The Week in Review
....your Wilmington Connection
February 20, 2011
What a stunning week in Wilmington and this week will be the same. Sunny with cool weather. I hope you all got out to enjoy it.
The real estate market seems to be beginning its spring bounce back this week we had 90 Contracts placed as Pending with over 17 Million in Contract Volume.
Wilmington NC Real Estate
Currently on the market there are 2023 homes and 168 homes are under contract. Since the beginning of 2011 there have been 154 homes sold and only one of those were priced above $750,000.
Americans Still Dream of Home Ownership
Three out of four home owners - or 78 percent - say their homes are the best investment they ever made, according to Trulia.com's biannual American Dream survey, which has tracked attitudes toward home ownership since 2009.
Despite foreclosures and underwater homes continuing to batter the real estate market, about 70 percent of Americans say they still view home ownership as being part of their American Dream, according to the survey.
"Contrary to popular belief, the American Dream of homeownership has not turned into an American nightmare," says Pete Flint, CEO of Trulia.
The millennial generation is expected to drive the housing recovery. Eighty-eight percent of 18-34 year old renters say they want to be home owners one day, according to the survey.
What it will Take
Lawrence Yun, NAR chief economist, is encouraged by the trend. "Home sales clearly recovered in the latter part of 2010 and are helping to absorb the inventory, including many distressed properties. Even with foreclosures continuing to enter the inventory pipeline, they've been selling well and housing supplies have trended down," he said. "A recovery to normalcy requires steady trimming of the inventories."
Yun added, "An improving housing market and job growth will go hand in hand. The housing recovery will mean faster job growth." He projects about 150,000 to 200,000 jobs will be added to the economy this year from an anticipated 300,000 additional home sales in 2011.
....until next week in The Week in Review