Update provided by JD Terry Mortgage Banker East Carolina Bank Mortgage Phone: 910-431-6082 Fax: 910-799-7091 James.Terry@ecbbancorp.com www.JDTerry.com

Fed Cuts Rates by 3/4 Point In Bid to Calm Markets!!
The announcement came at 8:20 am New York time […]

I hope you enjoy the following “By the Number$” summary provided by mortgage consultants Eleanor and Steve Thorne. If you or someone you know needs help with home financing, give them a call at 919.649.5057.
1) THE WHITE HOUSE AND WALL STREET - A presidential election will be held next year on 11/04/08. […]

In the midst of a mortgage meltdown, the Fed cut rates today to 4.75% from 5.25%. This cut was the first since June 2003 and is being seen by many as acknowledgment from the central bank that the mortgage meltdown may have negative effects on the economy.
“The tightening of credit conditions has the […]

Following national trends, home prices for Q2 in the Wilmington area are up compared to last year while overall sales are down. In New Hanover County, 1152 homes sold between April 1 - June 30, down 23% from 2006.
Nationally home sales slid 10.8 percent; North Carolina as a whole slid just 4.5%, according to a […]

Forbes last week reported “troubling trends” in the national housing market. The national inventory rose 5.0% at the end of May, to 4.43 million, which puts the US total inventory level at 8.9 months.
Locally, the inventory level for Wilmington (New Hanover County excluding the beaches) rose 8.0% in the last 30 days, to 2651 […]

For a second there, it looked like New Hanover County’s absorption rate jumped to over 50%. Is this an early sign of a changing market? Unfortunately no. After digging deeper, we discovered the recent hike was a reflection of increased expired and withdrawn listings rather than sales. Here are the expired and […]

Wilmington’s absorption rate increased to 42% in May, a 33% increase from last month! The hike in sales is consistent with increases experienced during this time in previous years- most likely due to seasonal trends. What’s exciting is our inventory level dropped to 7.7 months, a sign that our market is still as healthy as […]

Well, activity sure feels like it’s up, especially with well-priced homes. The key for home owners is not to sell unless you have to. And if you do have to, try to be as realistic about the price of your home as possible. Look at what’s selling in your neighborhood compared to what’s sitting. If […]

March had a 37% absorption rate, much lower than March of previous years. What’s interesting is the absorption rate increased from February to March of this year whereas it decreased from February to March in previous years. We’re on the edge of our seats to see how April’s numbers shape up!
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February had a 30% absorption rate, much lower than previous months. This signifies a strong buyers’ market with growing inventory. New Hanover County including the beaches has over 16 months of listing inventory available. When excluding the beaches, Wilmington alone has just over 13 months of inventory. This is a great time to buy!
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