A great sign regarding the job market - 2011 will be a NEW YEAR!
2010 has been a tough one for all, but this new finding is a sign that we are on the way up.
http://www.wral.com/business/story/8853822/
Thursday, December 30, 2010
Wednesday, November 17, 2010
Raleigh and Wake County Receive Large Recognition!
#3 Best Places to Launch a Small Business (Raleigh, NC) CNNMoney.com, October 2009
#1 Best Place for Data Centers (North Carolina) Tishman Technologies October 2009
#1 America’s Smartest Cities (Raleigh-Durham, NC) The Daily Beast, October 2009
#8 Next Hot Youth-Magnet Cities (Raleigh-Durham, NC) The Wall Street Journal September 2009
3rd Highest Percentage of Adults with at Least a Bachelor’s Degree
4th Highest Percentage of Adults 25 and Over with a Master’s Degree or Higher
6th Highest Percentage of Adults with a Doctorate/Professional Degree (Raleigh-Durham-Cary CSA) U.S. Census Bureau September 2009
#5 Metro for Best Quality of Life (Raleigh-Durham, NC) Business Facilities, August 2009
Favorite Destination for Retirees (North Carolina) Kiplinger.com, August 2009
#9 America’s Top States for Business (North Carolina) CNBC, August 2009
#4 MSA with Highest Concentration of Employment - Drugs and Pharmaceuticals (Raleigh-Cary, NC) Business Facilities, August 2009
#4 “Nano Metro” in the United States(The Triangle, NC) The Project on Emerging Nano Technologies, August 2009
#18 Best Cities for Working Mothers(Raleigh, NC) Forbes.com, August 2009
#10 Overall Biotechnology Strength(North Carolina)Business Facilities, July 2009
#2 Best Sports Franchise (Carolina Hurricanes) ESPN The Magazine, July 2009
#18 Sports-Obsessed City in the U.S. (Raleigh, NC) Men’s Health, July 2009
Best Places to Live and Work for Young Professionals: #6 (Cary, NC) - Mighty Micros
#12 (Raleigh, NC) - Midsized Magnets Next Generation Consulting June 2009
Strongest Metro Area in North Carolina (Raleigh-Cary, NC) Brookings Institution, June 2009
#20 Most Fit MSA (Raleigh-Cary, NC) The American College of Sports Medicine, May 2009
#10 Best City (Raleigh, NC) Kiplinger’s, May 2009
#5 Leading Life Sciences Clusters in the U.S. (Raleigh-Durham, NC) Milken Institute, May 2009
#10 High-Tech Centers in the U.S. (Raleigh, NC) American City Business Journals May 2009
#5 Fastest-Growing Metropolitan in the Country (Raleigh-Cary, NC) Easy Analytic Software, May 2009
#8 Best Big Cities for Jobs(Raleigh-Cary, NC) Forbes.com, May 2009
#1 City with Best Economic Potential(Raleigh, NC) fDi Magazine, April 2009
#1 City Where Americans Are Relocating (Raleigh, NC)Forbes.com, April 2009
#1 Best Place for Business and Careers (Raleigh, NC)Forbes.com, March 2009
2nd Best State to Do Business In (North Carolina)Chief Executive Magazine March 2009
~ #1 Fastest-Growing Metropolitan Area in the Country (Raleigh-Cary, NC) U.S. Census Bureau, March 2009
#6 Healthiest Housing Market (Raleigh, NC) Builderonline.com, February 2009
#18 MSA with Highest Rate of House Price Appreciation (Raleigh-Cary, NC) Federal Housing Finance Agency February 2009
#1 Top City for Small Business (Raleigh, NC)Bizjournals, February 2009
#4 Best City in America for Dating (Raleigh-Durham-Chapel Hill, NC)Sperling’s BestPlaces, January 2009
#15 Most Wired City (Raleigh, NC)Forbes.com, January 2009
2008
#1 Top Business Climate (North Carolina)Site Selection, November 2008
#2 Metro Entering Slow Period with Most Positive Momentum (Raleigh, NC)Bizjournals, November 2008
#1 Most Political City (Raleigh, NC)Men’s Health, October 2008
#2 Best Performing City (Raleigh-Cary, NC)The Milken Institute September 2008
#1 Best City for Doing Business (Raleigh-Cary, NC)Inc.com; newgeography.com July 2008
#2 Best City to Live, Work and Play (Raleigh, NC)Kiplinger’s, July 2008
#2 State with the Best Business Climate (North Carolina)Development Counsellors International, July 2008
#4 Best State for Business (North Carolina)Forbes.com, July 2008
#3 Most Educated Work Force (Raleigh, NC)
#4 MSA With Highest Concentration of Employment – Drugs and Pharmaceuticals (Raleigh-Cary, NC)Business Facilities, July 2008
#10 U.S. City with the Largest Numerical Increase (Raleigh, NC)U.S. Census Bureau, July 2008
#1 Best Place to Live in the U.S. (Raleigh, NC)msnbc.com, June 2008
#1 Pro-Business State (North Carolina)Pollina.com, June 2008
#8 Best City for Recent College Grads (Raleigh-Durham, NC)Forbes.com, June 2008
#6 Largest Concentration of Drug and Pharmaceutical Jobs (Raleigh-Durham, NC)Technology, Talent and Capital: State Bioscience Initiatives 2008 June 2008
#12 Highest Concentration of Tech Workers (Raleigh, NC)AeA’s Cybercities 2008, June 2008
#5 Best Medium-Sized City for Families with Children (Raleigh, NC)Who’s Your City?, May 2008
#1 Best Place for Young Adults (Raleigh, NC)Bizjournals, May 2008
Top 15 Place for Cultured Retirement (Raleigh, NC)Smithsonian.com, April 2008
#5 Recession-Proof City (Raleigh, NC)Forbes.com, April 2008
#23 Best Place in the South to Locate Your Company (Raleigh, NC)Southern Business & Development Spring 2008
#1 Best Place for Business and Careers (Raleigh, NC)Forbes.com, March 2008
#20 Best Place to Live and Launch (Raleigh, NC)CNNMoney.com, March 2008
#3 Most Romantic City for Baby Boomers (Raleigh-Durham-Chapel Hill, NC)Sperling’s BestPlaces, March 2008
#6 Medium-Sized Metro (Raleigh-Cary, NC)Site Selection, March 2008
#2 Best City for Bargain House-Hunters (Raleigh, NC)Forbes.com, February 2008
#10 Least Miserable Airport (Raleigh-Durham Intl.)U.S. News & World Report February 2008
The Best American City for Singles (Raleigh, NC)Every Day with Rachael Ray January 2008
#9 Best City for Jobs (Raleigh, NC)Forbes.com, January 2008
Top Five Strongest Real Estate Market (Raleigh-Cary, NC)Veros.com, January 2008
Source: www.raleigh-wake.org
Monday, November 1, 2010
NC Ranks Top in Business Climate for 6th Year in a Row!
North Carolina is No. 1 as a “state business climate” for the sixth consecutive year, says Site Selection magazine.
The Tar Heel state has now rankled first in the annual survey in nine of the last 10 years.
Read the story here.
The magazine bases its survey on data gathered from corporate site selectors as well as its own database of new and expanded facilities.
Southern states dominated the rankings with Tennessee second, Texas third, Virginia fourth and South Carolina fifth.
Georgia tied with Ohio for sixth.
North Carolina ranked first in the executive survey and first in new plant rankings for January through August of this year.The state ranked sixth in competitiveness, seventh in new plants for 2009 and 10th in new plants per million population. The index credited North Carolina with a score of 379 points, eight better than Tennessee.
“All states face economic and budgetary challenges these days, but this ranking reminds us that there are significant success stories, too,” said Site Selection Editor-in-Chief Mark Arend in a statement. “North Carolina’s first-place finish underscores its success across a wide spectrum of industries, from aerospace to life sciences to energy. We commend the governor and her economic development team for their focus on making and keeping their state business-friendly.”
In the survey of corporate executives, which was conducted in October, North Carolina finished first followed by Texas (2), Georgia (3), Tennessee (4), South Carolina (5), Florida (6), Louisiana (7), Virginia (8), Alabama (9) and Arizona (10).
Business executives evaluated the states based on:
1. Work force skills 2. State and local tax scheme 3. Transportation infrastructure 4. Flexibility of incentive programs 5. Availability of incentives and (tie) Utility infrastructure 7. Land/building costs and supply 8. State economic development strategy 9. Permitting and regulatory structure 10. Higher education resources
The Tar Heel state has now rankled first in the annual survey in nine of the last 10 years.
Read the story here.
The magazine bases its survey on data gathered from corporate site selectors as well as its own database of new and expanded facilities.
Southern states dominated the rankings with Tennessee second, Texas third, Virginia fourth and South Carolina fifth.
Georgia tied with Ohio for sixth.
North Carolina ranked first in the executive survey and first in new plant rankings for January through August of this year.The state ranked sixth in competitiveness, seventh in new plants for 2009 and 10th in new plants per million population. The index credited North Carolina with a score of 379 points, eight better than Tennessee.
“All states face economic and budgetary challenges these days, but this ranking reminds us that there are significant success stories, too,” said Site Selection Editor-in-Chief Mark Arend in a statement. “North Carolina’s first-place finish underscores its success across a wide spectrum of industries, from aerospace to life sciences to energy. We commend the governor and her economic development team for their focus on making and keeping their state business-friendly.”
In the survey of corporate executives, which was conducted in October, North Carolina finished first followed by Texas (2), Georgia (3), Tennessee (4), South Carolina (5), Florida (6), Louisiana (7), Virginia (8), Alabama (9) and Arizona (10).
Business executives evaluated the states based on:
1. Work force skills 2. State and local tax scheme 3. Transportation infrastructure 4. Flexibility of incentive programs 5. Availability of incentives and (tie) Utility infrastructure 7. Land/building costs and supply 8. State economic development strategy 9. Permitting and regulatory structure 10. Higher education resources
Thursday, October 21, 2010
Raleigh-Cary Ranks Great as Best Performing!
Raleigh-Cary climbs, Durham falls and Fayetteville surges in the latest Milken Institute’s Best-Performing Cities Index.
While lists of “best places” to live and work are increasing in number faster than anyone can truly track, the Milken study is a true headliner. The California-based think tank relies heavily on high-tech industry data in formulating its index, insisting that technology is the crucial ingredient for future growth.
So, Raleigh-Cary’s jump to seventh from 10th place certainly is encouraging for business and community leaders, especially since high tech is stressed so heavily in the Triangle and areas nearby. Plus, Milken gives a boost to locals after a Portfolio.com report earlier this week dropped the capital area metro to near the bottom of the top 100 metros in a survey of income growth.
Durham, unfortunately, slipped from its lofty perch of sixth in 2009 to 15th in the new report.
Fayetteville, meanwhile, rose sharply to 18th from 31st thanks in large part to the growing military presence at Fort Bragg and a related growth in the city’s surging high-tech industry.
“Researchers found that metros whose economies are heavy on service industries such as health care and on large government employers like military bases have been shielded from the job losses suffered by cities more closely tied to the housing and financial sectors,” the Institute noted.
The “Best Performing” index is based on a compilation of five-year and one-year data for factors such as employment, salary growth, and what the Institute calls “technology output growth” spread across four specific categories.
So what are the lessons to be learned from the Index?
“The Great Recession has taken a toll on many cities,” said Ross DeVol, executive director of economic research at the Milken Institute, in summarizing the report’s results. “But those that are sustaining their job markets are doing so through a good mix of high-tech industries, favorable business climates and diversified service-sector industries. These are definite lessons for how American metros can be prepared to survive economic turmoil.”
Read the Raleigh-Cary numbers here.
Read the Durham numbers here.
While lists of “best places” to live and work are increasing in number faster than anyone can truly track, the Milken study is a true headliner. The California-based think tank relies heavily on high-tech industry data in formulating its index, insisting that technology is the crucial ingredient for future growth.
So, Raleigh-Cary’s jump to seventh from 10th place certainly is encouraging for business and community leaders, especially since high tech is stressed so heavily in the Triangle and areas nearby. Plus, Milken gives a boost to locals after a Portfolio.com report earlier this week dropped the capital area metro to near the bottom of the top 100 metros in a survey of income growth.
Durham, unfortunately, slipped from its lofty perch of sixth in 2009 to 15th in the new report.
