Chuck & Cindy

Carolina Ballet Adds Family Matinee for The Little Mermaid!

2012-01-31T16:04:00.001-08:00

The show opens March 15!
http://www.wral.com/lifestyles/goaskmom/blogpost/10665804/

Raleigh Ranks #1 in 10 Real Estate Markets to Watch in 2012!

2012-01-31T06:35:00.000-08:00

10 Real Estate Markets to Watch in 2012!!

http://www.inman.com/reports/markets-watch2012/raleigh

HOA's vs. The homeowner

2012-01-30T16:39:00.000-08:00

View the full article here.

Raleigh, N.C. — Dozens of angry homeowners came to a public hearing at the General Assembly Monday to ask lawmakers to tighten regulations for homeowners associations.

HOA boards have the power to put liens on homes or foreclose on them if owners don't pay their membership dues and fines. Homeowners who spoke Monday said some boards are abusing their power, misspending funds and pursuing personal vendettas.

Irene Thiele, who owns a house in Cary, said her HOA contract was changed after she bought her house to add services she never agreed to, doubling her fees. She has been fighting it in court, but she said she wants more state oversight.

Other speakers suggested adding a homeowners' bill of rights to state law.

Representatives of homeowners associations said they don't want any changes and told lawmakers that HOAs maintain buildings, roads and pools and protect property values for all homeowners. They say liens and foreclosures are the only tools they have to enforce their contracts and that stricter regulations will make that job more difficult.

Legislators made a few changes to the state's HOA laws last year, such as giving homeowners more time – 90 days instead of 30 – to pay off assessments before an HOA can start foreclosure proceedings on their property. Lawmakers could consider even bigger reforms when they come back to Raleigh for the short session this summer.

What's cookin'? Look to the kitchen for home improvement projects!

2012-01-27T09:19:00.000-08:00

Looking to add value to your home? Start in the kitchen!

Read this article..

Downtown Raleigh could see new hotel!

2012-01-26T06:41:00.000-08:00

Marriott may be making a new contribution to the downtown Raleigh skyline.
Check out the article here.

Look who's HIRING!

2012-01-23T08:42:00.000-08:00

Some pretty well-known companies are hiring right now!

Read the article HERE!

Tips for hiding decorating issues!

2012-01-20T10:41:00.000-08:00

Thinking of selling your home but worried about old carpet or stained tile?

Check out this article for some handy tips to improve your home and impress potential buyers!

Listen up ladies! All the way from the UK - Raleigh ranked #1 for Healthiest Women!

2012-01-19T13:57:00.001-08:00

Raleigh ranks #1 for healthiest women!
Read the article here.

High Value of Homeownership... America votes!

2012-01-17T07:56:00.000-08:00

Owning a home is very important to a very large portion of Americans and this most recent article around this very topic summarizes the consensus. Two-thirds of responders in this featured survey stated that the Federal government should do more to make the option of owning a home a more reachable and realistic goal for Americans.

Read the article here.

Raleigh Ranks #1 of America's 50 Best Cities!

2012-01-16T15:01:00.001-08:00

Raleigh ranks #1 in Bloomberg Business Week's "America's 50 Best Cities"!

Here's a quick overview on the ranking!

Raleigh, N.C.

Population: 377,487
Mayor: Charles Meeker

Why it’s ranked: Taking more than a dozen data points into account, Raleigh ranks as the best place to live in the U.S. The city sports a high number of bars, restaurants, and cultural institutions as well as a thriving social scene, great parks, and good schools. Raleigh reflects the cultural graces that go along with anchoring the so-called research triangle, home to North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill. Of course, it’s also much more. The city offers a great deal on nights and weekends, from concerts and opera to the 30,000-sq.-ft. State Farmer’s Market. North Carolina’s state capital is tops in our book.

How it ranked:
Percent with bachelor's degrees: 47.5
Percent under poverty level: 13.9
Median household income: $53,370
Violent crime rate: 492.9
Property crime rate: 3,403.2
School score: 74.4
Pro sports teams: 1
Foreclosure rate: .0056
Percent Unemployment: 6.9
Park acres per 1,000 residents: 30.8
Bars: 110
Restaurants: 867
Museums: 51
Colleges: 10
Libraries: 18
Air Quality Index: 83

Just another reason to settle down in the Raleigh area and we'd love to help make the process as seamless as possible. Contact us today with any questions!

Chuck & Cindy
www.chuckandcindy.com

Mortgage Rates Continue Trend of Record-Breaking Lows!

2012-01-16T14:53:00.000-08:00

Great news - the time to buy is now!

Read this article!

We look forward to working with you this New Year!
Chuck & Cindy

RALEIGH IS #1 Which Is America's Best City? - BusinessWeek

2011-09-21T06:31:00.000-07:00

Which Is America's Best City? - BusinessWeek

FREE shredding event! OCTOBER 8th, 2001

2011-09-20T14:00:00.000-07:00

Are you tired of storing those boxes of old documents and receipts?
Then come to our SHRED-A-MAX event and get rid of them!!

October 8th, 2011
from 9:00 AM to 12:00 noon

We’ll be in the back parking lot here at our office.

We are located behind the CVS at Kildaire Farm Road and Kilmayne Dr.

Location: 51 Kilmayne Drive, Cary, NC 27511

We would sincerely appreciate you referring your family and friends to us for any of their real estate needs!

Bye, Bye To The American Dream? No Way! » Trulia Insights

2011-09-20T12:11:00.000-07:00

Wow, this survey revealed some detailed housing information!

Bye, Bye To The American Dream? No Way! » Trulia Insights

FREE shredding event! OCTOBER 8th, 2001

2011-09-19T10:02:00.000-07:00

RE/MAX UNITED presents: SHRED-A-MAX

RE/MAX UNITED in Cary is going to be hosting SHED-A-MAX on October 8th, 2011, from 9:00 AM to 12:00 noon, in the back parking lot. Each person is limited to 10 boxes of papers they can bring in and shred for free! Bring in your old papers, documents, bill receipts, etc.

