The Week in Review
....your Wilmington Connection
December 27, 2008
We are approaching the end of another year....did you accomplish what you wanted? Never fear another year is around the corner. If one of your goals was to purchase an investment property, now is the best time. With interest rates extremely low and of course propery prices have dropped. But remember spring is around the corner and prices tend to climb a little. So start looking now. Let me know if I can be of some help, we can set up a search and have your properties sent right to you.
Great News for Wilmington
Wilmington named AmongTop Six Cities Where Housing Values have Climbed
News reports have been packed with stories about declining home values, but a recent government report shows that the situation is not nearly so dire as some reports make it sound.
Despite big loses in some areas of the country, the majority of markets continue to show growth in home value over the last five years.
According to the third-quarter survey released by the Federal Housing Finance Agency, out of 292 metropolitan markets, 273 showed positive net home values in the last five years. Only 19 percent were negative.
While home values declined 4 percent on average in the last year, values were up nearly 29 percent over the past five years.
According to the Federal Housing Finance Agency, markets that gained the most over the last five years were:
Honolulu: up 78.7 percent
Virginia Beach: 72.6 percent
Flagstaff, Ariz.: 66.5 percent
Bellingham, Wash.: 65.6 percent
Wilmington, N.C.: 62.1 percent
Baltimore: 60.6 percent
Source: The National Association of REALTORS
Project paves the way for Brunswick airport growth
Officials will be ringing in the New Year with a relocated Airport Road and a traffic light at its intersection with Long Beach Road. The light is the final step to realigning the road that runs behind the airport in Oak Island.
The new road is necessary to make way for a runway extension that will stretch over the current Airport Road route. The road should be open in the first or second week of January.
"We're doing this because of the demand for aircraft business," airport director Howie Franklin said. Franklin and business owners at the airport are hoping to get the rest of the funding needed to expand the airport runway from 4,300 feet to 5,505 feet and add a new hangar.
That extra length will make room for more planes and executive jets, which in turn will fuel the local economy, Franklin said.
A 2006 state study predicts after the expansion the airport will bring $52.1 million to the local economy. The expansion would double the airport's overall economic impact in Brunswick County and add 132 jobs, according to the study. Franklin said those dollars and jobs include more business at the airport and surrounding hotels, restaurants and shops.
Historic Low Mortgage Rates
Mortgage rates remained low last week and many states saw sub-5.00% rates for the first time in recent history. The weekly average rates for 30-year fixed mortgages declined to 4.96%, down from 5.15% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Rates for 15-year fixed mortgages decreased to 4.91%, down from 5.00% and 5-1 adjustable rate mortgages decreased significantly to 5.54% from 5.94%.
Mortgage Type Average Rate Average Rate % Change
Week ending 12/21/08 Week ending 12/14/08
30-year fixed 4.96% 5.15% -3.7%
15-year fixed 4.91% 5.00% -1.8%
5-1 ARM 5.54% 5.94% -6.7%
Rates for 30-year fixed mortgages remained fairly steady on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.11%.
....until next week in The Week in Review
Tina
INFO GATHERED FROM THE STAR NEWS WILMINGTON NC
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