North Carolina is attracting new residents faster than any other area in the United States according to a recent Census Bureau study. The Raleigh-Cary, North Carolina metro's population rose 4.3 percent between July 1, 2007 and July 1, 2008, gaining almost 45,000 people. Austin-Round Rock, Texas was the second fastest-growing metro, adding 60,000 to the area for a 3.8 percent increase.
In terms of actual numbers, the Dallas-Fort Worth metro area gained the most, adding more than 146,000 persons to its population. Three other metro areas also became home to more than 100,000 from 2007 to 2008, including Houston (130,000), Phoenix (116,000) and Atlanta (115,000).
Metropolitan areas in the South in general are also among the fastest growing immigrant destinations. Phoenix and Atlanta both have well over a half million immigrants, and Las Vegas and Orlando each have more than one-quarter million foreign-born residents.
Source: Census Bureau
Thursday, April 30, 2009
Many markets undervalued
Good news for many markets, according to a new report by IHS Global Insight titled 'House Prices in America', for the nation, as a whole, the market is slightly undervalued and prices have fallen 9.9 percent from their peak in 2007.
For the fourth quarter, the rate of decline was the greatest in the current housing cycle, the study said. Statewide average home price declines for 2008 exceeded 20 percent in the four so-called 'sand' states Arizona, California, Florida and Nevada.
For the fourth quarter, the rate of decline was the greatest in the current housing cycle, the study said. Statewide average home price declines for 2008 exceeded 20 percent in the four so-called 'sand' states Arizona, California, Florida and Nevada.
Open Houses Are Still Worth It, Practitioners Say
Despite a changing market, many real estate professionals say open houses are still a good way to showcase a home.
Open houses work just as well as they did a few years ago when the market was very competitive, says Trudy Severa, an associate with Long & Foster in Reston, Va.
"Anything you can do helps," says Severa. "It's a numbers game, and there is no way to know the residual effects [that an open house can have]."
Some practitioners have had success joining forces with others to produce a group tour. For instance, seven different practitioners recently held a neighborhood open house in Washington, D.C., where participants could view eight listings ranging in price from $500,000 to more than $1 million.
An open house can be an opportunity to talk to potential buyers who are interested but who might be unsure about the uncertain market, says Mario Rubio, a practitioner with Rubio Real Estate in Annandale,Va. He suggests having a loan officer/mortgage banker on hand at the event to answer questions.
Source: The Washington Times, Cary Lee Dailey (04/10/2009)
Open houses work just as well as they did a few years ago when the market was very competitive, says Trudy Severa, an associate with Long & Foster in Reston, Va.
"Anything you can do helps," says Severa. "It's a numbers game, and there is no way to know the residual effects [that an open house can have]."
Some practitioners have had success joining forces with others to produce a group tour. For instance, seven different practitioners recently held a neighborhood open house in Washington, D.C., where participants could view eight listings ranging in price from $500,000 to more than $1 million.
An open house can be an opportunity to talk to potential buyers who are interested but who might be unsure about the uncertain market, says Mario Rubio, a practitioner with Rubio Real Estate in Annandale,Va. He suggests having a loan officer/mortgage banker on hand at the event to answer questions.
Source: The Washington Times, Cary Lee Dailey (04/10/2009)
Fed sees signs recession may be easing
WASHINGTON The Federal Reserve said Wednesday it see signs the recession is easing and that the economic outlook has "improved modestly" since last month.
Against that backdrop, Fed Chairman Ben Bernanke and his colleagues left a key interest rate at a record low of between zero and 0.25 percent, and decided against taking any new steps to shore up the economy.
Aggressive action already taken - including a $1.2 trillion effort last month - should gradually help bolster economic activity, the Fed said. It did, however, leave the door open to future action if needed.
Fed policymakers offered a less dour assessment of the economy than the one provided at its previous meeting in mid-March.
"The economy has continued to contract, though the pace of contraction appears to be somewhat slower," the Fed said. The worst of the recession - in terms of lost economic activity - could be past.
The economic outlook has "improved modestly" since the March meeting, partly reflecting some easing of strains in financial markets, the Fed said. Even so, "economic activity is likely to remain weak for a time," the Fed added.
And, while consumer spending has shown "signs of stabilizing," it is still being constrained by rising unemployment, falling home values and hard-to-get credit, the Fed said.
Meanwhile, weak sales and credit difficulties have forced businesses to cut spending and lay off workers, the Fed said.
To nurture economic activity, the Fed pledged anew to keep its key bank lending rate at a record low "for an extended period." Economists predict the Fed will keep the rate there well into next year.
Looking ahead, the Fed didn't rule out expanding existing programs or creating new ones to bolster the economy.
At its March meeting, the Fed launched a $1.2 trillion effort to lower interest rates and get Americans to boost spending, which would help spur economic activity.
Specifically, the Fed in March said it would start buying government debt - $300 billion over the next six months - and would buy an additional $850 billion worth of mortgage-backed securities and debt from mortgage giants Fannie Mae and Freddie Mac.
The Fed on Wednesday said it will continue to evaluate "the timing and overall amounts" of its government securities purchases in light of evolving economic and financial conditions.
Cramdown Bill Faces Senate Opposition
The bill that would let judges modify the mortgages of home owners in bankruptcy, known as cramdown, is facing still more troubles as it moves to the U.S. Senate.
"I hope we can muster the courage and find the votes, although I know it will be hard," says Senate Majority Whip Richard J. Durbin, an Illinois Democrat. "It's hard to imagine that today the mortgage bankers would have clout in this chamber, but they do."
The bill Senators are being asked to vote on a measure that would require home owners be at least two months delinquent and have an outstanding balance of less than $729,750 to qualify. If a bankruptcy judge lowers the amount they owe, borrowers would have to split any ultimate profit with the lender if they sell while in bankruptcy proceedings.
Scott E. Talbott, senior vice president of government affairs for the Financial Services Roundtable, predicted that passage is unlikely. "The uphill battle that the bill has faced for years has continued. It will be very difficult to garner the votes," he says.
Source: Washington Post, Renae Merle (04/28/2009)
"I hope we can muster the courage and find the votes, although I know it will be hard," says Senate Majority Whip Richard J. Durbin, an Illinois Democrat. "It's hard to imagine that today the mortgage bankers would have clout in this chamber, but they do."
