Update

Things have been quite busy around Willetts Properties over the past couple of weeks.  Brookstone has begun construction on 5 homes with 2 already out of the ground http://www.brookstonenc.com/ .  Lennon Hills has made great steps in its development process and had a wonderful article in "Natural Awakenings" magazine.  We expect a great response to it's going green theme. Please get in touch with Pam Rainey (910)368-1552 for details.  Our community in Calabash, "Farmstead" is releasing 60 estate sized home sites and pre-selling an additional 20 and should have its website http://www.farmsteadliving.com/ finished in the next few days.

On a positive note the February Pulse Results are in and they show that there is a light at the end of the tunnel.

From Real Trends;

Market Improvement Continues

The February PULSE survey revealed that 67 percent of respondents said that they strongly or somewhat agree that their market is showing signs of improvement.  Only fourteen percent either disagreed or strongly disagreed with seeing signs of improvement. 

Although 2008 sales started slow, comments revealed most are seeing an increase of activity with the expectation that contracts will soon follow.  "Increased activity" includes noticeable increase in buyer inquiries, open house traffic, and relocation.

Buyers include first-time home buyers and first-time move-up buyers and especially with properties in the under $250,000 price range.   "Cleaned up" properties are also receiving offers. 

When asked how many months of inventory existed in your markets at the end of February 2008, 19 percent reported more than 12 months. 

Less than four                           4%

Four to eight                             38%

Eight to 12                                38%

More than 12                             19%

Nineteen percent feel foreclosures and/or short sales are a significant market problem, with 26 percent somewhat agreeing.  Thirty-four percent stated they strongly or somewhat agree these are issues in their areas.

According to the feedback, foreclosures have become significant enough to factor into evaluating neighborhood comparisons. 

One respondent stated these transactions create long closing delays and a "ripple effect of lost deals" due in part to the lenders delayed decisions.  Another respondent said foreclosures and short sales are not problems, but opportunities. 

About the REAL Trends PULSE Survey

The monthly REAL Trends PULSE survey polls by approximately 750 real estate industry leaders from all 50 states and the District of Columbia, and includes a wide variety of realty firms representing every major metropolitan area in the country.

About REAL Trends

REAL Trends has been the leading provider of trends and research for the residential real estate service industry for the past 20 years.  More than 24,000 industry CEOs, association executives, brokers and agents receive the REAL Trends newsletter each month.  REAL Trends is also a leader in conducting housing consumer research.

Hopefully this trend continues and all of us are in for a happy and productive 2008.  Please check our web site for market updates and information on all of our new home communities. http://www.willettsproperties.com/

Thanks,

Willetts Properties