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Raleigh takes the lead in our annual list of the most broadband-connected U.S. cities.

Posted by Mella Pool | on Tuesday, October 25th, 2011 at 3:36 pm
Category: Relocation.
Tags: , , , , ,

Raleigh is the kind of tech-forward city that, innovative as it is, often gets overlooked in favor of San Francisco, San Jose or Seattle. But this year the North Carolina capital passed its flashier rivals to grab the No. 1 spot on Forbes’ Most Wired Cities list.
Raleigh’s win means it ranks higher overall than any other U.S. city in three measures: broadband penetration, broadband access and plentiful wi-fi hot spots. Taken together, the factors point to a populace that readily uses high-speed Internet inside and outside the home.
At stake is more than just bragging rights. As the U.S. formulates a national broadband plan designed to connect the entire country to fast, affordable Internet, Raleigh and other top-ranking Wired Cities could serve as models for change.
Though a surprise winner, Raleigh boasts plenty of technology assets, including a high concentration of info-tech companies, research universities and state government offices.
Several tech powerhouses, such as IBM<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=IBM> ( IBM<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=IBM> – news <http://search.forbes.com/search/CompanyNewsSearch?ticker=IBM> – people <http://people.forbes.com/search?ticker=IBM> ), Cisco<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=CSCO> ( CSCO<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=CSCO> – news <http://search.forbes.com/search/CompanyNewsSearch?ticker=CSCO> – people <http://people.forbes.com/search?ticker=CSCO> ) and Lenovo<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=LNVGY.PK> ( LNVGY.PK<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=LNVGY.PK> – news <http://search.forbes.com/search/CompanyNewsSearch?ticker=LNVGY.PK> – people <http://people.forbes.com/search?ticker=LNVGY.PK> ), maintain large offices in North Carolina’s nearby Research Triangle Park. Raleigh and its surrounding cities are also home to North Carolina State University, Duke and the University of North Carolina at Chapel Hill.
This combination of a highly educated and relatively higher-income population is “fertile ground” for high broadband demand and usage, says Brooks Raiford, head of the North Carolina Technology Association trade group. Regular folks can exploit Raleigh’s IT resources too. The city’s downtown is covered by a wi-fi network that is free to users. Operator Sprint Nextel<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=S> ( S<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=S> – news <http://search.forbes.com/search/CompanyNewsSearch?ticker=S> – people <http://people.forbes.com/search?ticker=S> ) recently launched its “4G” next-generation mobile broadband in Raleigh and the rest of the “Triangle”–months before larger cities like Boston, New York and Washington, D.C., will get the service. “We’re very lucky to be at the epicenter of a lot of market strengths for these different companies,” says Raiford.

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Which Is America’s Best City?

Posted by Mella Pool | on Wednesday, September 28th, 2011 at 10:29 am
Category: Housing Market.
Tags: , , , , , , ,

Based on metrics like school performance, green space, and cultural amenities, Raleigh, N.C., ranks No. 1 in Businessweek.com’s first Best Cities ranking

* Ask most people which city they would most want to live in and usually their answers would be shaped by such realities as proximity to their jobs and what they can afford. But suppose you could choose to live anywhere you wanted regardless of cost? What if you could live in a city that offered a wealth of culture, entertainment, good schools, low crime, and plenty of green space? Many people might opt for obvious choices such as New York or San Francisco, but great as they are, data reveal other cities are even better.

Businessweek.com spent months working with data that would help us to identify the best cities in the U.S. We looked at a range of positive metrics around quality of life, counted up restaurants, evaluated school scores, and considered the number of colleges and pro sports teams. All these factors and more add up to a city that would seem to offer it all. When we began the process we had no idea which cities would come out on top. The winner? Raleigh, N.C.

Raleigh No. 1

To most residents of Raleigh, it may not come as a surprise that their city earned the title of America’s Best City. Raleigh shows the cultural graces that go along with anchoring the so-called Research Triangle, home to North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill. Among its many attributes the city sports 867 restaurants, 110 bars, and 51 museums, according to Onboard Informatics, as well as a thriving social scene, good schools, and 12,512 park acres, equal to several times the green space per capita in cities like New York and Los Angeles, according to the Trust for Public Land. It also offers a great deal on nights and weekends-from concerts and opera, to the NHL’s Carolina Hurricanes and college sports, to the 30,000-square-foot State Farmers Market.

Raleigh may have a population of only about 400,000 and span about 144 square miles, yet data show it still offers a lot, if only in a smaller package. True, Raleigh may not be the center of the tech universe like San Francisco, a hub of higher education on the same scale as Boston, or a vibrant 24-hour metropolis like New York, but all those cities also offered higher unemployment, a dearth of parks, worse public education, and other negative factors that weighed against them.

