New UNC chancellor reconfirms NCRC commitment

KANNAPOLIS - Drumming up support - financial and otherwise - the new chancellor of UNC-Chapel Hill reconfirmed his institution's commitment to the North Carolina Research Campus.

Cabarrus officials mull sales tax hike

Concord - As the state prepares to hand over more road infrastructure responsibilities to its counties and municipalities, the Cabarrus County Board of Commissioners will seek legislation to raise the county's sales tax as a means to pay for road construction.

Realtors® Tell Congress Increased Housing Demand Will Stabilize the Market

In a statement to the House Financial Services Committee today, the National Association of Realtors® recommended a four-point plan to stimulate home sales and stabilize housing valuations."

Economic Slowdown Stalls Remodeling Activity

The residential remodeling market continued its slump during the third quarter of 2008, according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI). The current market conditions indicator declined to 33.5, from 41.8 in the last quarter. Future expectations of remodeling work also slid to 27.7 (from 38.0 in the second quarter). Both these indices rest at historic lows since the start of the RMI in 2001.

'Remodelers reported another drop in major home improvements and expectations for future work have also declined,' said NAHB Remodelers Chairman Lonny Rutherford, CGR, CAPS, CGP, a remodeler from Farmington, N.M. 'A slight increase in minor remodeling projects for owner-occupied home suggests customers are cutting back on home improvement spending.' Nationally, current activity for major additions and alterations shrank to 29.38 (from 43.18 in the second quarter) during the third quarter, while minor additions and alterations slowed to 38.51 (from 42.89). Maintenance and repair dropped to 30.92 (from 39.06). The remodeling market is tightening due to more home builders taking on remodeling work, creating a more competitive marketplace and flattening out calls for bids and appointments for proposals."

Rise in First-Time Homebuyers with Long Term Plans

"The latest consumer survey of homebuyers and sellers shows first-time buyers have risen in market share and plan to own their homes longer than buyers in the past. The 2008 National Association of Realtors® Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, marketing, preferences and experiences of homebuyers and sellers.

Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it's a trend he expects to grow. 'First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home,' he said. 'Given low home prices, plentiful supply and affordable interest rates, it's been an optimal time for entry-level buyers with a long-term view.

'Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves-that, in turn, should free more existing owners to make a trade in 2009.'

The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year's survey and 36 percent in 2006. 'Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent da"

Mortgage Rates Move Downwards

After several weeks of off-the-charts volatility, mortgage rates moved modestly lower last week, according to Bankrate.com. The benchmark 30-year fixed-rate mortgage fell 5 basis points, to 6.39 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 6.32 percent; four weeks ago, it was 6.74 percent.

The benchmark 15-year fixed-rate mortgage slid 13 basis points, to 6.08 percent. The benchmark 5/1 adjustable-rate mortgage declined 4 basis points, to 6.42 percent."

NAR Presents the 2008 Home Buyers/Sellers Survey for Charlotte Market

NAR Presents the 2008 Home Buyers/Sellers Survey for Charlotte Market

NAR Manager of Research Marketing T.J. Doyle will present this study from the NAR research team on the characteristics of local home buyers and sellers. This study is customized with data for the Charlotte market and will include a comparison of local information with national trends in homebuying and selling.

Rent-to-own is an option for those who need one.

Like so many people, Kris Weber, 37, never imagined she'd be in this prickly place at this time in her life."

Military Job Fair Dec. 4 at Speedway

A job fair for veterans, service members and their spouses will be Dec.4 in The Speedway Club at Lowe's Motor Speedway in Concord.

Event organizers with RecruitMilitary said they are expecting more than 300 people and at least 20 to 25 companies at the job fair. Admission is free, and the fair is from 11 a.m. to 3 p.m.

There will be national, regional and local employers at the event.

RecruitMilitary is a private, for-profit, veteran-owned company based in Cincinnati."

These Cities Are In Line for a Rebound!

Have we reached bottom? In many cities, knowledgeable observers say yes.

In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended – and in some places sales have expedited.

'The indicators are starting to look better,' says Adam York, an economic analyst with Wachovia.

Here are seven markets that SmartMoney magazine says are in line for a rebound:

* Seattle
* Raleigh
* Des Moines
* Philadelphia
* Denver
* Birmingham, Ala.
* Salt Lake City"

Cabarrus County Leaf Collecting Schedule

The 2008-2009 leaf collection program is currently underway. The following information is designed to assist our customers and employees to ensure this process is successful and not problematic.
See full article at: www.ci.concord.nc.us

Borrowers wanted: Banks have cash but few clients

"Billions of federal bailout dollars are flooding the financial system, credit markets are loosening and many banks say they are ready to lend. But a crucial piece needed to solve the credit crisis is still missing: borrowers."

Philip Morris gives a date on possible layoffs

"Philip Morris USA has told 180 employees at its Cabarrus plant that they may be laid off by the end of January.

The layoffs would be the first in the company's plan to eliminate 2,500 jobs from the Cabarrus plant, which it intends to close by the end of 2010. The company has already had more than 530 workers transfer to its Richmond plant, and another 500 workers have left or plan to leave the company."

State might ask cities to maintain more roads

Shifting burden of upkeep on 5,000 miles poses questions.
http://www.rebic.com/library/North%20Carolina/2008/110308%20CO%20State%20might.pdf>

Stop Worrying About Stock Market Losses

If you're worried about how much money you lost from your retirement account over the past few months, it’s time to refocus your thoughts.

The stock market will regain strength and your investments will grow over time, certified financial planner Chris Bird told a packed audience Thursday at the 2008 REALTORS® Conference & Expo in Orlando. Getting caught up in short-term fluctuations will only cause distress.

Selling Green? Practice What You Preach

“If you’re not doing green at some point, it will effect your profits,” energetic instructor Terry Watson told REALTORS® attending NAR’s first-ever GREEN designation course in Orlando Thursday."

Obama Will Support Housing, Says NAR

"President-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan.

That was the assessment of NAR leaders, speaking to a packed audience Thursday at the Peabody Hotel during the opening forum of the REALTORS® Conference."

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."