Greenville North Carolina Real Estate News & Listings Presented By Prudential Prime Properties

2730 Barefoot Lane, Winterville 28590

Mon, 30 Jan 2012 18:52:03 GMT

3 Bedroom / 2 Bath with Finished Bonus!

3 bedroom / 2 bath with apprx. 1590 sq ft and finished bonus room
Large finished bonus w/ extra space for a study area or office
Popular plan with cathedral ceilings and heavy moldings
Large kitchen with plenty of cabinetry
Large fenced in back yard with easy access to the park
Sodded front yard
Refrigerator conveys

Call the Brad Smith Team today at 252-347-2723 for your exclusive showing!

2513 Dunwoody Court, Winterville 28590

Mon, 09 Jan 2012 17:59:31 GMT

Lots of Space!

Beautiful 4 bedroom home in Ashley Meadows!
Over 2100 heated sq ft
Large 19.5' x 27.5' recreation/family room
Finished bonus over 2 car garage which could be a 4th bedroom
Laundry room
Whirlpool in the master bath
Split bedroom plan with cathedral ceilings in the great room, kitchen, and master bedroom
Corner culdesac lot

Call the Brad Smith Team today for you exclusive showing at 252-347-2723!

New Construction in Winterville!

Wed, 04 Jan 2012 17:28:43 GMT

New Construction in Laurie Meadows!
Over 1900 heated sq. ft.
Double car garage
Finished bonus w/ full bath over the garage that could be 4th bedroom
Open plan w/ kitchen island
Hardwood flooring in the greatroom, kitchen, and formal dining
Covered rear porch
Stainless appliances
Whirlpool tub in the master bath
Seller to pay $2500 in buyer's closing costs!

Call the Brad Smith Team today at 252-347-2723 for your exclusive showing and for any home listing in the Pitt County area!

1776 Brown Hodges Road, Grifton 28530

Fri, 25 Nov 2011 19:47:52 GMT

Country Living!

3 bedroom and 2 baths triple wide home with approx 1772 heated sq ft.
Large sunroom on the back
Greatroom with fireplace
New roof in 2011
New refrigerator that conveys
Washer and dryer conveys
Detached 2 car carport
Large wired workshop
Privacy lot with trees in the country near Grifton

Call the Brad Smith Team at 252-347-2723 for your exclusive showing today!

4804 Trevvett Circle, Winterville 28590

Fri, 28 Oct 2011 21:13:25 GMT

Amazing Floorplan w/ Pool!

4 bedrooms/3 baths with apprx. 2820 heated sq ft.
downstairs master bedroom
formal dining and formal living w/ hardwoods
large finished bonus room
very private back yard w/ inground pool and pool house
very popular neighborhood in a culdesac setting

Call the Brad Smith Team today at 252-347-2723 for your exclusive showing!

For a Visual Tour of this home click on this link below:

http://www.visualtour.com/showvt.asp?t=2624628

Pending Home Sales Decline in August but Remain Above a Year Ago

Tue, 18 Oct 2011 11:41:00 GMT

Pending Home Sales Decline in August but Remain Above a Year Ago

Washington, DC, September 29, 2011

Pending home sales slipped in August with a mixed regional performance but are higher than a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 1.2 percent to 88.6 in August from 89.7 in July but is 7.7 percent above August 2010 when it stood at 82.3. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said the decline reflects an uneven market. “The biggest monthly decline was in the Northeast, which was significantly disrupted by Hurricane Irene in the closing weekend of August,” he said. “But broadly speaking, contract signing activity has been holding in a narrow range for many months.”

The PHSI in the Northeast fell 5.8 percent to 63.6 in August but is 1.3 percent higher than August 2010. In the Midwest the index declined 3.7 percent to 76.2 in August but is 8.2 percent above a year ago. Pending home sales in the South rose 2.6 percent to an index of 96.9 and are 7.6 percent higher than August 2010. In the West the index declined 2.4 percent to 108.1 in August but is 10.5 percent above a year ago.

Yun said the market is underperforming given a pent-up demand in household formation. “We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.”