“We’ve always said, you can find about every amenity that you want, even in a city of our size,” says James Sauls, director of Raleigh Economic Development<http://www.raleigh4u.com/>, a partnership between the City of Raleigh and the Greater Raleigh Chamber of Commerce.

The city has been home to an array of celebs including Olympic champion Kristi Yamaguchi<http://www.people.com/people/archive/article/0,,20196309,00.html>, Dexter star Michael C. Hall<http://www.michaelchall.org/info/>, and singer Clay Aiken<http://www.clayaiken.com/bio> (whose dog<http://www.examiner.com/dogs-in-national/celebrity-dog-lover-clay-aiken> was even named Raleigh).

Better, Not Bigger

With help from Bloomberg Rankings, Businessweek.com evaluated 100 of the country’s largest cities based on 16 criteria including: the number of restaurants, bars, and museums per capita; the number of colleges, libraries, and professional sports teams; the income, poverty, unemployment, crime, and foreclosure rates; percentage of population with bachelor’s degrees or higher; public school performance; park acres per 1,000 residents; and air quality. Greater weighting was placed on recreational amenities such as parks, bars, restaurants, and museums per capita, educational attainment, school performance, poverty, and air quality. As living in great cities can be expensive, affordability was not taken into account.

The data for this ranking came from the U.S. Census Bureau<http://www.census.gov>, U.S. Bureau of Labor Statistics<http://www.bls.gov/home.htm>, Sperling’s BestPlaces<http://www.bestplaces.net/>, GreatSchools<http://www.greatschools.org/>, Onboard Informatics<http://www.onboardinformatics.com/>, RealtyTrac<http://www.realtytrac.com/home/>, Bloomberg<http://www.bloomberg.com/>, and the Trust for Public Land<http://www.tpl.org/research/parks/ccpe.html>.

Corey Bauer

Branch Sales Manager

Mortgage

NMLSR ID 133740

Wells Fargo Home Mortgage | 7721 Six Forks Road | Raleigh, NC 27615

MAC M5609-011

Tel (919) 841-5305 | Fax 866-709-6842

corey.d.bauer@wellsfargo.com

cdbauer.com

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Raleigh NC Real Estate Market Update

Posted by Mella Pool | on Friday, August 26th, 2011 at 11:57 am
Category: Housing Market.
Tags: , , , , , ,

Despite a volatile back-drop, mortgage rates continue to hover near all-time lows.
Monday’s offerings are little changed from Friday (in some cases, not at all), with BestExecution Mortgage Rates remaining at the same levels and only minor differences seen in Home Loan Borrowing Costs. Given the chart we posted on Friday, you can see why we say that it continues to be a fantastic time to refinance. Take a look at Friday’s chart HERE.
CURRENT MARKET*: The Best Execution 30-year fixed mortgage rate is 4.125%. Several lenders are willing to offer 4.000% and even 3.875% is possible for those interested in buying down their rate. 4.250% is widely-available. On FHA/VA 30 year fixed Best Execution is 4.000%, but 3.875% and even 3.750% are available with additional closing costs. 15 year fixed conventional loans are best priced at 3.625% but we’re seeing aggressive quotes as low as 3.375%. Five year ARMs are still best priced at 3.25. ARMs seem to have bottomed out.
GUIDANCE: If you missed the boat on record low mortgage rates last November/October, the opportunity is still out there for the taking. And we think you should jump on it as soon as possible. The risks involved in floating have greatly expanded to include (1) lenders taking it upon themselves to negatively adjust rate sheets (to slow loan production) and (2) interest rates finding a bottom and moving higher on their own. The frustration of missing out on “high 3′s” and instead getting “low 4′s” seems nowhere near as bad as the frustration of missing out on a refi opportunity (moving from 5% to 4.25% for instance) altogether.
MORE GUIDANCE: Refi Roadmap: A Locked Rate Isn’t a Closed Loan<http://www.mortgagenewsdaily.com/consumer_rates/224712.aspx> <– must read
—————————-
*Best Execution is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%. When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their “breakeven analysis” on your permanent rate buy down costs.
*Important Mortgage Rate Disclaimer: The Best Execution loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the “perfect borrower” category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive.”No point” loan doesn’t mean “no cost” loan. The best 30year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don’t forget the fiscal frisking that comes along with the underwriting process
CAUTION: MND guidance is speculative in nature. We don’t have a crystal ball, we can’t predict the future, we can only share our outlook. Making the following considerations extra important……………………

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?
View Article:http://www.mortgagenewsdaily.com/consumer_rates/225777.aspx<http://www.mortgagenewsdaily.com/consumer_rates/225777.aspx#%7Buname=hpage%7D>
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Raleigh NC Traveling through the Triangle

Posted by Mella Pool | on Thursday, July 14th, 2011 at 5:46 pm
Category: Local Economy, Neighborhood.
Tags: , , , , ,

At the Regional Transportation Alliance’s annual Solutions Forum on Aug. 23, you’ll hear about the evolution of transit in the Triangle and how an enhanced transit plan will impact our region.

