By Sandra O’Connor President, NC Association of REALTORS®
We have turned it – the corner, I mean! While we, as leadership of NC REALTORS®, have been working hard to rearrange our future based on a contracted budget and membership, we also have had to rearrange our individual businesses based on a changing market. We think both of these conditions are routine corrections for a market gone wild that could not be sustained.
Today we no longer sit in dread of the bottom. We have looked around and have decided to look up. We have done some self-correcting. There may be some segments of our market that have yet to go through a period of correction. But, with certainty, we say it will have a beginning, middle and end!
Being the survivors that we have learned to be, we call upon the fundamentals that we learned when we were new to the business. We reach for our creativity, we get out of the box and find new and better ways of doing things.
Who ever thought that “friend” would become an action verb? These days, we are all busy “friending” – whether it is texting, building our social networks, exploring new ways to do viral marketing, and using the Web in ways we had never planned. We are cultivating a sense of humor and take periodic breaks to view the newest and zaniest videos posted on the Internet.
At the same time, we have not gone off the edge, but have rounded the corner. We know that hope is not a strategy and that trust is earned. We coach our sellers on differentiating themselves in an overburdened market. We direct buyers to the best deals and educate them about negotiating and leverage. We help fit the pieces of a short sale together and learn all the ins, outs and lingo that go along with foreclosures. We provide direction, stability and advice.
All of these newfound approaches keep us central to the transaction. We are elevated. The fast and furious days of “order taking” have passed and we emerge as trusted advisors. Our clients aren’t looking for best friends; rather, they are looking for friendly customer service. We adapt to the new culture and lead fearlessly into a new age.
It’s a new day out there - and we’ll be best served by beginning to call this our new normal.
Sincerely,
Sandra L. O’ConnorContact Us: NC REALTORS® staff can be reached Monday through Friday during regular business hours of 8:30 a.m. to 5 p.m. at 800-443-9956 or via email using the person’s first initial and last name@ncrealtors.org. (For example, Tim Kent’s email address is tkent@ncrealtors.org.) Our fax number is 336-299-7872.
Administrative
Tim Kent
Executive Vice President
Anne Shoemaker
Chief Operating Officer
Bryan Jenkins
Chief Financial Officer
Denise Daly
Membership Records
Coordinator/Bookkeeper
Diane Greene Director of Community Outreach
Pam Haire Director of Leadership Development
Sherry Harris Administrative Assistant
Amanda Lowe Accounting Assistant
Phyllis Lycan Accountant
Donna Peterson
Executive Assistant to the EVP
Communications Kevin Brafford Director of Communications
Julie Woodson Director of Public Affairs
Samantha Ashburn
Website Coordinator
Barbara West Communications Specialist
Legislative Rick Zechini Director of Government Affairs
Cady Thomas Director of Regulatory Affairs
David McGowan
Political Specialist
Mary Catherine Green
RPAC Manager
Marketing and Business Development
Katie Sopcik Director of Marketing and Business Development
Kristin Miller Marketing Specialist
Professional Development Chris Rhodes Director of Professional Development
Ellie Edwards
Volume 88, Issue 5
NC Association of REALTORS® Inc.
Chartered in 1921
PRESIDENT Sandra O’Connor, Greensboro
PRESIDENT-ELECT
Mary Edna Williams, Raleigh
TREASURER
Tom Barton, New Bern
IMMEDIATE PAST PRESIDENT
Wendell Bullard, Durham
REGIONAL VICE PRESIDENTS
Ernie Wilkinson, Atlantic Beach, Region 1
George Laney, Wilmington, Region 2
Steve Cohen, Fayetteville, Region 3
Preston Edwards, Durham, Region 4
John Newman, Jr., Greensboro, Region 5
Paul McGill, Winston-Salem, Region 6
Sheila Rudisill, Lincolnton, Region 7
John Byers, Charlotte, Region 8
Aric Beals, Charlotte, Region 8
Kirk Booth, Asheville, Region 9
Donna Parker, Cary, Region 10
Elizabeth Allardice, Raleigh, Region 10
EXECUTIVE VICE PRESIDENT
Tim Kent
EDITOR
Kevin Brafford
ASSISTANT EDITOR
Barbara West
ADVERTISING MANAGER
Kristin Miller
BUSINESS OFFICE
NC Association of REALTORS® Inc. 4511 Weybridge Lane Greensboro, NC 27407
Phone: (336) 294-1415
Toll Free: (800) 443-9956
Fax: (336) 299-7872
Insight (USPS 017602) is published bi-monthly by the NCAR Management Corp., 4511 Weybridge Lane, Greensboro, NC 27407. Member subscriptions of $3.90 are covered by annual membership dues. Periodicals postage rates paid at Greensboro, NC.
POSTMASTER: Send address changes to Insight; 4511 Weybridge Lane, Greensboro, NC 27407.
Advertising of a product or service does not imply endorsement, unless specifically stated.
For all the latest news and business tools, check out www.ncrealtors.org.
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Discounts on Insurance and More Great discounts on the products and services you use every day from NCAR’s REALTOR® Partners.
Congratulations are in order for this year’s Rising Stars,a bright and capable group ofREALTORS® who were nominated for this recognition by their local associations.
Like it or not,foreclosure filings are up,and the distressed property market has brought investors and homebuyers out ofthe woodwork.Here are tips to getting your piece ofthe pie.
By Kevin Brafford Editor
It’s amazing what one can accomplish these days with nimble fingers and a few clicks of a mouse. I joined the REALTORS® Federal Credit Union while wearing a ratty T-shirt, no shoes and halfway watching an episode of “Seinfeld.” Oh, and there may have been a speck of fresh broccoli lodged between two of my front teeth.
Yep, I joined the brand new REALTORS® FCU from the comforts of our couch via my laptop. I didn’t have to drive anywhere or wait in a line, nor was I subjected to filling out a lengthy application. In less than five minutes, I opened a savings account by transferring a small dollar amount (it can be as little as $100) from our checking account and answering a few online questions about my financial history that allowed the REALTORS® FCU to verify my identity.
If you’re not familiar with credit unions, here’s the skinny: They are not-for-profit cooperative financial institutions that are owned and operated by their
6 Before March to July of this year, the number of years since the national housing market experienced five consecutive monthly gains in pending home sales.
42 Percentage increase (in square footage) of a median sized new single-family home sold in the United States over the past two decades.