The bill Senators are being asked to vote on a measure that would require home owners be at least two months delinquent and have an outstanding balance of less than $729,750 to qualify. If a bankruptcy judge lowers the amount they owe, borrowers would have to split any ultimate profit with the lender if they sell while in bankruptcy proceedings.
Scott E. Talbott, senior vice president of government affairs for the Financial Services Roundtable, predicted that passage is unlikely. "The uphill battle that the bill has faced for years has continued. It will be very difficult to garner the votes," he says.
Source: Washington Post, Renae Merle (04/28/2009)
North Carolina has the least expensive closing costs!
New York, Texas, Florida. For the second straight year, those are the most expensive states in which to get a mortgage. Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $3,118, according to Bankrate's annual survey of closing costs. The fees in the survey don't include taxes, insurance or prepaid items such as prorated interest or homeowner association dues.
Fees in New York City were highest, averaging $4,016 in Bankrate's survey. Houston came in second, with fees that averaged $3,975. After that came Buffalo, N.Y., with fees averaging $3,845, and then Miami, at $3,683. North Carolina had the least expensive closing costs in the survey, at an average of $2,650. The previous year, Indiana took the last spot.
The annual survey of online lenders is conducted by obtaining fee estimates for a $200,000 mortgage in each state's most populous city.
Source: Bankrate.com
Fees in New York City were highest, averaging $4,016 in Bankrate's survey. Houston came in second, with fees that averaged $3,975. After that came Buffalo, N.Y., with fees averaging $3,845, and then Miami, at $3,683. North Carolina had the least expensive closing costs in the survey, at an average of $2,650. The previous year, Indiana took the last spot.
The annual survey of online lenders is conducted by obtaining fee estimates for a $200,000 mortgage in each state's most populous city.
Source: Bankrate.com
Wednesday, April 15, 2009
Is FHA key to housing turnaround?
Federal Housing Administration loans can be a very good deal for homebuyers, especially those who don't have a lot of cash or whose credit rating isn't stellar, experts say. FHA loans now account for 20 percent of new mortgages, up from 3 percent in 2006. What's more, the number of authorized FHA lenders has increased 500 percent in two years.
Other benefits of FHA loans include easy loan modifications for borrowers who fall behind, easy refinancing plans if rates decline, and low rates overall, which don't rise if the borrower has a low credit score. There are no income restrictions on FHA loans, so even borrowers with good incomes may find them attractive.
FHA loans still require a pre-settlement inspection of the home, but the process isn't nearly as arduous as it once was, says George Hanzimanolis, past president of the National Association of Mortgage Brokers.
Source: CNNMoney.com"
Other benefits of FHA loans include easy loan modifications for borrowers who fall behind, easy refinancing plans if rates decline, and low rates overall, which don't rise if the borrower has a low credit score. There are no income restrictions on FHA loans, so even borrowers with good incomes may find them attractive.
FHA loans still require a pre-settlement inspection of the home, but the process isn't nearly as arduous as it once was, says George Hanzimanolis, past president of the National Association of Mortgage Brokers.
Source: CNNMoney.com"
Gmail - REAL Trends E-mail UCertified green professionals on the rise
More than 2,725 builders, remodelers and other homebuilding industry professionals have now achieved the Certified Green Professional designation. The National Association of Home Builders (NAHB) designation is awarded after the successful completion of 24 hours of classroom instruction on green building techniques and business practices, two years' industry experience, a commitment to continuing education and adherence to the CGP code of ethics."
Real estate prices seen leveling
Nationally, housing prices have been in free fall for two years. According to the Altos 10-city Composite Price Index, there are some fragile signs of stability. Though the hardest hit markets, Las Vegas in particular, has not seen any slowing in the housing bust.
The Altos 10-City Composite Price Index increased by 1.1 percent during both March and the first quarter of 2009. Prices of properties listed for-sale increased in 18 of 26 major markets and were down in eight markets according to the Real-Time Housing Market Report, jointly published by Altos Research and market analysis consultancy Real IQ.
Asking prices fell at the fastest rate during March in Salt Lake City followed closely by Las Vegas - down 4.0% and 3.9% respectively. Listing prices of single-family homes rose at the fastest rate in San Francisco-up 3.8% in March. Prices in seven markets-New York, Boston, Houston, Los Angeles, San Diego, Miami and Charlotte-are now showing three months of sequential listing price increases."
The Altos 10-City Composite Price Index increased by 1.1 percent during both March and the first quarter of 2009. Prices of properties listed for-sale increased in 18 of 26 major markets and were down in eight markets according to the Real-Time Housing Market Report, jointly published by Altos Research and market analysis consultancy Real IQ.
Asking prices fell at the fastest rate during March in Salt Lake City followed closely by Las Vegas - down 4.0% and 3.9% respectively. Listing prices of single-family homes rose at the fastest rate in San Francisco-up 3.8% in March. Prices in seven markets-New York, Boston, Houston, Los Angeles, San Diego, Miami and Charlotte-are now showing three months of sequential listing price increases."
$8000 Loan for an $8000 payback?
States Contemplate Loans for Home Buyers
The $8,000 first-time home buyer mortgage tax credit, which is part of the Recovery and Reinvestment Act of 2009, is a great boon. But, it doesn’t help people who don’t have money for a down payment and closing costs.
Now some states are contemplating offering an $8,000 loan to home buyers before they close on the condition that they repay the loans as soon as they get their federal tax credits.
The idea has been adopted in Missouri, which advances the money to those who take out first mortgages offered through the state’s housing finance authority. The New York State Builders Association is lobbying the State of New York Mortgage Agency to adopt a similar strategy.
“A lot of states are trying to get through the technical aspects of this," says Gregory Brown, an assistant vice president for government affairs at the National Association of Home Builders. "I feel very confident they’ll find a way to make it work.”
Meanwhile, some home builders are taking matters into their own hands, offering programs that purchase the tax credit from borrowers prior to closing.
“This is a legitimate monetizing program that actually works,” says David Abrahamson, vice president of S.E. operations for American Home Key Mortgage Company, which makes the loans for many participating builders in the southeast.
