Real Estate Information Archive

A gauge of house prices posted its first monthly gain in three years, providing some comfort to sellers weary from slumping values.

The S&P/Case-Shiller home-price index rose 0.5% in May from the prior month, the first gain since July 2006 and biggest since May of that year. Stabilization of the housing market and a rebound in financial assets may bring an end this quarter to the record slump in household wealth. If it is time for your to list your Charlotte area property for sale, get a home valuation before putting it on the market to see what these new data mean for you and your home.

The S&P/Case-Shiller home-price index was down 17.1% from May 2008, less than projected and the smallest year-over-year drop in nine months. Compared with a month earlier, 14 cities showed price gains. The price figures aren’t adjusted for seasonal effects, so economists prefer to focus on year-over-year changes. Adjusted for seasonal changes, the index fell 0.2 percent in May, the smallest monthly decline since February 2007. If you’re looking for a bottom, there’s a lot of good stuff here.

The report buttresses other measures that have shown a deceleration in price declines. The Federal Housing Finance Agency said last week that its purchase-only price index was down 5.6% in May from a year earlier, the smallest annual drop in 10 months. The FHFA index is a national measure that tracks houses bought with mortgages purchased by Fannie Mae or Freddie Mac and excludes many of the foreclosure sales and properties bought with non-conventional mortgages. In addition to being limited to 20 areas, the S&P/Case-Shiller report also includes distressed properties and those bought with non-conventional loans such as jumbo mortgages.

Resales were forecast to rise to a 4.95 million annual rate from a 4.91 million pace in August. Projections ranged from 4.7 million to 5.11 million.

Sales rose 1.4% compared with a year earlier, the first year-over-year increase since November 2005. Resales totaled 5.65 million in 2007.

To view information on recently listed homes in the Charlotte NC area, go to SECharlotteHomeSearch.com.

Sales are picking up in places that have seen the biggest declines in housing prices, including California, Florida Nevada and Arizona, plus Rhode Island and the Washington, D.C. area. This is good news for Charlotte-area sellers as an increase in home sales nationally will allow those who want to relocate to the area to do so, increasing the number of buyers and bidders in our area.

To get a current market value for your Charlotte-area home based on recent comparable sales, visit SECharlotteHomeValues.com. You will gain access and information from experienced listing agents that are on top of todays challenging real estate market.

In a report conducted by online property search company Roost, it was determined that property information varied widely in volume and accuracy among sites, with some showing only a small portion of the for-sale properties in a given market area. Many sites are missing most of the properties that brokers have listed for sale in multiple listing services. In addition, the property information at these sites is far less accurate or current than broker-shared property data derived from area MLSs.

In the Charlotte NC metro area, a better choice for home shoppers is SECharlotteHomeSearch.com, where you can have a custom website of live MLS data set up for you that gives you access to current listings that match your criteria. You can be very specific and filter listings down to only the best available choices. And when prices change or new properties come available, you get them immediately.

The study focused on a range of sites that offer property search tools, including Google, Roost, Trulia, Yahoo and Zillow.

The data in this study clearly show that a site based on information from a local MLS will give consumers a more accurate picture of what's available in a local market.

The move is the town's latest effort to save money on fuel. Starting last month police officers are required to spend at least two hours each shift on foot. The patrol will also put the officers closer to the citizens... on their level as it were. Patrolling in this manner will allow officers to move more slowly through Mint Hill neighborhoods where they visit, raising security, which has a long-term positive affect on property values.

The department has spent about 35% to 40% more each month in gas from February to April this year than during the same time period last year. They have a total of 25 patrol cars.

Forbes.com has included Charlotte, NC on its list of ten recession-proof cities in the United States. Chosen from among the country's fifty largest metropolitan areas, the ranking cites the cities for their high job growth, rising home values and low unemployment amid a national economic downturn. Charlotte continues to buck this national trend by ranking ninth on the list.

Despite a recent rise in unemployment, the economy in the Charlotte metropolitan area has been resilient. Home prices have shown healthy growth, and industries including professional and business services, leisure and hospitality, transportation, education and health are expected to steady the local economy throughout 2008. The stable and growing employment in these and other industries has helped maintain relocation to the area as these new workers search for homes.

Topping the list is Oklahoma City, Okla., followed in order by San Antonio; Austin, Texas; San Jose, Calif.; Raleigh; Salt Lake City; Houston; Seattle; Charlotte; and Dallas/Fort Worth, Texas.

In compiling its rankings, Forbes.com looked at unemployment and expected industrial growth data through February from the U.S. Bureau of Labor Statistics. It also surveyed home-price data from the National Association of Realtors and gross metropolitan product projections from the U.S. Conference of Mayors.

Cornelius commissioners voted to move forward with the largest development proposal in this town's history, a project that could lead to sweeping changes to the region's economic and traffic landscape.

The board approved a rezoning and conditional-use permit for The Village at Lake Norman, which will encompass up to 2.4 million square feet of shops, condos, restaurants, offices, parks and two hotels. The project will likely require the rezoning of 105 acres on the southwest corner of U.S. 21 and Westmoreland Road.

As part of the $516 million project, the developer has promised to widen Interstate 77 to at least three lanes in each direction between Exits 23 and 28 and add an interchange at Westmoreland Road.