50 Percentage of new homes sold in the first six months of 2009 that cost less than $200,000.
100 In billions, the dollar amount of stimulus money that has filtered into the economy so far, with $787 billion left to be spent next year.
500 Percentage increase of women over the age of 55 who flocked to social media networking giant Facebook between September 2008 and March 2009. Facebook reported a 400 percent increase for males in the same age group.
members and are federally insured. Through the use of volunteer boards and member ownership, credit unions are able to provide highly competitive loan rates, savings rates and fewer fees than other lending institutions. Credit unions share profits with their members through the payments of dividends.
While our credit union works in partnership with NAR as a REALTOR Benefits® Program Partner, it is totally separate from NAR, and has its own board of directors and management team. Like many new financial institutions today, REALTORS® FCU operates with all of the bells and whistles of a regular bank (debit cards, worldwide ATM access, direct deposit, etc.), just minus the branch offices.
But that’s enough from me. To learn more, visit www.realtorsfcu.org. It’s a simple-to-navigate, userfriendly website that’s worth the investment of your time and money.
September 14-17
September 27
September 27-29
October 8-9
October 12-15
November 11-16
November 16-19
December 3-4
December 7
January 19-22
January 19
January 21
April 16-20
May 10-15
June 7-9
June 9
GRI 200
CRS: Fiscal Literacy
2009 NC REALTORS® Convention & Expo
CRS 200
GRI 100
NAR 2009 Conference & Expo
GRI 200
CRS 205
CRS: Maximize Your Potential
2010 NC REALTORS®’ Inaugural Meetings
Spokesperson Training
Inaugural Gala
NAR AE Institute
NAR Midyear Meetings
NC REALTORS® Legislative Meetings
Legislative Day
Wilmington
Savannah, Ga.
Savannah, Ga.
Greensboro
Greensboro
San Diego
Charlotte
Greensboro
Greensboro
Raleigh
Raleigh
Raleigh
Quebec City
Washington, D.C.
Raleigh
Raleigh
Name: Location: Firm: Local Association:
I was born in Siler City, the home of Aunt Bee! We moved to Sanford soon after, so I’ve been a North Carolina girl basically my whole life. I really can’t imagine living anywhere else. I love the four seasons, I love going to the mountains and I love going to the beaches. I’m a North Carolina girl through and through!
I really, really wanted to be a singer when I was growing up. loved Elvis Presley, but I have a terrible voice. My daughter even puts her hand over my mouth when I’m in church – that’s so mean! When I was young, I was in the church choir and my cousin and I loved to participate in the talent shows at school. We were called Wanda and the Miracles – minus the musical talent. Needless to say, we never won the talent show.
I met my husband of nearly 30 years in the sixth grade while playing Spin the Bottle! People are always like, ‘What is that about?’ It was a little young to be playing that game, but it worked out in the end. We dated all through middle school and he was, of course, my high school sweetheart. After he got out of the Coast Guard and I graduated from college, we got married.
When we first got married, we wanted to do something different so we moved to Biloxi, Mississippi. My husband’s brother was there, and we thought ‘why not?’. There are a lot of casinos out on the water, and it’s very close to New Orleans, so we would go there every other weekend. It was a great adventure for us.
Biloxi was wonderful, but I missed North Carolina and my family. My husband, being from the Coast Guard, wanted to be near the water, so we picked Wilmington because it was right on the Intracoastal Waterway. We didn’t have a job, a place to live, nothing. We were young and brave.
April McDavid Carolina Beach
Intracoastal Realty Corporation
Wilmington Regional Association of REALTORS®
My husband and daughter are on a team with me. My husband started working with me in 2005 when business was booming. I needed a lot of help then. My daughter has her real estate license and has been helping us on a part-time basis while she goes to school. I’ve been pretty active with my local board in the last few years, so I’ve needed help more than ever. It works out great for me.
My husband, daughter and I love to go on vacation together. Only problem is that no one is back home taking care of business! And then there’s the matter of when someone forgets to do something or makes you mad at work, well, you can’t fire your husband, so things can get interesting. But overall, it’s wonderful. I couldn’t do what I do without them.
We finally got our dream home about five years ago. We’ve got a house on the water with our boat parked out back. My husband is thrilled! We love boating and fishing and my daughter wakeboards. Eventually, we want to be on a big boat, heading down the Intracoastal Waterway on our way to Florida and stopping at every beautiful port we pass! And, hopefully, I’ll be enjoying grandchildren then, too.
I’m definitely a beach girl. Even though we live at the beach, we still love to vacation at the beach! We love St. Thomas and St. Maarten. We love San Diego and are planning on going this year for NAR’s convention. My husband has a cousin out there, so it’s nice to visit. And Hawaii, we love Hawaii. Honestly, any place by the water and we can have fun.
I have a strong drive, and I’m very determined. When I started thinking about getting into real estate, I would ask people if I should do it, and a lot of people discouraged me. It’s very scary to change your career path, but I had it in my mind that I was going to do it and succeed, so I did.
April and her husband doing the twist on their boat, the Salty Dog
The NC Association of REALTORS®’ Housing Opportunity Foundation – Homes4NC – has been awarded a $140,000 Ira Gribin Workforce Housing Grant from NAR. The grant will fund a new workforce housing program to educate REALTORS® and the public about the many housing programs available to help low- and moderate-income workers find quality affordable housing close to where they work.
The lack of workforce housing is a growing problem in North Carolina, especially in resort markets and popular urban centers. Recently falling home prices have improved overall housing affordability across the state, but prices are still high in resort areas when compared to what workers earn in those markets. Unfortunately, gains in housing affordability have been more than offset by lower average wages as North Carolina’s economy changes from manufacturingbased to service-based. And while home prices are likely to rebound, the NC Commission on Workforce Development expects the state’s future jobs to pay only about 60 percent of what today’s average worker earns.
To combat this continuing problem, Homes4NC is developing a Workforce Housing Certificate (WHC) program to educate North Carolina REALTORS® about the issues surrounding workforce housing and the pro-
grams and resources available to help them serve workforce buyers. REALTORS® who have been certified through the program can more effectively educate potential homebuyers and advocate for workforce housing in their community. The WHC program will be piloted in Asheville, Raleigh and Wilmington starting in January 2010, with additional areas joining the program by midyear.
The second phase of this initiative is an extensive public education campaign designed to let consumers know that there are programs to help them with their affordable housing needs and specially-trained REALTORS® to guide them through the home buying process.
