Newspapers / The Brunswick Beacon (Shallotte, … / Feb. 27, 1992, edition 1 / Page 34
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Low Interest Rates, Affordability Make Now The Time To Buy A House BY l)R. IIAKKY M. DAVIS, Ph.D. North Carolina Alliance of Community Financial Institutions Economist Appalachian State University Right now is ihc lime for potential homeowners to consider the purchase ol a home. Several factors have come together to give consumers a "w indow of opportu nity" they may not see again lor years. Let's examine these factors. Two important I actors largely determine the allow ability of a home. The lust factor is the mortgage inter est rate. Presently, mortgage lending rates are near the lowest level in 18 years. As those rates have risen in re cent weeks, potential home buyers have purchased homes in order to lock in low rates now. Rates should remain stable for the next couple ol months and then start to rise later in the spring, in terms of the mortgage rates, now is the time to get the lowest rate for the year. The second important factor is the price of a home. Mousing prices have been increasing slower than the rate ol inflation for the past two years. In other words, hous ing prices have actually been falling for ihe past two years in real dollars As home sales increase in the next few months, those prices will start rising. For this rea son. now is the lime to buy a home in terms of price and availability. The mortgage rate, price ol a home and the average income of families must all be considered when deter mining the affordabiliiv of housing. When all three fac tors are considered, housing is more affordable now than at any time since 1974. According to the National Association of Realtors, the average family will now pay about 20 percent of its income to cover monthly payments on a median priced house. That figure has fall en since 1^85 when it was 26 percent. Legislation is presently before Congress to give fa vorable lax treatment to first- time home buyers. The legislation will give first-time home buyers up to a S5,(XX) tax credit half to be taken this year and the other half next year. I he credit will probably apply to houses purchased alter Feb. I of this year. The credit decreases the cost of a home and thus increases the alfordability of housing and the likelihood of rising sales this spring. While lite recession hurt housing activity in North Carolina, our state did better than most oilier parts of the country. For example, single-family housing permits fell about four percent in North Carolina but over 1 1 percent nationally last year. In the rccovcry, our housing indus try will experience a greater increase in housing activity than the nuiion. The North Carolina and national economies will be in recovery this year. Economic growth will incrca.sc in each quarter but will not be as strong as in previous post World War II rccovcry. Housing activity has already in creased and w ill play its traditional role of leading the re covery. Housing permits should increase 20 percent na tionally and 25 percent here in North Carolina. While these figures represent significant increases, they are on ly about half the level of previous recoveries. Consumer spending and corporate profits should show significant increases in the second quarter. Mortgage refinancing and lower rates on adjustable-rate mortgages should put about an additional S20-25 billion in the hands of consumers this year. Even though savers will rcccive less interest incomc, the net effect of the drop in interest rates should be positive for consumers. Corporations will refinance about $900 billion worth ol short-term debt at lower interest rates. By restructuring their debt, corporations will experience an increase in profitability. For iho past two years most financial institutions have instituted more restrictive lending policies in order to strengthen their balance sheets. Now most financial institutions arc stronger and more profitable. In the pre sent interest rate environment, community banks will experience one of their most profitable years and insti tute somewhat less restrictive lending policies. To conclude, our suite economy is in a recovery which will grow stronger each quarter. Interest rates arc at historic lows now but will trend upward later this spring. Housing allowability is at a historic high which creates a "window of opportunity" for potential home buyers which may not appear again for years. Now is the time to buy! Communication Is The Key To Success BY HOLLY RICHARDS, EXECUTIVE VICE PRESIDENT South Brunswick Islands Chamber Of Commerce In addition lo my column here in the Beacon, many of you know that 1 have a weekly radio show on Thursday mornings at 8:15. Com munication. These formats are public service tools of communication. The Beacon and WCCA give to their community by allowing the chamber a forum for communication at no cost