Real Estate Information Archive

A recent survey given to 55+ Home Buyers shows what their 10 most important design features are.  This can be important information to you when selling a home or when buying and thinking of selling down the road.  Surprisingly a downstairs master bedroom isn't higher on the list!  --In Pitt County and the Greenville Area, we as Realtors get asked more often about what floor the master bedroom is on than if the house comes with a washing machine.

1. 90% - Washer/Dryer in the Home
2. 84% - Storage Space
3. 81% - Windows that Open Easily
4. 73% - Garage Door Opener
5. 73% - Easy-to-use Thermostat
6. 71% - Master Bedroom on 1st Floor
7. 67% - Private Patio
8. 66% - Porch
9. 65% - Attached Garage
10. 64% - Bigger Bathrooms.

For more information about current real estate topics including selling your home 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.

Resources: National Association of Home Builders

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.

Currently to claim a tax credit of up to $8,000 (or up to $6,500 for non-first time home buyers), home buyers must have purchase contracts accepted by April 30, 2010, and must close escrow by June 30, 2010.

Friday, June 11, Senators Harry Reid of Nevada, Johnny Isaakson of Georgia, and Chris Dodd of Connecticut introduced an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 (H.R.4213) that, if passed, would extend that closing deadline to September 30, 2010.

This amendment would not extend the required April 30 deadline necessary to claim the tax credit. If passed, though, the amendment would extend the date required to close the transaction until September 30, 2010.  

The National Association of REALTORS® has reported that as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.  The Senate amendment would allow home buyers adequate time to complete their purchases in time to claim the credit.

For more information regarding the status of this amendment or to locate real estate in the Greenville, NC and Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

The East Carolina University dental school recently announced two major changes that received final approval by UNC General Administration in May 2010. Located in Greenville, North Carolina, the dental school now will be entitled the East Carolina University School of Dental Medicine.  This name reflects the dental profession’s recognition that dental health and oral health are an essential part of one’s overall health, rather than a separate ancillary discipline. The other change is that graduates of the ECU School of Dental Medicine will be awarded the DMD (Doctor of Dental Medicine) degree.  This is the degree awarded by the vast majority of dental schools that have opened since the 1960s, and is used for the same reason for having Dental Medicine in a school or college’s title.

The D.M.D. and D.D.S. degrees are considered equivalent--offering the same education and accreditation standards, as well as requiring the same licensure examinations.  Both degrees are recognized by all national and state dental associations and state and specialty boards. The scope of practice allowed by law is also the same for both degrees.  Throughout the United States, the state of North Carolina, and the city of Greenville, there are dentists with both degrees.

For more information regarding East Carolina University or real estate in Greenville, NC and the Pitt County area, please contact The Pistol Tingen Team at (252) 321-6161.

Today Freddie Mac released the results of its Primary Mortgage Market Survey® in which the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending May 13, 2010, down from last week when it averaged 5.00 percent. At this time last year, the 30-year FRM averaged 4.86 percent. The 30-year FRM has not been lower since the week ending December 10, 2009, when it averaged 4.81 percent.

The 15-year FRM this week averaged 4.30 percent with an average 0.6 point, down from last week when it averaged 4.36 percent. One year ago at this time, the 15-year FRM averaged 4.52 percent. The 15-year FRM has not been lower since the week ending December 3, 2009 when it averaged 4.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.95 percent this week, with an average 0.6 point, down from last week when it averaged 3.97 percent. A year ago, the 5-year ARM averaged 4.82 percent. The 5-year ARM has not been lower since Freddie Mac started tracking the 5-year ARM in January of 2005.

The 1-year Treasury-indexed ARM averaged 4.02 percent this week with an average 0.6 point, down from last week when it averaged 4.07 percent. At this time last year, the 1-year ARM averaged 4.71 percent. The 1-year ARM has not been lower since the week ending November 4, 2004, when it averaged 4.00 percent.

Frank Nothaft, Freddie Mac vice president and chief economist, announced that interest rates on fixed-rate mortgage have declined for the 5th straight week.
The National Association of Realtors noted that the median house prices are recovering in more local areas in the latest quarter.

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