Real Estate News in the Triangle

#1 - If you didn't catch this article about Raleigh on MSN.... you are really going to want to read it.
http://www.forbes.com/2009/03/30/americans-moving-cities-lifestyle-real-estate-relocating_slide_11.html?partner=msnre

#2 - If you didn't see the article in yesterday's online TBJ... Wake county housing inventory at 7 1/2 months supply... and building permit activity 60% below last year... Say good-bye to standing inventory. Builders aren't replacing it... and it's selling. http://triangle.bizjournals.com/triangle/stories/2009/05/11/daily72.html?ed=2009-05-15&ana=e_du_pap

Prediction: End of summer to early fall.... Seller's market in The Triangle.

#3 - Did you ever correlate sales in NC with other regions of the country? When California starts selling, NC sales pick up.... Guess where sales are "spiking"? http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/05/18/story2.html?b=1242619200^1828978&ana=e_vert

#4 - Fixed rate 5 1/4%, 30 year mortgage loans...

#5 - USA Today reports that Homebuilder index shows signs of life
http://usat.me/?35081288.

Let's do the math:
1- Housing inventory is at a 7 1/2 month supply.
2- Nationwide building permits are less than 500,000 units, but absorption of housing is at 1,100,000 units (annualized).
3- Locally, builders are only replacing homes at 40% of the annualized rate.
4- 55% of Americans have not purchased a home in the last 7 years (sounds like an "itch" coming)
5- Mortgage rates at their lowest point since 1960 (a 50 year low).