Although economic growth as measured by the Gross Domestic Product is expected to remain positive, uncertainty is causing some consumer hesitation. “We need to remove the road blocks to the housing recovery for people who are trying to take advantage of excellent affordability conditions,” Yun added. “Unfortunately, some buyers also will face notably higher mortgage rates on jumbo loans because of a lack of competition in the banking industry.”

We Can’t Ignore Housing Anymore.

Tue, 18 Oct 2011 11:28:00 GMT

We Can’t Ignore Housing AnymoreBy Neal Lipschutz

In the end, we can’t dodge housing.

The U.S. recession and financial crisis of the late aughts began with housing and the scourge of subprime mortgages, which were so messily dispensed. It spread to Europe and its banks.

For a few years we tried to work around the paralyzed housing sector – the drip, drip of steadily lower home prices, the unresolved status of the wounded Fannie Mae and Freddie Mac — and it seemed to be working.

With the help of a super-easy Federal Reserve, fiscal stimulus and much else an admittedly weakish recovery took hold.

Now that worries mount about an ever more likely return to recession amid a significant equities markets decline, we are hearing again about housing.

There’s the foreclosure mess, the underwater mortgage mess, the tight mortgage lending standards and all the rest. There’s displaced construction workers. There’s consumers unwilling to spend as their perceived real estate wealth evaporates.

There’s housing, traditionally the leader out of recession, still generally in decline, and harder to ignore.

Just today, two well-known commentators on the U.S. economic scene weighed in on housing, and it wasn’t encouraging.

Warren Buffett, chairman of Berkshire Hathaway Inc., was generally upbeat about the economy. He cited record carloads at the company’s railroad, Burlington Northern, and same-store sales increases at Berkshire’s retail outlets.

But he was downbeat on housing. The company’s housing units are “as bad as they’ve ever been during this period.” The usually sunny Buffett said he likely would have to amend his view that housing would recover by year-end.

On Capitol Hill, Fed Chairman Ben Bernanke talked about housing as he urged Congress and the administration to in effect join the Fed in attempting to spur the economy.

He said Congress should develop a “future path” for housing, Dow Jones reported.

Given political realities, it’s hard to imagine much of a fiscal push, in housing or elsewhere.

But there are reasonable proposals offered from many corners that don’t spell stimulus in capital letters but would do some good.

As has been widely pointed out, the “Operation Twist’ effort by the Fed to drop long-term interest rates even below their historically meager levels won’t do much for housing if too many people won’t qualify for mortgages or can’t refinance because the value of their home has declined or they don’t have much equity.

That has to change. By regulatory fiat, where possible, more people who are current on their mortgage payments have to be able to refinance their mortgages to take advantage of rates near 4%.

That savings for many would go into additional spending, a stimulative measure, and would boost their economic psychology, which is important. Even if they used the savings to pay down their own debt it would do long-term good.

Someone also has to take a hard look at standards for initial mortgage qualification. Obviously, things became absurdly easy as the housing bubble inflated. But pendulums swing too far and experts should determine if there’s a middle ground that would allow more to qualify without excessive risk to lenders.

It’s time to stop trying to work around housing, and take it on.

4109 Tartt's Mill Road, Wilson 27893

Thu, 13 Oct 2011 00:25:42 GMT

Remodeled Older Home!

Hardwood flooring throughout!
Updated kitchen appliances
Large lot
Approx. 25 minutes from PCMH!

Call the Brad Smith Team at 252-347-2723 today for your exclusive showing!

2908-C Mulberry Lane, Greenville 27858

Thu, 13 Oct 2011 00:19:28 GMT

Downstairs end unit condo in Forbes Woods!

Immaculate condition!
Fireplace w/ gas logs
Additional side parking
Association dues include pool/tennis/basic cable
Move in ready!

Call the Brad Smith Team at 252-347-2723 today for your exclusive showing!

3300 Grey Fox Trail, Greenville 27858

Wed, 24 Aug 2011 16:23:40 GMT

Stunning Updated Home!

