lake norman real estate

Lake Norman Real Estate News: Foreclosures, Mortgage Delinquencies and More!

 Prompted by a great article I read today on Forbes.com:   The Foreclosure Fallacy  I decided it was time once again for me to tackle the ever growing pile of information, mostly about our national and Lake Norman housing market, that is in a stack on my desk I call “Blog Topics”.  Most of these are not worthy of their own post so I will share a quick summary of a number of them here at one time:

National:

  •  The Foreclosure Fallacy  is wonderful in its simplicity.  In one short article they touch on all of the major issues related to foreclosures from the risks involved to the sage advice from one Detroit area broker:  “Don’t be too picky.  A lot of houses will need work.”  I have mentioned in previous posts the importance of being willing to “compromise” if you are search for a bargain.  So true!
  • Standard & Poors: Modifications and Slower Foreclosures Shrink Shadow Inventory article in the Wall Street Journal was one of many referencing the release of Standard & Poor’s  yearly report.  (S&P defines shadow inventory as properties with borrowers who are 90 days or more delinquent on their mortgage payments).  One disconcerting figure in this article:  “The time it takes for a lender to foreclose on a borrower has lengthened—from about 20 months to about 40—”. The amount of Shadow Inventory here in Lake Norman is one of the biggest unknowns that keeps home-buyers uncertain about when to move forward with a purchase.
  • The Mortgage Bankers Association released a report today, February 18th, that says that the percentage of mortgage holders who are behind in their payments dropped to the lowest number in two years in the fourth quarter of 2010.  “While delinquency and foreclosure rates are still well above historical norms, we have clearly turned the corner in the foreclosure crisis” according to MBA Chief Economist Jay Brinkman in a statement.
  • There have been numerous articles recently about the death of the “McMansion Era”.  According to both the National Association of Realtors and the National Association of Home Builders the “median sized home being built today is smaller” and the future trends will be towards smaller, more energy efficient homes. Will the 8000 sq ft+ homes on Lake Norman one day be obsolete?  Probably not but it will be interesting to watch!

Local:

  • CNNMoney.com recently listed Charlotte NC in their top 10 housing markets as the best recovery bets.
  • Charlotte was chosen as the host city for the 2012 Democratic National Convention!
  • Unfortunately, many of the ambitious housing/urban villages/mixed use developments that were in the pipeline several years ago are either drastically changed or no longer viable.  There have been a number in our local news over the past few months.  Instead of the Mooresville Cotton Mill mixed use village in the old Burlington Factory on Hwy 115 there will now be a large furniture store.  According to an article in the Charlotte Observer “In Cornelius, a massive mixed use project was planned that leaders predicted could generate thousands of jobs.  The bank now owns the farmland.” Langtree at the Lake, the $850,000,000 upscale Lake Norman resort development that I have written about a number of times has still not broken ground.  The project was recently in the news announcing the sale of  land which will bring in enough cash to finance the first phase of their newly re-designed project which will now include 300 luxury apartments (originally planned as very high-end condominiums) with retail and commercial to come soon after as well as an hotel.
  • According to an article today in the Statesville Record & Landmark,Iredell County revaluation notices were sent out today.  “The final line is a 1.5% total decrease in value in the county…Nearly 58% of Iredell property owners saw the values of their property decline.” 
  • All Lake Norman residents will receive notification this month of our 2011 home revaluation. (Remember that 4 counties comprise the Lake Norman shoreline).

Personal:

  • I, as I’m sure every member did, received a summary from the social network LinkedIn letting me know that 53 of my LinkedIn connections “started something new” meaning a change in job titles in 2010.  Lot’s of change, that’s for sure!

Mission accomplished!  My pile is now a full inch shorter.  Hopefully you found at least one or two of these of interest to you!

Standard

Your comments...