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Teresa & Lee's Blog
Happenings In The Triangle Area NC

There's a lot going on in NC!  We have the new Cancer Center and Medical Pavillion being built at Duke University Hospital which will generate over 1000 jobs when complete!  This will certainly stimulate or local economy and provide growth throughout Durham and the surrounding counties.  The question would be where are these new Duke employees going to park?  If you've ever been to the Hospital you know that parking is quite an issue.

Orange Charter School in Hillsborough is building new gym which should be complete by the beginning of the opening of school in August.  We are very excited to have accomplished this goal as well!  We are a K-8 school with wonderful teachers, parents and staff.  The website is www.orangecharterschool.org if you are interested.

There is also a 55+ community being construced as we speak within walking distance of the school.  They will be taking applications very soon.  If you need more information or a phone number for this new community please let us know.

UNC is also building a new hospital just off of Highway 86 in Hillsborough.  This too, will stimulate growth and provide another option in medical care to our area.

Keller Williams Realty in Burlington will be hosting an OPEN HOUSE on Tuesday, June 22 at 11:00 a.m. to celebrate the new location!  It will be an exciting and wonderful time for our agents!  Come check our our new office!

If you know someone moving to our area please have them contact us at www.fowleradvantage.com or call at 919-810-7268 or 919-260-2713 and we will be happy to help them relocate to this wonderful area!

Jun 10 2010
Before - The Short Sale Or Foreclosure In North Carolina

Before - The Short Sale Or Foreclosure

If you are or if you know someone in trouble with their ability to pay their mortgage, some good avenues for advice in North Carolina are:

1)  Call the NC Commissioner of Banks in Raleigh (open Monday - Saturday)
316 W. Edenton Street, Raleigh, NC 27603 - Phone (888) 384-3811, Fax (919) 733-6918 - share your situation and get advice on what you need to do.

2) Hope Now Program - 1-888-995-HOPE or www.hopenow.com.

3)  Talk to local short sale attorney or bankruptcy attorney.

4)  Talk to a CPA regarding tax consequences.

5)  Call Loss Mitigation at Bank, this department can offer different loan work-out programs such as

1) Forebarance by lender (the seller stops making payments for a period of time and these payments are added to the end of the loan;
2) A repayment plan;

3) Loan modification (rate % decrease);

4) Short Sale (which takes 3-5 months (or longer sometimes) to hear back from the bank on approval) or;

5) Partial payment from your mortgage insurance company.

NC Loss Mitigation Department Telephone Numbers:
Ameriquest (800) 211-6926
Bank of America (716) 635-2982
Chase Manhattan Mortgage Corp (800) 446-8939 x 3553
CitiMortgage (636) 256-5088
Countrywide (888) 435-3102
GMAC (800) 850-4622
US Bank (888) 780-3997
Wells Fargo (866) 261-5642

Jun 01 2010
Real Estate Report

House lawmakers approved a $6 billion measure that aims to provide rebates

to homeowners who invest in energy efficiency improvements. The bill,

officially known as the Home Star Energy Retrofit Act but better known as

'cash for caulkers,' has been touted by President Obama since December as

one of the signature pieces of his administration's larger job-creation

strategy. The act 'is a common-sense bill that will create jobs, save

consumers money, and strengthen our economy,' President Obama said after the

House passed the measure. 'We have workers eager to do new installations and

renovations, and factories ready to produce new energy-efficient building

supplies.' House Speaker Nancy Pelosi, D-Calif., estimates that the

legislation will create nearly 168,000 jobs in construction, manufacturing,

and retail. The vote simply authorizes the creation of the program; it does

not appropriate the funds needed to run it. Source: Associated Press

Unmarried women accounted for 21% of home purchases in 2009, while unwed

males were 10% of the buyers, according to a National Association of

Realtors report in November. It's a dramatic shift from 1981, the first year

the numbers were tracked, when single women and men each accounted for 10%

of home sales. Single women have held steady at the 20 % mark for more than

five years, yet when the Urban Land Institute hosted its annual real-estate

conference in late April, analysts had to remind the audience to expect big

numbers from young, single female buyers. 'I've given some of my

[home-building] clients lessons on how to be gender friendly,' said Brooke

Warrick, president of the market research firm American Lives. He reminded

sellers to treat young women as viable buyers, not bystanders, by doing

something as simple as handing them a brochure when they enter a for-sale

home. These women tend to stake their claim on homes in the

1,700-square-foot range predominantly in the Washington, D.C., California

and Texas markets, Warrick said. After segmenting the market, Warrick

noticed that young women, especially those rooted in secure industries like

health care, make more money than their male peers. Source: MarketWatch

Can it be possible? Despite the housing bust and high foreclosure rates, in

some areas real estate agents are complaining that they don't have enough

homes to sell. There is currently an eight-month supply of homes on the

market, meaning that, at the current sales pace, it would take eight months

to run through the backlog. That's still a lot compared to the six-month

supply that is expected in a normal market, but it is much better than it

was. In March, there were nearly 2% fewer homes on the market than there

were a year ago, and 21.7% fewer than the record of 4.6 million in July

2008. In some areas, supplies are even bidding-war tight. In Denver, for

example, supply has fallen to 5.7 months from 6.2. In Phoenix it has

declined to 4.5 from 5.2; and in San Francisco inventory has halved, to 3.2

months from 6.5 last March. In California, almost all cities have a short

supply of single-family homes. That's especially true in the lower-priced

categories, according to Leslie Appleton-Young, chief economist for the

California Association of Realtors. The supply of homes that sell for less

than $300,000 is at 3.2 months statewide, down from an already low 3.3 month

supply 12 months ago. Inventory of moderately priced homes, those between

$300,000 and 500,000, fell to 4.2 months in March, down from 4.5 months in

March 2009. There are plenty of more expensive homes in California, but this

inventory is going quick: inventory for million-dollar-plus homes has

dropped from 21.6 months to 10.9 months. Source: CNN/Money.com

May 18 2010
Real Estate News

Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit.  Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales, he said. Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.  Source: National Association of Realtors

When a condo developer goes into bankruptcy, owners of previously sold units can be left with some troubling questions. Here are the answers to a few of them: If the lender buys title to the property at the auction sale, a frequent occurrence, the law considers the lender just like it does other owners and requires that the lender pay the monthly assessment; The lender who buys the units also would be responsible for the taxes on the units he owns; A clubhouse or similar property would be jointly owned by all the owners of all units and taxed as part of the value of those units. Source: Charlotte Observer

The expiration of the home buyer tax credits won't deter optimistic households who believe the market is improving, according to a survey released by Prudential Real Estate and Relocation Services. More than 90 percent of those surveyed believe the home buyer tax credits have helped both first-time buyers and the overall housing market, but 65 percent say that end of tax credits won't reduce their personal interest in buying a home. Over the next five years, 79 percent expect real estate prices to increase and 20 percent expect prices to rise substantially. Only 12 percent believe prices will decrease. Among renters, 75 percent believe owning a home is a better long-term choice for them than renting. The majority of consumers also believe that homeownership is a good investment, with 75 percent saying it is better than stocks or bonds, 72 percent preferring it to mutual funds, and 74 percent saying it surpasses savings accounts. Source: Prudential Real Estate and Relocation Services, Inc.

May 11 2010
Pet Adoption Fair, Burlington, NC

Banner - Pet Adoption Fair

1919 S. Church Street, Burlington, NC

Thursday, May 13

4:00 - 7:00 p.m.

May 10 2010
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