It is official. President Obama signed the bill Friday. The bill extends the existing first home buyer credit- it adds a $6500 credit for qualifying  “move up” buyers, and increases the income limits to qualify… welcome changes and a shot in the arm for home Buyers and Sellers

The bill extends the current $8,000 first time homebuyer tax credit (which was due to expire at the end of November) through April, 2010-however this is a “contracted by” date and you must close by July 1, 2010.

It also includes a tax credit of up to $6,500 for qualified move up buyers- you must have used the home as your primary residence for 5 of the last 8 years- and increases the borrower income limits for both credits to $125,000 for individuals and $225,000 for couples.

Home buyers will qualify for the full credit as long as they have entered a binding contract by April 30, 2010 and they close the transaction by June 30, 2010.  The tax credit is limited to homes with a purchase price of $800,000 and below.

More details as we learn them but this is more that we had last February… lets go buy a home!!!

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Charlotte NC

Anthony Foxx is Charlotte’s new Mayor, defeating John Lassiter in a close, 51%-49% election Tuesday.  Foxx, the first Democrat, and first African-American to be elected Mayor since Harvey Gantt, takes over from popular 14 year incumbent   Pat McGrory (R) In an era of highly partisan elections, this one wasn’t as both candidates took the high road, and Charlotte is the better for it.

Congratulations to the new Mayor, his staff and family. Full story at the Observer Democrats sweep city council, now 8-3 majority. Thanks Cltblog for the Foxx picture.

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Two big “gets” for Charlotte area University’s this week, Paul Krugman and Tom Friedman! Uptown’s CPCC had Nobel Prize winner for Economics Paul Krugman speak Monday morning, and yesterday at Davidson college, Tom Friedman of the New York Times spoke about the Green challenge to America.  Thanks for bringing these speakers to Charlotte.

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Speaking of North Carolina, Green, and green jobs, I was reading a detailed report from the Pew Charitable Trust, on Green energy jobs through out the US, but here are the NC highlights:

Between 1998 and 2007, jobs in North Carolina’s green economy grew at a rate of 15.3%, while overall jobs grew at 6.4%…nationally green jobs grew at a rate of 9.1% and total jobs grew at 3.7%”

I find this fascinating- first our overall jobs statewide were growing at 6.4%, nearly double the national average growth of 3.7%, and when it comes to Green Jobs, NC is 50% ahead of the national 9.1%.  This explains the health economy we’ve enjoyed in North Carolina over the last decade, 2009 excepted.

This study was a hard count of actual numbers- not projections, and the jobs ranged in wages from $21,000 to $111,000.  While these numbers are exciting, North Carolina would be ranked 16th,  so there is room for improvement!!! and that means more jobs for NC.  Full story at www.pewtrusts.org/cleanenergyeconomy

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Charlotte saw the new Art in front of the Bechtler Museum of Modern Art yesterday, I’ll have pics and more coming soon. tm

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yes I know but the post below is a lot more serious…

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The Stimulus Plan and Charlotte- State Politics at Work Again AS Charlotte Receives $34.09 PP, Lenoir County $744 PP

Everyone is familiar with the national brouhaha behind The Economic Recovery Act, aka the stimulus plan…   Is it possible that, at the State level, the funds could have been politically hijacked,  and sent to primarily rural political   strongholds in the state? It is possible that the rural interests gain once again at the expense of the cities that pay the state’s bills?

Most of us remember the loud political fight over the Stimulus plan, the denial that it would improve anything, that it was all just a boondoggle, and that is now credited with the 3.5% 3rd quarter growth in US GDP. The same bill that  not a single Republican supported.

The Stimulus invested $563,065, 282 in North Carolina, and of that $512,689,234 is “Under Contract”, or allocated presumably with “shovel-ready ” projects and contractors from around the state. Much of this data comes from ProPublica*

How was it decided who would get what?

North Carolina, 10th largest state in the nation, was treated fairly by the Federal Government. It  has received the 9th largest State Stimulus Check at $563,065,282.

Where have the Federal Stimulus funds been allocated in North Carolina?

Since the Charlotte area is, by far, the largest county by population in NC , the largest contributor to state GDP, it is logical to assume we are receiving the largest amount for stimulus funding, right? No, not exactly.