Thank You to our Sponsors for making this a FREE event! Wells Fargo (Jim Moore and Amy Furr) and Jonathan Richardson, Attorney at Law.

RE/MAX UNITED in Cary is located behind the CVS at Kildaire Farm Road and Kilmayne Dr.
Location: 51 Kilmayne Drive
Phone: (919) 469-4700

Pullen Park Reopening in early November!

2011-09-15T10:53:00.000-07:00

Parents, children, even politicians eager for Pullen Park revival :: WRAL.com

FUN Weekend Plans!!! Corn mazes, BugFest, farm tours, Dan Zanes, much more :: WRAL.com

2011-09-15T09:51:00.000-07:00

Weekend Plans: Corn mazes, BugFest, farm tours, Dan Zanes, much more :: WRAL.com

September is National Coupon Month!

2011-09-13T07:17:00.000-07:00

TIME TO SAVE!

Since 1998, September has been National Coupon Month. There are a few interesting facts about the use of coupons. The first coupon was handwritten in 1886 by Coca-Cola.

Now, 91 percent of Americans would walk away from the "perfect sweater" if it wasn't on sale or they didn't have a coupon for it. And, 92 percent of shoppers have changed their grocery shopping behavior in the last two years. That means clipping coupons. According to www.Nationalcouponmonth.com, 20 minutes a week clipping and clicking could save you over $1000 annually. So, let's get started.

One great site to begin is actually a blog that has less to do with coupons and more to do with mindset. It has great resources for free budgeting software to suggestions on growing your wealth. The site is www.budgetsaresexy.com. Crazy name but a great site.

When you go to coupon sites, you will find two types, paid and free or a mixture of the two. Paid coupons usually are focused on restaurants where you buy a coupon for say $10 but you get a $20 discount. Not a bad deal but not fit for everyone's taste. Free coupons are just what they say, you download coupons from various stores at no cost but you will have to endure a few offers. What sites do we recommend? Here are a few of the best ones:

1. www.couponsonline.com- This site covers all types of coupons that you can choose in categories. It includes both paid and free coupons and is well worth signing up. Could be a little easier to navigate but not bad.

2. www.couponpages.com- This site is dedicated to your local stores. You can select a category such as groceries or home entertainment and get the local coupons available at most of your local stores.

3. www.groupon.com- This is one of the best known websites and even has sister sites to help you locate more specific item coupons.

4. www.dealcatcher.com- This site is geared toward electronics. You will find new and used bargains. The site will direct you toward the best deals which often will be eBay and other similar sites.

The old days of waiting for coupons to come in the mail are over! A few important things to remember that will help you in your savings quest. First, organize! Use a coupon book that puts your coupons in categories. Second, don't buy what you don't need just because you have a coupon. Be a smart shopper if you truly want to save money!

WALL STREET JOURNAL - TOP 10 PLACES TO LIVE - RALEIGH IS #4

2011-09-12T12:02:00.000-07:00

http://www.marketwatch.com/story/the-10-best-places-to-live-in-the-us-2011-08-02?link=MW_story_popular

Wake Radiology hosts Alex's Lemonade Stand to fight cancer - News14.com

2011-09-08T08:52:00.000-07:00

What a great idea!

Wake Radiology hosts Alex's Lemonade Stand to fight cancer - News14.com

Chatham Hill Winery...a great place to visit!

2011-09-08T08:33:00.001-07:00

http://www.chathamhillwine.com/

Realty Times - Fall Fixes for the Home

2011-09-08T06:57:00.000-07:00

Realty Times - Fall Fixes for the Home

NC Symphony season begins with free concert SUNDAY, 9-4-11:: WRAL.com

2011-09-01T10:09:00.000-07:00

Symphony season begins with free concert :: WRAL.com

Look at the greater Raleigh Accolades!

2011-09-01T08:57:00.000-07:00

http://www.raleigh-wake.org/files/accolades_flr.pdf

Cary opens new passenger train station

2011-09-01T08:39:00.000-07:00

Cary opens new passenger train station :: WRAL.com

AT&T Plans to Bring Back Jobs Sent Abroad - NYTimes.com

2011-08-31T07:17:00.000-07:00

AT&T Plans to Bring Back Jobs Sent Abroad - NYTimes.com

Tech support firm says it's hiring 1,500 people in Raleigh, Cary :: Editor's Blog at WRAL Tech Wire

2011-08-31T06:59:00.000-07:00

Tech support firm says it's hiring 1,500 people in Raleigh, Cary :: Editor's Blog at WRAL Tech Wire

The Next Big Boom Towns In The U.S. (RALEIGH IS #2!!!) - Forbes

2011-08-24T14:14:00.000-07:00

The Next Big Boom Towns In The U.S. - Forbes

Raleigh-based agency lands Chrysler account, to hire 40 people :: Editor's Blog at WRAL Tech Wire

2011-08-17T13:53:00.000-07:00

Raleigh-based agency lands Chrysler account, to hire 40 people :: Editor's Blog at WRAL Tech Wire

Lazy Daze Arts and Crafts Festival

2011-08-15T12:35:00.000-07:00

Lazy Daze Arts and Crafts Festival

Where the jobs are - Wake County, NC (15) - Money Magazine

2011-08-15T08:14:00.000-07:00

Where the jobs are - Wake County, NC (15) - Money Magazine

Shoppers pull economy along

2011-08-13T06:53:00.000-07:00

Shoppers pull economy along - Economy - NewsObserver.com

Afghanistan Crash photo WRAL.com

2011-08-12T09:42:00.000-07:00

May God Bless Them!
ADDITION APTOPIX Afghanistan Crash.JPEG :: WRAL.com

Tired of poor customer service? Use social media :: WRAL.com

2011-08-11T13:47:00.000-07:00

Tired of poor customer service? Use social media :: WRAL.com

The best sandwich in the universe – at least for the month of August – Eatocracy - CNN.com Blogs

2011-08-10T10:46:00.000-07:00

The best sandwich in the universe – at least for the month of August – Eatocracy - CNN.com Blogs

Raleigh Relocation, Move to Raleigh, Raleigh Real Estate - RelocateAmerica

2011-08-08T11:18:00.000-07:00

Raleigh Relocation, Move to Raleigh, Raleigh Real Estate - RelocateAmerica

Former FSBO CEO sells his home using a REALTOR!

