Charlotte’s own Bank of America Posts Earnings
Posted by Lisa in Charlotte Businesses on April 20th, 2009
Charlotte based Bank of America posted better than expected earnings for the first quarter of 2009 earning 44 cents per share as compared to 23 cents per share a year ago. This well exceeded the analysts forecast of 4 cents share.
That was the good news….the bad news was that the bank posted a loss of $1.8 billion on card services after posting a gain last year. CEO Ken Lewis indicated that “credit is bad and we believe credit is going to get worse before it will eventually stabilize and improve….whether that turn is later this year or in the first half of 2010, I’m not going to hazard a guess”.
Why do I write about this other than my love for the stock market? Ken Lewis’ comments about the deterioration of the credit markets gives us great insight as to how the economy may very well continue to struggle and even get worse in the near term.
Why is that important other than for the obvious reasons? Unfortunately the Charlotte real estate market is inexorably intertwined with the economy and as such we more than likely will see continued downward pressure on our markets. If people are not making their credit card payments I am fairly confident they are struggling with mortgage payments. Struggling with mortgage payments means a higher probability of defaults and foreclosures. More foreclosures mean more downward pressure on home prices in Charlotte.
I remain cautiously optimistic the economy can stabilize by years end and we can begin to see the bottoming of the Charlotte real estate market. Until then stay tuned….
Ciao Bella….
Charlotte Marketing Stats – Feb 2009
Posted by Lisa in Charlotte Market Statistics on April 18th, 2009
Foreclosures in NC Back on the Rise
Posted by Lisa in Charlotte Real Estate on April 17th, 2009
The Charlotte Observer reported foreclosures on the rise once again in the state of North Carolina. Filings for the month of March as compared to a year ago were up 11 % across the state while filings in the Mecklenburg county area rose 40%.
The slowdown we experienced over the last several months was in part due to the “moratorium” placed on foreclosures compliments of the government (Fannie Mae and Freddie Mac), the major banks and the new North Carolina law requiring lenders to give borrowers a 45 day notice before starting the foreclosure process.
What does this mean for you? The rise in foreclosures continues to put pressure on the already battered housing market. Why?…
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Foreclosures put price pressure on existing homes because they typically sell well below market value.
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Foreclosures usually are not in the greatest of shape (theory being if you can’t pay your mortgage you are probably not keeping the house up) and as such they can discourage potential buyers of existing homes from buying in that neighborhood.
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Foreclosures put more pressure on the already ailing banks which may force them to alter future lending practices. This translates into tighter mortgage standards and less money for potential buyers.
Although this is not a good sign it is not a surprising one. As I said in an earlier blog we are not out of the woods yet in real estate – but the bottom may very well be in sight. Until then, if you need help or have questions about foreclosures in North Carolina please check out NC Foreclosure Help.
Ciao Bella
First-Time Home Buyers Credit Compared
Posted by Lisa in Charlotte Real Estate on April 16th, 2009
I have found a super chart (compliments of Realtor.org ) that highlights all the major changes for the first time home buyers credit between the July 2008 version and the most recent one in January 2009. See Chart. All of you first time home buyers (i.e., anyone who has not owned a home within the last 3 years) really need to take a look at this.
The major highlights include:
- Increased credit amount from $7,500 to $8,000
- NO repayment required in the 2009 version
- Buyers who utilize the program can still obtain downpayment assistance from NC Bond and House Charlotte
With mortgage rates down in the 4’s this quite possibly is “an offer you just can’t refuse”. If you have any questions about the chart or the credit itself please email or call me. I would love to help you better understand this incredible offer.
Ciao Bella
Client Testimonials
Posted by Lisa in Client Testimonials on April 15th, 2009
Trying to buy a home from out of state is not an easy task! Working with Lisa made my home buying process both a pleasurable and smooth experience. Her professionalism, preparation, communication, and real estate knowledge allowed me to find the most suitable home at the most competitive price in the least amount of time. I would recommend her to anyone who is looking for a real estate professional who is dedicated to her client and works to keep them ahead of the game at every step.
Onis Flores, Virginia
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Lisa worked very long and hard hours for us. She kept us up to date on everything…guided us on all decisions. It was a pleasure to have her working for us. She was focused and tireless in her efforts to meet our needs. We cannot say enough good about her. She is first class.
Charlie & Nancy Threatt, North Carolina
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Thanks to Lisa I sold my house very quickly!! She suggested easy re-dos for making the house attractive, priced the property fairly, and marketed the house well by talking to other agents and designing a colored brochure for prospective buyers. Lisa’s coordination was excellent when dealing with me and with other agents who showed the property. Her dedication and commitment to selling our property was outstanding. Throughout the selling process I felt that Lisa listened to my concerns and truly cared about my property as if it were hers. She provided a lot of emotional support throughout what could have been an incredibly stressful transaction.
Ashley Goetz, South Carolina
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Lisa Wilkins
Lisa brings unique credentials and extraordinary skills and talents to the residential real estate market. She is a licensed real estate broker in North Carolina and South Carolina, and is a member of the National Association of REALTORS®. more>>>