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SEPTEMBER 2008
Two N.C. Cities Receive National Attention
The Downtown Durham area recently received national buzz as one of Businessweek.com’s top 15 urban neighborhoods where homeowners are likely to see big returns in the coming decades if they buy now.
http://www.realtor.org/RMODaily.nsf/pages/News2008092506?OpenDocument
Secondly, but certainly not least, the Charlotte area was recently named one of the most affordable cities in the nation to own a home with housing costs typically costing a homeowner around $1,336 per month. http://www.realtor.org/RMODaily.nsf/pages/News2008092602?OpenDocument
What the Fannie, Freddie Change Means for Mortgage Rates and Homebuyers (Provided by NCAR)
The recent bailout of mortgage giants Fannie Mae and Freddie Mac should result in lower mortgage costs and make credit more available to potential homebuyers. The government bailout is aimed at making mortgages easier to obtain and afford by allowing Fannie and Freddie to continue buying mortgages from lenders and injecting much-needed cash into the system.
http://money.cnn.com/2008/09/07/news/economy/
fannie_homeowners/index.htm?cnn=yes
Charlotte Named Among Top 5 Cities Where U.S. Home Prices are Likely to Rise (Provided by NCAR)
Good news, prices are starting to rise. Even better news? Charlotte is the second most likely city in the nation to see home prices rise. To determine where home prices are expected to rise next, Forbes.com looked at projections for housing starts from the NAHB and job-growth figures from Moody's Economy.com for the 100 largest metro areas in the United States. As expected, the cities where prices are likely to rebound are largely those with vibrant economies. http://realestate.msn.com/buying/Article_forbes.aspx?cp-documentid=9773053
Fire Sprinklers Set to Be Required for New Homes
Beginning on Jan. 1, 2011, fire sprinklers will be required in new one- and two-family homes and townhouses under a rule approved recently by the International Code Council that will be published in the 2009 International Residential Code. The mandate's supporters say it will give residents more time to exit during a fire, but the National Association of Home Builders is concerned about the higher home prices and maintenance costs that will result.
http://www.realtor.org/RMODaily.nsf/pages/News2008092405?OpenDocument
Study: N.C. Has Lowest Closing Costs on Mortgages
North Carolina has the lowest mortgage closing costs in the country, according to a study by Bankrate Inc. The average closing cost for a $200,000 mortgage in North Carolina is $2,650, close to 20 percent lower than the national average.
http://www.bizjournals.com/charlotte/stories/2008/08/04/daily48.html
OCTOBER 2008
HouseHunt Survey Says It’s a ‘Great Time To Buy’ ... NAR - Pending Home Sales up Strongly
Make Sure Your Clients Are Aware of the ‘10 Must-Know Real Estate Trends’
Now, more than ever, prospective home buyers and sellers should be aware of what’s happening with the housing market-and where it’s headed-in order to make smart decisions. In addition to understanding what fueled the collapse of investment bank Lehman Brothers and the government’s bailout of mortgage giants Fannie Mae and Freddie Mac, get familiar with these top 10 trends in real estate, according to HGTV’s new award-winning real estate site, FrontDoor.com.
http://rismedia.com/wp/2008-09-30/for-your-clients-10-must-know-real-estate-trends/RISMEDIA, Oct. 31, 2008—(MCT)—The Federal Reserve Bank lowered a key interest rate by a half a percentage point Wednesday in the latest attempt Continued >
NAR Continues to Push 'Four-Point Plan'
Can the federal government afford to pass yet another stimulus measure, this one aimed directly at getting the housing market moving? The National Association of REALTORS® leaders say the government can’t afford not to and is currently making an all-out push to get its “Four-Point Plan” through Congress.
http://www.realtor.org/RMODaily.nsf/pages/News2008102902?OpenDocument
U.S. Weighing New Mortgage Plan
The government is expected to announce soon that it will devote up to $50 billion to directly address the source of the financial crisis: bad mortgages and millions of homeowners at risk of foreclosure. The plan is expected to help up to 3 million homeowners. http://money.cnn.com/2008/10/30/news/economy/latest_govt_mortgage_plan/index.htm?postversion=2008103018
Breaking News: Good News for Real Estate? Largest Monthly Home Sale Percentage Increase in 5 Years Reported
Housing Rescue Package
NAR unveiled a four-point legislative plan to reinvigorate the housing market, and is calling on Congress to act. Among other things, the plan would get rid of the pay-it-back requirement for the current $7,500 first-time homebuyer tax credit, and it would expand that tax credit to all buyers of primary homes.
http://www.floridarealtors.org/NewsAndEvents/n1-101608.cfm
The Bank Rescue’s First Steps
A top U.S. Treasury official recently outlined the government's multi-faceted effort to bail out the United States financial system and assured the country that the Treasury Department is moving forward on five fronts, including the purchasing of troubled mortgage-backed securities and helping delinquent borrowers stay in their homes.
http://money.cnn.com/2008/10/13/news/economy/kashkari/index.htm?postversion=2008101308
NOVEMBER 2008
REALTOR.COM....If a home seller pays a broker to list his home in the MLS but for no other broker services, is that home sale still technically a FSBO? That question lies at the core of a dispute between NAR and a FSBO Web site, stoked by a misleading media release from ForSaleByOwner.com that claims Realtor.com accepts FSBO listings. Realtor.com requested a retraction of that announcement, and NAR has released a statement to clarify the matter. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-111708.cfm
RESPA Changes Coming Soon
In order to make loan terms more clear to consumers, the U.S. Department of Housing and Urban Development recently issued mortgage reforms that will help consumers to shop for the lowest cost mortgage. Lenders and mortgage brokers must now provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs.
http://www.realtrends.com/go/view_media.php?mp_id=7590&cat_id=1247&PHPSESSID=
7846a9e78343e6c10dc6d1fe87d01f6f
FDIC's Bair Pushes Aggressive Mortgage Plan
In a surprise move, FDIC Chairwoman Sheila Bair late last week unveiled details of her plan to have the government help delinquent homeowners. There are two key elements to her proposal, including a reduction in housing payments for delinquent borrowers as well as the government sharing 50 percent of losses if a borrower who had been helped ends up defaulting anyway.
http://money.cnn.com/2008/11/14/news/economy/fdic_bair/index.htm?postversion=2008111413
Who Benefits From The New Fannie-Freddie Plan
The Bush administration’s new foreclosure prevention program is planning on backing 30 million mortgages with mortgage giants Fannie Mae and Freddie Mac targeting certain homeowners. However the question remains, exactly who will receive help?
http://money.cnn.com/2008/11/14/real_estate/
Fannie_Freddie_plan_has_limits/index.htm?postversion=2008111403
BUYERS & SELLERS...11/10/2008...A MUST READFOR THE RESIDENTIAL MARKET!!!!
NAR released its latest consumer survey of home buyers and sellers. This is a national comprenhensive study that flows within in a regional/local market... Dawn Rodgers Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-111008.cfm
N.C. Earns Praise for Exceptional Business Climate
For the fourth consecutive year, North Carolina has been selected as the state with the top business climate, according to Site Selection magazine. Rankings are based on two factors: a survey of corporate site selection executives and a measure of new plant activity. http://www.bizjournals.com/triad/stories/2008/11/03/daily13.htm |
