Missed housing payments piling up, Alabama 3rd worst
Nearly 43.4 million Americans — or 25.3% of the adult population — either missed last month’s rent or mortgage payment, or have little to no confidence that they can pay next month’s rent or mortgage on time. Alabama ranked 3rd worst, 33.6 percent of adults who cannot afford monthly housing costs. —247 Wall Street
Home sales are hot and expensive
In June, home sales jumped a mind-boggling 20.7%. It was the biggest single-month jump since 1968, according to the National Association of Realtors. Driving home sales are apartment renters seeking more space, young families moving to the suburbs, and wealthy city dwellers looking for second homes. — Poynter
U.S. home seller profits rise to 36 percent in Q2
Home sellers nationwide realized a gain of $75,971 on the typical sale, up from the $66,500 in the first quarter of 2020 and from $65,250 in the second quarter of last year. — PR Newswire
Amid the carnage, grocers, forge ahead
Aldi’s expansion, including Alabama, reflects grocery industry resistance to the virus retail collapse. Though its expansion began before the current health crisis, the retailer is taking advantage of plum times for the grocery industry, as opposed to much of the rest of retail. Overall U.S. retail sales dropped 8.1% during the second quarter of 2020. By contrast, grocery store sales were up 13% in Q2 2020 compared with the same quarter in 2019. — BisNow
Constellium sees revenue, shipments decline in Q2
Aluminum products company Constellium shipped 25 percent less in Q2 of 2020 compared with Q2 of 2019, but the Paris-based company’s Muscle Shoals, Alabama, plant, in particular, met strong packaging demand. — Recycling Today
Alabama ag chief wants state to grow more hemp
Alabama’s agriculture commissioner wants farmers to grow more hemp so that additional state-made products are available. — Hemp Industry
Accountants suing banks for PPP fees is a thing
There is a wave of class action litigation against banks by accountants saying they were stiffed on PPP handling fees. The trend extends back to April, when Florida accounting firm Sport & Wheat CPA PA lodged a proposed class action against Georgia-based Synovus Trust Co. NA and Alabama-based ServisFirst Bank Inc. — Law360
Atlanta firm takes management of three Alabama Marriotts
Atlanta-based hotel owner, operator and developer Hotel Equities (HE) has been appointed as the management firm for three Marriott hotels located in Alabama: a Courtyard by Marriott in the city of Mobile, as well as a Courtyard by Marriott and Fairfield Inn by Marriott, both located in Tuscaloosa. — Hotel Business
Hyundai Hope On Wheels to award $11 million
Hyundai Hope On Wheels, a nonprofit organization supported by Hyundai Motor America and its U.S. dealers, announces $11 million in new grants in its mission to end childhood cancer. Nearly half of the Hyundai autos sold in the U.S. are built at Hyundai Motor Manufacturing Alabama. — PR Newswire
PNC Bank to shutter 52 branches nationwide
PNC announced another round of branch closures. The cuts will impact PNC branches in Maryland, Pennsylvania, New Jersey, Ohio, Wisconsin, North Carolina, Indiana, Michigan, Missouri, Alabama, Kentucky and Virginia. PNC is closing a branch in Hoover. — BizJournals
Alabama’s first DXP technology firm
Alabama’s first full-service DXP (Digital Experience Platform) marketing firm officially launched today. — PR Web
Crane collapses at Rex Lumber with worker aboard
A crane operator was rushed to Southeast Alabama Medical Center from Rex Lumber Company after the crane he was operating collapsed — Dothan Eagle