to the chamber. To those who ask "What docs the chamber do for me?", read on. In the last six months our chamber has moved in many different directions. We will always promote tourism, but since I've been executive vice president, we arc seeing some other avenues to explore. Ediuation-WhM a critical issue for our future. This year for the first time the chamber has a line RICHARDS item for education in its budget. Remember the 20 IBM computers we got for the Shallotte Middle School? Next month the chamber's board will meet at West Brunswick High School for its regular meeting. We're involved in education. Economic dc velopment-Wc ' re breaking new ground here (so to speak). The Governor's Economic Development Summit is a prime ex ample. Until now our chamber has never attended conferences on eco nomic development. I also sit on the North Carolina Citizens for Business and Industry's (NCCBI) Economic Development Committee. When I came to the South Brunswick Islands, I had two main goals in mind. Help improve education and work on Economic Development. I have accomplished several parts of my goals here, but it is an on going process. One I hope to continue. Communication is a must, please read about or listen to what the chamber is doing for you. This is our means of communicating our mes sage to you. Thursday night of this week is our Business After Hours at Jones Ford on Highway 17. It's co-sponsored by Cellular One. At our confer ence on membership last week we learned about the importance of help ing our business people network. Please be there and network with your fellow business people. Legal Notices ESTATE NOTICE Ihe undersigned, having qualified as Ex ecutrix of Ihc Lstatc of Ksthcr Mac Clem* mons, deceased, iale of Brunswick County, this is to notify all persons having claims against said estate to present them to the un dersigned on or before the 27th day of May, 1992, or this notice will he pleaded in bar of their recovery. All persons indebted to said estate will please make immediate payment to the undersigned. ihts the ! 8th day of February, i992. Sylvia Cletnmons Wisnowski Kxccutrix of the Instate of Hr.thcr Mae Clcntmons Rt. 3, Box 139 Supply, N.C. 2S462 Mar. 19 pd NOTICE TO CREDITORS AM) DEBTORS OF ROBERT JA.MKS DA It IIS 1 x>uisc S Dabbs, having qualified as Kxc cutrix of the Hstate of Robert James Dabbs, late of 109 Martin Drive, llolden Beach, Brunswick County, North Carolina, the un dcrsigncd does hereby notify all person, linns and corporations having claims against said estate of said decedent to exhibit them to the undersigned at 109 Marlin Drive, llolden Beach, N. C. 28462, on or be lore the 15th day of May, 1992, or this notice will pleaded in bar of their recovery All persons, linns and corporations indebted to the said estate will please make immediate payment to the under signed. Ihis the 13th day of February, 1992. UhjiscS Dabbs, Executrix of the Hstate of Robert James Dabbs MAXLEY and IK MSI Attorneys for the Executrix 1?. O. Box 36 Shallottc. Y C. 2H459 Telephone (919) 754-65X2 Mar 5 STATE OF NORTH CAROLINA COUNTY C I BRUNSWICK 9k VDI259 FIRST UNION NATIONAL ItANK VS OLAFDALE YARN I M NOTICE OF SALE Under and by virtue of an execution direct cd to the undersigned by the Clerk of Superi or Court of Brunswick County in the afxtve entitled civil action, 1 will on the 28th day ol February, 1992 at 12:00 Noon at the door of the Brunswick Counly Courthouse, Bolivia, N.C., offer for sale to the highest bidder (or title and interest of the Defendant in the lol lowing desenbed real property, said real prop erty lying in Brunswick County and described as follows: 'Dm property being all of the rights and Utlcs of Olaf Dale Vamurn being in l>ockwood l olly Township more panic ularly described in Book H2(> Page 2 1 2 being Track # I., and Book 657 Page 589 being track * 2. in the Register ol Deeds of Brunswick Counly Ihis execuuon sale is being made subject to all pnor recorded liens, encumbrances, ?>ut standing taxes, and special assessments, i! any 'Ihc purchaser will be required to make a deposit in the amount of 10 percent of the first $1,000.00 of the bid and 5 percent ol ihc remainder Said deposit lo be in cash or ccrti Tied funds. This the 28th day of January . 1992 SHERIFF OF BRUNSWICK COUNTY BY LISTON HAWKS. LI CIVIL 1)1 V. Feb 27 NO TICK TO CREDITORS AND DEB TORS OF GERALD K. EBBESEN Ruih Nl. Irask Ebbesen, having qualified as Exccutrix of the Estate of Gerald K. Ebbe sen, late of P.O. Box 4545, Calabash, N.C., Brunswick County, North Carolina, the un dersigned does hereby notify all person, firms and corporations having claims against said estate of said decedent to exhibit them to the undersigned at P. O. Box 4545, Calabash, N.C. 28459 on or before the 29th day of May, 1992, or this notice will be pleaded in bar of their recovery. All persons, firms and corpo rations indebted to the said estate will please make immediate payment to the undersigned. I his the 2/th day of February, 1992. Ruth M. Irask libbcsen, Executrix of the Instate of Gcioiu B. Ei>l>csen B AX LEY and TREST Attorneys for the Executrix P. O Box 36 Shallotte, N. C. 28459 Telephone (919)754-6582 Mar 19 CAMA PERMIT NOTICE l*ursuant to NCOS 113A- 119(b), the muni cipality of Holdcn Beach, a locality authoriz ed to issue CAMA permits in the areas of en vironmental concern, hereby give> NOTICE thai Feb ?4. 