Tuesday Raleigh Mortgage News 4/29/2014

Underground Rising at Cameron Village
Underground Rising at Cameron Village

Raleigh went big this past weekend. Cameron Village had its “Underground Rises” fashion show/Love Language concert, North Hills officially opened their new amphitheater with The Embers, Cuegrass cooked up hot tunes/bbq sandos, and Brewgaloo had the longest lines I’ve ever seen. Did I miss anything? Nearby, Durham had their Art of Cool Festival as well. Let’s hope the momentum keeps up! Homes are selling at top prices, as inventory is still low. Mortgage rates improved this week after two bad weeks in a row, and more praise is getting heaped on the Triangle. It’s a great time to live here, folks! If you want to make that home ownership dream a reality, I can help!

3 Stories in the Mortgage and Real Estate Headlines

1. Raleigh ranked #4 on Forbes’ “The Best Cities For Jobs 2014”
“As the recovery from the Great Recession stretches into its fifth year, the locus of economic momentum has shifted. In the early years of the recession, the cities that created the most jobs — sometimes the only ones — were either government- or military-dominated, or were powered by the energy boom in Texas, Oklahoma and the northern Great Plains. Now the recovery has shifted to a new group of cities that have benefited from the boom on Wall Street and the parallel IPO surge in Silicon Valley — call them asset inflation cities.” Read more from Forbes

2. Your choice: fixed or adjustable-rate mortgage?
“Adjustable-rate mortgages got a bad rap after the housing bust. Many homebuyers used the low initial interest rates on adjustable loans to keep payments low, but weren’t able to afford to pay their mortgage when the loans reset to a much higher rate a few years later. In the years since, banks have tightened their lending standards to ensure borrowers who get adjustable-rate loans, or ARMs, can afford a rate reset. And as interest rates have begun to rise, ARMs have become a more attractive option for homebuyers seeking the lowest rate on a home loan.” Read more from the News & Observer

3. Pending Home Sales Up in March
“Pending home sales—considered a leading indicator of the housing market—rose in March, marking the first gain in the past nine months, according to the National Association of REALTORS®. NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.4 percent to 97.4 from an upwardly revised 94.2 in February.” Read more from RealtorMag.com

Also…

1. Not one, but two taxi service apps – Uber and Lyft – launched in Raleigh this past weekend. Uber has promo codes available, and Lyft (pink mustache cars) is giving away free rides for a few weeks.

2. Per the Raleigh Downtowner, a “boutique grocery store is opening up later this year in the West at North condo building. Architect bar owner will be one of the co-owners.”

3. Raleigh commission approves 7-story apartment building on Hillsborough Street. Another positive step towards making the street vibrant.

4. Brew Dogs, the Esquire Network show that recently filmed an episode at Fullsteam; will film today (Tuesday – April 29th) at Big Boss Brewing at 4pm. Stop by to potentially be on the show. They’ll also be at Busy Bee Cafe at 6pm (and Raleigh Brewing Company at 1:30 pm Wednesday, and Tasty Beverage Company at 7pm Wednesday).

5. “Raleigh crowd-lending startup Groundfloor is trying to open the real estate investment window to more Americans.

Send Raleigh real estate and mortgage news/tips to pat@raleighmortgageblog.com and follow me on Twitter @patpricedotcom

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