Homes4NC President John Newman expects the WHC program to fill an increasing need among firsttime homebuyers. “This type of education and guidance is so important for lower-wage workers who typically don’t have the knowledge or experience they need to understand the complexities involved in the typical home purchase,” he says. “This program will better equip REALTORS® to provide workforce buyers with the extra support they need to become homeowners.”
For more information, contact Diane Greene at 800-443-9956 or dgreene@ncrealtors.org.
The NC Homeowners Alliance is reaching out to more homeowners with a new postcard, which is now available for REALTORS® to use in closing packets.
“The postcard helps REALTORS® introduce new homeowners to the NC Homeowners Alliance, and serves to educate the public that the Alliance is a voice for them,” says Tommy Lawing Jr., 2009 Alliance president. “This also will be a great way to build our database of concerned citizens who want to learn more about issues that impact homeowners.”
The postcards are free to REALTORS®, offer a congratulatory message to home-
owners and asks, “Did you know that North Carolina has a statewide organization dedicated to educating the public about issues of importance to homeowners and homeownership?”
There’s a tear-off portion that homeowners can use to share their contact information and receive updates from the Alliance about key issues as they arise. For more information or to request postcards, contact Julie Woodson at 800443-9956 or jwoodson@ncrealtors.org.
North Carolina Home, which is included in this issue of Insight, is another tool that the Alliance has made available
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Homeowners Alliance Offers Resources (continued)
to REALTORS®. It’s a four-page document that REALTORS® can mail to their clients and includes helpful tips and useful information, such as details about the $8,000 tax credit for first-time homebuyers.
REALTORS® can download the publication at
www.nchomeownersalliance.org, and print as many copies as they need. Then, they can simply put their return address and an address label in the space provided on the back.
Past NC REALTORS® President Wanda J. Proffitt, a REALTOR® with Carolina Mountain Realty Inc. in Burnsville, has been appointed to the N.C. Board of Transportation by Gov. Beverly Perdue. The state Board of Transportation is responsible for advising the Secretary of Transportation and approving the allocation of funds.
Proffitt, who served as NC REALTORS® president in
The Avery-Watauga Association of REALTORS® is no more – at least by that name. The association was granted approval recently by NAR to be known as the High Country Association of REALTORS®
Members and staff celebrated when they unveiled the association’s new name, logo and slogan (“All Real Estate is Local and So Are We”) to the community by co-hosting a Boone Area Chamber of Commerce afterhours event in mid- summer.
“The service area of our membership is better represented by the term ‘High Country,’ rather than the specific Avery and Watauga county names,” says Carole Cox, president of the association. “We’re pleased that the new name has been approved, and we may now use it in all our communications.”
1990, is an RPAC trustee, has been an NAR director, and in 1992 received the prestigious REALTOR® of the Year award. She has served on numerous committees at the state level, including professional standards, legislative, strategic planning, and the electronic voting task force.
Deidre B. Rogers, a REALTOR® with Rogers Realty & Auction Company in Mount Airy, was elected 2009-10 president of the National Auctioneers Auxiliary during a national conference in Overland Park, Kan., in mid-July.
Rogers has been a licensed real estate broker since 1986 and a licensed auctioneer since 1987. She holds the ABR, CRS, GRI and e-PRO designations. A member of the board of the NC CRS Chapter since 2007, Rogers also serves on the board of trustees for Surry Community College and on the regional board of Southern Community Bank.
Congratulations are in order for NC REALTORS®’ 2009 Rising Stars, a bright and capable group of REALTORS® comprising pilots, Sunday school teachers and basketball coaches, among other things.
Rising Stars are recognized annually and are nominated by their local associations. To be eligible to be nominated as a Rising Star, you must have been in real estate for five years or fewer. Listed alphabetically, the 2009 honorees are:
Eric Buschman, Durham Regional Association of REALTORS®
Buschman already has shown a great deal of commitment to the real estate industry in his fewer than five years as a REALTOR®, particularly when it comes to his local associ-
ation’s Community Service Committee. He has been a major contributor to the success of the committee’s main annual fund-raising activity, the charity auction. With Buschman’s help, the auction has raised approximately $15,000 in the past two years alone.
Frank Fields, Greenville-Pitt Association of REALTORS®
Fields has officially done it all. With his master’s degree in education and a pilot’s license, he offers a widespread talent base, one that is valued by his local board. Since becoming a REALTOR® in 2005, Fields has been active on the local level with service on the Website Task Force, and he presently is
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Eric Buschman Frank Fields
NC REALTORS®’ government affairs staff members have unique jobs and responsibilities, but they are all intricately connected to create a strong team that impacts policy at the local, state and federal levels.
Sandra O’Connor, NC REALTORS®’ 2009 president, applauds their efforts. “As individuals, our government affairs team members are professionals who are effective and top-notch in their respective areas,” O’Connor says. “But as a team, they are the strongest government affairs department in this state.”
Rick Zechini is director of government affairs and oversees REALTOR® initiatives that target state legislative, regulatory and political matters. He supervises the other team members and lobbies the NC General Assembly and various executive branch agencies, commissions and licensing boards.
Zechini was ranked by the NC Center for Public Policy Research in 2008 as the 12th most effective lobbyist in the state (out of 813 registered lobbyists). The rankings are conducted annually and are based on responses from legislators, lobbyists and capital news correspondents.
NC REALTORS®’ Executive Vice President Tim Kent was ranked the 11th most effective lobbyist while John McMillan, a contract lobbyist for the REALTORS®, was ranked second. They add another layer of strength to the lobbying team in the halls of the General Assembly.
Their work is complemented and strengthened by Cady Thomas, director of regulatory affairs, who attends meetings of the regulatory agencies that affect the real estate industry, including the Real Estate Commission, Home Inspector Licensure Board, Rules Review Commission, Appraisal Board, Coastal Resources Commission and the Environmental Management Commission.
At the meetings, Thomas monitors, discusses and negotiates rule changes and proposals on behalf of
REALTORS®. When rules are heavily challenged at the regulatory level, they often end up before the General Assembly for disapproval or changes. Thomas also assists Zechini in lobbying the legislature.
Heading up the REALTORS®’ grassroots initiatives is David McGowan, the association’s political specialist. He works closely with REALTORS® at the local level to get the word out about how issues or proposed legislation would impact the real estate industry and homeowners. McGowan travels across the state when big issues arise, including leading efforts against the real estate transfer tax, also known as the Home Tax. The tax has been defeated all 24 times it has been placed on a local ballot.
