REAL ESTATE HEADLINES Interest Rates Rise CHICAGO (MarketWatch, Feb. 25, 2010) -- For the first time in three weeks, rates on 30-year fixed-rate mortgages rose to above 5%, according to Freddie Mac's weekly survey of conforming mortgage rates. Rates on the 30-year fixed-rate mortgage averaged 5.05% for the week ending Feb. 25, up from 4.93% last week. They averaged 5.07% a year ago. "Interest rates for 30-year fixed mortgages followed long-term bond yields higher and rose above 5% this week amid a mixed set of economic data reports" said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. "For instance, the January producer price index jumped well above the market consensus, but the consumer price index remained subdued and consumer confidence declined to the lowest level since April 2009, according to the Conference Board."
Daily Real Estate News | February 16-23, 2010 | Could the Tax Credit Be Extended Again?
The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years, while a few months later in 2009, Congress expanded the credit to a maximum of $8,000 that didn’t have to be paid back. Now, pressure is increasing on Congress to renew the homebuyer tax credits for a third time.
http://tinyurl.com/yk5vpx3 Case-Shiller: Home Prices Rise 0.3 Percent in December
Home prices rose nationally for a seventh straight month in December as the U.S. housing market continues its bumpy road to recovery. Overall, average home prices in the fourth quarter were similar to what they were in 2003, the report showed.
http://tinyurl.com/yhdv7zu Proposal Calls for Fannie, Freddie to Be U.S.-Owned Nonprofits
The National Association of REALTORS® is calling for the U.S. government to convert Fannie Mae and Freddie Mac into federally owned nonprofit corporations that would largely leave the mortgage-finance giants intact. The proposal is likely to meet stiff political resistance because the companies have required a $111 billion bailout and lawmakers are under pressure to demand sweeping changes.
http://tinyurl.com/yhe7bfk Construction Up Along With Builder Confidence
Construction of new homes rose to an annual rate of 591,000 in January, up 2.8 percent from December when the revised rate was 575,000, the Commerce Department announced Wednesday.
Meanwhile, the monthly home builder confidence scale rose two points in February to 17.
The National Association of Home Builders Chair Bob Jones said, "Builders are slightly more optimistic that the housing recovery is finally beginning to take root.”
Builder confidence was highest in the Northeast and the South, weaker in the West and lowest in the Midwest.
Source: The Wall Street Journal, Meena Thiruvengadam (02/16/2010) and CNN, Blake Ellis (02/17/2010) Shadow Inventory Unlikely to Hurt Market
Nearly 5 million houses and condos, of which the mortgages are delinquent, will go through foreclosure over the next few years, a new study by John Burns Real Estate Consulting Inc. concludes.
This represents more than half of the 7.7 million households now behind on their mortgage payments. The situation is worst in Arizona, California, Florida, and Nevada. Burns calculates that there is an inventory equivalent to 27 months of sales in Orlando, 24 months in Miami, and 18 months in Las Vegas.
Consulting firm CEO John Burns says there is strong investor demand for these properties, so as long as employment continues to recover and interest rates remain moderate, these sales won’t have much impact on overall prices.
Source: The Wall Street Journal, James R. Hagerty (02/16/2010) 10 Home Features Buyers Want
Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.
“It's all about family togetherness – casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group in San Antonio.
Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:
1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable
Source: MarketWatch, Steve Kerch (01/30/2010) Charlotte Ranks Second Among Best Places to Buy Now
Forbes magazine recently named Charlotte one of the best places to buy a home, second only to Boston, Massachusetts. To determine which cities had the best buys, Forbes computed the premium and identified locales where economists predict home prices will go up the most over the next five years.
DON'T MISS OUT ON THE OPPORTUNITY OF A LIFETIME! LESS THAN 2 MONTHS TO GET YOUR TAX CREDIT ! The expanded tax credit means that you don't have to be a first time buyer to get one! But you must be under contract to buy by April 30th. The expanded tax credit now includes repeat buyers who can qualify for a $6,500 tax credit if you’ve lived in your home for five consecutive years of the last eight. As long as you’re buying a new primary residence, you’re not required to sell your current home right away—or at all. In the meantime, you’re able to take advantage of today’s lower home prices and historically low interest rates. Act now - you MUST have a signed contract for the new home by April 30th, and close by June 30th, to qualify! ****************************************************************** From U.S. News & World Report | December 29, 2009 Markets will vary a great deal by region: The performance of the national housing market is much less important that the dynamics of your local market, and sales and pricing trends will vary a great deal from one area to the next in 2010. "There will be geographic pockets where the values will still continue to decline, and there will be geographic pockets where they increase," said Dale Siegel, a mortgage broker and the author of The New Rules for Mortgages. That means anyone interested in buying real estate next year can't just read the national headlines. Instead, find a good blog that covers the local housing market and consider speaking with a real estate agent with experience in the area. Check out online listings--pay close attention to pricing and inventory trends. From Daily Real Estate News | December 22, 2009 Report: Home Prices Likely to Hit Bottom in March
Home prices in 45 of the largest housing markets are expected to fall another 4.2 percent before they hit bottom in March, according to First American CoreLogic’s LoanPerformance Home Price Index.
