News
In Housing Growth, Carolinas in Top 10
The Carolinas rank among the top 10 states nationwide in new home growth amid an explosive population boom, according to Census figures recently released. However, experts claim the national housing slowdown is starting to impact the Carolinas’ impressive growth rate.
Source: Charlotte.com
2007-09-12
Mecklenburg County Imposes Water Restrictions
Water restrictions throughout Mecklenburg County will go into effect at 12:01 a.m. on Tuesday, due to severe drought conditions.
In the Charlotte area, the rules limit lawn watering to two days per week for all residents and prohibit residential car-washing and the refilling of empty swimming pools, fountains and ornamental ponds.
The water-use restrictions -- described as a coming necessity in recent days by local utility officials -- were recommended Monday by Charlotte-Mecklenburg Utilities Director Doug Bean and approved by Charlotte City Manager Curt Walton.
Residents are not allowed to water lawns on Mondays, Wednesdays and Fridays.
Those with odd-numbered addresses may water their lawns on Tuesdays and Saturdays. Residents with even-numbered addresses may water lawns on Thursdays and Sundays.
2007-08-28
North Carolina Adopts Guidelines for Sub-prime Loans
North Carolina has adopted national regulatory guidelines on sub-prime adjustable rate mortgages. For more information see this bizjournals.com article.
Source: bizjournals.com
2007-07-17
Union County Modifies Water Restrictions
Interim County Manager Richard Black has modified Union County’s Stage II Mandatory Water Conservation Declaration to allow residential pressure washing by commercial businesses from 9 a.m. to 5 p.m., Monday – Friday and residential car washing using a spring loaded nozzle.
Water ordinance modifications document
2007-07-09
7 Tips for Foreclosure Property Investing
With foreclosures rising nationwide, prices falling, and inventories swelling to historic levels, investors with a discerning eye and knowledge of the foreclosure process can build a profitable portfolio of distressed properties, says James Saccacio, CEO of RealtyTrac, which tracks foreclosure data.
Saccacio offers this basic advice to foreclosure investors:
* Know your market. The most important tool in your real estate investing toolbox is knowledge of the area where you plan to invest.
* Develop an appropriate investment strategy. Find an investment strategy that will work in your market, and then do what it takes to implement that strategy.
* Make the foreclosure process work for you. Decide what foreclosure buying technique works best with your investment strategy and your strengths as a person.
* Scrutinize each deal. Many real estate investors wrongly assume that if a home is in foreclosure it's a good deal.
* Rely on a trustworthy team. You'll be in over your head if you try to do all the work involved in foreclosure investing on your own.
* Network with banks and lenders. In a slow real estate market, banks and other lenders are saddled with larger inventories of foreclosed properties and will be more motivated to sell those properties at bargain prices.
* Act quickly, but don't be in a hurry. A slow real estate market gives you the upper hand as a buyer, but you'll still need to act quickly to get the best deals.
Source - REALTOR® Magazine Online
2007-06-29
New Financial Calculators Available!
Financial calculations could be a tricky task. Our mortgage calculators make it easy!
With them you have the ability to perform financial calculations without leaving our site! Our new and UNIQUE feature - PDF forms, allows you to send yourself calculation results via e-mail. Here is a short list of the available mortgage calculators :
Simple Payment Calculator
Mortgage Principal Calculator
Mortgage Length Calculator
Affordability Calculator
Tax Benefits Calculator
Should I Refinance ?
Should I Pay Points ?
Interest Only Calculator ?
Should I use HELOC ?
How Much Income To Qualify ?
What to get - 80/15 or PMI ?
Canadian Mortgage Calculator
Which Loan Is Better ?
Standard vs Bi-Weekly
2007-06-28
New Blog added to our site
Moore & Associates now has a blog to give you your own voice on the web. We will collect and share things that we find interesting — whether it's social commentary, a personal diary, or links to web sites we want you to remember.
We have implemented our Blog using WordPress 2.2. WordPress is a powerful personal publishing platform, and it comes with a great set of features designed to make your experience as a publisher/commenter on the Internet as easy, pleasant and appealing as possible.
2007-06-25
New Poll Confirms Opposition to Home Tax
More than three quarters of North Carolina voters are opposed to a real estate transfer tax, according to a Civitas Institute survey released Wednesday. The poll, conducted by Tele-0pinion Research, showed that 78 percent of North Carolina voters are opposed to a new real estate tax, while 16 percent favored the tax proposal.