Source: The New York Times, Bob Tedeschi and HousingWire.com, Paul Jackson (04/10/2009)
The $8,000 first-time home buyer mortgage tax credit, which is part of the Recovery and Reinvestment Act of 2009, is a great boon. But, it doesn’t help people who don’t have money for a down payment and closing costs.
Now some states are contemplating offering an $8,000 loan to home buyers before they close on the condition that they repay the loans as soon as they get their federal tax credits.
The idea has been adopted in Missouri, which advances the money to those who take out first mortgages offered through the state’s housing finance authority. The New York State Builders Association is lobbying the State of New York Mortgage Agency to adopt a similar strategy.
“A lot of states are trying to get through the technical aspects of this," says Gregory Brown, an assistant vice president for government affairs at the National Association of Home Builders. "I feel very confident they’ll find a way to make it work.”
Meanwhile, some home builders are taking matters into their own hands, offering programs that purchase the tax credit from borrowers prior to closing.
“This is a legitimate monetizing program that actually works,” says David Abrahamson, vice president of S.E. operations for American Home Key Mortgage Company, which makes the loans for many participating builders in the southeast.
Source: The New York Times, Bob Tedeschi and HousingWire.com, Paul Jackson (04/10/2009)
Friday, April 10, 2009
Origins of the Easter Bunny
The Easter bunny has its origin in pre-Christian fertility lore. Then, it was called the "Easter hare" after the wilder, leaner, more rare group entirely in the genus Lepus. Both rabbits and hares were the most fertile animals known (bearing four to eight litters a year, with three to eight young in each litter) and served as symbols of new life during the spring season. The Easter hare was a sacred companion of the goddess of spring, Eostre.
The bunny was first used as a symbol of Easter in 16th century Germany and was introduced to American folklore by the German settlers who arrived in the Pennsylvania Dutch country during the 1700s. The arrival of the "Oschter Haws" was considered "childhood's greatest pleasure" next to a visit from Christ-Kindel on Christmas Eve. The children believed that if they were good, the "Oschter Haws" would lay a nest of colored eggs.
Thus the custom of making nests also spread to America. Children would build their nest in a secluded place in the home, the barn or the garden. Boys would use their caps and girls their bonnets to make the nests. The use of elaborate Easter baskets would come later as the tradition of the Easter bunny spread through out the country.
In honor of revival, renewal and resurrection, have a Happy Easter!
Thursday, April 9, 2009
Pulte Homes to buy Centex
$1.3 billion deal will create nation's largest homebuilder. Both companies are major players in the Charlotte area.
NEW YORK Pulte Homes Inc. is buying Centex Corp. for $1.3 billion in stock in a deal that will create the nation's largest homebuilder and could spark further consolidation in an industry that is suffering the worst real estate recession in a generation.
The transaction of the homebuilders – both major players in the Charlotte region – will combine Pulte's strength in active-adult and retirement housing with Centex's hefty market share of first-time homebuyers.
The acquisition also will give Pulte large tracts of land in Texas and the Carolinas, two of the most resilient real estate markets, and a presence in 29 states and Washington, D.C.
The new company, which also will include the Del Webb, DiVosta and Fox & Jacobs brand homes, will keep the Pulte name and headquarters in Bloomfield Hills, Mich. There will be an unspecified number of job cuts.
“It allows us to not only survive, but thrive in any economic climate,” said Richard Dugas Jr., Pulte's president and chief executive, who will retain those titles over the combined enterprise.
Pulte had the largest market share in the eight-county Charlotte region in the fourth quarter of 2008, and the second-largest for the whole year, with 9 percent of all single-family detached homes, residential real estate consultant Chuck Graham said. Centex ended last year with the fifth-largest market share in the region, 5 percent of single-family detached homes. That was up from about 4 percent for the rest of 2008, Graham said. In Mecklenburg, the builder had 203 permits in 2008, the most of any builder.
But by last year, Centex was already pulling back in the Charlotte area, combining its Charlotte and Raleigh offices in Raleigh and maintaining a minimal staff in Charlotte, Graham said. Pulte, on the other hand, was poised for growth in the region, particularly with its acquisition of Del Webb, meant to cater to the surging active-adult population, he said.
Wednesday's deal touched off investors speculation that other homebuilders with battered stock prices may be easy targets.
Faced with a 75 percent slide in new-home sales from the peak in mid-2005, homebuilders have slashed construction and prices but have been slow to join forces.
This deal “is a game-changer, pure and simple,” said Centex Chairman and Chief Executive Timothy Eller, who will become Pulte's vice chairman and will work as a consultant for two years following the acquisition's completion.
The combined company will have twice the revenue of its next largest rival, D.R. Horton Inc. Pulte and Centex pulled in a total of $11.6 billion in the last 12 months, compared with D.R. Horton's $5.8 billion.
The new industry behemoth also will be better poised to take advantage of the market's recovery, which executives said is just beginning.
Pulte lost almost $3.73 billion over the past two years, more than wiping out all of its profits for the prior three years. Centex lost $2.66 billion last year, erasing its earnings for the prior four years.
Shares in both companies have lost more than half their value from their 52-week highs last year.
Pulte is offering Centex shareholders 0.975 shares of its common stock for each share of Centex that they own. The transaction is valued at $10.50 per Centex share based on Pulte's Tuesday closing stock price of $10.77. That represents a 38 percent premium to Centex's closing price of $7.62 Tuesday.
Staff Writer Kirsten Valle contributed
EW YORK Pulte Homes Inc. is buying Centex Corp. for $1.3 billion in stock in a deal that wSlowing decline in home sales
According to Radar Logic's January 2009 RPX Monthly Housing Market Report, sales in the 25 metropolitan statistical areas (MSAs) the report tracks declined 6 percent in the year ending January 2009, compared to 36 percent in the prior year.
The slowing annual decline of transactions was due to an increase in motivated sales, which Radar Logic defines as sales to third parties at foreclosure auctions and sales of foreclosed homes by financial institutions and foreclosure service firms. While this rapid growth in motivated sales reflects the increase in foreclosures over the last year, it also reflects significant demand for homes that are priced at 'motivated' discounts.
