Are you or someone you know thinking of
buying a home and would be a first time home buyer?
Well, this is your last chance to get up to $8,000.00 free money just for buying a home before November 30th. Come see how to take advantage of this great deal.
First time home buyer seminars:
When: September 29th at 6:30pm or October 1st at 6:30pm
****Dinner provided****
Where: 2731 Horse Pen Creek Rd.
Greensboro, NC 27410
Please call me to reserve your spot.
Seating is limited. Bring this card for other special offers.
Michael Scearce
336-209-0049
Michael@MichaelScearce.com
Monday, September 28, 2009
Monday, September 21, 2009
Household's Net Worth Rises for the First Time in Two Years!
Households’ Net Worth Rises for First Time in Two Years
By Rex Nutting
RISMEDIA, September 21, 2009—(MCT)—American households were $2 trillion richer on June 30, 2009 than they were three months earlier, the first time in two years that household net worth has increased, the Federal Reserve recently reported.
Household wealth rose in the second quarter at a 17% annual rate, or $2 trillion, to $53.1 trillion after falling at a 13% rate in the first quarter, the Fed said. It was the first time since the second quarter of 2007 that wealth had increased. Net worth is down $12.2 trillion from the peak in 2007, an indication of how much the collapse in stock prices and home prices have hurt. The figures are not adjusted for inflation.
Net worth is defined as assets minus liabilities. Assets rose by $2 trillion to $67.2 trillion. Liabilities fell by $34 billion to $14.1 trillion. The rally on Wall Street was the main reason for the increase in household wealth, but rising home prices contributed as well. Wealth in corporate equities rose by $1.04 trillion, while real estate wealth rose by $139 billion. Assets held in mutual funds, life insurance and pension funds rose by $1.06 trillion. Households had lost real-estate wealth for nine consecutive quarters before the second quarter’s gain.
Consumers continued to pay down debts or have their debts written off at a record pace. In the second quarter, household debt fell at a 1.7% annual rate to $13.7 trillion, matching the record percentage decline in the fourth quarter. Household debt has fallen four quarters in a row and is down 5% from the peak. Before this recession, household debt had never declined in any quarter dating back to 1952.
Stimulus payments boosted disposable incomes by 5.2% annualized to $10.9 trillion annually. It was the first increase since the stimulus payments in the second quarter of 2008. Over the past four quarters, disposable incomes fell 0.6%, the first year-over-year decline on record dating back to 1952.
Household debt dropped to 126% of disposable income from 128% in the first quarter and a record 131% in the first quarter of 2008. In 2000, it was 91%.
Household mortgage debt fell 1.4% annualized to $10.4 trillion, the fifth consecutive decline in mortgage debt. Consumer credit fell at a 6.1% annual rate to $2.5 trillion. It was the largest percentage decline in consumer debt since 1980. In a separate report, the Fed has said consumer credit declined even faster in July, dropping at a 10.4%.
Total debt in the economy grew at a 4.9% annual rate, boosted by massive debts taken on by the federal, state and local governments. Federal government debt rose at a 28.2% annual rate, the fourth straight increase of more than 20%. In the past year, federal debt rose by $1.9 trillion to $7.2 trillion. State and local borrowing rose at an 8.3% annual rate in the quarter to $2.3 trillion. Nonfinancial business debt fell at a 1.8% annual rate, despite a 1% increase in corporate debt. The net worth of nonfarm nonfinancial companies fell at a 175 annual rate, the seventh consecutive decline.
Debt of domestic financial firms fell at a 12.2% annual rate to $16.5 trillion, the largest percentage decline since 1961.
(c) 2009, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.
RISMedia welcomes your questions and comments.
Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Read more: http://rismedia.com/2009-09-20/households-net-worth-rises-for-first-time-in-two-years/#ixzz0RlCXpKSy
By Rex Nutting
RISMEDIA, September 21, 2009—(MCT)—American households were $2 trillion richer on June 30, 2009 than they were three months earlier, the first time in two years that household net worth has increased, the Federal Reserve recently reported.
Household wealth rose in the second quarter at a 17% annual rate, or $2 trillion, to $53.1 trillion after falling at a 13% rate in the first quarter, the Fed said. It was the first time since the second quarter of 2007 that wealth had increased. Net worth is down $12.2 trillion from the peak in 2007, an indication of how much the collapse in stock prices and home prices have hurt. The figures are not adjusted for inflation.
Net worth is defined as assets minus liabilities. Assets rose by $2 trillion to $67.2 trillion. Liabilities fell by $34 billion to $14.1 trillion. The rally on Wall Street was the main reason for the increase in household wealth, but rising home prices contributed as well. Wealth in corporate equities rose by $1.04 trillion, while real estate wealth rose by $139 billion. Assets held in mutual funds, life insurance and pension funds rose by $1.06 trillion. Households had lost real-estate wealth for nine consecutive quarters before the second quarter’s gain.