Senior county officials and transportation professionals are focusing on how we travel throughout the Triangle. Our transit future may include additional local and regional buses, enhanced circulators, commuter rail, and light rail.

County managers from Wake, Durham, and Orange counties will provide an overview on the process and status of advancing a regional transit plan in each of their respective counties. There will also be an update on a possible Bus on Shoulders System (BOSS) pilot project on Interstate-40.
Featured speakers:

* Mike Ruffin, Durham County Manager
* Frank Clifton, Orange County Manager
* David Cooke, Wake County Manager
* Meredith McDiarmid, I-40 Corridor Executive, NC Department
of Transportation

There is no charge to attend the event, although pre-registration is requested since space is limited. Invitees include local and state elected and transportation officials as well as members of the business community.

Visit www.letsgetmoving.org/solutionsforum for more information, including available sponsorships and directions.

Information

Tuesday, Aug. 23
1:30 – 3 p.m.

Please note: This date is different than what was printed in the August Event Guide.

Biogen Idec
5000 Davis Drive
Research Triangle Park
Location Map<http://maps.google.com/maps?oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&um=1&ie=UTF-8&q=Biogen+Idec+5000+Davis+Drive++Research+Triangle+Park&fb=1&gl=us&hq=Biogen+Idec&hnear=0x89acee4446093e85:0xe9b478c629d94a1c,5000+Davis+Dr,+Morrisville,+NC+27560&ei=yvkaTovLCcO20AHL59CWBQ&sa=X&oi=local_result&ct=image&ved=0CAQQtgM&cid=0,0,2514712430797954061>

Registration

RSVP by Aug. 19

[Event Register Graphic]<http://www.raleighchamber.org/External/WCPages/WCEvents/EventDetail.aspx?EventID=338>

Questions?
Contact Lindsey Costello or call 919.664.7062

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Mortgage Rates: Volatility Attacks!

Posted by Mella Pool | on Thursday, June 30th, 2011 at 11:37 am
Category: Housing Market.
Tags: , , , , , , ,

Tuesday, June 28, 2011 5:56 PM
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Home loan borrowing costs rose about as much as they could today without having it negatively impact CURRENT MARKET Best-Execution Mortgage Rate quotes.

That means if you were being quoted a CURRENT MARKET “Best Execution” note rate yesterday, your closing costs rose a bunch today, but you should still be able to close at the same Best Execution note rate. Except if you’re watching 15 year BestEx quotes. Those rose to 3.875%.

Sounds a little shocking doesn’t it? It seems like just last week we were resting peacefully at new year-to-date lows. Now all of a sudden there’s chaos?

Yep. The abrupt spike in costs can be attributed to volatility in the secondary market…..

PREVIOUS GUIDANCE: As volatility continues in the secondary market, we remind rate watchers that lenders are known to price loans from a defensive stance when the broader bond market is in limbo. It might seem safer to float when lenders are defensive by default, especially if you’re able to act quickly and are somewhat flexible with respect to the risk of slightly higher closing costs, but floating is really best reserved for those operating on a longer-term timeline. This creates a buffer to allow for corrections when/if the market moves in an unfavorable direction. While a few sessions of continued loan pricing rallies could lead to a lower overall note rate offer, we’ve been here before (as recently as Friday) and failed to see investors commit to a sustained rally in the bond market (today).

CURRENT GUIDANCE: Although today’s beating doesn’t break longer term positive trends, it was certainly painful enough to make us question the stability of those positive trends. We’d describe this back-up as a “breather”. Beware though, it’s not uncommon for these “breathers” to last a few weeks.

CURRENT MARKET*: The “Best Execution” conventional 30-year fixed mortgage rate is just barely 4.50%. Lenders quoting 4.375% are now charging at least a point for that offer. These costs could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to breakeven on the extra upfront costs. 4.625% is aggressive and will likely carry no origination fees. On FHA/VA 30 year fixed “Best Execution” is still 4.25%. 15 year fixed conventional loans are now best priced at 3.875%. Five year ARMs are best priced at 3.25% but the ARM market is more stratified and there is more variation in what will be “Best-Execution” depending on your individual scenario.