The Civitas Institute is a research and public policy organization based in Raleigh. This survey research parallels a similar poll conducted by The Kitchens Group of Orlando, Fla., on behalf of the NC Association of Realtors® in early May.
This survey confirms what we already know, that voters are not interested in raising taxes on homeownership. There is no movement across North Carolina to tax the equity in people’s homes. Voters know that it is a bad idea,” said Tim Kent, executive vice president of the North Carolina Association of Realtors®.
The proposed real estate transfer tax would be levied against the seller of a home or other property at one percent of that property’s value. For example, if you own a $200,000 home, you would be forced to pay $2,000 to the government when you sold your home.
Currently, the real estate market is soft across most of the state. The National Association of Home Builders said new home construction in June is the worst since 1991, according to an MSNBC News Report released Tuesday. “The last thing we need to do is to create an environment that is detrimental to the housing market. That’s another reason why taxing homeownership is a bad idea,” said Kent.
Opponents to the home tax say any additional costs on homeownership of any kind would be a potentially unbearable burden on young couples, working families and senior citizens. Thus, North Carolina voters are vehemently opposed to any new home tax. According to The Kitchens Group survey, 79 percent of NC residents think the new tax would hurt working families, and 81 percent are opposed to any tax on home equity in any form.
North Carolina voters get it. They know that a home tax is a tax on their hard work, their success and their nest egg,” Kent said.
Copies of the Civitas Decision Maker Poll are available at www.jwpcivitasinstitute.org.
Copies of The Kitchens Group poll are available at www.itsabadidea.com.
2007-06-20
June is National Home Ownership Month
A Proclamation by the President of the United States of America
Owning a home is part of the American dream, and National Homeownership Month is an opportunity to encourage our citizens to explore the benefits of owning a home.
Owning a home provides a source of security and stability for many of our citizens. My Administration is committed to fostering an ownership society and helping more Americans realize the great promise of our country. Today, nearly 70 percent of Americans own their homes, and the rate of minority homeownership has climbed to above 50 percent since I took office in 2001. The Department of Housing and Urban Development is continuing to enforce the Fair Housing Act to confront housing discrimination and advance equal housing opportunities for everyone. We are also working with the Congress to modernize the Federal Housing Administration in order to better provide safe, fair, and affordable mortgages to first-time homeowners, minorities, and individuals with less than perfect credit. In addition, the American Dream Downpayment Act of 2003 is helping thousands of low to moderate income and minority families with the downpayment and closing costs on their homes. My Administration also continues to support more funding for the Self-Help Homeownership Opportunity Program and the HOME Investment Partnership Program, which provide low-income citizens and minorities with more homeownership opportunities.
During National Homeownership Month and throughout the year, I urge citizens to consider homeownership opportunities in their communities, and I applaud American homeowners for helping fuel the economy.
NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2007 as National Homeownership Month. I call upon the people of the United States to join me in recognizing the importance of homeownership and building a more prosperous future.
IN WITNESS WHEREOF, I have hereunto set my hand this first day of June, in the year of our Lord two thousand seven, and of the Independence of the United States of America the two hundred and thirty-first.
GEORGE W. BUSH
Source: White House Press Release
2007-06-06
Home Sales Expected to Take Gradual Upturn
Home sales are projected to move in a relatively narrow range with a gradual upturn becoming more pronounced by the end of the year, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
“Overall housing levels are historically strong, but sales remain sluggish compared to the recent boom,” says Lawrence Yun, NAR senior economist. “It’s important to keep in mind that all real estate is local, and many markets are expected to have higher sales and strengthening prices during the second half of this year.”
What to Expect
NAR makes the following projections on the housing market:
* Existing-home sales: projected to total 6.18 million in 2007 and 6.41 million next year, in contrast with 6.48 million in 2006.
* New-home sales: forecast at 860,000 this year and 901,000 in 2008, down from 1.05 million last year.
* Housing starts: likely to total 1.43 million units in 2007 and 1.49 million next year, below the 1.80 million recorded in 2006.
Meanwhile, the 30-year fixed-rate mortgage is likely to increase to 6.6 percent in the third quarter and then hover at that level through 2008.
The national median existing-home price should ease by 1.3 percent to $219,100 in 2007, before rising 1.7 percent next year. The median new-home price will probably fall 2.3 percent to $240,800 this year, and then grow by 2.6 percent in 2008.