Fayetteville, meanwhile, rose sharply to 18th from 31st thanks in large part to the growing military presence at Fort Bragg and a related growth in the city’s surging high-tech industry.
“Researchers found that metros whose economies are heavy on service industries such as health care and on large government employers like military bases have been shielded from the job losses suffered by cities more closely tied to the housing and financial sectors,” the Institute noted.
The “Best Performing” index is based on a compilation of five-year and one-year data for factors such as employment, salary growth, and what the Institute calls “technology output growth” spread across four specific categories.
So what are the lessons to be learned from the Index?
“The Great Recession has taken a toll on many cities,” said Ross DeVol, executive director of economic research at the Milken Institute, in summarizing the report’s results. “But those that are sustaining their job markets are doing so through a good mix of high-tech industries, favorable business climates and diversified service-sector industries. These are definite lessons for how American metros can be prepared to survive economic turmoil.”
Read the Raleigh-Cary numbers here.
Read the Durham numbers here.
Wednesday, October 20, 2010
NC Ranks High on Forbes List!
North Carolina is the third best state in the country for business and careers, Forbes magazine says in a new report.
The Tar Heel state climbed two spots in the rankings from a year ago.
Forbes listed North Carolina as:
No. 3 in business costs
No. 15 in labor supply
No. 3 for regulatory climate
No. 18 for economic climate
No. 9 for growth prospects
No. 32 for quality of life
“This shows that the hard work of the past year has paid off – our investments in education to build the workforce of tomorrow, policies that create a more business-friendly climate and our aggressive recruiting,” said Gov. Bev Perdue in a statement. “When I took office, I pledged to take any meeting and make any call to bring jobs to this state. There’s nothing I love more than convincing a corporate executive of what a great place this is to live and work.”
Perdue also noted that North Carolina ranks third in reducing its unemployment rate (to 9.7 percent) while ranking fourth in job creation.
Utah is the new No. 1, toppling Virginia.
Georgia ranks eighth, falling two places from a year ago.
South Carolina, meanwhile, dropped nine spots to 34th.
Rankings are based on Forbes’ analysis of 33 criteria within six broad categories. Business costs such as labor, energy and taxes are weighted most heavily.
Other states in the top 10 include: Colorado (4), Washington (5), Oregon (6), Texas (7), Georgia (8), Nebraska (9) and Kansas (10).
The Tar Heel state climbed two spots in the rankings from a year ago.
Forbes listed North Carolina as:
No. 3 in business costs
No. 15 in labor supply
No. 3 for regulatory climate
No. 18 for economic climate
No. 9 for growth prospects
No. 32 for quality of life
“This shows that the hard work of the past year has paid off – our investments in education to build the workforce of tomorrow, policies that create a more business-friendly climate and our aggressive recruiting,” said Gov. Bev Perdue in a statement. “When I took office, I pledged to take any meeting and make any call to bring jobs to this state. There’s nothing I love more than convincing a corporate executive of what a great place this is to live and work.”
Perdue also noted that North Carolina ranks third in reducing its unemployment rate (to 9.7 percent) while ranking fourth in job creation.
Utah is the new No. 1, toppling Virginia.
Georgia ranks eighth, falling two places from a year ago.
South Carolina, meanwhile, dropped nine spots to 34th.
Rankings are based on Forbes’ analysis of 33 criteria within six broad categories. Business costs such as labor, energy and taxes are weighted most heavily.
Other states in the top 10 include: Colorado (4), Washington (5), Oregon (6), Texas (7), Georgia (8), Nebraska (9) and Kansas (10).
Wednesday, September 15, 2010
Forbes: Raleigh-Durham Ranks #1 for Investors!
Home buyers and sellers can take heart: Companies of all stripes are investing in real estate again. While the actions of big Wall Street funds and global corporations might seem to matter little to families choosing cities and towns in which to live, consumers can learn a lot by following which investing markets heavy hitters are focusing on--and which ones they're avoiding.
The housing health of a city is affected by a lot of factors including the jobs picture and the rate of vacancies and foreclosures. But some cities where home prices have been battered look like great buys for investors, a good sign that in spite of deep declines, they might turn around dramatically.
Two years ago the idea of putting money behind real estate ventures seemed too risky for even the most reckless of capitalists. But investor skittishness about the real estate market is slipping away, and speculators are seeing value in distressed markets.
But in a housing market this volatile, it can be hard to tell when low sales prices on property indicate a market that has bottomed or one with little hope of a turnaround any time soon. We asked Cary, N.C.-based Local Market Monitor (LMM), a real estate research firm, to identify the markets that were the best bet for residential real estate investing.
Raleigh, N.C.; McAllen, Texas; and Austin led the list. These cities didn't see the same dramatic run-ups in prices as many Sand State cities did between 2001 and 2006. As a result, they were spared a corresponding bust. They are also buoyed by a mix of jobs that's weighted toward growth industries like government and education.
"Markets with a high percentage of jobs in those categories tend to be more or less stable markets," says LMM president Ingo Wizner. "Then there are the categories you want to stay away from, like construction and finance."
LMM wasn't looking for markets that had come back--this list identified where they think the housing market will come back, with the greatest chance for price appreciation.
"We're not trying to predict which markets will all of a sudden have double-digit growth in home prices again," says Wizner. "We won't know that until the economy starts recovering again."
But investors aren't just looking at the jobs picture, and neither should families seeking promising cities in which to live. One of the characteristics of a city poised for a comeback is a population that was booming before tough economic times made relocating difficult for most Americans. Raleigh saw its population expand by 18% in the first half of the last decade, and McAllen and Austin each had 16% population growth during those five years.
That's the story for other cities on the list, like Nashville, Tenn. It had a 10% population surge. San Antonio, Texas; Colorado Springs, Co.; and Albuquerque, N.M., all on the list, grew by 9% each before the downturn hit.
"These are markets that in the past year have had sharp turndowns but we think they have longer-term potential," says Wizner. "Markets with longer-term prospects in general have had above-average population growth between 2000 and 2005."
At the other end of the spectrum, Lakeland, Fla.; Reno, Nev.; and Orlando are the absolute worst real estate markets into which you could put your money, with LMM calling them "frankly dangerous." Home prices in these metros have dropped to dramatic lows--in Lakeland, they fell 18% between the second quarters of 2009 and 2010. Worse yet, they are forecast to continue declining.
To select the best markets for investing, LMM analyzed the 145 Metropolitan Statistical Areas with populations over 400,000 on a variety of factors, including historic population growth, job growth, housing price changes and the mix of jobs in an area, using data through Sept. 1. The investing sweet spot is a market where strong job growth is predicted over the next three years, the population was expanding rapidly before the recession began and home prices are at or near their bottom.
Although much of the housing crisis fallout has already occurred, investing in residential real estate is still dicey, and valuations are trickier than ever. Wizner says that's exactly why real estate is becoming exciting again.
"You tend to get the best bargains in the market when nobody knows where price ought to be," he says. "The question is no longer which are the risky markets. Now that that adjustment has taken place, it's what's going to happen from here on in."
Source: Forbes
The housing health of a city is affected by a lot of factors including the jobs picture and the rate of vacancies and foreclosures. But some cities where home prices have been battered look like great buys for investors, a good sign that in spite of deep declines, they might turn around dramatically.
Two years ago the idea of putting money behind real estate ventures seemed too risky for even the most reckless of capitalists. But investor skittishness about the real estate market is slipping away, and speculators are seeing value in distressed markets.
But in a housing market this volatile, it can be hard to tell when low sales prices on property indicate a market that has bottomed or one with little hope of a turnaround any time soon. We asked Cary, N.C.-based Local Market Monitor (LMM), a real estate research firm, to identify the markets that were the best bet for residential real estate investing.
Raleigh, N.C.; McAllen, Texas; and Austin led the list. These cities didn't see the same dramatic run-ups in prices as many Sand State cities did between 2001 and 2006. As a result, they were spared a corresponding bust. They are also buoyed by a mix of jobs that's weighted toward growth industries like government and education.
"Markets with a high percentage of jobs in those categories tend to be more or less stable markets," says LMM president Ingo Wizner. "Then there are the categories you want to stay away from, like construction and finance."
LMM wasn't looking for markets that had come back--this list identified where they think the housing market will come back, with the greatest chance for price appreciation.
"We're not trying to predict which markets will all of a sudden have double-digit growth in home prices again," says Wizner. "We won't know that until the economy starts recovering again."
But investors aren't just looking at the jobs picture, and neither should families seeking promising cities in which to live. One of the characteristics of a city poised for a comeback is a population that was booming before tough economic times made relocating difficult for most Americans. Raleigh saw its population expand by 18% in the first half of the last decade, and McAllen and Austin each had 16% population growth during those five years.
That's the story for other cities on the list, like Nashville, Tenn. It had a 10% population surge. San Antonio, Texas; Colorado Springs, Co.; and Albuquerque, N.M., all on the list, grew by 9% each before the downturn hit.
"These are markets that in the past year have had sharp turndowns but we think they have longer-term potential," says Wizner. "Markets with longer-term prospects in general have had above-average population growth between 2000 and 2005."
At the other end of the spectrum, Lakeland, Fla.; Reno, Nev.; and Orlando are the absolute worst real estate markets into which you could put your money, with LMM calling them "frankly dangerous." Home prices in these metros have dropped to dramatic lows--in Lakeland, they fell 18% between the second quarters of 2009 and 2010. Worse yet, they are forecast to continue declining.
To select the best markets for investing, LMM analyzed the 145 Metropolitan Statistical Areas with populations over 400,000 on a variety of factors, including historic population growth, job growth, housing price changes and the mix of jobs in an area, using data through Sept. 1. The investing sweet spot is a market where strong job growth is predicted over the next three years, the population was expanding rapidly before the recession began and home prices are at or near their bottom.
Although much of the housing crisis fallout has already occurred, investing in residential real estate is still dicey, and valuations are trickier than ever. Wizner says that's exactly why real estate is becoming exciting again.
"You tend to get the best bargains in the market when nobody knows where price ought to be," he says. "The question is no longer which are the risky markets. Now that that adjustment has taken place, it's what's going to happen from here on in."
Source: Forbes
Friday, September 3, 2010
Pending home sales rise 5.2%!
The uptick is better than expected, with gains in all four US regions!
The National Association of Realtors said Thursday that its index of contracts to buy previously owned homes in the U.S. rose 5.2% in July.
The increase was better than expected, with gains in all four regions. Economists had expected the index to fall by 1.1% to a reading of 74.9, from a downwardly revised 2.6% decline in June.
The pending home sales index plunged 29.9% in May and 2.8% in June after the April 30 expiration of federal tax credits for homebuyers.
While the July index came in better than expected, sales in the month remained 19.1% lower than in July 2009.
Pending home sales are considered a good barometer of future existing-home sales. There is typically a one- to two-month delay from when contracts are signed till when home sales are closed.
Reports last week showed existing-home sales plummeted 27.2% in July, far worse than the expected rate of 4.72 million units after a downwardly revised rate of 5.26 million in June.
Adding to the already dismal outlook for the U.S. housing market, new-home sales fell 12.4% in July to a new record-low rate of 276,000, the Commerce Department reported last week. The figure also came in well below expectations, representing a 32.4% decline from year-earlier results and the weakest month on record. Sales were strongest in the South and weakest in the Northeast.
The S&P/Case-Shiller 20-city index of national home prices rose higher than expected in the second quarter, according to data released early Tuesday.
Nationwide home prices rose 4.4% in the second quarter after a 2.8% drop in the first quarter. A federal tax credit for homebuyers of up to $8,000 is largely credited with strengthening home sales last spring as buyers rushed to push up their purchases before the credits expired April 30.
Record-low and near-record-low mortgage rates have failed to spark demand for housing in recent months, but they clearly have had an effect on homeowners looking to lower their monthly payments.
Mortgage applications rose 2.7% last week, the Mortgage Bankers Association said Wednesday, led by a 2.8% rise in refinance applications. Loan applications for home purchases rose 1.8% in the week.
Refinancing applications were at their highest rate since May 2009, making up 82.9% of all mortgage applications last week, up from 82.4% in the week prior.
The average rate for a 30-year fixed loan fell to a new record-low rate of 4.43%, from 4.55% a week earlier.
