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 | Market Update |
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Thursday, 26 November 2009
South leads new-home sales higher
Inventory in September was lowest in four decades
By Alan Zibel
Associated Press
Published: Wednesday, November 25, 2009 at 11:27 a.m.
Last Modified: Wednesday, November 25, 2009 at 11:27 a.m.
WASHINGTON -- Sales of new homes rose last month to the highest level in more than a year as strong activity in the South offset weakness in the rest of the country.
The Commerce Department said Wednesday that sales rose 6.2 percent to a seasonally adjusted annual rate of 430,000 from an upwardly revised 405,000 in September. Economists surveyed by Thomson Reuters had expected a pace of 410,000.
There were 239,000 new homes for sale at the end of October, the lowest inventory level in nearly four decades. At the current sales pace, that's a 6.7 month supply, down from last winter's peak of more than a year.
"If you're looking for a sign that builders will need to start swinging their hammers again soon, this is it," wrote Mike Larson, real estate analyst at Weiss Research.
The report tallies signed contracts to buy homes, rather than completed sales. Home shoppers in October were acting before lawmakers decided to extend a tax credit for first-time buyers and expand it to some existing homeowners. The credit now covers contracts signed by April 30, and analysts expect it to further the housing recovery in the coming months.
"It's all thanks to the government," said Jennifer Lee, an economist at BMO Capital Markets. Sales are up 31 percent from the bottom in January, but down 69 percent from their peak in July 2005.
The surge in sales was driven entirely by a 23 percent increase in the South. Sales fell about 5 percent in the West and Northeast, and fell 20 percent in the Midwest.
Despite the lack of certainty about the tax credit that buyers faced in October, sales were up 5.1 percent from a year earlier, the first year-over-year increase since November 2005.
The median sales price of $212,200 was almost even with $213,200 a year earlier, but up almost 1 percent from September's level of $210,700.
The resale market is also strong. The National Association of Realtors said Monday that home resales rose 10 percent from September to October, the biggest monthly increase in a decade. Along with the tax credit, buyers are being attracted by low prices and mortgage rates. Existing-home sales reflect actual closings, rather than contracts sign.
The average interest rate for a 30-year fixed mortgage was 4.78 percent this week, matching a record low set at the end of April, Freddie Mac said Wednesday.
AP reporter Alex Veiga contributed to this report.
If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Wednesday, 25 November 2009
| Mortgage Interest Rates for Fixed Rate Mortgages* |
| Rates as of Tuesday, 24th November, 2009: |
| |
Term |
Conforming |
APR |
Payment per
$1,000 |
Jumbo |
APR |
Payment per
$1,000 |
| 30 yr Fixed |
360 |
4.75% |
4.879% |
$5.22 |
5.50% |
5.590% |
$5.68 |
| 15 yr Fixed |
180 |
4.25% |
4.472% |
$7.52 |
% |
0.000% |
$0.00 |
| FHA |
360 |
5.00% |
5.131% |
$5.37 |
% |
0.000% |
$0.00 |
| VA |
360 |
5.00% |
5.131% |
$5.37 |
% |
0.000% |
$0.00 |
| 5-1 ARM |
360 |
3.25% |
3.368% |
$4.35 |
4.625% |
4.711% |
$5.14 |
| 5-1 ARM Interst-only |
360 |
3.50% |
3.620% |
$2.92 |
% |
0.000% |
$0.00 |
| USDA |
360 |
5.00% |
5.131% |
$5.37 |
% |
0.000% |
$0.00 |
|
|
| *Rates are subject to change due to market fluctuations and borrower's eligibility. |
| **APR for the conforming rate is based off of a loan amount of $200,000. APR for the jumbo rate is based off of a loan amount of $500,000** **Rates are quoted based off a full documentation loan, purchase of a primary residence, middle credit score of 740, 1% Origination and no points** |
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If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Friday, 13 November 2009
Wilmington home sales continue to improve
Published: Tuesday, November 10, 2009 at 11:02 a.m.
Last Modified: Tuesday, November 10, 2009 at 11:02 a.m.
Home sales in the Wilmington area continued to improve in October, with the number of closed transactions topping year-earlier levels for the second straight month.
Sales of homes covered by the listing service of the Wilmington Regional Association of Realtors rose to 447 in October, compared with 358 in October 2008 and 396 in September of this year.
