The Breeze in Raleigh Real Estate

Raleigh will set the fastest pace of any metropolitan area.

The three-county Raleigh metro will virtually double its population during the study period. It had 953,000 residents in 2005, but should be closing in on 1.9 million by 2025.

That’s an increase of 97.7 percent in 20 years, which equals an annual growth rate of 3.5 percent. No other metro will expand as rapidly.

Five other areas are projected to increase their populations by more than 80 percent between 2005 and 2025. They are, in order of growth rate, Provo, Utah; Cape Coral-Fort Myers, Fla.; Ocala, Fla.; Austin; and Port St. Lucie, Fla.

I've been getting a number of questions regarding refinance options for sellers whose homes have decreased in value.  I may be doing a seminar in the near future on loan modification options, so let me know if you are interested. 

Refinancing Options

Under the Homeowner Affordability and Stability Plan, borrowers who are current on their mortgage but have been unable to refinance because their house has decreased in value, may now have the opportunity to refinance into a 30 year, fixed rate loan. Through the program, Fannie Mae and Freddie Mac will allow the refinance of mortgage loans that they hold in their portfolios or that they guarantee in their own mortgage-backed securities. Lenders will be able to begin accepting refinance applications on March 4, 2009. To determine if your loan is owned or has been securitized by Fannie Mae or Freddie Mac and is eligible for this refinance, you should contact your mortgage lender after March 4.

In the meantime, borrowers can get additional information at www.financialstability.gov. This site includes questions and answers that will help homeowners determine if they are eligible for refinance assistance. Information is also available at www.fanniemae.com and www.freddiemac.com.

Hello all!  I'll be updating weekly the number of single family home sales (closings) in Raleigh on a weekly basis.  The numbers from this week are up from last week (ending 4/5).  Homes ARE selling!

ENDING	Under 100	100-200	200-400	400-600	600-800	800 UP	Total
5-Apr	6	54	27	6	2	2	97

After all the wind and rain the other day, I found myself thinking about insurance.  I heard these tips today from Allen Gayle of Downing & Gayle Insurance and thought they were worth passing along.  Be sure to keep you policies updated. 

"When we purchase a new house, whether we are upsizing or downsizing, we never forget to talk with our insurance agent about the proper amount of homeowner's coverage.  Typically, the mortgage company will insist on adequate coverage.  However, such is not the case when undertake a remodeling project.

Mortgage-Help Site, Call-in Number Go Live

We've all heard about the government help for homeowners needing a loan modification due - but here is the site to get more information!

Beware of any services that offer a PAID solution to mortgage issues.  Consult with your own lender regarding modifying your loan, as soon as you know you may need assistance. 

The U.S. Treasury Department went live on March 19 with its Making Home Affordable program, which aims to help home owners refinance or modify their mortgages.

The campaign includes a Web site at makinghomeaffordable.gov as well as a telephone hotline number at (888) 995-4673.

The federal government is targeting 9 million home owners whose loans are held by Fannie Mae or Freddie Mac.

WASHINGTON — The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.

“For first-time homebuyers this year, this special feature can put money in their pockets right now rather than waiting another year to claim the tax credit," said IRS Commissioner Doug Shulman. “This important change gives qualifying homebuyers cash they do not have to pay back.”

The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on IRS.gov. The revised form incorporates provisions from the American Recovery and Reinvestment Act of 2009. The instructions to the revised Form 5405 provide additional information on who can and cannot claim the credit, income limitations and repayment of the credit.

This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase.

It's hard to believe, but according to Robert Lilienfeld, co-author of the book, "Use Less Stuff: Environmental Solutions for Who We Really Are," between Thanksgiving and New Year's Day, Americans throw away a million extra tons of garbage each week. During the season of giving, it sure seems like we're taking a lot from Mother Nature. Here are some suggestions of ways to go green this holiday season, and you just might save some green in the meantime.

Start with your gift giving. You may not have ever thought about it before, but some gifts are certainly more eco-friendly than others. Giving an experience, like tickets to a ballgame or an art exhibit, create much less waste than complicated toys and gadgets. And some of the best gifts can be homemade like cookies and cakes, or having guests over for a full home-cooked meal.

As you do begin warping up those presents for family and friends, consider recycling gift wrap. You can easily reuse gift bags, tissue paper, bows and even wrapping paper. For gift wrapping alternatives, think about using reusable items like scarves, handkerchiefs or bandanas. And if you just look around the house you'll probably find old posters, maps, sheet music, wallpaper scraps, magazine and newspaper cutouts, and comic pages which all work very well as wrapping paper.