Triangle area mortgage rates are once again below five percent

For the past few weeks, mortgage interest rates were back up again past 5 percent.  However, with the weak economy rates, they have once again dropped below the 5 percent mark. The 30-year fixed rate mortgage averaged 4.95 percent last week which was down slightly from the 5 percent the week before. The 15-year fixed rate mortgage also saw a decline to 4.22 percent which is down from 4.27 percent the week before according to Freddie Mac.

The Case Shiller home-price index report recently showed that the median price of homes in the

United States fell one percent the month of December and were down a total of 2.4 percent from a year earlier.  Charlotte saw home prices fall more than the national average with a 4.4 percent decrease in 2010. The Raleigh and Durham areas had only a .7 percent decrease from November to December.

Mortgage interest rates once again below 5 percent, have caused a jump in mortgage applications. There was a 13 percent rise alone last week in mortgage applications according to the Mortgage Bankers Association, and refinance applications on existing mortgages jumped 18 percent.

If you are looking to buy or sell a home in the Triangle area contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

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A little bit of Beverly Hills headed to the Raleigh area

A little bit of Beverly Hills is headed to the Raleigh area. The Quorum Center building which opened in 2006 in Downtown Raleigh is headed to the auction block. The building is 15 stories tall and houses office and retail space along with a total of 37 luxury condos. Owners of the building have hired the well known Beverly Hills auction firm, Kennedy Wilson, to help sell the remaining luxurious condos next month. The Quorum Center building is on the southeast corner of the intersection of West Jones Street and North Harrington Street.

The closeout of the units will begin on March 20 with starting bids ranging anywhere from $120,000 to $325,000. Previously, these condos were priced anywhere from $336,394 to $1.1 million.

At this time the auction is slated to begin at 2:00 p.m. at the Raleigh Marriott City Center Hotel and last about an hour. The hotel is located on Fayetteville Street in Downtown Raleigh. The event is expected to draw a large crowd, and you are encouraged to arrive no later than 12:30 p.m. If you are new to these types of auctions, Kennedy Wilson will be hosting a free “How to Buy” seminar on March 13 at the Residences at Quorum auction information office, 323 West Jones St., Unit 1245, Raleigh, at 2:00 p.m.

If you are looking to buy or sell a home in the Triangle area contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

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Foreclosure Rate In The Triangle Area Fares Better Than Other Major Metropolitan Areas

When the recession hit and the housing market bottomed out ,many Americans were left in a position that made it difficult to pay their mortgages, and foreclosure rates skyrocketed. Both the Raleigh-Cary and Durham areas saw an increase in foreclosures for 2010. However, the Triangle area is faring better than many other parts of the country. Realty Trac studied 206 markets and Raleigh-Cary posted the 70th lowest rate and Durham posted the 22nd lowest foreclosure rate.

Realty Trac recently released a report that showed that there were 5,359 pieces of property in the Raleigh-Cary area that received at least one foreclosure filing during 2010. Unfortunately, that number is up over 25% from 2009 in the Raleigh-Cary area. The numbers for 2009 show that 1.21 percent of residential properties in the Raleigh-Cary area, which makes up Wake, Johnston, and Franklin, received at least one foreclosure filing. The Durham area saw foreclosure filings rise by 13.62 percent with 1,318 homes receiving at least one foreclosure filing. That is only .61 percent of homes in the overall Durham area facing foreclosure. The good news is that the number is actually down 35% compared to the year 2008.

If you are looking to buy or sell a home in the Triangle area contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert and has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and weather a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.

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