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Gorgeous Home Walking Distance to ECU Sports Complex

by The Pistol Tingen Team

Exciting new listing located at 2700 Royal Drive

by The Pistol Tingen Team

ECU/PCC Establish an East Coast Pharmaceutical Force

by Madeleine Tingen

According to the Pitt County Development Commission, East Carolina University (ECU) and Pitt Community College (PCC) will partner to establish the Biopharmaceutical Work Force Development and Manufacturing Center of Excellence. With funds provided by the Golden LEAF Foundation, this effort will create the East Coast’s finest training center for biomanufacturing and pharmaceuticals.  Additional support from the North Carolina Community College System’s NCWorks Customized Training and BioNetwork will enhance the planned facilities and programs.

Unanimously voting to provide the largest such grant this year, the Golden LEAF Board of Directors will provide $1,750,000—to ECU ($1,100,000) and PCC ($650,000).  The creation of the Biopharmaceutical Work Force Development and Manufacturing Center of Excellence is a model for economic and work force development collaboration.  PCC, ECU, the NC Community College BioNetwork, and Pitt County are partnering to develop an educational and training infrastructure for a 21st century pharmaceutical services workforce to meet the labor and expertise needs of such companies as Patheon, a leading provider of drug substance and drug product services for the global biopharmaceutical industry.

The Golden LEAF Board of Directors had earlier reserved funding for this purpose as part of North Carolina’s efforts to recruit Patheon to expand in Greenville, NC. Governor Pat McCrory announced this expansion of an estimated 488 jobs in October of 2014. Golden LEAF recognizes the economic and workforce development opportunity at hand and shares the vision of a bright pharmaceutical services future for the region, where over 8,000 people are already directly employed in pharmaceutical manufacturing.  Companies such as RTI, the manufacturer of a sterile biomedical device, are also growing in Pitt County.

Small but mighty, Greenville, NC has ranked in the top 10 on the fDI Magazine’s list of “American Micro Cities of the Future 2015-16.” Ranking in the top ten overall, Greenville also made the top 3 list in two other categories and has been highly ranked on the magazine’s list since its inception in 2011.

Greenville continues to capture the attention of the fDI Magazine produced by The Financial Times Ltd., one of the world’s leading business news organizations, and is recognized internationally for its authority, integrity and accuracy. Providing extensive news, comment and analysis, FT.com is the definitive home for business intelligence on the web, serving as an essential resource for the global business community.

fDI focuses these rankings on a mixture of data and expert opinion to name cities that have the best prospects for inward investment, economic development and business expansion. Greenville falls into the Micro Cities category, which includes cities with populations under 100,000. There are also categories for Major Cities with populations up to 750,000, Large Cities with populations between 250,000 and 750,000 and Small Cities with populations between 100,000 and 250,000.

Ranking highest in the Human Capital and Lifestyle category, Greenville, NC made #2 for Micro Cities. Various factors contribute to this category which is based on such things as number of students, labor force as a percentage of the population, literacy rate, secondary and tertiary enrollment rates, the number of physicians as percentage of population, and gross domestic product.

Greenville, NC continues to grow in popularity with businesses and organizations as an attractive choice and a viable relocation target in which to thrive.

New Real Estate Sales Tax for 2013 - Truth or Fiction?

by Pistol Tingen

By now you have probably heard, or received mulitple emails, about a real estate sales tax on the sale of all primary homes beginning January 01, 2013. This new sales tax is tied to the new health care bill. I've received several emails with the scary headline, “Real Estate Sales Tax.” The first sentence said it all: “Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax?”
It went on to say, “If you sell your $400,000 home, there will be a $15,200 tax.”


