Charlotte’s new-home industry continues to struggle because of several factors, including a weak economy, a poor job market, foreclosures, fears of declining home values and tight credit conditions, said Bill Miley, Metrostudy’s Charlotte market manager. “While it is likely that the market hit a bottom in terms of annualized starts and closings in the fourth quarter of 2009, and that single-family detached homes are in short supply in some Charlotte counties, demand for homes in 2010 will depend on job growth,” he said.Read more
NewBridge Bancorp has announced that its banking subsidiary, NewBridge Bank, has entered into an agreement to acquire the business operations of Bradford Mortgage Company (“Bradford Mortgage”), a subsidiary of ACM Financial Trust Inc. headquartered in Winston-Salem, N.C. The acquisition includes the purchase of select assets including the name “Bradford Mortgage” and is expected to close by Dec. 31, 2009.Read more
The North Carolina Office of the Commissioner of Banks (NCCOB) announced that it is proposing mortgage rules to help reduce foreclosures, to improve consumer protection and the functioning of the mortgage market, and to implement the SAFE Act. The NCCOB continues to have significant concerns that homeowners too often face foreclosure when alternative solutions exist that would benefit both the homeowner and the mortgage company or investor. NCCOB proposes rules that would:Read more
Join the North Carolina Association of Mortgage Professionals on Tuesday, October 13 at the Embassy Suites, located at 201 Harrison Oaks Boulevard in Cary, N.C.Read more