Posts from — July 2009

Coldwell Banker recently ranked highest of all the national real estate brands in seller satisfaction, according to the Home Seller Survey from JD Power & Associates. President & CEO Jim Gillespie takes a moment to talk about this prestigious recognition.

Click here to watch Jim’s video.

Jim Gellespie, president and CEO of Coldwell Banker, appeared on CNBC last night to discuss the state of the housing industry. 

  Information released by Bloomberg.com this morning shows that new homes sales have risen 11% in the month of June.  This is the biggest jump in eight years! 

Falling prices and a drop in mortgage rates are getting buyers off the bench. “We are making some progress in absorbing this huge inventory overhang” and that “is a fundamental step we need to take to begin to see home prices improve,” said Robert Dye, a senior economist at PNC Financial Services Group in Pittsburgh.

Another positive sign for the housing market is the fact that some of the nation’s major building corporations have shown positive signs as their stocks jump. 

Sales of previously owned houses increased faster than expected in June.

The National Association of Realtors reported that sales rose 3.6%  from May to June.  This is the first increase for three consecutive months since 2004. 

The inventory of homes for sale has in turn declined .7% to 3.82 million in June.  “Overall, the news is positive. We have increasing home sales for the third straight month, declining inventory and although prices fell, they declined at a less steep pace,” Lawrence Yun, NAR chief economist, said at a press conference. “The housing market is healing,” Yun went on to say. 

For the 12th consecutive month, the inventory of homes on the market has reduced.  The number of single family homes and condos fell by 2.1% in June. 

It seems that buyers are being attracted by lower prices and the $8000 tax credit that ends on December 1, 2009.

Is this another piece of information that demonstrates the American housing market is on the road to recovery. 

The Level of Construction of new US homes rose in June to the highest that it has been in seven months. 

Many builders are rushing to build homes for first time home buyers that are taking advantage of the first time home buyer tax credit. The Commerce Department reported last week that construction of new homes and apartments has risen 3.6% over last month.  “This was the most positive housing report in ages” said Patrick Newport, an economist with IHS Global Insight. 

Home buyers are finding that now is the time to buy with low home prices, and the $8000 tax credit that first-time home buyers will be receiving until December 1. 

Currituck County was established in 1688 among the original colonies, and was one of the first settled areas in the new world.  This county is one of the fastest growing counties in North Carolina.  Some attractions to this area are unspoiled beaches, a great collection of history, wild horses, great outdoor activities and gorgeous weather.   

Currituck is an area that has something for everyone, especially the nature lover, and it is just a short drive from the metropolitan Hampton Roads area.  

To learn more about this amazing vacation destination, feel free to visit www.visitcurrituck.com or call the Currituck County Tourism Board at 877-287-7488.

According to the NC Association of Realtors, Foreclosures in North Carolina during May dropped nearly 32% from the same month a year ago.

Foreclosure filings from April 2009 to May 2009 declined 16%.

Some more positive housing news!

Construction of new homes jumped in May by the largest amount in three months. 

This growth indicates that the nation’s housing market is showing the beginning signs of recovery.  The Commerce Department said on Tuesday the construction of new homes and apartments rose 17.2% last month.  

Another positive indicator of recovery is the fact that more contractors are applying for building permits. Applications for building permits has risen 4%.