Raleigh Housing Market Ranks First

Below is an except from an article from the News and Observer. This is great news for our market and our sellers and buyers!

Raleigh Housing Market Ranks First

STAFF WRITER DAVID BRACKEN

The Triangle has received more affirmation that it is better-positioned than most regions to emerge quickly from this recession.

Hanley Wood Market Intelligence, a California research firm, has ranked the Raleigh-Cary market first and the Durham-Chapel Hill market sixth on its list of the healthiest markets among the top 100 U.S. housing markets.

The rankings are based on home prices, employment conditions and income growth potential. This is the second Market Health report released by Hanley Wood. The first was published last year.

Jonathan Smoke, senior vice president of products and innovation at Hanley Wood, had this to say about Raleigh: "Based on end-2010 economic forecasts, we think Raleigh will be the healthiest of the largest 100 markets in the country. Raleigh comes out on top because of stronger employment conditions, moderate household income growth, and continued strong household formation. The market still is expected to see minor home price declines (approximately 3 percent decline expected for 2010 over 2009), which is one factor that keeps the market from being even stronger."

Link to article-
http://www.newsobserver.com/business/local_state/story/346681.html

Cabin Fever Throwdown!

So for my blog this week, I wanted to let you know about a great event that will let you help a great cause as well!


David Hicks and family and The Raleigh Shag Club invite you to…

~Cabin Fever Throwdown~
Sunday, February 28th At the North Raleigh Hilton

Please come out and join us for this Hospice Fundraiser!

Doors open at 1:00 p.m. Show 2 - 7 p.m.


It is a great time with the bands, dancing, silent auctions,
"Dancing For Dollars" with the Junior dancers
(Alexis Hicks, River Harmon, Allen Lawrence, Jamie Walton, Sam Walter, Garrett and Sophia Spencer) and more!!

All kids under the age of 15 will be admitted for a donation of$5.00.
ALL proceeds go to Hospice of Wake County!!


Enjoy the sounds of…
Jim Quick and Coastline
The Fantastic Shakers
- with special appearances by Craig
Woolard and Big John Thompson

We hope you will come out and help support this wonderful event!

For more information call Karen Brown 919.691.4332
or Mike Blanchard 919.828.0890

Falls/Midtown CAC Meeting Update

The Falls Citizens Advisory Committee (CAC) was held last night at the Eastgate Community Building at Eastgate Park. This is a open meeting for all citizens living in the Falls CAC, and it meets the second Thursday of each month at 7:00 pm.

Last night, updates were given by the Raleigh Police Department, Parks and Recreation, The Planning Department and an update from John Odom, our representative on the Raleigh City Council. Below are some of the highlights from the meeting:

Raleigh PD: Two suspects were arrested in connection with the recent automobile break ins in our area. They were both from Durham, and admitted that they were specifically looking for cars with GPS systems that were removable. So remember that if you have any type of GPS, Satalite Radio, or portable CD player in your car, remove it each night. Several residents are meeting once a week to establish a neighborhood watch program as well. If you are interested, please contact Chad@Chadwicksolutions.com. There is also a website in the works, where residents can register on the site, and get email updates on police calls and more, for their area.

Parks and Recreation: This Saturday, from 9:30 to Noon there will be a community clean up at Optimist Park. Feel free to drop by and help if you can. More information can be found at the REI at North Hills.

John Odom discussed the future plans for the new North Hills East, greenways in our area, and touched on the discussion that is surrounding the proposed Lightener Building downtown. We also learned why the greenway system is not connected and why the city is trying to hard to find alternative routes to connect all of our greenways. The original greenways were built over the sewer lines in Raleigh, to serve as a easement for the city, and to make the area where the lines were built more attractive. As time has gone by, the sewer system is not mainly in the street, so that explains why the greenways are cutting through neighborhoods now, and upsetting many of our neighbors, who are having to deal with greenways in their front yards.

The Planning Department told us about a new website: www.newraleighcode.com, which relates to development in Raleigh, through a Form Based Code. Be sure and visit this site to keep up to date on what plans the City has for developments and improvements.

I know, this was a boring blog today, but I do hope it was informative.

I'll post something more entertaining next time!

North Hills East Harris Teeter Opens this AM!

Raleigh’s much anticipated two-story Harris Teeter opens in its new location underneath the Park & Market Apartments in North Hills on Wednesday at 8am. There will be a ribbon cutting and then the store is open to the public.

Being 26,000 square feet bigger, the new HT will provide the same quality service and products you’ve always enjoyed. PLUS:

• meals-on-the-go Asian Bar, Pizza Bar, and Salad Bar
• access to 750 covered parking spaces
• open 24-hours
• wider selection of products and groceries throughout two floors
• direct in-building elevator access for Park & Market residents

Also, the other stores in the area are set to start opening within the next couple of weeks as well. There is also talk about plans to have a park with an outdoor stage for concerts, on a larger scale of what is being offered now at North Hills Commons with the Beach Music Series. There is a new Brugger's Bagels that will be opening, with outdoor seating that will spill over onto one of the mini-parks in the complex, and they will have a wine bar (that's not a typo ) and this Brugger's will also be serving dinner as well.

Be sure and drop by the new Harris Teeter this week and check back here for updates on openings for all the new stores and restaurants at North Hills East!

Midtown Happenings For February 2010

Here is what is happening in Midtown for the month of February.

Please check back to see if any of the January events that were canceled because of the snow have been rescheduled for February.

