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On Friday some of the biggest retail chains announced gains in February. Target, Macy’s, Kohl’s, Nordstrom and J.C. Penney, to name just a few – on Thursday posted same-store sales gains for February. The month was one of the strongest for the industry in the past year. Here’s a roundup of February retailer sales results as reported by the Triangle Business Journals’ sister papers in the companies’ headquarters cities. Info courtesy of TBJ Forbes Magazine in its latest issues says that Raleigh is the Most Wired city in the country, beating out cities like San Francisco, New York, Boston, etc. For the full story click on the link below. Info courtesy of www.TBJ.com. Those of us living in the Triangle area for any length of time are not surprised by the latest population data that says Wake Forest is the fastest growing city in NC. Between the Heritage development and many newer ones folks have been flocking to Wake Forest. With the new 98 Bypass and all of the retail development that’s continuing to be done I think Wake Forest will continue to grow, in spite of the economy downturn of the past two years. Here are the numbers.Number of households: 17,803 Percent change: +8% since 2008 (+118% since 2000) Average household income: $82,771 (+18% since 2000) Why: Not far from the Raleigh-Durham-Chapel Hill Triangle, Wake Forest has attracted residents with excellent quality of life, public schools and health-care resources. Gadberry also notes the high percentage of children and ethnic diversity here. Distressed Florida homeowners whose loans were financed by CitiMortgage may be able to stay put for a while and avoid the pain of foreclosure proceedings under a new program, the company said Thursday. The deed-in-lieu program – which, beginning Friday, will be tested in Florida and five other states – allows those facing foreclosure to remain in their homes for six months, in exchange for signing over their property deeds to CitiMortgage at the end of the period. It is designed “to help homeowners make a smooth transition into the next chapter of their lives,” according to a news release. Deed in lieu of foreclosure is a process in which homeowners give away their property to the lender, which then sells it to retrieve a part or all of the loan balance owed. While it may be welcome news for those facing the loss of their home, Weston-based foreclosure attorney Roy Oppenheim questions the timing. “We are two years into the crisis, and now they are trying to get creative? This was the kind of stuff we wanted to see a year ago,” he said. The program comes with several caveats: The homeowner must hold the first mortgage with a clear title owned by CitiMortgage and be at least 90 days delinquent. There can be no second mortgage. Borrowers must maintain the property in its current condition and pay utility costs. Other costs, such as homeowner association and escrow fees, are to be determined on a case-by-case basis, depending on the homeowner’s ability to pay. They also must agree to bi-monthly meetings with relocation counselors. CitiMortgage will provide a minimum of $1,000 in relocation costs to help borrowers. So, what’s in it for CitiMortgage? For one, it spares the lender the expense of going through a foreclosure, which is lengthy and expensive, noted Mark Rodgers, Citigroup’s director of public affairs. Second, because the home must be maintained, its value is not diminished. “Once the owner moves, we get the property that’s in better condition, so we can immediately market,” Rodgers said. “It’s much more likely to sell quickly in good condition than in bad condition.” Scott Coloney, of the Foreclosure Response Team in Fort Lauderdale, said he’s been hearing a lot about deed-in-lieu programs among those in the banking industry, but he doesn’t think it’s going to solve the overwhelming problem plaguing the real estate market – the glut of foreclosures. “The idea is to create transactions,” he said. “To get the economy going, you need movement.” CitiMortgage hopes that, by allowing homeowners to stay put for a while, it will keep more homes from being added to the existing backlog. “If we can get them out in a more measured way, we can hopefully avoid that,” Rodgers said. On Thursday, RealtyTrac reported that one in every 187 homes in Florida received a foreclosure notice in January. Before borrowers can enter the program, they will be evaluated for a permanent mortgage modification. If they don’t qualify for that, a short sale, in which the company might accept a buyer’s offer for less than the outstanding amount of the loan, will be considered. If that is unfeasible, the next step would be the deed-in-lieu program. Info courtesy of TBJ Last year started with record low sales levels. However, closed sales increased every month, culminating with the fourth quarter netting sales higher than in 2008. Additionally, the decrease in prices combined with low interest rates means that housing affordability is at its best level in recent history. Add the tax credit extension to that and the results are far more encouraging for economic improvement in the Triangle housing market. Stacey Peter Anfindsen This is an excerpt from a letter to the editor of the Raleigh News and Observer that appeared on 2-10-10 IBM on Thursday opened a new $362 million data center on its campus in Research Triangle Park – a facility intended to serve Big Blue’s clients around the world. The RTP data center totals 60,000 square feet but has room to expand to 100,000 square feet. IBM (NYSE: IBM) says the design of the data center uses about half as much energy as an average data center of comparable size. Customers hosting applications on IBM’s new RTP data center include North Carolina Central University, North Carolina State University, the United States Golf Association and IBM itself – the center hosts ibm.com. The data center is housed in an existing building on IBM’s RTP campus. IBM says it reused and recycled as much material as possible, leading the company to apply for Leadership in Energy and Environmental Design, or LEED, Gold certification. IBM owns or operates 450 data centers around the world. IBM employs about 10,000 in RTP. Info courtesy of TBJ I just listed this stately home off Durant Road has everything the discerning home buyer could be looking for. On 1.16 acres with over 6,500 square feet of heated space and over 1,000 square feet of unfinished attic space this home is perfect for the buyers who want style, quality and plenty of room. With trim second to none and special features galore this home is warm and inviting and perfect for entertaining. Visit these websites for more information. I have a new listing at 6104 McDevon Drive in Harrington Pointe off Leesville Road in north Raleigh. This cottage home is in a great community with pool, clubhouse, playground, sidewalks and very convenient to shopping like Brier Creek, I-540 and much more. This 1,858 square foot home offers a first floor master with WIC and twin vanity master bath with separate tub and shower. The great room with vaulted ceiling has a gas direct vent fireplace with Plantation shutters on all side and front windows. The kitchen has SS appliances, twin SS sinks, solid surface countertops, lots of cabinets and countertop space, a small breakfast nook and looks out into the rest of the first floor over a half wall that separates the kitchen area from the dining room. A laundry closet with shelving, half bath and linen closet are off the hallway that leads to the master bedroom. Upstairs you will find two large bedrooms with a buddy bath offering separate vanities. All vanites in the house have taller countertop height. One bedroom upstairs has a walk in closet that has a doorway to a large unfinished area with electrical service and shelving. The back yard is private with a 10×12 foot concrete patio, storage shed and privacy fence. This single family attached home is in tip top shape and is ready for the home buyer who wants convenience, amenities, a friendly neighborhood environment with lawn maintenance covered by the HOA. Take advantage of the Tax Credits and make this home your’s today. For more information visit these websites: http://www.seetheproperty.com/56453 http://www.zingding.com/2490976 The Democratically controlled U.S. Senate plan to take a vote the morning of Christmas eve to pass a health care bill that can then go after the first of the year to a conference committee with the House. All polls show that the majority of Americans are against the plan as proposed by the Democrats but at the same time most people feel that something has to be done. It will be interesting to see how this all plays out. Will the Democrats be able to come to an agreement considering the vast differences on many key parts of the legislation? Will the American people really see a reduction our the Federal deficit as a result of the passing of this legislation? Will taxes really stay even or go down for most middleclass Americans? Stay tuned. |
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