EXTRA PERSPECTIVE: We’ve been here before. Quite recently. Remember? Something similar<http://www.mortgagenewsdaily.com/mortgage_rates/blog/215809.aspx> to this “event” played out two-weeks ago (June 14th). A few days after setting YTD rate lows<http://www.mortgagenewsdaily.com/consumer_rates/215790.aspx>, loan pricing decided to throw up on itself because mortgage rates failed to commit to a sustained rally (we called it pouting). This happened on a day when stocks managed to put together a healthy recovery rally, despite weak economic data (bond friendly data). Sounds a lot like today doesn’t it? If you’re not sure, the answer to that question is yes. What happened today was very similar to what happened two-weeks ago. And the market corrected shortly there-after. That provides some warmth after the beating we took place today but it doesn’t mean the market will surely behave the same way it did two-weeks ago. Short-term floaters have much to lose too (gain in monthly payment), especially for higher loan amounts. We just set new YTD rate lows and now we’re teetering on a shift higher in Best Execution Mortgage Rate quotes. Don’t lose your current rate quote here. For long-term floaters, we’re not ready to ring the alarm bell just yet.

What MUST be considered BEFORE one thinks about capitalizing on a rates rally?

1. WHAT DO YOU NEED? Rates might not rally as much as you want/need.
2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need.
3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions?

SEE A CHART OF NEW YTD RATE LOWS<http://www.mortgagenewsdaily.com/consumer_rates/217443.aspx>

—————————-

“Best Execution” is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%. When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their “breakeven analysis” on your permanent rate buy down costs.

*Important Mortgage Rate Disclaimer: The “Best Execution” loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the “perfect borrower” category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive. “No point” loan doesn’t mean “no cost” loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don’t forget the fiscal frisking that comes along with the underwriting process.
View Article:http://www.mortgagenewsdaily.com/consumer_rates/217895.aspx<http://www.mortgagenewsdaily.com/consumer_rates/217895.aspx#{uname=hpage}>
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Economic Development May Recap in Raleigh, NC

Posted by Mella Pool | on Monday, June 20th, 2011 at 3:27 pm
Category: Housing Market.
Tags: , , , ,

Holy Cow Branding | Other | Expanding
After expanding its ranks and clientele base in late 2010 and early 2011, Holy Cow Branding has implemented plans to continue growth by creating a data division through a merger with Rg-Analytics. The merger of the two companies, which occurred on April 1, will allow Holy Cow Branding to bolster its unique brand strategy offerings with enhanced data analytics. Because of the merger and the recent addition of new personnel, Holy Cow Branding has outgrown its former offices in Cary and has moved its base of operations to a new, larger office space on Glenwood Avenue.

Lenovo | Software/IT | Expanding
Lenovo is adding 300 people to its Triangle workforce in order to support its growing global customer base. The company plans to add 50 jobs at the multi-building campus in Morrisville and has signed a deal with Affiliated Computer Services to provide 250 customer support representatives.

Media Two Interactive | Software/IT | Expanding
Media Two Interactive, an advertising agency, expanded its offices in downtown Raleigh to include the entire second floor of the current office space on Martin Street. In addition, four members have joined the existing management team as Media Two Interactive continues to grow. Media Two Interactive has added 3,500 square feet, which now brings the total leased square footage to just more than 13,000 square feet.

SciQuest Inc. | Software/IT | Expanding
SciQuest Inc., a Cary company, is hiring in the Triangle area, now employing about 240 people and expecting to hire more in coming months. SciQuest Inc. sells e-procurement technology that allows drug makers, universities, government agencies, and others to buy products and services more cheaply online. The company now has more than 300 customers.

Trade Shows & Recruitment:

* More than 220 people attended Wake County Economic Development’s annual Economic Development Forum at the Raleigh Marriott City Center on May 10. The 2011 forum focused on the global and local economic climate. Jacob Oubina, a senior U.S. economist with RBC Capital Markets in New York, provided attendees with a vibrant outlook on the rest of 2011. After Oubina’s presentation local panelists from a variety of markets analyzed his remarks and related them specifically to the Triangle area.

* Wayne Watkins, project manager for Wake County Economic Development, attended the LOGIN conference May 16 – 18 in Seattle, Wash. LOGIN brings together a mix of industry leaders to discuss, collaborate, and share advancements about technology, design, business, community, and legal areas of online game development. While in Seattle, Watkins held 13 one-on-one meetings with quality contacts from game development industry. This was a fantastic opportunity to learn more about what is happening in a national hot-bed of game development, as well as promote the good things going on in the Triangle and North Carolina.