In an effort to keep people in their homes, the Obama administration plans to offer $1 billion in zero-interest loans to homeowners who have lost income and are facing foreclosure. The measure is part of $3 billion in additional aid targeted at areas deemed economically stressed.
The housing market saw sales ramp up in March and April as consumers rushed to take advantage of tax credits that offered as much as $8,000 for first-time homebuyers and $6,500 for repeat buyers.
After the expiration of those credits on April 30, the market saw a dramatic decline in demand for the month of May that spilled over into June. Data for July showed a further drop in demand. Lawmakers later extended the deadline to close on a home purchase and still qualify for the tax credit to Sept. 30.
Stocks in the homebuilder sector reacted quickly, and most moved higher. The SPDR S&P Homebuilders (XHB), an exchange-traded fund that tracks the homebuilder sector, rose 1.8%. The iShares Dow Jones US Home Construction (ITB) gained 1.6%. NVR (NVR) rose 1.1%, PulteGroup (PHM) 1% and M.D.C. Holdings (MDC) 0.7%.
Ryland (RYL) bucked the trend, falling 0.8%. Hovnanian Enterprises (HOV) jumped 2.5%. The builder said early Wednesday it narrowed its quarterly losses even as signed sales contracts for newly built homes tumbled 37%.
Source: http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches.aspx?post=1800106
The National Association of Realtors said Thursday that its index of contracts to buy previously owned homes in the U.S. rose 5.2% in July.
The increase was better than expected, with gains in all four regions. Economists had expected the index to fall by 1.1% to a reading of 74.9, from a downwardly revised 2.6% decline in June.
The pending home sales index plunged 29.9% in May and 2.8% in June after the April 30 expiration of federal tax credits for homebuyers.
While the July index came in better than expected, sales in the month remained 19.1% lower than in July 2009.
Pending home sales are considered a good barometer of future existing-home sales. There is typically a one- to two-month delay from when contracts are signed till when home sales are closed.
Reports last week showed existing-home sales plummeted 27.2% in July, far worse than the expected rate of 4.72 million units after a downwardly revised rate of 5.26 million in June.
Adding to the already dismal outlook for the U.S. housing market, new-home sales fell 12.4% in July to a new record-low rate of 276,000, the Commerce Department reported last week. The figure also came in well below expectations, representing a 32.4% decline from year-earlier results and the weakest month on record. Sales were strongest in the South and weakest in the Northeast.
The S&P/Case-Shiller 20-city index of national home prices rose higher than expected in the second quarter, according to data released early Tuesday.
Nationwide home prices rose 4.4% in the second quarter after a 2.8% drop in the first quarter. A federal tax credit for homebuyers of up to $8,000 is largely credited with strengthening home sales last spring as buyers rushed to push up their purchases before the credits expired April 30.
Record-low and near-record-low mortgage rates have failed to spark demand for housing in recent months, but they clearly have had an effect on homeowners looking to lower their monthly payments.
Mortgage applications rose 2.7% last week, the Mortgage Bankers Association said Wednesday, led by a 2.8% rise in refinance applications. Loan applications for home purchases rose 1.8% in the week.
Refinancing applications were at their highest rate since May 2009, making up 82.9% of all mortgage applications last week, up from 82.4% in the week prior.
The average rate for a 30-year fixed loan fell to a new record-low rate of 4.43%, from 4.55% a week earlier.
In an effort to keep people in their homes, the Obama administration plans to offer $1 billion in zero-interest loans to homeowners who have lost income and are facing foreclosure. The measure is part of $3 billion in additional aid targeted at areas deemed economically stressed.
The housing market saw sales ramp up in March and April as consumers rushed to take advantage of tax credits that offered as much as $8,000 for first-time homebuyers and $6,500 for repeat buyers.
After the expiration of those credits on April 30, the market saw a dramatic decline in demand for the month of May that spilled over into June. Data for July showed a further drop in demand. Lawmakers later extended the deadline to close on a home purchase and still qualify for the tax credit to Sept. 30.
Stocks in the homebuilder sector reacted quickly, and most moved higher. The SPDR S&P Homebuilders (XHB), an exchange-traded fund that tracks the homebuilder sector, rose 1.8%. The iShares Dow Jones US Home Construction (ITB) gained 1.6%. NVR (NVR) rose 1.1%, PulteGroup (PHM) 1% and M.D.C. Holdings (MDC) 0.7%.
Ryland (RYL) bucked the trend, falling 0.8%. Hovnanian Enterprises (HOV) jumped 2.5%. The builder said early Wednesday it narrowed its quarterly losses even as signed sales contracts for newly built homes tumbled 37%.
Source: http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches.aspx?post=1800106
Thursday, September 2, 2010
Jobless Claims Drop, Retail Sales Rise!
A weak economy got a little lift Thursday with new data suggesting companies aren't pursuing mass layoffs and stores are a little busier.
New applications for unemployment benefits declined for a second straight week after rising in the previous three. Retailers reported surprisingly strong sales in August. And more people signed contracts to buy homes.
Economists were mildly encouraged by the news, which followed several downbeat reports on housing and weaker economic growth last week. But few saw signs that the economy is gaining momentum.
"It's encouraging that we're not seeing further deterioration as we have in recent months," said Julia Coronado, U.S. economist at BNP Paribas. "But we're not turning around and moving in the direction of stronger growth."
New claims for unemployment aid fell last week by 6,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. The four-week average of claims, a less-volatile measure, fell by 2,500 to 485,500, its first decrease after four straight increases.
Even with the declines, claims are still at much higher levels than they would be in a healthy economy. When economic output is growing rapidly and employers are hiring, claims generally drop below 400,000.
It appears "that a wave of panicked layoffs has passed, as companies have become a bit calmer in the face of the financial and economic disruptions of late spring and early summer," Pierre Ellis, an economist at Decision Economics, wrote in a note to clients.
In a separate report, the Labor Department said productivity fell in the spring by the largest amount in nearly four years while labor costs rose. That indicates companies may have reached the limits of their ability to squeeze more work out of their reduced work forces.
The nation's retailers reported surprisingly solid gains for August. Aggressive discounting helped during an unusually hot summer when consumers worried about jobs and a weakening economy.
And the number of buyers who signed contracts to purchase previously occupied homes increased in July, according to the National Association of Realtors. But it remained well below last year's levels, a sign that demand for housing remains weak.
The modest increase in home sales comes as mortgage rates keep falling. The average 30-year mortgage dropped to 4.32 percent this week, down from 4.36 percent last week, according to mortgage buyer Freddie Mac. That's the tenth time in the past 11 weeks that rates have hit their have lowest level since Freddie Mac began tracking them in 1971.
In another report, factory orders rose slightly in July after two months of declines. But most of the gains were a result of higher airplane orders. Excluding transportation, orders fell 1.5 percent, the biggest drop in 16 months.
Still, concerns that manufacturing could be faltering were eased on Wednesday with a private trade group's report showed the industrial sector grew for the 13th straight month in August.
Requests for jobless benefits haven't improved much this year. New claims stood at 470,000 during the week of Jan. 9, almost the same as last week's figure. The four-week average was about 20,000 lower in January.
Economists closely watch initial claims for real-time information on the job market. They are considered a gauge of the pace of layoffs and a measure of companies' willingness to hire.
Hiring has slowed to a crawl in recent months. The claims report comes one day before the Labor Department is scheduled to issue the August employment report. That is expected to show that private businesses added a net total of only 41,000 jobs last month, the fourth straight month of anemic hiring.
When government jobs are included, total payrolls are forecast to drop by 100,000 -- based on about 115,000 temporary census jobs ending. The jobless rate is projected to rise to 9.6 percent from 9.5 percent, according to Thomson Reuters.
The number of people continuing to claim benefits fell by 23,000 to 4.46 million, the lowest since late June.
But that doesn't include millions of people who are receiving extended benefits under emergency programs enacted by Congress during the recession. More than 5.4 million people were on the extended benefit rolls during the week of Aug. 14, the latest data available. That's a drop of about 320,000 from the previous week.
Without more jobs, consumers will likely spend cautiously, making it harder for the economy to gain steam. Consumer spending accounts for about 70 percent of economic activity.
The pace of economic growth has slowed considerably from earlier this year, as the impact of the government's stimulus package fades. Many economists are increasingly pessimistic that private companies will do enough hiring and spending to replace the impact of the stimulus.
The nation's gross domestic product, the broadest measure of economic output, grew at a 3.7 percent annual pace in the first quarter, but that slowed dramatically to 1.6 percent in the April-to-June period. That's not fast enough growth to bring down unemployment.
Economists at Bank of America-Merrill Lynch on Wednesday marked down their estimates of future economic growth. They now expect the economy to grow at only a 1.8 percent pace next year, down sharply from an earlier estimate of 2.3 percent.
That's equivalent to a "growth recession," says Bank of America's top North American economist, Ethan Harris. A growth recession occurs when the economy grows slightly but not enough to reduce the unemployment rate.
Harris now expects the jobless rate to tick back up above 10 percent by early next year.
Comair, a regional airline owned by Delta Air Lines Inc., said Wednesday that it will reduce its fleet by half and cut jobs over the next two years to lower costs. The company, which employs about 2,600 people, didn't say how many jobs would be affected.
Heavy equipment maker Caterpillar Inc., meanwhile, is headed in the other direction. It opened a new road grader factory Wednesday in North Little Rock, Ark. That will create 600 jobs.
Source: http://finance.yahoo.com/news/Unemployment-claims-drop-for-apf-4050914282.html?x=0
New applications for unemployment benefits declined for a second straight week after rising in the previous three. Retailers reported surprisingly strong sales in August. And more people signed contracts to buy homes.
Economists were mildly encouraged by the news, which followed several downbeat reports on housing and weaker economic growth last week. But few saw signs that the economy is gaining momentum.
"It's encouraging that we're not seeing further deterioration as we have in recent months," said Julia Coronado, U.S. economist at BNP Paribas. "But we're not turning around and moving in the direction of stronger growth."
New claims for unemployment aid fell last week by 6,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. The four-week average of claims, a less-volatile measure, fell by 2,500 to 485,500, its first decrease after four straight increases.
Even with the declines, claims are still at much higher levels than they would be in a healthy economy. When economic output is growing rapidly and employers are hiring, claims generally drop below 400,000.
It appears "that a wave of panicked layoffs has passed, as companies have become a bit calmer in the face of the financial and economic disruptions of late spring and early summer," Pierre Ellis, an economist at Decision Economics, wrote in a note to clients.
In a separate report, the Labor Department said productivity fell in the spring by the largest amount in nearly four years while labor costs rose. That indicates companies may have reached the limits of their ability to squeeze more work out of their reduced work forces.
The nation's retailers reported surprisingly solid gains for August. Aggressive discounting helped during an unusually hot summer when consumers worried about jobs and a weakening economy.
And the number of buyers who signed contracts to purchase previously occupied homes increased in July, according to the National Association of Realtors. But it remained well below last year's levels, a sign that demand for housing remains weak.
The modest increase in home sales comes as mortgage rates keep falling. The average 30-year mortgage dropped to 4.32 percent this week, down from 4.36 percent last week, according to mortgage buyer Freddie Mac. That's the tenth time in the past 11 weeks that rates have hit their have lowest level since Freddie Mac began tracking them in 1971.
In another report, factory orders rose slightly in July after two months of declines. But most of the gains were a result of higher airplane orders. Excluding transportation, orders fell 1.5 percent, the biggest drop in 16 months.
Still, concerns that manufacturing could be faltering were eased on Wednesday with a private trade group's report showed the industrial sector grew for the 13th straight month in August.
Requests for jobless benefits haven't improved much this year. New claims stood at 470,000 during the week of Jan. 9, almost the same as last week's figure. The four-week average was about 20,000 lower in January.
Economists closely watch initial claims for real-time information on the job market. They are considered a gauge of the pace of layoffs and a measure of companies' willingness to hire.
Hiring has slowed to a crawl in recent months. The claims report comes one day before the Labor Department is scheduled to issue the August employment report. That is expected to show that private businesses added a net total of only 41,000 jobs last month, the fourth straight month of anemic hiring.
When government jobs are included, total payrolls are forecast to drop by 100,000 -- based on about 115,000 temporary census jobs ending. The jobless rate is projected to rise to 9.6 percent from 9.5 percent, according to Thomson Reuters.
The number of people continuing to claim benefits fell by 23,000 to 4.46 million, the lowest since late June.