Consumers continued to pay down debts or have their debts written off at a record pace. In the second quarter, household debt fell at a 1.7% annual rate to $13.7 trillion, matching the record percentage decline in the fourth quarter. Household debt has fallen four quarters in a row and is down 5% from the peak. Before this recession, household debt had never declined in any quarter dating back to 1952.
Stimulus payments boosted disposable incomes by 5.2% annualized to $10.9 trillion annually. It was the first increase since the stimulus payments in the second quarter of 2008. Over the past four quarters, disposable incomes fell 0.6%, the first year-over-year decline on record dating back to 1952.
Household debt dropped to 126% of disposable income from 128% in the first quarter and a record 131% in the first quarter of 2008. In 2000, it was 91%.
Household mortgage debt fell 1.4% annualized to $10.4 trillion, the fifth consecutive decline in mortgage debt. Consumer credit fell at a 6.1% annual rate to $2.5 trillion. It was the largest percentage decline in consumer debt since 1980. In a separate report, the Fed has said consumer credit declined even faster in July, dropping at a 10.4%.
Total debt in the economy grew at a 4.9% annual rate, boosted by massive debts taken on by the federal, state and local governments. Federal government debt rose at a 28.2% annual rate, the fourth straight increase of more than 20%. In the past year, federal debt rose by $1.9 trillion to $7.2 trillion. State and local borrowing rose at an 8.3% annual rate in the quarter to $2.3 trillion. Nonfinancial business debt fell at a 1.8% annual rate, despite a 1% increase in corporate debt. The net worth of nonfarm nonfinancial companies fell at a 175 annual rate, the seventh consecutive decline.
Debt of domestic financial firms fell at a 12.2% annual rate to $16.5 trillion, the largest percentage decline since 1961.
(c) 2009, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.
RISMedia welcomes your questions and comments.
Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Read more: http://rismedia.com/2009-09-20/households-net-worth-rises-for-first-time-in-two-years/#ixzz0RlCXpKSy
Monday, September 14, 2009
Would you like $8,000.00? This is your last chance!
$8,000 Home Buyer Tax Credit at a Glance
The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
For more information about this credit check out the web site at http://www.federalhousingtaxcredit.com/
Are you or someone you know thinking of buying a home and would be a first time home buyer?
Well, this is your last chance to get up to $8,000.00 free money just for buying a home before November 30th. Come see how to take advantage of this great deal.
First time home buyer seminars:
When: September 29th at 6:30pm or October 1st at 6:30pm
****Dinner provided****
Where: 2731 Horse Pen Creek Rd. Greensboro, NC 27410
Please call me to reserve your spot.
Seating is limited. Print and bring this posting for other special offers.
Michael Scearce GRI, AHWD, CDPE
REMAX Realty Consultants
336-209-0049
The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
For more information about this credit check out the web site at http://www.federalhousingtaxcredit.com/
Are you or someone you know thinking of buying a home and would be a first time home buyer?
Well, this is your last chance to get up to $8,000.00 free money just for buying a home before November 30th. Come see how to take advantage of this great deal.
First time home buyer seminars:
When: September 29th at 6:30pm or October 1st at 6:30pm
****Dinner provided****
Where: 2731 Horse Pen Creek Rd. Greensboro, NC 27410
Please call me to reserve your spot.
Seating is limited. Print and bring this posting for other special offers.
Michael Scearce GRI, AHWD, CDPE
REMAX Realty Consultants
336-209-0049
Monday, September 7, 2009
No More Lonely Homes!
No More Lonely Home: Details About House-Sitting Strategy
by Phoebe Chongchua
Vacant homes often don’t appeal to buyers. So, these days, some real estate companies are suggesting house-sitters to help keep the home maintained and give it a lived-in feel.
The house-sitting strategy is being used with foreclosed homes and involves allowing people to live in the property for little rent (some as low as $400 per month) in exchange for house-sitting the residence. Typically, the house-sitters or caretakers are responsible for keeping up the home, paying for utilities, and any homeowners’ association fees. They aren’t usually offered a lease term and they’re required to move out with as little as five days’ notice if the home sells. “It’s not for everyone and nothing in life is free,” said home caretaker, Rose Duran in the ABC report. She is able to live in a 2,000 square foot house at least until it sells. Duran calls it a win-win situation for people seeking less expensive rent and for owners of vacant properties.
ABC News reports that the concept was introduced in this economy because foreclosed homes are at risk of vandalism. “Obviously, when there is nobody living in them, the whole neighborhood could lose value,” said Christine Lohkamp of Homes in Transition, a company based in Albuquerque, New Mexico. Some details about the house-sitting strategy. You might be wondering how much of a difference can having a house-sitter make.
Homes in Transition says that homes can sell for 20 percent more and 30 percent faster. The service costs nothing for the homeowner and is actually designed to alleviate many of the costs that are associated with maintaining a vacant property because they are paid for by the resident property house-sitter.
However, with Homes in Transition you, the homeowner of a vacant property, won’t collect a fee. The company writes on its website, “Homes in Transition collects a small fee from our Caretakers each month which allows us to ensure the care, maintenance and showability for your home during the term of our Caretaker’s occupancy and its eventual return to you ready for closing.” The company also advises doing any necessary repairs before the house-sitter moves in so that the home is in the condition that you would like to have it maintained. House-sitters are not allowed to bring pets or smoke in the home.
