Housing markets: Best recovery bets - Charlotte, N.C. (9) - CNNMoney.com

Housing markets: Best recovery bets - Charlotte, N.C. (9) - CNNMoney.com

13 Things a Burglar won't tell you

With summer approaching, many of our clients may be considering family vacations. You know who else is looking forward to their summer vacation? Neighborhood thieves!

AT Urban Realty, we want to keep in touch and help you protect your home by passing along a couple of useful articles on how burglars determine if a home is a good topic. From Reader's Digest, these two articles are great conversation starters:

13 Things a Burglar Won't Tell You
http://www.rd.com/your-america-inspiring-people-and-stories/13-things-a-burglar-wont-tell-you/article156709.html

8 More Things a Burglar Won't Tell You
http://www.rd.com/living-healthy/article-8-more-things-a-burglar-wont-tell-you/article156681.html

Also, you may be interested to discover this ingenious little device which simulates the look of someone watching television at night. The "FakeTV" creates the exact same sort of random illumination that a 27-inch television does, at a fraction of the electricity usage:

http://www.faketv.com/

For $29.95, its a great way to deter a casual thief! (Editor's note: We were not paid or compensated in any way to mention the FakeTV device; we simply thought it might be interesting to our community members.)

Memorial Day: Time to Buy a Home!

Memorial Day marks the traditional beginning of summer and the start of the most popular season in real estate. If you’re in the market for a new home, get a jump start by getting pre–approved for a loan by a trusted mortgage broker.

Buying a home can be an overwhelming process. A pre-approved loan agreement outlines what you can afford to buy, so when the time comes to start shopping you and your real estate agents have a set price range to follow in finding your perfect home.

There are also other reasons to get pre–approved for a loan. When you find that house of your dreams, a seller will likely feel more comfortable taking the home off the market if you are pre–approved because he or she knows that the financing has already been taken care of. Working out a mortgage agreement before shopping also takes the pressure off trying to find a loan quickly once you do find that dream home and don’t want another buyer to snatch it up.

I’d be happy to discuss mortgage options with you and help you officially commence the beginning of your home buying process!

Bruce Moyer, Ed.S. 704-488-7914

Home Star Energy Retrofit Act of 2010 Passes in House

By a vote of 246 to 161 the House of Representatives today voted to approve the Home Star Energy Retrofit Act of 2010 (H.R. 5019), which authorizes creation of a national energy retrofit program for American homeowners. The vote marks a significant milestone in the progress of the bipartisan HOME STAR legislation, although it's important to note that the authorization bill passed today must be matched by the Senate, and followed up with an appropriation bill to allocate funds for the $6 billion program.
"We applaud the U.S. House on the [bipartisan] passage of the HOME STAR legislation," Efficiency First chairman Mike Rogers said following the vote. "HOME STAR will create good American jobs in construction, manufacturing and related industries. It will help American homeowners improve the efficiency of their homes and save money. And it will provide a solid foundation for our country's energy policy and energy security. We encourage the Senate to act quickly to get the HOME STAR bill to the President's desk and get our workers back on the job."
Efficiency First policy chair Matt Golden added that "Today's bipartisan passage of the HOME STAR bill in the U.S. House of Representatives shows how when industry, labor, business and environmental groups cooperate, we can find solution for America. HOME STAR will create hundreds of thousands of good quality jobs, while saving families money on energy bills. Efficiency First, representing companies in all 50 states employing over 150,000 American works, applauds Congress's leadership and vision on this important issue."

New Rule!

New Lead-Paint Renovation and Repair Rule Effective April 22, 2010


A new rule will go into effect this month requiring renovation and repair contractors to be EPA-certified to work with lead paint hazards if they will work on a residential property built before 1978 in which lead-based paint may be disturbed. HUD estimates that this could be as many as 35 million properties. The rule also applies to places where children under 6 spend large amounts of time, such as child care centers and schools. The certified contractor must provide the occupants (owner or tenant) with a new information booklet and must follow lead safe work practices.

There are several important exemptions to this rule:
1. Homeowner occupants or tenant occupants may do the work themselves without certification.
*Due to the potential hazards, EcoBrokers would recommend that these individuals be provided with the booklet mentioned below to avoid exposing the occupant families to lead hazard.
2. A residence where there are no children under 6 and no pregnant women as regular residents is a possible exemption.
3. If the area disturbed is less than 6 square feet indoors or 20 square feet outdoors, the project is exempt. Because lead paint was so prevalent on window frames in pre-1978 houses, window replacement on these homes is never exempt.
4. If a qualified lead test specialist certifies that no lead paint will be disturbed, the project is exempt.
5. There are a few additional less likely exemptions.