But that doesn't include millions of people who are receiving extended benefits under emergency programs enacted by Congress during the recession. More than 5.4 million people were on the extended benefit rolls during the week of Aug. 14, the latest data available. That's a drop of about 320,000 from the previous week.
Without more jobs, consumers will likely spend cautiously, making it harder for the economy to gain steam. Consumer spending accounts for about 70 percent of economic activity.
The pace of economic growth has slowed considerably from earlier this year, as the impact of the government's stimulus package fades. Many economists are increasingly pessimistic that private companies will do enough hiring and spending to replace the impact of the stimulus.
The nation's gross domestic product, the broadest measure of economic output, grew at a 3.7 percent annual pace in the first quarter, but that slowed dramatically to 1.6 percent in the April-to-June period. That's not fast enough growth to bring down unemployment.
Economists at Bank of America-Merrill Lynch on Wednesday marked down their estimates of future economic growth. They now expect the economy to grow at only a 1.8 percent pace next year, down sharply from an earlier estimate of 2.3 percent.
That's equivalent to a "growth recession," says Bank of America's top North American economist, Ethan Harris. A growth recession occurs when the economy grows slightly but not enough to reduce the unemployment rate.
Harris now expects the jobless rate to tick back up above 10 percent by early next year.
Comair, a regional airline owned by Delta Air Lines Inc., said Wednesday that it will reduce its fleet by half and cut jobs over the next two years to lower costs. The company, which employs about 2,600 people, didn't say how many jobs would be affected.
Heavy equipment maker Caterpillar Inc., meanwhile, is headed in the other direction. It opened a new road grader factory Wednesday in North Little Rock, Ark. That will create 600 jobs.
Source: http://finance.yahoo.com/news/Unemployment-claims-drop-for-apf-4050914282.html?x=0
Wednesday, August 18, 2010
Garage Door Safety
Weighing up to several hundred pounds, the garage door is the heaviest moving item in your house. To avoid garage door injuries and help ensure safe, reliable operation, follow these tips from Door & Access Systems Manufacturers Association International and the U.S. Consumer Product Safety Commission.
Test the balance. To see if your garage door's springs and cables are working properly, close the door and engage the automatic opener's release mechanism or emergency disconnect. You'll know your door is balanced if it opens and closes easily by hand and stays 3-4 feet above the floor when you let go. Consult a professional if you don't feel comfortable doing this yourself.
Inspect the hardware. Periodically examine the garage door's screws, rollers, hinges and other moving parts for wear, rust or other structurally compromising damage. Giving the parts an occasional coat of lightweight oil will help prevent rust. Avoid using thicker oils and grease.
Check the safety reversal system. If your garage-door opener was made after 1993, it likely has an auto-reverse safety function. In most cases, this is a sensor beam that stops and reverses the door if the beam is disrupted while the door is moving. If your opener doesn't have this feature, it's best to replace it. If your opener does have an auto-reverse mechanism, test it by placing a 2x4 in the door's path before closing it. If the door doesn't stop and reverse upon sensing the object, the opener needs repair.
Call in the pros. Whether you're dealing with broken hardware or you need to replace your door altogether, it's best to hire a trained technician to do the job. Garage door springs, cables and hardware are under high tension and can cause serious injury or death if they break or come loose.
Source: State Farm
Test the balance. To see if your garage door's springs and cables are working properly, close the door and engage the automatic opener's release mechanism or emergency disconnect. You'll know your door is balanced if it opens and closes easily by hand and stays 3-4 feet above the floor when you let go. Consult a professional if you don't feel comfortable doing this yourself.
Inspect the hardware. Periodically examine the garage door's screws, rollers, hinges and other moving parts for wear, rust or other structurally compromising damage. Giving the parts an occasional coat of lightweight oil will help prevent rust. Avoid using thicker oils and grease.
Check the safety reversal system. If your garage-door opener was made after 1993, it likely has an auto-reverse safety function. In most cases, this is a sensor beam that stops and reverses the door if the beam is disrupted while the door is moving. If your opener doesn't have this feature, it's best to replace it. If your opener does have an auto-reverse mechanism, test it by placing a 2x4 in the door's path before closing it. If the door doesn't stop and reverse upon sensing the object, the opener needs repair.
Call in the pros. Whether you're dealing with broken hardware or you need to replace your door altogether, it's best to hire a trained technician to do the job. Garage door springs, cables and hardware are under high tension and can cause serious injury or death if they break or come loose.
Source: State Farm
Wednesday, August 11, 2010
Friday, August 6, 2010
Mortgage Rates Dip below 4%..
WASHINGTON (AP) -- A plunge in mortgage rates is giving homeowners a rare opportunity to lock in a 15-year fixed-rate loan for less than 4 percent.
Rates haven't dipped this low in decades. For those who can qualify, it's the chance to pay off a home in half the time while saving tens of thousands of dollars -- if not more.
But the lower rates on short-term loans are not likely to ignite the refinancing market. Most people can't afford the higher monthly payments required by a 15-year fixed mortgage compared with a more traditional 30-year loan.
"That's not what most people need right now. They need lower payments," said Leif Thomsen, CEO of Walpole, Mass.-based lender Mortgage Master Inc.
High unemployment, slow job growth and tight credit have hampered the housing industry. And fewer people are also in position to refinance, because low real estate prices have left many with little equity in their homes. Many people who would qualify have already refinanced in the past year.
The average rate on the 15-year fixed loan dropped to 3.95 percent last week, according to mortgage company Freddie Mac. That's the lowest on records the company has kept since 1991. The average rate for a 30-year fixed loan fell to 4.49 percent. Rates haven't been that low since the 1950s, when longer-term mortgages typically lasted 20 to 25 years.
On the surface, there might not seem to be a huge difference in the two rates, both of which are historically low. But consider the savings on a $200,000 mortgage over 15 years at the current rates.
A borrower who refinances over that term could expect to save $65,000 in interest compared with the 30-year fixed loan. Still, they would pay $1,474 a month before taxes and insurance. With the 30-year loan, the payments would be $1,010 a month.
Most people in a weak economy don't have an extra $464 a month.
Peter Thompson, senior loan officer with Prospect Mortgage in Naperville Ill., said 15-year loans make up about 20 percent of his refinancing business these days. They are popular among homeowners with solid finances and plenty of equity in their homes.
"They're not the people who bought within the past five years," he said. "You're looking at very well-qualified people who have owned their home for a while."
In the refinancing boom of 2003, when the economy was healthier, moving from a 30-year loan to a 15-year loan was more common. Loans with 15-year terms made up about a third of mortgages backed by Fannie Mae and Freddie Mac. Now, that number is around 20 percent, according to data from Credit Suisse.
Credit Suisse mortgage strategist Mahesh Swaminathan said the ideal candidate already has considerable savings or a high monthly income.
"It's just problematic for borrowers who don't have that cash flow," he said.
Applications to refinance loans rose 1.3 percent last week and those to purchase homes increased 1.5 percent, according to the Mortgage Bankers Association. That's hardly enough to energize the housing market.
Rates have fallen since spring as investors seek the safety of U.S. Treasury bonds. That has lowered the yield on Treasurys. Mortgage rates tend to track those yields.
To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
Rates on five-year adjustable-rate mortgages averaged 3.63 percent, down from 3.76 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.55 percent from 3.64 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for all loans.
Source: http://finance.yahoo.com/news/Mortgage-rates-hit-low-of-449-apf-739903100.html?x=0
Rates haven't dipped this low in decades. For those who can qualify, it's the chance to pay off a home in half the time while saving tens of thousands of dollars -- if not more.
But the lower rates on short-term loans are not likely to ignite the refinancing market. Most people can't afford the higher monthly payments required by a 15-year fixed mortgage compared with a more traditional 30-year loan.
"That's not what most people need right now. They need lower payments," said Leif Thomsen, CEO of Walpole, Mass.-based lender Mortgage Master Inc.
High unemployment, slow job growth and tight credit have hampered the housing industry. And fewer people are also in position to refinance, because low real estate prices have left many with little equity in their homes. Many people who would qualify have already refinanced in the past year.
The average rate on the 15-year fixed loan dropped to 3.95 percent last week, according to mortgage company Freddie Mac. That's the lowest on records the company has kept since 1991. The average rate for a 30-year fixed loan fell to 4.49 percent. Rates haven't been that low since the 1950s, when longer-term mortgages typically lasted 20 to 25 years.
On the surface, there might not seem to be a huge difference in the two rates, both of which are historically low. But consider the savings on a $200,000 mortgage over 15 years at the current rates.
A borrower who refinances over that term could expect to save $65,000 in interest compared with the 30-year fixed loan. Still, they would pay $1,474 a month before taxes and insurance. With the 30-year loan, the payments would be $1,010 a month.
Most people in a weak economy don't have an extra $464 a month.
Peter Thompson, senior loan officer with Prospect Mortgage in Naperville Ill., said 15-year loans make up about 20 percent of his refinancing business these days. They are popular among homeowners with solid finances and plenty of equity in their homes.
"They're not the people who bought within the past five years," he said. "You're looking at very well-qualified people who have owned their home for a while."
In the refinancing boom of 2003, when the economy was healthier, moving from a 30-year loan to a 15-year loan was more common. Loans with 15-year terms made up about a third of mortgages backed by Fannie Mae and Freddie Mac. Now, that number is around 20 percent, according to data from Credit Suisse.
Credit Suisse mortgage strategist Mahesh Swaminathan said the ideal candidate already has considerable savings or a high monthly income.
"It's just problematic for borrowers who don't have that cash flow," he said.
Applications to refinance loans rose 1.3 percent last week and those to purchase homes increased 1.5 percent, according to the Mortgage Bankers Association. That's hardly enough to energize the housing market.
Rates have fallen since spring as investors seek the safety of U.S. Treasury bonds. That has lowered the yield on Treasurys. Mortgage rates tend to track those yields.
To calculate the national average, Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
Rates on five-year adjustable-rate mortgages averaged 3.63 percent, down from 3.76 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.55 percent from 3.64 percent.
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for all loans.
Source: http://finance.yahoo.com/news/Mortgage-rates-hit-low-of-449-apf-739903100.html?x=0
Friday, July 30, 2010
Top 25 Firms to Watch in the Triangle!
Twenty high-tech and life science firms from the Triangle and five others from across the state make up the first “25 N.C. Companies To Watch” list from the Council for Entrepreneurial Development.
The winners, which were announced Tuesday, will be feted at an event on Sept. 23 in Raleigh. Selection criteria included growth in revenue and numbers of employees.
According to the CED, from 2006-2009 the selected firms produced $334 million in revenue and added 443 employees. Overall revenues for those firms grew 232 percent.
Headcount, meanwhile, increased 176 percent.
The Triangle firms:
•Affinergy, Inc. – www.affinergy.com (Research Triangle Park)
•BlueStripe Software, Inc. – bluestripe.com (Morrisville)
•Bronto Software – www.bronto.com (Durham)
•Clinipace Worldwide – www.clinipace.com (Morrisville)
•Consolidated Asset Recovery Systems, Inc. -- www.ez-recovery.com (Raleigh)
•Digitalsmiths – www.digitalsmiths.com (Research Triangle Park)
•Entex Technologies Inc. – www.entexinc.com (Chapel Hill)
•Inlet Technologies – www.inlethd.com (Raleigh)
•Kyma Technologies, Inc. – www.kymatech.com (Raleigh)
•Liquidia Technologies – www.liquidia.com (Durham)
•PocketGear, Inc. – www.pocketgear.com (Durham)
•SciMetrika, LLC – www.scimetrika.com (Durham)
•Semprius, Inc. – www.semprius.com (Durham)
•ShareFile – www.sharefile.com (Raleigh)
•ShopBot Tools – www.shopbottools.com (Durham)
•The Select Group – www.selectgroup-rtp.com (Raleigh)
•Themis Group – www.themis.com (Durham)
•TheraSim, Inc. – www.therasim.com (Durham)
•TransEnterix, Inc. – www.transenterix.com (Morrisville)
•Tranzyme Pharma – www.tranzyme.com (Durham)
From elsewhere across the state:
•3tailer – www.3tailer.com (Charlotte)
•DataChambers, LLC – www.datachambers.com (Winston-Salem)
•goodmortgage.com – goodmortgage.com (Charlotte)
•Piedmont Pharmaceuticals, LLC – www.piedmontpharma.com (Greensboro)
•Yap – yapme.com (Charlotte)
“These companies exemplify the innovation and entrepreneurial spirit that lead to success in the marketplace and in the future,” said CED President Joan Siefert Rose.
