Some of the nation’s top economists believe the housing market has turned and better days are on the way for the housing industry.
Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital.
“I would bet even odds that we’re at a bottom and that we’re going to see improvement in the coming months,” says Karl Case, co-creator of the S&P/Case-Shiller Home Price Index and a professor of economics at Wellesley College.
“The underlying trend is turning positive,” says Bruce Kasman, chief economist at JPMorgan Chase & Co.
Source: Bloomberg, Kathleen M. Howley and Rich Miller (03/15/2010)
Tuesday, March 16, 2010
Monday, March 15, 2010
2010 Census Starts Today
The 2010 Census starts today. It is extremely important to fill out the new forms quickly and accurately.
Census information affects the numbers of seats your state occupies in the U.S. House of Representatives. And people from many walks of life use census data to advocate for causes, rescue disaster victims, prevent diseases, research markets, locate pools of skilled workers and more.
When you do the math, it's easy to see what an accurate count of residents can do for your community. Better infrastructure. More services. A brighter tomorrow for everyone. In fact, the information the census collects helps to determine how more than $400 billion dollars of federal funding each year is spent on infrastructure and services like:
Census information affects the numbers of seats your state occupies in the U.S. House of Representatives. And people from many walks of life use census data to advocate for causes, rescue disaster victims, prevent diseases, research markets, locate pools of skilled workers and more.
When you do the math, it's easy to see what an accurate count of residents can do for your community. Better infrastructure. More services. A brighter tomorrow for everyone. In fact, the information the census collects helps to determine how more than $400 billion dollars of federal funding each year is spent on infrastructure and services like:
- Hospitals
- Job training centers
- Schools
- Senior centers
- Bridges, tunnels and other-public works projects
- Emergency services
Also, participation isn't just important—it's mandatory.
David C Recker, Associate Broker, Realtor ® licensed in North Carolina. Reach David at: 252-442-2687
Read Related Articles, News, and Information for North Carolina Here.
Visit my website, www.NCRealEstateWeb.com, for more relevant information about the North Carolina Real Estate Market.
Copyright © 2010 By David C Recker, OurTeamBlog.com. All Rights Reserved. *2010 Census Starts Today*
Thursday, March 11, 2010
Mortgage Rates to Stay Low, Goldman Predicts
Investment bank Goldman Sachs recently predicted that mortgage rates won’t rise much when the Federal Reserve ends its purchases of mortgage-backed securities at the end of March.
Part of the reason is that demand for mortgages is low, says Goldman analyst Sven Jari Stehn. What would drive up mortgage rates, he says, is a decision by the Fed to sell the mortgage backs it holds, but that isn’t likely to happen anytime soon, he believes.
Source: The Wall Street Journal, Emily Friedlander 03/05/2010
Part of the reason is that demand for mortgages is low, says Goldman analyst Sven Jari Stehn. What would drive up mortgage rates, he says, is a decision by the Fed to sell the mortgage backs it holds, but that isn’t likely to happen anytime soon, he believes.
Source: The Wall Street Journal, Emily Friedlander 03/05/2010
Wednesday, March 10, 2010
Obama Spells Out Rebates for Energy Efficiency
SAVANNAH, Ga.—Sounding a familiar clean-energy theme, President Barack Obama on Tuesday announced details of a proposed energy rebate program he hopes will spur demand for insulation and water heaters —and jobs for hurting Americans.
Obama said the administration’s “HOMESTAR” program would reward people who buy energy-saving equipment with an on-the-spot rebate of $1,000 or more. He cast the idea as one that would save people money on utility bills, boost the economy and reduce American dependence on oil.
The plan would take the approval of Congress.
“When it comes to domestic policy, I have no more important job as president than seeing to it that every American that wants to work and is able to work can find a job,” Obama said at Savannah Technical College, in a state where the unemployment rate tops the national average of 9.7 percent.
“That was my focus last year and that is my focus this year,” he said, “to lay a foundation for economic growth that creates jobs.” He appeared in Georgia three days before the government releases the February unemployment report.
Speaking to the many people looking for jobs, Obama said he knows “it’s tough out there.”
The administration is hoping the energy rebate plan could become as popular as last year’s Cash for Clunkers money-back program for autos. Consumers would collect immediate rebates for buying insulation, water heaters or other equipment to make their homes burn energy more efficiently.
Various vendors, ranging from small, independent contractors to national home improvement chains, would promote the rebates, give the money to consumers and then be reimbursed by the federal government.
Some details of the program, including how long it will run and its total cost, remain to be worked out with Congress, administration officials said.