McGowan and Zechini are staff liaisons to the Issues Mobilization Committee, which was established by NC REALTORS® to educate real estate professionals and the general public on issues that impact the economy and private property rights in North Carolina.
NC REALTORS® Political Action Committee (NC RPAC) is another important component of the government affairs team’s efforts. Mary Catherine Green is NC RPAC manager and serves as its chief fund-raiser and manager of all RPAC activities and programming. As the primary staff liaison to the NC RPAC trustees, she is responsible for management of all regular communications regarding RPAC issues such as fund-raising, candidate funding, NC RPAC policies and bylaws and related information from national RPAC.
Green also meets with local associations across the state to communicate the importance of “investing” in NC RPAC and works with other staff members to organize important events such as the annual REALTORS®’ Legislative Day.
“Our association is extremely fortunate to have members who are engaged in the political process,” Zechini says. “The government affairs team takes great pride in working for REALTORS® and communicating the importance of homeownership, private property rights and housing affordability in North Carolina.”
As the newest designation in the NAR family, the Green Designation was developed to help members better understand how the issues of green and sustainability are affecting real estate today, prepare for this market shift, guide clients, understand financial incentives and green building certifications and increase awareness in their communities.
BE A LEADER — BECOME THE GREEN REAL ESTATE RESOURCE FOR YOUR COMMUNITY.
CORE CURRICULUM INCLUDES:
Green building concepts, principles and practices
Marketing to the green consumer
The financial advantages of properties that are eco-friendly and energy efficient
The significance of LEED, Energy Star, and other rating systems
Regulatory issues, zoning and building codes as they relate to sustainability
To receive the designation, you must complete the core course and one of the following electives: RESIDENTIAL/COMMERCIAL/PROPERTY MANAGEMENT
CORE COURSE
October 6-7
NCAR Headquarters, Greensboro
Instructor: Bill Bass (Asheville, NC)
Registration Fee: $300 $275 if registered on or before Sept. 22
To register, contact the NCAR Professional Development Department at 800-443-9956 or visit www.ncrealtors.org
ELECTIVE (RESIDENTIAL GREEN COURSE)
November 10
NCAR Headquarters, Greensboro
Instructor: Bill Bass
Registration Fee: $150 $125 if registered on or before Oct. 27
Special Fee for Both Courses: $375 (must register for both courses at the same time)
Note: $50 Cancellation Fee
DATE: November 3, 2009 (8:30 a.m. - 4:15 p.m.)
LOCATION: Greensboro (NCAR Headquarters)
INSTRUCTOR: Mark Given
REGISTRATION FEES:
$140 (if registered on or before Oct. 20) $165 (after October 20)
ADDITIONAL INFORMATION:
> This course also fulfills the elective requirement for the ABR designation. If you are seeking the ABR designation, the additional requirements can be completed online or at any of the twoday ABR core courses.
For additional information contact the NCAR Professional Development Dept. at 800-443-9956 or visit the NCAR website at www.ncrealtors.org
ational foreclosure filings – including default notices, auction sale notices and bank repossessions – rose 9 percent during the first six months of 2009, compared to the previous six months, according to the latest RealtyTrac U.S. Foreclosure Market Report. The numbers represent a 15 percent increase compared to the first half of 2008, with one in 84 of all U.S. housing units receiving at least one foreclosure filing during the first six months of 2009.
1 2
Like it or not, the distressed property market has brought investors, first-time homebuyers and even second homebuyers out of the woodwork and in search of great deals. This trend spells opportunity for agents who have educated themselves on the fine points of the foreclosure, short-sale and real estate-owned (REO) markets. Here are seven success strategies that you can start using today to get your piece of the pie:
Under the distressed property umbrella there are two different stages of foreclosure. The first is the short sale, or the negotiation of a payoff amount lower than what was originally agreed upon with the mortgage lender. This option allows the homeowner to sell the property without suffering the negatives associated with foreclosure, and helps lenders avoid the foreclosure process. One downside for sellers: Such sales can trigger taxes of 10 to 35 percent (depending on the seller’s income) associated with debt forgiveness, which the IRS considers taxable income.
Then there’s the actual foreclosure, which occurs when a homeowner loses the rights to his or her property, thus allowing the bank to sell the home to satisfy the debt. This route will negatively impact the seller’s credit rating – and ability to buy or even rent another home – and wipe out any equity that the owner had in the home. Finally, it can also result in a tax obligation on the debt forgiveness.
When eager buyers come to you for advice on purchasing distressed properties at fire-sale prices, get ready to tell the truth and more about how the process works. Let them know that the sales are “as is,” even if termite and home inspections are performed, and that the properties will need at least some work to make them livable.
Even the nicest-looking homes will come with problems, particularly if they’re been abandoned and vacant. To help buyers whittle down their choices in the pool of distressed properties on today’s market, start by giving clients a realistic picture of what’s “out there,” including the fact that many homes will come without appliances – or even furnaces.
3 4 5
Because the lender (or asset manager) will allow the buyer to do the inspections before any addendums are drawn up, have your clients come up with an offering price (based on your broker price opinion) that factors in any repairs that need to be done, knowing that they’re purchasing the home as-is.
As an added safety measure, have your buyers take a trip down to City Hall to obtain the property’s “Freedom of Information” report. This will give your buyers all of the police reports, incident reports and even dog bite reports on the property, and will help them make a more informed buying choice.
The national foreclosure numbers can be misleading because they paint a picture of the real estate market with a broad brush. At press time, for example, home foreclosures in the Triangle continued to drop in the first half of 2009 and stayed well below the national average, according to a midyear report from RealtyTrac.
The Raleigh-Cary MSAhad 2,024 foreclosure filings in the first six months of the year – down almost 25 percent from the first half of 2008, while the Durham MSAhad 740 foreclosure filings in the first half of 2009 – down almost 45 percent from the first half of 2008. Stay in the know about your area’s foreclosure trends and you’ll be better equipped to educate your buyers on the market trends in their own backyards.
State and federal governments are taking steps to keep homeowners from losing their properties during the economic recession. You can help your sellers and buyers alike by learning which of those laws affect them. The N.C. General Assembly, for example, recently approved a law that will help homeowners facing foreclosure.
The law, called the Consumer Economic Protection Act of 2009, will ensure homeowners and mortgage lenders the chance to voluntarily resolve foreclosures. This act requires lenders to explain in detail what they’ve done to resolve delinquent home
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accounts without resorting to foreclosure. It also requires the clerk of court overseeing a foreclosure to ask what’s been done to prevent the process from taking place, and to provide 60 more days to try and come up with an alternative solution.
