Friday, October 30, 2009

Historic Rates Why Now is the time to Act

Below is a chart of rates over roughly a 1 year timeframe.  There are couple things to take away from this chart and how to use it to encourage prospective buyers to get off the fence.  If you look at the far left side of the graph you will see where 30 year fixed rates (blue line) were sitting in November (6.25%).  From that point through the middle of January, rates dropped to what was at the time an all-time low.  This drop coincided with the Fed announcing they would purchase mortgage backed securities.  From that point through May rates set the all-time low and have bounced around since.  How can you use this with your buyers?  First, rates now sit at the same level they did last year in November...near an all-time low.  They moved around during the summer but were still very good.  Secondly, the Fed announced they would end their mortgage backed securities purchases at the end of the first quarter, 2010.  If the announcement and implementation of the program dropped rates in the manner it did it would be safe to assume the discontinuance of the program could have an opposite effect.  Let's hope this change isn't as dramatic but this illustrates why between now and March will be the time to buy a house.   



David (Drew) Wright

Vice President Mortgage Loan Officer

Bank of America

PO Box 597/4804 N Croatan Hwy

Kitty Hawk, NC 27949

800.831.6692 Toll Free

252.261.6900 Local

252.256.2018 Cell

252.261.6899 Fax

Town considers plant, building heights

Kill Devil Hills continues to investigate two issues that may have an impact on future development along the oceanfront and between the two main highways - N.C 12 and U.S. 158, which are also known as Virginia Dare Trail and Croatan Highway, respectively.

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Foreman addresses League of Women Voters

Kathy Foreman, District 1 Administrator of Guardian ad Litem Services, made a presentation to the League of Women Voters of Currituck County on Oct. 8 at the Currituck County Library.

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Republican Women to meet Oct. 22

On Thursday, Oct. 8, a group of 18 enthusiastic women and one man met in Kill Devil Hills to make important decisions about the newest Republican Woman's organization.

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Senator tells CRC mistake made in legislation

When the North Carolina Coastal Resources Commission (CRC) convenes in Atlantic Beach this week, on the agenda will be discussion about a feasibility study of the use of terminal groins as erosion control devices.

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Former police chief arrested

Francis Thomas D'Ambra, former Manteo police chief, was arrested Saturday, Oct. 10, and charged with impersonating a law-enforcement officer.

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Asian black tiger shrimp?

Madge Williams is storing a nine-inch shrimp in her freezer at Hobo Seafood in Swan Quarter until scientists confirm that it is an Asian black tiger shrimp, a species native to the West Pacific.

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Police seeking public's help

The Town of Nags Head Police Department is seeking information regarding recent crimes in and around Village at Nags Head.

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Homeowners association takes legal action

The Sandpiper Cay Condominium Owners Association Inc. has filed a civil suit against its former president, property manager and management company - Douglas Seay, Susan Seay and Sandpiper Management Co., respectively.

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Accused attorney: He, too, was victim

Editor's note: This is the third of a three-part series about how millions of dollars were stolen from Bank of America, development investors and bank depositors. The result has been multiple lawsuits and an ongoing investigation by the Federal Bureau of Investigation.

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Fire destroys fishing boat

The Colington Fire Department responded to a boat fire in the water behind a residence on Club View Court in the Colington Harbour sub-division just after 8:30 a.m. on Wednesday, Oct. 21.

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Sentinel continues to ask for documents

The Town of Kill Devil Hills continues to withhold what appear to be public documents and has not responded to a suggestion that if there is concern on the part of the public officials, that they join with the Sentinel to ask for an in camera review by a judge to determine if the requested documents should be released to the public.

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FW: Miles of smiles

A sea of dentists and their assistants helped around 1,000 area residents as Dare County hosted one of the largest free dental clinics in the state last Friday and Saturday at the Youth Center and Family Recreation Park in Kill Devil Hills.

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Islanders continue planning for farmers' market

Coastal Harvesters president Joanne Throne briefed Hatteras Island residents Wednesday on progress the non-profit group has made in organizing a farmers' market on the island.

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Oyster restoration projects provide jobs

Although construction has dwindled on the Outer Banks, offshore in the sound there is some serious building going on.

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Block drafts to cut home heating costs

Heating fuel prices are down, but now that there's a nip in the air, you could be discovering all the air leaks in your home.

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Fundraising training offered for area nonprofits

The Duke Nonprofit Management Training program is offering the class "Grassroots Fundraising" with instructor Ruth Peebles beginning at 9 a.m. on Thursday, Nov.10 at The Nature Conservancy offices at Nags Head Woods.

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Town considers plant, building heights


Kill Devil Hills continues to investigate two issues that may have an impact on future development along the oceanfront and between the two main highways - N.C 12 and U.S. 158, which are also known as Virginia Dare Trail and Croatan Highway, respectively.

View article...



RE/MAX Ocean Realty

Michael Lancsek, Broker

2503 N. Croatan Hwy.

Kill Devil Hills, NC 27948

Ph: 888-OBX-OF-NC (629-6362)

Fax: 877-590-6800

Agents: 252-480-4425

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Extended Homebuyer Tax Credit - Outer Banks Real Estate


updated 6:56 p.m. ET, Wed., Oct . 28, 2009

WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, said a congressional aide, who spoke on condition of anonymity because he was not authorized to publicly discuss the deal.

Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash.

Senators in both political parties were hoping to add both tax provisions to a bill that would give people running out of unemployment insurance benefits up to 20 more weeks of federal aid. The Senate could vote on the overall bill as early as Thursday, but lawmakers were still haggling over several unrelated amendments Wednesday evening.

Thursday, October 29, 2009

Home Buying Outer Banks - Tax Credit Update

By Dawn Kopecki and Ryan Donmoyer

Oct. 27 (Bloomberg) -- U.S. Senate leaders moved closer to an agreement replacing an expiring $8,000 tax credit for first- time homebuyers with a smaller one that would expand access to so-called step-up purchasers, two people familiar with the matter said.
The deal would reduce the size of the tax credit to 10 percent of the sale’s price, capped at $7,290, the people said. The credit would be available on home purchases that are under contract by April 30, and borrowers would have 60 days more to close the sale. The existing credit is due to end Nov. 30.
The new agreement, which is still being negotiated and may change, would grant the credit to borrowers who have lived in their current home for at least five years. Lawmakers want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.
The demand for new homes and condominiums may increase by “more than two times because you’re allowing step-up buyers into the equation,” said Andrew Parmentier, a managing partner at Height Analytics, a research firm in Washington. “ You just opened up a whole new pool of people who can buy into those empty homes and empty condos that were built out.”
The income eligibility for first-time homebuyers would remain the same at $75,000 for individuals and $150,000 for couples. The income criteria for step-up buyers would be $125,000 for individuals and $250,000 for couples. The credit would be limited to homes costing $800,000 or less. There is currently no price cap on home purchases.