School are delayed again today, but the 5-day forecast is looking pretty good. Per the lead article below, the Triangle has an inventory problem. What does this mean? Great time to sell your home. Also, a great time to be a builder in the area. Mortgage rates improved last week, then jumped back up yesterday. They are still far better than predicted thus far in 2014. Carolina, Duke and State are all in the NCAA tournament, with the Wuffies firing up the bus tonight in the play-in game and the Heels and Dookies going Friday. And as always, want a free quote or a pre-qual/pre-approval, let me know. I can get you any of the above within an hour.
3 Stories in the Mortgage and Real Estate Headlines
1. Lack of inventory plagues Triangle housing market
“With most measurements showing Triangle home prices rising and inventory levels already at historic lows, one might assume that there would be an uptick in owners putting their homes up for sale ahead of the upcoming spring selling season. Not so far. The number of people who listed their homes in February was actually 8 percent lower than during the same month last year, Triangle Multiple Listing Services data show. The region had just 6,589 homes for sale at the end of February, down 7 percent from a year ago and off 30 percent from two years ago.” Read more from the News & Observer
2. Homebuilder Confidence Rises Slightly in March
“Builder confidence in the market for newly-built, single-family homes rose one point to 47 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). “The March HMI mirrors last month’s sentiment, as builders continued to be affected by poor weather and difficulties in finding lots and labor.” Read more from National Mortgage Professional
3. Raleigh’s in one of nation’s 12 ‘regional powerhouses driving the U.S. economy’
“Raleigh is included in one of the nation’s 12 “regional powerhouses driving the U.S. economy,” according to a report released Wednesday by The Atlantic Cities.
The dozen regions identified by the urban thinktank include “Bos-Wash,” the largest region that includes Boston, New York and Washington, D.C.; “Chi-Pitts,” the midwestern area stretching from Chicago to Pittsburgh; and “Char-lanta,” which includes the Triangle.” Read more from the Triangle Business Journal