Sunny News in Real Estate

November 6, 2008

It's still a buyer's market out there!Despite the ups and downs on Wall Street, the US housing market has looked promising over the last couple of months.  In fact, just last week, sales figures of existing homes across the country were up 5.5% (the highest jump since the middle of the housing boom in July 2003).  Many of these sales were foreclosures, meaning a lower sales price.  New construction was up 2.7% nationwide last month as well.  Since many people are gobbling up the lower priced homes (especially those in foreclosure), the former glut of inventory now seems to be getting smaller, indicating the beginning of a possible leveling out of the housing market.  Mortgage applications were on the rise as well thanks largely to the decreased rate of 6.26% for 30-year fixed rate loans and 6.1% for 15-year loans.  Conventional loan mortgage applications were up 7.9% and FHA insured loan applications were up by 10.1%.  As the real estate outlook continues to look better, it is important to keep in mind that now is still a great time to buy a home or investment property.  Don’t miss out!

Do you have a subprime mortgage?  Are you at risk of losing your home?  Legislators in North Carolina have made a bold step in helping these homeowners out by approving an emergency mortgage plan.  This program is designed to reduce foreclosure proceedings by requiring lenders to give homeowners a 45 day notice before foreclosure proceedings start.  During this time, the banking commissioner will examine the terms of the loan and will try to work a deal between the lender and homeowner to save the home.  This bill was unanimously approved by the House and was a slight change to one that had already been passed by the Senate.  For more information on this bill or any other questions about real estate in North Carolina, please contact me.