The booming real estate market has calmed to the point where concepts like flipping cheap properties for a boatload of cash are no longer viable. And even though the homes are in a foreclosed state with reduced prices, the banks have still done their homework and know what the comps are. In other words, offering $60,000 less than the asking price on a short-sale that costs $150,000 is probably not the best approach. Using a broker price opinion that compares at least three recent sales, work with your buyers to get theirs offers on track and realistic.
Whether you’re working directly with asset managers, with first-time homebuyers or with seasoned investors, successful navigation of the distressed housing market takes knowledge, experience and patience. Agents looking to tap the market can bone up on its fine points by networking with and learning from accountants, bankers, lenders and other REALTORS® who are already immersed in the market.
Local associations are another good source of information, and some have recently begun developing more foreclosure and short-sale workshops, seminars and written materials for members. And you can look to the National Association of REALTORS®, which has a Field Guide to Foreclosures posted online at www.realtor.org/library/library/fg329.
By Will Martin General Counsel
Dear Forms Guy: Cal’s the name. I’ve gotten into the real estate game after a first career in the major leagues. I represent a young lady who recently bought a nice little bungalow. The trouble started when the closing attorney did the title search and found a problem. The seller and his lawyer have been trying to convince the wife of some previous owner who inherited the property to sign a quitclaim deed ever since, but so far they’ve been striking out. The closing date was in mid-July and now it’s early September. My buyer decided she’d waited long enough, so we notified the seller using form 350-T that she was terminating the contract due to the seller’s delay in closing for more than 30 days.
Forms Guy: The old “bye bye bungled bungalow” play, eh?
Cal: I haven’t finished my story.
Forms Guy: Sorry for interrupting. Play on.
Cal: Okay, now the seller’s yelling “foul” and won’t sign the bottom of the form to release my client’s deposit. The listing agent tells me they’re really close to getting the heir’s wife to sign the deed and that the seller doesn’t think that the buyer has the right to get out of the deal yet since time was not “of the essence” on the closing date. I told the listing agent that the buyer had the right to terminate the contract and that she should release the deposit anyway. Paragraph 18 of the Offer to Purchase and Contract says in black and white that after a 30-day delay the non-delaying party may terminate the contract and receive the earnest money. So I have two questions for you, Forms Guy. The first one is, am I not right about the buyer having the right to terminate the contract and get her deposit back?
Forms Guy: Have there been any extensions of the mid-July closing date?
Cal: No.
Forms Guy: Congratulations, you’re one for one. I agree that paragraph 18 gives the buyer the right to terminate the contract and get her deposit back, even though the seller may soon be able to cure his title
problem. The listing agent is correct that time is not “of the essence” as to the closing date, but that’s beside the point. Paragraph 18 clearly gives a nondelaying party – in this case the buyer – the unilateral right to terminate the contract if the delaying party delays the closing for more than 30 days from the last agreed-upon closing date. I think an ump – I mean a judge – would give full force and effect to the clear understanding of the parties regarding a party’s right to terminate under the circumstances described in paragraph 18, or for that matter, to the numerous other provisions in the contract where one party or the other is given the express right to terminate.
Cal: Great. My other question is, am I also not right about the buyer’s right to get her deposit back, even though the seller won’t sign anything?
Forms Guy: Swing and a miss! Cal, your average just dropped in half.
Cal: Wait a second! Why would the listing agent have to get the seller to agree to release the deposit when the contract so clearly states that my buyer is entitled to it?
Forms Guy: I hear you, Cal, but you’re in a different ballgame with different rules when you start talking about the return or forfeiture of earnest money. It can be absolutely clear under the contract and the facts that one party is entitled to the deposit, but if the other party doesn’t agree, then the escrow agent is required by the rules of the Real Estate Commission to hold the deposit. See rule 58A.0107 in the Commission’s rule book if you don’t believe me, or review the “note” in paragraph 4 of the contract, which summarizes the rule. The parties cannot by contract relieve the escrow agent of its duty to hold the deposit if there is a later squabble between them about who is entitled to it.
Cal: But my buyer needs the deposit to put down on an eighth-story condo I’ve helped her find.
Forms Guy: Goodbye bungalow, howdy high rise!
Cal: This isn’t a laughing matter, Forms Guy.
Forms Guy: You’re right, Cal. I am sorry for your client that the seller won’t play ball. But violations of the Commission’s trust account rules aren’t laughing matters down in Raleigh either. The listing agent might be looking at a stretch in the dugout if she returns the buyer’s earnest money without the seller’s written agreement.
Have a question or questions for the Forms Guy? Email Will Martin at wmartin@ncrealtors.org
For the past few years, Charlotte REALTOR® Terry McDonald has been reaping the benefits of his four-minute, 35-second video titled, “Charlotte: The Heart of the New South.” The video was McDonald’s solution to an age-old problem: Tons of leads and not enough phone calls.
“Potential homebuyers that had to move within one to three months were filling out information on my website and not leaving any contact information,” says McDonald. “After a while, I realized what it was. It was call reluctance.” So McDonald came up with a way to make his telephone ring. In his video, not only does he sell the area, he also sells himself. “I am 100 percent sure this video is where I get my business,” he says.
McDonald is among a growing number of REALTORS® who are taking their marketing efforts live, so to speak. Sheri Moritz, a REALTOR® with Real Living Realty Experts in Garner, has been making videos for almost three years now, but doesn’t see it as a mainstream form of marketing for REALTORS yet. But that’s not a bad thing. “Making a video will dramatically set you apart, no question,” says Moritz. “It’s a great opportunity to show you think outside the box.”
Here are some staggering facts about online videos. In June of this year, it’s estimated that 94 million Americans viewed videos online. According to comScore, a leader in measuring the digital world, Americans set a record in April with 16.8 billion videos viewed online in a single month. That’s 560 million videos a day and 23 million per hour in the United States alone. In that particular month, Google Sites made up 40.7 percent of online video market share and 99 percent of those videos came from, you guessed it, YouTube.
Combine America’s obsession with online videos, the affordability and ease with which someone can buy and use a digital camera as well as any video-editing software they want to utilize, and you’ve got yourself a heck of a market for video marketing.