2011-08-05T14:00:00.000-07:00

Former FSBO CEO sells home the traditional way Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire New York broker Jesse Buckler who immediately advised a price change as the listing was not attracting the right buyer.
After giving up on the DIY route, Sambrotto’s decision to hire a broker led to attracting multiple offers, closing for $150,000 over the original asking price. The WSJ reports the listing sold for $2.15 million including a 6% commission.

Many FSBOs turn to Realtors! The news stands as an enormous validation of the real estate profession and while some may tease, it is no laughing matter and the former FSBO CEO made a good financial decision.

AGBeat columnist Herman Chan said, “If people want to take a stab at For Sale By Owner (ie FSBO), go for it. But well over 80% of FSBO’s eventually have to list with an real estate agent to get their house sold. It’s harder than it looks!”

US stock futures bounce on hopeful jobs report :: WRAL.com

2011-08-05T06:59:00.000-07:00

US stock futures bounce on hopeful jobs report :: WRAL.com

Unemployment rate dips, economy adds 117K jobs :: WRAL.com

2011-08-05T06:58:00.000-07:00

Unemployment rate dips, economy adds 117K jobs :: WRAL.com

10 habits of highly organized people

2011-08-02T07:20:00.000-07:00

Interesting reading!

10 habits of highly organized people - CNN.com

JD Powers: ReMax agents are the ones consumers trust the most!

2011-07-29T08:07:00.000-07:00

J.D. Power and Associates Reports: Despite 'Buyers' Market' Conditions, Real Estate... -- WESTLAKE VILLAGE, Calif., July 27, 2011 /PRNewswire/ --

5 Questions to Ask Your Mortgage Professional

2011-07-22T06:52:00.000-07:00

5 Questions to Ask Your Mortgage Professional

2011-07-22T06:43:00.000-07:00

Ritmo Returns!

2011-07-21T07:08:00.001-07:00

What has live music, artists, Latin food, and dance lessons for adults and children? THE RITMO LATINO MUSIC, ARTS & DANCE FESTIVAL, which is back for its 7th year! Come check out this FREE event at Bond Park on August 7th from noon until 6:00 PM. Enjoy live entertainment, learn how to salsa, try various types of Latin food! These opportunities and more exposure to the Latino culture can be enjoyed on August 7th! For a schedule of activities, search FESTIVAL R

The Triangle is #2 in GREEN job growth!

2011-07-14T06:14:00.000-07:00

The Triangle is #2 in GREEN jobs growth!

http://www.newsobserver.com/2011/07/14/1342817/triangle-is-no-2-in-green-jobs.html

REALTOR® Magazine-Daily News-6 Best Places for Business, Careers

2011-07-13T13:11:00.000-07:00

REALTOR® Magazine-Daily News-6 Best Places for Business, Careers

U.S. Home Prices Poised to Climb as Foreclosures Wane, HUD’s Donovan Says - Bloomberg

2011-07-05T08:00:00.000-07:00

U.S. Home Prices Poised to Climb as Foreclosures Wane, HUD’s Donovan Says - Bloomberg

Apex Olde Fashioned 4th of July Festival

2011-07-01T09:00:00.000-07:00

Apex Olde Fashioned 4th of July Festival

Get the Facts - ICE in Cary

2011-07-01T08:38:00.000-07:00

Updated facts on ICE location in Cary!
Get the Facts - ICE in Cary

Cary Gets Fired Up for Fourth of July Celebrations

2011-07-01T08:34:00.000-07:00

More exciting July 4th events in the area!
Cary Gets Fired Up for Fourth of July Celebrations

Celebrate Independence Day at State Capitol with free activities :: Seasonal & Holidays in North Carolina :: Out and About at WRAL.com

2011-06-30T12:21:00.000-07:00

More fun FREE stuff to do for Independence Day!
Celebrate Independence Day at State Capitol with free activities :: Seasonal & Holidays in North Carolina :: Out and About at WRAL.com

Best Places For Business and Careers - Forbes

2011-06-30T11:46:00.000-07:00

Best Places For Business and Careers - Forbes
(Guess where the #1 place is? RALEIGH!)

Festival for the Eno

2011-06-30T07:53:00.000-07:00

Festival for the Eno - the is a fabulous festival!

REALTOR® Magazine-Daily News-Freddie Mac: Better Days Ahead in Housing

2011-06-29T06:40:00.000-07:00

REALTOR® Magazine-Daily News-Freddie Mac: Better Days Ahead in Housing

Looking for a new color palate for your home?

2011-06-28T12:15:00.000-07:00

Interior design experts consider these color trends:

Grey - the new neutral, balances bolder colors.
Green - a timeless color...olive tones and shades of teal are returning.
Purple - a classic shade...the lighter versions are becoming common.
Blue - "true" blues will remain decorating staples for the future.

Accent colors: golden yellow, purple and pink are increasingly popular
accent colors for extra "pop"!

Great things are happening in Apex this week!

2011-06-27T13:20:00.000-07:00

Great things are happening in Apex this week! Be sure to visit Apex Town Hall Campus for the Saturday, July 2nd, kick off for 4th of July!

http://myemail.constantcontact.com/THIS-WEEK---FREE-CONCERT-ON-THE-CAMPUS-AND-YOUTH-ART-SHOW-RECEPTION.html?soid=1103123456426&aid=ZB0rP3Ba1yE

2011-06-27T12:03:00.000-07:00

The accolades for our area continue!

In June 2011 alone, Forbes Magazine named Raleigh the #1 Place for Families. Ernst & Young named North Carolina the #1 Most Profitable Biotech Industry. U.S. Bureau of Labor Statistics named us #5 in US for JOB GROWTH! Is it any wonder everyone is moving here?

