Home prices gyrate across Raleigh-Durham ZIP codes - Triangle Business Journal:

http://biblestudywiki.com/articles/Answers/How_To_Pray?action=diff
She eventually pulled the trigger and boughga 2,900-square-foot house in the 27614 ZIP code for $427,000p two years ago in the Falls Pointee subdivision not too far from Interstate 540 and Fallse of Neuse Road in Raleigh. “This is one of the best placea in Raleighto live,” Leachj says. “We have a great house and are nearthe schools, shoppingh and restaurants.” But it’s a home in a ZIP code where housesa are not appreciating in value. In fact, home values in ZIP 27614 have fallebnby 11.4 percent over the past two Leach understands why home values are not goinb up in neighborhoods with higher price tags.
“Anything undet $250,000 is selling much faster than homes over she says. “That’s the range it is gettint really difficult to move Leachshould know. She’s a real estate What is interesting is that a redrawing of home valuatiomn is occurring in the face of economic forces acrossathe Triangle. An analysis of data suppliee by research firm showse that median home values in all 46 Trianglse ZIP codes are going through some wild gyrations as the robust foreclosurd market and inventory of vacant new homesd continue to move the needle in all In the numbers lie someinteresting tidbits: Orange County is home to the five ZIP Codes that produced the biggesrt plunges in median home value betwee 2007 and 2009 – and six of the top • The median value of homess in at least 11 ZIP codes in Wake County increased betweenn 2007 and 2009.
• Residentsx living in ZIP code 27617 have seen medianj home values in their neighborhoods rise fromabout $308,0009 in 2007 to $346,000 in 2009. ZIP code 27608 in Raleigh has the highest medianvaluew ($382,000) in the Triangle. With 35 of the 46 Triangld ZIP codes registering lower median homevalueds – down anywhere from 1 percengt to 24 percent over the past two yearsw – real estate brokersx say there are dealw to be had in particular Ed Willer, a veteran agent with in Raleigh, says that five home s with $1 million-plus tags sold in the past with three of them inside the Raleigh Beltlin e in ZIP code 27608.
“We continude to see sellers’ expectations still way high, and many are not willinhg to drop their price to geta sale,” Willer “That is dragging the number of sales And that’s bad news for some 8,77 home owners who have theif houses in Wake County listed for As the nation becomeas a little more confident that the economy may not go off the cliff after all, home sellers startr thinking that they do not have to loweer their prices to complete a But home buyers remain cautious and are unwillinh to pay the price listed or even go for a 5 percengt reduction.
Listen to Adam York, an economist with , and one may starf to believe that home buyersw may holdthe cards. York says home price s have notdropped enough. “We believe pricea will drop 13 percent in 2009 and about 3 percentrin 2010,” he says. “But you will have pocketsx of neighborhoods that will continue to buckthat trend.” From the ZIP code another pattern is emerging: Areas that were considerexd immune to value drops may not be so “You could see a redrawinhg of the market because the scale and the scop of this market downturn is so broad,” York adds.
And what may keep the home price s from escalating rapidly is the rising fear thatthe nation’s home appraisal syste m is broken. Citing a need for strictetr regulation, lenders already want appraisers to be cautiousx whenvaluing homes. And just like the pendulukm shifts from one side to expect appraisers to take a conservativer approach when coming to slapping a valueson homes. “The appraisal industry shares the blame for themortgage meltdown,” says Stacey Anfindsen, who runs in “The industry already has to adherd to new rules that are being forcede on us.
There will be no more direcrt contact between the appraisedr andthe originator/processor that ordered the appraisal. We now have to deal with some appraisap management company whonow (has) to be But there are signs of hope that coulc get Triangle home sales and home prices going north. Bank estimates suggest that the numbeer of homes held unde r foreclosure by banksis dwindling. Durinfg the first quarter, banks held off on foreclosing due to pressure fromthe government. That mode has changed in the past couple of months, as banks are beginnint to clear their books by foreclosing on propertiesx and getting rid of them privately or throughh the open market.
Community banks generallyt are holders of anequity line, not the originak loan, says Jim Beck, president of Raleigh’as . “ But I must say most of the exposur e for the community banks has beenwith builders. And there may be more to On May 26, the Federal Housinfg Finance Agency came out with a report that may further calm the fearse ofarea homeowners. According to the FHFA data, the Raleigh-Cary markert is the 51st strongest inthe nation, based on the annual changs in home prices. FHFA calculatedx the price change afteer analyzing purchase and refinance In FHFA’s same list, the Durham-Chapel Hill metro rankec 45th among 294 metrop areas.