4 bedrooms and 2.5 baths w/ apprx. 2534 heated sq ft!
New hardwood flooring in the office, formal dining room, and large greatroom!
Updated kitchen with tile flooring, granite tops, and large kitchen island!
Plenty room upstairs w/ a large master, 2 spare bedrooms, and large bonus room!
Whirlpool tub in the master bath!
Private back yard with several trees, deck, and patio!

Call the Brad Smith Team today at 252-347-2723 for your exclusive showing!

For a FREE Visual Tour of this home and more, click on the link below:

"http://www.visualtour.com/showvt.asp?t=2572608"

Bernanke: Housing Still Weighs on Economy

Thu, 14 Jul 2011 13:36:00 GMT

Bernanke: Housing Still Weighs on Economy
Federal Reserve Chair Ben Bernanke said that the economy continues to recover at a very modest pace, but real estate continues to lag.

Many households have little confidence in the durability of the economic recovery and about their income prospects, Bernanke said in delivering his semiannual monetary policy testimony to the House Financial Services Committee on Wednesday.

Residential construction activity remains extremely low, Bernanke said.

“The demand for homes has been depressed by many of the same factors that have held down consumer spending more generally, including the slowness of the recovery in jobs and income as well as poor consumer sentiment,” Bernanke said. “Mortgage interest rates are near record lows, but access to mortgage credit continues to be constrained.

"Also, many potential home buyers remain concerned about buying into a falling market, as weak demand for homes, the substantial backlog of vacant properties for sale, and the high proportion of distressed sales are keeping downward pressure on house prices.”

However, Bernanke added that household debt burdens are declining. "Delinquency rates on credit card and auto loans are down significantly, and the number of home owners missing a mortgage payment for the first time is decreasing,” Bernanke said. “The anticipated pickups in economic activity and job creation, together with the expected easing of price pressures, should bolster real household income, confidence, and spending in the medium run.“

Source: “Fed’s Bernanke Monetary Policy Testimony to House Financial Services Committee,” Market News International (July 13, 2011)

States With Largest Drop in Children Population

Thu, 14 Jul 2011 13:35:00 GMT

States With Largest Drop in Children Population
The U.S. population is getting older as the number of people who are under 15 years of age has shrunk in the past decade, and in some areas very dramatically.

Experts are blaming it on the down economy.

William Frey, senior fellow at the Brookings Institution and a demography expert, says that many states have an alarmingly high number of older residents. “This is because many states in the middle of the country have experienced a long-term economic slide — losing young adult migrants, and not attracting many immigrants,” Frey says.

According to Frey, “in the longer term, the country may be ‘splitting apart’ between a more youthful, racially diverse set of Sunbelt states, and a more stagnant, aging set of northern and Midwest states — a division which will impact the politics and economies of each.”

The following is a list of the states with the largest drop in the percentage of their population who were under 15 between 2001 and 2009.

1. Alaska
Relative Decrease In Population Under 15 (2001-2009): -15.36%
Percentage of the Population Under 15 in 2001: 25.7%
Percentage of the Population Under 15 in 2009: 21.75%
Median Age 2001: 32.6
Median Age 2009: 33.3

2. Maryland
Relative Decrease In Population Under 15 (2001-2009): -12.91%
Percentage of the Population Under 15 in 2001: 22.42%
Percentage of the Population Under 15 in 2009: 19.52%
Median Age 2001: 36.2
Median Age 2009: 39.2

3. California
Relative Decrease In Population Under 15 (2001-2009): -12.68%
Percentage of the Population Under 15 in 2001: 24.25%
Percentage of the Population Under 15 in 2009: 21.18%
Median Age 2001: 33
Median Age 2009: 36.1

4. Rhode Island
Relative Decrease In Population Under 15 (2001-2009): -12.68%
Percentage of the Population Under 15 in 2001: 20.11%
Percentage of the Population Under 15 in 2009: 17.56%
Median Age 2001: 37.5
Median Age 2009: 41

5. Hawaii
Relative Decrease In Population Under 15 (2001-2009): -12.32%
Percentage of the Population Under 15 in 2001: 21.36%
Percentage of the Population Under 15 in 2009: 18.72%
Median Age 2001: 36.7
Median Age 2009: 39.8

Find out which other states had dramatic decreases in its children population.