Raleigh-Cary Tops Forbes List for College Grads!

2011-02-16T14:32:00.000-08:00

College graduates are heading in droves to Raleigh, Austin and, surprisingly, New Orleans.

For a decade now, U.S. city planners have obsessively pursued college graduates, adopting policies to make their cities more like dense hot spots such as New York, to which the "brains" allegedly flock.

But in the past 10 years, "hip and cool" places like New York have suffered high levels of domestic outmigration. Some boosters rationalize this by saying the U.S. is undergoing a "bipolar migration" -- On the one hand the smart "brains" head for cool, coastal cities like New York and Boston, while "families" and "feet" -- a term that seems to apply to the less cognitively gifted -- trudge to the the nation's southern tier -- a.k.a. the Sun Belt -- for cheap prices and warm weather. "College graduates with bachelor's degrees or higher," Thompson notes, "have been moving to the coasts, like salmon swimming against the southwesterly current."

However, this analysis -- no matter how widely accepted in the media -- is grossly oversimplified, perhaps even misleading. Indeed, college graduates, for the most part, are heading not to the big cities on the coasts, but to smaller, less dense and quite often Sun Belt cities.

To come up with our list of the country's biggest brain magnets, we took the 50 largest metropolitan areas and ranked them by gains in people with college educations compared to the population over 25 years of age between 2007 and 2009, using the latest data from the American Community Survey provided by demographer Wendell Cox. It turns out that none of the top 10 gainers were large Northeastern cities, but largely Southern or Midwestern. New Orleans; Raleigh, N.C.; Austin, Texas; Nashville; Birmingham, Ala.; Kansas City, Mo.-Kan.; and Columbus, Ohio, all scored high marks. Only one California city, San Diego, made the top 10. Perennial "brain gainers" Denver, Colo., and Seattle round out the top 10.

Among those metropolitan statistical areas with populations over 5 million, the best ranking went to the Philadelphia region (No. 12 overall), arguably the least glitzy and most affordable of the large northeast cities. The San Francisco metropolitan area, long a leader in its percentage of college-educated adults, held the next spot at No. 13. On the other hand, supposed "brain" magnets Boston and Chicago managed middling rankings, right behind Charlotte, N.C., and just ahead of San Antonio, Texas. Both fell well behind such overlooked "brain gain" areas as Jacksonville, Fla.; St. Louis, Mo.-Ill.; and Indianapolis. New York, the nation's intellectual capital, ranked a mediocre 29th and Los Angeles an even worse 37th. To put in perspective, Nashville's rate of college educated migration growth was 3.7%, compared with 1.4% for New York and a measly 0.7% for Los Angeles.

Rather than following a clear path to the world of the "hip and cool," college graduates appear influenced by a more nuanced and complex series of factors in terms of their location. New Orleans' No. 1 ranking, for example, is likely product of the continuing recovery of its shrunken population, where the central city appears to be somewhat more attractive to professionals than before Katrina while the suburban populations have recovered more quickly from the disaster. The strong showing of Birmingham may likely be traced not to changes in the core city itself, but to the rapid growth in its surrounding suburban counties and the rapid expansion of the region's medical complex.

This reflects something not often mentioned: the spreading out of intelligence. Conventional theory suggests that the new generation of college graduates will go to the largest, densest places, eschewing their parent's McMansions for small abodes in the inner city. Yet the ACS numbers indicate that, overall, college migrants tend to choose less dense places. In the two years we covered, the growth rate in urban areas with lower urban area densities (2,500 per square mile) boasted a 5% increase in college-educated residents, compared with roughly 3.5% for areas twice as dense.

This can be seen in the pattern of migration toward relatively low-density metropolitan areas like Nashville, Columbus, Raleigh or Kansas City as opposed to more packed regions like New York, Los Angeles or San Francisco. And wherever these college graduates migrate, they are at least as likely to settle outside the urban core. Another overlooked fact: Most places with the highest percentages of college-educated people are in suburbs. Only two of the 20 most-educated counties in the country are located in the urban core: New York (Manhattan) and San Francisco. Virtually all the rest are suburban.

Another somewhat surprising statistic revolves around affordability and job growth. The college-educated, particularly in this tepid economy, are not immune to reality. They may want to go one place -- for example, ever-alluring New York or sunny Los Angeles -- but may soon find they can find neither a good job there nor an affordable place to live in order to stay there. Overall our analysis shows that many end up in places with lower housing prices. Areas with the highest price housing experienced college-educated growth at a rate only 60% of those with more affordable real estate. This is one thing that makes an Austin or Raleigh, even a Columbus or Kansas City, more attractive than a Boston, New York or Los Angeles

Finally we have to consider employment trends. For the most part college graduates, like most folks, preferred cities with lower unemployment and more job growth. Some top gainers, such as Raleigh, Columbus and Kansas City, all boast lower than average unemployment and appear to be recovering from the recession. But this is not always the case: Some relatively poor performers on the job front, like Portland, Ore., and San Diego, have managed to maintain their appeal -- for now.

As the economy recovers these patterns are likely to accelerate, although they could also shift a bit as regions gain or lose employment momentum. Meanwhile, the best strategy for attracting graduates lies in creating jobs, as well as in offering both affordable housing and a range of housing options, including both reasonably priced urban and lower-density living. Generally speaking an area that is economically vital as well as physically or culturally appealing will do best. In the next decade advantages will also fall to family-friendly regions, particularly as the current crop of millennial-generation graduates starts entering en masse their family-forming years. These factors, more than hipness or dense urbanity, may well be more influential in determining which regions do best in the ongoing war for talent.

No. 2: Raleigh-Cary, N.C.

Grad gain: 28,748

Share of 25+ Population, 2007: 4.27%

Even in hard times Raleigh-Durham -- the fastest-growing metro area in the country -- has repeatedly performed well on Forbes' list of the best cities for jobs. The area is a magnet for technology companies fleeing the more expensive, congested and highly regulated northeast corridor. Affordable housing and short commute times are no doubt highly attractive to millennials seeking to start a family. Indeed, a 2010 Portfolio.com/bizjournals survey ranked the city the third-best for young adults.