My client wanted to
know whether he
should sell his home
now instead of waiting
until 2013 when this alleged sales
tax takes effect.
I was happy to inform my client
that the email was a complete
distortion based on a partial truth.
The truth, as you can read more
fully on snopes.com — a terrific
resource for verifying the truth of
any hard-to-believe email you receive,
political or otherwise — is
that the Medicare tax, which is
currently applied only to “earned”
income (wages) will be applied to
“unearned” income (investments)
starting in 2013. However, to say
that it will apply to the
total sales price of
every real estate
transaction is an outright
lie.
First of all, the tax
will only apply to investment
income —
profit — that exceeds
$250,000. In the case
of selling your primary
residence, the first
$500,000 of profit (on
a joint return) is exempted
anyway, so even if you
bought that $400,000 home for
one dollar, you wouldn’t be taxed
under current capital gains rules,
much less for that additional 3.8%
Medicare tax starting in 2013.
Investment properties are subject
to capital gains tax, but that
can be deferred through a 1031
exchange. Even so, if you sell an
investment property for $400,000,
how much of that amount is profit?
To say that the tax applies to the
whole sales price is a total distortion
— an intentional lie being
circulated for purely partisan purposes.
Because the tax only kicks in
when your investment income
exceeds a very high threshold,
only the ultra–rich will be touched
by it. The administration is actually
doing what it promised — to
raise taxes only on those earning
over $250,000 a year. The email
which my client received was
designed to fool the mass of voters
into thinking their taxes are
being raised when they’re not.

Foreclosures Are Low, But Inventory is High

by Anthony Litz

 

Foreclosures are down Graphic

Nearly 8% of U.S. mortgages were at least 30 days past due in April but not yet in foreclosure. That was slightly higher than in March, but 16% more than last year, LPS Applied Analytics, which tracks the mortgage market.

Seriously delinquent loans - more than 90 days past due or already in foreclosure - also represented nearly 8% of loans in April. That was down slightly from March and up 11% from a year ago, LPS says.

 Less delinquency eventually set new housing market recovery, but that's far away. About 4.2 million loans are seriously delinquent or in foreclosure. At current sales rates, which will take four years to absorb the inventory, LPS says.

"There is still much water in the boat, but at least we have connected some of the leaks," says Herb Blecher, senior vice president LPS. "Now we can rescue the company out."

Almost 4 million homes have been repossessed by lenders as the housing market began to tank in 2006.

Falling house prices are more likely to drive late payment. "There are a lot of incentive for people to leave their homes," says IHS Global Insight economist Patrick Newport.

However, other factors may slow the arrears, including:

 • Fewer new problem loans. For every 100 loans that were current in November, 1.28% due 60 days in April, data show LPS. That's the lowest percentage in at least three years below the peak of almost 3% in January 2009. Rates for new problem loans are the highest in Nevada, Arizona and Florida.

 • Loan modifications. In April, 22.5% of loans were more than 90 days in arrears one year had become current. That figure was 12.6% in April 2010, LPS, said. Last year, nearly 1.8 million homeowners received a loan modification, 42% from 2009, says the hope and the alliance of mortgage servicers, investors and others. loan modifications often include lower interest rates or longer loan terms.

 • Improved quality of loans. Lenders have tightened lending standards for borrowers who receive loans are less likely to default.

 In April, less than 2% of loans in 2010 was delayed after 12 payments. At the same age, over 6% of loans in 2007 and 2008, there were criminals, the data indicate LPS.

SOURCE: USA Today

Foreclosures Slow Due To New Regulations

by Anthony Litz

 

The foreclosure process is taking longer than ever, which is slowing the foreclosures from coming to market.foreclosure time line calendar

 Recently there is an average 400 day period from the default notice until the day the bank reclaims the property. "That's up from 340 days a year ago and more than double the average 151 days it took to foreclose in the first quarter of 2007, at the start of the nation's foreclosure crisis.", says USA Today.

Experts say the the added delays although increase the homeowners time without monthly payments, the bank and loan-owner's losses become greater.

"April foreclosure activity hit a 40-month low, mainly because of processing delays, RealtyTrac CEO James Saccacio says. Default notices, scheduled auctions and bank repossessions were reported on 219,258 properties in April, down 34% from a year ago."

"In some cases, lenders are taking longer to begin foreclosing on loans more than 90 days delinquent because they're waiting longer to allow for modifications or short sales — when lenders take less for a house than what's owed — or other alternatives, Saccacio says."

 

Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like any information regarding the subject of foreclosures.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

 

Resources: USA TODAY,

Landlords Gladly Rent to the Foreclosed

by Anthony Litz

 

google map to real pro systems The rental market in Greenville and Pitt County is H-O-T right now.

More than three quarters (82%) of the independent owners say they hire someone who lost a house in foreclosure, if the applicant had traditionally a good credit rating, according to a survey published today by the National Association of Independent Business Owners.

