Archive for September, 2008

Existing home sales slip in August

The National Association of Realtors released the existing home sales numbers for August announcing a slower than expected sales pace. The decline of 2.2% to annual sales of 4.91 million homes comes after NAR raised expectations in July to 5.02 million homes.
Tighter lending guidelines and rising mortgage rates attributed to the financial woes of Fannie [...]

Johnston County drafts land use plan

The Johnston County board of commissioners hosted a public workshop Tuesday night to unveil a draft copy of the new Johnston County Comprehensive plan and seek feedback from participating citizens.
More than 100 people turned out and the majority said the county should focus on expanding economic opportunities, managing growth, infrastructure

New Knightdale area subdivision proposed

Eastwind Development, LLC of Raleigh has submitted application to Wake County for approval of a new 90 lot subdivision to be called Amber Ridge. Proposed lots will range in size from

Smart enough to be dangerous

Election year politics no help to ailing real estate market

The real estate market is out of balance because historically low interest rates and unscrupulous mortgage lending have bolstered a mediocre economy for the past 5 years. The resulting hot market created an atmosphere I would assimilate to sharks feeding in bloody waters.
Historically low interest rates propped up the real estate market in spite of [...]

Mortgage is as mortgage does

Okay, I have no idea what the title of this post means, but I am clueless about what to tell you regarding what in the world is going on in the financial sector. We had a closing this week and the buyer switched their loan from Countrywide where they were locked at 6.25% to

Chairman Frank and HUD Secretary Preston Negotiate DPA Agreement

Chairman of the House Financial Services Committee, Barney Frank has discussed publicly the fact that he has negotiated an agreement with HUD Secretary Steve Preston that will provide for the continuation of privately funded downpayment assistance.
The agreement allows HUD to impose risk-based pricing on downpayment assistance transactions which provides Secretary Preston the fiscal protection he [...]

Pending home sales index drops 3.2%

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