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.
Showing posts with label raleigh nc real estate. Show all posts
Showing posts with label raleigh nc real estate. Show all posts
Thursday, September 10, 2009
Tuesday, July 28, 2009
Raleigh Real Estate Jumped 11% in June From May
Story By The Wall Street Journal
Raleigh real estate soared in June from the previous month, the third increase in a row and supplying fresh evidence the housing market is beginning to recover from its long crisis.
Sales of single-family homes increased by 11.0% to a seasonally adjusted annual rate of 384,000 compared to the prior month. Though, year-over-year, new-home sales were 21.3% lower than the level in June 2008.
The median price for new Chapel Hill homes was $206,200 in June, down 12.0% from $234,300 in June 2008. On a monthly basis, the price fell from May 2009's $219,000.
The increase was the fourth in six months, as buyers take advantage of falling prices. It appears new-home sales reached a bottom in January, at a level of 329,000, and that the market is beginning to recover slowly. The level of 384,000 in June was the highest since 390,000 last November.
Raleigh real estate new home construction unexpectedly rose in June. Housing starts increased 3.6% to a seasonally adjusted 582,000 annual rate compared to the prior month. The starts data also showed building permits surged, and single-family starts made their biggest climb in four years.
May new-home sales for Chapel Hill homes rose 2.4% to an annual rate to 346,000, Monday's data showed. Originally, May sales fell, sliding 0.6% to 342,000. April sales climbed 1.8%.
A recovery of the housing market will be slow. New homes are in competition with used homes, which are cheaper these days because of foreclosures.
Prices are down because of too much supply. The ratio of houses for sale to houses sold in June was 8.8. But inventories are shrinking. The ratio was 10.2 in May. At the end of June, there were an estimated 281,000 homes for sale. That's below 293,000 for sale at the end of May.
Cheaper prices and historically low mortgage rates are offsetting tight credit and a high unemployment rate. Another lure, for first-time buyers, is a government tax credit.
Regionally last month, new-home sales rose 29.2% in the Northeast, 43.1% in the Midwest, and 22.6% in the West. Sales in the South were down 5.3%.
An estimated 36,000 homes were actually sold in June, up from 33,000 in May, based on figures not seasonally adjusted.
Even real estate and property sales at unique offerings like Raleigh retirement communities are increasing.
If you're considering relocating to Raleigh NC, buying or building a new home in Raleigh-Cary-Durham-Chapel Hill NC or finding a Raleigh retirement community, 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.
Raleigh real estate soared in June from the previous month, the third increase in a row and supplying fresh evidence the housing market is beginning to recover from its long crisis.
Sales of single-family homes increased by 11.0% to a seasonally adjusted annual rate of 384,000 compared to the prior month. Though, year-over-year, new-home sales were 21.3% lower than the level in June 2008.
The median price for new Chapel Hill homes was $206,200 in June, down 12.0% from $234,300 in June 2008. On a monthly basis, the price fell from May 2009's $219,000.
The increase was the fourth in six months, as buyers take advantage of falling prices. It appears new-home sales reached a bottom in January, at a level of 329,000, and that the market is beginning to recover slowly. The level of 384,000 in June was the highest since 390,000 last November.
Raleigh real estate new home construction unexpectedly rose in June. Housing starts increased 3.6% to a seasonally adjusted 582,000 annual rate compared to the prior month. The starts data also showed building permits surged, and single-family starts made their biggest climb in four years.
May new-home sales for Chapel Hill homes rose 2.4% to an annual rate to 346,000, Monday's data showed. Originally, May sales fell, sliding 0.6% to 342,000. April sales climbed 1.8%.
A recovery of the housing market will be slow. New homes are in competition with used homes, which are cheaper these days because of foreclosures.
Prices are down because of too much supply. The ratio of houses for sale to houses sold in June was 8.8. But inventories are shrinking. The ratio was 10.2 in May. At the end of June, there were an estimated 281,000 homes for sale. That's below 293,000 for sale at the end of May.
Cheaper prices and historically low mortgage rates are offsetting tight credit and a high unemployment rate. Another lure, for first-time buyers, is a government tax credit.
Regionally last month, new-home sales rose 29.2% in the Northeast, 43.1% in the Midwest, and 22.6% in the West. Sales in the South were down 5.3%.
An estimated 36,000 homes were actually sold in June, up from 33,000 in May, based on figures not seasonally adjusted.
Even real estate and property sales at unique offerings like Raleigh retirement communities are increasing.
If you're considering relocating to Raleigh NC, buying or building a new home in Raleigh-Cary-Durham-Chapel Hill NC or finding a Raleigh retirement community, 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.
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