Surely it is Raleigh? No, not Raleigh either.  Have a look for your self:

Mecklenburg County, with a larger population that Cumberland, Lenoir and Iredell combined, receives21% of their Total spending. There were 25 counties who received nothing, $0, so technically they are the biggest losers, but at $34.09, Mecklenburg County would have had to work to do worse.

Mayor McCrory was right when he feared, out loud in the Spring, that Charlotte wouldn’t get its fair share of stimulus spending.

Let’s look at spending in NC Congressional Districts, maybe that will shed some light…

The NCs 5th Congressional District, the former district of now Senator and chief NC stimulus critic, Senator Richard Burr, collected  $95,506,098 of Stimulus spending. The 5th District seat is currently held by Virgina Foxx, Republican Congress woman, best known for her rants that the  killing of Matthew Sheppherd in Wyoming  wasn’t a hate crime.

In 2nd place, NC-01, at $44,066,742 in the swarming metropolis of East NC,  held by Democrat George Butterfield. This is the area around Rocky Mount and Elizabeth city, Oxford and … New Bern. Anyone special live in New Bern?

In 3d place, NC-11, Democrat Heath Shuler’s district, covering the western area of Franklin, Murphy, Asheville

In  4th Place, NC-04, at $31,263,844 -the 4th is held by Democrat David Price, and covers the area around Chapel Hill, Mebane, and east to Cary.

In 5th place, NC-08, at $25,7904,268 Democrats Larry Kissell, is the first to come Charlotte’s way, includes East Charlotte, Concord, on to Fayetteville and Laurinburg

Sue Myrick’s 12th District? $0 so far, along with NC-13.

Are you getting the picture here?  I ask the question again, “Who Decided?”

tm

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* Spending information came from the public interest ProPublica

** Population estimates cam from US-Places

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The US economy in 2009- 1st Quarter 6.4% loss, 2nd Quarter 0.7% loss, 3rd Quarter 3.5% gain

Inflation was annualized 1.6%. that is outstanding as well.

What’s left, we are done on the economy, right?

No, not done, not even close with more than 10M jobs lost, and over 12 M unemployed, and a Still shaky financial system.

It is ALL about Creating new jobs. Obama said it, and I couldn’t agree more. Waiting on those unemployment numbers to trend DOWN.  Details here at the New York Times

But in Charlotte we are making progress:

If you saw my last post you know Charlotte IS creating new jobs, 20% ahead of the pace in 2008, and unemployment is falling in Charlotte and Charlotte real estate prices have risen in 4 of the last 6 months, and homes sold were up 23% in August over a year before…

Still, if we want the good times rolling here in Charlotte, we have to create jobs- jobs for May grad’s, for mid-level managers, in finance, in manufacturing, in the service sector…

Question of the day? How can Charlotte, and North Carolina Grow more jobs here? Without the cross-state bribery going on in South Carolina?

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Buying or Selling your home, we are here to help. Visit us online at Charlotte Real Estate or “meet me” online at the  #1 Video on You Tube for Charlotte NC. More urgent? Call me direct at 704-351-1519

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Yes, it is too early to declare the recession over. However, these are some encouraging signs–more than the “just getting worse slower” We have strong economic reports and increasing home prices again… the details below

Mecklenburg County Unemployment fell .3 % from August’s 11.3 to 11% in September

The region, Charlotte/Gastonia/Concord dropped .2%. Hickory/Lenoir/Morganton region dropped .5% to 14.1. In all, unemployment fell in all 9 counties I watch closely.

The Charlotte Chamber of Commerce announced that job creation is well ahead of 2008’s pace, and jobs are growing here faster than the last few years, hopefully signs of good times ahead.  Area employers announced new jobs of 11,527, up from 9,552 last year. This good news was tempered by substantially lower capital investment numbers-from $1.75 billion in 2008 to $784M  through the first3 quarters of 2009

The energy sector is growing as the world sees a larger commitment to nuclear power coming and Duke Energy’s HQ here makes all the difference. Health care is strong here as well , with two major hospitals competing and Premier Health Care relocating corporate headquarter’s here…Personally, we’ve moved several doctors this year.

