Heavy rain floods 100 Mecklenburg NC homes

About 100 Mecklenburg County homes had water in their living spaces after a deluge that dumped nearly 9 inches of rain on uptown Charlotte over two days, city and county officials said Friday.

Many of the flooded homes were in the Myers Park and Briar Creek areas, with some along Little Sugar Creek, said spokesman John Wendel of Charlotte-Mecklenburg Storm Water Services. Officials were surveying the damage Friday, he said.

Charlotte-Mecklenburg Emergency Management is also conducting preliminary damage assessments across the county but has not yet compiled the results, the agency said.

At least six people died in the Charlotte region after intense flooding wreaked havoc across the area as rising waters closed roads and parts of Interstate 85, damaged property and prompted water rescues. A seventh victim, a child who drowned in a swollen creek, died near Raleigh.

A man’s body was recovered Friday morning at a flood-ravaged campground

Read More

Banks may have to brace for heavy losses as commercial property prices plunge

  • In previous downturns, commercial property loan losses were “heavy” and there are worrying signs that such a trend could be repeated this time during the pandemic-induced slowdown, Oxford Economics’ Adam Slater said in a report.
  • During the 2008 great financial crisis, for example, such loan losses accounted for between 25% and 30% of total loan write-offs in the U.S.
  • “Large (commercial real estate) price declines generally translate into big losses for banks,” Slater, an economist at the firm, wrote.
  • This time those risks look highest in the U.S., Australia, and parts of Asia such as Hong Kong and South Korea.



a person standing in front of a building


© Provided by CNBC


SINGAPORE — Commercial real estate prices have plunged this year as people stopped going into offices, and retail businesses were disrupted. That could lead to a significant amount of losses for banks, according to a recent report.

Loading...

Load Error

In previous downturns, commercial property loan losses

Read More