The Week in Review Wilmington NC August 23, 2009

The Week in Review

.....your Wilmington Connection

August 23, 2009

Hope you all had a nice weekend. It turned out to be a nice weekend overall. With plenty of sunshine overall. Welcome back to school, all schools will be in full tilt tomorrow marking the end of the summer. The housing market still shows signs of promise.

Wilmington Real Estate Market

Currently in New Hanover County there are 2401 single family homes, and 330 homes are under contract. 509 Homes have sold in the last 3 months thats an increase. Im sure the race to take advantage of the $8000 tax credit has something to do with it.

An amazing leap in existing home sales.

For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

Not since June 2004 have we seen home sales rise 4 months in a row. Single-family, townhomes, condominiums and co-ops - rose 7.2 percent, and the last time sales were higher than a year earlier was November 2005.

The chief economist from the National Association of realtos , said he is encouraged. "The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales," he said.

Take note: the monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

As you know with the tax credit involved first time home buyers purchcased 30% of the homes in July and 31% of all homes sold were distressed.

Commercial Real Estate

Continues to decline but has steadied off some. Hopefully with the end of the recession in the next 6 months. The reduction in commercial real estate will continue through the first quarter of 2010,

...until next week in The Week in Review

Tina