The winners were selected from 190 nominees. All are privately held and employ between 6 and 99 people while producing between $1 million and $50 million in annual revenues.
The Edward Lowe Foundation is partnering with the CED on the new program.
Source: http://localtechwire.com/business/local_tech_wire/news/blogpost/8041498/
The winners, which were announced Tuesday, will be feted at an event on Sept. 23 in Raleigh. Selection criteria included growth in revenue and numbers of employees.
According to the CED, from 2006-2009 the selected firms produced $334 million in revenue and added 443 employees. Overall revenues for those firms grew 232 percent.
Headcount, meanwhile, increased 176 percent.
The Triangle firms:
•Affinergy, Inc. – www.affinergy.com (Research Triangle Park)
•BlueStripe Software, Inc. – bluestripe.com (Morrisville)
•Bronto Software – www.bronto.com (Durham)
•Clinipace Worldwide – www.clinipace.com (Morrisville)
•Consolidated Asset Recovery Systems, Inc. -- www.ez-recovery.com (Raleigh)
•Digitalsmiths – www.digitalsmiths.com (Research Triangle Park)
•Entex Technologies Inc. – www.entexinc.com (Chapel Hill)
•Inlet Technologies – www.inlethd.com (Raleigh)
•Kyma Technologies, Inc. – www.kymatech.com (Raleigh)
•Liquidia Technologies – www.liquidia.com (Durham)
•PocketGear, Inc. – www.pocketgear.com (Durham)
•SciMetrika, LLC – www.scimetrika.com (Durham)
•Semprius, Inc. – www.semprius.com (Durham)
•ShareFile – www.sharefile.com (Raleigh)
•ShopBot Tools – www.shopbottools.com (Durham)
•The Select Group – www.selectgroup-rtp.com (Raleigh)
•Themis Group – www.themis.com (Durham)
•TheraSim, Inc. – www.therasim.com (Durham)
•TransEnterix, Inc. – www.transenterix.com (Morrisville)
•Tranzyme Pharma – www.tranzyme.com (Durham)
From elsewhere across the state:
•3tailer – www.3tailer.com (Charlotte)
•DataChambers, LLC – www.datachambers.com (Winston-Salem)
•goodmortgage.com – goodmortgage.com (Charlotte)
•Piedmont Pharmaceuticals, LLC – www.piedmontpharma.com (Greensboro)
•Yap – yapme.com (Charlotte)
“These companies exemplify the innovation and entrepreneurial spirit that lead to success in the marketplace and in the future,” said CED President Joan Siefert Rose.
The winners were selected from 190 nominees. All are privately held and employ between 6 and 99 people while producing between $1 million and $50 million in annual revenues.
The Edward Lowe Foundation is partnering with the CED on the new program.
Source: http://localtechwire.com/business/local_tech_wire/news/blogpost/8041498/
Monday, July 26, 2010
Credit Do’s & Don’ts Before Closing:
A new rule (Fannie) called Loan Quality Initiative went into effect on July 1, 2010 that requires lenders, BEFORE CLOSING, to check credit to make sure borrowers have not incurred any new debts. If borrowers incur MORE debt, and it affects the underwriting ratios by more than 2%, the loan will have to be re-underwritten prior to closing.
Don’t – Allow multiple credit checks
Don’t – Apply for new credit within 45 days of signing a contract
Don’t – Shop for new credit before closing (Furniture, cars, etc)
Don’t – Go on a spending spree (using your credit limits) to buy things for your new home.
Do – File tax returns and/or extensions
Do – Explain or documents all inquiries on your credit report
Do – Disclose all Debt—even if it did not show up on your credit report
Do – Work with a knowledgeable lender
The information provided has been based on rules and regulations issued by Federal Agencies and interpreted by MortgageCurrentcy.com.
A new rule (Fannie) called Loan Quality Initiative went into effect on July 1, 2010 that requires lenders, BEFORE CLOSING, to check credit to make sure borrowers have not incurred any new debts. If borrowers incur MORE debt, and it affects the underwriting ratios by more than 2%, the loan will have to be re-underwritten prior to closing.
Don’t – Allow multiple credit checks
Don’t – Apply for new credit within 45 days of signing a contract
Don’t – Shop for new credit before closing (Furniture, cars, etc)
Don’t – Go on a spending spree (using your credit limits) to buy things for your new home.
Do – File tax returns and/or extensions
Do – Explain or documents all inquiries on your credit report
Do – Disclose all Debt—even if it did not show up on your credit report
Do – Work with a knowledgeable lender
The information provided has been based on rules and regulations issued by Federal Agencies and interpreted by MortgageCurrentcy.com.
Tuesday, July 13, 2010
IBM to hire 600 workers!
RESEARCH TRIANGLE PARK, N.C. – IBM’s announcement last week about bringing 600 jobs to RTP as part of a subsidiary is the end result of a demise for one project in Charlotte and the transfer of 50 jobs to the Triangle from the Queen City.
The Triangle also won out over Atlanta and Dallas as IBM (NYSE: IBM) mulled where to place workers as it expanded the Lender Business Process Services group.
The Department of Commerce said Monday that IBM decided in March to not proceed with an expansion of the same operation in Charlotte, which had been announced in 2008.
Instead, IBM wrote Secretary of Commerce Keith Crisco at that time, saying that it “seeks a partnership” with North Carolina to “grow and develop” the subsidiary’s operations “at its existing Raleigh facility.”
Gov. Bev Perdue announced the partnership last Thursday under which IBM would invest $3.7 million in the facility and create 600 jobs with an average wage of $50,000.
IBM and the state signed a “Community Economic Development Agreement” under which IBM would receive $7.79 million in rebates for state employee withholding taxes over 10 years.
The agreement also requires IBM to “retain” 95 existing jobs at the subsidiary called IBM Lender Business Services.
According to the Department of Commerce, some 45 people had already been hired in RTP for the center and another 50 will be transferred from Charlotte.
IBM must meet requirements of 360 new jobs in 2010 and 540 total through 2011 in order to prevent default on the agreement.
In 2008, IBM decided to expand its mortgage-processing center in Charlotte and hire 600 workers over the next four years. IBM said it would invest $2.4 million in the new center, which was to include a “mortgage academy” for employee training.
If IBM creates all the jobs called for in the JDIG agreement, it would have received more than $9.7 million in tax rebates based on workers’ wages.
The services group already had 68 people based at its headquarters in Charlotte when the 2008 expansion was announced.
In the March letter, IBM’s Terry Hansen, manager of Public Partnerships at IBM, wrote:
“Due to the unexpected economic downturn, plans for expansion of the Charlotte facility were not met and IBM does not expect to meet its original goals at that location.”
IBM also made an acquisition of another firm in the mortgage field.
“The acquisition has led to the development of new client contracts resulting in the need for IBM to expand employment for this business at one of several facilities where the company owns excess office space,” Hansen wrote.
Hansen narrowed the location for the jobs to Raleigh, Metro Atlanta and Metro Dallas, Hansen noted.
“Therefore, this letter is submitted to serve as notice to the Department of Commerce of IBM’s intent to terminate the 2008 Job Development Investment Grant agreement with the North Carolina Economic Investment Committee,” Hansen added.
IBM is hiring now for the RTP jobs. Information is available here.
Source: www.localtechwire.com
The Triangle also won out over Atlanta and Dallas as IBM (NYSE: IBM) mulled where to place workers as it expanded the Lender Business Process Services group.
The Department of Commerce said Monday that IBM decided in March to not proceed with an expansion of the same operation in Charlotte, which had been announced in 2008.
Instead, IBM wrote Secretary of Commerce Keith Crisco at that time, saying that it “seeks a partnership” with North Carolina to “grow and develop” the subsidiary’s operations “at its existing Raleigh facility.”
Gov. Bev Perdue announced the partnership last Thursday under which IBM would invest $3.7 million in the facility and create 600 jobs with an average wage of $50,000.
IBM and the state signed a “Community Economic Development Agreement” under which IBM would receive $7.79 million in rebates for state employee withholding taxes over 10 years.
The agreement also requires IBM to “retain” 95 existing jobs at the subsidiary called IBM Lender Business Services.
According to the Department of Commerce, some 45 people had already been hired in RTP for the center and another 50 will be transferred from Charlotte.
IBM must meet requirements of 360 new jobs in 2010 and 540 total through 2011 in order to prevent default on the agreement.
In 2008, IBM decided to expand its mortgage-processing center in Charlotte and hire 600 workers over the next four years. IBM said it would invest $2.4 million in the new center, which was to include a “mortgage academy” for employee training.
If IBM creates all the jobs called for in the JDIG agreement, it would have received more than $9.7 million in tax rebates based on workers’ wages.
The services group already had 68 people based at its headquarters in Charlotte when the 2008 expansion was announced.
In the March letter, IBM’s Terry Hansen, manager of Public Partnerships at IBM, wrote:
“Due to the unexpected economic downturn, plans for expansion of the Charlotte facility were not met and IBM does not expect to meet its original goals at that location.”
IBM also made an acquisition of another firm in the mortgage field.
“The acquisition has led to the development of new client contracts resulting in the need for IBM to expand employment for this business at one of several facilities where the company owns excess office space,” Hansen wrote.
Hansen narrowed the location for the jobs to Raleigh, Metro Atlanta and Metro Dallas, Hansen noted.
“Therefore, this letter is submitted to serve as notice to the Department of Commerce of IBM’s intent to terminate the 2008 Job Development Investment Grant agreement with the North Carolina Economic Investment Committee,” Hansen added.
IBM is hiring now for the RTP jobs. Information is available here.
Source: www.localtechwire.com
Monday, July 12, 2010
Kildaire Farm Road to get revamped!
One of Cary’s major transportation arteries will receive a $1 million overhaul starting this past Friday as part of a resurfacing project that will affect traffic flow in the area for roughly two months.
The North Carolina Department of Transportation has hired Rea Contracting to repave and reconfigure a four-mile stretch of Kildaire Farm Road from Walnut Street to Palace Green. In conjunction with resurfacing, milling and paving, the town of Cary and NCDOT will reconfigure lane patterns between Maynard Road and Walnut Street, adjusting the existing four-lane section to a three-lane section with a center turn lane and extra width for cyclists.
The work is scheduled to be finished by September.
The good news for commuters is that there should be no lane closures during rush hour. The town says closures may be implemented at anytime except Monday-Friday from 6-9 a.m. and 4-7 p.m. At least one lane in each direction will remain open at all times. Operations will mostly be under way at night.
The total cost of work on the state-maintained portions of Kildaire Farm Road from Palace Green to Byrum Street is $933,400. Cary will pay $27,820 for NCDOT to complete work on the town-maintained portions of Kildaire Farm Road that fall within the four-mile stretch.
Source: Triangle Business Journal
The North Carolina Department of Transportation has hired Rea Contracting to repave and reconfigure a four-mile stretch of Kildaire Farm Road from Walnut Street to Palace Green. In conjunction with resurfacing, milling and paving, the town of Cary and NCDOT will reconfigure lane patterns between Maynard Road and Walnut Street, adjusting the existing four-lane section to a three-lane section with a center turn lane and extra width for cyclists.
The work is scheduled to be finished by September.
The good news for commuters is that there should be no lane closures during rush hour. The town says closures may be implemented at anytime except Monday-Friday from 6-9 a.m. and 4-7 p.m. At least one lane in each direction will remain open at all times. Operations will mostly be under way at night.
The total cost of work on the state-maintained portions of Kildaire Farm Road from Palace Green to Byrum Street is $933,400. Cary will pay $27,820 for NCDOT to complete work on the town-maintained portions of Kildaire Farm Road that fall within the four-mile stretch.
Source: Triangle Business Journal
Friday, June 11, 2010
Kelly Road Park - Check it out!
A great article on www.WRAL.com regarding a park near Creekside Commons!
Playground Review: Kelly Road Park
By Sarah Lindenfeld Hall
Posted: June 3
Apex has what I think is one of the best playgrounds in the Triangle at Kelly Road Park.
The 25-acre park, which sits behind Olive Chapel Elementary School at 1609 Kelly Rd., includes KidsTowne playground, a collection of turrets and corridors for running around in. The community turned out a decade ago to volunteer to build the playground.