* Raleigh Economic Development Director James Sauls attended the 2011 National Solar Conference at the Raleigh Convention Center May 17 – 21. The National Solar Conference is the longest-running educational event for solar energy professionals in the U.S. Sauls exhibited at the conference promoting the developments that Raleigh and Wake County have made in the industry.

Marketing Initiatives:

* Delta Sky Magazine will focus on why companies and people should visit and move to Raleigh-Durham in its July 2011 issue. The magazine will reach more than 14 million people through Delta Air Lines’ 13,000 daily flights, the Delta website, and in select bookstores throughout the United States and Canada.

* Business North Carolina Magazine will feature Wake County in the August 2011 issue. Wake County will be part of a special county report that highlights economic development activity taking place across the state of North Carolina. Wake County Economic Development is leveraging the opportunity to talk about some of the emerging technology clusters such as interactive digital media, defense technologies and smart grid.

* Area Development Magazine named Raleigh as one of the 100 leading locations. Raleigh earned this recognition due to the number of highly ranked accolades awarded over the past year. North Carolina was also awarded the Silver Shovel Award that recognizes states for achievements in attracting high-value investment projects that will create a significant number of new jobs in their communities. The EMC Project in Wake County contributed to North Carolina winning this award.

Recent Accolades:

For a full list of accolades please visit www.raleigh-wake.org.
#1 Metro for IT Labor Force (Raleigh-Durham, NC) KLG Advisors
#4 Metro for IT Grad Output (Raleigh-Durham, NC) KLG Advisors
#10 State for Long Term Economic Growth (North Carolina) American City Business Journals
#7 Best Place to Buy a Home Right Now (Raleigh, NC) Zillow.com
#2 Business Climate (North Carolina) Chief Executive Magazine
#4 Economic Development Success in 2010 (North Carolina) Site Selection Magazine

Activity Comparison:

[May]

Labor Market Statistics:

Wake County

April
2010

April
2011

Year to Date Change

Labor Force

458,459

454,226

-4,223

Employed

418,860

420,288

+1,428

Unemployed

39,599

33,938

- 5,661

Rate

8.6%

7.5%

- 1.1%

Source: North Carolina Employment Security Commission

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FALLS OFFICE MORTGAGE CENTER MARKET UPDATE

Posted by Mella Pool | on Monday, June 13th, 2011 at 10:07 am
Category: Housing Market.
Tags: , , , , , , ,

After taking a brief breather early in the week, home loan borrowing costs have resumed their rally. With today’s loan pricing improvements, conventional 30-year fixed mortgage rates are teetering on another shift lower in “Best Execution”. CURRENT MARKET: The “Best Execution” conventional 30-year fixed mortgage rate is 4.50%. Aggressive 4.375% quotes have been reported but may involve increased closing costs in the form of origination fees. This could be worth it to applicants who plan to keep their new mortgage outstanding for long enough to breakeven on the extra upfront costs. On FHA/VA 30 year fixed “Best Execution” is 4.25%. 15 year fixed conventional loans are best priced at 3.75%. Five year ARMs are best priced at 3.125% but the ARM market is more stratified and there is more variation in what will be “Best-Execution” depending on your individual scenario. GUIDANCE: With “The Wall”http://www.mortgagenewsdaily.com/consumer_rates/214432.aspx now torn down a path has been paved for mortgage rates to continue on the path toward more improvements. An extended rally will not come without setbacks though. Short-term corrections are to be expected along the way. That means borrowers working on a shorter lock/float timeline should remain defensive. Your main goal is to protect new, lower rate quotes from short-term market fluctuations. The overall bullish trend is still very much intact though. Intermediate to longer-term scenarios are more than justified in floating. What MUST be considered BEFORE one thinks about capitalizing on a rates rally? 1. WHAT DO YOU NEED? Rates might not rally as much as you want/need. 2. WHEN DO YOU NEED IT BY? Rates might not rally as fast as you want/need. 3. HOW DO YOU HANDLE STRESS? Are you ready to make tough decisions? —————————- “Best Execution” is the most cost efficient combination of note rate offered and points paid at closing. This note rate is determined based on the time it takes to recover the points you paid at closing (discount) vs. the monthly savings of permanently buying down your mortgage rate by 0.125%. When deciding on whether or not to pay points, the borrower must have an idea of how long they intend to keep their mortgage. For more info, ask you originator to explain the findings of their “breakeven analysis” on your permanent rate buy down costs. Important Mortgage Rate Disclaimer: The “Best Execution” loan pricing quotes shared above are generally seen as the more aggressive side of the primary mortgage market. Loan originators will only be able to offer these rates on conforming loan amounts to very well-qualified borrowers who have a middle FICO score over 740 and enough equity in their home to qualify for a refinance or a large enough savings to cover their down payment and closing costs. If the terms of your loan trigger any risk-based loan level pricing adjustments (LLPAs), your rate quote will be higher. If you do not fall into the “perfect borrower” category, make sure you ask your loan originator for an explanation of the characteristics that make your loan more expensive. “No point” loan doesn’t mean “no cost” loan. The best 30 year fixed conventional/FHA/VA mortgage rates still include closing costs such as: third party fees + title charges + transfer and recording. Don’t forget the fiscal frisking that comes along with the underwriting process. View Article: http://www.mortgagenewsdaily.com/consumer_rates/215053.aspxhttp://www.mortgagenewsdaily.com/consumer_rates/215053.aspx#{uname=hpage} ________________________________ If you would like to opt-out of receiving email forwards from this person please click here to remove your email addresshttp://www.mortgagenewsdaily.com/channels/unsubscribeforward.aspx. Forward this email: Send a copy of this storyhttp://www.mortgagenewsdaily.com/channels/215053/2/forward.aspx to someone you know that may want to read it. [Fm Lending_web.jpg] Hugh W. Page, M.B.A.http://www.mortgagenewsdaily.com/members/hpage/default.aspx Senior Mortgage Consultant, NMLS# 93420http://www.nmlsconsumeraccess.org/EntityDetails.aspx/INDIVIDUAL/93420 (919) 874-7557 Direct (919) 595-9707 eFax hpage@fmlending.com www.fallsofficeloans.com

