By The Associated Press
RALEIGH, N.C. — North Carolina consumers soon will have new protections from Raleigh real estate foreclosures and intimidating debt collection practices.
Gov. Beverly Perdue on Wednesday signed into law a bill approved by the Legislature last month and backed by Attorney General Roy Cooper.
Once the new law takes effect next month, it will allow a clerk of court to postpone Raleigh real estate foreclosure hearings for up to 60 days to allow a homeowner more time to work out a payment plan with the mortgage holder and remain in their home.
During this recession, thousands of North Carolinians have lost their homes because of foreclosure. When Raleigh NC real estate is foreclosed it's bad for our Raleigh families, it's bad for our Raleigh communities, it's bad for our Raleigh businesses and it's bad for the entire state North Carolina. This bill makes it easier for homeowners to work out a deal with their lenders and avoid foreclosure.
The bill also sets out new rules for companies that attempt to collect from consumers on old debts from credit cards or other unpaid bills.
The law extends regulation to debt buyers, who Cooper said have engaged in overly aggressive debt collecting practices.
Debt buyers pay credit card companies, hospitals and others a fraction of the full amount due on unpaid accounts, then work at forcing debtors to pay up. The state law extends debt-collection regulations to cover the law firms that often file lawsuits to collect the cash. Critics say debt buyers often pursue collection even when it is barred by law, such as when the debt is discharged after bankruptcy or has lingered beyond the legal collection deadline.
Beginning next month, debt buyers who try to collect on a debt that they should reasonably know is blocked by a statute of limitations could face lawsuits and civil penalties of up to $4,000 per violation.
The state law also will require debt collectors to provide documents proving they own the accounts they're trying to collect. Taking a Raleigh NC real estate debtor to court will require records including the original account number of the debt, the name of the original creditor, and an itemization of charges and fees the current creditor claims is owed.
Thursday, September 10, 2009
Friday, September 4, 2009
First Time Homebuyer Program
Many Americans are about to close on the sale of their new home to officially become a homeowner for the first time.
Americans are taking advantage of the federal first time homebuyers program, before it runs out.
It definitely gives Americans the ambition to keep on everybody because buying a home is such a long process. You have to jump through so many hoops.
Ann Davis of FORHomeBuyers, Inc., says, "To meet the deadline, you must close on the sale of your home by November 30th". Ann Davis is a top buyers agent in the Raleigh real estate market.
To do that, Davis recommends that you have a contract in place by the end of September.
She says that should give you enough time and some extra, to make sure everything that leads up to the closing, gets done.
There are contingencies such as the home inspection contingency that needs to be performed and making sure you have mortgage in place which usually takes a couple of weeks.
The first time home buyer credit is available for homes bought on or after January 1st of this year.
To qualify, if you're single, you must make less than $75,000 a year.
If you're married, it's a combined income of less than $150,000.
The credit is a maximum of $8,000 or 10% of the home's purchase price.
To get the first time home buyer's tax credit, all you need to do is file for it on your federal income tax return.
FORHomeBUYERS, Inc., offers Exclusive Buyer Only Raleigh Real Estate Services.
Are you considering relocating to Raleigh NC, buying or building a new home in Raleigh-Cary-Durham-Chapel Hill NC or anywhere in the Triangle area of North Carolina? FOR HomeBUYERS, Inc., a leading Raleigh real estate agency and Exclusive Buyer Real Estate Agency in Raleigh will represent YOU 100% throughout the entire home buying or home building process.
As an 18 year old Raleigh Real Estate Agency we have Exclusive Buyer Only Real Estate Agents who serve Raleigh, Durham, Cary, Apex, Chapel Hill, Garner, Holly Springs, Fuquay Varina, Wake Forest, Knightdale, Wendell, Zebulon, Hillsborough, Clayton, Wake County, Durham County, Orange County, Chatham County, Johnston County, North Carolina (NC).
Tuesday, September 1, 2009
Pending U.S. home sales jump in July
By The Charlotte Business Journal
First-time buyers of Chapel Hill homes kept pending home sales climbing for the sixth consecutive month in July, according to the National Association of Realtors.
The group’s Pending Home Sales Index jumped 3.2 percent in July to 97.6. The index is 12 percent higher than in July 2008.