The great thing about video is that it comes in all shapes and sizes, and it can accomplish many things, depending on what you’re looking for. Let’s take a look at a few different opportunities:
> Showcasing a Home:
If you’re thinking of using video to showcase a home, Thomas Harpointer, the CEO of Atlanta-based AIS Media, suggests picking the top five elements of a home and building your video around those focal points. Does the home have a stunning backyard? A spacious kitchen? Showcase those. If your video succeeds, your potential homebuyer will feel like they’ve already been in the house before they ever step foot inside.
“Show as much of the house as possible,” says Moritz. “If you give them the most information you can, and if they’re interested in the property or in your services, you’ll have a better lead once they contact you.”
> Showcasing You, the REALTOR®:
In McDonald’s video, he tells the viewer a little bit about himself. He says that he has four children, a dog and has lived in the suburbs of Maryland, in Hoboken, New Jersey, and now, for many years, in Charlotte. These things may seem irrelevant at first, but to potential homebuyers it’s the beginning of a relationship. “I have a lot of people call and say, ‘Well I know you have a lot of kids so I knew you’d understand.’ Or, ‘You’re from New Jersey, you know where we’re coming from,’” says McDonald.
Joel Burlsem, founder of the Future of Real Estate Marketing, a leading real estate blog, reminds his followers that video should be used for making connections with people, not just listings. “Videos are a powerful way to build connections with an audience online,” says Burlsem.
Suffice it to say, homebuyers want to see you. They want to hear you talk. They want to know a little bit about you. Videos allow those things to happen.
> Showcasing a Neighborhood or Incentive:
Let’s say, for instance, you don’t have a listing right now. That’s still no excuse. Who said anything about videos revolving around listings? If business is slow for you, it’s the perfect time to experiment with all that videos have to offer.
Surely you’ve heard the old adage, “Location, location, location.” In some cases, a neighborhood is just as
important (if not more important) as a home. Videos provide an excellent opportunity to showcase a neighborhood, a shopping center, a great school nearby … you name it! And be creative.
Educating homebuyers never hurts, either. “I have a colleague that focuses his videos on interviews with appraisers, home inspectors, and closing attorneys,” says Moritz. “They go through the home buying process and touch on facts that potential homebuyers would be interested in. It’s been very successful.”
Now it’s up to you. With so many possibilities, you’ll want to consider what your budget, technological acumen and time allow. To get started, there are several resources out there to help you. First, visit the National Association of REALTORS®’ Field Guide to Using Digital Video as a Marketing Tool at www.realtor.org/library/library/fg914. Here you’ll find great examples of REALTOR® videos as well as advice on how to get started, on any budget. Then, experiment. And lastly, remember to have fun.
What do vacation getaways to the beach and mountains, golf at some of the best courses in the state, beautiful pottery and tickets to a Carolina Panthers game all have in common? They are all items that can be won at Homes4NC’s American Dream Auction being held Sept. 28 during the NC REALTORS® Convention & Expo in Savannah, Ga.
Proceeds from the auction will be used to make matching grants that help low-income families with their housing needs. The more you donate or bid, the more families we can help.
Perhaps best of all, you don’t have to wait until the live event to start participating. Simply visit our website at www.homes4ncauction.cmarket.com. Here you can view and bid on many items – all at unbelievable prices.
Make a difference for your industry and have fun while you’re doing it by participating in the Homes4NC American Dream Auction.
Win great items at Homes4NC’s Auction, like a vacation getaway at this beach house in Emerald Isle or the opportunity to play golf at great courses across the state. Bid now at www.homes4ncauction.cmarket.com.
Homes4NC President John Newman (center) is proud to announce our newest Pinnacle Partner, Bank of America. Pictured with John are Bank of America’s Michelle Swindell, senior business development manager for neighborhood lending, and James McDuffie, neighborhood lending business development manager said, “Bank of America is proud to serve as a trusted partner of NC REALTORS® and Homes4NC. Aligning our resources and capabilities to deliver affordable housing solutions to both REALTORS® and homebuyers will ensure a strong foundation to communities throughout North Carolina.”
Thanks in part to a Homes4NC grant and matching funds from the Haywood County Board of REALTORS®, Juan and Magdalena Quintero recently achieved their dream of homeownership. Help us to give more families the same opportunity by participating in the American Dream Auction or by purchasing a Homes4NC license plate. For more information, visit www.homes4nc.org.
We hope that you’ll join us – and many hundreds of your peers – in beautiful Savannah, Ga., on Sept. 27-29 for the 2009 NC REALTORS® Convention & Expo.
It’s your chance to rest, relax and rejuvenate on a smart vacation that combines education, entertainment and networking. You’ll reconnect with old friends and begin connecting with new friends, all along the historic Savannah riverfront in a city that Conde Nast Traveler and Travel and Leisure Magazine recognize as a “Top 10 Travel Destination.”
So what are you waiting for? Registration details are included on the facing page, and you also can register online at www.ncarconvention.org.
See you in Savannah!
All registered convention attendees will receive a beautiful keepsake print of Savannah’s historic Forsyth Park as painted by renowned artist William Mangum. In addition, Mangum will be on hand Sunday afternoon to sign your print, plus you can enter a raffle and win the original painting!
2009 Convention & Expo At A Glance
Here is a sampling of meetings and events. For a complete schedule, visit www.ncarconvention.org/schedule.cfm.
Sunday, September 27
12:30 to 1:30 p.m.
Local Association Forum
3:45 to 4:30 p.m.
Regional caucus meetings
4:30 to 5:30 p.m.
First-time attendee’s welcoming orientation
6 to 7:30 p.m.
Opening session featuring keynote speaker Mike Schlappi; announcement of REALTOR® of the Year
7:30 to 11 p.m.
Opening evening reception, poolside at the Westin Hotel, featuring Mike Kavanaugh
Monday, September 28
10:30 to 11:45 a.m.
Your choice of five education sessions!
2 to 3:30 p.m.
Your choice of six education sessions!
4 to 5:30 p.m.
Your choice of three education sessions!
9 p.m. to midnight
Dance party featuring legendary N.C. band Sleeping Booty
Tuesday, September 29
8:30 a.m. to 12:30 p.m.
2009-10 Mandatory Update Course, taught by Bill Gallagher (must be pre-registered – no walk-ins)
9 to 10:30 a.m.
Your choice of three education sessions!
11:30 a.m. to 12:30 p.m.
General membership meeting and Leadership Academy graduation
1:30 p.m.
Foody Tour of Savannah’s culinary culture; also, golf tournament at The Club at Savannah Harbor
7 to 11 p.m.