The price tag could be in the range of $6 billion.
Obama said the upfront costs would be worth it, just as homeowners must put money into their homes to improve them and save costs in the long term.
Appealing to Congress, Obama said: “I just hope Washington stands alongside me in making sure we’ve got the kind of energy future that we need.” Congress has stalled several of Obama’s legislative efforts, including overhauling the health care system, addressing climate change and giving the government a bigger role in providing student loans.
Cash for Clunkers was a $3 billion program that ran for about a month last year, from July 27 to Aug. 25.
The latest proposal has two levels of rebates.
Under the first level of energy rebates, to be called Silver Star, consumers would be eligible for rebates between $1,000 and $1,500 for a variety of home upgrades, including adding insulation, sealing leaky ducts and replacing water heaters, HVAC units, windows, roofing, and doors. There would be a maximum rebate of $3,000 per home.
Under the second level, Gold Star, consumers who get home energy audits and then make changes designed to reduce energy costs by at least 20 percent would be eligible for a $3,000 rebate. Additional rebates would be available for savings above 20 percent.
If the program is enacted, the administration expects millions of households will boost demand for insulation, water heaters and the like—the same way consumers pumped up car and truck sales last year by trading in their gas-guzzling autos with more fuel-efficient models.
Representatives of the construction and home improvement business sectors were invited to Obama’s speech.
Howard Feldman, co-owner of Coastal Green Building Solutions in neighboring Ridgeland, S.C., said he hoped an influx of business from homeowners seeking the rebates would allow his small company to bring work back to job-starved contractors his company hires to perform energy-efficiency upgrades.
Feldman said he also suspects the program would have a lasting effect after the government rebate program ends, when people who took advantage of it tell friends and neighbors about the money they save on utility bills.
Yet some viewed it differently.
Todd Odom of nearby Guyton, Ga., stood across the street from the college with a group of about 70 Obama supporters and protesters. Odom, a 42-year-old machinist, said the government’s already spending too much and “HOMESTAR” would be a wasteful giveaway.
“When is it my responsibility to pay to refurbish somebody’s kitchen?” Odom said. “I want the government to fight my wars, build my roads, house our prisoners and leave me alone.”
Before heading back to Washington, Obama visited two local businesses—a company that makes custom steel parts and a digital post-production studio that got started with help from some $2 million in loans from the Small Business Administration.
–
Source: Associated Press writer Russ Bynum contributed to this report. A service of YellowBrix, Inc.
Obama said the administration’s “HOMESTAR” program would reward people who buy energy-saving equipment with an on-the-spot rebate of $1,000 or more. He cast the idea as one that would save people money on utility bills, boost the economy and reduce American dependence on oil.
The plan would take the approval of Congress.
“When it comes to domestic policy, I have no more important job as president than seeing to it that every American that wants to work and is able to work can find a job,” Obama said at Savannah Technical College, in a state where the unemployment rate tops the national average of 9.7 percent.
“That was my focus last year and that is my focus this year,” he said, “to lay a foundation for economic growth that creates jobs.” He appeared in Georgia three days before the government releases the February unemployment report.
Speaking to the many people looking for jobs, Obama said he knows “it’s tough out there.”
The administration is hoping the energy rebate plan could become as popular as last year’s Cash for Clunkers money-back program for autos. Consumers would collect immediate rebates for buying insulation, water heaters or other equipment to make their homes burn energy more efficiently.
Various vendors, ranging from small, independent contractors to national home improvement chains, would promote the rebates, give the money to consumers and then be reimbursed by the federal government.
Some details of the program, including how long it will run and its total cost, remain to be worked out with Congress, administration officials said.
The price tag could be in the range of $6 billion.
Obama said the upfront costs would be worth it, just as homeowners must put money into their homes to improve them and save costs in the long term.
Appealing to Congress, Obama said: “I just hope Washington stands alongside me in making sure we’ve got the kind of energy future that we need.” Congress has stalled several of Obama’s legislative efforts, including overhauling the health care system, addressing climate change and giving the government a bigger role in providing student loans.
Cash for Clunkers was a $3 billion program that ran for about a month last year, from July 27 to Aug. 25.
The latest proposal has two levels of rebates.
Under the first level of energy rebates, to be called Silver Star, consumers would be eligible for rebates between $1,000 and $1,500 for a variety of home upgrades, including adding insulation, sealing leaky ducts and replacing water heaters, HVAC units, windows, roofing, and doors. There would be a maximum rebate of $3,000 per home.