REAL Trends Comment: As readers can tell the housing market appears to show signs of improvement over the past few months. However, various sources of data show more of a seasonal improvement and not a cyclical improvement. Simply put even in tough markets we expect to see an improvement as we enter the spring months and a decline as we enter the fall of each year. That is a seasonal change not a cyclical change.
A cyclical improvement will show when sales, inventory and time on market changes are positive when comparing the same month of this year to the same in month in"
The slowing annual decline of transactions was due to an increase in motivated sales, which Radar Logic defines as sales to third parties at foreclosure auctions and sales of foreclosed homes by financial institutions and foreclosure service firms. While this rapid growth in motivated sales reflects the increase in foreclosures over the last year, it also reflects significant demand for homes that are priced at 'motivated' discounts.
REAL Trends Comment: As readers can tell the housing market appears to show signs of improvement over the past few months. However, various sources of data show more of a seasonal improvement and not a cyclical improvement. Simply put even in tough markets we expect to see an improvement as we enter the spring months and a decline as we enter the fall of each year. That is a seasonal change not a cyclical change.
A cyclical improvement will show when sales, inventory and time on market changes are positive when comparing the same month of this year to the same in month in"
Ten Cities Where Americans Are Relocating
U.S. migration may be down overall, but these vibrant metro areas are still attracting newcomers.
Unemployment is on the rise, credit is tight, and consumers aren't spending--which means they aren't picking up and moving much either. Very few places in America saw significant population growth in 2008.
But the buzzing metropolitan area of Denver bucked that trend. Its population increased by 2.17% in 2008. In 2007, it increased by 2.09%. In 2008, Denver was the 10th-fastest growing metro area in the U.S.
What's Denver got that other places don't?
For one, according to an October 2008 survey conducted by Pew Research Center, Denver is the most popular city in America. People like it for its skiing, culture and vibrant nightlife, as well as its business opportunities. As of January 2009, the metro area's unemployment rate was 6.5%. That's high, but still two percentage points below the national average of 8.5% for the same month.
Despite the overall economic slowdown, some parts of the country keep on moving ahead, attracting more and more newcomers--even if it's at a slower pace than in more sound economic times. These places still offer a semblance of stability, as well as great weather, cultural life and, in many cases, affordability.
Behind the Numbers
To determine the fastest-growing metro areas in the country, we used 2008 population estimates for metropolitan statistical areas with a population over 1 million, released March 19, 2009, by the U.S. Census Bureau. MSAs are geographic entities defined by the U.S. Office of Management and Budget for use by federal agencies in collecting, tabulating and publishing federal statistics.
We then compared the 2008 population estimates to the previous year's data to see which areas had grown the most, percentage-wise.
Nine places fared even better than Denver, though they share similar qualities: more business opportunities, better weather and more affordable housing. The top three areas according to the data are Raleigh, N.C., ranking first, which jumped 4.29% to nearly 1.9 million; Austin, Texas, which came in second, with a 3.77% increase to almost 1.7 million; and Charlotte, N.C., which moved up 3.36% to 1.7 million.All these areas' increases were smaller in 2008 than they were in 2007, (Raleigh increased by 4.7% in 2007, Austin by 4.29% and Charlotte by 4.2%), but a slight slowdown is not necessarily a bad thing, according to William Frey, Ph.D., a demographer at the Brookings Institute, an independent research and policy group based in Washington, D.C. "Part of the story here is the rapid rise in growth in the middle of decade," says Frey. "That growth was unnatural."
The in-migration that happened in the middle of this decade certainly had a lot to do with the housing boom. When that went bust, so did those crazy population balloons. But these particular places are still growing because instead of building an economy that relies heavily on one industry (in Las Vegas, it's hospitality; in New York, it's finance), most of the metro areas on our list serve as headquarters for a diverse range of companies.
For example, Austin's biggest employers include University of Texas, Advanced Micro Devices
This is the opposite of what happened in true housing boom-and-bust towns like Las Vegas. In 2004, Vegas--a foreclosure mecca--saw a population increase of 4.6%, followed by 3.66% in 2005, 3.98% in 2006 and 3.22% in 2007. In 2008, that number fell to 2%.
The Power of Business
When it comes down to it, a buzzing business community is a metro area's most important characteristic, says Sean C. Safford, a professor at the University of Chicago and author of Why the Garden Club Couldn't Save Youngstown: The Transformation of the Rust Belt. He studies the social economics of U.S. cities and metro areas.
"Perception is driven by the vibrancy of the companies in an area," he says.
However, that doesn't mean that these metros won't suffer from a slowdown in population when 2009's numbers are released next year. Charlotte, for example, reported a 10.5% unemployment rate for January 2009, likely related to the fact that Bank of America
"We don't quite yet know what the impact [of the ongoing recession] will be for 2009 populations," says Frey. "But we do know it's not going to get any better."
Indeed, where Americans are relocating today has little to do with where they'll be moving tomorrow.
Top Economists Say Recovery Has Begun
Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody’s Economy.com.
Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again.
“We’re starting to see some pent-up demand for goods,” he says.
But Zandi warns that the situation is still fragile. "Confidence is a very fickle thing. It can go from abject pessimism that pervades now to a more balanced view of the world rather quickly.”
Robert Brusca of FAO Economics is predicting strong growth in the last half of the year and a quick recovery for the labor market. "You've lost 5 million jobs. It shouldn't be hard to put 2.5 million jobs back on rather quickly after you hit bottom," he said.
Joseph Carson, chief economist at AllianceBernstein, calls improving home sales, a rising stock market, and better-than-expected retail sales in February and March good signs of a turnaround. By the time President Obama’s stimulus package takes effect, the economy will be ready, he says.
"The stimulus has a much better chance of working if trends are already turning up than if it needs to halt a decline," he said.
Source: CNNMoney, Chris Isidore (04/06/2009)
Zandi evidenced increasing home sales and gains in the stock market are some promising signs that the worst is over and people will start spending again.
“We’re starting to see some pent-up demand for goods,” he says.
But Zandi warns that the situation is still fragile. "Confidence is a very fickle thing. It can go from abject pessimism that pervades now to a more balanced view of the world rather quickly.”
Robert Brusca of FAO Economics is predicting strong growth in the last half of the year and a quick recovery for the labor market. "You've lost 5 million jobs. It shouldn't be hard to put 2.5 million jobs back on rather quickly after you hit bottom," he said.
