Posted On: March 28, 2010 By: admin

One of the biggest factors effecting the rate markets today is the increasing issuance of corporate debt as the economic outlook improves, the Demand for corporates is increasing and the yields are better than treasuries. The treasury markets have always been considered rock solid safe investments that kept many investors out of the corporate bond market. Today US debt is increasing so rapidly with a Congress and Administration hell bent on more spending, that investors see the gap in safety narrowing.

The bond and mortgage markets will be skittish ahead of the 7 yr auction and with yields at the highs of the year. Trading will be choppy with wide swings now for the next week or so as the pounding today is analyzed in context of the economy, demand for US debt and of course, the equity market that is characterized these days as completely ignoring current economic data in favor of the wider outlook that ion itself is on shaky ground in our judgment.

Regarding market moves like this week’s the speculation from the talking heads runs rampant. The first thing we heard was that the spike is in response to the health care bill. No matter what you are told about the bill cutting the deficit by $130B, it is totally and completely a smoke screen. There isn’t any savvy trader in the markets that believes that; the US deficit is set to increase much more than it would have without that bill. Yes Virginia, it will appear to be a cut but when we look out a few years the reality sets in. No matter how the pie is sliced the bill cannot be funded with tax increases as the plan is constructed, to insure 30 mil more people will cost the taxpayer with higher taxes and more deficit spending. Possibly those sovereign countries funding US deficits are getting a little concerned and in the future demand higher interest rates. Whether the reaction to the health care bill actually caused the rate spike isn’t clear; what is clear though is that Treasury borrowing $192B a month on 2s through 30s isn’t likely to fly much longer with low interest rates.
-Shirmeyer Rate Market Report / Sigma Research, Inc.

Though the dollar has benefited by recent spikes in the market, we would caution that rates will increase over the next 30 days as 2010 continues it’s shake-down cruise.

Wyndham Capital Mortgage rates:
Conventional 30yr Fixed ………………..4.750%
Conventional 15yr Fixed…………………4.250%
Conventional 5/1 ARM……………………3.375%
FHA 30yr Fixed……………………………4.750%
FHA 15yr Fixed……………………………4.250%

Edward Mayor, Wyndham Capital Mortgage (704) 369-2629 ed.mayor@wyndhamcapital.com

Category: Uncategorized

Posted On: March 25, 2010 By: admin

Uptown Charlotte Second Ward Calendar Year Activity for 2009.

During the calendar year 2009 Second Ward struggled with sales.  By the last day of the year, 4 townhouses/condos had sold. These 4 townhouses were on the market an average of 80 days. The average heated square footage of these 4 units was 3,557 square feet.  The average list price was $1,528,750, and the average sold price was $1,491,653.  These properties sold for an average 95% of the list price.  The four sales were spread out over the year, with one sale being in January, the next sale in March, the third sale being in August, and the last sale being in November.

The previous numbers are skewed by the two sales in January and August.  These condos sold for $3,195,614 and $1,525,000 respectively, and the square footage of each is 7,000 and 3,565 respectively.  Compare these two condos to the two other sales in Second Ward being 1,756 and 1,907 square feet at a sale price of $580,000 and $670,000 respectively, and you can see the broad price range in this particular area.  The two more moderately priced condos that sold are located at The Ratcliffe, and the two more luxurious condos are located at The Trust.

Looking at 2010 year to date, Second Ward currently has three condos on the market. Two are $1.5 million, plus, and the third is priced at $289K. They have been on the market an average of 319 days. There are no closed sales year to date in Second Ward.

Category: Second Ward

Posted On: March 17, 2010 By: admin

February 2010 Charlotte Condos Report!

There were 76 properties on the market with an average list price of $359,031

10 property were conditional.
2 properties were pending.
1 properties were contingent.
31 properties were withdrawn.
10 expired listings.

The 12 sold units had an average listing price of $323,135and sold for of $321,732 averaging 316 days on the market.

The 12 units that were sold for the month were located at The Gallery Lofts, Jefferson Square Condos, 400 North Church, 2 at Avenue Condominiums 2 at 230 South Tyron, and 6 at Garrison at Graham Condos

Category: Statistics