The Week in Review…..Wilmington NC May 24, 2009

The Week in Review

…..your Wilmington Connection

May 24, 2009

Its absolutely gorgeous out this weekend! Perfect weather for the long weekend. Thinking of looking at some homes?  Give me a call or drop me an email I can show you any home on the mls!

New Hanover county agrees to the Tax Revaluation

Property revalutaions are scheduled for 2011 although there were some who wanted it to be delayed until the economy improves. Many property owners want it to take place.  The sooner the better. The council all agreed that it will be done every 4 years from 2011. However this could mean the upcoming revaluation would mean lower tax bills for residents along the coast and higher bills for inland residents in Wilmington.

 Facing Foreclosure?

Are you close to foreclosure? There is help. TheFirst Federal of Charleston and the Southeastern Foreclosure Task Force will give free foreclosure clinics in Wilmington on Saturday, June 6, at 9 or 11 a.m. and 1 or3 p.m.Located at the Executive Development Center at the University of North Carolina Wilmington.These free clinics are open to all homeowners who face this problem doesnt matter who your lender is.

 Real Estate in our Port City?

April home sale prices

(APRIL 2008 in parentheses)

Average price of homes sold: $221,742 ($244,703)

Median price of homes sold: $184,500 ($199,590)

-from the WRAR

Mortgage rates

Average, MAY 21 (Week earlier in parentheses)

30-yr fixed: 4.82 (4.86%)*

15-yr fixed: 4.50% (4.52%)*

5-yr ARM: 4.79% (4.82%)+

1-yr ARM: 4.82% (4.71%)+

* Plus 0.7 point

+ Plus 0.6 point

- Freddie Mac

 

until next week in The Week in Review

….Tina

The Week in Review Wilmington NC May 17, 2009

The Week in Review
….your Wilmington Connection
May 17, 2009
Summer sun and rainfall is what we have seen this week in Wilmington, get ready its time to break out your swimsuits!
Just want you all to know something fantastic has happened to me, I have returned to my real estate family at Coldwell Banker Seacoast, this is where I started my real estate career and am excited to be back and associate my business with the best real estate company in Wilmington!
This week there are 2842 homes on the market with 396 under contract thats 14%, it has definately picked up in the last 2 months. 476 properties have sold in the last 3 months and on average are selling 94% to their list price, not including the price range of $875,000 and above they are taking a bigger hit of about 90% of their list price. $250,00 and under are looking at an average of 4 months on the market. There are some great houses out there and with the low interest rates, dont take a chance and miss out.

NC Foreclosure filings fall 15% in April
The number of foreclosures in North Carolina fell 14.9 percent in April from the same period last year, according to RealtyTrac Inc.
The state had 3,082 foreclosures in April, with one in every 1,339 homeowners receiving a default notice, auction-sale notice or bank-repossession filing.
North Carolina ranked 34th in the nation for foreclosure filings in the latest quarter.
Vote by trade commission to boost Southport’s Archer Daniels Midland plant
A vote by the U.S. International Trade Commission to impose duties on citric acid and citrate sales from China and Canada may underpin the future of Archer Daniels Midland’s plant in Southport, the company said.
“If the commission had not ruled the way it did, ADM’s Southport facility would have been seriously threatened by unfairly traded imports from citric acid producers in China and Canada.

until next week in The Week in Review
Tina

The Week in Review Wilmington NC May 10, 2009

What a stunning weekend here in Wilmington! Beach time has arrived.
The markets have been all a-giddy of late over the improved economic trends, evidenced by recent reports on housing, manufacturing and retail sales are on the upswing. Has the recession finally hit its bottom? We would like to think so.

More Houses gain Multiple offers
Markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
When you begin to see people willing to fight for a property, that’s a good sign!
Pending Home Sales in the South
The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.

Senate OKs Foreclosure Bill Minus Cramdown
The U.S. Senate recently approved a version of the latest foreclosure-prevention plan.
The bill shields mortgage servicers from lawsuits if they participate in federal loan modification programs, making it potentially easier for home owners with a second lien to refinance.
The bill also gives renters of foreclosed properties at least a 90-day grace period before they have to move. Plus, it modifies the Hope for Homeowners program to provide better incentives for lenders to adjust mortgages.
The bill also extends through 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.
The Senate version of the bill didn’t include a provision allowing bankruptcy judges to modify primary mortgages. This cramdown legislation passed the House in March and is considered a key to the Obama administration’s foreclosure prevention plan. Lawmakers consider it dead in the water.
The Senate and House versions must now be reconciled before President Barack Obama can sign the bill into law.
…until next week in The Week in Review
Tina