The two-story structure with obstacles, rings and other play equipment is a favorite of many families. There's also a separate section for younger kids.
And I love that it's mostly enclosed by a fence. I just wish there was some shade.
http://www.apexnc.org/depts/parks/facilities/kellyRdPark.cfm
Source: www.WRAL.com
Playground Review: Kelly Road Park
By Sarah Lindenfeld Hall
Posted: June 3
Apex has what I think is one of the best playgrounds in the Triangle at Kelly Road Park.
The 25-acre park, which sits behind Olive Chapel Elementary School at 1609 Kelly Rd., includes KidsTowne playground, a collection of turrets and corridors for running around in. The community turned out a decade ago to volunteer to build the playground.
The two-story structure with obstacles, rings and other play equipment is a favorite of many families. There's also a separate section for younger kids.
And I love that it's mostly enclosed by a fence. I just wish there was some shade.
http://www.apexnc.org/depts/parks/facilities/kellyRdPark.cfm
Source: www.WRAL.com
Tuesday, May 25, 2010
Raleigh - Living the Good Life
Raleigh can’t match the cultural splendors of New York, the financial clout of Chicago, or the ethnic diversity of Los Angeles. But it does have plenty of attractive qualities of its own.
Such as its high-tech industries, which have established Raleigh as an anchor of the famed Research Triangle. Then there are its high-profile universities, led by North Carolina State, which have cemented its reputation as an educational center. And its status as a state capital, which has brought political prominence and economic stability.
And now you can add this: Raleigh is the major metropolitan market that offers the best quality of life in the United States, according to a new study by Portfolio.com/bizjournals.
Explore an interactive that breaks down the largest U.S. metropolitan areas and how they rank as best places to have fun.
The study compared the performances of the nation's 67 biggest metropolitan areas in 20 statistical categories. The highest scores went to well-rounded markets with healthy economies, moderate costs of living, light traffic, impressive housing stocks, and high-powered educational systems.
Raleigh earned first place, edging out two metros that are substantially larger, No. 2 Washington and No. 3 Minneapolis-St. Paul.
Several factors pushed Raleigh to the top of the list:
•It’s growing at a rapid pace. No major market is expanding as rapidly as Raleigh, whose metropolitan population has increased by 37 percent since 2000.
•It has a vast inventory of new homes. More than half of all houses in the Raleigh area have been built since 1990. Las Vegas is the only other market above 50 percent for new homes.
•It has an impressive supply of high-level jobs. Forty-four percent of Raleigh’s workers hold management or professional positions, surpassing all but three markets.
•It has a well-educated workforce. Raleigh, at 41 percent, ranks sixth in the share of adults holding bachelor’s degrees.
Portfolio.com/bizjournals analyzed the 67 metropolitan areas that have populations of 750,000 or more. The raw data used in the study came from the U.S. Census Bureau’s 2006-2008 American Community Survey. Details of the criteria for the rankings are in Metro Quality of Life: Methodology.
These markets are the 10 best in terms of quality of life:
1.Four reasons for Raleigh’s No. 1 rank are listed above. Others include its large percentage of young adults, its historically low unemployment rate, and its impressive array of big houses.
2.Washington leads four categories. It has the lowest poverty rate for families, the largest concentration of management and professional jobs, the highest share of big houses, and the best percentage of college-educated adults.
3.Prosperity is a key to Minneapolis-St. Paul’s high rating. It has the third-lowest poverty rate of any major market, and its median household income of $66,281 is the ninth best.
4.Bridgeport-Stamford, Connecticut, is unusually stable. Eighty-eight percent of its residents have lived in the same house for more than a year, a rate second only to New York City. Its median household income ($83,492) ranks third.
5.No market has a lower jobless rate for workers between the ages of 25 and 64 than Salt Lake City. Only Washington has a larger share of homes with at least nine rooms. One fifth of Salt Lake City’s houses are that size.
6.Denver attracts young, self-motivated individuals. It has the nation’s sixth-highest concentration of young adults, 30.6 percent. And it’s ninth in the share of self-employed workers, 11.6 percent.
7.Education is one of the secrets to Seattle’s success. Ninety-one percent of its adults are high-school graduates, a rate topped only by Minneapolis-St. Paul. It also ranks 10th in the percentage of people with bachelor’s degrees.
8.Forty-five percent of the workers in Boston hold management or professional jobs. Washington and San Jose are the only markets that do better. And Boston’s median household income of $70,344 is sixth in the study group.
9.A recent study by Portfolio.com/bizjournals named Austin the best metro for young adults. That quality helped it crack the top 10 for overall quality of life, as did its strong population growth (32 percent since 2000).
10.San Jose has been on the comeback trail since the dotcom bust a decade ago. It now has the highest household income (median of $86,806) and third-lowest poverty rate (5.6 percent of all families) of any major metro.
Two California markets are mired at the opposite end of the list. Bakersfield is 67th—dead last—in overall quality of life, and Fresno is a notch higher in 66th place.
Bakersfield ranks last in six of the study’s 20 categories. It has the highest poverty rate of any major market, as well as the lightest concentration of management and professional jobs, weakest inventory of big houses, and smallest percentages in the three educational categories that track adults with high-school diplomas, bachelor’s degrees, and advanced degrees.
Also in the bottom five are New Orleans, Memphis, and Riverside-San Bernardino, California.
Source: http://www.portfolio.com/business-news/us-uncovered/2010/05/24/raleigh-north-carolina-tops-us-metros-with-best-quality-of-life#ixzz0ox4mEbkY
Such as its high-tech industries, which have established Raleigh as an anchor of the famed Research Triangle. Then there are its high-profile universities, led by North Carolina State, which have cemented its reputation as an educational center. And its status as a state capital, which has brought political prominence and economic stability.
And now you can add this: Raleigh is the major metropolitan market that offers the best quality of life in the United States, according to a new study by Portfolio.com/bizjournals.
Explore an interactive that breaks down the largest U.S. metropolitan areas and how they rank as best places to have fun.
The study compared the performances of the nation's 67 biggest metropolitan areas in 20 statistical categories. The highest scores went to well-rounded markets with healthy economies, moderate costs of living, light traffic, impressive housing stocks, and high-powered educational systems.
Raleigh earned first place, edging out two metros that are substantially larger, No. 2 Washington and No. 3 Minneapolis-St. Paul.
Several factors pushed Raleigh to the top of the list:
•It’s growing at a rapid pace. No major market is expanding as rapidly as Raleigh, whose metropolitan population has increased by 37 percent since 2000.
•It has a vast inventory of new homes. More than half of all houses in the Raleigh area have been built since 1990. Las Vegas is the only other market above 50 percent for new homes.
•It has an impressive supply of high-level jobs. Forty-four percent of Raleigh’s workers hold management or professional positions, surpassing all but three markets.
•It has a well-educated workforce. Raleigh, at 41 percent, ranks sixth in the share of adults holding bachelor’s degrees.
Portfolio.com/bizjournals analyzed the 67 metropolitan areas that have populations of 750,000 or more. The raw data used in the study came from the U.S. Census Bureau’s 2006-2008 American Community Survey. Details of the criteria for the rankings are in Metro Quality of Life: Methodology.
These markets are the 10 best in terms of quality of life:
1.Four reasons for Raleigh’s No. 1 rank are listed above. Others include its large percentage of young adults, its historically low unemployment rate, and its impressive array of big houses.
2.Washington leads four categories. It has the lowest poverty rate for families, the largest concentration of management and professional jobs, the highest share of big houses, and the best percentage of college-educated adults.
3.Prosperity is a key to Minneapolis-St. Paul’s high rating. It has the third-lowest poverty rate of any major market, and its median household income of $66,281 is the ninth best.
4.Bridgeport-Stamford, Connecticut, is unusually stable. Eighty-eight percent of its residents have lived in the same house for more than a year, a rate second only to New York City. Its median household income ($83,492) ranks third.
5.No market has a lower jobless rate for workers between the ages of 25 and 64 than Salt Lake City. Only Washington has a larger share of homes with at least nine rooms. One fifth of Salt Lake City’s houses are that size.
6.Denver attracts young, self-motivated individuals. It has the nation’s sixth-highest concentration of young adults, 30.6 percent. And it’s ninth in the share of self-employed workers, 11.6 percent.
7.Education is one of the secrets to Seattle’s success. Ninety-one percent of its adults are high-school graduates, a rate topped only by Minneapolis-St. Paul. It also ranks 10th in the percentage of people with bachelor’s degrees.
8.Forty-five percent of the workers in Boston hold management or professional jobs. Washington and San Jose are the only markets that do better. And Boston’s median household income of $70,344 is sixth in the study group.
9.A recent study by Portfolio.com/bizjournals named Austin the best metro for young adults. That quality helped it crack the top 10 for overall quality of life, as did its strong population growth (32 percent since 2000).
10.San Jose has been on the comeback trail since the dotcom bust a decade ago. It now has the highest household income (median of $86,806) and third-lowest poverty rate (5.6 percent of all families) of any major metro.
Two California markets are mired at the opposite end of the list. Bakersfield is 67th—dead last—in overall quality of life, and Fresno is a notch higher in 66th place.
Bakersfield ranks last in six of the study’s 20 categories. It has the highest poverty rate of any major market, as well as the lightest concentration of management and professional jobs, weakest inventory of big houses, and smallest percentages in the three educational categories that track adults with high-school diplomas, bachelor’s degrees, and advanced degrees.
Also in the bottom five are New Orleans, Memphis, and Riverside-San Bernardino, California.
Source: http://www.portfolio.com/business-news/us-uncovered/2010/05/24/raleigh-north-carolina-tops-us-metros-with-best-quality-of-life#ixzz0ox4mEbkY
Monday, May 10, 2010
Raleigh Ranks #8 - Best Places to Live!
The Raleigh metro area ranks among the top 10 places to live in the United States for 2010, according to a new study by the Web-based research firm RelocateAmerica.com.
Raleigh took the No. 8 spot among the 100 U.S. municipalities nominated for the award. The rankings were based on interviews with local leaders, feedback from residents and a compilation of data related to the community’s economic, environment, education, crime, employment and housing stability.
Charlotte also cracked the top 10, coming in just ahead of Raleigh at No. 7.
Durham was not included in the rankings.
Huntsville, Ala., claimed the No. 1 spot, followed by Washington, D.C.; Austin, Texas; San Diego; San Antonio, Texas; Tulsa, Okla.; Charlotte; Raleigh; Boulder, Colo.; and Minneapolis.
RelocateAmerica.com also compiled top 10 rankings in other categories.
Asheville was ranked at No. 1 on the Top 10 Retirement Cities list, and Wilmington ranked No. 9 on the Top 10 Recreation Cities list. Other breakout categories that did not include cities in North Carolina were rankings for top recovery cities, ‘earth friendly’ cities and small towns with populations under 40,000 people.
“Given the tough economic times our nation is facing, homebuyers have re-evaluated their priorities and are looking to relocate to communities that offer plenty of perks, but minimal hassle and cost,” said Peter Meyers, vice president of research and content development at RelocateAmerica.com, in a statement.
“While some cities are facing a road to recovery that could take years, others are poised for a quick rebound - and already have seen growth. We wanted to highlight those cities that are on the road back to economic health.”
Source: RelocateAmerica
Raleigh took the No. 8 spot among the 100 U.S. municipalities nominated for the award. The rankings were based on interviews with local leaders, feedback from residents and a compilation of data related to the community’s economic, environment, education, crime, employment and housing stability.
Charlotte also cracked the top 10, coming in just ahead of Raleigh at No. 7.
Durham was not included in the rankings.
Huntsville, Ala., claimed the No. 1 spot, followed by Washington, D.C.; Austin, Texas; San Diego; San Antonio, Texas; Tulsa, Okla.; Charlotte; Raleigh; Boulder, Colo.; and Minneapolis.
RelocateAmerica.com also compiled top 10 rankings in other categories.
Asheville was ranked at No. 1 on the Top 10 Retirement Cities list, and Wilmington ranked No. 9 on the Top 10 Recreation Cities list. Other breakout categories that did not include cities in North Carolina were rankings for top recovery cities, ‘earth friendly’ cities and small towns with populations under 40,000 people.