Source

Hiring Plans Top Layoffs!

2011-01-24T14:18:00.000-08:00

The economy is on the mend in the Triangle.
Check out this article - hiring plans top job lay offs for the first time in 12 years!

http://www.wral.com/business/story/8990744/

NOW IS THE TIME TO SELL YOUR HOUSE! BUYERS ARE BUYING!

2011-01-21T07:25:00.000-08:00

RISMEDIA, January 21, 2011—Existing-home sales rose sharply in December 2010, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3% to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9% below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price for all housing types was $168,800 in December, which is 1.0% below December 2009. Distressed homes rose to a 36% market share in December from 33% in November, and 32% in December 2009.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

Total housing inventory at the end of December fell 4.2% to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71% in December from 4.30% in November; the rate was 4.93% in December 2009.

A parallel NAR practitioner survey shows first-time buyers purchased 33% of homes in December, up from 32% in November, but are below a 43% share in December 2009.

Investors accounted for 20% of transactions in December, up from 19% in November and 15% in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29% in December, compared with 31% in November, but up from 22% a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.

Single-family home sales jumped 11.8% to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5% below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2% from a year ago.

Existing condominium and co-op sales surged 16.4% to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2% below the 675,000-unit pace one year ago. The median existing condo price was $165,000 in December, which is 7.4% below December 2009.

Regionally, existing-home sales in the Northeast jumped 13.0% to an annual pace of 870,000 in December, but are 5.4% below December 2009. The median price in the Northeast was $237,300, which is 1.4% below a year ago.

Existing-home sales in the Midwest rose 11.0% in December to a level of 1.11 million, but are 4.3% below a year ago. The median price in the Midwest was $139,700, up 3.3% from December 2009.

In the South, existing-home sales increased 10.1% to an annual pace of 1.97 million in December, but are 2.5% below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7% to an annual level of 1.33 million in December, but remain 1.5% below December 2009. The median price in the West was $204,000, down 5.6% from a year ago.

Source: http://rismedia.com/2011-01-20/recovery-on-move-december-2010-existing-home-sales-jump-12-3-percent/

Unemployment Benefit Applications Drop! Job Market Improving!

2010-12-30T08:52:00.000-08:00

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/

Raleigh and Wake County Receive Large Recognition!

2010-11-17T13:38:00.000-08:00

#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

NC Ranks Top in Business Climate for 6th Year in a Row!

2010-11-01T14:36:00.000-07:00

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

Raleigh-Cary Ranks Great as Best Performing!

2010-10-21T10:25:00.000-07:00

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.

NC Ranks High on Forbes List!

2010-10-20T06:59:00.000-07:00

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).

Forbes: Raleigh-Durham Ranks #1 for Investors!

2010-09-15T06:54:00.000-07:00

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

Pending home sales rise 5.2%!

2010-09-03T07:11:00.000-07:00

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

Jobless Claims Drop, Retail Sales Rise!

2010-09-02T12:09:00.000-07:00

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

Garage Door Safety

2010-08-18T08:43:00.000-07:00

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

American Housing Survey Results!

2010-08-11T11:52:00.001-07:00

Click to enlarge.

Mortgage Rates Dip below 4%..

2010-08-06T07:58:00.000-07:00

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

Top 25 Firms to Watch in the Triangle!

2010-07-30T08:40:00.000-07:00

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/

2010-07-26T13:27:00.000-07:00

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.

IBM to hire 600 workers!

2010-07-13T07:38:00.000-07:00

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

Kildaire Farm Road to get revamped!

2010-07-12T05:25:00.000-07:00

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

Kelly Road Park - Check it out!

2010-06-11T07:23:00.000-07:00

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

Raleigh - Living the Good Life

2010-05-25T07:33:00.000-07:00

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

Raleigh Ranks #8 - Best Places to Live!

2010-05-10T09:20:00.000-07:00

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

Credit Reform - What Does it Mean for You?

2010-05-05T07:14:00.001-07:00

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.

Tax Credit Extended through April 30, 2010

2010-04-07T08:54:00.000-07:00

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.

5 Tips for First Time Home Buyers

2010-03-29T08:28:00.000-07:00

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.

Source: Quizzle

Raleigh-Cary Area Makes Mark in Census!

2010-03-26T07:34:00.000-07:00

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

Freon® refrigerant banned...

2010-03-16T05:49:00.000-07:00

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.

Raleigh Area Receives Numerous Awards & Accolades!

2010-03-10T08:57:00.000-08:00

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.

Employment Rise on the Horizon...

2010-03-10T08:00:00.000-08:00

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

Cary - A Crown Jewel

2010-02-26T11:32:00.000-08:00

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

Raleigh Home Prices Rise!

2010-02-25T07:20:00.000-08:00

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

Homebuilder confidence on the rise!

2010-02-22T09:07:00.000-08:00

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

Home Energy Awareness

2010-02-10T08:09:00.000-08:00

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

Happy Holidays!

2009-12-23T10:48:00.000-08:00

We would like to wish you and your family a bright & merry holiday season!

We feel confident that 2010 is going to be an amazing year and wish you nothing but the best!

Chuck & Cindy

Get creative with holiday decor!

