ECONOMY:
> When it comes to the opinions of corporate executives, North Carolina is held in high regard. For the fourth year in a row, more than 300 of the nation’s corporate executives voted N.C. as having the second best business climate in the country, second only to Texas.

> While the unemployment rate hovers around 9 percent nationally, the unemployment rate declined across North Carolina’s major metropolitan areas and in 92 of 100 counties in September.

> Skirting fears of a double-dip recession, the economy posted the strongest quarterly growth in a year in the third quarter. What’s more, consumer spending on services rose 3 percent, the most in more than five years.

HOMEOWNERSHIP:
> Falling inventories are a good sign in the housing market and in September, the number of homes listed for sale declined 20 percent compared to the previous year, falling to the lowest level in more than four years.

> We’re willing to bet you haven’t heard this on the evening news: the homeownership rate today is actually at its second-highest level on record, ranking behind the record high set in 2000.

> While homebuilding accounts for a small portion of the housing market, its impact on the economy is significant. In September, home builders started projects at the fastest pace in 17 months. When you consider that every home built creates an average of three jobs for a year and about $90,000 in taxes, it’s no wonder these figures are a hopeful sign for the
economy.

FORECLOSURE:
> September marked the lowest level of foreclosures in the state this year – they’ve dropped more than 30 percent since January. At the end of September, N.C. ranked 12th nationally in fewest foreclosures.

> When the media talks about the “foreclosure epidemic,” they are referring to the fact that in September, one in every 605 homes nationally had received a foreclosure filing. Compare that to N.C., where only one in 1,951 homes received a foreclosure filing. Yes, real estate truly is local.

http://www.ncrealtors.org/uploads/zipFormQ&A.pdf

http://www.zipform.com/training/trainingcalendar.asp

HOMEOWNERSHIP:

> Despite the rocky housing market in recent years, 72 percent of renters still say homeownership is a priority. And that figure has increased from 2010, when 63 percent of renters said owning a home was a top priority.

> While mortgage closing costs continue to rise nationwide, our state remains the second least expensive for such costs. In North Carolina, the average total cost is $3,410. Compare that to New York, the most expensive state, which averages total fees of $6,183.

> Who hasn’t heard housing experts lament the high inventory of homes for sale? Well, there’s good news. In the second quarter of 2011, inventories were found to be shrinking sharply, a strong signal of higher demand.

> What better testimony for using a REALTOR® than this: the founder of a popular for-sale by owner website recently used a real estate broker to sell his home. Further, the condo ended up closing for far more than the original asking price.

ECONOMY:

> In June, employers added a mere 46,000 jobs. In July, that number jumped to 117,000 – over 40,000 more than economists expected in July. In August, planned cuts declined by 23 percent. What’s more, the pace of job creation so far in 2011 is nearly double what it was in 2010.

> Homeownership can now be a reality for many Americans. According to real estate website Trulia, buying was cheaper than renting in 74 percent of the country’s 50 largest cities in July.

> North Carolina is home to some attention-grabbing cities. In just the last two months, Charlotte has been named among the top potential “boom cities,” Raleigh was named among the top 10 cities for business and careers, and Mount Airy was named among the best small towns in the United States.

FORECLOSURE:

> Foreclosure filings – the start of the foreclosure process – are down 16 percent in N.C. compared to the first half of last year. That’s one of every 278 households. To put that ratio into perspective, one in every 21 homes in Nevada have been affected by foreclosure.

> We all know the “robo-signing” scandal has slowed down the foreclosure process, thus leading to fewer foreclosure filings and skewed data. But what is promising is the steep plunge in initial notices of default, which fell 39 percent year-over-year to fewer than 60,000, indicating fewer borrowers are falling behind on payments.