“Given the tough economic times our nation is facing, homebuyers have re-evaluated their priorities and are looking to relocate to communities that offer plenty of perks, but minimal hassle and cost,” said Peter Meyers, vice president of research and content development at RelocateAmerica.com, in a statement.
“While some cities are facing a road to recovery that could take years, others are poised for a quick rebound - and already have seen growth. We wanted to highlight those cities that are on the road back to economic health.”
Source: RelocateAmerica
Wednesday, May 5, 2010
Credit Reform - What Does it Mean for You?
The Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009 went into effect on February 22, 2010. The new law means significant changes to fees, interest rates and restrictions. Here’s an overview of the new law and what it means for you as a consumer and credit card holder.
Fees
The new regulations limit fees such as those charged when consumers exceed their credit limits or pay bills online or by phone. Credit issuers will no longer be able to charge over-limit fees unless cardholders are notified that the purchase will put them over their limit and they authorize it regardless. And they can no longer engage in double-cycle billing, where interest charges are spread over two billing cycles rather than one. The new laws also limit upfront fees for subprime credit cards issued to people with less-than-great credit. Rules for billing statements have changed too; now they must be mailed at least 21 days before account due dates.
Interest Rates
New interest rate regulations are aimed to help consumers avoid paying hefty interest charges. Credit card issuers face new requirements for how account payments are applied, including one that prohibits them from organizing monthly payments to maximize interest charges to consumers. If a card has more than one interest rate on balances, payments must be applied to the highest interest rate first. Issuers are also prohibited from making arbitrary interest rate increases and setting misleading terms. Consumers now have the right to opt out of certain term changes.
Interest rates can’t be raised during the first year of an account (with a few exceptions, including teaser rates). Customers must be over 60 days late on payments before their interest rate can be raised on balances. If the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.
Restrictions
One of the most significant restrictions in the new legislation concerns credit cards for young adults. From now on, anyone under 21 must have an adult co-sign if they want to open their own credit card accounts or prove that they can repay the card debt themselves. The new law is designed to help prevent college-age young adults from getting in over their heads.
Other restrictions include a ban on shifting due dates so that payments will be due on the same day every month. Gift cards are required to extend for five years, and issuers can’t charge dormancy fees for unused amounts left on cards.
Disclosures on Account Changes
Finally, the law aims to get credit issuers to be more transparent in disclosures about account policies. From now on, creditors must post their written credit card agreements online, and give 30-day advance notice before closing accounts. They are also required to give cardholders at least 45 days notice of any change in terms.
With all these reforms in effect, you may be wondering what hasn’t changed. The new law doesn’t completely eliminate an issuer’s ability to charge new fees or raise rates. And it doesn’t limit payday lenders, who offer short-term loans at very high interest rates.
Fees
The new regulations limit fees such as those charged when consumers exceed their credit limits or pay bills online or by phone. Credit issuers will no longer be able to charge over-limit fees unless cardholders are notified that the purchase will put them over their limit and they authorize it regardless. And they can no longer engage in double-cycle billing, where interest charges are spread over two billing cycles rather than one. The new laws also limit upfront fees for subprime credit cards issued to people with less-than-great credit. Rules for billing statements have changed too; now they must be mailed at least 21 days before account due dates.
Interest Rates
New interest rate regulations are aimed to help consumers avoid paying hefty interest charges. Credit card issuers face new requirements for how account payments are applied, including one that prohibits them from organizing monthly payments to maximize interest charges to consumers. If a card has more than one interest rate on balances, payments must be applied to the highest interest rate first. Issuers are also prohibited from making arbitrary interest rate increases and setting misleading terms. Consumers now have the right to opt out of certain term changes.
Interest rates can’t be raised during the first year of an account (with a few exceptions, including teaser rates). Customers must be over 60 days late on payments before their interest rate can be raised on balances. If the rate is raised, it will go back to the lower rate if customers make the minimum payment on time for six months in a row.
Restrictions
One of the most significant restrictions in the new legislation concerns credit cards for young adults. From now on, anyone under 21 must have an adult co-sign if they want to open their own credit card accounts or prove that they can repay the card debt themselves. The new law is designed to help prevent college-age young adults from getting in over their heads.
Other restrictions include a ban on shifting due dates so that payments will be due on the same day every month. Gift cards are required to extend for five years, and issuers can’t charge dormancy fees for unused amounts left on cards.
Disclosures on Account Changes
Finally, the law aims to get credit issuers to be more transparent in disclosures about account policies. From now on, creditors must post their written credit card agreements online, and give 30-day advance notice before closing accounts. They are also required to give cardholders at least 45 days notice of any change in terms.
With all these reforms in effect, you may be wondering what hasn’t changed. The new law doesn’t completely eliminate an issuer’s ability to charge new fees or raise rates. And it doesn’t limit payday lenders, who offer short-term loans at very high interest rates.
Wednesday, April 7, 2010
Tax Credit Extended through April 30, 2010
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
For more info and frequently asked questions/answers, click here.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
For more info and frequently asked questions/answers, click here.
Monday, March 29, 2010
5 Tips for First Time Home Buyers
Buying a home requires a lot of preparation and research. It’s important to start off on the right foot because the time you initially put in with save you time down the road. Plus, going through the basic steps to get you ready for buying a home will help you decide if you’re truly ready for homeownership.
As a first-time home buyer, here are five basic steps you should take before you make an offer:
Get Pre-qualified
Nothing is more important than understanding your credit situation and getting pre-qualified with a reputable lender before you start your home search. This also means calculating all of additional expenses besides a mortgage payment that come with owning a home. For instance, if you’re looking at condos, you’ll want to take into consideration how the Home Owners Association (fees, etc.) will impact your monthly expenses.
Doing a little prep-work and knowing how much home you can afford will allow you to search for a house with confidence and avoid being disappointed by homes that are out of your price range.
Curious about what your credit situation is right now? Take a peek at your credit report and score for free at Quizzle.com.
Hire a Buyer’s Agent
Outside of getting pre-qualified, this is the single-most important thing a first-time home buyer can do. A buyer’s agent is a real estate agent hired specifically to help a person interested in purchasing a home. This agent will work for you and will always have your best interest in mind.
Buyer’s agents will research a property and give you valuable information that the agent who is representing the seller is not allowed to provide. This includes any public records showing what the current owner paid for the home, the last mortgage on record, comparable homes in the neighborhood and how long the property has really been on the market.
A buyer’s agent can also give you a thorough explanation of the best way to approach a negotiation of the property. In addition, a good buyer’s agent will have a list of resources that will help you in the home buying process, including home inspectors, contractors and attorneys.
The best thing about hiring a buyer’s agent is that it often costs you nothing! Because of the agreement between the seller and the listing agent, compensation is offered through multiple listing services that encourage other agents to show the property. The buyer’s agent only gets paid if they are the one who brings the buyer.
Know the Neighborhood
When searching for your first home it’s important to know and understand the neighborhood. Target an area and drive around at different times of the day or week to observe what’s going on. Often in the evening and on weekends you’ll get a better idea of what the activity level is for a specific neighborhood.
Don’t settle when you’re looking for your first home. While most buyers understand that they may only be in a home for a few years, the decisions you make now will have a huge impact when it comes time to sell the property. Things like not having a garage or basement, or the proximity to commercial or major roads could create some obstacles when you try to sell the house in the future.
Prepare for a Competitive Bid Situation
In this market with so many buyers wanting to take advantage of record-low prices, it’s not uncommon to find yourself in a competitive bidding situation. This is why it’s so important to already have the three previous items under your belt. As an agent, I’ve had buyers who thoroughly understood the value of a property and as a result were able to out-bid other buyers and still get an outstanding deal on the home.
Have the Home Inspected
This is one thing you definitely don’t want to skimp on! Choosing to do the inspection yourself or relying on your family member or friend who has owned a home before will most likely result in a greater cost than if you had hired a professional in the first place.
By not hiring a full-time inspector who is a member of either the American Society of Home Inspectors (ASHI) or your state’s association of home inspectors, something will be missed and it could cost you thousands of dollars in the long run. Not only does a professional inspector provide peace of mind about what you’re buying, but can walk you through the process so you understand the inner-workings of a home and regular maintenance schedules.
As a first-time home buyer, here are five basic steps you should take before you make an offer:
Get Pre-qualified
Nothing is more important than understanding your credit situation and getting pre-qualified with a reputable lender before you start your home search. This also means calculating all of additional expenses besides a mortgage payment that come with owning a home. For instance, if you’re looking at condos, you’ll want to take into consideration how the Home Owners Association (fees, etc.) will impact your monthly expenses.
Doing a little prep-work and knowing how much home you can afford will allow you to search for a house with confidence and avoid being disappointed by homes that are out of your price range.
Curious about what your credit situation is right now? Take a peek at your credit report and score for free at Quizzle.com.
Hire a Buyer’s Agent
Outside of getting pre-qualified, this is the single-most important thing a first-time home buyer can do. A buyer’s agent is a real estate agent hired specifically to help a person interested in purchasing a home. This agent will work for you and will always have your best interest in mind.
Buyer’s agents will research a property and give you valuable information that the agent who is representing the seller is not allowed to provide. This includes any public records showing what the current owner paid for the home, the last mortgage on record, comparable homes in the neighborhood and how long the property has really been on the market.
A buyer’s agent can also give you a thorough explanation of the best way to approach a negotiation of the property. In addition, a good buyer’s agent will have a list of resources that will help you in the home buying process, including home inspectors, contractors and attorneys.
The best thing about hiring a buyer’s agent is that it often costs you nothing! Because of the agreement between the seller and the listing agent, compensation is offered through multiple listing services that encourage other agents to show the property. The buyer’s agent only gets paid if they are the one who brings the buyer.
Know the Neighborhood
When searching for your first home it’s important to know and understand the neighborhood. Target an area and drive around at different times of the day or week to observe what’s going on. Often in the evening and on weekends you’ll get a better idea of what the activity level is for a specific neighborhood.
Don’t settle when you’re looking for your first home. While most buyers understand that they may only be in a home for a few years, the decisions you make now will have a huge impact when it comes time to sell the property. Things like not having a garage or basement, or the proximity to commercial or major roads could create some obstacles when you try to sell the house in the future.
Prepare for a Competitive Bid Situation
In this market with so many buyers wanting to take advantage of record-low prices, it’s not uncommon to find yourself in a competitive bidding situation. This is why it’s so important to already have the three previous items under your belt. As an agent, I’ve had buyers who thoroughly understood the value of a property and as a result were able to out-bid other buyers and still get an outstanding deal on the home.
Have the Home Inspected
This is one thing you definitely don’t want to skimp on! Choosing to do the inspection yourself or relying on your family member or friend who has owned a home before will most likely result in a greater cost than if you had hired a professional in the first place.
By not hiring a full-time inspector who is a member of either the American Society of Home Inspectors (ASHI) or your state’s association of home inspectors, something will be missed and it could cost you thousands of dollars in the long run. Not only does a professional inspector provide peace of mind about what you’re buying, but can walk you through the process so you understand the inner-workings of a home and regular maintenance schedules.
Source: Quizzle
Friday, March 26, 2010
Raleigh-Cary Area Makes Mark in Census!
The Raleigh-Cary area has made the most impressive climb since 2000 in the population rankings of metropolitan areas, according to estimates released Tuesday by the U.S. Census Bureau.
Raleigh-Cary, which ranked 59th in 2000, is 49th in the new standings with a population of almost 1.13 million, up from 797,000 in 2000. Raleigh-Cary's rise of 10 places in nine years is the biggest gain registered by any metro in the current top 50.
Buffalo and New Orleans, on the other hand, suffered the sharpest declines.
The Census Bureau released population estimates for all 940 metropolitan and micropolitan areas across the country on Tuesday. The figures do not come from the decennial census that is presently under way, but reflect the population situation as of July 1, 2009.
While Raleigh-Cary cracked the top 50, the Durham MSA, which includes Chapel Hill, crept up three spots to No. 102. Durham’s population grew to 501,228 as of July 1, 2009, from 426,293 in 2000. Durham’s population fell less than 10,000 short of from breaking into the top 100; Modesto, Calif., currently holds the No. 100 ranking with a population of 510,385.
Buffalo was 42nd in 2000, but is 50th now, a drop of eight places. New Orleans has also dropped eight places since the turn of the century – from 38th to 46th – mainly due to the devastation caused by Hurricane Katrina.