“The government extending the first-time buyer credit and offering the new tax credits for (other) buyers should help continue to stabilize and improve the real estate market,” April McDavid, president of the WRAR, said Tuesday in an e-mail.
In another positive sign for the area’s housing market, permits for single-family homes rose to 136 in New Hanover County from 114 in September, 77 in August and 50 in July, the county planning and inspections department said Monday.
Local home sales include sales of new-construction homes as well as resales.
Home sale numbers, however, may become less valuable from here out because this time last year the real estate market began feeling the effects of the September financial meltdown. Monthly sales subsequently plunged in late fall and winter.
For instance, sales in November 2008 – the first month to be affected by the financial meltdown – plunged to 220 from 358 in October.
McDavid said last month that it would be next year before the area could see a sustained climb out of the real estate slump, although she and other real estate experts here think we have hit bottom.
The average price of a home whose sale closed in October fell to $237,998 compared with $257,912 in October 2008. The median price – that is the price where half sold for more and half for less – slipped to $187,500 from $200,000 a year earlier.
Prices reflect only the homes sold in a particular month and do not necessarily reflect the value of homes in general. Additionally, they are volatile because the numbers are affected by other factors, including the number of homes that sold in higher or lower price ranges.
Though more homes sold in October than a year earlier and a month earlier, the number of days it took to sell them rose.
The average number of days on the market it took to sell a home rose in October to 143 from 135 in September and 115 a year earlier, the local Realtors said.
Wayne Faulkner: 343-2329
If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Friday, 13 November 2009
Growth of N.C. foreclosures slowed in October
Associated Press
Published: Wednesday, November 11, 2009 at 12:31 p.m.
Last Modified: Wednesday, November 11, 2009 at 12:31 p.m.
Charlotte | The rate of home foreclosures in North Carolina slowed last month compared with recent months.
The Charlotte Observer reported Wednesday that foreclosure filings in the state dropped by 3 percent compared with October 2008. More than 6,000 homeowners filed for foreclosure in North Carolina last month.
The newspaper reported that the slowing increase of home foreclosures comes largely because of the comparison with last year’s surge in filings.
Mecklenburg County had a 15 percent increase in foreclosure filings compared with October 2008. But some recent monthly increases were 80 percent compared with the same month last year.
Mecklenburg County’s 1,129 filings last month accounted for one-fifth of the state’s total. North Carolina is on pace for a record-breaking 60,000 filings for 2009.
If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Monday, 09 November 2009
Magazine ranks N.C. business climate No. 1
The Associated Press
Posted: Wednesday, Nov. 04, 2009
RALEIGH, N.C. Site Selection magazine has ranked North Carolina No. 1 in the country for its business climate
The magazine cites new high-tech development and North Carolina's technology-focused academic centers as strengths for business growth.
Texas ranked No. 2, Virginia, Ohio and Tennessee.
The annual rankings are determined by the number of new and expanded business facility projects in each state and other factors including transportation infrastructure, existing work force skills and state and local taxes.
Site Selection magazine is an economic development publication.
If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Monday, 09 November 2009
New mortgage rules proposed for N.C.
November 3, 2009By Alison Lee Satake
The North Carolina Commissioner of Banks (NCCOB) announced today a set of proposed mortgage rules that would protect consumers and reduce foreclosures. A few changes were last made in 2007, but the commissioner of banks now proposes six new rules. "This is the most significant rule making we've done in the mortgage area," said Mark Pearce, NCCOB chief deputy commissioner, in a phone interview Tuesday.
The new rules follow in the aftermath of the housing market and mortgage lending crisis.
One of the new rules would require mortgage lenders to provide a comparison between the proposed loan offer and a standard 30-year fixed rate mortgage loan early on. "A problem we’ve had in the last decade is [borrowers are] not necessarily aware of what kind of loan or risk they are entering," Pearce said.
Mortgage brokers would also have to disclose plainly the identity of the lender, broker, or loan originator when soliciting refinancing. If a company continues to deceive or confuse the public, it would face up to $25,000 in fines and risk losing their lending license.
