August Market Report- 28209 and 28211

The SouthPark area is well known for its convenience, shopping, quality homes and value.

Average	2006	2007	% Inc/dec
Cost Per SF	198.34	220.68	11.26
# Solds	77	54	-29.87
Average Sales Price		$564,046
ATS Index		106.68
Months Inventory		3.57

It is a well deserved reputation. Despite 30% fewer buyers in the market, instead of price decline, prices are up11.26%. Wow. Clearly this is an area newcomers and old timers alike truly love. And the sellers and agents are doing a good job of keeping it real with an ATS of 106%. Inventory at 3.5 reflects the far fewer buyers in this market in August 2007.
See recent pictures of the SouthPark here.

And Now Homebanc...

Homebanc has stopped funding as of the end of business yesterday... WOW, they were a major player here. Essentially this means all Wall Street funding of mortgages is coming to a close, an end of an era. These company's have had margin calls reminiscent of 1929, both had lots of money on hand, but not enough to get them out of crisis- American Home Mortgage burnt through 1Billion dollars in about 10 days, covering margin calls.

5-7 of the NC branches were bought by Countrywide, including it appears the SouthPark branch here, so if you are working with them for a mortgage hopefully it will be taken over by Countrywide. That's what I hear as of today. The news is still a bit sketchy, and hard to confirm, but I'll keep an eye on it. Apparently the Countrywide people have taken over, moved into, Homebanc's Southpark office. Stay tuned.