Foreclosures half the U.S. rate here
The number of homes entering foreclosure proceedings in metropolitan Chattanooga rose this summer compared with the spring quarter, the RealtyTrac reporting service said Thursday. But the share of foreclosed houses in Chattanooga was still only about half the national rate.
Chattanooga is among the 65 percent of metro areas showing higher foreclosure rates in the third quarter of 2010. The 1,015 properties in metro Chattanooga getting foreclosure notices in the third quarter was up nearly 62 percent from this spring.
“The underlying problems that are causing homeowners to miss their mortgage payments – high unemployment, toxic loans and negative equity – are continuing to plague most local housing markets,” RealtyTrac Chief Executive Officer James Saccacio said.
One of every 228 houses was in foreclosure proceedings here this summer, compared with one of every 139 nationwide, RealtyTrac said.
Unum to rent parking spots
As Unum wraps up construction on its downtown employee parking garage, talks are under way to lease its existing lots to a parking company, though no decision has yet been made on which company.
“We’ll be leasing them to somebody,” said spokeswoman Mary Fortune. “We’re in talks with a couple of different partners.”
Unum expects to transfer the lots to a parking company by February 2011.
Unum’s new parking garage, built directly next to the company’s headquarters, will be for employees only.
Cornerstone to pay dividend
Cornerstone Bancshares Inc., the parent company of Chattanooga’s Cornerstone Bank, announced Thursday it will pay a dividend to preferred stockholders after three consecutive quarters of profits. Cornerstone will pay 62.5 cents per preferred share on Nov. 15 to stockholders of record as of Oct. 15.
Last week, the Federal Reserve Bank of Atlanta approved the payment of the dividend for the $480 million-asset bank. Cornerstone agreed to a consent order earlier this year to suspend dividends until the bank’s capital position and operating results improved.