Source: “The 10 States That Are Losing Children the Fastest,” MSNBC.com (July 13, 2011)

What Does the Future Hold for Jumbo Loans?

Thu, 14 Jul 2011 13:34:00 GMT

What Does the Future Hold for Jumbo Loans?
The private market is ready to fill the void when conforming limits on government-backed mortgages at Fannie Mae, Freddie Mac, and the Federal Housing Administration expire at the end of September 2011, Federal Reserve Chairman Ben Bernanke told the House Financial Services Committee on Wednesday.

On Oct. 1, the maximum mortgage amount in high-cost areas is set to drop from $729,750 to $625,500.

"As far as Fannie Mae and Freddie Mac are concerned, there is a tradeoff there between supporting the higher-priced homes and weaning the housing finance system off of unusual limits it was put under during the crisis," Bernanke told the House committee. "I understand the private sector is taking at least a significant number of the jumbo mortgage market but at a higher cost."

The National Association of Home Builders has said that it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding when the loan limit expires.

While Bernanke acknowledges that jumbo loans will likely come "at a higher cost," he said that needs to be kept in perspective.

“Mortgage rates on conforming loans are already near historic lows, hovering around 4.5 percent on the 30-year fixed,” he said.

Source: “Bernanke: Private Sector Ready for Conforming Loan Limit Drop,” HousingWire (July 13, 2011) and “Lower Mortgage Limits Are a ‘Trade-Off’ Bernanke Says,” CNBC (July 13, 2011)

1 Million Foreclosures Delayed Until 2012

Thu, 14 Jul 2011 13:31:00 GMT

1 Million Foreclosures Delayed Until 2012
An estimated 1 million foreclosure-related notices for defaults, auctions, and home repossessions that should be filed by lenders this year will be pushed back until next year, according to the latest report by RealtyTrac.

While the delays could give home owners more time to catch up on their payments and try to avoid foreclosure, housing experts warn this means the looming shadow inventory of distressed properties likely will continue to plague the real estate market even longer.

"The best-case scenario is we don't get back to normal levels of foreclosure activity until 2015, which means the housing market recovery gets delayed by at least a year," says Rick Sharga, a senior vice president at RealtyTrac.

Foreclosure Notices Drop, Threat Still Looms
Overall, the number of homes repossessed by lenders in the first half of this year dropped 30 percent compared to the same period in 2010. But foreclosure processing delays — with lenders taking longer to take action against delinquent borrowers — is stalling the housing recovery, experts note.

About 1.2 million homes received a foreclosure-related notice in the first six months of this year — in other words, one in every 111 U.S. households, RealtyTrac reports.

Nevada continues to face the most foreclosures; one in every 21 households in that state received a foreclosure notice in the first half of the year.

The foreclosure process continues to lengthen too. From April and June, homes took 318 days on average to go from the first stage of foreclosure to ultimately where it was repossessed by the lender — that’s up from 298 days in the first three months of the year. (In New York, the foreclosure process took the longest at an average of 966 days or 2.6 years; Texas boasted the shortest at 92 days.)

Source: “Delays in Bank Processing Push Likely U.S. Foreclosures Until 2012, Stalling Recovery,” Associated Press (July 14, 2011)

Loan Modification Scams Soar

Thu, 07 Jul 2011 10:52:00 GMT

Loan Modification Scams Soar
More home owners who are desperate to avoid foreclosure are finding themselves victims to loan-modification scams.

In the latest to grip headlines, attorneys in California — where these scams are particularly rampant — filed the state’s first class-action lawsuit against an alleged loan modification scam, part of RewireMyLoan.com. In the lawsuit, prosecutors charge that the company collected nearly $5,000 each from at least 90 victims, promising to do loan modifications and offering a 100 percent money-back guarantee. The victims say the company never did the loan modification or refunded their payments.