The recovery is broad-based across the Raleigh real estate market and across most of North Carolina. Housing affordability has been at record highs this year with the added stimulus of a first-time-buyer tax credit.
The index was up in the South and West but declined in the Midwest and Northeast.
The NAR’s Housing Affordability Index for July was 158.5, up 36 points year over year.
Raleigh real estate sales will likely drop in next year’s first quarter if the tax credit isn’t extended.
However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010.
Existing-home sales figures for August will be released Sept. 24, and the Pending Homes Sales Index for the month will be released Oct. 1, the association says.
First-time buyers of Chapel Hill homes kept pending home sales climbing for the sixth consecutive month in July, according to the National Association of Realtors.
The group’s Pending Home Sales Index jumped 3.2 percent in July to 97.6. The index is 12 percent higher than in July 2008.
The recovery is broad-based across the Raleigh real estate market and across most of North Carolina. Housing affordability has been at record highs this year with the added stimulus of a first-time-buyer tax credit.
The index was up in the South and West but declined in the Midwest and Northeast.
The NAR’s Housing Affordability Index for July was 158.5, up 36 points year over year.
Raleigh real estate sales will likely drop in next year’s first quarter if the tax credit isn’t extended.
However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010.
Existing-home sales figures for August will be released Sept. 24, and the Pending Homes Sales Index for the month will be released Oct. 1, the association says.
CUs Foreclosing on Fewer Homes Than Banks and Not as Quickly
By The Credit Union Times
In general, credit unions appear to be foreclosing on a smaller percentage of their mortgage loans than other financial institutions and are usually taking longer to do it, according to credit union executives and NCUA data.
An organization that bills itself as the “leading online marketplace of foreclosure properties,” reported that foreclosures nationwide rose 7% in July over the previous month and were 32% over what they had been a year before. The worse states for home foreclosures were, as they have been for months, California, Florida, Arizona and Nevada. However, Utah, Idaho, Georgia, Illinois, Colorado and Oregon were also high in the firm’s rankings.
July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity. Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions.
Credit unions have been part of this trend, but in a more deliberate manner, according to NCUA data and credit union executives.
According to the NCUA, the ratio among all federally insured credit unions for fixed-rate and hybrid balloon first mortgages that were two months delinquent, as of March, was 0.9% and the ratio for adjustable-rate first mortgages that were more than two months delinquent was 2.18%. Both numbers suggested that the rate of credit union mortgage loans that eventually wind up in foreclosure will remain extremely low relative to the overall housing and foreclosure picture. But, credit union executives pointed out that foreclosure rates are running at historic highs for their institutions.
No doubt our foreclosures on Chapel Hill homes have been lower than that the nation overall, but certainly higher than we are used to. Part of that is because we did not make the same sorts of risky, novelty loans that got so many homeowners and their lenders in trouble, so we haven’t had as many loans go bad.
But also observed that the foreclosure spike could be seen as an overall necessary evil for the real estate market overall.
The increase on foreclosures on Winston Salem Homes is not all bad news to the extent that it represents a reviving housing market.
Lenders are slower to foreclose when housing prices are in the dumps, and they calculate they will have to hold the properties for longer. If a market starts to rise, they might foreclose faster in order to move the foreclosed property back into a more profitable situation more quickly.
With a more or less nationwide field of membership and as the largest credit union mortgage originator and servicer, Navy Federal provides a unique window on the state of credit union foreclosures, since it had borrowers in markets hard hit by the economic downturn and ones that have had it relatively easier.
According to Navy Federal’s June 2009 report to NCUA, the credit union had a delinquency rate of 0.88% for fixed-rate first mortgages and 3.08% for adjustable rate mortgages. In addition, the credit union had almost $495 million worth of foreclosed real estate on its books.
In addition to better loans to begin with,the Navy’s ability to work with borrowers on loans still on its books as helping to keep the foreclosure numbers down. The Navy Federal has about 50% of the loans it originates on its books and has sold about 50% to the secondary market.
The credit union has not yet begun to participate in the Making Home Affordable program, but they have until the end of the year to formally participate.
Instead, Navy Federal has been working one-on-one with borrowers to determine which parameters of their loans can be modified to bring them back, if possible, to a number they can afford. Nobody wants to foreclose, he observed.
According to the credit union’s June Raleigh real estate report to NCUA, SECU holds more than $366 million in foreclosed real estate, up from over $327 million in June of last year.