2009-12-15T13:19:00.000-08:00

Tips for creating a warm and inviting entryway during the holidays:

Hang seasonal door decorations.
Mount an evergreen Christmas wreath or swag with glass ornaments or silver bells.
Hang a set of sleigh bells on the door knob, which will give a festive jingle every time guests pass through.
If you have a rustic style home, consider adding antlers, a cowboy hat or roping to your wreath.
For a coastal home, consider a Christmas wreath of woven sea grass with sea shells or brightly painted life preserver with lights and decorative glass floats
If your door doesn’t merit all the attention, consider wrapping it in bright paper with a large bow or framing it in lights.
Add accessories around the doorway.
Frame your entryway with garland and lights – add bows or pine cones for more decorative detail.
Place pots or urns planted with seasonal greenery, poinsettias and lights on either side of the doorway.
Put out a welcome mat designed with holiday accents.
Add new brass or nickel accents such as kick plate, porch lights and door knocker to dress up your door. Holiday door decorations can be supplemented with décor in the windows as well.
Hang matching Christmas wreaths and candles in all of the windows.
Paint your door.
Brighten up your door with a fresh coat of red paint or a strong color that provides contrast to your current color scheme before the weather gets too cold to paint outdoors.
When using holiday door decorations, be careful to protect your door. You don’t want to put a nail in the door, because this can lead to damage later on. Instead, use a door hanger to hang the wreath from the door knocker, or place a tack on the top of the door frame and use clear fishing line to hang the wreath.

Protecting Your Identity This Holiday Season!

2009-12-01T13:19:00.000-08:00

Happy Holidays!
While the holidays can be full of festive fun and celebration, it's also a time of increased identity theft. During the holidays it's especially important to be watchful of your identity! Read the following tips:

Identity Theft Can Happen to Anyone at Any Time It is important to know what to do in the case of suspected identity theft. Below are resources for consumers and businesses to report identity theft.

You Can Be Informed -Visit http://www.idtheft.gov/ and click on "Taking Action" for links to federal agency Web pages on ID theft.

You Can Protect Yourself -

Credit Bureaus
Contact the fraud departments of each of the three major credit bureaus and tell them that you're an identity theft victim. Request that a "fraud alert" be placed in your file, along with a victim's statement asking that creditors call you before opening any new accounts or changing your existing accounts.

Equifax To report fraud: 1-800-525-6285
Or write: P.O. Box 740241, Atlanta, GA 30374-0241

Experian To report fraud: 1-888-EXPERIAN (397-3742)
Or write: P.O. Box 9532, Allen, TX 75013

TransUnion To report fraud: 1-800-680-7289
Or write: Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92634

Federal Trade Commission
If you've been a victim of identity theft, you can file a complaint with the Federal Trade Commission (FTC). Call the toll-free number or visit the Web site listed below for more information.
Identity Theft Clearinghouse
Federal Trade Commission
600 Pennsylvania Avenue, NW
Washington, DC 20580

FTC Identity Theft Hotline: 1 (877) IDTHEFT or 1 (877) 438-4338

www.ftc.gov/bcp/edu/microsites/idtheft/

The Federal Trade Commission also provides an online guide to help businesses safeguard sensitive data.

Visit http://www.ftc.gov/infosecurity.

Social Security Services
If you believe someone is using your Social Security number, report it to the Social Security Administration Fraud Hotline at 1.800.269.0271. You can also visit your local Social Security office or the agency's web site at: http://www.ssa.gov/reach.htm.

United States Post Office
If someone has taken your identity by stealing your mail, report it to your local postal inspector. Contact your local post office or visit http://postalinspectors.uspis.gov.

Homebuyers & Tax Credits - Stating the Facts

2009-11-14T08:22:00.000-08:00

With the new incentives to revamp the housing market, we have listed below some details for both new homebuyers and step-up homebuyers. These are straight facts based on the existing tax credits.

First-time Homebuyers
· The measure will extend the first-time homebuyer tax credit until April 30, 2010. In addition, those who have signed a contract before May 1, 2010 will have 60 days to close on the home.
· Increases the income limits to $125,000 on a single return and $225,000 on a joint return (from $75,000 and $150,000, respectively). As with the current credit, the extended credit has a $20,000 phase-out after those limits are reached.
· Those who purchase in 2010 will be able to claim credit on 2009 tax return.
· Definition of first-time buyer remains the same as those who have not owned a home in the last three years.
·The credit will remain at $8,000.

Step-up Homebuyers
· Those who have owned the same home for 5 consecutive of the last 8 years will be eligible for a $6,500 tax credit.
· The $6,500 tax credit will be eligible for purchases between December 1, 2009 and May 1, 2010. The same opportunity to close within 60 days applies.
· The income limits are also $125,000 on a single return and $225,000 on a joint return and have a $20,000 phase-out thereafter.
· Those who purchase in 2010 will be able to claim the credit on 2009 tax return.

**Other provisions regarding the homebuyer tax credit in the bill.
· No homes over $800,000 will be eligible for the tax credit.
· It will extend the tax credit for the military and other Foreign Service Officers serving abroad through April 30, 2011. It also waves the recapture fee for all military personnel should the individual move and sells the home within 3 years.
· Cuts down on tax credit fraud by providing authority to the IRS to do greater electronic oversight and requires that the taxpayer claiming the credit be 18 or older.

Local Colleges Contribute to #1 Ranking

2009-11-09T05:54:00.000-08:00

How has North Carolina managed to rank No. 1 in Site Selection’s annual business climate rankings eight times in the past nine years?

Focus on higher learning has a large part to do with this. Many major projects and plans involve the university system. There are major educational institutions in the Raleigh-Durham- Cary area. These include North Carolina State University, University of North Carolina at Chapel Hill and Duke. North Carolina State University produced a successful company - Cree, a developer and manufacturer of energy-efficient LED lighting and semiconductor applications. Cree draws talent from the public universities and community colleges in North Carolina, as well as from other states and around the world. The company’s most recent expansion was in 2004, when a $300-million, 300-job R&D investment was aided by an 11-year Job Development Investment Grant (JDIG) that could total $5.1 million in benefits.

In yet another instance of JDIG assisting in the creation of high-value jobs, Deutsche Bank in August announced it would invest $6.7 million in a new technology development center in Cary, where the newly formed DB Global Technology Inc. will create 319 jobs over the next five years. The JDIG agreement would award the company up to $9.4 million over 11 years. The new jobs at DB Global Technology will pay an overall average wage of $88,213. In July, Milken Institute named Raleigh-Cary as the second best performing city in the nation when it comes to economic growth, behind only Provo- Orem, Utah. “We are extremely excited at the prospect of opening a professional IT development center in the Research Triangle, which is home to some of the most highly skilled technology talent,” said Anthony P. McCarthy, global CIO, Capital Markets Technology at Deutsche Bank. “Deutsche Bank is the perfect example of the role that higher education can play in terms of skills and in terms of doing sponsored research,” says UNC’s Leslie Boney.