Joseph Carson, chief economist at AllianceBernstein, calls improving home sales, a rising stock market, and better-than-expected retail sales in February and March good signs of a turnaround. By the time President Obama’s stimulus package takes effect, the economy will be ready, he says.
"The stimulus has a much better chance of working if trends are already turning up than if it needs to halt a decline," he said.
Source: CNNMoney, Chris Isidore (04/06/2009)
Sunday, March 29, 2009
Lake Norman area realty firms merge
Two Lake Norman area real estate firms – Coldwell Banker United, Realtors and Century 21 Hecht – announced today that they will merge, creating a combined operation with more than 165 agents.
“When two powerhouse brands combine market share and streamline resources, we are able expedite our plans for growth in the greater Lake Norman area,” said Tom Martin, senior vice president for Coldwell Banker United, Realtors.
Hecht has 55 agents in its Mooresville/Cornelius office and 59 in its Denver office. Coldwell Banker has two Lake Norman locations with 49 agents.
Century 21 Hecht was founded by Bob Hecht in 1971.
Coldwell Banker United, Realtors will maintain its new Lake Norman-South office in Cornelius and will move its Mooresville office, located at 287 Williamson Road to the Century 21 Hecht building at 467 River Highway. The Denver office will remain at its current Century 21 Hecht location.
The three Coldwell Banker offices will serve the Lake Norman communities in the Catawba, Mecklenburg, Iredell and Lincoln County areas.
Friday, March 27, 2009
Mecklenburg home prices appear to be leveling off
November brought the beginnings of stability. However, areawide sales have been down by double digits for months.
Mecklenburg home prices held fairly steady in recent months, a rare glimmer of hope for local housing, according to unusually detailed data released Wednesday for the first time.
Mecklenburg's average selling price was even up a bit in February, compared with January. The one-month uptick bucked the overall region's downward trend for transactions through the Carolina Multiple Listing Services.
Prices remain well below levels a year ago but the stability from November through February is notable given the bad state of the economy nationwide and in Charlotte, which is especially vulnerable because of the banks' suffering. The number of sales remained dramatically down in Mecklenburg.
“Four months is some stability in the short run,” said Adam York, an economist with Wachovia, now part of Wells Fargo. It's hard to say whether it will last, he added, but “if nothing else, a temporary respite is welcome in this environment.”
The MLS accounts for the majority of sales within roughly a 50-mile radius of Charlotte. About 90 percent of those sales come from an 8-county region including Mecklenburg. That region includes S.C. sales in Lancaster and York, where the Carolina MLS is not the dominant Realtors' group and so accounts for a smaller share of the market.
MLS transactions include some new home sales and most existing sales but not for-sale-by-owner.
They also do not include all foreclosure sales, which typically pull prices lower.
Nationwide, the housing industry has been struggling amid a severe downturn. Tax credits and low interest rates are providing some relief, but rising unemployment is expected to further curb sales and drive up foreclosures. Still, several national housing indicators showed modest improvement in February, compared with January. That is at least partly due to improved weather, dramatic cutbacks by builders and high numbers of foreclosures, which boost sales totals.
“I don't think we want to call any one month, especially a winter month, indicative of the coming trend, but we'll take the good news as we get it,” York said.
Last month, Charlotte-area MLS sales fell 38 percent compared with February 2008, marking the 21st consecutive month of double-digit declines.
In Mecklenburg, the decline was a steeper 44 percent, with just 580 houses sold versus 1,045 a year ago. Mecklenburg's average price was down 16 percent, a little worse than the area's 15.5 percent drop.
But at $198,152, the average Mecklenburg price was up from January, while the region saw a decline. Mecklenburg prices have fluctuated in a narrow range for four months, raising hopes that they may have reached the sought-after bottom.
Buyers waiting for more price declines are realizing that might not happen, so they want to close deals, said Donna Anderson, president of the Charlotte Regional Realtor Association, parent of the MLS.
“We feel confident that things are moving in the right direction,” said Anderson, a Realtor with Cottingham-Chalk/Bissell-Hayes.
Monday, March 23, 2009
Stocks surge on bank plan, rise in home sales
NEW YORK Wall Street got the news it wanted on the economy's biggest problems - banks and housing - and celebrated by hurtling the Dow Jones industrials up nearly 500 points.
Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow, which had its biggest percentage gain since October.
Although analysts were still hesitant to say Wall Street is squarely on its way to recovery after the collapse that began last fall, they said the banking and housing news bolstered the belief that the economy is starting to heal.
"It's just hard to argue that there isn't an improvement in economic activity on the horizon," said Jim Dunigan, executive vice president at PNC Wealth Management.
The market began turning around two weeks ago on news that Citigroup Inc. was operating at a profit in January and February. A spate of more upbeat economic reports helped the market build on its gains, although the rally stalled last Thursday and Friday.
Analysts said they saw more fundamental strength in Monday's buying than they saw at the start of the rally. Dave Rovelli managing director of trading at brokerage Canaccord Adams, said there appeared to be less short covering, which occurs when traders are forced to buy to cover misplaced bets that stocks would fall. Short covering contributed to the market's surge after the Citigroup news.
"There is definitely new buying," he said. Rovelli also said the approaching end of the quarter can make money managers eager to buy into a market to make the statements they send to clients look stronger.
The market shot higher at the opening and kept going. The Treasury Department said its bad asset cleanup program would tap money from the government's $700 billion financial rescue fund and involve help from the Federal Reserve, the Federal Deposit Insurance Corp. and the participation of private investors.
The government's announcement was what the market had waited weeks to hear. Treasury Secretary Timothy Geithner had announced an outline of the program last month but provided few details then about how it would work, leading to a stock plunge that sliced 380 points from the Dow.
But while analysts were pleased with the market's performance Monday, they were also still cautious.
Subodh Kumar, an independent investment strategist in Toronto, said the Fed's announcement that it would buy government debt and the details on plans to help banks are giving traders hope for recovery.
"The market is shedding some of its excess pessimism. That doesn't mean the market goes straight up," he said.