Click Here to view PDF version for easy printing.

http://www.homes4nc.org/uploads/2011Auctioninfo2.pdf

HOMEOWNERSHIP:

• The housing downturn hasn’t affected the way Americans view homeownership. A recent New York Times/CBS News Poll found that nearly nine in 10 Americans say homeownership is an important part of the American dream. Another recent poll showed that even a majority of renters (67 percent) and those with underwater mortgages (65 percent) agreed homeownership is the best long-term investment.
• With nine out of 10 REALTORS® planning to stay in the real estate business, according to NAR’s 2011 Member Profile, REALTORS® aren’t jumping ship; instead, they’re becoming more proficient. According to the profile, 35 percent of REALTORS® now hold at least one of NAR’s six certifications – that’s an increase of 11 percent from a year ago.
• For the past three decades, buyers could expect to spend approximately 25 percent of their monthly gross income on a mortgage. Today, the number has declined to 17 percent. And that message has been received: Nearly 70 percent of Americans say now is a good time to buy a home.

ECONOMY:

• North Carolina’s business climate continues to garner national praise. Chief Executive Magazine recently ranked N.C. the second best state to do business, second only to Texas. What’s more – CNBC recently followed suit and ranked N.C.’s business environment third in the nation, trailing only Virginia and Texas.
• How’s this for a surprise? Amid a blitz of doom and gloom in the news, N.C. actually enjoyed economic growth in 2010. Specifically, the Tar Heel State registered a 3.4 percent increase last year in gross state product – making it one of only 14 states to experience economic growth of 3 percent or more between 2009 and 2010.
• Despite the recession’s effect on jobs, N.C. is faring far better than other states. During the past decade, N.C. has added the second largest number of financial jobs and the third largest number of public sector jobs in the nation. The same goes for personal finances – North Carolina ranks 10th for long-term economic growth over the past half-century.

FORECLOSURE:

• More homeowners are staying current on their mortgage. In May 2010, 18.3 percent of mortgages were 30 days past due. This May, approximately 8 percent of mortgages were 30 days past due.
• In N.C., the wave of foreclosures is steadily declining. In May, foreclosures on homes fell 38.3 percent from the same month a year ago and were down 3.4 percent from April.

The revised forms will be available in the “Forms and Contracts” section of NC REALTORS® website no later than July 1st. They have also been sent to each of NC REALTORS®’ forms software providers to incorporate into their respective forms software programs. Questions about the roll-out date for a forms software program should be directed to the vendor. There will be a 60-day grace period during which NC REALTOR® members may transition to the new versions of the forms.

Questions about the forms may be directed to NC REALTORS®’ attorneys by calling the Risk Watch line at 800/443-9956 or via email, wmartin@ncrealtors.org.

REALTOR® Magazine is seeking nominations for the 12th annual Good Neighbor Awards. The program recognizes REALTORS® who’ve made an extraordinary commitment to community service. Five winners will be announced in November in REALTOR® Magazine and at the 2011 REALTORS® Conference & Expo in Anaheim. The winners will receive a $10,000 grant for their community cause, national publicity, travel expenses to the convention, and a crystal trophy. Good Neighbor Award entries must be received by Friday, May 20, 2011.

When: Wednesday, June 9th – 6:45AM to 3:30PM
Where: NC General Assembly – Raleigh, NC

The Brunswick County Association of REALTORS® (BCAR) has acquired a 55 seat luxury bus for your convenience to go meet, visit and lobby your legislators. The bus trip is free of charge and breakfast, lunch and chances for prizes will be provided. All members from WRAR, BCAR and Duplin-Sampson Associations are eligible to ride the bus. What a great opportunity to also network with other REALTORS® in Southeastern NC.

The bus will depart from BCAR Headquarters, 101 Stone Chimney Road in Supply, NC at 6:45AM. The bus will have a second pick-up location in the Walmart parking center in Leland at 7:00AM. If any Duplin-Sampson members sign up, the bus will stop at the rest stop in Warsaw on I-40 to pick-up those members. We will return at approximately 3:30PM into Supply. Please use the links below to register for this trip based on your desired pick-up location:

• BCAR Headquarters in Supply at 6:45AM
• Walmart Parking Center in Leland at 7:00AM
• Warsaw Rest Stop Off I-40