“Gathering with REALTORS® on the River” at Riverstreet Oyster Bar and One-Eyed Lizzy’s
Use a separate form for each primary registrant. Spouse or guest may be listed on this form. Spouse or guest must be registered to attend any convention function. Registration rate is the same for member, spouse or guest. Please print.
Name*
Referred Member Company Name
Spouse/Guest (Registration for spouse/guest is same price as member’s rate)
Check: REALTOR® Board AE First time attending convention Guest/Spouse
Special Services: Do you have any needs which require special accommodations? Please identify:
*Upon receipt of your paid registration, we will post your name to a roster of convention attendees at our website www.ncarconvention.org. If you do not wish for your name to be posted, please check here.
REALTOR® referral
1st time convention attendee
**Early Bird rate only applies before July 31, 2009.
NO Registrations will be accepted after Sept. 18, 2009.
***Daily registration includes entire day’s activities, except for optional events. All meetings and events to be held at the Savannah Convention Center unless noted.
Invite a REALTOR® Referral Program
When you invite a REALTOR® who has never attended an NCAR Convention before, you will receive the special rate listed above. This rate only applies to the individual referring a first-time attendee, not their spouse or guest. If submissions are not received together and by the deadline you will not receive the special rate. There are no exceptions. The “Invite a REALTOR® Referral Program” will be available until July 31, 2009 to the first 200 members who refer a first-time attendee. Credits will not be applied after registration has been submitted.
Optional Activites Spouse/Guest must be registered for convention to participate in optional activities.
Optional activities information and registration available at wwww.ncarconvention.org.
Payment (Must accompany registration)
Check (made payable to NCAR) Mastercard
VISA
Card numberExp.3-Digit Security Code
SignaturePrint name as appears on card
Billing Address
CONVENTION HOTELS
Westin Savannah Harbor
$185
(plus applicable fees)
Hyatt Regency Savannah $167
(plus applicable fees)
You will receive a confirmation email once you register. Hotel information will be included in the email.
Convention Registration Refunds & Cancellations: Receive full refund, less $20 per person processing fee, if cancellation is received by September 7, 2009. Due to contract obligations, cancellations must be in writing and mailed or faxed to NCAR. Cancellations will NOT be taken over the phone. No refunds will be given after September 7, 2009.
Policies:
(1) All participants attending any event connected with the NCAR 2009 Convention & Expo must be registered for the event and have paid the registration fee. Liabilities insurance requires every attendee be registered.
(2) Transfer of registration is not allowed under any circumstance.
(3) Registrations will NOT be accepted by telephone. Return your completed form by mail or fax, with a check or VISA/Mastercard number.
Same as above
Fax or Mail this registration form to:
North Carolina Association of REALTORS® 4511 Weybridge Ln. Greensboro, NC 27407
Fax: 336-299-7872
e-mail: ncar@ncrealtors.org
Questions: Call 800-443-9956 or visit www.ncarconvention.org
For NCAR use only
Reg.#
Date
secretary/treasurer of his local association. Fields is active in his community as a volunteer for Habitat for Humanity and as a member of Landmark Baptist Church.
Bettye Lay, Burke County Boardof REALTORS®
Lay became a REALTOR® in January 2007 and has been volunteering for her local board since. She has served as secretary/treasurer for her local association as well as chair of the External Affairs Committee. Since chairing the External Affairs Committee, Lay has helped organize and facilitate the inaugural Burke County Real Estate Expo, hosted by the Burke County Board of REALTORS® for the general public. She is currently working on getting middle school students involved in the School of Future Design Competition and working to organize Adopt a Highway, which will be sponsored by the Burke County Board of REALTORS®.
Jabin Norris, Brunswick County Association of REALTORS®
Described as having a strong work ethic and unlimited ambition, Norris has had a profound influence on his local board in the approximately three years he’s been a REALTOR®. He regularly attends BCAR general member meetings and is a 2008 Century 21 Centurion. Norris is presently working to obtain both his GRI and CRS certification.
Melinda Poe, Ashe County Board of REALTORS®
Poe, a REALTOR® since 2007, is credited by her local association as having a tremendous work ethic and as a professional who consistently goes above and beyond the call of duty for her clients. Outside of real estate, Poe is a wife and mother of two young sons and is presently serving as an assistant basketball coach for the Eager Eagles basketball team. Poe is also active with her church, where she serves as a Bible school teacher for the youth group and as a member of the ladies’ circle.
Marc White, High Country Association of REALTORS®
White has contributed a great deal to his local board in just under four years as a REALTOR®, with service as the MLS chair on the Board of Directors and as an instructor. He also will soon graduate from the NC REALTORS® Leadership Academy Class of 2009. When he’s not practicing real estate, White serves as a deacon and Sunday school teacher for his local church.
Jennifer Wooten, High Point Regional Association of REALTORS®
When it comes to lending a helping hand, Wooten is always eager to help. In just under three years, she has served on numerous committees, including the HPRAR Social Functions Committee, Awards and Memorials Committee and Community Service Committee for which she presently serves as chair. Wooten has also recently taken on the role of director for the High Point MLS Board of Directors.
Lisa York, Sanford Area Association of REALTORS®
York is known by her local association primarily for her enthusiasm and the positive impact she’s had on both her board and the real estate industry. She presently is serving as this year’s RPAC Chair and has already exceeded her local board’s goal of fund-raising for 2009. York has assisted with the new member orientation classes and has assisted the MLS committee chair in getting the MLS system updated. York is active in her community as a member of the Sanford Area Chamber of Commerce and as a volunteer at the Breadbasket, a local organization that provides hot meals to those in need.
Bettye Lay Jabin Norris Melinda Poe Marc White Jennifer WootenNAR CEO Named One of Country’s Top Leaders National Association of REALTORS®’ Chief Executive Officer Dale Stinton was recently named as one of the top association CEOs in the United States by CEO Update magazine. Stinton, who has served for more than 25 years with NAR – the past four as CEO – is featured in the magazine’s July issue. According to the magazine, Stinton was honored because of his ability in “uniting a diverse organization and reacting well ahead of the slumping housing market with programs, education, and online resources –including the multi-million dollar campaign ‘Right Tools, Right Now,’ to help REALTORS® confront industry challenges.”