The SECU’s foreclosure picture is often clouded by the number of times it may be the first mortgage holder in a situation where the borrower has taken a second mortgage with another lender.
Every modification situation that succeeds is going to be different, and none of the ones that fail will fail for precisely the same reason.
Once it’s clear that SECU will foreclose on a property, the credit union moves swiftly to place it with real estate agents who know the community and have experience staging and selling foreclosed properties.
They don’t want to have to hold on to these places any longer than we have to. That’s why foreclosures are pretty much a lose-lose circumstance–because we have a property we don’t want to have and the borrower has a property that a lot of the time, they still want to have.
Somewhat surprisingly, the small measure of good news in the foreclosure situation may be coming from Florida, one of the hardest hit states.
What people forget is that the foreclosure and real estate crisis started down here faster than it did in the rest of the country, so we are pretty much burned through our problem real estate already.
In general, credit unions appear to be foreclosing on a smaller percentage of their mortgage loans than other financial institutions and are usually taking longer to do it, according to credit union executives and NCUA data.
An organization that bills itself as the “leading online marketplace of foreclosure properties,” reported that foreclosures nationwide rose 7% in July over the previous month and were 32% over what they had been a year before. The worse states for home foreclosures were, as they have been for months, California, Florida, Arizona and Nevada. However, Utah, Idaho, Georgia, Illinois, Colorado and Oregon were also high in the firm’s rankings.July marks the third time in the last five months where we’ve seen a new record set for foreclosure activity. Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we’re seeing significant growth in both the initial notices of default and in the bank repossessions.
Credit unions have been part of this trend, but in a more deliberate manner, according to NCUA data and credit union executives.
According to the NCUA, the ratio among all federally insured credit unions for fixed-rate and hybrid balloon first mortgages that were two months delinquent, as of March, was 0.9% and the ratio for adjustable-rate first mortgages that were more than two months delinquent was 2.18%. Both numbers suggested that the rate of credit union mortgage loans that eventually wind up in foreclosure will remain extremely low relative to the overall housing and foreclosure picture. But, credit union executives pointed out that foreclosure rates are running at historic highs for their institutions.
No doubt our foreclosures on Chapel Hill homes have been lower than that the nation overall, but certainly higher than we are used to. Part of that is because we did not make the same sorts of risky, novelty loans that got so many homeowners and their lenders in trouble, so we haven’t had as many loans go bad.
But also observed that the foreclosure spike could be seen as an overall necessary evil for the real estate market overall.
The increase on foreclosures on Winston Salem Homes is not all bad news to the extent that it represents a reviving housing market.
Lenders are slower to foreclose when housing prices are in the dumps, and they calculate they will have to hold the properties for longer. If a market starts to rise, they might foreclose faster in order to move the foreclosed property back into a more profitable situation more quickly.
With a more or less nationwide field of membership and as the largest credit union mortgage originator and servicer, Navy Federal provides a unique window on the state of credit union foreclosures, since it had borrowers in markets hard hit by the economic downturn and ones that have had it relatively easier.
According to Navy Federal’s June 2009 report to NCUA, the credit union had a delinquency rate of 0.88% for fixed-rate first mortgages and 3.08% for adjustable rate mortgages. In addition, the credit union had almost $495 million worth of foreclosed real estate on its books.
In addition to better loans to begin with,the Navy’s ability to work with borrowers on loans still on its books as helping to keep the foreclosure numbers down. The Navy Federal has about 50% of the loans it originates on its books and has sold about 50% to the secondary market.
The credit union has not yet begun to participate in the Making Home Affordable program, but they have until the end of the year to formally participate.
Instead, Navy Federal has been working one-on-one with borrowers to determine which parameters of their loans can be modified to bring them back, if possible, to a number they can afford. Nobody wants to foreclose, he observed.
According to the credit union’s June Raleigh real estate report to NCUA, SECU holds more than $366 million in foreclosed real estate, up from over $327 million in June of last year.
The SECU’s foreclosure picture is often clouded by the number of times it may be the first mortgage holder in a situation where the borrower has taken a second mortgage with another lender.
Every modification situation that succeeds is going to be different, and none of the ones that fail will fail for precisely the same reason.
Once it’s clear that SECU will foreclose on a property, the credit union moves swiftly to place it with real estate agents who know the community and have experience staging and selling foreclosed properties.