The majority of the victims in the lawsuit are Spanish-speaking, and while the advertising and discussions they had with the company were in Spanish, they say the contracts they signed were in English. The home owners say they were also told to not contact their bank directly or their contracts would be voided. (Read: How to Spot Foreclosure-Prevention Scams)

Scam Prevention Network
The Lawyers' Committee for Civil Rights, government housing agencies, and other nonprofits have created the Loan Modification Scam Prevention Network to compile complaints about such fraud. From February 2010 to June 1, the network gathered nearly 15,000 complaints involving $37 million in lost money. California accounted for the majority of the losses, with 3,105 complaints filed and $11 million in losses from these scams.

For home owners who believe they were a victim of a loan-modification scam, the Loan Modification Scam Prevention Network encourages them to visit www.preventloanscams.org to file a complaint.

Source: “Lawsuit Goes After Loan-Modification Fraud," The San Francisco Chronicle (July 1, 2011)

Foreign Buyers Target U.S. Vacation Hotspots

Thu, 07 Jul 2011 10:51:00 GMT

Foreign Buyers Target U.S. Vacation Hotspots
Foreign home buyers have their eye on U.S. vacation areas — especially in southern Florida — and are helping to give a lift to some of these battered housing markets.

More than 30 percent of Florida’s home sales in the 12 months ending in March were to foreign buyers (compared to 10 percent in 2007), according to National Association of REALTORS® housing data. In Miami alone, about 40 percent of buyers are international, says Ronald Shuffield, president of Esslinger-Wooten-Maxwell REALTORS® in Coral Gables, Fla.

“International buyers have been the fuel for the Miami recovery," Shuffield told the USA Today.

Three of the most popular areas foreigners are searching for real estate: Miami-Fort Lauderdale, Phoenix, and Los Angeles, according to Trulia’s Web site.

And where are these foreign buyers most coming from? Canadians are mostly dominating the market share, with 23 percent of the foreign buyers coming from that country, followed by 9 percent from China, according to NAR data.

Source: “Foreign Buyers Lifting U.S. Home Sales,” USA Today (July 6, 2011)

Which Banks Are Pursuing the Most Short Sales?

Thu, 07 Jul 2011 10:50:00 GMT

Which Banks Are Pursuing the Most Short Sales?
JPMorgan Chase and Wells Fargo accounted for 60 percent of the some 17,781 short sale and deed-in-lieu agreements loan servicers completed through May under the Home Affordable Foreclosure Alternatives program, reports Inman News in its analysis of the latest figures provided by the Treasury Department.

The two banks emerged as the front-runners in completing short sales and deed-in-lieu of foreclosure agreements when compared up against other loan servicers, all participating in the HAFA program.

On the other hand, Bank of America entered into less than half as many HAFA short sales or deed-in-lieu of foreclosure agreements than either JPMorgan Chase or Wells Fargo.

The government’s HAFA program provides incentives for completing short sales. For example, home owners participating in a HAFA short sale receive $3,000 in relocation assistance.

Source: “Chase, Wells Fargo Lead in HAFA Short Sales,” Inman News (July 5, 2011) [Log-in required.]

Study: Real Estate Is at a 'Historic Turning Point'

Thu, 07 Jul 2011 10:49:00 GMT

Study: Real Estate Is at a 'Historic Turning Point'
Nearly two-thirds of economists and real estate experts recently polled say the U.S. housing market is at a historic turning point. More than half say they expect national home prices to reach bottom this year and remain stable — with a modest 2 percent average annual growth — through 2015, according to MacroMarkets LLC’s June Home Price Expectations Survey.

MacroMarkets polled more than 100 housing experts, including Lawrence Yun, chief economist of the National Association of REALTORS®; Frank Nothaft, Freddie Mac’s chief economist; and others.

Most of the experts polled said they believe the bottom for housing prices occurred in the first quarter of 2011 or will arrive sometime before the end of the year.

While predictions varied somewhat, on average, panelists predict a 3.52 percent decrease in home prices in the fourth-quarter of 2011 compared to the same period in 2010. They predict then small increases every year through the fourth-quarter of 2015, when prices are expected to rise 3.47 percent on an annual basis.

Latest Bill Calls for Fannie, Freddie Merger

Thu, 07 Jul 2011 10:48:00 GMT

Latest Bill Calls for Fannie, Freddie Merger
A bill is expected to be introduced today in the House of Representatives that calls for a merger between government-sponsored enterprises Fannie Mae and Freddie Mac, The Wall Street Journal reports.

