March Happenings in the Triangle
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RaleighCaryNCNewHomes
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Performing Arts
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Hometown Discoveries - 
Can you still Borrow Money?
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RaleighCaryNCNewHomes
Credit Scores
1. Credit scores below the ‘excellent’ (at least 720) range will likely result in higher interest rates, more discount points at closing or potentially, denial of the application.
2. Down payment requirements are at a minimum of 25 percent on just about everything, even duplexes. (If you know of a legitimate source for 10 percent down, let us know.)
3. Investment property rates have dropped a little since November and are now in the range of 6.75 - 7.25 percent without adjusting for credit scores and other ‘risk factors’ as determined by the lender.
4. Lenders are also beginning to require points to be paid on some loans rather than offering it as an option to buy down the rate. This is likely an effort to reduce speculative short term strategies.
5. If you have four (4) or more residential mortgages, you cannot get another residential loan (and yes, your primary residence counts). You will have to seek alternative sources of financing such as commercial loan products, seller financing, or private equity.
Commercial Loans
1. Rates seem to be hovering in the 6.25 - 6.5 percent range for your typical loan, amortized over 15 to 20 years with a 5- to 7-year call.
2. Down payment requirements are typically 20.
2. There are no limits on the number of commercial loans a bank can give you. Any limit they impose would generally be at the discretion of the bank.
3. Commercial banks, especially local, privately owned institutions value relationships and continue to show a willingness to be ‘flexible’ relative to residential mortgage lenders. These banks are not boxed in by third-party regulations and can still make loans if the borrower is strong and they value the relationship with the client.
Stimulus going to 10 Cities...Bet you can't guess who!
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RaleighCaryNCNewHomes
In Pictures: The 10 Most Stimulated States
WASHINGTON, D.C.--When President Barack Obama signed the American Recovery and Reinvestment Act on Tuesday, he let loose a $787 billion tidal wave of money aimed at getting the stalled economy moving again. But not everyone, everywhere will share in it equally.
In terms of raw jobs and raw cash, it's no surprise that California--the biggest state, staggering under one of the nation's worst unemployment rates--is the biggest beneficiary. What is surprising: On a per capita basis, it is smaller states--where unemployment is not as large a problem--that will get the most help, according to White House data released before the signing ceremony.
Of the 10 smallest states (including the District of Columbia), six are estimated to receive the largest per capita job creation. So while California, Texas, New York and Florida, the four biggest states, get the most total jobs, it is some of the smallest states--Wyoming, Washington, D.C., Vermont, North and South Dakota, and Delaware that are getting the biggest boost per citizen.
Several of the biggest recipients on a per-person basis also have the lowest unemployment rates in the nation. Depending on one's perspective, that's either aid for those who don't need it, or it's rightfully not withholding funds from states that have done a good job keeping their economies in order.
The four states in the country with the lowest unemployment rates all make the list--Wyoming, North Dakota, South Dakota and Nebraska. All four states had unemployment of 4% or lower in December, while the national average was 7.2%. Since December, the national average has jumped further to 7.6% and is expected to jump again in February.
The White House estimates are based off assumptions from "The Job Impact of the American Recovery and Reinvestment Plan," written by Christina Romer and Jared Bernstein. Romer was a member of the National Bureau of Economic Research business cycle dating committee, the arbiter of recessions in the U.S., until leaving to chair President Obama's Council of Economic Advisers.
The estimates from the White House combined Romer and Bernstein's analysis of how many jobs were likely to be created in different sectors with data on state economies, such as the industrial composition of each state.
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The $787 billion stimulus was controversial legislation, obviously, with politicians and economists debating what would be the most effective use of stimulus and whether the administration's job creation claims were realistic. The Congressional Budget Office has questioned whether or not the government is even capable of spending such a large amount of money in two years. Ultimately, nobody knows whether or not the legislation can achieve its goal of creating 3.5 million jobs in two years. Nothing of this scope has ever been attempted before.
What is agreed is that states are hobbled by unemployment and collapsing tax revenues. In December, in California, the Bureau of Labor Statistics estimated that 1.7 million people were unemployed--a rate of 9.3%. But even that is lower than the 9.5% unemployment rate in South Carolina, 10% in Rhode Island and 10.6% in Michigan.
The Democrats (and three Republicans) who supported the legislation now have their futures largely tied to the goals they outlined: 109,000 jobs for Michigan, 396,000 jobs for California, 3.5 million jobs nationwide. At a price tag of $787 billion, they better hope they are right.
High Rock Lake NC has been beautiful lately....
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RaleighCaryNCNewHomes
The scenes on the Lake have been wonderful lately, and so has the fishing. I see seagulls out there everyday all day long fishing. The Fishermen are out fighting the freezing temps just to make the catch. Real Estate is still selling great on the Lake so call if you are interested for listings.919-559-7584-Direct
JoAnne Mercer
Get your Financial House in Order!
Posted by
RaleighCaryNCNewHomes
Highly recommend that this be the year that you consider getting totally out of debt with a emergency savings fund in the bank. Please read Dave Ramsey's Article, and you will be glad you did.
Sales Down in the Triangle but....
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RaleighCaryNCNewHomes
Home sales in the Triangle fell by 44 percent in January, new data show.
The Triangle Multiple Listing Service says that 879 housing units were sold in the area in January, down from 1,580 a year earlier.
Prices also fell slightly. The median price of a sold home in the region was $178,500 in January, down 3.5 percent from $184,900 a year earlier.
Residential real estate sales have been falling in the Triangle for more than two years now. While mortgage rates are near historic lows, the credit crunch means that it’s become tougher for some borrowers to get loans. Demand for homes also is soft as joblessness increases; fewer people moving to the area for work means fewer homes swapping hands.
But the market is better positioned than most local housing markets.
Prices haven’t taken the sort of nosedive seen elsewhere because Triangle builders did not build up huge inventories. And the area’s recession-resistant industries – health care, education, government – should help the job market, and thus the housing market, recover when the national economy starts to pick up steam.
For now, though, the market remains slow. There was a 12.8-month supply of housing on the market in January, well above the mark considered healthy. And pending home sales, the best indicator of future sales, fell by 34 percent in January, to 1,364.
Live on High Rock Lake
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RaleighCaryNCNewHomes
Nearby enjoy the conveniences of major grocery stores, fast food and other restaurants as well as movie rentals, antiques & shopping.
▪ There are miles of hiking trails at Morrow Mountain and the Uwharrie National Forest just east of Albemarle.
▪ There is furniture shopping in High Point and full retail shopping in Charlotte, Greensboro and Ashboro.
▪ Bask in the Sun and Breathe the Lake air while relaxing on the spacious deck overlooking High Rock Lake, the second largest in North Carolina. Enjoy fishing, swimming or boating off the private dock
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