The Charlotte Mortgage Update July 17, 2008 - Lock NOW
July 17th, 2008 Categories: mortgages in Charlotte
Mortgages In Charlotte- Weekly Update
By Olan Carder, Myers Park Mortgage
OIL DOWN TO $130!!! Drop is spurring economic rebound!!!
I am giving extra credit to whoever can tell me the single largest inflationary factor we have been talking about lately….. That’s right Jimmy, its OIL!!! We have been fixated on the price of crude and the effect it has on the overall economy. Record oil prices make everything cost more… consumers don’t like that!
The DOW has improved over 450 points in two days lead by better than expected earnings for Wells Fargo and JP Morgan Chase! These are financial companies, so any sign of strength in the sector is big news for Wall Street.
This is bad news for mortgage rates, in the short run.
Current Advice: LOCK IMMEDIATELY
30 Year rates are around 6.375% and 15 year fixed are running around 5.875%. Locking has been suspended for the moment because rates are rising so fast!!!
We offer rate protection against higher and lower rates! If that peeks your interest - give me a call!
Product Highlight
Conforming Stated Income loans
These loans are all but dead. If you need Stated Income… CALL OLAN TODAY! (980-721-7478) There are almost zero lenders still offering Stated Income in N.C.
You can Apply Today at http://www.mycharlottelender.com/applyNow.html.
Olan Carder
Your Charlotte Mortgage Specialist
Myers Park Mortgage
980-721-7478
www.mycharlottelender.com
olan@myersparkmortgage.com
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Charlotte Waterfront Real Estate|A Custom Home At Reflection Pointe Fit For A King
July 16th, 2008 Categories: Buying a new home, Lake Wylie
Waterfront Living in Charlotte? Live on Lake Wylie, Reflection Pointe Sits On Charlotte’s back porch in Belmont, 20 minutes to Charlotte-Douglass airport…
Belmont NC. Charlotte NC real estate …And is home to a growing number of very high quality, well thought out custom homes. Lets take a look at this one,
and then there is the view 
See the strong beams and large windows throughout 
Waterfront views from:
The kitchen
The master bedroom
the downstairs office
The Great Room, the screened porch, the open porch… trim up the tree branches. Whats coming? We’ll watch them install the cabinets, the Viking appliances, “Smart house” applications including Air Conditioning and heat that is controllable via the Internet. Click thumbnails to enlarge
5 bedrooms, 4 full baths, on half bath, two kitchens, over 8300 square feet heated, a dock, asking price is $2,199,000. I’m still considering what to offer– but is is not full price, rest assured. I’d like to see a little more before deciding. Set for a fall delivery, we have a bit of time to decide on price.
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It is a strong home buyers market here in the greater Charlotte area. Thinking about moving to Lake Wylie? Matthews, Charlotte, Weddington? or Lake Norman? You can quickly compare home prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.
Related Links
Charlotte Home Search -By Area
Crescent Plans 2300 Acre Community on West Side of Lake Wylie
Living at Lake Wylie- The Palisades
Moving To Charlotte? A Good Introduction to the Area?
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Fannie and Freddie: The Fed’s to the Rescue
July 15th, 2008 Categories: mortgages in Charlotte
The Federal Reserve and Treasury Department step in to help Fannie Mae and Freddie Mac… Was it enough?
Let’s take a moment to understand what all the fuss is about…and what affect will it have- or is having on Charlotte mortgages?
#1. Fannie and Freddie are HUGE! Their combined portfolio of loan guarantees = $5.2 trillion.
#2. Rising foreclosure numbers = BIG losses for Fannie and Freddie!
#3. If people aren’t confident in Fannie and Freddie’s stability, they won’t invest in the bonds they guarantee.
#4. If Fannie and Freddie can’t sell bonds (I’m going home) and mortgage banking/brokering in America is done.
Banks depend on Fannie and Freddie to replenish their funds. If lenders have to hold a mortgage forever, there would be VERY limited funds in the market and you would have to own a bank to qualify! The VERY good news is that this isn’t a subprime issue– Fannie and Freddie are very small players in sub-prime, but their exposure is still large because the sub-prime mess is driving everyone’s property values down.
What the government did solve much of the problem. By allowing Fannie and Freddie access to emergency cash “if needed” and even saying the U.S. would purchase ownership interest in them “if needed”, they gave bond investors confidence again to buy those bonds.
The first test came early… there was a Freddie Mac Bond Auction scheduled for this morning. They sold like hot-cakes!! Investors ate it up and $3 Billion in bonds sold for more than expected. These is great news for us in the immediate because the mortgage bond market is what determines interest rates. The long term outlook is harder to judge because Fannie and Freddie are back to business, but business still isn’t very good. With both companies losing billions, it will still take time for the stock prices to recover and for the companies to post a profit.
VA, FHA, Conventional Loans, Jumbo Loans– these Charlotte mortgages are our strengths, call me and I’ll discuss your options, and help you get started.