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Falls Office Mortgage Center Market Update

Posted by Mella Pool | on Friday, June 3rd, 2011 at 5:05 pm
Category: Housing Market.
Tags: , , , , , , ,

Employment Situation Disappoints. Mortgages Rally

Friday, June 03, 2011 9:02 AM
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You can exhale. Jobs data was even weaker than recently downgraded forecasts. Bonds are rallying, recovering almost all of yesterday’s sell-off already….

(Reuters) -Employment growth brakes sharply in May:http://www.reuters.com/article/2011/06/03/us-usa-economy-idUSTRE7492P720110603 Employment rose far less than expected in May to record its weakest reading since September, while the jobless rate rose to 9.1 percent as high energy prices and the effects of Japan’s earthquake bogged down the economy. Nonfarm payrolls increased 54,000 last month, the Labor Department said on Friday, with private employment rising 83,000, the least amount since June. Government payrolls dropped 29,000. Economists polled by Reuters had expected payrolls to rise 150,000 and private hiring to increase 175,000 in May. The government revised employment figures for March and April to show 39,000 fewer jobs created than previously estimated. The job creation slowdown confirmed the economic weakness already flagged by other data from consumer spending to manufacturing. It could stoke fears about the depth and duration of a slowdown that started early in the year. The Labor Department said severe weather last month, including tornadoes and flooding, in the Midwest and the South did not materially affect data collection. It also said that while some workers in those regions may have been temporarily displaced from their jobs, it found “no clear impact of the disasters on the national employment and unemployment data for May.” Economists still believe the lull in activity will be temporary. They cite high gasoline prices, bad weather and disruptions to motor vehicle production because of a shortage of parts from Japan as factors weighing on growth.

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Plain and Simple: Payroll growth in May was way-weaker than expected at +54,000 jobs. April was revised worse by 12,000 jobs and March was reduced by 27,000 positions. The unemployment rate rose to 9.1% as the labor participation rate was unchanged and the number of people who said they were now “employed” was less than the number of people who said they were “unemployed” in the household survey (BETTER EXPLANATION).http://www.mortgagenewsdaily.com/mortgage_rates/blog/193300.aspx Here is the ugliest stat of all: The number of people who’ve been jobless for longer than 27 weeks increased by 361,000 to 6.2 million, which equates to 45.1% of the unemployed. That said, it’s easy to see why economists are slashing their 1st and 2nd quarter GDP projections. We needed at least 200,000 jobs created every month just to reach 3% GDP projections, five months into 2011 the economy is only averaging 156,600. There were a few bright spots though. Folks who have jobs in private industry saw their hourly earnings rise by 0.3% and the work-week extended by 0.1 hours. More hours at a higher wage = better weekly earnings to offset rising food and energy costs. Last but not least, the labor force grew by 272,000. This implies people are re-entering the jobs market because they believe they might have a better chance at finding work. Could just be college kids coming home from school though.

