Actual sales for the entire Crystal Coast MLS System is down by -47% for the last 30 days. It's down -18% for the year. The major cause for the recent decline is the week surrounding Labor day Weekend where the actual number sold was off -54% compared to last year.
With all that said-Over-all prices are at a 4-5 year low. Mortgage rates are currently at 5.86% and here's a little unknown secret-North Carolina has the lowest closing costs in the nation!
North Carolina Has Lowest Closing Costs on Mortgages
North Carolina has the lowest mortgage closing costs in the country, according to a study by Bankrate Inc. The average closing cost for a $200,000 mortgage in North Carolina is $2,650. The national average is $3,118.
Despite a weak housing market, the national average closing cost has increased 14 percent from $2,736 in 2007. New York leads the nation with average closing fees of $4,016.
The higher fees can be attributed to lenders asking appraisers to do more time-consuming work, Bankrate says. During the housing boom, the company notes, many lenders preferred appraisers who did the job quickly and inexpensively.
Source: The Charlotte Business Journal: [FONT=Helvetica, Arial, sans-serif]Click here
Sounds like a good time to purchase your next sacrifice to the hurricane and erosion gods!
Just read about all the Galveston beach homes that are likely to have just been kissed good-bye due to now being too close to the high-tide line. Seems I read somewhere once upon a time, about it being unwise to build a home on sand...
You should find the following article interesting
Some Ike Victims May Not Be Allowed to Rebuild
Thursday, September 18, 2008
GALVESTON, Texas — Hundreds of people whose beachfront homes were wrecked by Hurricane Ike may be barred from rebuilding under a little-noticed Texas law. And even those whose houses were spared could end up seeing them condemned by the state.
Now here's the saltwater in the wound: It could be a year before the state tells these homeowners what they may or may not do.
Worse, if these homeowners do lose their beachfront property, they may get nothing in compensation from the state.
I must add-Finding out the flood zone, the flood potential, the elevation, soil type, etc. can be discovered before a purchase by a qualified and experience real estate professional. There should never, repeat-never be any flood potential "surprise".
what gets me is that the people who live in the paths of these storms have always know that they could and will be hit by one probably once a year. And they always act surprised. Shoot people that live in torando alley know what comes every year and do not complain about it. It is just a fact of live. But most of the beach people have more money than brains. That is just my two cents.
That's part of it... but like most things, there's a whole lot more to the issue. Look at Hatteras. I appreciate there being roads, fresh water, electricity, and businesses out there... But face it, the sand's moving pretty quick. A big chunk of that infrastructure was built out of capitalism, either directly or indirectly -- Common Joe invested to build a business so that he could reap its rewards. (Which in turn dragged a need for tax-funded community infrastructure, which enabled more capitalism, etc...)
How can we maintain the concept of ownership as it's necessary as a foundation for capitalistic investment, in an environment in which the very ground you're standing on is shifting?