St. Raphael School Open House: February 3rd 9 am - 12 pm and 630-8:00 pm.919-865-5750 or www.saintraphaelschool.org

Our Lady of Lourdes Catholic School Open House February 4th, 8:30-10:00 am and 6:00-8:45 pm 919-861-4635 www.olls.org

Triangle Wine Event February 4-6, All proceeds going to the Frankie Lemmon Foundation 919-845-8880 www.trianglewineexperience.org

First Friday Art Walk February 5th, Downtown Raleigh www.godowntownraleigh.com/firstfriday

Farmer's Market at North Hills February 6th 8:00 am -12:00 pm Come find fresh produce and homemade items from local farmers.

French Cooking Class February 23 4:30-6:30 pm Saint Jacques Restaurant 919-862-2770 www.saintjacquesfrenchcuisine.com

The Full Monty February 27th North Carolina Theatre 800-745-3000 www.nctheatre.com

Keep checking back here for updates, and remember to visit www.LiveInRaleighMidtown.com for all your real estate needs.

I never thought I would be excited over a grocery store opening!

Ok, it's official. I am getting old! Or at least content, that might be a better choice of words.

I was picking up a few essentials yesterday for my husband, you know, chips, dip etc... All the creature comforts he requires in order to watch the games, and there it was. A big sign announcing that my little "Boutique" Harris Teeter at the Lassiter at North Hills would be closing at 6:00 pm on February 9th, and the new "Grande" one would open at 10:00 am on February 10th! I could hardly contain my excitment.

Don't get me wrong, with two small children, who are already in a ton of activities (let's save that for another blog), I have a very full filling and might I add, busy, life. But the center of my world ( besides my children) is Midtown. We do everything here: dinner, movies, Sunday lunch, shopping. So when I am having a party or cooking for a crowd, what can't get at Costco, I drop into my local grocery store. The downfall of a boutique market is that you don't have the selection that you do at a full grocery. So if you need a particular item, you sometimes have to make a trip to (gasp!) the store at Falls and Spring Forest. That's just too far of a drive for me.

The new store promises all types of goodies. Salad bar, hot foods bar, seafood bar, pharmacy, more organic produce and choices (this is a particular favorite of mine!) and the list goes on and one. And it's going to be two stories! Imagine that, grocery shopping on multi-levels. Be still my heart!

Just another great reason to live in Raleigh's Midtown!

Everyone has been awaiting (but not eagerly in some cases) for the newly revised FHA Lending Rules. Below is a summary of these new rules, from The Glaser Group.

If you have any questions at all about a home loan, please feel free to call me or email me. You can also find a great FAQ Section about the home buyer's tax credit on my website at http://www.liveinraleighmidtown.com/

THE GLASER GROUP

FHA tomorrow will announce a series of changes designed to protect the federal agency that has emerged as the cornerstone of the mortgage market as the housing sector wobbles toward recovery.

On the whole, mortgage lenders will find the new rules painful but necessary. The problem is a perception that for the past 4 years, FHA was an "anything goes" environment. So they have a lot of catching up to do in terms of tightening up the rules.

What makes this hard: With FHA hovering around 40% of new loan originations, even small rule changes echo through the housing market with a big impact.

Our view of the new course charted by FHA is that:

FHA is instituting prudent financial rules, without pulling back so far as to contribute to a further slowing of the housing market.

Mortgages will be harder to come by for some higher risk borrowers. But FHA has been careful to keep the door open for non-traditional borrowers -- especially minorities, 50% of whom now rely on FHA for mortgage credit.

Borrowers will bear more of the costs of the government insurance program through higher premium charges. But while the additional revenue will help ensure that FHA stays solvent, the burden to the individual borrower is modest and will not be a disincentive to purchase a home.

Some riskier borrowers will have to come up with higher downpayments -- a necessary move in those markets where a decline in home value can wipe out a new buyer's equity almost before the ink is dry on the sales contract.
So, FHA has a tough balancing act, but we think they have hit the "sweet spot" by successfully juggling three objectives simultaneously: --Reduce the financial exposure of the FHA fund through tighter credit rules (especially with regard to bringing FHA capital reserves over 2%);
--Keep open the flow of mortgage credit sufficient to make sure the housing market doesn't go into a renewed dive,
--And avoid balancing the FHA books on the backs of credit worthy minority borrowers.

************
Highlights of the FHA Changes

-- Less than 580 FICO needs 10% down. Requires rulemaking. FHA is NOT otherwise raising the current 3.5% minimum downpayment -- the vast majority of borrowers will not be impacted, particularly since most lenders have already put higher credit score floors in place.

--Raise upfront Mortgage Insurance Premium to 2.25 (up from 1.75)
--Has significant positive capital impact for FHA. Implemented via mortgagee letter.

--Continue to allow finance of upfront MIP.

--Pursue legislative authority to allow flexibility to bring annual premium higher. (Currently capped at .55). Over time may increase annual and decrease up-front. FHA believes this is better for borrower. Upfront depletes equity.

--Reducing seller concessions from 6% to 3% across the board. Via proposed rule.

--Enforcement:
a) credit watch terminations at lender underwriting id in addition to originator id. (i.e. company level) 300% compare would trigger termination.
b) public reporting of lender performance through scorecard system.
c) indemnification. Law allows indemnification against Lender Insurance lenders, HUD will implement through notice and comment.
d) Expands indemnification beyond fraud and misrepresentation. (will go out for comment).
e) Will seek legislative authority to enforce against DE lenders.
f) Will seek legislative authority to establish ability to sanction lenders nationwide based on performance of local branch.