lake norman real estate

Lake Norman Real Estate’s Business News Update July 2010

 

 

Every once-in-a-while I write an eclectic article for my readers with miscellaneous business and real estate news that has accumulated in a stack by my desk.  Here is just such an update!

North Carolina and Lake Norman Area Business:

  • North Carolina ranks fourth in CNBC’s recent survey:  America’s Top States for Business:  The Charlotte Business Journal ran an article on July 13th.
  • The Palm City Florida based firm Policom recently ranked the Statesville-Mooresville area 15th among 576 Micropolitans nationwide in terms of economic strength according to a recent article in The Statesville Record and Landmark Newspaper.
  • Today’s Mooresville Tribune says that the Iredell County jobless rate dropped to 11.6%
  • Lennar,one of the nation’s leading home-builders, recently announced that they will be building town-homes in a brand new community in Cornelius adjacent to Harborside.  It will be called Harborside At Lake Norman

Housing and Real Estate:

  • According to the National Association of Realtors, 10 – 14% of all pending home sales don’t close.  (Very interesting!)
  • A Wall Street Journal article on July 26th reported that “Foreclosures Reduce Home Values by 27%“.
  • “Foreclosure starts hit a record high for Fannie, Freddie loans” according to an article today in Inman News.  It went on to say that in all loans, 30-day delinquencies were down 1.4% from May, 60-day delinquencies rose 2.4%, 90-day delinquencies were down 3.9% and loans in foreclosure were down .4%.
  • The Federal Trade Commission has amended rules governing free credit report offers to prevent deceptive advertising.  The only authorized source under federal law for a free credit report is:  AnnualCreditReport.com  or 877.322.8228.
  • Note to home buyers and sellers:  HUD has clarified it’s rule regarding fees to Real Estate Brokers for Home Warranty Plans.  Real estate brokers and agents may NOT be compensated by Home Warranty Companies.  I don’t take the fees and have always thought they were unethical and/or against the RESPA laws regarding kickbacks so now it is official!
  • The number one source for home searches, REALTOR.COM is in the Beta testing mode of a vastly improved site: http://www.beta.Realtor.com which was launched on June 15, 2010.  It looks to be a truly major different and exciting!

There you have it…my stack of news is now much thinner and I can go back to analyzing our Lake Norman housing market!

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