1992. applicants Elbert and Iris HaywtxxJ applied for a CAMA minor de velopment permit to grade and fill at lots 7 &. 8, Robinson Beach Haste m Extension, 537 Ocean View Blvd. West. l"he application may be inspected at the be low address. Public comments received by March 5, 1992, will be considered I .airr comments will be accepted and considered up to the time of permit decision. Project modifi cations may occur based on further review and comments Notice of the permit decision in this matter will be provided up<m written request. D.E. Carroll lx>cal CAMA Permit Olticer 1 10 Rothschild Street llolden Beach, NC 28462 (9 1 9)842 6080/842-6488 Feb. 27 1 ^ PHOTO CONTRIBUTE! Restaurant Helps School Burger King of Shallot te held a fund-raiser Feb. 11 to benefit West Brunswick High School's student recognition program. Teachers from the high school worked at the restaurant from 5 p.m. to fi p.m. Burger King Manager Kathy McNeill (right) presents a check representing 20 percent of total sales during the evening to Sandra Robinson , assistant principal and recognition program chairper son. Burger King declined to disclose the sum raised. Rural Center Seeks Proposals For Research, Demo Projects The North Carolina Rural Econ omic Development Center Inc. is seeking proposals lor innovative re search and demonstration projects thai address economic development issues in the state's rural areas. Director Billy Ray Hall said non profit organizations, local govern ments, college and universities are eligible to apply lor funding under die Rural Partnership Research and Demonstration Program. The one time grants typically range from S1(),(KX) to S50.000 and are for one year projects carried out in partner ship with the Center. Awards arc competitive, with pre ference given to proposals that ad dress themes such as these: upgrad ing the skill level of the work force, stimulating eutrepreneurship, creat ing jobs and improving job quality; modernizing the rural industrial base, improving educational oppor tunities for rural students, particular ly during early childhood, and sus tainable growth in natural resources and agriculture Priority will also be given to pro jects that lead to economic improve ments in rural areas and ensure poor and low income residents benefit. Proposals must be postmarked no later than March 20. More information about the pro gram is available from Mark Mes sura. Director of Policy, N.C. Rural Economic Development Center, Four N. Blount St., Raleigh, N.C. 27601, or 919-821-1 154. Tom Monks, director of the Resources Development Commis sion for Brunswick County is offer ing that office's assistance to pro spective applicants. Monks can be reached at 919-253-4429. County Records Fewer Deeds The Brunswick County Register of Deeds office recorded 408 deeds dur ing January for $3,476 in revenue, according to its monthly report. fnC department also tccorueo 279 deeds of trust, for revenues of S3.718; 25 plats, S438; 78 financing statements, S712; 251 cancellations of deeds of trust, SI, 483; 10 mar riage licenses, S400; excise tax of S20.517, 292 miscellaneous record ings, S2.952; and other services, S2.723. The office remitted S10.258.50 to the Department of Revenue as the net proceeds from county real estate excise taxes of S20.5 1 7. Of the S400 collected in marriage license fees, S200 was remitted to the Deparunent of Administration and S50 to the State Treasurer. r DIEBOLD INSURANCE AGENCY Independent Agent Representing many fine companies 71 Because of the changes in Medicare at the beginning of 1992, only ten different policies have been approved for North Carolina and of these, no two contain the same benefits. As a result, some insurance companies have chosen not to provide their clients with all of the available benefits. HOW DO YOU KNOW WHO IS OFFERING YOU THE BEST COVERAGE AT THE MOST REASONABLE PRICE? Diebold Insurance Agency has Medicare Supplements that provide you with a wide range of benefits--with very affordable rates. FOR THE FACTS CONCERNING MEDICARE SUPPLEMENT COVERAGE, SIMPLY FILL OUT AND MAIL THIS COUPON TO: John Diebold at P.O. Box 3688, Cherry Grove, SC 29582 NAME ADDRESS CITY STATE | ZIP CODE I PHONE OlflO? THE BRUNSWICK BEACON Expenses incurred in January (ex cluding salaries) were as follows: supplemental retirement, S763; tele phone charges, S304; postage fees, S224; departmental supplies, 51,597; service maintenance con tracts, S250; contracted services, SI 17; dues and subscriptions, S522; and