The new rules are proposed technical provisions to the North Carolina SAFE (Secure and Fair Enforcement) Act, which states the North Carolina requirements for mortgage lenders. It stems from the federal SAFE Act passed by Congress in 2008. Under the act, mortgage loan originators are required to complete a minimum 20 hours of NCCOB-approved pre-licensing or continuing education.
Another rule would prohibit lenders from making loans with a discount from an affiliated party, such as a homebuilder. This type of incentive eliminates competition from other mortgage lenders and can create inflated home values. "We’ve conducted at least two public enforcement actions with companies affiliated with homebuilders and we partnered with law enforcement," he said. The NCCOB reported that they entered settlements with Beazer Mortgage Corp. and Ryland Mortgage.
"One of the problems in the mortgage market in the last decade is mortgage brokers had an incentive to sell mortgages that cost more," Pearce said. Currently, there is ban against this for subprime loans. To further eliminate this practice, the NCCOB proposes to prohibit compensation to lenders and brokers that are based on the terms of any loan.
Additional rules the NCCOB proposes are stopping the process of foreclosure as soon as a homeowner requests assistance and requiring mortgage servicers to provide a timeline to homeowners to increase reliability, transparency and efficiency in foreclosure prevention. If adopted, the new rules would apply to the 875 mortgage lenders and 9,000 loan officers in North Carolina, Pearce said.
The North Carolina Office of the Commissioner of Banks is soliciting public feedback now through Jan. 2, 2010. A public hearing will be held on Dec. 8 at 9 a.m. at the commissioner of bank’s office. After considering the public feedback, the proposed changes will move to the Rules Review Commission, which has the authority to review and adopt the rules into the N.C. Administrative Code
If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Saturday, 07 November 2009
| Weekend Rates
The exciting news all over our industry is the extension and the addition to the homebuyer tax credit. That news helped the interest rate market finish up the week anywhere from .125% to .25% better than it started depending on loan product.
The 5/1 ARM and the 30 yr fixed rates are looking very good right now! In addition the 5/1 Jumbo ARM is the lowest it has been in almost a year!!
Thank you very much for your referrals and business and I look forward to working with you soon. Please do not hesitate to call me over the weekend if you have any clients you need me to consult with.
Have a great weekend!
|
| Mortgage Interest Rates for Fixed Rate Mortgages* |
| Rates as of Friday, 6th November, 2009: |
| |
Term |
Conforming |
APR |
Payment per
$1,000 |
Jumbo |
APR |
Payment per
$1,000 |
| 30 yr Fixed |
360 |
4.75% |
4.879% |
$5.22 |
5.50% |
5.590% |
$5.68 |
| 15 yr Fixed |
180 |
4.25% |
4.472% |
$7.52 |
% |
0.000% |
$0.00 |
| FHA |
360 |
5.00% |
5.131% |
$5.37 |
% |
0.000% |
$0.00 |
| VA |
360 |
5.00% |
5.131% |
$5.37 |
% |
0.000% |
$0.00 |
| 5-1 ARM |
360 |
3.25% |
3.368% |
$4.35 |
4.625% |
4.711% |
$5.14 |
| 5-1 ARM Interst-only |
360 |
3.50% |
3.620% |
$2.92 |
% |
0.000% |
$0.00 |
| USDA |
360 |
5.00% |
5.131% |
$5.37 |
% |
0.000% |
$0.00 |
|
|
| *Rates are subject to change due to market fluctuations and borrower's eligibility. |
| **APR for the conforming rate is based off of a loan amount of $200,000. APR for the jumbo rate is based off of a loan amount of $500,000** **Rates are quoted based off a full documentation loan, purchase of a primary residence, middle credit score of 740, 1% Origination and no points** |
 |
|
If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Friday, 06 November 2009
Wow! What an outstanding October. I wanted to share with everyone how we performed in October and set the table for a fast start to 2010. The following are the key statistics for the market in October and how we faired against the top five companies in the MLS.
Closed Sales Volume Change
(October 08 vs. October 09) Overall Market = +9.4%
C21S 98%
Intra 3.9%
RE 1.8%
CB -7.7%
Prudential -18.7%
Closed Units Change
(October 08 vs. October 09) Overall Market = +20.5%
C21S 95.7%
Intra 37.3%
CB 9.9%
RE -13.0%
Prudential -16.4%
DOM
(October 08 vs. October 09) Overall Market = 146 days
C21S 133
Intra 191
CB 124
RE 207
Prudential 225
In addition, the following is year to date numbers fro the entire MLS. While unit sales continue to improve each month from the previous year, prices continue to come down dramatically. As we start to project home prices for 2010, all indications are that prices will continue to come down in all price ranges. On a positive note, we believe by the end of 2010 we will begin to see price stabilization in the sub $200,000 market.
