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As evidenced by the charts below, the Greenville, North Carolina and Pitt County area single family real estate market is getting better. When comparing single family home sales year to date with last year to date, significant improvement is apparent. The number of closed sales are up 40% and sales volume is up a whopping 49% compared to this time last year. The prices of single family homes showed improvement as well, increasing by 7%.  For townhomes and condominiums the news is not as rosy. There were no major changes and that market remains somewhat flat. 

For home sellers, the signs shown by the numbers are encouraging. More homes are selling, quite often quicker and for more money.  For home buyers, prices are still a bargain and mortgage interest rates remain at historically low levels. The dream of home ownership can be a reality while being as affordable as ever. 

Please give us a call us if we can be of further assistance.

 


Foreclosures Increase 25% From Last August

by Anthony Litz

Since the US mortgage crisis began banks and lenders have foreclosed on more homes this past August than ever. The rate of foreclosures has increased annually every month for the last nine months. 95,364 properties nationwide were taken-back in August, only 3% more than July, but that is a 25% increase from a year ago.

Foreclosure sign, Fannie Mae, Homepath.com Experts say even though it seems there are more bank-owned listings for sale today, less than 33% of the current foreclosure inventory is listed for sale! "These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer's market with too much distressed inventory for fear of what it would do for house prices," says Realtytrac.com.

In August 338,836 properties have received a foreclosure-related warning. This translates into 1 out of every 381 US properties.

For more information about current real estate topics or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

 Homes lost to foreclosure up 25% from last August -USA Today

Fannie Mae Increases Penalties for Borrowers Who Walk Away

by Madeleine Tingen

Fannie Mae has made policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure.  Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure.  Borrowers who have extenuating circumstances may be eligible for a new loan in a shorter timeframe than the “strategic defaulters”.

Fannie Mae is taking steps to educate borrowers by highlighting the importance of working with servicers.  “Walking away from a mortgage is bad for borrowers and bad for communities, and our approach is meant to deter the disturbing trend toward strategic defaulting,” said Terence Edwards, executive vice president for credit portfolio management. “On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in the shorter period of time,” noted Edwards.

Additionally, Fannie Mae will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments.  Beginning July, Fannie Mae will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the deficiency judgments.

For more information about current real estate topics or for assistance searching for real estate located in the Pitt County/Greenville, NC area, please contact The Pistol Tingen Team at (252) 321-6161.

Pitt County Special Olympians Win

by Pistol Tingen

An inspiration to all, the Special Olympics athletes from Pitt County in Greenville, NC competed earlier this month in Raleigh, NC for the North Carolina Special Olympics Summer Games.

With a winning spirit and brave efforts, the 15 Pitt County competitors brought home to Greenville, NC over 30 ribbons and medals.  The Pitt County athletes are part of the Special Olympics Movement that includes more than 2.25 million athletes who train and compete in 30 sports through more than 200 programs in over 160 countries around the world.

The Pitt County athletes who competed and demonstrated an inspiring level of courage and success are named below along with their awards:

  • Anthony Paul Bartlett:  2nd place 25-yd. butterfly, 5th place 50 yd. freestyle, 3rd place 25-yd. freestyle.
  • Scotsha Brown:  2nd place 50-yd. freestyle, 2nd place 25-yd. freestyle, 2nd place 25-yd. freestyle, 1st place 25-yd. backstroke.
  • Billy Davis:  5th place 50-yd. freestyle, 5th place 25-yd. freestyle.
  • George Davis:  3rd place 25-yd. freestyle.
  • Leslie Feldbush:  3rd place 25-yd. freestyle, 2nd place 25-yd. backstroke.
  • Aaron Flower:  1st place 50-yd. freestyle, 1st place 50-yd. breastroke, 4th place 50-yd. butterfly.
  • Robert Michael Lang:  1st place 50-yd. freestyle, 2nd place 25-yd. freestyle.
  • Gary W. McGowan:  2nd place 50-yd. freestyle, 4th place 25-yd. freestyle.
  • Alice Quiggins:  1st place 50 yd. backstroke, 3rd place 25-yd. backstroke.
  • Nathan Richardson:  4th place 50-yd. freestyle, 4th place 25-yd. freestyle.
  • John Duncan Shaw:  1st place 50-yd. freestyle, 3rd place 25-yd. freestyle, 2nd place 25-yd. backstroke.
  • Casey Taylor:  2nd place 50-yd. freestyle, 1st place 25-yd. freestyle.
  • Jenna Tucci:  2nd place 25-yd. freestyle, 4th place 25-yd. backstroke.
  • Dana Wall:  6th place 50-yd. freestyle, 2nd place 25-yd. freestyle, 4th place 25-yd. backstroke.
  • Karen Janette Weikel:  4th place 50-yd. freestyle, 6th place 25-yd. freestyle.

Greenville NC Foreclosures as Investments

by Pistol Tingen

By definition, a foreclosure is “the legal process by which a property that is mortgaged as security for a loan may be sold and the proceeds of the sale applied to the mortgage debt".  