The merger of Pulte Homes Inc. and Centex Corp. will strip D.R. Horton Inc. of the title of largest U.S. home builder, a change the company apparently doesn’t like.” A number of people have asked us about some transaction that’s contemplated in the industry and how we feel about being No. 2,” says Donald J. Tomnitz, Horton’s president and CEO. “I would say to you that we plan on being the largest and most profitable builder.” To hold onto its title, Horton is targeting first-time buyers and building smaller homes with fewer amenities. Its average sale price between $200,000 and $210,000 is one of the sector’s lowest. The company also has devised a new strategy for holding properties. It plans to secure land with a down payment or option until it is ready to begin construction.
Folks in cities across the country are squawking because their neighbors are keeping chickens in the backyard in violation of local ordinances. In Salem, Ore., one enthusiast is fighting back against a local ban on backyard chickens. Barbara Palermo, who was ratted on by neighbors for keeping four hens in her backyard coop, contends that the birds make good pets, produce eggs that taste better than the store-bought kind, and produce waste that makes excellent fertilizer. Though there are no statistics showing how many chickens are housed in cities, Palermo’s fight is being played out in several communities nationwide. Critics complain that chickens are unsanitary and can attract rats, raccoons, and coyotes.
Homeowners are choosing showers over tubs, despite the long-standing notion that it is important to have a tub for resale value. “We’re definitely seeing a trend toward walk-in showers versus tubs,” says Katie Campbell, sales manager for the Heritage of Palatine, a Chicago-area development where homes are priced from $221,900. “We used to do a lot of big soaking tubs with shower stalls in the master bathroom, but we had a lot of people eliminate the tub because they wanted a bigger shower.”
Having at least one tub in the house is still important
because some buyers want them, insists Kathy DamesMattox, an associate with RE/MAX of Joliet. But she advises homeowners not to spend a lot of money on whirlpool tubs.
The number of people who aren’t paying their property taxes has nearly doubled in some parts of the country where the housing market has been particularly hard hit, according to an informal survey by USA Today. In Cleveland, nearly 8 percent of taxpayers failed to pay their bill due in July. Other areas with high delinquency rates include Charleston County, S.C.; Nashville; and Lee County, Fla.
More than 18 percent of job seekers who found employment in the second quarter relocated for the position, according to outplacement consultancy Challenger, Gray & Christmas Inc. That’s up from 14.3 percent in the first quarter and 11.4 percent in the second quarter of 2008. This willingness to move, while high in recent years, pales in comparison to the relocation rate in 1993, when it reached a record high of 49.2 percent in the second quarter. After 1993, however, job seekers appear to be more averse to relocation, with the quarterly average sinking to 22 percent from 1994 through 2000.
It is much cheaper for older people to live out their lives in a home of their own than it is to move to a residential center, but it takes work to make a home safer, according to the Home Safety Council. The council advises anyone contemplating home safety for an older resident to consider hiring an occupational therapist who specializes in home modifications. If a physician writes a prescription for the changes, some insurance companies will cover at least some of the costs. Long-term care insurance may also pay for the upgrades, the council says.
In testimony before a House Transportation and Infrastructure Subcommittee, the National Association of REALTORS® reiterated the significance of its green office building. NAR also reinforced its support for energy-efficiency tax credits, block grants, and weatherization assistance investment. (NAR’s office building on Capitol Hill was the first newly constructed, green-certified building in the District of Columbia, demonstrating NAR’s commitment to environmentally sustainable real estate development.) “NAR has taken a number of important steps to raise public awareness about green buildings and their benefits in the marketplace,” says Jim Helsel, NAR treasurer and a REALTOR® from Pennsylvania specializing in commercial real estate.
After a six-month-plus session that can best be described as painful, the N.C. General Assembly adjourned in mid-August. Legislators plugged a deficit hole with a $990 million tax package, coupled with spending cuts.
Most of the new taxes are broad-based. Eighty percent or more comes in the form of a one-cent increase in the sales tax with a two-year sunset. In addition, there will be tax increases on alcohol and tobacco and an expansion of the sales tax to include digital downloads and click-through Internet purchases. Many taxpayers ($60,000 and up for singles, $100,000 and up for joint filers) will pay an income tax surcharge of 2-3 percent for 2009 and 2010.
It’s worth noting that there was hardly a word spoken this year about real estate transfer taxes. Two years ago, NC REALTORS® banded together to defeat a proposed one percent statewide transfer tax. When local option tax authority was presented to the counties, REALTORS® and our allies have achieved a spotless record of 24-0 in defeating local initiatives.
As difficult as the housing market has been, can you imagine what it might be like if home sellers had to pay a transfer tax in order to complete a transaction? The victories accomplished by NC REALTORS and 2008 have saved property sellers more than $60 million per year in the counties where referendums were defeated.
When it came time to raise taxes in the state legislature this year, real estate taxes were essentially off the table, with the exception of two small recording fees. Lawmakers know that we now have more than $3 million in our Issues Mobilization Fund, and that NC REALTORS® are financially prepared to aggressively protect private property rights and homeownership.
Without the immediate threat of tax fights, our lobbying team of Rick Zechini, Cady Thomas, John McMillan and a host of others was able to focus on issues such as coastal insurance and home inspector
licensure. Our team deserves great praise, along with thanks to our volunteer and grassroots member support from across the state. A complete wrap-up of our many victories and issues can be found at www.ncrealtors.org.
Future taxation remains a possibility. There may be a special legislative session before May 2010 to deal with changes in the tax code, including a tax on professional services.
The biggest problem facing the state right now is jobs. Our unemployment rate is 11.2 percent as compared to the national figure of 9.7 percent. We’ve been hit hard because of job losses in financial services and manufacturing. About 18 percent of the state’s income is derived from manufacturing as compared to a national figure of 12 percent.
N.C. State University economist Mike Walden had this to say recently to NC Magazine: “We are beginning to move forward, but we have a long way to go. It may be well into 2011 or 2012 to get back to reasonable unemployment, or it may very well be 2013 before we get employment rates back to where they were when the recession began.”
There have been multiple signs in recent months that the housing market is stabilizing. Existing home sales have shown steady month-to-month growth during the spring and summer. Five North Carolina cities (Fayetteville, Burlington, Jacksonville, Durham and Greensboro) are listed by Business Week among the top 30 housing markets in the U.S. The $8,000 first-time buyer tax credit has fueled a lot of activity in the price range of $200,000 and lower.
And, although the general nature here is to be an optimist, two statistics give reason for pause: 46 percent of the U.S. mortgages are equal or below in terms of loan to value, and there’s going to be a big number of adjustable rate mortgages that reset in the fourth quarter of 2009.
