Mortgage delinquencies edge up
A higher percentage of homeowners paid their mortgages late in May, fueling concern for the housing market.
Mortgage delinquencies saw the highest increase in May compared to late payments on auto and personal loans, and credit cards, according to a monthly survey from VantageScore, a national credit modeling company. The firm checks consumer credit data, open accounts and pending balances to determine the likelihood of a default over a set timeframe. It measured delinquency rates for those 30 to 59 days past due.
Mortgage delinquencies increased by 0.1%, followed by auto (0.08%) and personal loans (0.02%). Credit card debt decreased slightly, by 0.05%.
WNBA expands to three cities
The Women's National Basketball Association plans to expand to 18 teams, a move that could mean new development — and jobs — to the new cities.
The WNBA announced Monday that it would add the teams gradually through 2030. Cleveland (2028), Detroit (2029), and Philadelphia (2030) will join the league, beating competition from several other bidding cities, including Austin, Texas; Charlotte, North Carolina; Denver, St. Louis, Kansas City, Nashville, Houston and Miami. The expansion is subject to approval from the WNBA and NBA Board of Governors.
"Each location was selected based on an analysis of market viability, committed long-term ownership groups, potential for significant local fan, corporate, media, and city and state support, arena and practice facilities, and community commitment to advancing the sport, among other factors," the WNBA said in a press release.
"“The demand for women’s basketball has never been higher, and we are thrilled to welcome Cleveland, Detroit, and Philadelphia to the WNBA family,” said WNBA Commissioner Cathy Engelbert. “This historic expansion is a powerful reflection of our league’s extraordinary momentum, the depth of talent across the game, and the surging demand for investment in women’s professional basketball."
The news comes after the WNBA approved league expansions for Toronto and Portland, Oregon.
These expansions can sometimes mean new development. CoStar has reported that the New York Liberty and the Las Vegas Aces are getting their own dedicated training facilities.
Only half of metropolitans added jobs
Construction jobs rose in only 180 of the nation's 360 metro areas, according to a survey Associated General Contractors of America released Monday. The association reviewed government-issued employment year-over-year data for May.
The Arlington-Alexandria-Reston metropolitan area in Virginia added the highest number of new positions, totaling 8,000 jobs. Cincinnati followed with 5,400, then Washington, D.C.-Maryland (4,900), Boise City, Idaho (4,700), and Miami-Miami Beach-Kendall, Florida. (4,500).
The association said that "developers and other construction owners appear more hesitant to launch construction projects until there is more certainty about tax rates, materials costs and worker availability."