Meanwhile, the National Association of Realtors' existing home sales report was overwhelmingly positive for the market although it showed a decline in home prices in February. Investors are embracing any sign that a glut in homes for sale may be easing. Monday's data followed a dose of good housing news last week as housing starts for February came in much better than expected.
Collapsing home prices and the damage they have caused banks are at the center of the economy's current problems and are a major focus for the stock market. Banks have sharply curbed lending after becoming weighed down with loans that have gone bad, especially mortgages.
Investors had been largely disappointed in the government's efforts to date to restore the banks to health, but finally seemed encouraged by the long-awaited announcement Monday of details for the government's bad loan cleanup plan.
"The actions that we're getting from a policy standpoint are very helpful in removing the sand from the gears," said Alan Gayle, senior investment strategist at RidgeWorth Investments. "That is going to be good for the financials."
Shares of the country's largest banks, which have been pounded in recent weeks over concerns about their ability to weather the crisis, soared on Monday. Citigroup Inc. jumped 19.5 percent, and Bank of America Corp. added 26 percent.
Even banks seen as being on better footing posted big advances. JPMorgan Chase & Co. rose 25 percent, while Wells Fargo & Co. rose 24 percent.
According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86, its highest finish since Feb. 13. It was the biggest point gain for the blue chips since Nov. 13 when they rose 552 points and the biggest percentage gain since Oct. 28. when they rose 10.9 percent.
Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77.
The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72.
More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares.
The Dow is now up 1,228 points, or 18.8 percent, from March 9, when it finished at its lowest point in nearly 12 years. The S&P 500 is up 21.6 percent in that time. Still, the Dow and the S&P 500 index are still down more than 45 percent from their peak in October 2007.
Dunigan said the skeptical tone has blanketed Wall Street since the fall has eased since the market began its rally on March 10.
Investors welcomed the rise in home sales Monday although the biggest jump in nearly six years came as first-time buyers pounced on deep discounts of foreclosures and other distressed properties. Analysts say it could be a nascent sign of recovery. But only weeks ago traders might have dwelled on the 15.5 percent drop in median prices.
"It's like putting on a different pair of glasses and you think you saw something different today than you saw yesterday," Dunigan said.
Bond prices were mixed as stocks rose. The moves were moderate as investors remained mindful of the Federal Reserve's plan announced last week to buy government debt to help drive down borrowing costs by reducing interest rates.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.68 percent from 2.64 percent late Friday. The yield on the three-month T-bill was flat at 0.19 percent.
Oil rose $1.73 to settle at $53.80 a barrel and the dollar was mixed against other major currencies. Gold fell. The price of gold has risen in recent weeks as investors have worried about the faltering economy and a weaker dollar.
Homebuilders extended an early rise after the home sales report. KBR Inc. rose 79 cents, or 5.7 percent, to $14.62, while Toll Brothers Inc. rose $1.84, or 10.8 percent, to $18.84. Hovnanian Enterprises Inc. jumped 30 cents, or 25 percent, to $1.48.
Overseas, Britain's FTSE 100 rose 2.9 percent. Germany's DAX index rose 2.7 percent, and France's CAC-40 rose 2.8 percent. Japan's Nikkei stock average rose 3.4 percent.
Sunday, March 22, 2009
N.C. foreclosures down 50% in February - Charlotte Business Journal:
The number of foreclosures in North Carolina fell 49.7 percent in February from the same period last year, according to data from RealtyTrac Inc.
The state had 2,039 foreclosures in February, with one in every 2,023 homeowners receiving a default notice, auction-sale notice or bank-repossession filing.
Foreclosure filings in North Carolina fell 14.5 percent in February from January.
Across the country, foreclosure filings rose nearly 30 percent last month from February 2008. There were 290,631 foreclosure filings, which affected one in every 440 U.S. households.
Filings rose 5.9 percent last month from January.
Nevada, Arizona and California posted the top foreclosure rates in the country last year.
Irvine, Calif.-based RealtyTrac tracks default notices, auction-sale notices and bank repossessions. Its figures exceed those compiled by the N.C. Commissioner of Banks. The company counts every foreclosure filing, including multiple filings for a single household, while the commissioner counts each household only once, regardless of the number of filings it receives.
‘We're through the worst of it,' says economist | CharlotteObserver.com
By Jefferson George
jgeorge@charlotteobserver.com
Posted: Wednesday, Mar. 18, 2009
The N.C. economy could start to recover this summer if banks begin making more loans and the federal stimulus package puts more people to work, a UNC Charlotte economist said Tuesday.
“We're through the worst of it,” John Connaughton said of the recession. “We've probably got another couple of months before it turns around.”
That rebound, though, will be slow and won't keep North Carolina from losing more than 178,000 jobs between the start of 2008 and end of 2009, said Connaughton, author of the quarterly UNC Charlotte economic forecast.
The state lost 120,100 jobs last year and is expected to lose another 58,200 this year – a two-year total that is nearly double what Connaughton estimated just three months ago. He also gave a bleaker outlook for N.C. unemployment – which was 9.7 percent in January – saying it could peak at 11 percent at year's end.
Connaughton has been at UNC Charlotte for 30 years, and the quarterly forecast has studied state economic conditions since 1981.
Job losses cam"
jgeorge@charlotteobserver.com
Posted: Wednesday, Mar. 18, 2009
The N.C. economy could start to recover this summer if banks begin making more loans and the federal stimulus package puts more people to work, a UNC Charlotte economist said Tuesday.
“We're through the worst of it,” John Connaughton said of the recession. “We've probably got another couple of months before it turns around.”
That rebound, though, will be slow and won't keep North Carolina from losing more than 178,000 jobs between the start of 2008 and end of 2009, said Connaughton, author of the quarterly UNC Charlotte economic forecast.
The state lost 120,100 jobs last year and is expected to lose another 58,200 this year – a two-year total that is nearly double what Connaughton estimated just three months ago. He also gave a bleaker outlook for N.C. unemployment – which was 9.7 percent in January – saying it could peak at 11 percent at year's end.
Connaughton has been at UNC Charlotte for 30 years, and the quarterly forecast has studied state economic conditions since 1981.