They don’t want to have to hold on to these places any longer than we have to. That’s why foreclosures are pretty much a lose-lose circumstance–because we have a property we don’t want to have and the borrower has a property that a lot of the time, they still want to have.
Somewhat surprisingly, the small measure of good news in the foreclosure situation may be coming from Florida, one of the hardest hit states.
What people forget is that the foreclosure and real estate crisis started down here faster than it did in the rest of the country, so we are pretty much burned through our problem real estate already.
Thursday, August 27, 2009
Busy time for homebuilders
By The Wall Street Journal
WASHINGTON -- At least the market for new Wilson NC homes isn't getting worse, and that's the first step to getting better.
In fact, the overall economy is getting a small boost as more buyers walk into model houses ready to sign contracts and builders hire workers to pour foundations and pave roads.
Construction of single-family Chapel Hill homes rose in July for the fifth straight month, edging up almost 2 percent to the highest level since October, the government said Tuesday. Building permits climbed nearly 6 percent.
Each new Wilson NC home, Vacation homes Atlantic Beach NC and Chapel Hill Home built creates about three jobs, on average, and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders.
With new construction up 37 percent from its low point this winter, the industry is expected to help the overall economy this quarter for the first time in 3-1/2 years.
"Housing is no longer a drag," said Mark Vitner, a senior economist with Wells Fargo. "That's a good thing."
Of course, the housing industry is coming back from the worst recession since the Great Depression, and construction is still more than 70 percent lower than at its 2006 peak. So the effect of hiring and spending on materials such as wood and concrete is modest.
In addition, hammers are silent at construction sites for apartment buildings. For developers, it makes little sense to build when there are so many vacant homes and condominiums for rent. Apartment construction fell 13 percent from June to July.
That pulled the combined construction rate for homes and apartments down 1 percent to a seasonally adjusted annual rate of 581,000 units, from 587,000 in June. Economists polled by Thomson Reuters expected 600,000.
There are still several threats to the recovery of the U.S. housing market.
The unemployment rate, now 9.4 percent, could exceed 10 percent, leaving more homeowners unable to pay their mortgages. Interest rates are still at historic lows but could rise, making homes less affordable. Foreclosures are still at record highs.
And July was the last month that most builders could start new homes and have first-time buyers qualify for a new tax credit. Buyers can save 10 percent on the price of a home, up to $8,000 in taxes, if they complete the purchase by the end of November.
Builders and real estate agents are pressuring Congress for that credit to be extended. If it isn't, sales could easily slump.
One of the reasons for the purchase was Centex's focus on more affordable homes. Since the housing bubble burst, many builders have shifted to smaller houses, Assisted living raleigh and Assisted Living Dearborn, which can be sold at lower prices.
WASHINGTON -- At least the market for new Wilson NC homes isn't getting worse, and that's the first step to getting better.In fact, the overall economy is getting a small boost as more buyers walk into model houses ready to sign contracts and builders hire workers to pour foundations and pave roads.
Construction of single-family Chapel Hill homes rose in July for the fifth straight month, edging up almost 2 percent to the highest level since October, the government said Tuesday. Building permits climbed nearly 6 percent.
Each new Wilson NC home, Vacation homes Atlantic Beach NC and Chapel Hill Home built creates about three jobs, on average, and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders.
With new construction up 37 percent from its low point this winter, the industry is expected to help the overall economy this quarter for the first time in 3-1/2 years.
"Housing is no longer a drag," said Mark Vitner, a senior economist with Wells Fargo. "That's a good thing."
Of course, the housing industry is coming back from the worst recession since the Great Depression, and construction is still more than 70 percent lower than at its 2006 peak. So the effect of hiring and spending on materials such as wood and concrete is modest.
In addition, hammers are silent at construction sites for apartment buildings. For developers, it makes little sense to build when there are so many vacant homes and condominiums for rent. Apartment construction fell 13 percent from June to July.
That pulled the combined construction rate for homes and apartments down 1 percent to a seasonally adjusted annual rate of 581,000 units, from 587,000 in June. Economists polled by Thomson Reuters expected 600,000.
There are still several threats to the recovery of the U.S. housing market.