The required disclosure booklet is to be provided by the contractor, but you may wish to have it for your reference as well. You can get it at
http://www.epa.gov/opptintr/lead/pubs/renovaterightbrochure.pdf
(English) or http://www.epa.gov/opptintr/lead/pubs/renovaterightbrochuresp.pdf (Spanish). The EPA has also prepared a 17 minute film of information for Realtors - they appear to believe that all real estate brokerage professionals are members of the National Association of REALTORS®. That film is available to everyone at http://link.brightcove.com/services/player/bcpid25955667001?bctid=29590050001

Buying a Foreclosed Home?

You may qualify for $14,900 in downpayment assistance

If you are a first-time home buyer buying a foreclosed
property, you may qualify for a five-year, deferred
loan up to $14,900 at zero interest.
This second mortgage may be forgiven at 20% per year for each
full year you own and live in the home, as long as you remain
current on your mortgage.
These loans are provided under the federal Neighborhood
Stabilization Program (NSP), authorized in the Housing and
Economic Recovery Act of 2008. Loans are offered by the N.C.
Housing Finance Agency and used with the Agency’s 30-year,
fixed-rate FirstHome Mortgage.
Am I eligible?
To qualify, you must
• be a first-time home buyer (or not have
owned a home in the past three years).
• meet certain income limits.
(See chart, back page.)
• obtain eight hours of HUD-approved home
buyer counseling. (Contact your lender or the Agency for help.)
• contribute $1,000 from your own funds.
What properties are eligible?
Sales prices cannot exceed $210,000. The homes must be
foreclosed properties, built after 1978, and purchased at a
1% discount to the current appraised value. Only single-family
homes, condominiums, and townhomes qualify. Manufactured
homes are not eligible.
Your home must be in one of the 23 counties served by the
NSP: Alamance, Brunswick, Buncombe, Cabarrus, Catawba,
Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth,
Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover,
Pitt, Randolph, Rowan, Union, Vance, and Wake.
How do I begin?
Since the NSP loan must be used with the Agency’s FirstHome
Mortgage, you should first determine if you qualify for the
mortgage. First, check your income against the chart on the
back to see if you are eligible. Then, go to the home buyer
section at www.nchfa.com to find a list of participating
lenders or call 1-800-393-0988
and ask to speak to an underwriter.
Downpayment Assistance
Under the Neighborhood Stabilization Program
Counties 1 person 2 persons 3 persons 4 persons
Alamance $47,100 $53,850 $60,600 $64,000
Brunswick $48,400 $55,300 $62,200 $65,000
Buncombe $46,800 $53,450 $60,150 $64,000
Cabarrus $55,850 $63,850 $71,800 $75,000
Catawba $44,100 $50,400 $56,700 $63,000
Cumberland $43,350 $49,550 $55,750 $61,900
Dare $50,900 $58,200 $65,450 $68,000
Davidson $47,100 $53,850 $60,600 $64,000
Durham $59,900 $64,000 $73,000 $73,000
Edgecombe $41,900 $47,900 $53,900 $59,900
Forsyth $50,150 $57,300 $64,500 $67,000
Gaston $55,850 $63,850 $71,800 $75,000
Guilford $49,150 $56,150 $63,200 $65,000
Iredell $50,300 $57,500 $64,700 $68,000
Johnston $64,600 $73,800 $83,050 $86,000
Mecklenburg $55,850 $63,850 $71,800 $75,000
New Hanover $48,400 $55,300 $62,200 $65,000
Pitt $44,950 $51,350 $57,800 $64,000
Randolph $49,150 $56,150 $63,200 $65,000
Rowan $53,850 $56,000 $64,000 $64,000
Union $55,850 $63,850 $71,800 $75,000
Vance $41,900 $47,900 $53,900 $59,900
Wake $64,600 $73,800 $83,050 $86,000
Income Limits by County and Household Size*
* For a family of 5 persons or more, contact the N.C. Housing Finance Agency
at 1-800-393-0988 for income limits.

Tax news to use!!!