What are house-sitters responsible for? Exact details vary depending on the agreements between the homeowner and house-sitter or company that’s helping fill the residence, but generally you can expect house-sitters to perform a variety of household tasks. Basically the tasks are things that most homeowners either do or hire someone to do for them, such as, cleaning furnace filters, fixing dripping faucets or toilets, changing light bulbs, removing their own accumulated trash, as well as helping to care for the yard.
Some companies such as Homes in Transition offer the house-sitter the option of paying into a monthly maintenance service program so that when household problems occur, the general contractor associated with the company can fix them. The service program follows the house-sitter. So, when relocation occurs the services are then transferred to the next property the house-sitter moves into.
The interim house-sitter strategy is promoted as a way to alleviate the concerns that often accompany having a home sit vacant for long periods of time.
For more details visit: homesintransition.com.
Published: March 27, 2009
by Phoebe Chongchua
Vacant homes often don’t appeal to buyers. So, these days, some real estate companies are suggesting house-sitters to help keep the home maintained and give it a lived-in feel.
The house-sitting strategy is being used with foreclosed homes and involves allowing people to live in the property for little rent (some as low as $400 per month) in exchange for house-sitting the residence. Typically, the house-sitters or caretakers are responsible for keeping up the home, paying for utilities, and any homeowners’ association fees. They aren’t usually offered a lease term and they’re required to move out with as little as five days’ notice if the home sells. “It’s not for everyone and nothing in life is free,” said home caretaker, Rose Duran in the ABC report. She is able to live in a 2,000 square foot house at least until it sells. Duran calls it a win-win situation for people seeking less expensive rent and for owners of vacant properties.
ABC News reports that the concept was introduced in this economy because foreclosed homes are at risk of vandalism. “Obviously, when there is nobody living in them, the whole neighborhood could lose value,” said Christine Lohkamp of Homes in Transition, a company based in Albuquerque, New Mexico. Some details about the house-sitting strategy. You might be wondering how much of a difference can having a house-sitter make.
Homes in Transition says that homes can sell for 20 percent more and 30 percent faster. The service costs nothing for the homeowner and is actually designed to alleviate many of the costs that are associated with maintaining a vacant property because they are paid for by the resident property house-sitter.
However, with Homes in Transition you, the homeowner of a vacant property, won’t collect a fee. The company writes on its website, “Homes in Transition collects a small fee from our Caretakers each month which allows us to ensure the care, maintenance and showability for your home during the term of our Caretaker’s occupancy and its eventual return to you ready for closing.” The company also advises doing any necessary repairs before the house-sitter moves in so that the home is in the condition that you would like to have it maintained. House-sitters are not allowed to bring pets or smoke in the home.
What are house-sitters responsible for? Exact details vary depending on the agreements between the homeowner and house-sitter or company that’s helping fill the residence, but generally you can expect house-sitters to perform a variety of household tasks. Basically the tasks are things that most homeowners either do or hire someone to do for them, such as, cleaning furnace filters, fixing dripping faucets or toilets, changing light bulbs, removing their own accumulated trash, as well as helping to care for the yard.
Some companies such as Homes in Transition offer the house-sitter the option of paying into a monthly maintenance service program so that when household problems occur, the general contractor associated with the company can fix them. The service program follows the house-sitter. So, when relocation occurs the services are then transferred to the next property the house-sitter moves into.
The interim house-sitter strategy is promoted as a way to alleviate the concerns that often accompany having a home sit vacant for long periods of time.
For more details visit: homesintransition.com.
Published: March 27, 2009
Tuesday, September 1, 2009
Strong Gain in Existing-Home Sales Maintains Uptrend
Strong Gain in Existing-Home Sales Maintains Uptrend
by Realty Times Staff
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® (NAR).
Existing-home sales – including single-family, town homes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.
Lawrence Yun, NAR chief economist, 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.
The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
"Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint," Yun said.
An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the first-time buyer tax credit is working. "In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move," he said.
"Realtors are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September," McMillan said. "Otherwise, they may miss the November 30 closing deadline."
Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.
The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes. Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.
Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.
Courtesy of:
Richard Watkins
email: richard.watkins@ncmc.com
website: www.ncmc.com/richardwatkins
phone: 336-274-1196 ext 234
by Realty Times Staff
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® (NAR).
Existing-home sales – including single-family, town homes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.
Lawrence Yun, NAR chief economist, 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.
The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
"Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint," Yun said.
An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the first-time buyer tax credit is working. "In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move," he said.
"Realtors are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September," McMillan said. "Otherwise, they may miss the November 30 closing deadline."
Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.
The national median existing-home price for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes. Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.
Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price was $178,800 in July, down 18.9 percent from July 2008.
Courtesy of:
Richard Watkins
email: richard.watkins@ncmc.com
website: www.ncmc.com/richardwatkins
phone: 336-274-1196 ext 234
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