The unemployment rate, now 9.4 percent, could exceed 10 percent, leaving more homeowners unable to pay their mortgages. Interest rates are still at historic lows but could rise, making homes less affordable. Foreclosures are still at record highs.
And July was the last month that most builders could start new homes and have first-time buyers qualify for a new tax credit. Buyers can save 10 percent on the price of a home, up to $8,000 in taxes, if they complete the purchase by the end of November.
Builders and real estate agents are pressuring Congress for that credit to be extended. If it isn't, sales could easily slump.
One of the reasons for the purchase was Centex's focus on more affordable homes. Since the housing bubble burst, many builders have shifted to smaller houses, Assisted living raleigh and Assisted Living Dearborn, which can be sold at lower prices.
Wednesday, August 26, 2009
Home Prices Show More Signs of Life
Raleigh real estate and Durham real estate real estate, Home prices rose again in the year's second quarter, but economists say it's too soon to call it a turning point for the beleaguered sector.
Apex real estate prices increased 0.4 percent from May to June after increasing 0.2 percent from April to May.
Prices, however, are still down significantly -- 11.9 percent -- when compared with June 2008.
For national home prices, the substantial 15.4 percent drop in June from a year earlier was the smallest decline since April 2008.
The gains are the first two consecutive quarterly increases in three years, although prices are at the same level as early 2003.
Adding to that momentum is rising consumer confidence. The New York-based Conference Board's Consumer Confidence Index reported Tuesday that confidence in August had rebounded from July because consumers became less concerned about the job outlook.
Home Price Indices measure the residential housing market by tracking changes in home values using repeat sales of existing homes.
Existing-home sales also show an upward trend this year, as the National Association of Realtors on Aug. 21 reported increases for four months in a row for the first time in five years.
In the Northeast, existing-home sales climbed 13 percent in July, the biggest gain of any of the four regions. However the median price was down 15 percent from a year ago because of the increase in foreclosed homes, which NAR said typically sell for 15 percent to 20 percent less than other homes.
Raleigh real estate, Durham real estate and Chapel Hill real estate also is seeing the upward trend in month-over-month statistics.
The median price of homes sold edged up to $430,000 in June from $429,000 in May, and the number of homes sold rose 51 percent in the same time period.
When comparing June prices with June 2008, however, prices and volume were down. A year ago, the median price was $515,000 and 23 more homes were sold during the month.
Sellers understand the over-inflation of prices that took place in 2004 to 2006, so the correction has already taken place.
That while drops in prices have varied across Bergen County, prices have fallen an average of 10 percent since 2005. That's opened up homeownership to a lot more people.
Realtors report increased sales and interest in homes priced at less than $500,000, which is considered lower end for the county. They also report a "strong demand" for homes in foreclosures. While the distressed prices hurt sales, they help reduce inventory.
The tone of the market has definitely shifted, but even with the pronounced rise in foreclosures, prices moved marginally upward. And that's a positive.
The U.S. Department of Commerce will release new-home sales figures today.
Apex real estate prices increased 0.4 percent from May to June after increasing 0.2 percent from April to May.
Prices, however, are still down significantly -- 11.9 percent -- when compared with June 2008.For national home prices, the substantial 15.4 percent drop in June from a year earlier was the smallest decline since April 2008.
The gains are the first two consecutive quarterly increases in three years, although prices are at the same level as early 2003.
Adding to that momentum is rising consumer confidence. The New York-based Conference Board's Consumer Confidence Index reported Tuesday that confidence in August had rebounded from July because consumers became less concerned about the job outlook.
Home Price Indices measure the residential housing market by tracking changes in home values using repeat sales of existing homes.
Existing-home sales also show an upward trend this year, as the National Association of Realtors on Aug. 21 reported increases for four months in a row for the first time in five years.
In the Northeast, existing-home sales climbed 13 percent in July, the biggest gain of any of the four regions. However the median price was down 15 percent from a year ago because of the increase in foreclosed homes, which NAR said typically sell for 15 percent to 20 percent less than other homes.
Raleigh real estate, Durham real estate and Chapel Hill real estate also is seeing the upward trend in month-over-month statistics.
The median price of homes sold edged up to $430,000 in June from $429,000 in May, and the number of homes sold rose 51 percent in the same time period.
When comparing June prices with June 2008, however, prices and volume were down. A year ago, the median price was $515,000 and 23 more homes were sold during the month.
