Real Estate Information Archive

The N.C. economy should grow 3.5 percent in 2010, the first year of growth following two years of decline. Seven of the state’s 11 economic sectors are forecast to see output increases during the year. The sectors with the strongest growth prospects are construction, with a projected real increase of 7.2 percent; services, up 7.1 percent; finance, insurance and real estate, with a gain of 5.2 percent; government, up 4.8 percent; and retail trade, with a projected real increase of 4 percent. http://bit.ly/aH3rgM

Closing Costs Lowest in North Carolina
North Carolina is the least expensive state for mortgage closing costs, according to a recent study by Bankrate.com. North Carolina surpassed Indiana, last year’s winner, for the honor.
http://www.realtrends.com/go/view_media.php?mp_id=7990&cat_id=1297

First-Time Homebuyers Make Big Return in March
Existing-home sales eased in March but first-time buyers are responding to low mortgage interest rates and tax credits, according to the National Association of REALTORS®.
http://www.realtor.org/press_room/news_releases/2009/04/march_ehs?LID=RONav0021

Cramdown Bill Continues to Face Senate Opposition
The bill that would let judges modify the mortgages of homeowners in bankruptcy is facing more opposition as it moves to the U.S. Senate. The bill Senators are being asked to vote on would require homeowners be at least two months delinquent and have an outstanding balance of less than $729,750 to qualify.
http://www.realtor.org/RMODaily.nsf/pages/News2009042805?OpenDocument


GOOD NEWS FOR JUMBO LOANS

Fannie Mae and Freddie Mac are once again set to begin buying "super-conforming" mortgage loans of up to $729,750, which should bring rates down for borrowers with good credit seeking loans previously classified as jumbo. Currently, loans greater than the $417,000 conforming limit in "normal" housing markets -- or the super-conforming limit of up to $625,500 in high cost markets -- are considered jumbo loans.