> The Pending Home Sales Index in June 2009 rose 6.7
percent above June 2008. That’s the first time since
2004 that gains have been recorded for five consecutive
> N.C. existing home sales rose for the third consecutive
month in July while posting the smallest decline in three
years when compared to July 2008.
> Sales of newly constructed homes leaped unexpectedly
in July to hit their highest level since last September.
> Affordability is the single greatest reason to buy in
today’s market. In July, the affordability index remained
36.6 percentage points above a year ago and hovered
near an 18-year high during the second quarter.
> The supply of homes is declining, slowly but surely.
The inventory of homes at the end of July in 28 major
metropolitan areas nationwide was down 2.5 percent
from a month earlier.
> Construction of single-family homes rose in July for
the fifth straight month, edging up to the highest level
since October 2008.
> The $8,000 first-time homebuyer tax credit is effectively
getting buyers off the fence and into new homes.
First-time homebuyers accounted for 30 percent of
homes sold in July.
> For the first time in three years, U.S. home prices rose
in the second quarter.
OR THE RECORD
> HUD and FHA recently implemented the “Making
Home Affordable Loan Modification Program.” The program
aims to buy down loans by up to 30 percent of the
unpaid principal balance, defer these amounts until the
first mortgage is paid off and assist FHA servicers by
bringing mortgages current.
> Real estate truly is local. While the nation experienced
a 32 percent increase in foreclosure activity in July
compared to the previous year, N.C. maintained a 20
percent decline in foreclosures compared to July 2008.
> Fayetteville and Burlington recently ranked in the top
10 nationally for strongest housing markets based on
the share of single-family homes in which values rose
in the second quarter of 2009.
> Though still high by most standards, the rate of job
losses has slowed significantly. Employers eliminated
247,000 jobs nationally in July, the smallest monthly
loss since last August.
> The government’s preliminary estimates show that
the economy’s downturn slowed markedly in recent
months, shrinking only 1 percent in the second quarter
compared to 6.4 percent in the first.