Olan Carder
Your Charlotte Mortgage Specialist
Myers Park Mortgage
980-721-7478
www.charlottemortgageonline.com
olan@myersparkmortgage.com
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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Matthews, Charlotte, or Weddington? Lake Norman? You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.
Related Links
Charlotte Home Search -By Area
Two Charlotte Home Buying Negotiations- One New, One Re-Sale
Moving To Charlotte? Like a Good Introduction to the Area?
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Charlotte Real Estate Roundup Monday 7-14-08
July 14th, 2008 Categories: Real Estate News
Home Sales Were Up Slightly, Home Prices Remain Soft for the week Ending July 12, 2008
Total Homes Closed, 426, were 80% of the homes closed for the same week last year, representing an uptick as home sales in Charlotte have been running 25-30% behind last years pace. Yes we are still off last years pace by 20%, but I’m thinking its better than 30% off… the average thru 6/30/08 was 29% off.
Prices at the 6 month mark are averaging 3.5% less than a year ago, based on Cost per Square Foot of the Solds. Days On market (the MLS’s least reliable stat) is 108 in total, but ranges up to 303 for homes at Lake Wylie. Here is a breakdown of last weeks Sales Activity, from the Carolina MLS
| Week Ending 7/12/08 | ||||
| Closings | Pendings | Sold | Sold % | |
| Avg CPSF | of Total Sold | |||
| Total | 426 | 436 | $111.00 | 100.00% |
| Less than 500K | 398 | 411 | 95 | 93.43 |
| 500K-1,200,000 | 20 | 25 | 174 | 4.69 |
| 1.2M ++ | 3 | 5 | 370 | 0.7 |
| By Area | ||||
| Lake Wylie | 6 | 11 | 145 | 1.41 |
| Lake Norman | 17 | 14 | 214 | 3.99 |
| Zip code 28277 | 19 | 7 | 121 | 4.46 |
| Union County Close | 19 | 25 | 150 | 4.46 |
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CATS Ridership is WAY UP- Lynx Light Rail Weekday Totals Pass 16,000 Trips per Day
Wow– first year ridership goals/projections were reached in months, now, less than one year since it opened, it is nearing the mark set by CATS for the year 2025. I guess people DO like the trains. Seriously, CATS reported average daily trips in June at 16,479- the projection for 2025? 18,000 daily trips. No doubt 4.00/ gallon gas has a hand in this– equally no doubt is that ridership is being limited by the parking, the Pineville lot on South Blvd is filled daily by 8:15am. If they had more parking, I’ll bet they would have more riders… CATS is working on a plan to expand parking as we speak.
Thanks to all who have led on this important issue and taken all the tomatoes the deadenders (stop the growth faction) could hurl. Special “Profile in Courage” awards go to Mayor Pat McCrory, former CATS Director Ron Tober and Councilman Mumford, who withstood the shrieking panic of the doomsdayers.
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Building 26 Miles of Greenway to be on the November Ballot- Will C-o-n-n-e-c-t-i-v-i-t-y WIN?
The current plan is a bond to fund 26 miles of new Greenways around the city - including a 3.2 mile inner loop. This is a downpayment on the 125 Mile Greenway plan… But why Not Go Bigger FASTER?
Lets include more connectivity and give commuters a choice…this relates powerfully to our congestion issues and rush hours here. Charlotte is already a leader in Greenway space, and we’ve proven that we are open to transportation alternatives, and many bike enthusiasts consider this one of the most bike friendly cities in the east. Now lets become a leader in bicycle commuting as well by providing CONNECTIVITY to the Greenways. In Amsterdam, the number one way people go to work is by bicycle, followed by mass transit, then buy cars. With gas passing the $4.00/gallon mark, and most experts don’t see its rise stopping– biking to work sounds better and better.
Here is the argument: biking and walking greenways can be built cheaper and quicker than trains, funded locally unlike roads, and we already have a plan. Lets fund it and get it built NOW. Even though I’ll never use a Greenway to commute, every car it takes off the road helps me in my real estate business. Plus I will use it on my off weekends to enjoy the otter and beaver.
According to the Charlotte Observer, the bond request will be $45M– lets make it $65M and include some connectivity as an experiment, and I think we’ll be pleasantly surprised… like our train ridership.
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It is a strong buyers market here in the greater Charlotte area. Thinking about moving to Matthews, Charlotte, or Weddington? Lake Norman? You can quickly compare area prices with the links below, or just give me, Terry, a call at 704-351-1519. I am a Buyer’s Agent specializing in relocations–and will represent only you. You can also search the entire MLS, by area with the first link below.
Related Links
Charlotte Home Search -By Area
Two Charlotte Home Buying Negotiations- One New, One Re-Sale
Moving To Charlotte? Like a Good Introduction to the Area?
| Currently 1 Comment » |
