Tuesday Raleigh Mortgage News – 9/15/2015
$15,000 Down Payment Assistance Program goes live today (and more)
Fall weather is finally here! What a beautiful Monday we had in the Triangle yesterday; and the rest of the week looks great as well. Keep it coming, Mother Nature!
Big news last week as it was announced that home sales were up 8% from August in 2014 to August in 2015. After a strong spring market, there looks to be little signs of slowing down. Mortgage rates continue to be strong, but there is a potential rate hike coming Thursday from the Fed, as rates are “Turning Blue From Lack of Oxygen,” per Mortgage News Daily.
Big news outside of Raleigh is the new $15,000 down payment assistance program for Johnston, and four other North Carolina Counties, that takes effect today. The new program can be combined with any NC Home Advantage loan from the North Carolina Housing Finance Agency, and the money can be split between down payment and closing cost assistance. Click below for more information, and/or contact me with questions.
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. August home sales up 8 percent: Triangle MLS
“Home sales in the Triangle were up 8 percent in August compared to year prior, according to Triangle Multiple Listing Service, with average home prices also moving up another 3 percent. In August, the 13-county region that includes Raleigh, Durham, Cary and Chapel Hill recorded 3,195 sales of new and existing homes with an available supply of inventory down 13 percent to 12,316 units, according to the report.” Read more from the TBJ
2. Raleigh will spend $6.8 million to revamp Washington Terrace, create affordable housing
“The city is embarking on one of its largest affordable-housing projects in recent years, but some residents are skeptical. The Raleigh City Council has agreed to set aside $6.8 million to revamp Washington Terrace, a privately owned housing community east of downtown Raleigh, near St. Augustine’s University. Much of the money from the city will come from voter-approved bonds. Raleigh typically has not spent such a large sum on affordable-housing projects. By redeveloping Washington Terrace, the city would create more affordable-housing units than it has created over the past five years combined.” Read more here from the News & Observer
3. GoTriangle receives $1.7M grant to support Durham-Orange Light Rail Project
“The Federal Transit Administration is expected to announce Tuesday that it will award $1.7 million to GoTriangle to support development planning around the Durham-Orange Light Rail Project. The award was one of 21 handed out by the federal agency. GoTriangle received the second-largest grant nationwide after Seattle, which received $2 million.” Read more from the TBJ
4. Blount Street Commons nearly sold out as Raleigh townhouse market heats up
“For years the Blount Street Commons residential project north of downtown sat idle, a victim of having launched just before the local housing market crashed. But like a number of other long-delayed residential projects in the Triangle, it has come roaring back with astonishing speed. Stanley Martin Homes, the Reston, Va.-based builder that acquired the remaining land in the development 11 months ago, has already found buyers for all but two of the 46 row houses and carriage homes it has room to build on just under 2 acres at the corner of Peace and Person streets.” Read more from the News & Observer
5. Zebulon gets advice on refreshing its downtown
“The timing was spot-on for the advice offered at a special meeting hosted by the Zebulon Woman’s Club’s Tuesday evening. Joyce Blackley, a prominent Clayton businesswoman, shared ideas on ways Zebulon can shake up its sleepy downtown district. She said the driving factor when she helped in the revitalization of downtown Clayton was that it was the collaborative effort of several different groups of people.” Read more from the News & Observer