I have listed a few notes below that were sent out by the NCAR today. I found them to be very interesting and wanted to share them with you!
- Historically, after tax mortgage payments have averaged 26 percent more than rental payments. This average has been as high as 66% more in 2006. In the narrowest gap since 2001, 2008 average mortgage payments were only 24% more than rental payments. Renters take note! This is a great time to make a home purchase.
- On Thursday, the house is expected to vote on a bill that would allow bankruptcy judges to erase some of the mortgage debt for troubled homeowners and shield mortgage servicers modifying loans from bondholder lawsuits. The expectation is that this bill would prod mortgage companies to loosen home loan terms.
- The outlook on the real estate marketing is looking much better. With the addition of the $8000 Tax Credit for First Time Home Buyers, the relief program to keep 3-4 million homeowners out of foreclosure, and the continued low interest rates, the Mortgage Bankers Association saw a 48% increase in new mortgage applications last week!
- Forbes Magazine Ranked Raleigh, NC second in “Where to Live under $500,000”.
- Forbes.com Ranked Charlotte, NC as the third “Best Market in the Country”.
- First American Core Logic Inc. Ranked Rocky Mount, NC as seventh in “Cities with Continued Appreciation” at 6.68%.
Sometimes it is easier to have someone else to sift through it all in order to bring you the important parts, that you really need to know. SO there you have it for today!