Monday, August 30, 2010
by Melanie Cameron, The Cameron Team

Happy Monday Morning!
I hope you enjoyed the great weather we had this weekend! I think cooler temperatures are on the horizon and will be welcomed with open arms in this area considering the heat we've had this summer.
Well, you can't sugar-coat last week's housing reports, but they don't necessarily foretell a "double-dip" recession in real estate. July Existing Homes Sales were off 27.2%, at an annual rate of 3.83 million, well below the expected 4.65 million rate. The months' supply went from 8.9 to 12.5 and there was also a rise in inventories. The truth is, the expectation was a bit high. An annual rate below 4 million for July makes sense, given that the home buyer tax credit was slated to end in June. Getting an $8,000 check from the government certainly encouraged lots of people to move up their purchases. For the same reason, experts also predict weak August numbers, but after that, some feel existing home sales will start heading back to about 5.5 million units annually. For the year, inventories are down 2.0%, while the median price is UP 0.7%. Interest rates are still at historic lows which continue to make homebuying and refinancing very attractive for consumers. If you want to discuss your options, give us a call.
Have a great week and remember to call The Cameron Team for all your real estate needs!
Sincerely,
The Cameron Team
Melanie Cameron, Broker 910.233.2840
Susan Harkins, Buyer Specialist, 910.431.2362
Michelle Roberts, Buyer Specialist, 910-431-5686
Alexa Winstead, Marketing/Closing Coordinator 910.202.2547
Diligently working to exceed real estate expectations in Wilmington, NC and surrounding areas including Ogden, Porters Neck, Wrightsville Beach, Carolina Beach, Castle Hayne, Leland, Burgaw and Hampstead.