North Carolina - State of Real Estate - 9/2009
September 2nd, 2009 8:30 PM


> 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.



> 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.

Posted in:General
Posted by Philip Jernigan on September 2nd, 2009 8:30 PMPost a Comment

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