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The following is a statement made on March 18 by the National Association of Realtors® President Charles McMillan:

"The National Association of Realtors® applauds the Federal Reserve announcement today that it would purchase an additional $750 billion in Fannie Mae and Freddie Mac mortgage-backed securities and up to $300 billion in longer term Treasury securities.  This is great news for American home buyers and homeowners because mortgage interest rates will continue to remain at historic lows."

In addition McMillan said, "NAR has been advocating since last fall that the Fed be more active in buying mortgage-backed securities.  We are excited that the Fed acted on this provision of the stimulus plan that we offered to the government in November".

Further McMillan said, "Greater numbers of home buyers will be able to purchase a home, and homeowners facing challenges will be able to refinance into better terms.  We already are experiencing a great improvement in housing affordability due to historically low interest rates, and the Fed's move will push affordability conditions to the best level in 40 years.  In addition, continued low rates will lessen foreclosure pressure and help stabilize home prices sooner, as more Americans buy homes and draw down inventory."

The National Association of Realtors®, "The Voice for Real Estate, "is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

For current real estate information in the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

 

March 16, 2009, marks the long awaited day when thousands of medical residents nationwide receive the news informing them of their residency destination. Each intern will learn the name and location of their teaching hospital—hoping one of their top choices will be their selected match.  To the medical community, this day represents “Match Day” and is organized by the National Resident Matching Program (NRMP).

The National Resident Matching Program, a private, not-for-profit organization, provides a method for matching applicants for residency positions in the United States with residency programs at various teaching hospitals.  Applicants and hospitals rank each other in order of preference, and a computer matches them based upon those rankings.

According to the NRMP, the number of available residency positions this year was the highest in match history.  This year, 28,737 applicants vied for one of the 22,240  first-year residency positions available--the most ever.  Of those, 135,106  were U.S. medical school seniors.  Other applicants included previous graduates of U.S. medical schools, U.S. citizen and non-U.S. citizen international medical graduates, and osteopathic doctors.  

Whether temporary or long-term, the residents will relocate to the cities of their assigned teaching hospitals.  Several of these residents will receive a match that will bring them to Greenville, NC and Pitt County Memorial Hospital – University Health Systems of Eastern North Carolina, working in conjunction with the Brody School of Medicine.  For over 18 years, The Pistol Tingen Real Estate Team has provided incoming medical residents with their relocation requirements—assisting them in an efficient, seamless transition from their present location to Greenville, NC.  To learn more about our relocation services, please contact The Pistol Tingen Team at (252) 321-6161.

The first week of March, The National Association of Realtors® reported that pending home sales have declined--with many home buyers waiting for clarity on housing stimulus provisions.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9.  The index is at the lowest level since tracking began in 2001, when the index value was set at 100.

According to Lawrence Yun, NAR chief economist, the downturn in the economy also weighed heavily on the data.  "Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales," Yun said.  "We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit."

NAR President, Charles McMillan, stated it's ironic with the weak housing market that affordability conditions have improved dramatically.  "Housing affordability is at a record high--the buying power of a typical family has risen significantly," he said.  "With the drop in interest rates, a median-income family can afford a home costing $20,000 more than a year ago for the same monthly mortgage payment.  With the strong housing stimulus, we are hopeful inventory will get trimmed and which will help prices stabilize in many areas by the end of the year."

Yun added, "Conditions have been aligning very favorably for home buyers with the exception of consumer confidence.  But I am hopeful that sales will turn around by late spring and early summer because history suggests that home sales can rise even in times of job losses when housing affordability rises."

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BERKSHIRE HATHAWAY HomeServices Prime Properties,   Greenville, NC, 2625 Charles Blvd.

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