The Research Triangle Park (RTP) has a large part to do with the growth and success, which now can more credibly be called “the granddaddy of all research parks. Prominent private schools such as Duke University also lend depth to the landscape. “A creation like RTP supplies a community of active intellect and inquiry that no one school could create on its own,” said Duke President Richard H. Brodhead at the annual global conference of the International Association of Science Parks held in Raleigh in June 2009. “We all know how much emerges from obscure laboratories. But one thing we don’t sufficiently remember is that the knowledge economy does not and cannot thrive everywhere.

The National Science Foundation’s just-released ranking of 2008 total R&D expenditures at U.S. universities and colleges. Schools in the Tarheel State ranked 7th (Duke University), 26th (UNC-Chapel Hill), 47th (North Carolina State University) and 87th (Wake Forest), out of 679 institutions in the country. The only states with more institutions in the top 100 in that ranking were, in order, California, New York and Texas – states with populations that range from double to quadruple the 9.2 million residents in North Carolina. The campuses themselves may attract that funding. But the growing network of research parks in the state only help spread its effects further. “Like most research universities, Duke does some of the technology transfer work in-house,” said Brodhead, “but it is an essential advantage to have access right down the street to an R&D apparatus [RTP] that is adjacent, complementary but not identical to the university.”

UNC’s Boney says the latest effort to address tech transfer is a new report, developed with IBM, that makes recommendations on how to improve tech transfer across all 16 campuses, in order to “make it easier for companies to work with us,” he says. “We want a more innovative culture on campus that creates more intellectual property, and looks at options for how we partner with companies to make sure we offer a full range of relationships.” Boney says working with the community college system is also important, especially when it comes to 2+2 articulation programs that allow for credit transfers: “That ends up making a difference for the number of aerospace companies in the state,” he says. “That kind of cooperation is an important thing for the companies to see. It also pays off in determining the range of skills a company will need when they get here. Making sure credits transfer is mind-numbingly boring on one level, but for a company it’s very important.”

Rick Weddle, president and CEO of Research Triangle Park, says RTP still gets attention because of the big players in the neighborhood, but “nobody paid attention to the fact that there were 1,500 spinoffs out of RTP. SAS, Quintiles ... we have some of the largest companies in the world that were guys just starting stuff. More jobs have come out of those 1,500 firms in the Triangle than out of the big companies.” Weddle also echoed a point Brodhead made: Schools work with business, but they also make the extra effort to do the unthinkable – work with each other. “Universities are notorious for not working well even among themselves,” said Weddle. “In the Triangle, at these three universities [Duke, UNC-Chapel Hill and N.C. State], it is hard-wired into their culture to work well across lines.”

Source: Site Selection magazine, November 2009

Raleigh Ranks on Top!

2009-11-04T12:56:00.000-08:00

North Carolina has the best business climate in the nation, according to Site Selection magazine, which placed the state atop its annual ranking for the fifth straight year and the eighth time in nine years.

The economic development magazine cited North Carolina's university and community college systems for the state's winning streak.

"Businesses are finding in the state what they need to succeed,” editor-in-chief Mark Arend said in a statement. “The synergy between North Carolina’s research parks, corporations, communities and economic developers at the state and local levels is a major factor in this year’s top ranking.”

The annual “Top Business Climate” rankings are based on quantitative and qualitative factors that people who help companies expand or relocate say they consider most important. Fifty percent of the ranking comes from a survey of corporate site selection executives who were asked to rank their top 10 states, and 50 percent is based on four measures of plant openings and expansions.

Texas finished second in the latest ranking, followed by Virginia, Ohio and Tennessee. South Carolina and Georgia also finished in the Top 10.

“Business leaders know we are listening to them and working aggressively to meet their needs,” North Carolina Gov. Beverly Perdue said in a statement. “Companies know that in North Carolina they will find top-quality talent, world-class infrastructure, a pro-business environment, and premier education institutions. North Carolina is simply a great place to do business.”

Source: www.WRAL.com

Preparing Your Home for Cooler Temperatures...

2009-10-21T10:54:00.000-07:00

Preparing your home for colder weather is very important. To most of us, saving money is even more essential.

Below are some tips on how to do this:

Check around doors and windows for leaks and drafts. Use weather stripping or caulk to seal these areas. Every duct, wire, or pipe that penetrates your home's walls or ceilings has the potential for energy loss. Be sure these areas are properly sealed. Plumbing vents can be the worst areas for energy loss. Electric wall plugs and switches can be energy loss areas. Your hardware store has simple, pre-cut outlet gaskets that eliminate most of the potential energy loss.
Inspect your homes heating ducts before every winter. The ducts can become clogged, crushed, or old duct tape can eventually dry up and fall off the duct joints. You can save up to 10% on your energy bill by sealing leaky ducts.
Is your fireplace damper closed while not in use? Many homeowners forget from year to year to close the damper!
Inspect the insulation in your attic. Make sure there are no gaps or holes, especially in the corners of your attic. Older homes may be "under insulated." This can be one of the least expensive ways to save on energy, especially in older homes. Seal any holes in the attic that lead to the home such as pipes or vents.
Have a routine inspection of your heating system before winter comes.
Replace the air filter in your heating system monthly! This can create big savings at little expense.
If you have a gas heater that is pre 1977 you probably have a 50-60% energy efficiency rating. That means only 50-60% of the energy used goes to heating your home. New gas heaters have up to a 97% rating! This could pay for itself quickly!
Purchase an automatic thermostat timer that can automatically turn down the heat when you are away. It costs far less to raise the temperature before you come home than to maintain it while you are away.
Reverse your ceiling fans! A simple flip of the switch will help re-direct warm air that rises to the ceiling area back down.
Make sure heating vents are not blocked by furniture or other items so air can be evenly distributed throughout your home.
Open curtains to let in more light and more heat!
Change to energy efficient light bulbs. Lighting your home can account for more than 20% of your electric bill.