Johnston and Wales University announced plans to expand its Uptown presence building a 30,000 square foot recreation center. The building will house a gymnasium, locker rooms, and places for student activities to meet…we’ll keep an eye onit. Johnston and Wales opened in 2004 in Charlotte with the plan to close its Richmond and Charleston campuses.

Wells Fargo reported increased earnings,$2.6B for the 3rd quarter, even as credit losses rose and Bank of America reported record 3rd quarter losses of 2.24B… and that Ken Lewis wouldn’t be getting a bonus in 2009.

Housing Prices Bottomed and Moving Back Up Slowly

Charlotte is a part of the well regarded Case-Shiller 20 city Home Price Index, and has had the 5th least price drop of the 20 major cities measured. This summer, Charlotte’s price index had 3 consecutive months of increasing home prices through July, the latest month reported.  Home prices are still down more than 9% from a year ago, but they are moving in the right direction. Prices have now risen  3 months in a row and 4 of the last 5 months, Charlotte home prices hit bottom and are bouncing back.

ED NOTE: August C-S report slightly lower prices in August-still nearly 2% above February low

The number of foreclosures fell 6% in NC in the 3rd Quarter according to Realty Trac, the soure for foreclosure information.

Nationally, existing Home Sales up 9.4%  from August pushed by first home buyer tax credits. It’s happening here in Charlotte too…as home sales under $200k are about 66% of our market in September as reported in the CarolinaMLS.

Charlotte Job creation up, housing sales up, home prices up… Take that Washington Post!  Happy Monday!

Terry McDonald, Charlotte NC

Related Videos and Posts

Charlotte Homes – An Introduction to Charlotte,  You Tubes #1 Video Charlotte NC

Charlotte Custom  Homes Luxury Homes- Charlotte update and Luxury home report combined

Charlotte Homes For Sale- A Market Report Through 3 Quarters 2009

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First Home Buyer Alert

Yes, there is still time to get in before November 30, but hopefully you are far enough along and getting ready to make an offer. The IRS is not flexible, their deadline for CLOSINGS are 12/1- I say 11/30 in case of 1 day hiccups, which sometimes happen. Call me and I’ll help you put it together. 704-351-1519

Home buyers, our $500 Gift card program has been extend to 12/31 and now applies to All Home Buyers who close begore 12/31/2009. Use us as your buyer agents, and within a few days of closing receive a $500 Gift card good at Ikea, Pottery Barn, Crate and Barrel or  Lowe’s Home Improvement Center. Call me today and we’ll get you started.

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How do you like our generally  new look? Please check out the Charlotte Relocation link, to see the familiar relocation links for jobs, taxes etc. We’ve added the home search in the right column, and did some house cleaning.

Here are someof my favorite recent posts: to get you

A Charlotte First home buyer (cute one!)  Says “Show Me the Money!”

Charlotte New Homes- first home buyer inventory

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Call us to get you started, still just enough time for for first home buyers. 704-351-1519

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Raleigh is just a quick 2.5 hour drive from Charlotte, so with in a days trip for special occasions. I visited the North Carolina State Fair Saturday for the first time in my 17 years in Charlotte NC. It was an impressive event stretching over a large area in suburban Raleigh, out near the veterinary school of NC State University. It was quite a site, a huge event, and crowd, even on this rainy Saturday…Fried Oreo’s anyone, or my favorite the chocolate dipped frozen Twinkie… you’ll see one of those, plus prize pigs, cows and calf…

Sometimes I”m asked, “What is the New South?” The short answer is it is an industrial south that industry was willing to invest in post-segregation. But the State Fair? That’s a look at the Old South, the way things used to be in NC…

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Remember, to qualify for the $500 Gift card, give us a call first-704-351-1519- we’ll often get the right agent on the phone right then… and get you started. Sign up here for your Fast Start Guide to Buying Your First Home

Why You Need A Buyer Agent- Sand Traps and Land Mines to Avoid When Buying Your First home

Learn more about the McDonald Team and First Home Buyers.

Charlotte Home Prices Passed Bottom and Trending UP

Search for Charlotte Homes, Townhomes and Condos (First)

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first time home buyers lets get cracking! Timeis running out to get your home financed  and closed by November 30.

See First Home Buyer Liana M and her $8,000 Check! Call me today 704-351-1519

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