From our good friends and business colleagues at Leverage Lending, we would like to let you know of some very important tax information you can use! Thanks to Leverage Lending!
Angelo Datseris
President
Leverage Lending Group LLC
Phone: 704-631-9276
Fax: 704-353-7003
angelo@lendwithleverage.com
www.lendwithleverage.com

$8,000 Tax Credit Extended and Expanded

With tax season approaching, we decided to focus this edition of our quarterly newsletter on a few tax incentives we think you'll definitely want to discuss with your tax professional. Feel free to share this newsletter with your friends and loved ones as they prepare their 2009 returns.

Up first is the popular $8,000 tax credit for first-time home buyers. Originally scheduled to expire on November 30th, 2009, this valuable tax credit of up to 10% of the purchase price or up to $8,000 was extended into 2010 (purchase agreements must be signed by April 30, 2010, and closings must be final by June 30, 2010). The new program was also expanded to include a tax credit of up to $6,500 (or up to 10% of the purchase price) for qualified buyers of a second or "replacement" home under the same deadlines. To qualify, home purchasers must have owned and occupied a primary residence for five consecutive years during the last eight years. Most importantly, the new program significantly increases previous income requirements.

There are other important guidelines to meet in order to qualify, so be sure to discuss your situation with a tax professional. And don't forget, you can still buy a home before April 30th and qualify – even you've already filed your 2009 taxes – so don't hesitate to give us a call.

Property-Tax Deduction for Non-itemizers

You don't have to be a new homeowner in 2009 to deduct qualifying property taxes, but prior to 2008, you did have to itemize your taxes in order to receive the benefit – not anymore. Under the new rule, homeowners who don't itemize can boost their standard-deduction amount by up to $500 if they're single and up to $1,000 if they're married and file a joint return to account for property taxes paid during 2009. You'll need to include a Schedule L with your 2009 tax return, but it's definitely worth it if you qualify. Talk to your tax preparer and don't be one of the millions of taxpayers who will claim the standard deduction and miss out on the savings.

Refinancing Points – When you buy a house, you get to deduct (all at once) the points paid to get your mortgage. When you refinance a mortgage, though, you have to deduct the points over the life of the loan. That means you can deduct 1/30th of the points per year if it's a 30-year mortgage. It's not a lot of savings, but everything helps when you're legally trying to lower your tax bill.

Energy and Home Improvements Credits

Homeowners can make energy-conscious purchases that will provide tax benefits when filling out their tax returns for 2009. The new law provides tax credits for making your principal residence more energy efficient and for buying certain energy efficient items.

Residential Energy Property Credit – The new law increases the energy tax credit to 30% of the cost of all qualifying energy-efficient improvements to existing homes. It also raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010. Qualified improvements include adding insulation, energy efficient exterior windows, energy-efficient heating, air conditioning systems, and more. A similar credit was available for 2007, but was not available in 2008. Ask your tax professional about the IRS' issued guidance, deadlines, and other important qualifying factors for this and the following tax credit.

Nonbusiness Energy Property Credit – You can receive a tax credit of 10% of the purchase price of qualified energy-efficient products installed in the taxpayer's main home in the United States. The tax credit for home improvement purchases is limited to $500 and applies to the total credit you can claim for all years combined.

Other 2009 Tax Breaks

New Car Purchases – If you bought a qualifying new car or truck ($49,500 or less) between February 16 and December 31st, you may be able to deduct the sales or excise tax. Your income must be less than $125,000 for a single taxpayer or $250,000 for a couple to get the full deduction. The benefit applies to more than one vehicle, as long as all of them qualify and delivery was taken by Dec. 31.

Unemployment Benefits – Unemployment benefits are usually fully taxable. If you received any unemployment benefits at any time during 2009, however, you are eligible to exclude the first $2,400 of these benefits when you file your tax return. For a married couple, the exclusion applies to each spouse separately.

Moving expenses – If you were unemployed in 2009 but you got a new job, moving expenses may be deductible, if you moved more than 50 miles away – and you don't have to itemize to get it. For 2009, you can deduct the cost of getting yourself and your household goods to that new area 50+ miles away, this includes 24 cents per mile for driving your own vehicle, plus parking fees and tolls.

Ice Skating in Uptown has returned again!!!!!

We are all so excited to see the return of the ice skating rink at "The Green" in the premiere location at the Ratcliff in Uptown Charlotte. My son has enjoyed this every year and is now quite good at it. He is 7 years old and loves just watching all the "big people" fall. He laughs out loud with his full belly convictions. So come have some family fun and skate around Charlotte. It will stay around unil January 9, 2010. Tickets are $7.00.