“We continue to experience a temporary distortion in comparing median existing-home prices,” Yun says. “Because the sales volume has shifted from many high-cost areas to moderately priced markets, we’re not getting a true apples-to-apples comparison. When you look at other measures, such as this week’s price index from Freddie Mac which is based on repeat sales, overall home prices are rising slowly.”
Other factors to take into account that affect housing include:
* Gross Domestic Product: growth in the U.S. GDP is estimated at 2 percent this year, lower than the 3.3 percent growth in 2006. Yun forecasts GDP to grow 3 percent in 2008.
* Unemployment rate: projected to average 4.6 percent in 2007, unchanged from last year.
* Inflation: expected to decline to 2.5 percent this year, down from 3.2 percent in 2006. Inflation-adjusted disposable personal income is likely rise 2.8 percent this year, compared with a 2.6 percent increase in 2006.
Buyers Need to Change Perspective
Buyers today need to have a traditional view of housing as a long-term investment, Yun says. “That investment generally will build a nice nest egg over time, especially if they use a traditional mortgage instrument that reduces debt,” Yun adds.
“Because of reductions in home sales and new home construction, the economy will expand at a subpar pace in 2007,” Yun says. “As housing market conditions improve going into 2008, the economy will reach back to its growth potential next year.”
Source - REALTOR® Magazine Online
2007-06-06
Updated: Union County Imposes Water Restrictions
As a result of excessive demand on Union County’s water treatment and delivery system, a Stage II Mandatory Water Shortage Condition has been declared. In accordance with the Union County Water Conservation Ordinance it is hereby required that all Union County Public Works (UCPW) water users reduce usage beginning Friday, June 1.
Union County Stage II Mandatory Water Restrictions
FAQ regarding Stage II Water restrictions
Water conservation tips
25 things you can do to prevent water waste
En Español: Etapa II Se declara la condición obligatoria de la escasez del agua
2007-06-01
Matthews in BusinessWeek Online's most affordable cites list
In the South, job prospects are good, the weather is warm, and the real estate deals can be sweet.
In its ongoing series, BusinessWeek Online is taking a look at the most affordable suburbs in the Southern states. Using data compiled by Sperling’s Best Places, it lists the most attractive suburbs alphabetically, taking into account cost of living, violent crime, school test scores, and median home prices.
Congratulations to Matthews, NC for making the list. If you would like to take advantage of home buying or selling opportunities please call or email us at Moore & Associates.
Source: BusinessWeek Online, Maya Roney
2007-06-01
New Home Sales Surge in April
Sales of new single-family homes jumped 16.2 percent in April, the largest increase in 14 years, but the median price fell 11.1 percent, marking the largest one-month decline on record, according to the Commerce Department.
Analysts regarded the mixed signals cautiously, saying that troubles in the subprime market could further crimp demand in coming months.
''What you're seeing is the blue-light special,'' says Pat McPherron, an economist with Moody's Economy.com. ''The only way this market is going to move is by price cutting.''
The strength in new-home sales was led by a 27.8 percent increase in the South. Sales were also up in the West by 8.5 percent and in the Northeast by 3.8 percent. In the Midwest, sales fell 4 percent.
Meanwhile, April's median new-home price of $229,100 made the record books as the largest-ever month-over-month decline, as well as the biggest year-over-year drop (10.9 percent) since 1970.
Source: The New York Times
2007-05-25
Bill Would Boost Home-Loan Limits for Veterans
WASHINGTON — New legislation introduced in Congress Wednesday would expand opportunities for U.S. veterans to purchase, build, repair, or improve a home by increasing their access to low-interest loans through the VA Home Loan Guaranty program.
The NATIONAL ASSOCIATION OF REALTORS® is endorsing the legislation, named the 21st Century G.I. Bill of Rights Act, which was brought forth by Sen. Hillary Rodham Clinton (D-N.Y.) and Rep. Patrick Murphy (D-Pa.).
“As the leading advocates for homeownership and affordable housing, REALTORS® have long supported policies that make housing more accessible and affordable for America’s veterans,” said NAR President Pat V. Combs, who joined Clinton and others at Wednesday’s announcement. “We strongly support efforts to improve housing benefits for all veterans, no matter where they live.”
Under the 21st Century G.I. Bill of Rights Act, veterans will be exempt from paying loan fees and will be able to access to low-interest VA loans for homes valued up to $625,000. The current program caps loans at $417,000.
The bill will guarantee eligibility to all service members — Active Duty, National Guard and Reserves — who have served since September 11, 2001.
