The Week in Review Wilmington NC September 13, 2009

The Week in Review

....your Wilmington Connection

September 13, 2009

I trust you all had a great weekend. It was extremely nice here in Wilmington. This is the weather we all wait for. We continue to stay busy with first time home buyers, still taking advantage of the tax credit.

Wilmington Real Estate

Currently there are 2400 single family homes on the market, with 359 homes under contract at the moment. Homes are still selling. In the last 3 months there have been 490 homes sold. Prices are still dropping however, and this will be the case as long as there are foreclosures and short sales around. I believe in the near future we will be seeing a settling down of prices. If you are thinking of putting your home on the market, send me an email and we can get the ball rolling. At least find out what your homes is worth. Why not?

The Tax Credit, will you be able to take advantage?

Who qualifies? First time home buyers buying a home from December 2008 till November 30 2009. The countdown begins with only 74 days to take action. Currently it is taking about 6 weeks to close a loan. So if are looking to buy dont miss this oportunity. Many are pushing for an extension on this but as of yet there has been no changes.

Local Mortgage Rates

Average, Sept. 10

(Week earlier in parentheses)

30-year fixed:5.07% (5.08%)*

15-year fixed: 4.5% (4.54%)*

5-year ARM: 4.51% (4.59%)+

1-year ARM: 4.64% (4.62%)-

* Plus 0.7 point

- Plus 0.6 point

+Plus 0.5 point

- Freddie Mac

until next week in The Week in Review

Tina