According to FannieMae, "A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments”. Properties listed as foreclosures have passed the point of auction or public sale. Because an investor did not buy the properties, the lender is now the owner and is engaged in the process of marketing and selling them to potential buyers through the assistance of a Realtor®. Even though the U.S. Congress recently passed a national economic package that will enact legislation and help thousands of families, the housing market, and the U.S. economy—for many it comes too late.   

Fortunately, Greenville, NC real estate and Pitt County have experienced immunity, so to speak—in comparison to the majority of the nation’s cities where foreclosures have become far too commonplace.  Although somewhat   sheltered from a severe reaction to the nation’s housing slump and risky lending, Greenville has experienced a variety of  foreclosed properties—presenting both home investors, as well as home buyers, with golden opportunities. Enticing interest rates, some of the lowest in several years, are encouraging many individuals to consider adding real estate to their retirement portfolios.   

For the past 16 years, The Pistol Tingen Team has been the exclusive Realtor® for all Fannie Mae Foreclosures for Pitt and Greene County counties. FannieMae (Federal National Mortgage Association) is a New York stock exchange company and is a public company that operates under a federal charter as the nation’s largest source of financing for home mortgages. FannieMae (FNMA) does not lend money directly to consumers, but instead works to ensure that mortgage funds are available and affordable, by purchasing mortgage loans from institutions that lend directly to consumers. 

Today some of the best deals on the real estate market are foreclosures. If you, your friends, or relatives are interested in receiving advance notification regarding foreclosure properties, please contact Jody Tingen at 252-902-9990 or by email Jody@PistolTingen.com. By letting Jody know the type and price range of properties that interest you, he can subscribe you to our New Listing Alert service. Our personalized, automatic system permits you to be alerted about the "good deals” even before they reach the standard real estate publications

While considering the purchase of a foreclosure property, remember that the Seller’s primary objective is to recover the amount of the loan balance that was not paid by the previous homeowner, as well as the costs of the foreclosure action and other expenses. Put simply, the longer lenders own the property, the more eager they become to sell, whether they collect all of the above or not. 

April 11, 2007


Dear Mr. Tingen,

     Let me take a moment to tell you of our “Pistol Tingen Team” experience.

     Jody Tingen was our agent; we looked at a house of interest on March 19th, put a contract on the property March 20th, and Jody guided and reassured us through a few of the “usual” negotiations over the next week.  Post the home inspections, which were put together by the very capable Rebecca Taylor, all repairs were done by the 6th of April!  We closed as scheduled without a single glitch on April 11th.  Did you count the days?  Just 24 days from first sight to closing!  It was all painless and easy!!

     Jody and Rebecca did an exemplary job, from start to finish. Any time we contacted either of them, they made us feel we were their only customers (I know we weren’t).  Their demeanor was always pleasant, reassuring, and professional.  Their responses were prompt, via phone or e-mail.

     This was not the only house we had looked at with Jody—along the way he continued to encourage us that we would find the house that would suit us.  Jody worked with us regarding schedules and phone calls outside of usual business hours (we currently live in Pamlico County).  We really appreciate the dedication Jody and Rebecca displayed.

     You can certainly be proud of your “Team”.  Thank you for a job well done and a pleasant experience overall.  We will recommend your services in the future.

Sincerely,

Susan Koepp and Dick Jacksland

 

FYI...Following Jody’s recommendations, we also had the pleasure of working with Wanda Hager of Dover Mortgage, Danny Harrington, Pestech, Jim’s Liquid Waste, and Jeffery Mathis.

P.S.  Thank you for taking care of setting up our new account with Eastern Pines Water Corporation, enclosed is a check for the $55.00.

2006 Real Estate Market in Review.

by Pistol Tingen

While several areas around the nation are experiencing a down market, there's no evidence of a "real estate bubble" in the Greenville - Pitt County area. Average sales prices, number of properties sold and total sales volume are up while the number of days on the market are down. New construction sales totaled 1,088 for 2006 representing a 38.3% market share. Further proof that good things are happening in Greenville.

For the 12 month period ending in December 2006 vs. the previous 12 months, the average sales price for residential properties in the Pitt County—Greenville, NC area rose by 6.2%. In 2005, the average sales price for a residence in Pitt County was $143,210 as compared with an average price of $152,149 in 2006.

Home sellers in Pitt County were happy to see more sales volume in 2006. Residential home sales totaled $431,493,979 for the  year ending 2006 vs. $377,073,090 in total number of residential home sales volume for 2005—reflecting a 14.4% increase. Those numbers equate to 2,838 homes sold in 2006 compared to 2,588 homes sold in 2005, representing a 9.1% increase. 

A welcome figure to local home sellers was a decline in the number of days on the market their homes spent during 2006 as compared with 2005. Homes sellers waited for an average of 91 days for their homes to sell, while in 2006 sellers sold their homes in a shorter time average of 84 days.

Statistical information extracted from the Multiple Listing Service of the Greenville-Pitt Assoc. of Realtors .

Number Of Residential Home Sales 2006 vs 2005

 

ECU Pirates Supporting Pirates 2006 - ECUPirateClub.com

Displaying blog entries 1-7 of 7

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

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