The Week in Review Wilmington NC March 13, 2011

By
Real Estate Agent with Coldwell Banker Seacoast Realty

The Week in Review

....your Wilmington Connection

March 13, 2011

Wilmington has seen some beautiful weather, for all of you whom are in iced cold weather, you really should think about making that move! :)

Drop me an email and lets discuss your options. Thinking of selling your home?  Let me share with you are ranking report, i know you will think twice before listing with another company.

Wilmington NC Real Estate

Currenlty in the Greater Wilmington area there are 2049 homes on the market. 167 single family homes are under contract and since the beginning of this year there have been 266 homes sold and only 24 of those were priced above $500,000.  The Luxury home market is taking a bit of a toll and will take longer to come round. If you are planning on listing a home in that price range, the best thing you can do is price it compellingly....Not competitively.

Wilmington Named 16th Best Building Market in Nation

A construction magazine has picked the Wilmington market as having the 16th healthiest building market in the country.

Business analysts believe the region's low business costs, diverse industrial base, and desirable living environment, augur well for strong growth in years ahead."

Property prices also are affordable - in part because median home prices have fallen 27 percent from their peak at $221,000 in 2006.

"They are expected to remain at about that level for the next two years," continues the magazine. "Building permit activity rose 22 percent last year, and it's expected to rise twice as fast this year."

The index is forward-looking, and is based on comparisons between actual data for 2010 and 2011 projections compiled by Moody's Economy.com.

Foreclosures slow sharply in February

The number of homes receiving a foreclosure-related notice fell to a 36-month low last month, as lenders delayed taking action against homeowners because of heightened scrutiny over banks' handling of home repossessions.

Some 255,101 properties received at least one foreclosure-related notice in February, down 14% from January and down 27% from the same month last year.

The decline in foreclosure notices has slowed not only the pace of homes lost to foreclosure, but also stemmed the tide of additional properties potentially at risk for repossession.

That's good news for homeowners in trouble, but it's unlikely to portend fewer foreclosures in the long-run.

The issue isn't whether we'll see the repossessions....it's when.

 

....until next week in The Week in Review

                 Tina

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