Under the second level, Gold Star, consumers who get home energy audits and then make changes designed to reduce energy costs by at least 20 percent would be eligible for a $3,000 rebate. Additional rebates would be available for savings above 20 percent.
If the program is enacted, the administration expects millions of households will boost demand for insulation, water heaters and the like—the same way consumers pumped up car and truck sales last year by trading in their gas-guzzling autos with more fuel-efficient models.
Representatives of the construction and home improvement business sectors were invited to Obama’s speech.
Howard Feldman, co-owner of Coastal Green Building Solutions in neighboring Ridgeland, S.C., said he hoped an influx of business from homeowners seeking the rebates would allow his small company to bring work back to job-starved contractors his company hires to perform energy-efficiency upgrades.
Feldman said he also suspects the program would have a lasting effect after the government rebate program ends, when people who took advantage of it tell friends and neighbors about the money they save on utility bills.
Yet some viewed it differently.
Todd Odom of nearby Guyton, Ga., stood across the street from the college with a group of about 70 Obama supporters and protesters. Odom, a 42-year-old machinist, said the government’s already spending too much and “HOMESTAR” would be a wasteful giveaway.
“When is it my responsibility to pay to refurbish somebody’s kitchen?” Odom said. “I want the government to fight my wars, build my roads, house our prisoners and leave me alone.”
Before heading back to Washington, Obama visited two local businesses—a company that makes custom steel parts and a digital post-production studio that got started with help from some $2 million in loans from the Small Business Administration.
–
Source: Associated Press writer Russ Bynum contributed to this report. A service of YellowBrix, Inc.
Tuesday, March 9, 2010
Federal Program to Encourage Short Sales
Beginning April 5, the Obama administration will encourage delinquent borrowers to avoid foreclosure and instead give up their homes in short sales by streamlining the process.The program will offer a cash payment to the home owner, as well as to the servicer and second-lien holder; and protect borrowers from future lender lawsuits for the unpaid mortgage balance.
To curtail fraud, lenders will have to consult real estate practitioners to assess home value and minimum acceptable offer; they then must accept any offer that is equal to or higher than that.
Source: The New York Times, David Streitfeld (03/08/10)
Market Statistics for February 2010
The following are indicators of the Greater Rocky Mount Area Real Estate Market. These statistics were gathered from data contained in the Rocky Mount MLS system and predominately cover Nash and Edgecombe Counties in North Carolina.Active residential listings totaled 1007 properties. This is an increase of 9 properties, or 0.8%, from 998 in January. This slight increase in inventory is expected this time of year.
Newly listed properties totaled 135. This is a decrease of 23 new listings, or 14.55%, from 158 last month.
Sold properties totaled 35. This is a decrease of 6, or 14.63%, from last month’s total of 41 residential properties sold.
Pending sales totaled 70. This is an increase of 17, or 24.28%, from last month’s total of 53 properties pending settlement.
The Greater Rocky Mount Area currently has a 15.2 month housing supply based on the previous 12 month sales rate. This is a slight increase from the 14.7 month supply in January 2010.
Overall the local real estate market in 2010 is down up by 19.74% when compared to the same period in 2009.
What does all this mean? Our local real estate market continues to feel the effects of a poor local economy and the lack of available credit. We are experiencing our fourth consecutive year of decreased sales.
The local housing market is very saturated with available housing. Therefore, we are still in a strong "Buyers" market and will be for the foreseeable future. What is a Buyers market? This is when conditions exist that allows buyers to obtain concessions from sellers that they would not receive in a balanced market.
What is considered a "Balanced" or "Normal" market? Typically this is when houses sell between 3 - 4 months.
If you are looking to buy, this market is for you. In this market buyers typically get more for their money and receive seller concessions regularly.
If you are a seller this is not a bad time to sell. You just need to have a realistic expectation of your homes value and need to work with a Realtor that will provide maximum exposure for your property.
David C Recker, Associate Broker, licensed in North Carolina. David works at Connect Realty and can be reached at: 252-442-2687
Related Articles:
Visit my website, http://www.ncrealestateweb.com/, for more relevant information about the North Carolina Real Estate Market.
Copyright © 2010 By Team Connect, Our Team Blog. All Rights Reserved.. * Market Statistics for February 2010*
Thursday, March 4, 2010
Buyers Who Wait May Lose a Lot
Potential home buyers who delay have a lot to lose.
First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.
Other factors that should spur buyers:
Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.
Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).
Source: Money Magazine, Beth Braverman (03/02/2010)
First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.
Other factors that should spur buyers:
Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.
Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).
Source: Money Magazine, Beth Braverman (03/02/2010)
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