying which patients are eligible for home hospital services, workflows for admissions, IV medications, and escalation, and solutions for software, food services, and oxygen use, among others.

The health systems involved in the accelerator will now apply these tools to their own efforts to create or expand their home hospital program.

The hospitals and health systems participating in the Accelerator in South Carolina include: Medical University of South Carolina Health Charleston, Roper Saint Francis Healthcare, and McLeod Health.

Leadership Summit Coming to Clemson Oct. 14

Clemson University's Wilbur O. and Ann Powers College of Business, will host “Navigating Uncertainty,” the 2022 Leadership in the Age of Personalization Summit, presented by GLLG, Oct. 14.

Dozens of leaders will participate in an intensive, one-day exploration of trends causing the most uncertainty in their industries – and the strategies leaders are employing to navigate unknowns and be resilient.

The annual summit attracts a wide range from corporate America, higher education and healthcare. It's a mix that inspires idea-sharing across boundaries and acknowledges the ways industries converge today.

The agenda tackles questions about how to prepare students and workers for jobs and industries that don't even exist yet, and how to prepare institutions for people who expect authenticity and inclusion.

Among the session topics: “The Pandemic Shook the Foundations of Higher Education: What Now?” and “The Intersection of DEI and ESG: Inclusion Seeds Growth.”

“What makes a great leader today is the ability to tolerate and even welcome a future that's unknown,” said Wendy York, dean of Clemson's Wilbur O. and Ann Powers College of Business.

“We're thrilled to host this gathering of people actively seeking to be that leader and to teach others. This summit is an extension of Clemson's goal to empower leaders to shape the future.”

The summit will be held in Clemson’s Phyfer Auditorium, with a satellite viewing party in the Phyfer Innovation Hub at Greenville ONE, and a free virtual livestream will be available as well.

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