By October 2010, prices are expected to be heading upward again by about 1 percent compared to 2009.
The report warned that this progress could be jeopardized by an increasingly large “shadow inventory” of homes owned by banks but not yet on the market. The problem is particularly acute in Michigan and Ohio cities, the report said. It projected a 12.7 percent further decline in values in Detroit, an 11.4 percent decline in most of the rest of southeast Michigan, and a 6.3 percent fall in Cleveland. ************************************************************************************** Economy Improved in 4th Quarter
The economy grew 2.2 percent in the third quarter. The U.S. Commerce Department had previously estimated a 2.8 percent growth rate. Officials attributed the discrepancy to consumer caution, saying that consumers simply didn’t spend as much.
Many analysts still believe the economy is likely to improve in the current quarter, growing at an estimated 4 percent, or perhaps, even 5 percent. Fourth quarter results will be released Jan. 29.
Companies stocking depleted inventories will drive fourth-quarter growth, but the results will continue to reflect consumer caution. "We expect a better performance in the fourth quarter, but the core problems for the economy – bust banks and a massively overleveraged consumer – have not gone away," says Ian Shepherdson, chief economist at High Frequency Economics.
Source: Associated Press Where We Are... Lake Norman is just 18-20 minutes from downtown Charlotte. Filled with everything you'll need for work and play, Lake Norman extends across four counties with great waterfront, lake access and golf course communities. If You Can Dream It, I Can Find It For You!   What are you looking for? It is probably here, in our moderate climate with its beautiful seasons and unsurpassed lifestyle. There is a reason why this area is one of the strongest real estate areas in the country in this difficult time. It is because people can't wait to live here. Let me help you be one of them!
Lake Norman has a variety of neighborhoods and communities on and around the lake. Whether you want to be out of the hustle and bustle and in a quiet setting or in the middle of it all near shopping, entertainment and restaurants, Lake Norman offers plenty of neighborhood lifestyles.
Lake Norman's shoreline rambles through Mecklenburg, Iredell, Catawba and Lincoln counties. It has 520 miles of shoreline and is nearly 34 miles long and 8 miles across at its widest point. Lake Norman has an array of waterfront parks and public access areas including boat launching ramps, paved biking and walking trails, playgrounds, athletic fields, fishing piers and sandy beaches. Whether you are buying or selling a home, I want to earn your business. I invite you to contact me. I love working with buyers and helping with relocation - a process I have done countless times in my own life. Email me to get your own customized set of listings sent directly to your inbox within the price range that you request! In addition to waterfront homes, I specialize in log homes, and can also help you with land/home packages. Remember, it's a buyer's market out there, but like all cycles, it won't last. Make the most of it, and seize the day! See you on the lake, Eloise
Eloise D. Morano, Broker/REALTOR Realty Executives Unlimited WaterStreet Seaport 17505 West Catawba Ave., Suite 140 CorneliusNC28031 704.582.1312 
REALTY EXECUTIVES UNLIMITED - We are the lake! Realty Executives Unlimited is part of an international team of experts in real estate. We pride ourselves in our boutique approach, meaning that we are approachable, friendly, and offer you excellence. I specialize in being your buyer's agent, which means I offer a friendly, personal touch with your needs in mind. I also have literally a worldwide email correspondence with people wanting to move here. Internet-savvy is one of our greatest assets. Our familiarity with the lake and its people allows us to know about the choicest homes, the choicest pieces if land, whether they are listed or not. We are in business to find your dream home, and to do it with a one-stop shopping, yet friendly, attention to detail. After all, this is one of the top areas in the whole nation in which people want to live, work and play. Inventory is up and it is a buyer's market, so it's time to seize the day - don't wait. Our real estate is solid, backed by jobs, growth, and a lifestyle increasingly sought by Baby Boomers and Gen Y alike. I am proud to call Lake Norman home, and it would be my pleasure to help you find just what you're looking for here. |