Market Reaction..

Loan pricing will improve today after bond markets reacted favorably to weak labor market data this morning.”Rate sheet influential” MBS coupons are +11/32 at 101-05, recovering a big chunk of the price declines experienced yesterday. The move in mortgages is being led by a flattening yield curve, benchmark TSYs have broken back into the 2.00% handle. 10s are currently +18/32 at 101-12 yielding 2.966% (-6.6bps). Stocks are getting punished in the process. S&P futures are -1.00% at 1299.50. S&Ps haven’t been this low since April 18th.

Based on this reaction loan pricing should improve by 25 to 35 bps.

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THE BOND MARKET IS REPEATING HISTORY!http://www.mortgagenewsdaily.com/mortgage_rates/blog/214035.aspx <—MUST READ

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Mortgage Market Update

Posted by Mella Pool | on Wednesday, May 25th, 2011 at 2:00 pm
Category: Housing Market.
Tags: , , , , , ,

Please forward my contact information to anyone you know with a need for real estate financing!

The price of mortgage bonds rose last week pushing mortgage rates a little lower. Rates now sit at levels not seen since November of last year. It’s nice that this dip is coinciding with an increase in local real estate activity. My sources report that showings have increased and buyers have begun “pulling the trigger.”

The reins on mortgage programs may be beginning to loosen as well. Several private mortgage insurance companies are removing several areas off their declining value lists and gradually reducing the price of premiums. Jumbo parameters, while still tight, are being expanded as well. Slowly but surely it seems we are improving.

This week we’ll get a report on PCE inflation. The Fed has begun taken a closer look at this number as their primary gauge of inflation instead of the CPI number. Why? PCE has a component that measures health care spending by businesses for employees and their families. We all know health care costs have been rising for a while. The two biggest detriments to the continued improvement of the housing market are inflation and foreclosures which erode the value of homes.

In addition to Friday’s PCE inflation report, we’ll see New Homes Sales on Tuesday, Durable Goods on Wednesday, Q1 Revised GDP and Weekly Jobless Claims on Thursday with Personal Income and Outlays and Michigan Consumer Sentiment finishing up the week on Friday. Also, the Treasury will auction off 2,5 and 7 year notes Tuesday, Wednesday and Thursday. Overall a pretty busy week for economic reports ahead of the Memorial Day weekend.

A mortgage pre-qualification is where a lender takes a loan application, pulls a credit report and runs the loan through an AUS system to get a computer approval. A mortgage pre-approval is all of the above PLUS obtaining the supporting documentation from the buyer AND having the loan underwritten by a human underwriter. A full pre-approval is 97% as effective as a cash offer. We are more than happy to take all these steps and issue a pre-approval letter we will stand behind.
[cid:image006.jpg@01CC1930.83732DB0][cid:image007.jpg@01CC1930.83732DB0][cid:image008.jpg@01CC1930.83732DB0][cid:image009.jpg@01CC1930.83732DB0]
These are a couple of the sunsets we saw on my recent vacation…..

Have a great week and let me know how I can be of service to you!

Join Qnanza for Free Now!http://www.jointheqclub.com/patrickwynn

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Economic Development April Recap

Posted by Mella Pool | on Tuesday, May 17th, 2011 at 1:01 pm
Category: Housing Market.
Tags: , , , , ,

New & Expanding Companies:

Axial Exchange | IT/Software | Expanding
Axial Exchange, an open source software company designed for hospitals, has relocated its headquarters to downtown Raleigh. Axial Exchange has moved into nearly 3,000 square feet, bringing seven existing employees into downtown. The company expects to add 15 to 20 additional employees over the next two years.

Intuit Health | IT/Software | Expanding
Intuit Health is planning to add 10 to 15 jobs at its Cary headquarters this year to further the adoption of its online patient-to-physician communications software. Additional employees will be hired by the end of the year. The company currently has 180 employees.

Milone & MacBroom, Inc. | Other | Expanding
Milone & MacBroom, Inc. has relocated its North Carolina regional office to downtown Raleigh in the Glenwood South area. The company occupies more than 1,700 square feet and has five employees. Milone & MacBroom, Inc. is an consulting organization with a nationwide staff of more than 130 employees.

Research in Motion Limited | Other | Expanding
Research In Motion Limited, the Canadian company that makes BlackBerry devices, has expanded its presence in the Triangle. The company has added more office space in Cary and now occupies a total of 78,000 square feet. Research in Motion Limited is a part of a growing cluster of mobile technology companies that have recently opened offices in the Triangle.