"The owners generally do not rent to applicants with poor credit and a foreclosure absolutely Slam someone scores. The exception is when they see people who have paid their bills all his life but lost his job, can not meet your mortgage and must hand over the keys to the bank, "said Tracey Benson, president of the National Association of Independent Business Owners.

Although the recent credit problems, Benson said, applicants with a foreclosure can be a good hazard, especially because I did once had its own home: "These people are used to taking pride in where they live often lost their jobs and homes through no. beyond their control. "

Increasingly, mortgage defaults due rather to the loss of jobs that poorly equipped borrowers who lost their homes that never should have bought, "said Benson. A background check, as conducted by the National Association of Independent Business Owners indicate in which class an applicant falls, and if the financial problems are part of a recent spate of bad luck or a trend throughout life.

"Because of this abundance of default, there is a higher need for rent, so that owners carefully vet applicants, " said Benson.

The National Association of Independent owners polled 563 members from 21 March to 25 March 2011.

 

+About The National Association of Independent Landlords

The National Association of Independent Landlords is the country's largest provider of services for small landlords.  Services include credit reports, electronic rent collection and tenant screening as well as information about property management, rental laws in all 50 states and other issues critical to property owners. Visit us at www.landlordassociation.com or call 800.352.3395.

SOURCES: http://www.landlordassociation.com - http://www.prnewswire.com - http://www.realtor.com

 

 

More than three quarters (82%) of the independent owners say they hire someone who lost a house in foreclosure, if the applicant had traditionally a good credit rating, according to a survey published today by the National Association of Independent Business Owners.

"The owners generally do not rent to applicants with poor credit and a foreclosure absolutely Slam someone scores. The exception is when they see people who have paid their bills all his life but lost his job, can not meet your mortgage and must hand over the keys to the bank, "said Tracey Benson, president of the National Association of Independent Business Owners.

Although the recent credit problems, Benson said, applicants with a foreclosure can be a good hazard, especially because I did once had its own home: "These people are used to taking pride in where they live often lost their jobs and homes through no. beyond their control. "

Increasingly, mortgage defaults due rather to the loss of jobs that poorly equipped borrowers who lost their homes that never should have bought, "said Benson. A background check, as conducted by the National Association of Independent Business Owners indicate in which class an applicant falls, and if the financial problems are part of a recent spate of bad luck or a trend throughout life.

"Because of this abundance of default, there is a higher need for rent, so that owners carefully vet applicants, " said Benson.

The National Association of Independent owners polled 563 members from 21 March to 25 March 2011.

30-Year Fixed-Rate Mortgage Drops to 4.8%

by Anthony Litz

MCLEAN, Va., April, 21 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates dropping after four consecutive weeks of inching higher.  

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending April 21, 2011, down from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.  

 

  • 15-year FRM this week averaged 4.02 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.  

 

 

  • 1-year Treasury-indexed ARM averaged 3.16 percent this week with an average 0.6 point, down from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.22 percent.  

 

Average commitment rates should be reported along with average fees and points to reflect the total cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • "Low inflation is keeping mortgage rates at bay. The core consumer price index rose just 0.1 percent in March, below the market consensus forecast. The 12-month growth rate in core prices was 1.2 percent, which is also rather low by historical standards.

 

 

Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter:  @FreddieMac

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

Find more information about Freddie Mac at http://www.freddiemac.com

SOURCE Freddie Mac

Fannie Mae Announces 3.5% Buyer Assistance

by Anthony Litz

Washington, DC — Fannie Mae announced today that people purchasing a Fannie Mae-owned HomePath property will receive up to 3.5 percent in closing cost assistance. The initial offer must be submitted on or after April 11, 2011; and the sale must close on or before June 30, 2011 to be eligible for the incentive. Additionally, buyers must reside in the home as their primary residence (sales to investors are excluded).

"Attracting qualified buyers to the market and reducing the inventory of vacant homes remains essential to stabilizing neighborhoods and helping the market recover," said Terry Edwards, Executive Vice President of Credit Portfolio Management. "Since interest rates remain low, the incentive will go a long way toward helping even more families buy a new home so this is a great time for Fannie Mae to offer some assistance."

All Fannie Mae-owned HomePath properties are listed on HomePath.com and most listings include detailed property descriptions, photographs, community and school information, and more. In addition, many Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers homebuyers an opportunity to purchase with as little as 3 percent down.

Displaying blog entries 1-10 of 58

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

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