Save a Bundle with this home to-do list!

Christopher Solomen of MSN Real Estate explains that energy-efficient upgrades mean lower utility bills, but they can also earn you tax credits - this year or next year. Read more by clicking on the title above.

National Green Building Code is in the works

The construction zone is basically the entire country. The builders are a variety of specialists, including architects, plumbers, masons, and lighting, heating, ventilation, and air-conditioning experts. Since July, they have been meeting in cities - they were in Philadelphia, PA last month - to construct not with bricks and steel beams, but with words. The goal: a code to guide all development of green commercial buildings in the United States. The international Green Building Code would, as its name implies, also be available to other countries. Read more at the link.

Tax Credit Extension has Passed!!!

Earlier today the House of Representatives passed legislation to extend and expand the $8,000 first-time homebuyer tax credit, which was approved by the Senate this week. The legislation will be sent to the President, and upon his signature, made law. NAMB strongly advocated for an extension and expansion of the homebuyer tax credit, and considers this a victory for consumers, the housing industry, and NAMB.

Under the legislation, homebuyers will qualify for the tax credit until April 30, 2009 (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2009) to close the transaction. Borrower income limits have also been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program). The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.

Halloween Safety

Halloween is just around the corner, and this year it will fall on the best of days: Saturday! What a great year to go all out with your Halloween decorations and host a Halloween party!

Here are some tips from the Fire Department to keep you, your guests, and all your little goblins safe as you create your own “Monster Ball” or get ready for a night of trick-or-treating:

1. Keep candles and jack-o-lanterns away from curtains, decorations, and other combustibles.
2. Never leave candles unattended.
3. Make sure indoor or outdoor lights have been tested for safety by a recognized testing laboratory. Check wiring and extension cords for broken or cracked sockets, frayed or bare wires, or loose connections.
4. Don't overload extension cords or electrical sockets.
5. Keep candles and jack-o-lanterns away from high traffic areas to avoid being knocked over.

Other safety tips include:
• Look for “Flame Resistant” labels on costumes.
• Make sure masks do not hamper the visibility of the wearer.
• Choose costumes made with bright colors to make them visible to motorists.
• Give Trick-or-Treaters flashlights to help them see better at night.
• Costumes should be well fitting to prevent tripping or falling.
• Children should use crosswalks and not run into the street from between parked cars.
• Parents or other responsible adults should accompany children.
• Parents should closely examine the treats collected by the children to ensure that they are safe to eat.

VA Loans extended $8000 TAX CREDIT

For one more year, veterans will be able to receive the $8000 Tax Credit for first time home buyers announced yesterday!!!! Call Urban Realty for more details. 704.377.8212

45th Festival in the Park

September 24-27, 2009
THURSDAY September 24 - 6 pm – 9 pm
FRIDAY September 25 Kid's Day 10 am- 1 pm
FRIDAY September 25 - 1 pm- 9:30 pm
SATURDAY September 26 - 10 am – 9:30 pm
SUNDAY September 27- 11 am – 6 pm

Uptown Restaurant Week: Sept. 18-27

Here's a list of all participating restaurants:
• Aquavina
• Blackfinn
• Blue
• Chima Brazilian Steakhouse
• Capital Grille
• Ember Grille
• Enso
• LaVecchia's
• Fiji
• Luce
• McCormick & Schmick's
• Mez
• Mimosa
• Morton's the Steakhouse
• Ratcliffe on the Green
• Room 112
• Sonoma
• Therapy
• Zink

HOW DOES IT WORK?

This time it’s all about you. Uptown Restaurant Week is all about maximizing your culinary pleasure while minimizing your effort. Follow these simple steps for a fantastic meal at a delicious price.

10 days of culinary pleasure.
Ten days of Uptown's top restaurants each presenting exquisite three-course meals for only $35.

Offerings range from the freshest sushi to the thickest steaks. Now there's no excuse to miss out, so bring a date, bring your mom, or maybe even just treat yourself to some of the best restaurants Uptown Charlotte has to offer, at only a fraction of the normal price.

AQUAVINA
This beautiful seafood restaurant overlooks The Green, giving it one of the best patios in town. Inside, the look is both warm and cool, with undulating artworks all around.

BLACKFINN
BlackFinn is perfectly suited for those looking for a casual “bite” or a more complete dining experience. On the casual side, the Finn offers its carefully chosen selection of premium quality “Saloon Favorites.”