“The G.I. Bill has helped millions of soldiers transition successfully to civilian life,” Sen. Clinton said. “Now it is time to update and modernize the G.I. Bill for the 21st century to meet the needs of today’s soldiers, veterans, and their families — from education to housing and microloans to start small businesses.”
She said this legislation is the “right way to invest in the future of our service members and reward the service they have given to our country.”
Source: REALTOR® Magazine Online
2007-05-17
Insiders Give a Big Thumbs Up to Real Estate Plays
As the real estate market slows down in most of the country, some are taking advantage and re-investing in Real Estate Investment Trusts (REIT). Insiders at over a half dozen REITs bought tens of millions of dollars worth of their own stock in the past week or so. Some of these REITs are also buying back their own shares – a powerful signal in combination with insider buying.
Link to InvestorIdeas article
Source: InvestorIdeas.com (05/17/07)
2007-05-17
30-Year Mortgage Rates Dip Slightly
The 30-year fixed mortgage rate fell to 6.15 percent this week from 6.16 percent, marking the third weekly decline in four weeks.
The Freddie Mac report also shows a jump in the one-year adjustable mortgage rate to 5.48 percent from 5.42 percent, while the five-year adjustable rate climbed to 5.89 percent from 5.87 percent.
The 15-year fixed rate, however, held steady at 5.87 percent.
"Low employment growth in April — the slowest pace since November 2004 — and downward revisions to both February and March job growth tempered market concerns of future increases in the rate of inflation," says Freddie Mac Chief Economist Frank Nothaft.
Source: Baltimore Sun (05/11/07)
2007-05-11
Bank of America Rolls Out No-Fee Mortgage
Bank of America on Tuesday will begin offering nationally a no-fee mortgage, which will eliminate most of the charges that add a few thousand dollars to every closing.
Bank of America, which is the nation’s second largest lender by assets, has been offering this mortgage in Washington state since September. In February, it expanded the program to eight additional states. Tomorrow, it will begin advertising the “No Fee Mortgage Plus” nationally.
The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. The loans aren’t available to subprime customers.
Floyd Robinson, Bank of America's president of consumer real estate and insurance services, says the loan eliminates, on average, $3,350 in closing costs on a $200,000 loan.
No other major bank appears to be offering similar loans. Robinson says the bank is able to make money by cross-selling new products. "This is about a relationship more so than about a single product sell," he says.
Source: The Associated Press, Ieva M. Augstums (05/07/07)
2007-05-07
New Resource Articles to Download
Please take a look at the three new articles, free to download, have been added to our Resources page.
In the General section look for "Bathroom Renovation Ideas."
In the General section look for "What is Radon gas?"
In the Sellers section look for "Curb Appeal Landscape Ideas."
2007-05-04
$5 Ideas for Making a House More Appealing
Real estate professionals in Sacramento, Calif., say it only takes a $5 investment to do some quick makeovers to attract potential buyers. Here are five under $5 ideas:
1. Give the trim around the front door a fresh coat of paint, covering up fingerprints and dings.
2. Fertilize the grass so it looks bright green.
3. Hang a small flag that says “Welcome.”
4. Place a big pot of yellow marigolds in the foyer — yellow makes people feel comfortable.
5. Dribble a few drops of vanilla on the oven door and turn it to low (it’ll smell just like cookies are baking).
Source: The Sacramento Bee, Jim Wasserman (05/04/07)
2007-05-04
Economy at Its Slowest in 4 Years
Economic growth slowed to its weakest pace in four years during the first three months of 2007. In its first estimate of economic growth for the quarter, the Commerce Department said the nation’s gross domestic product, the most comprehensive measure of overall economic activity, expanded 1.3 percent for the quarter, barely over half the rate recorded in the final quarter of last year.
Link to N.Y.Times article
2007-04-28
Home Staging On Rise Due To Buyer's Market
Home staging is, as one local Realtor® put it, "the art of making a good first impression" and it is gaining popularity locally and nationally. In what's become a buyer's market, staging a home can help to shift some of the power back to the seller by creating a home that looks inviting and is in demand.
Link to article
2007-04-27
Property Taxes Up As House Prices Fall
Property taxes will keep rising nearly everywhere for homeowners even as house prices are falling in many parts of the country, according to a USA Today analysis of government data. A key reason: Despite the housing downturn, the market value of millions of homes still exceeds their assessed value used for tax purposes.
Link to USA Today article
2007-04-24