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Mella Pool
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    25 Years Experience

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Posts Tagged ‘Housing Market’

Now is the Time to Buy a House in Raleigh!

Thursday, July 2nd, 2009

Need another reason to ensure buyers that they are in the right place and they need to buy while they still can???

10 Fastest Growing Cities Where the Rate of Gain is Highest:

City Pop. 2008 Gain (%)
New Orleans La. 311,853 8.2%
Round Rock Tex. 104,446 8.2%
Cary N.C. 129,545 6.9%
Gilbert Ariz. 216,449 5.0%
McKinney Tex. 121,211 4.8%
Roseville Calif. 112,660 3.8%
Irvine Calif. 207,500 3.8%
Raleigh N.C. 392,552 3.8%
Killeen Tex. 116,934 3.8%
Fort Worth Tex. 703,073 3.6%

(CNNMoney.com) — The Big Easy is making a big comeback. New Orleans has steadily won back some of the population it lost in the wake of Hurricane Katrina in 2005, according to a government report released Wednesday.

New Orleans lost more than half its residents during the deluge. Few large U.S. cities have ever had to cope with a disaster on that scale. Since then, it has been one of the country’s fastest growing cities.

Only a couple of instances can compare. Galveston, Texas, was also devastated by a hurricane in 1900, a storm that remains the most lethal natural disaster in U.S. history with a toll of about 6,000 deaths. And San Francisco was almost leveled by the earthquake and fire of 1906.

New Orleans is now growing rapidly. Its population is up 8.2% in the 12 months that ended July 1, 2008, gaining 23,740 people to 311,853, according to the Census Bureau. That still leaves it well below its pre-storm population of 484,674.

For sheer numerical increase, New York City trumped the birthplace of jazz. During the same 12-month period, Gotham added nearly 53,500 residents, more than any other city. That represented a growth rate of only 0.6%.

Following New York City were Phoenix, which added 33,184 residents (2.1%) to a total of 1,567,924, and Houston, up 33,063 to 2,242,193 (1.5%).

The top percentage winners, after New Orleans, were Round Rock, Texas, part of the Austin metropolitan area, which grew by 8.2% to 104,446; Cary, N.C., which gained 6.9% to 129,545; and Gilbert, Ariz., which swelled by 5% to 216,449.

New York retained its position as the largest U.S. city by far. Its nearly 8.4 million folks crammed into 303 square miles is more than twice the number of people who live in sprawling Los Angeles, the nation’s second biggest city with 3,833,995 people.

Chicago, once the nation’s second city, has fallen nearly a million behind Los Angeles with 2,853,114.

Most old Midwestern and Northeastern cities have shrunk in population since World War II as heavy industry waned in importance to the overall economy. Much of the growth in these areas occurred in suburban towns and were not counted in central city population figures.

Meanwhile, many Sun Belt towns exploded with growth as job opportunities in new technology industries proliferated. Northerners, including retirees, also moved south and west, lured by the warmer winters and relaxed life styles.

Among old-line cities, New York has been one of the few to buck this trend. In the years since the last census in 2000, it has gained 355,056 residents, a substantial gain and more than the total number of people who live in St. Louis.

The highest rate of growth since 2000 was reported by McKinney, Texas, which more than doubled to 121,211 from 54,369. Gilbert, Ariz., was second with an 88.7% jump to 216,449.

Few losers Of the 25 largest cities, only a handful experienced population loss.

Detroit, suffering from the turmoil in the auto industry, fell 0.5% to 912,062. The population of Philadelphia dipped slightly to 1,447,395 from 1.446,631. Baltimore dropped 0.5% to 636,919 and Memphis fell at about the same percentage rate to 660,651.

There have been some changes this year to the 25 largest cities.

For one thing, Denver moved into 24th place with 598,707 residents. It replaced Nashville, which dropped out of the top 25.

In addition, Dallas (1,279,910) edged past San Diego (1,279,329) to eighth place from ninth. San Francisco also moved up to 12th place; its population (808,976) surpassed Jacksonville (807,815).

And Austin (757,688) blew past Columbus (754,885) to 15th. Charlotte (687,456) leapfrogged Memphis (669,651) to 18th and El Paso (613,190) passed Boston (609,023) to 21st.

Raleigh Fares Very Well According to Recent Report!

Wednesday, June 24th, 2009

Best during the worst….sometimes you have to take what you can get….

Brookings report ranks Raleigh-Cary strongest metro in N.C. Wednesday, June 17, 2009

A report by the Brookings Institution that gauges the impact of the recession on metropolitan America has listed the Raleigh-Cary metro area as the strongest in North Carolina, and among the top 40 in the nation.

Brookings’ MetroMonitor ranks the nation’s 100 largest metro areas based on their economic performance as judged by six key indicators – employment, unemployment rates, wages, gross metropolitan product, housing prices and foreclosure rates

The report covers the entire first quarter of 2009. The Greensboro metro was listed in the report as one of the country’s second-weakest metros, while Charlotte was among the 20 middle metros.

Here’s how the Raleigh-Cary metro are fared in key data: The percentage change in employment from peak employment to first quarter 2009 was negative 2.9 percent; the percentage change in the unemployment rate from the first quarter 2008 to the same quarter in 2009 was 4.6 percent; the percentage change in gross metropolitan product from peak GMP to first quarter 2009 was negative 1.1 percent; and the real percent change in housing prices from first quarter 2008 to first quarter 2009 was 2 percent.

The MetroMonitor, which will be released on a quarterly basis, bills itself as an interactive barometer of the health of America’s metropolitan economies and looks at national economic statistics to portray the diverse metropolitan trajectories of recession and recovery across the country.

Interest Rates: Is the Storm Over?

Wednesday, June 17th, 2009

After rising for several weeks, the sharp rise in mortgage rates may be starting to ease. Rates have come back a bit since their peak last week near 5.75% and although the chances of seeing a rate again with a 4 in the front of it are dwindling, we should see at least a stop for now and even perhaps a further reversal of the upward trend. The strong flare in rates — attributed to a number of concerns, from inflation potential, undisciplined fiscal policy, and a moderating recession — serve as a reminder that even in this great period of government intrusion, private markets still retain considerable power.

The rate on a Conforming 30 Yr Fixed Rate Mortgage paying a 1% Origination Fee with the best credit score sits at 5.50%. FHA 30 Yr Fixed Rates are an eighth worse at 5.625%. These rates are historically still very low but nonetheless a full 1% above the lows of a few weeks ago. Needless to say the recent rate rise will put a damper on refinancing plans for many.

The economy remains troubled, crucial supports for the economy and financial markets are still required, and it will be a while yet before they can be removed without causing additional distortions. However, we’re rapidly approaching the point at which the Administration will need to reveal how — or even if — the government plans to extract itself from these markets, and under what circumstances it might remain. If we could couple that with a glimmer of spending restraint, and perhaps even a plan for reducing massive deficits in the future, we might just have ourselves a path for a return to normalcy over time.

If history is any guide — and it is untrustworthy, at best — mortgage rates have overshot on the upside, just as they overshot on the downside. In general, the see-saw should balance somewhere between those two points and we would expect to see some movement toward center as we go. However, there are a lot of things which could produce further upset, including an inability of the private market to continue to absorb wave after wave of new Treasury debt coming into the market.

Still, it does seem that the rise in rates is done, at least for now. We should begin to ease back some next week, but probably just a little. As always, stay tuned…

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