BLUE
Blue Restaurant & Bar is a sophisticated Charlotte uptown restaurant that offers flavors from around the Mediterranean region. Award-winning Executive Chef Gene Briggs has created a multi-cultural menu that takes fine dining in Charlotte to new heights, and your taste buds on a whirlwind tour.

CHIMA BRAZILIAN STEAKHOUSE
Chima offers all you can eat authentic Brazilian cuisine and a chic dining experience.
Chima Steakhouse – named after chimarrao, a traditional drink of Rio Grande do Sul, Brazil, that symbolizes hospitality and friendship – certainly lives up to its name. Legend has it, in South Brazil traditional gauchos (cowboys) would consume a diet that consisted almost entirely of beef.

CAPITAL GRILLE
You are cordially invited to join us for an evening or afternoon of relaxed elegance and exceptional cuisine.
Rich African mahogany paneling and warm lighting from one-of-a-kind art deco chandeliers set the tone for a comfortably elegant evening (unless it’s a lively, social atmosphere you seek, in which case our sophisticated bar might be your destination).

EMBER GRILLE
A international grill igniting a passion for modern global cuisine fusing tastes, textures and aromas from around the world. Rejuvenate your palate with our seasonally inspired menus that feature creative chops, seafood and market fresh vegetables.

ENSO
Charlotte receives a taste of Asian-influenced culinary sophistication with the opening of ENSO, a new restaurant featuring inspired sushi combinations and Asian-fusion cuisine in uptown’s premier entertainment destination, EpiCentre.

LAVECCHIA'S
Dine in an atmosphere as lively as the culinary experience itself. Taste the freshest seafood available Uptown. Sip a sophisticated wine in between bites of the finest aged USDA Prime steaks. Enjoy entertainment every Friday and Saturday night. LaVecchia’s is stylish and award winning, yet always affordable.

FIJI
Fiji Sushi Bar & Lounge boasts an extensive menu of sushi and delectable Asian fusion dishes along with an ultra lounge flavor. Be sure to check out the Buddha bar/nightclub called Kashmir in the lower level.

LUCE
Looking for old world elegance, impeccable service, and authentic Italian cuisine?
LUCE is located in the Hearst Tower uptown, and is Charlotte’s premier upscale Italian restaurant.
We offer a warm, intimate atmosphere, with fine Italian marble, sandstone balusters, travertine tiles, Venetian plaster, and Murano sconces accented by world renowned local fresco artist Ben Long’s artwork. The exquisite Northern Italian fare features house made pastas, prime meats, and the freshest seafood.

MCCORMICK & SCHMICK'S
The menu at McCormick & Schmick’s is printed twice daily and features more than 30 varieties of fresh fish and seafood locally to being flown in from both U.S. and international waters. Other menu highlights include tempting pasta, poultry and beef specialties to tempt any palate. Centrally located in Uptown Charlotte at the corner of 4th and Tryon Streets, McCormick & Schmick’s Seafood Restaurant is just minutes from Bobcats Arena, Blumenthal Performing Arts Center, and Bank of America Stadium.

MEZ
Entertain the palette. Enliven the senses. Engage the moment.
In the heart of Uptown’s EpiCentre, Mez offers stunning atmosphere, soaring ceilings, dramatic downtown views & an intimate lounge. Featuring innovative, eclectic cuisine from award winning, acclaimed Miami Chef Klime Kovaceski. Mez is sure to become Uptown’s new quintessential dining experience.

MIMOSA
Located in the heart of Uptown Charlotte, Mimosa Grill offers fine, Southern cuisine in a casually sophisticated ambiance. Executive Chef Jon Fortes has created a seasonal menu that features a “farm to plate” signature style by using only the best of locally raised and grown ingredients.

MORTON'S THE STEAKHOUSE
USDA prime-aged steak is just part of the Morton’s story.
The Best Product… Genuine Hospitality… an Experience to Remember.
For more than 30 years, Morton’s has served only the finest quality foods, featuring USDA prime-aged beef, fresh fish and seafood, hand-picked produce, delicious appetizers and elegant desserts.

RATCLIFFE ON THE GREEN
Experience an unforgettable evening of French influenced cuisine at Ratcliffe on the Green in Uptown Charlotte. Upon entering through the well-stocked wine room, guests are surrounded by the warm atmosphere of the tastefully decorated dining room set behind the original Tiffany façade of the historic Ratcliffe Flower Shoppe, circa 1929.

