Housing market in area stays strong amid crisis
Almost everyone in the U.S. has felt some aspect of the housing and credit crisis – but some have felt it a lot more than others.
Homeowners around the Cape Fear region can count themselves lucky, though, because the Wilmington-area housing market has remained relatively strong as sales have plunged across the country and, along with them, prices in some places.
Not so here. While median home prices dropped 1.4 percent nationally in 2007, they actually rose here by 3.6 percent, to $211,377, according to data from the Wilmington Regional Association of Realtors.
The American Cancer Society’s Relay For Life is an overnight event that raises cancer awareness and funds for research, education, advocacy, and patient service programs.
Relay For Life raises 43% of the total funding for ACS. The event is a celebration of life for survivors, a memorial for loved ones lost, and a rally for the community to fight cancer. It’s a fun, community atmosphere complete with music, food, guest speakers, a midnight pizza party, clowns and other activities.
A good time is had by all as the serious work of raising money to battle cancer is underway. The Relay reminds us that progress has been made in the fight against cancer, and that everyone who participates is making a difference! Continue reading
Michael Lopez, Owner & Loan Officer of Alpha Mortgage, was interviewed yesterday by WECT Report Kelli O’Hara regarding the Federal Reserves unexpected decision to lower the FED Fund Rate by 0.75%, down to 3.5%. The general message of this interview was that now is the time to buy in the Wilmington, NC market as rates are at an all time low and there is an abundance of available homes for sale. See the entire store here: http://www.wect.com/global/story.asp?s=7761958.
Joey Milam, Marketing Director – Alpha Mortgage Corporation
Great article discussing how Realtors can better track the behavior of users on their websites. Check it out at: http://www.realtor.org/rmomag.NSF/pages/AskMrInternet200801?OpenDocument
Real Estate – Red Hot Markets: Why is housing in some cities still booming?
NEW YORK (Money Magazine) — When Elisabeth and Tom Merrill decided to sell their home in Wenatchee, Wash. (pop. 107,000), they braced themselves for a long slog.
The couple and their four kids were bursting out of their 2,400-square-foot house, but they had read about the nation’s slow-as-sludge real estate market and expected the worst.
But their house sold in 10 hours for $387,000, 80% more than they paid six years ago. “I was thrilled,” says Elisabeth. “I can’t believe how fast it happened.”
While housing prices increased only 3.2% nationally in the year ended June 2007, according to the Office of Federal Housing Enterprise Oversight (OFHEO), a government regulator, prices in Wenatchee shot up 24%, partly because a recent influx of retirees boosted demand for housing.
Wenatchee is not the only hot spot bucking the national trend. Markets in the Pacific Northwest, Utah and Colorado still boast annual appreciation rates of 10%-plus, along with a scattering of bright spots in the South and even in the East and the Midwest.
How to account for these exceptions? Continue reading