Varrow | IT/Software | New
Varrow, a technology solutions through advanced consulting and design services company, recently opened an office in downtown Raleigh where it occupies 1,200 square feet of space. Varrow has a total of 54 employees in North Carolina and 17 in the Raleigh office.

WakeMed North Healthplex | Health Care | Expanding
WakeMed Health & Hospitals announced it is moving forward with plans to expand the existing North Healthplex into Wake County’s fifth hospital, expecting to break ground in fall 2011 with an anticipated opening date of October 2013. WakeMed North Hospital will be a 61-bed acute care hospital. The number of employees will increase from 150 to 442 full-time employees by the second year of operation, with an average salary of $48,760. The addition is approximately 90,000 square feet and will cost nearly $62 million.

Trade Shows & Recruitment:

* Jennifer Bosser, assistant executive director for Wake County Economic Development, has been working with Delta Sky Magazine to coordinate efforts around a special feature on Raleigh/Durham for the July 2011 issue of its in-flight magazine. The feature will focus on why companies and people should visit and move to Raleigh/Durham and will reach more than 160 million passengers on-board Delta Air Lines’ 14,000 daily flights, online at deltaskymag.com, and in select bookstores through the United States and Canada.

* The third annual East Coast Game Conference, previously called the Triangle Game Conference, took place April 13 – 14 at the Raleigh Convention Center. More than 1,100 people hailing from all over the United States and Canada attended the conference. Attendees had a chance to explore the expo floor and hear from a wide variety of panelists and speakers on up and coming interactive media technology.

Marketing Initiatives:

* On April 7, Wesley Fricks, project manager for Wake County Economic Development, hosted a meeting with a steering committee of Smart Grid companies to discuss messaging and communication strategies to further position the Smart Grid cluster.

* Wake County Economic Development and the 12 municipalities of Wake County met on April 7 at the Cary Chamber of Commerce. The municipalities discussed available incentives and how the incentive process works with the North Carolina Department of Commerce, Wake County, and the municipalities. Guest speakers included Vivian Powell with the North Carolina Department of Commerce and Lee Anne Nance with the Research Triangle Regional Partnership.

* Wesley Fricks, project manager for Wake County Economic Development, along with NC State University held a defense industry networking event April 21. More than 70 people from a variety of industries and companies that work with the military attended the event.

Recent Accolades:

For a full list of accolades please visit www.raleigh-wake.orghttp://www.raleigh-wake.org.
#2 Top City for Smart Grid U.S. Headquarters (Raleigh, NC) Duke University
#2 Top City for Smart Grid Software Development (Raleigh, NC) Duke University
#3 State for Smart Grid Vendors (North Carolina) Duke University
#8 Large City for Human Resources (Raleigh, NC) fDi Magazine
#8 Large City for Economic Potential (Raleigh, NC) fDi Magazine
#10 Large City for Business Friendliness (Raleigh, NC) fDi Magazine
#4 Small City for Quality of Life (Cary, NC) fDi Magazine
#5 Small City for Economic Potential (Cary, NC) fDi Magazine
#10 Small City for Human Resources (Cary, NC) fDi Magazine
#1 Fastest Growing City in the South (Raleigh-Cary, NC) Fortune Magazine
#1 Most Sustainable Mid-Size Community (Raleigh, NC) U.S. Chamber of Commerce
#3 Metro for Housing Permits (Raleigh-Durham, NC) Reed Construction
#7 in Small Business (Raleigh, NC) Bizjournals.com
#8 Strongest U.S. Job Market (Raleigh-Cary, NC) American City Business Journals
#15 Funniest City (Raleigh-Durham, NC) TheDailyBeast.com
#1 Healthiest County (Wake County, NC) CountyHealthRankings.org
* Named a Global City of the Future (Raleigh, NC) McKinsey Quarterly
#3 Cleanest City (Raleigh, NC) Forbes.com
#1 Healthiest Housing Market for 2011 (Raleigh-Cary, NC) Builder Magazine
#6 State in 2010 for New and Expanding Businesses (North Carolina) Site Selection Magazine

Activity Comparison:

[March]

Labor Market Statistics:

Wake County

March
2010

March
2011

Year to Date Change

Labor Force

456,125

457,118

+993

Employed

414,837

423,217

+8,380

Unemployed

41,288

33,901

- 7,387

Rate

9.1%

7.4%

- 1.7%

Source: North Carolina Employment Security Commission

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