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Greenville, North Carolina Real Estate Blog

The Pistol Tingen Team

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Displaying blog entries 11-20 of 85

What's New In Greenville 9/16/2011

by Anthony Litz

 

Greenville, NC and East Carolina are growing! Let's take a look at a few new businesses and restaurants.


The Facts:

  • Tastyville Pizza –Pizza Buffet just opened a couple weeks ago. - 1605 E Firetower Rd, Greenville, NC 27858 - (252) 364-8704- http://www.tastyvillepizza.com/ Tastyville Pizza Buffet Greenville NC
  • Mazatlan Mexican Restaurant will be opening a new location in the Arlington Village Shopping Center on the corner of Red Banks and Arlington Blvd - Greenville, NC – (252) 551-3190 - http://mazatlannc.com/
  • The Carolina Ale House is opening this weekend in front of the Greenville Mall, off of Greenville, Blvd. It looks very nice! - 704 SE Greenville Blvd, Greenville, NC 27858 - Phone 252-317-0005 - http://www.carolinaalehouse.com/greenville-nc  Carolina Ale House Greenville NC Opens
  • Pete's Wicked BBQ on Red Banks is now open. (note: The Winterville location is temporarily closed.) 610 A Red Banks Rd, Greenville - 252-353-5353 - http://www.peteswyckedgrill.com/  Pete's Wicked BBQ Greenville NC
  • AT&T Wireless is building a new location at the intersection of Arlington and Greenville Blvd, with-in the Big Lots Shopping Center - http://www.att.com/ AT&T Wireless Greenville NC Arlington and Greenville Blvd Intersection AT&T Wireless Greenville NC
  • BoneFish Grill Restaurant has plans to open a location in the Greenville Square Shopping Center. (aka K-Mart Shopping Center) - http://www.bonefishgrill.com/
  • Mellow Mushroom is coming. It is suppose to be near the the intersection of Arlington and Greenville Blvd. Apparently plan's have been submitted to the City of Greenville for approval. - http://www.mellowfranchise.com
  • Chick-fil-A is currently building a new Winterville, NC location across the street from Sam's Club off of Hwy 11. Due to open Oct 27, 2011 - 4253 Winterville Pkwy, Winterville - http://www.chick-fil-a.com/
  • O'Reilly Auto Parts is about to open a new location near Winterville off of Fire Tower Rd. - 1908 E Fire Tower Rd, Greenville, NC 27858 -  (252) 215-0837 - http://www.oreillyauto.com  O'Reilly Auto Parts Store Greenville NC

Planning Stages & Rumors
  • Dairy Queen is possibly going to build near the Sheetz gas station, across from Pitt Community College on Hwy 11. - http://www.dairyqueen.com
  • Sonic is looking at land for a 4th location in Greenville... - http://www.sonicdrivein.com
  • Ayden, NC is due to get a Wal-Mart Express.  There has been a lot of utility work and land prep seen behind Food Lion and Kerr Drug where the the Wal-Mart would be located. - http://www.walmart.com/
  • Greenville also has a second Wal-Mart location in the works off of Portertown Rd and Hwy 33. - http://www.walmart.com/

 

Got a tip? Or want to see your business on a list like this? Contact us on the website or call at 252-321-6161, we would love to help!

Please understand all information in this article is deemed reliable but not guaranteed.

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,

ECU Offers Online Classes in Virtual 3D World, Second Life

by Anthony Litz

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.

Fixed-Rate Loans at New Low!

by Anthony Litz

 

Fixed rate mortgages have reached a new low this week says Freddie Mac. On Tuesday (Nov 9, 2010) the average of 4.24% fell down to 4.17% on a 30-year loan.  15-years fixed rate loans have a new average of 3.57%.  5-year fixed rate loans have a new low average of 3.25%.

Mortgage rates fall to fresh low. These average rates from Freddie Mac are calculated by tallying rates country wide Monday-Wednesday.  As we have mentioned before, you can expect rates to be different at different lenders and throughout the country.  These average rates do not include fee's, which are also competitive and different depending on lender and customer's credit scores.

Call The Pistol Tingen Team at 252-321-6161 or send us an email if you would like some lender recommendations along with their phone numbers.  We are a wealth of information; please don't hesitate to contact us with any questions or for advice.

 

Resources: USA TODAY, Associated Press

 

Fannie and Freddie Homes: $2billion+ Carrying Costs Per Year

by Anthony Litz
Foreclosure sign, Fannie Mae, Homepath.com

Fannie Mae and Freddie Mac now own about 25% of all foreclosures in the United States. It is being reported their maintenance and and carrying costs are now over $2 billion (aka $2,000,000,000.00) annually!

"Fannie and Freddie, which buy mortgages from lenders and package them into securities to sell to investors, own or guarantee half of all U.S. mortgages. Together, they have more than twice as many foreclosed homes now as they did this time last year, with a combined value of $24 billion."

With so many homes in their foreclosure inventory to maintain, the costs buildup fast. Fannie Mae, for example, pays up to $400 for an initial cleaning of a foreclosed property and up to $125 to have the grass cut two times month. Frequently the homes have so much "trash" left behind from the previous owner, there are additional costs during the initial cleaning. Another cost included with almost all foreclosures is a locksmith to re-key the property.

Freddie Mac currently has 82% more homes in their inventory than last year and the numbers seem to be on the rise with many foreclosure companies. So more than likely Freddie and Fannie's holding costs will continue to increase for some time.

Currently we are seeing more than half our foreclosure inventory in the Pitt County area being put "on hold and unable to market status" until officials have investigated whether the foreclosure documents were properly executed.  This recent development is entering the second month, causing increasing losses from this inventory that is not selling. Mean while costs are adding up as all of these "on hold" homes still have utilities turned on and require normal maintenance.

"The longer foreclosed homes stay on their books, the larger taxpayers' expenses will be. "Taxpayers are covering their losses. We are the ultimate deep pocket," says Lawrence White, a New York University economics professor."

 

For more information about current real estate topics including foreclosures 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: usatoday.com and realtor.org

Student Rentals: Still A Great Investment!

by Anthony Litz

Over 19 million people are currently attending or enrolled at colleges and universities in the united states.  Many of these students attend schools away from home and need a place to live, which makes this investment niche thrive!  Experts say this market will flourish until at least 2018, when the last baby-boomer's children enter college.

ecu student housing rental investment Today's students look for homes with the most amenities, such as appliance-filled kitchens, furnished units and washer/dryers. Not often thought of, many students look for fenced-in backyards for their privacy or dogs.  Almost always a rental with a fenced yard rents faster.

Investors can look forward to rental incomes that are sometimes 10-20% greater than with normal tenants.  But on the other hand, time and money put into managing these kind of properties also increases by about 10%, according to an expert that owns over 50 rental homes across the United States.  In Greenville, NC the East Carolina University student properties are almost always occupied with renters, but these type of homes do have more turn over due to a young lifestyle and roommates that come and go.  Single-families stay at rental houses longer than students typically.

Pitt County and ECU offer a lot of opportunity for investors and landlords!  We enjoy a growing student population that will soon have a major increase with the new Dental School, which starts their first class in August of 2011.  "East Carolina University is the academic home to over 27,000 students and is a constituent member of The University of North Carolina", according to their website. There are always good potential rentals in our market for sale, including quite a few single family homes, duplexes and an apartment building from time-to-time.

Would you like more tips? Want a free list of potential university rental properties to look at?  Please call or email us, we are happy to help whether you are a seasoned or new investor!

 

Resources: Realtor.com & ECU.edu

Displaying blog entries 11-20 of 85

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

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