As always, feel free to reach out to us with any questions you may have about real estate in the Raleigh/Durham area. We're here to help!

Chuck Hinton (919) 422-4841

Cindy Leonard (919) 868-4661

chuckandcindy@chuckandcindy.com

CREEKSIDE COMMONS IN PARADE OF HOMES!

2009-10-05T05:16:00.001-07:00

Creekside Commons is proud to be a part of the 2009 Parade of Homes!

Come out during the following weekends to see our beautifully-designed custom homes!

October 3-4, 9-11 & 16-18
Open Daily: Noon - 5pm

Creekside Commons is a Charleston-inspired neighborhood perfect for those looking for a charming, low-key and low-maintenance lifestyle.

For more information on this sophisticated and vibrant neighborhood, click here.

As always, feel free to reach out to us with any questions or if you need assistance with your real estate needs!

Chuck Hinton (919) 422-4841
Cindy Leonard (919) 868-4661

U.S. Housing Market on the Rebound!

2009-08-21T14:58:00.000-07:00

The U.S. housing market is rebounding faster than expected. The question is, can it last? Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires Nov. 30. Sales jumped 7.2 percent and beat expectations, the National Association of Realtors said Friday.

"We've got tens of thousands of homes perfect for the first-time homebuyer and we've taken advantage of that," said George Hackett, president of Coldwell Banker Real Estate in Pittsburgh.
Sales hit a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth-straight monthly increase and the strongest month since August 2007. Sales had been expected to rise to an annual pace of 5 million, according to economists surveyed by Thomson Reuters.

The risks to that healthy pace, however, are job cuts, mortgage rates and the looming end to the homebuyer tax credit. And the last one could be a doozy because first-time buyers are snapping up one out of every three homes.

First-time buyers get a credit of 10 percent of the purchase price of a home, up to $8,000. The credit phases out for singles earning more than $75,000 and couples earning more than $150,000. The real estate industry is lobbying to have the credit extended but its unclear if Congress will be swayed.

"I would not be at all surprised to see a dip at the end of the year once the tax credit expires," said Robert Dye, senior economist with PNC Financial Services Group.
The home sales report was another sign that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.

Economic activity in both the U.S. and around the world appears to be leveling out and "the prospects for a return to growth in the near term appear good," Federal Reserve Chairman Ben Bernanke said Friday.

But fallout from the recession will linger for some time. Unemployment rose in July in 26 states and fell in 17, the Labor Department said Friday. That is driving up foreclosures, which are not expected to level off until sometime next year.

Sales of foreclosures and other distressed properties made up about a third of all transactions last month, down from nearly half earlier this year. In places like San Diego and Orlando, buyers are snapping up foreclosed properties at deep discounts, and inventories are low.

Those sales helped drag down the national median sales price by 15 percent to $178,400.
Stephen Stoyko hunted off-and-on for two years before he bought a four-bedroom, two-story foreclosure this week for $320,000. The home in Roswell, Ga., north of Atlanta, was initially priced at $335,000.

Stoyko expects to spend about $7,000 to replace missing kitchen appliances and light fixtures _ a cost will be at least partially offset by the first-time homebuyer tax credit. "It's bigger than I needed, but the price was right," he said.

The inventory of unsold homes on the market rose to 4.1 million, from 3.8 million a month earlier as buyers who had held their homes off the market in the past decided to list them for sale. That's a 9.4-month supply at the current sales pace, unchanged from June.

Source: Road Runner Online
To view the article, click here.

The National Economy Stabilizes...

2009-08-12T16:32:00.000-07:00

After a difficult period, the economy shows signs of stability and the housing market looks promising!

Click here for this article.

Source: New York Times

Pending Home Sales Rise - Great News for Housing Market!

2009-08-04T16:12:00.000-07:00

Pending U.S. home sales rose in June for the fifth straight month, another encouraging sign of life for the embattled U.S. housing market, the National Association of Realtors reported Tuesday.
For June, the Realtors group said its pending home sales index rose 3.6 percent to 94.6, from an upwardly revised reading of 91.3 in May. The last time there were five consecutive monthly gains was July 2003.

The results were far better than analysts expected. Economists surveyed by Thomson Reuters expected the index to come in at 91.2. The report tracks signed contracts to purchase previously owned homes and is considered a barometer for future home sales. Typically there is a one- to two- month lag between a sales contract and a completed deal.

The jump in pending home sales coincides with other positive trends in the residential real estate market.

"The housing market is healing and the patient is getting healthier at an accelerating pace," said economist Joel L. Naroff, president of Naroff Economic Advisors Inc.

For the first time in five years, home resales have risen for three months in a row, increasing almost 4 percent in June. Low prices, attractive mortgage rates and a first-time homebuyers tax credit of up to $8,000 have kick-started sales.

"Because housing is so affordable in today's market, job security and the first-time buyer tax credit are bigger factors in influencing home sales," said Lawrence Yun, the Realtors group's chief economist, in a statement.

Also Tuesday, homebuilder D.R. Horton Inc. said its fiscal third-quarter losses shrank from the year-ago period, as it took smaller charges against the falling values of its land and unsold homes.

D.R. Horton's results followed similar numbers from Pulte Homes Inc. and Centex Corp., which reported quarterly earnings Monday that showed new-home orders picked up during the first half of the year.

Yun said he expects existing home sales to gradually rise over the balance of the year, with conditions varying around the country.

"It appears home sales are on a sounder footing and inventory is gradually being absorbed," he said. Regionally, the pending home sales index jumped 7.1 percent to 100.7 in the South and 2.9 percent to 100.4 in the West. The index inched up 0.4 percent to 81.2 in the Northeast, and up 0.8 percent to 89.9 in the Midwest.

Source: Associated Press