Foreclosures increased again in January as banks continued to work through a large backlogs of defaulting loans in their books, RealtyTrac reports. The number of foreclosure filings — including default notices, scheduled auctions, and bank repossessions — increased 3 percent from December to January.  However, the numbers were significantly down compared to one year earlier, RealtyTrac reports.  Last month, one in every 624 households received a foreclosure filing — a drop of 19 percent compared to January 2011.  Banks had slowed their pace of processing foreclosures last year following a robo-signing scandal, in which banks were accused of approving foreclosure documents without proper reviews. Banks have changed some of their methods in processing foreclosures. Also, the $25 billion foreclosure settlement, announced last week, among the nation’s five largest banks and state attorneys general is expected to lead to a pick up in the pace of foreclosures.  Are you looking to purchase a bank owned property in the Wilmington NC area?  Visit our website at www.NetworkWilmington.com for many listings.  Network Real Estate is a leader in Wilmington NC real estate for sale.

Record low mortgage rates are creating more demand for mortgage applications. The Mortgage Bankers Association reports in its most recent weekly mortgage market survey that loan application volume increased 7.5 percent on a seasonally adjusted basis compared to one week earlier. Refinance activity was due to most of that increase last week. Applications for refinancings increased 9.4 percent compared to a week earlier, while applications for purchases only ticked up slightly at 0.1 percent. The 30-year fixed-rate mortgage on conforming loans reached its lowest rate in the survey’s history last week — falling from 4.09 percent to 4.05 percent. Freddie Mac was reporting even lower for the week ending Feb. 2, with 30-year rates averaging 3.87 percent nationwide. Source: “Mortgage Applications Surge on Low Interest Rates,” HousingWire (Feb. 8, 2012)  With rates so low now is a great time to buy Wilmington NC real estate.  Network Real Estate can assist with all you real estate needs.  Visit our website at http://www.networkwilmington.com

When tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.  Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.  This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale.  The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale:

1. Replacing the entry door to steel  Estimated cost: $1,238  Cost recouped at resale: 73% 2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)Estimated cost: $50,148  Cost recouped at resale: 72.5%  3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)Estimated cost: $19,588  Cost recouped at resale: 72.1%  4. Garage door replacement Estimated cost: $1,512 Cost recouped at resale: 71.9%  5. Deck addition (wood)Estimated cost: $10,350  Cost recouped at resale: 70.1% 6. Siding replacement (vinyl)Estimated cost: $11,729  Cost recouped at resale: 69.5%  By Melissa Dittmann Tracey, REALTOR® Magazine

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Network Real Estate- Home 30 Years

Click the link above to view our lateste TV commercial.  Network Real Estate is celebrating it’s 30th year in business.  Network Real Estate is a leader in the Wilmington NC real estate market.  Happy 30th !

Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode.  Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market.  Wilmington NC Real Estate Network Real Estate  Wilmington Homes For Sale  Carolina Beach NC Real Estate Kure Beach NC Real Estate

Sales ticked up for existing homes and new homes, several real estate market indicators revealed last week, pointing to a housing market that may finally be entering recovery mode.  In the most recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new houses once again inching up last month. New-home sales rose 1.6 percent from October to November to an annualized rate of 315,000, and sales were up nearly 10 percent compared to November 2010.  The median sales price of a new home in November was $214,100, the Census Bureau reported, and the inventory of new houses nationwide decreased to a six-month supply at the current sales pace.  “Inventories of new homes are very low: There’s nothing on the shelf, so any increase in new home sales will translate directly into new housing starts,” Bob Denk, senior economist at the National Association of Home Builders, told CNNMoney. “That means putting people back to work.”  Other recent good news for the housing market: November sales of existing homes increased 12 percent year-over-year, new-home building starts were up nearly 21 percent year-over-year, and mortgage rates reached new record lows last week, pushing housing affordability even higher.  Source: “New Home Sales Edge Up,” CNNMoney (Dec. 23, 2011)

Network Real Estate has many agents to help you find the home of your dreams.  Wilmington NC real estate is a great value.  Network Real Estate agent’s can assist you with Carolina Beach NC homes for sale or Kure Beach NC homes for sale.  They even have a full service rental department for your Wilmington NC long term rentals, Carolina Beach NC vacation rentals or Kure Beach NC vacation rentals.  Call today (910) 395-4100