The Week in Review Wilmington NC, August 2, 2009

The Week in Review

...your Wilmington Connection

August 2, 2009

Great Weekend here in Wilmington. The weather forecast predicted rain....but there has only been short downpours and then sunshine again. Great summer weather!

Wilmington Real Estate

There definately has been many homes go under contract in the $300,000 range and under. The end of the $8000 dollar tax credit is drawing near,I'm sure that has something to do with it. It sure is a pleasant change from 6 months ago. Currently there are 2353 single family homes on the market. 332 homes are under contract and in the last 3 months 527 homes have sold. Those are the kind of numbers we are looking for!

Housing Index shows some Hope

The Case/Shiller Home Price Index reported its best reading in nearly twelve months and the first month-over-month improvement in three years. This is good news, especially when combined with the last few months of improved Existing and New Home Sales.

San Rio Lot owners to Sue Develper

A year away from when they were supposed to start building their dream homes, the buyers are finding themselves paying for nothing...no building..only dirt.

20 of the 60 people who bought lots in San Rio for anywhere from $200,000 to $700,000 are going to sue Wakefield Development Co. claiming misrepresentation. As the lot owners try to get their money back, the town of Shallotte is also trying to collect on the project. The group hired Hodges and Coxe law firm of Wilmington to recover damages.

New Appraisal Rules

Fannie Mae and Freddie Mac made some clarification on its websites to try to dispel confusion over a new code of conduct for home appraisers.Mortgage lenders have been told that appraisers must have experience in the geographic areas where they get assignments.

....until next week In the Week in Review
Tina