Market wide AVG sales price 2008vs2009
Decreased 15%
Market wide DOM 2008vs2009
Increased from 116 days to 146 days
If you would like to buy or sell Wilmington, foreclosures, short sells, investment properties, NC real estate, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas
Sunday, 01 November 2009
LOCAL MARKET SHOWS PROGRESS TOWARDS RECOVERY
Local market shows progress towards recovery
BY APRIL MCDAVID
ABR, CRS, CSP, GRI, RRS
President, Wilmington Regional Association of REALTORS®
The fall season offers some exciting news for both buyers and sellers in the Wilmington area. During the third quarter, our local market showed improved numbers over earlier this year and year-end 2008. This is a significant indicator that the housing market is stabilizing and beginning to recover.
McDavid
When analyzing the growth within the five major Wilmington zip codes, our average sales price has decreased 15.2% over year end 2008 which is only a decrease of 6.9% from last quarter. When we look at the median sales price, we have a 13.0% decrease over year-end 2008 and a 3.2% decrease over last quarter.
• Sellers received 95.4% of the asking price in 2008, compared to 95.5% for 3rd Quarter 2009.
• 3rd Quarter 2009 had an increase in the number of sold homes by 11.6% from 2nd Quarter 2009.
• September 2009 was particularly significant because the number of sold homes during that month also outpaced levels achieved in September 2008. This is the first time in over three years that this has happened.
Over the last couple of years, an analysis of five Wilmington zip codes – 28403, 28405, 28409, 28411, and 28412 was conducted. The areas of focus were:
• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List Price – The amount of money a home is listed on the market.
• Selling Price – The price the seller accepts for his or her house.
• Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
2008 Year-End Average
Selling Price vs. 2009 3rd Quarter Average Selling Price
3rd Quarter 2009 28403 Zip Code
• The average selling price of $192,580 has decreased 21.4% under the 2008 year-end average selling price of $244,932.
• 21.3% of sellers in 3rd quarter paid a concession compared to 16.5% in 2008.
• The average list price of $202,337 for 3rd quarter has decreased 23.4% over the 2008 year-end average list price of $264,105.
• The average number of days a property remained on the market for 3rd quarter was 122 days compared to 112 days for year-end 2008.
• The median sold price of $159,500 for 3rd quarter has decreased 18.2% from year-end 2008.
• Sold homes in 3rd quarter received 95.2% of the asking price, an increase from 92.4% year-end 2008.
3rd Quarter 2009 28405 Zip Code
• The average selling price of $245,441 has decreased 17.2% over the 2008 year-end average selling price of $296,397.
• 20.7% of sellers in 3rd quarter paid a concession compared to 18.5% in 2008.
• The average list price of $261,798 for 3rd quarter has decreased 15.7% from the 2008 year-end average list price of $310,425.
• The average number of days a property remained on the market for 3rd quarter was 140 days compared to 109 days for year-end 2008.
• The median sold price of $186,000 for 3rd quarter has matched almost exactly $186,500 from year-end 2008.
• Sold homes in 3rd quarter received 93.8% of the asking price, a decrease from 95.5% yearend 2008.
3rd Quarter 2009 28409 Zip Code
• The average selling price of $312,199 has decreased 2.3% over the 2008 year-end average selling price of $319,619.
• 15.7% of sellers in 3rd quarter paid a concession compared to 14.1% in 2008.
• The average list price of $332,776 for 3rd quarter has decreased 1.2% over the 2008 yearend average list price of $336,701.
• The average number of days a property remained on the market for 3rd quarter was 128 days compared to 121 days for year-end 2008.
• The median sold price of $240,000 for 3rd quarter has decreased 5.9% from year-end 2008.
• Sold homes in 3rd quarter received 93.8% of the asking price, a decrease from 94.9% yearend 2008.
3rd Quarter 2009 28411 Zip Code
• The average selling price of $250,287 has decreased 21.3% over the 2008 year-end average selling price of $317,945.