Other big gainers during the past decade were Las Vegas (up six places), Austin and Jacksonville (both up five) and Charlotte (up four).
Other significant declines occurred in Providence, R.I., which fell five places, and Milwaukee, which dropped four.
Source: Triangle Business Journal
Raleigh-Cary, which ranked 59th in 2000, is 49th in the new standings with a population of almost 1.13 million, up from 797,000 in 2000. Raleigh-Cary's rise of 10 places in nine years is the biggest gain registered by any metro in the current top 50.
Buffalo and New Orleans, on the other hand, suffered the sharpest declines.
The Census Bureau released population estimates for all 940 metropolitan and micropolitan areas across the country on Tuesday. The figures do not come from the decennial census that is presently under way, but reflect the population situation as of July 1, 2009.
While Raleigh-Cary cracked the top 50, the Durham MSA, which includes Chapel Hill, crept up three spots to No. 102. Durham’s population grew to 501,228 as of July 1, 2009, from 426,293 in 2000. Durham’s population fell less than 10,000 short of from breaking into the top 100; Modesto, Calif., currently holds the No. 100 ranking with a population of 510,385.
Buffalo was 42nd in 2000, but is 50th now, a drop of eight places. New Orleans has also dropped eight places since the turn of the century – from 38th to 46th – mainly due to the devastation caused by Hurricane Katrina.
Other big gainers during the past decade were Las Vegas (up six places), Austin and Jacksonville (both up five) and Charlotte (up four).
Other significant declines occurred in Providence, R.I., which fell five places, and Milwaukee, which dropped four.
Source: Triangle Business Journal
Tuesday, March 16, 2010
Freon® refrigerant banned...
New Federal Law regarding the manufacture of freon-based air conditioning equipment.
410A Mandate Recap:
Effective January 1, 2010, the Environmental Protection Agency, under Title VI of the Clean Air Act, will no longer allow air conditioning equipment that uses the refrigerant R-22 (commonly known by the brand name Freon®) to be manufactured. This new mandate is designed to protect the environment from ozone depleting hydrochlorofluorocarbons (HCFCs) that can be released through leaks and improper disposal.
A new refrigerant, 410A, (commonly known by the brand name Puron®) is available and is less harmful to the ozone or environment if it leaks from an air conditioning system.
410A Mandate Recap:
Effective January 1, 2010, the Environmental Protection Agency, under Title VI of the Clean Air Act, will no longer allow air conditioning equipment that uses the refrigerant R-22 (commonly known by the brand name Freon®) to be manufactured. This new mandate is designed to protect the environment from ozone depleting hydrochlorofluorocarbons (HCFCs) that can be released through leaks and improper disposal.
A new refrigerant, 410A, (commonly known by the brand name Puron®) is available and is less harmful to the ozone or environment if it leaks from an air conditioning system.
Wednesday, March 10, 2010
Raleigh Area Receives Numerous Awards & Accolades!
2009 was a big year for the Triangle area!
We received numerous awards including:
#1 Fastest-Growing Metropolitan
Area in the Country
(Raleigh-Cary, NC)
U.S. Census Bureau, March 2009
#3 Best Places to Launch
a Small Business
(Raleigh, NC)
CNNMoney.com, October 2009
Strongest Metro Area in
North Carolina (Raleigh-Cary, NC)
Brookings Institution, June 2009
#1 America’s Smartest Cities
(Raleigh-Durham, NC)
The Daily Beast, October 2009
#1 City with Best Economic Potential
(Raleigh, NC)
fDi Magazine, April 2009
#1 Top Business Climate in 2009
(North Carolina)
Site Selection, January 2010
For more information, click here.
We received numerous awards including:
#1 Fastest-Growing Metropolitan
Area in the Country
(Raleigh-Cary, NC)
U.S. Census Bureau, March 2009
#3 Best Places to Launch
a Small Business
(Raleigh, NC)
CNNMoney.com, October 2009
Strongest Metro Area in
North Carolina (Raleigh-Cary, NC)
Brookings Institution, June 2009
#1 America’s Smartest Cities
(Raleigh-Durham, NC)
The Daily Beast, October 2009
#1 City with Best Economic Potential
(Raleigh, NC)
fDi Magazine, April 2009
#1 Top Business Climate in 2009
(North Carolina)
Site Selection, January 2010
For more information, click here.
Employment Rise on the Horizon...
More Triangle employers expect to hire during the second quarter, according to a quarterly survey by Manpower.
The survey released Tuesday shows that 18 percent of companies in the Raleigh-Cary area plan to add workers in the March-to-June period, while 2 percent expect to cut jobs. In Durham, 17 percent expect to hire, and 7 percent plan to reduce their payrolls.
Nationally, 16 percent of 18,000 companies surveyed by the temporary staffing firm expect to add workers, and 8 percent plan cuts.
The local numbers are based on a much smaller pool of companies but are another sign that the worst of the recession is easing.
In the previous Manpower survey, 13 percent of Raleigh-Cary companies planned to hire during the first quarter. About 12 percent of Durham companies expected to hire.
Still, no one anticipates strong employment growth until later this year or into 2011, as companies remain skittish about the economic recovery.
The cautious approach to hiring found in the Manpower survey mirrors the mood of two recent surveys of corporate financial executives by UNC-Chapel Hill and Duke University.
The N.C. Employment Security Commission is scheduled to release January jobs data this morning.
Source:
News & Observer
The survey released Tuesday shows that 18 percent of companies in the Raleigh-Cary area plan to add workers in the March-to-June period, while 2 percent expect to cut jobs. In Durham, 17 percent expect to hire, and 7 percent plan to reduce their payrolls.
Nationally, 16 percent of 18,000 companies surveyed by the temporary staffing firm expect to add workers, and 8 percent plan cuts.
The local numbers are based on a much smaller pool of companies but are another sign that the worst of the recession is easing.
In the previous Manpower survey, 13 percent of Raleigh-Cary companies planned to hire during the first quarter. About 12 percent of Durham companies expected to hire.
Still, no one anticipates strong employment growth until later this year or into 2011, as companies remain skittish about the economic recovery.
The cautious approach to hiring found in the Manpower survey mirrors the mood of two recent surveys of corporate financial executives by UNC-Chapel Hill and Duke University.
The N.C. Employment Security Commission is scheduled to release January jobs data this morning.
Source:
News & Observer
Friday, February 26, 2010
Cary - A Crown Jewel
CARY – When it comes to wealth, Cary is the crown jewel of North Carolina.
A new study by American City Business Journals, the parent company of Triangle Business Journal, has ranked the Wake County town as the No. 25 “wealth center” in America and tops in the state.
The study used demographics information – including per capita income, median household income and median home values – to rate 420 communities across the country.
Cary’s financial demographics undoubtedly benefit from the town’s proximity to Research Triangle Park, an impressive collection of universities and the presence of homegrown software concern SAS.
Source: Triangle Business Journal
A new study by American City Business Journals, the parent company of Triangle Business Journal, has ranked the Wake County town as the No. 25 “wealth center” in America and tops in the state.
The study used demographics information – including per capita income, median household income and median home values – to rate 420 communities across the country.
Cary’s financial demographics undoubtedly benefit from the town’s proximity to Research Triangle Park, an impressive collection of universities and the presence of homegrown software concern SAS.
Source: Triangle Business Journal
Thursday, February 25, 2010
Raleigh Home Prices Rise!
Raleigh home prices to rise 1.3%
Home prices in the Raleigh-Cary metropolitan statistical area are forecast to increase 1.31 percent over the next 12 months despite the impact of distressed sales, according to a new report from First American CoreLogic.
Nationally, the real estate data company projects that home prices will decline in the spring months and that April will be a critical month for the housing market since that is when the federal homebuyer tax credit program is scheduled to expire.
First American CoreLogic’s LoanPerformance Home Price Index for sales nationally is expected to be up 3.5 percent excluding distressed sales; and up 2.7 percent included distressed sales by December. The HPI tracks pricing trends based on analysis of all home sales in 898 counties across the country.
Source: Triangle Business Journal
Home prices in the Raleigh-Cary metropolitan statistical area are forecast to increase 1.31 percent over the next 12 months despite the impact of distressed sales, according to a new report from First American CoreLogic.
Nationally, the real estate data company projects that home prices will decline in the spring months and that April will be a critical month for the housing market since that is when the federal homebuyer tax credit program is scheduled to expire.
First American CoreLogic’s LoanPerformance Home Price Index for sales nationally is expected to be up 3.5 percent excluding distressed sales; and up 2.7 percent included distressed sales by December. The HPI tracks pricing trends based on analysis of all home sales in 898 counties across the country.
Source: Triangle Business Journal
Monday, February 22, 2010
Homebuilder confidence on the rise!
Homebuilder confidence increases in February
The National Association of Home Builders announced its housing market index rose two points in February, a sign that low interest rates and federal tax credits are boosting demand for new homes.
The builders group said the index reached 17 in February, after falling for two consecutive months.
The increase may also signal builders are feeling better about their prospects following data that the job market could be improving. The Labor Department reported last week the number of newly laid-off workers seeking unemployment benefits fell to 43,000 - the lowest level in a month.
Meanwhile, interest rates for mortgages are hovering around 5 percent, pushed down by the Federal Reserve's program to buy mortgage-backed securities. And, builders say they are seeing the effects of the tax credits of up to $8,000 for first-time buyers and $6,500 for current homeowners who move.
"Builders are slightly more optimistic that the housing recovery is finally beginning to take root," said Bob Jones, the builder's group chairman.
Still, there are head winds, including a high number of foreclosures and a lack of financing for new projects. Mortgage rates could go up after the Fed's program ends this spring. And buyer demand could wane after the April 30 deadline for the tax credit.
In the latest survey of builder confidence, the reading for current sales conditions rose two points to 17. Traffic by prospective buyers remained flat at 12. The builders' outlook for sales over the next six months climbed one point to 27.
Regionally, the index for the Midwest and South increased two points, but dropped one point in the Northeast and West.
The index reflects a survey of 528 residential developers across the U.S. Index readings below 50 indicate negative sentiment about the market. The last time it was above 50 was in April 2006.
Source: www.wral.com
By ADRIAN SAINZ
AP Real Estate Writer
The National Association of Home Builders announced its housing market index rose two points in February, a sign that low interest rates and federal tax credits are boosting demand for new homes.
The builders group said the index reached 17 in February, after falling for two consecutive months.
The increase may also signal builders are feeling better about their prospects following data that the job market could be improving. The Labor Department reported last week the number of newly laid-off workers seeking unemployment benefits fell to 43,000 - the lowest level in a month.
Meanwhile, interest rates for mortgages are hovering around 5 percent, pushed down by the Federal Reserve's program to buy mortgage-backed securities. And, builders say they are seeing the effects of the tax credits of up to $8,000 for first-time buyers and $6,500 for current homeowners who move.
"Builders are slightly more optimistic that the housing recovery is finally beginning to take root," said Bob Jones, the builder's group chairman.
Still, there are head winds, including a high number of foreclosures and a lack of financing for new projects. Mortgage rates could go up after the Fed's program ends this spring. And buyer demand could wane after the April 30 deadline for the tax credit.
In the latest survey of builder confidence, the reading for current sales conditions rose two points to 17. Traffic by prospective buyers remained flat at 12. The builders' outlook for sales over the next six months climbed one point to 27.
Regionally, the index for the Midwest and South increased two points, but dropped one point in the Northeast and West.
The index reflects a survey of 528 residential developers across the U.S. Index readings below 50 indicate negative sentiment about the market. The last time it was above 50 was in April 2006.
Source: www.wral.com
By ADRIAN SAINZ
AP Real Estate Writer
Wednesday, February 10, 2010
Home Energy Awareness
Heating and cooling account for a major portion of most homes' energy budget.
To find out your home energy usage through your appliances, click here.
Quick Tip:
Keep the thermostat on your heating system at the lowest comfortable setting. We recommend a setting of 68 to 70 degrees during the day and 60 to 65 degrees at night. Get more great energy- and money-savings tips here.
Source: Progress Energy
To find out your home energy usage through your appliances, click here.
Quick Tip:
Keep the thermostat on your heating system at the lowest comfortable setting. We recommend a setting of 68 to 70 degrees during the day and 60 to 65 degrees at night. Get more great energy- and money-savings tips here.
Source: Progress Energy
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