ROOM 112
MODERN ASIAN CUISINE + SUSHI LOUNGE

SONOMA
Sonoma is not a place for the timid or the hidebound traditionalist. But lovers of inventive translation will enjoy one of Charlotte’s rare provocative menus.

THERAPY
Proper therapy is a “round-the-clock ” proposition. that’s why therapy is open for your late night sessions. we boast charlotte’s most extensive list of double martinis; featuring the old favorites, and creative new martinis with exotic twists.

ZINK
Zink American Kitchen’s creative menu and “speakeasy” décor offer Uptown Charlotte guests a unique and memorable experience. The menu takes traditional American comfort foods and reinvents them into “cool” dishes that give this restaurant its distinct style.

Construction Halts at the VUE

A construction worker pulls down the R.J. Griffin and Co. sign from the construction site of The Vue on Monday.
Construction on The Vue, a 51-story uptown condo tower that kept on building as others stalled, will be stopped as of today because the developer hasn't paid its bills, according to an e-mail sent Monday by the project's general contractor.

It's the latest sign of trouble in the center city condo market, where sales have plunged in recent years. The delay also illustrates the real estate market's lingering weakness as lenders scrutinize projects more closely than in the past.

The e-mail to subcontractors, signed by contractor R.J. Griffin & Co.'s senior project manager and obtained by The Observer, said Griffin had not been paid for work done in July and, while it has been working with the owner and lenders to resolve the matter, “to date we have been unable to reach a resolution.”

As a result, the contractor directed subcontractors to stop all work on the $275million-plus project effective at 12:01 a.m. today, according to the e-mail.

Calls to R.J. Griffin's Charlotte office were not returned. The Vue's owner, Chicago-based MCL Cos., declined to talk with The Observer.

At the work site, at Fifth and Pine streets, workers streamed out of the tower at the shift's end Monday, carrying an assortment of items, such as ladders, buckets and drills, that workers often leave overnight. Workers with four subcontractors, and half a dozen Griffin employees, said they had been told that work might stop because of unpaid bills.

Employees also removed R.J. Griffin signs from fences and used cranes to hoist portable toilets and other heavy equipment to the ground from The Vue's upper floors.

Uptown Restaurant Week: Sept. 18-27

Okay, you got us. We call it a week, but it’s really a full ten days—ten days of Uptown's top restaurants each presenting exquisite three-course meals for only $35.
Offerings range from the freshest sushi to the thickest steaks and much, much more. There's no excuse to miss out, so bring a date, bring your mom, or maybe even just treat yourself to some of the best restaurants Uptown Charlotte has to offer, at only a fraction of the normal price.

FHA Program Offers Purchase & Renovation Aid

The Federal Housing Administration is encouraging use of its little-known 203(k) loan program.

The 203(k) lets an owner-occupant borrow money for both the purchase and renovation in one loan, and put down only 3.5 percent.

The program requires the use of credentialed contractors and can include cosmetic improvements as well as major renovations like replacing plumbing or electrical. Completing the application process requires patience, says Nancy Hammock, an associate with RE/MAX Properties in Western Springs, Ill.

But in this lending environment, more homebuyers are finding 203(k)s worth the hassle. In fiscal 2008, the government insured about 6,700 of the 203(k) loans. This year, more than 11,000 loans have already been insured, according to the Office of the Comptroller of the Currency.

Source: Chicago Tribune, Mary Ellen Podmolik (08/14/2009)

Uptrend Continues in Pendng Home Sales

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors(R). The Pending Home Sales Index, a forward looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upward revised reading of 91.3 in May, and is 6.7 % above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.Lawrence Yun, NAR chief economist, said in a combination of positive market factors in fueling the gains. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who've been on the sidelines. Activity has been consistently much stronger for lower priced homes." he said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30th, 2009."

J.S. Kempf & Associates filed for Chapter 7

The matthews based homebuilder filed for Chapter 7 bankruptcy this week. The company builds homes in communities including The Palisades, a luxury home development near Lake Wylie, and The Club at Longview off Rea Road.

A Chapter 7 bankruptcy filing indicates the company is planning to liquidate its assets, as opposed to shedding debts and reorganizing, as is done in Chapter 11 bankruptcy filings. More than 30 percent of bankruptcy filings in the Charlotte area this year have involved construction-related companies.