• 21.5% of sellers in 3rd quarter paid a concession compared to 25.2% in 2008.
• The average list price of $259,059 for 3rd quarter has decreased 21.7% over the 2008 year-end average list price of $330,870.
• The average number of days a property remained on the market for 3rd quarter was 127 days compared to 111 days for year-end 2008.
• The median sold price of $211,450 for 3rd quarter has decreased 13.0% from year-end 2008.
• Sold homes in 3rd quarter received 96.6% of the asking price, an increase from 96.0% year-end 2008.
3rd Quarter 2009 28412 Zip Code
The average selling price of $189,593 has decreased 10.6% over the 2008 year-end average selling price of $212,101.
• 25.0% of sellers in 3rd quarter paid a concession compared to 23.7% in 2008.
• The average list price of $199,122 for 3rd quarter has decreased 9.3% over the 2008 yearend average list price of $219,554.
• The average number of days a property remained on the market for 3rd quarter was 142 days, compared to 113 days for year-end 2008.
• The median sold price of $165,950 for 3rd quarter has decreased 12.6% from year-end 2008.
• Sold homes in 3rd quarter received 95.2% of the asking price, a decrease from 96.6% year end 2008.
Summary
Our third quarter has shown limited, but significant progress. Now is the best time to buy with several positive indicators:
• Mortgage rates on a 30 year fixed loan are just below 5.0% - some of the lowest rates in 30 years.
• Current inventory of homes is high – from 13 to 15 months supply.
• For first-time home buyers, the $8,000 tax credit is still available until November 30, 2009.
While there is lots of conversation about expanding and extending this tax credit, it has not been approved as of the writing of this article. The downside has several factors:
• Qualified buyers are finding lending standards to be a lot tighter, from the need for higher credit scores and loan program restrictions.
• Sales are also suffering from the current foreclosures and short sales in the market. As these take place, we are finding new issues with appraisals having lower values and taking longer due to new appraisal rules.
Our market has experienced a sizeable increase of 11.6% in number of homes sold in 3rd quarter 2009 compared to 2nd quarter 2009. Sales to first-time home buyers are helping to drive this increase. In 3rd quarter 2009, we continue to see market corrections and adjustments in average sales price; overall, we decreased 15.2% from year-end 2008. All five zip codes had average sold price decreases from 2% to 21% over year end 2008. Our list to sales price ratio for the 3rd quarter 2009 is 95.05%, a slight decrease from 95.5% for 2008. The average list price of the sold properties is $245,972 and is down 14.9% from year end 2008.
Concessions offered to buyers are now offered in 15.7% to 25% of the transactions in 3rd quarter 2009. Our median sales price for 3rd quarter ($188,450) reflects a downturn of 13.0% from 2008 ($216,500). Our overall average days on the market are 133, an increase of 20 days from year end 2008. Sellers in 28411 got about 96.6% of their asking price while those in 28405 & 28409 only got 93.8% of their asking price. All four zip codes had an increase in units sold except for 28403. 2009 will prove to be a time when our market stabilized. With the current inventory of homes available and low interest rates, now is the best time in history to buy a home!
Contact a REALTOR® to discuss your specific area and discover what options are available to you. Their expertise can help you take advantage of this once in a lifetime opportunity. Don’t miss out - call a REALTOR® today and turn the American dream into your reality.
An Analysis of information from the Wilmington Regional Association of REALTORS Incorporated, for the period Jan. 1, 2005 through September 30, 2009 – data pulled on October 14, 2009.
– WRAR
If you would like to buy or sell Wilmington, NC real estate, foreclosures, short sells and vacation properties, contact Sandy and Steve Thornton for all your home buying and selling needs. Specializing in Wilmington, Leland, Hampstead, Sneads Ferry, Jacksonville, Topsail Island including Surf City, Topsail Beach, North Topsail Beach, Beach and waterfront properties covering New Hanover County, Pender County, Brunswick County and Onslow County areas.
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Sandy & Steve Thornton
Century 21 Sweyer & Associates
16406 Highway 17 N Ste 5
Hampstead, NC 28443
Cell: 910-352-3526
Cell: 910-554-2441
Fax: 910-239-1580
Email: unrealestate1@aol.com
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