Job losses cam"
Homebuyer tax credit Web site attracts more than 840,000 visitors
A record 844,000 prospective homebuyers visited the National Association of Home Builders' FederalHousingTaxCredit.com Web site in February to learn about the new $8,000 tax credit for first-time homebuyers that was enacted last month as part of the landmark $787 billion economic stimulus package.
'We are very pleased and encouraged that so many people are visiting our informational Web site at www.FederalHousingTaxCredit.com' said Joe Robson, chairman of the NAHB and a home builder from Tulsa, Okla. 'The spike in traffic on our Web site is a strong indication that the tax credit will help get some fence sitters into the market and will help breathe some life back into the depressed housing market.'
Source: NAHB"
'We are very pleased and encouraged that so many people are visiting our informational Web site at www.FederalHousingTaxCredit.com' said Joe Robson, chairman of the NAHB and a home builder from Tulsa, Okla. 'The spike in traffic on our Web site is a strong indication that the tax credit will help get some fence sitters into the market and will help breathe some life back into the depressed housing market.'
Source: NAHB"
Is My Loan Eligible for Modification Under the Obama Plan?
by Ralph Roberts
The Treasury Department recently released a report, which include eligibility requirements to determine which homeowners qualify for relief under the plan. Following are the eligibility requirements as specified in the guidelines:
- Mortgage must have originated on or before January 1, 2009.
- Home must be an owner-occupied primary residence (verified with tax return, credit report, and other documentation such as a utility bill) – this program is not designed for investor-owned properties.
- Home must be a single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
- Home may not be vacant or condemned.
- Borrowers in bankruptcy are not automatically excluded from consideration.
- Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
- First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:
- 1 Unit: $729,750
- 2 Units: $934,200
- 3 Units: $1,129,250
- 4 Units: $1,403,400
- Foreclosure actions are suspended during the trial period or while borrowers are considered for alternative foreclosure prevention options. If homeowners fail to qualify, foreclosure proceedings may resume.
- No minimum or maximum LTV ratio for eligibility purposes.
- Loans are eligible for only one loan modification under the program.
- Subordinate liens (such as second mortgages or home equity loans or lines of credit) are not included in the Front-End DTI calculation, but they are included in the Back-End DTI calculation.
- Servicers should follow any existing express contractual restrictions with respect to solicitation of borrowers for modifications.
Applicants will be accepted into the program until December 31, 2012 (the program expiration date), but incentive payments will continue up to five years after the date of entry into the Home Affordable
Modification Program. Monitoring will continue through the life of the program.
Keep in mind that these eligibility requirements are simply government guidelines. Avoid the temptation to qualify or disqualify yourself based solely on what the eligibility requirements indicate. Consult a loan modification specialist who works with lenders on a daily basis to review your situation and determine whether you are likely to qualify. Sometimes the only way to determine whether you qualify is to actually submit your loan modification application.
Surprise! Housing starts surge - Business - News & Observer
- The Associated Press
Published: Wed, Mar. 18, 2009 12:00AM
Modified Wed, Mar. 18, 2009 01:55AM
WASHINGTON -- Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.
While the surge in construction was far better than the continued decline economists had expected, experts viewed the rebound as a temporary gain given all the problems the housing industry still faces.
The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units.
Meanwhile, the Labor Department said wholesale prices edged up a slight 0.1 percent in February as a big drop in food costs offset rising energy prices.
After the news, investors reignited Wall Street's rally, snapping up financial and homebuilder stocks among others. The Dow Jones industrial average and other major indexes all finished with gains of more than 2 percent, with the tech-laden Nasdaq composite index jumping more than 4 percent.
Analysts expect mounting job losses and foreclosures and tightening lending standards to continue to suppress home sales.
"Building permits are indicating that starts could improve modestly in coming months, but we believe the reprieve will be short-lived," Soleil Securities Group analyst Anna Torma wrote in a research note.
Even with the big increase, construction activity remains 47.3 percent below where it was a year ago. The strength in February was led by a sharp gain in apartment construction, which can be highly volatile from month to month.
The West, which didn't get good news, has been hardest hit by the housing slump.
Patrick Newport, U.S. economist for IHS Global Insight, said the uptick in construction was driven by improving weather in February, particularly in the Northeast, where a severe winter had slowed construction in December and January.
"The numbers are so low that any increase will give you a big percentage increase," Newport said.
He said a surer sign of a turnaround would be a three-month sustained increase in single-family permits.
"We got several months over the past three years where permits increased only to drop the following month," Newport said.
The 0.1 percent increase in wholesale inflation was much lower than the 0.8 percent surge in January and smaller than the 0.4 percent increase economists had expected. Compared with a year ago, wholesale prices are actually down 1.3 percent.
Core inflation, which excludes energy and food, edged up 0.2 percent in February, only slightly higher than the 0.1 percent gain economists had expected. Core prices had risen 0.4 percent in January.
The world economy remains soft and is getting weaker, making it difficult for companies to raise prices, said Nigel Gault, chief U.S. economist at IHS Global Insight.
"Inflation is clearly very quiet," Gault said. "The risks, if we're looking over the rest of the year, are more toward deflation than inflation, but deflation certainly is not here yet."
Companies are continuing to slash costs.
Caterpillar on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn.
Alcoa became the latest Dow Jones industrial company to lower its dividend to conserve cash. The aluminum maker said it was cutting its quarterly dividend 82 percent to 3 cents. It also said it plans to sell stock and debt to help reduce annual costs by more than $2.4 billion.
Nokia, the world's top mobile phone maker, said it will lay off 1,700 people worldwide to cut costs. The mobile phone market has been suffering as consumers spend less during the recession.
On Wednesday, Fed officials are expected to signal that they will continue to keep a key interest rate at a record low near zero percent for as long as necessary and use other unorthodox means to jump-start the economy.
The Fed has the leeway to focus on the weak economy because inflation pressures are expected to remain law in the face of widespread layoffs that are depressing wage demands.
2009 Homebuyer Tax Credit
The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.Federal Reserve Surprises Financial Markets
Here's the scoop. What the Fed just announced is huge – they have committed to buy another $750B in Mortgage Backed Securities, and $300B in Treasuries.
But what does this mean and why do you care?