Sellers understand the over-inflation of prices that took place in 2004 to 2006, so the correction has already taken place.
That while drops in prices have varied across Bergen County, prices have fallen an average of 10 percent since 2005. That's opened up homeownership to a lot more people.
Realtors report increased sales and interest in homes priced at less than $500,000, which is considered lower end for the county. They also report a "strong demand" for homes in foreclosures. While the distressed prices hurt sales, they help reduce inventory.
The tone of the market has definitely shifted, but even with the pronounced rise in foreclosures, prices moved marginally upward. And that's a positive.
The U.S. Department of Commerce will release new-home sales figures today.
Monday, August 24, 2009
MLS: Triangle home sales heat up in July
Published By Triangle Business Journal
While the number of new and existing homes sold in the Triangle declined year-over-year in July, it was the best month so far in 2009 – and perhaps a sign that the residential real estate market is beginning to thaw.
According to the July Raleigh real estate report from Triangle Multiple Listing Service Inc., 2,337 homes were sold during July in the Triangle, down 8.5 percent from the 2,553 homes sold in July 2008 but a vast improvement over the 21 percent decline posted in June, when 2,211 homes were sold.
Year to date, the number of home sales in the Triangle are down 25 percent.
The total dollar volume of homes sold in July was down 12.2 percent from the year prior, to $536.3 million.
Much of the decline in home sales in the Triangle area is not related to demand. Many buyers are experience problems at the closing table. Home lenders are changing the terms of the loan prior to the closing, as many banks are hesitant to approve new home loans.
Ann Davis, founder of FORHomeBUYERS and a leading buyers agent in the RTP area reports that relationships and experience with local banks, credit unions and other Triangle home lenders are critical in today's market.
"We have direct contacts and many years of working experience designing custom home loans that work for all parties."
"Our clients' can use our experience to side-step many issues related to their credit rating and FICO scores and proceed smoothly through the entire closing process, says Ann Davis."
The median sales price of a home sold in the Triangle was down 1.8 percent in July, to $186,500, from $190,000 the year prior.
The number of new listings and the inventory of homes for sale also dropped 16 percent and 12.6 percent, respectively.
The Triangle region, as tracked by Triangle MLS, includes Wake real estate, Durham real estate, Orange real estate and Johnston real estate.
Broken down by county, Wake County had 10.5 percent fewer home sales in July compared to the year prior. Durham County had 11 percent fewer home sales. Orange County had 13.3 percent fewer home sales. Johnston County had no change from the year prior, with 206 homes sales in July.
While the number of new and existing homes sold in the Triangle declined year-over-year in July, it was the best month so far in 2009 – and perhaps a sign that the residential real estate market is beginning to thaw.
According to the July Raleigh real estate report from Triangle Multiple Listing Service Inc., 2,337 homes were sold during July in the Triangle, down 8.5 percent from the 2,553 homes sold in July 2008 but a vast improvement over the 21 percent decline posted in June, when 2,211 homes were sold.Year to date, the number of home sales in the Triangle are down 25 percent.
The total dollar volume of homes sold in July was down 12.2 percent from the year prior, to $536.3 million.
Much of the decline in home sales in the Triangle area is not related to demand. Many buyers are experience problems at the closing table. Home lenders are changing the terms of the loan prior to the closing, as many banks are hesitant to approve new home loans.
Ann Davis, founder of FORHomeBUYERS and a leading buyers agent in the RTP area reports that relationships and experience with local banks, credit unions and other Triangle home lenders are critical in today's market.
"We have direct contacts and many years of working experience designing custom home loans that work for all parties."
"Our clients' can use our experience to side-step many issues related to their credit rating and FICO scores and proceed smoothly through the entire closing process, says Ann Davis."
The median sales price of a home sold in the Triangle was down 1.8 percent in July, to $186,500, from $190,000 the year prior.
The number of new listings and the inventory of homes for sale also dropped 16 percent and 12.6 percent, respectively.
The Triangle region, as tracked by Triangle MLS, includes Wake real estate, Durham real estate, Orange real estate and Johnston real estate.
Broken down by county, Wake County had 10.5 percent fewer home sales in July compared to the year prior. Durham County had 11 percent fewer home sales. Orange County had 13.3 percent fewer home sales. Johnston County had no change from the year prior, with 206 homes sales in July.
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