New-Home Sales Surge in July; Inventories Fall to 16-Year Low


Sales of newly built U.S. single-family homes rose for a fourth straight month in July to set their fastest pace since last September, while the inventory of unsold homes fell to the lowest level in 16 years, a government report showed on Wednesday.

The Commerce Department said sales rose 9.6 percent to a 433,000 annual pace, the highest in ten months, from an upwardly revised 395,000 in June.

That was the biggest monthly percentage gain since a matching increase in February 2005.

Analysts polled by Reuters had forecast a 390,000 rate.

The median home sales price in July fell 11.5 percent to $210,100 from a year earlier, the department said.

Compared to June, the median price slipped 0.1 percent.

The inventory of homes available for sale in July fell 3.2 percent to 271,000 units, the lowest since March 1993, the department said.

July’s sales pace left the supply of homes available for sale at 7.5 months’ worth, the lowest since April 2007.

Legion Stadium opens up Pooch Plunge

As the dog days of summer continue, man’s best friend gets the chance to cool off this week.

The swimming pool at Wilmington’s Legion Stadium is going to the dogs.

Every day this week the city is holding a Pooch Plunge. For five dollars, you can let your dog swim between the hours of 4:00 and 8:00 p.m.

Saturday, the Pooch Plunge is from 10:00 a.m. until 2:00 p.m.

Proceeds benefit the Pender County Humane Society.

This Week’s Moorings Column From Michael Lopez

Hello and welcome to this week’s Moorings Column, your source for all things in the mortgage and housing industry.  To refinance or not to refinance, that is our question for this week.  Well to start off with let’s look at some numbers. 

Now for sake of example let’s say you currently have a home loan of 6.25% with a balance of $417,000 and your home is worth around $700,000.  Assuming you have a credit score of 740+, provable assets and acceptable income, you could expect to do a rate-term refinance (meaning your not taking equity out, only reducing your rate) and get your interest rate down to about 5.25% with 0 points and 0 origination fee.  Closing costs will run about $2150. Continue reading

Fundraising efforts by NHRMC kicked off with Edwin McCain

The Pediatric Intensive Care Unit at New Hanover Regional Medical Center is getting support from an internationally known rock star.

Edwin McCain stopped by the Betty H. Cameron Women’s and Children’s Hospital Saturday. He signed autographs and performed a private concert for the children. His appearance kicked off a fundraising effort for the Pediatric Intensive Care Unit. The goal is to raise enough money to buy a mobile pediatric intensive care unit to transport children to Chapel Hill.

McCain gave the hospital a check for five thousand dollars. It is a cause near and dear to his heart. “Well as a father it means a lot because I understand while walking through the NICU and pediatric wing what that means,” he said. “As the son of a pediatrician I understand what care for this region means especially a mobile ICU.” Continue reading