The Week in Review
….your Wilmington Connection
June 21, 2009
Wishing all of the fathers a Happy Fathers Day! Sit back and Relax. Wow was it hot in Wilmington this weekend Saturday it reached a record breaking 99F, but if you have the ocean or a swimming pool no need to feel the heat!
Wilmington Real Estate
This week in the Real Estate Market there are 2390 single family homes on the market. 318 homes are currently under contract. 109 homes have sold in the last 3 weeks. The average SP % to LP is 93%. If you are selling your home let me help you come up with a price that will ensure you get it sold swiftly and at the right price. The longer it sits on the market the less your home will get. Email and let me know if I can be of some help.
US Puts more Money into the Foreclosure Program
The Obama administration circulated $50 billion in March to try and entice mortgage lenders to modify loans to help consumers make monthly payments more affordable. However, the plan hasn’t been very effective as not many are able to qualify.
The administration last month expanded the program to provide incentives to further encourage lenders to make the short-sale processes easier and quicker.
May Reports show Construction jumps by 17.2%
The Commerce Department reported that construction of new homes and apartments jumped 17.2 percent in May. An adjusted annual rate of 532,000 units. Better than the expected 500,000-unit pace that economists had anticipated and came after construction fell in April to a record low of 454,000 units.
Looking for positive signs? Well here is another one, applications for building permits, a good indicator of future activity, rose 4 percent in May to an annual rate of 518,000 units.
The better-than-expected rebound in construction was the most recent sign that the slump in housing is coming to an end. A plus for the economy.
…..until next week in The Week in Review
Tina
