Stalled Uptown Condo Project gets a Buyer!

There's a buyer for The Park condos, the stalled uptown tower, with the beginnings of a deal emerging Tuesday from a topsy-turvy three-hour court hearing.

Fed slashes key interest rate a half-point

The Federal Reserve today slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by a long list of maladies stemming from the most severe financial crisis in decades.

Fed slashes key interest rate a half-point

The Federal Reserve today slashed a key interest rate by half a percentage point as it seeks to revive an economy hit by the most severe financial crisis in decades.

Credit markets improve gradually

"The government's efforts to crank open the credit markets have led to some mild improvements in lending rates and Treasury bill yields. But it will probably take months, and perhaps a few years, before lending returns to healthier levels."

Wells Fargo wins Wachovia

"In a dramatic showdown over the future of Wachovia, Wells Fargo prevailed Thursday evening, saying it will move forward with its purchase of the Charlotte bank after Citigroup stepped aside."

Final touches on the Metropolitan (w/ a Trader Joes!)

Metropolitan, conceived more than eight years ago, is on its way to becoming a Next Big Thing
for uptown dwellers and residents of neighborhoods that ring Interstate 277. It's got a Trader oe's Too!

HomeArama at The Palisades!

Three lavish, multi-million-dollar homes are the focus of this year's
HomeArama.

N.C. 3 Study: Cabarrus provided planning options

A regional study of how best to expand N.C. 3 and foster development along the
highway has garnered different opinions from Cabarrus County and Kannapolis.

http://www.rebic.com/library/Cabarrus/2008/100708%20IT%20NC%203.pdf

What an interest rate cut is supposed to do

"Will U.S. consumers benefit from the interest rate cuts announced Wednesday by the Federal Reserve and several other countries' central banks?"

Two encouraging bits of real estate news brightened my morning today.

First, pending home sales, based on contracts signed in August, jumped unexpectedly to the highest level since June 2007. According to Lawrence Yun, chief economist for the National Association of Realtors, this improvement was a result of improved affordability and lower interest rates.

In addition, the Mortgage Bankers Association reported that mortgage applications increased 2.2 percent last week due to lower home loan rates.

More pending home sales and loan applications mean more closed business. Paired with the expectation of freer credit moving forward and the $7,500 buyer tax credit, this is all promising news for the real estate industry."

Attendees at N.C. Association of Realtors convention in Charlotte are mostly upbeat about prospects, sales.

"Mary Davenport, a real estate agent in Kitty Hawk, said Monday a falling stock market has brought a wave of second-home clients to her business."

Senate approves financial rescue plan

The U.S. Senate passed the $700 billion financial industry bailout last night by a wide margin, 74-25. Keeping the core of the original plan intact-buying up troubled mortgage assets-the Senate version adds in several new provisions, including a number of tax breaks and credits, temporarily raising the insured deposit limit to $250,000, and allowing the Federal Deposit Insurance Corporation (FDIC) to borrow from the Treasury Department to cover any losses.

Commenting on Congress' revival of EESA, the Securities Industry and Financial Markets Association's (SIFMA) president and CEO, Tim Ryan, said, 'This legislation wisely provides the Treasury Department maximum flexibility to restore the health of our credit markets which will ensure all Americans continue to have access to loans for homes, cars and education. It also guarantees the necessary government oversight and accountability, while building in a series of important protections for taxpayers.'

Officials believe that Republican opposition has now softened and are hoping to push the legislation to a House vote by soon."

2.3 million foreclosures prevented in past 14 months

2.3 million foreclosures prevented in past 14 months

HOPE NOW, the private sector alliance of mortgage servicers, counselors, and investors that has been working aggressively to prevent foreclosures, today announced that nearly 2.3 million homeowners have avoided foreclosure and have been able to stay in their homes due to the continuing efforts of HOPE NOW and the broader mortgage industry.

In August 2008, mortgage servicers helped homeowners avoid foreclosure by completing more than 189,000 mortgage workouts. Workouts include both modifications to the terms of existing mortgages and repayment plans. Barring a life event such as a job loss, death, or illness, all workouts are intended to enable a homeowner to remain in that home as long as he or she wishes to do so.

The HOPE NOW report estimates that on an industry-wide basis:

● Mortgage servicers have helped 2.26 million homeowners avoid foreclosure since July 2007.
● Mortgage servicers provided loan workouts for approximately 189,000 borrowers in August 2008.
● In August, approximately 110,000 homeowners received repayment plans; approximately 79,000 received loan modifications."

Down payment assistance ban takes effect

A ban on seller-financed downpayment assistance went into affect Oct. 1. according to Nehemiah Corporation of America, a report issued by the Congressional Budget Office (CBO) this week confirms that The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) would not cost the federal government any money for the next five years. This is due largely to the self-funding mechanism that sets premiums based on an individual's credit scores.

According to Nehemiah Corp. of America, a DPA provision within the bailout to reinstate DPA could help ensure continued liquidity in the stagnating housing market by providing aid to an estimated 600,000 working-class people for home purchases next year, generating $150 billion in home sales."

New Hope for Fmailies Facing Foreclosure!

Struggling families facing foreclosure will find one more avenue to take-mortgage assistance through a program called HOPE for Homeowners program, which will refinance mortgages for borrowers who are having difficulty making their payments, but can afford a new loan insured by HUD's Federal Housing Administration (FHA).

The HOPE for Homeowners program begins today and ends September 30, 2011. The program is available only to owner occupants and will offer 30-year fixed rate mortgages, so the borrower's last payment will be the same as the first payment. In many cases, to avoid what would be an even costlier foreclosure, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home."

Charlott's Official "Extreme Makeover: Home Edition" Viewing Party

Join the CRRA Housing Opportunity Foundation (HOF) Oct. 19, 6:30-9:30 p.m., at The Mint Museum of Craft+Design for cocktails, music, hors d’oeuvres and the national television broadcast of Charlotte’s “Extreme Makeover: Home Edition.” All proceeds benefit HOF. Buy tickets at www.CarolinaRealtors.com.

NCREC Compensation Rule Requires Disclosure of Fees and Compensation Effective Oct. 1

NCREC says that brokers must disclose to their buyers and sellers all compensation the broker expects to receive from the transaction, including bonuses. NCAR created Form 770 to assist Realtors® with making the disclosure. There were changes to the Exclusive Right to Sell Listing and Exclusive Right to Represent Buyer agreements, too. For more information, click here to view NCAR’s webinar that aired Sept. 16. The new forms are now available at www.ncrealtor.org/ in the forms library, and will be available in the Realtor® Store next week. The forms will be available on Realfast and other form software packages by Oct. 1.