Their actions provide a demand for Mortgage Backed Securities, which should help keep a ceiling on home loan rates moving much higher in the foreseeable future. That's good news, for homebuyers who are seeing the bargains out there and understanding that now is the time to act. Good news for those who are ready to refinance too.
But an important distinction – this does not mean rates may move significantly lower. Depending on exactly which coupons the Fed purchases when they go shopping for Mortgage Backed Securities, their actions may keep a lid on rates, but not push them very much lower. And based on what they've been buying since the beginning of this year when they started their purchasing program – that is exactly how it has played out.
Present home loan rates are within inches of historic lows. What is keeping you on the sidelines from acting now to refinance and get some dollars back into your own pocket, where they belong – or moving forward to buy the home of your dreams, while it is still on sale?
Mortgage rates hit new low on Fed news
By Jeannine Aversa
Associated Press
Posted: Friday, Mar. 20, 2009
WASHINGTON Mortgage rates tumbled to historic lows Thursday after the Federal Reserve's sudden decision to print $1.2 trillion and pump it into the economy, a move that also triggered warning signs of inflation – a weaker dollar and the highest oil prices of the year.
The national average rate on a 30-year, fixed-rate mortgage fell to 4.94 percent, down nearly a quarter of a percentage point from a day earlier, according to financial publisher HSH Associates.
It was the first time the average had fallen below 5 percent since the publisher began keeping records in 1979. But mortgages were not exactly being passed out freely. Lenders remain extremely strict about who qualifies.
“The real story here is that the low rates are available only to solid gold borrowers,” said Don Fader, an N.C. mortgage broker who was quoting a rate just above 4.6 percent for mortgages Thursday.
The Fed announced Wednesday it would buy $750 billion in mortgage-backed securities and $300 billion in Treasury debt. It also will double its purchases of debt issued by Fannie Mae and Freddie Mac to $200 billion.
Bec"
Associated Press
Posted: Friday, Mar. 20, 2009
WASHINGTON Mortgage rates tumbled to historic lows Thursday after the Federal Reserve's sudden decision to print $1.2 trillion and pump it into the economy, a move that also triggered warning signs of inflation – a weaker dollar and the highest oil prices of the year.
The national average rate on a 30-year, fixed-rate mortgage fell to 4.94 percent, down nearly a quarter of a percentage point from a day earlier, according to financial publisher HSH Associates.
It was the first time the average had fallen below 5 percent since the publisher began keeping records in 1979. But mortgages were not exactly being passed out freely. Lenders remain extremely strict about who qualifies.
“The real story here is that the low rates are available only to solid gold borrowers,” said Don Fader, an N.C. mortgage broker who was quoting a rate just above 4.6 percent for mortgages Thursday.
The Fed announced Wednesday it would buy $750 billion in mortgage-backed securities and $300 billion in Treasury debt. It also will double its purchases of debt issued by Fannie Mae and Freddie Mac to $200 billion.
Bec"
GMAC receiving $4.49 million to add Charlotte jobs | CharlotteObserver.com
By Jonathan B. Cox
jonathan.cox@newsobserver.com
Posted: Friday, Mar. 20, 2009
State officials this morning approved a grant worth as much as $4.49 million to convince auto lender GMAC Financial Services to add 200 jobs in Charlotte.
It's a rare bit of good news for Charlotte's beleaguered financial industry, which is losing thousands of banking jobs amid consolidation and the credit crunch.
It's also the largest economic development announcement since Gov. Bev Perdue took office. GMAC will also have to retain 265 employees it already has in Charlotte to get the state grant.
Perdue is scheduled to disclose more details 1 p.m. today in Charlotte. She will be joined by Lt. Gov. Walter Dalton, Commerce Secretary Keith Crisco and area officials and business leaders.
Charlotte leaders promised GMAC another $240,000 to attract the new jobs, which will pay average annual wages of $96,600.
The company considered adding the new jobs in Detroit.
Many of the company's senior executives are based in Charlotte, including CEO Al de Molina.
GMAC provides auto loans, real estate financing, insurance and lately has been promoting its banking arm, which offers money-market savings and certificate of deposit accounts. The company w"
jonathan.cox@newsobserver.com
Posted: Friday, Mar. 20, 2009
State officials this morning approved a grant worth as much as $4.49 million to convince auto lender GMAC Financial Services to add 200 jobs in Charlotte.
It's a rare bit of good news for Charlotte's beleaguered financial industry, which is losing thousands of banking jobs amid consolidation and the credit crunch.
It's also the largest economic development announcement since Gov. Bev Perdue took office. GMAC will also have to retain 265 employees it already has in Charlotte to get the state grant.
Perdue is scheduled to disclose more details 1 p.m. today in Charlotte. She will be joined by Lt. Gov. Walter Dalton, Commerce Secretary Keith Crisco and area officials and business leaders.
Charlotte leaders promised GMAC another $240,000 to attract the new jobs, which will pay average annual wages of $96,600.
The company considered adding the new jobs in Detroit.
Many of the company's senior executives are based in Charlotte, including CEO Al de Molina.
GMAC provides auto loans, real estate financing, insurance and lately has been promoting its banking arm, which offers money-market savings and certificate of deposit accounts. The company w"
Wednesday, March 18, 2009
Home ownership still the American dream
A national consumer survey by Trulia overwhelmingly shows that the 'American Dream' of owning a home is still alive even as the recession deepens.
More than 3 in 4 Americans surveyed still consider owning a home as a part of achieving their personal American Dream, but consumers agree that economic incentives, among the policies advocated in the housing plan put forward by the Administration, are not the most important things that can be done to restore faith in the American Dream of home ownership."
More than 3 in 4 Americans surveyed still consider owning a home as a part of achieving their personal American Dream, but consumers agree that economic incentives, among the policies advocated in the housing plan put forward by the Administration, are not the most important things that can be done to restore faith in the American Dream of home ownership."
New law requires fingerprints
Real estate certainly has its risks and fraud is a growing problem, but now there's a new law in Chicago that's supposed to protect buyers. According to CBS Broadcasting, the new law, which is set to go into effect June 1, 2009, will require anyone selling property in Cook County to provide a thumbprint from their right hand. Unless it's reintroduced, the thumbprint rule is set to expire in 2013.
Source: CBS Broadcasting Inc."
Source: CBS Broadcasting Inc."
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