Rep. Gary Miller, R-Calif., who is introducing the bill and who is also a real estate developer and former home builder, proposes that the newly merged firm also be restructured in how it operates. It would purchase mortgages and sell them to investors as securities that are backed by the government.

Unlike other bills that have called for winding down of the GSEs and privatizing them, Miller’s bill would not seek private owners for the new entity. However, the new firm would be privately capitalized.

“Banks would pay a ‘guarantee’ fee on loans that would fund the firm's operations and maintain adequate capital. Investors would pay an additional fee to finance an insurance fund that would cover catastrophic losses,” The Wall Street Journal explains.

The new firm would be regulated by the Federal Housing Finance Agency. The FHFA would ensure the firm’s market share never exceeds 50 percent of the mortgage market.

Lawmakers continue to wrestle over the fate of the GSEs, which have cost taxpayers $138 billion since the government took them over in 2008. Earlier this year, the White House called for winding them down. A series of bills currently in Congress are attempting to shrink Fannie and Freddie’s role and privatize them.

Miller’s bill is expected to garner bipartisan support.

Source: “Bill Calls for Fannie, Freddie Merger,” The Wall Street Journal (July 5, 2011) [Log-in required.]

7 of 10 Renters Say Owning a Home Is a Top Priority

Thu, 07 Jul 2011 10:47:00 GMT

7 of 10 Renters Say Owning a Home Is a Top Priority
Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of REALTORS^®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

Seven in 10 Americans also agreed that buying a home is a good financial decision while almost two-thirds said now is a good time to purchase a home. The annual survey, which measures how affordable housing issues affect consumers, also found that more than three quarters of renters (77 percent) said they would be less likely to buy a home if they were required to put down a 20 percent down payment on the home, and a strong majority (71 percent) believe a 20 percent down payment requirement could have a negative impact on the housing market.

“Despite the economic setbacks Americans have experienced in today’s current climate, it is clear that a strong majority still believe in home ownership and aspire to own a home,” said NAR President Ron Phipps. “However, achieving the dream of home ownership will become increasingly difficult for buyers if they are required to make a 20 percent down payment, which may be a reality for many of tomorrow’s buyers if a proposed Qualified Residential Mortgage rule is adopted. That is why REALTORS^® are strongly urging regulators to go back to the drawing board on the proposed rule.”

Defining the QRM rule is important because it will determine the types of mortgages that will generally be available to borrowers in the future. As currently proposed, borrowers with less than 20 percent down will have to choose between higher fees and rates today — up to 3 percentage points more — or a delay of between nine and 14 years while they save up the necessary down payment.

More than half — 51 percent — of self-described “working class” home owners as well as younger non-college graduates (51 percent), African Americans (57 percent), and Hispanic Americans (50 percent) who currently own their homes reported that a 20 percent down payment would have prevented them from becoming home owners.

Pulse surveys for the past eight years have consistently reported that having enough money for a down payment and closing costs are top obstacles that make housing unaffordable for Americans. Eighty-two percent of respondents cited these as the top obstacle, followed by having confidence in one’s job security.

The survey also found respondents were adamantly against eliminating the mortgage interest deduction (MID). Two-thirds of Americans oppose eliminating the tax benefit, while 73 percent believe eliminating the MID will have a negative impact on the housing market as well as the overall economy.

“The MID facilitates home ownership by reducing the carrying costs of owning a home, and it makes a real difference to hard-working American families,” Phipps said. “Home ownership offers not only social benefits, but also long-term value for families, communities and the nation’s economy. We need to make sure that any changes to current programs or incentives don’t jeopardize our collective futures.”

When asked why home ownership matters to them, respondents cited stability and safety as the top reason. Long-term economic reasons such as building equity followed closely behind. On a local level, respondents said neighbors falling behind on their mortgages and the drop in home values were top concerns. Foreclosures also continue to remain a large concern, with almost half of those surveyed citing the issue as a problem in their area.

Source: NAR