Pending Home Sales Continue to Rise

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of REALTORS®. Lawrence Yun, NAR chief economist, attributed the gains to a combination of positive market factors, including low mortgage interest rates and affordable home prices. Read more.

Rep. Coble seeks to amend $8k tax credit

The legislation propsed by NC Republican Congressman Howard Coble would extend the $8000 tax credit that was originally passed as part of the “2009 Stimulus Package” to all home buyers – not just first-time home buyers. In addition, there would be no income limit on who would be eligible for the tax credit. Click here to read the current qualifications.

The main features of the bill include:

Rep. Coble’s news release also stated, “As we have seen in the past, when the real estate market is thriving, so is the rest of our economy,” Coble stated. “Now we are experiencing the dire consequences of a slumping housing market. I believe our HOME Act of 2009 would convince many who are sitting on the fence right now to climb down and purchase a new home. Our entire economy would be the beneficiary of these new sales. Extending the tax credit to all home purchases could be just the boost our housing market needs.”

2008 Digital Cities Winners Announced!

e.Republic’s Center for Digital Government and Digital Communities magazine released results of the eighth annual survey which examines how cities use technology to create a seamless environment between local government and constituents. The survey is open to all U.S. cities with a population of 30,000 or more and respondent cities are classified into four size-based categories.

“This year’s winners reflect that even with budgetary challenges, cities are placing a high value on citizen engagement and improved services,”

125,000-249,999 population category:

1st City of Lincoln, Neb.
2nd City of Winston-Salem, N.C. (tie)
2nd Salt Lake City, Utah (tie)

Winners will be honored at a special awards ceremony in Orlando, Fla.

Congratulations, Digital Cities Top Ten!

Wachovia – here we go again

From The Business Journal of the Greater Triad Area:

Citigroup Inc. will acquire the banking operations of Wachovia Corp., according to an announcement from the FDIC. The announcement did not detail the terms of the transaction or the immediate operational impacts except to say that there will be no interruption in services for bank customers.

Wachovia moved its headquarters from Winston-Salem to Charlotte in 2001 following its merger with First Union. The company still maintains its Wealth Management division in the Twin City. The impact of the sale of banking operations on that division has not been announced.

Wachovia’s total Triad employment is 3,800 people.

Big Question? What impact will this have on Triad jobs and, subsequently, the Triad housing market?

Winston-Salem Mayor says 35,000 new jobs needed

During a “State of the Community” speech Winston-Salem Mayor Allen Joines said the city must generate 35,000 jobs within 10 years to catch up with cities in metropolitan statistcal areas that have higher growth rates. He went on to say, “city leaders must identify the community’s “economic driver” and leverage that driver with “ruthless” focus to make it work.”

While no specifics were revealed he did mention the importance of the Piedmont Triad Research Park and the FedEx air-cargo hub.

In addition to Mayor Joines, the city and county managers both addressed the reality of the slowdown in the local economy, reiterating that new building permits are down, unemployment is up and homes sales are down. 

What do you think will need to happen to grow our local economy?

Will the upcoming elections have any effect?

Tell us about the successes you are experiencing in your industry/company.

I welcome your comments.

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