printing, SI, 148. The office paid S212 in travel and training, which provided meals, ac commodations and mileage for one person to attend the N.C. Asso ciation of Register of Deeds Index ing Standards Meeting. BUSINESS BRIEFS Contractors' Course Set A preparatory class for individu als who arc interested in obtaining a building contractor's liccnsc begins Monday, March 2, at Brunswick Community College's main campus north of Supply. Offered through the Department of Continuing Education, the class will meet Mondays and Tuesdays from 6:30 p.m. to 10 p.m. through May 28. The class will meet in Room 162 of ALS Building. Sam Carteret is the instructor. A registration fee of S30 is payable at the first class meeting. Students must also have a copy of the North Carolina Residential Building Codes. Additional information about this and other continuing education courses is available from BCC at 754-6922, 457-6329 or 343-0203. Hope Gains Title The Southport-Oak Island Cham ber of Commerce Board of Directors has named Karen S. Hope the cham ber's executive vice president. Ms. Hope has been employed by the chamber since 1988 and has served as acting wclcomc ccntcr manager since July 1991 . Continuing as part-time recep tionists arc Lillian Sears and Nancy Sphar, a third part-time receptionist will join the staff in March, coming Irom the intern program at Bruns wick Community College. The three will rotate service throughout the Monday through Sat urday hours the wclcomc center is open on Long Beach Road. Tax Workshop Set A Ircc small business tax work shop will be conducted by the Internal Revenue Service Thursday, March 5, from 9 a.m. to 4:30 p.m. at Brunswick Community College north of Supply. The session is open to those who have small businesses or who may be thinking about going into busi ness, said J.R. Starkcy, IRS district director. Participants arc asked to bring a pocket calculator. Subjects to be covered include: recordkeeping, types of business or ganizations, Schedule C, Form 940 and 941 and employment taxes. Partnership and corporation income tax forms will not be covered. No pre-regisuaiion is required. The workshop will be held in the icadiiug auditorium in the ALS Building. Joins Law Firm James P. St. Clair of Norfolk, Va., has been named a partner in the law firm of Anderson, Norris & Geroe, P.C., of Virginia Beach, Va. St. Clair joined the firm in 1987, concentrating in civil litigation with an emphasis on insurance claims and personal injury. He earned boih a bachelor of science in business ad ministration and a juris doctorate from Creighton University, Omaha. Neb. He authored "Copyright Infringement? The Betamax Cont roversy: Universal City Studios, Inc., v. Sony Corporation of Amcr SS. Crci*h,on Law From 19X4 to 1985, he served as law clerk to ihc Honorable J. Calvin Clarke Jr., y. S District Judge Eastern District of Virginia. St. Clair is the son of Mr. and Mrs Duncan R. St. Clair II of Holdcn Beach. Six Advisors Named Six area residents have been an ointed to serve on the advisory hoard to the Shallotte Branch of the State Employees Credit Union. Mary Potts, senior member service representative/loan processor, an nounced last week. Thcy ijrc Harry Yoder, chairper son, N.C. Department of Correc tions; Vc|va jcnkins Brunswick Community College: Milton Cole man. N.C. Cooperative Extension Service; Steve Skillman, Brunswick County Board of Education; Jim Cook, N.C. Department if Trans portation; and Clara Carter, retired. Brunswick County Board of Edu cation. Yoder, Cook and Jenkins were reappointed, the others are new ap pointees. Members of me board serve staggered terms. Meeting Date Changes The Greater Holden Beach Mer chants Association is changing the date it meets to the first Tuesday of fhe month, starting in April, Pres ident Jim Lowell announced last week. The March mccung will be held under the old schedule, on March ' at 7 p.m. a, ^ Quarterdeck Restaurant, where the association plans to continue meeting. The next meeting will be held Tuesday, April 7. TWo On Interim Board Sabrina Hodges of Southport, di rector of the Southeastern Welcome Center Inc. at Shallotte, and Annette Udom of Sunset Beach represent Brunswick County on the interim board of directors for the newly formed 1-40 Association. Newly-elected associational offi cers are Linwood Parker of Johnston County and Woody Brinson of Duplin County, co-chairmen, and Iony Rivcnbark of New Hanover County, treasurer. The group was created following ?KlW,?:?Car StU(Jy of Interstate 40 by the 1-40 Economic Impact Steering Committee. b V.*: Development, Inc. "Your Professional Full Service Construction Company" Sewage Disposal & Water ?Consulting/Permit Application* ?Designs/Plans/lnstallatiorv ?Conventional Septic Tanks/ LPP Systems* ?Drainage Plans/Fiii Dili Plans* ?Maintenance Agreements* ?Water Line Installations* Site Preparation & Paving ?Clearing* 'Chipping* ?Fill Dirt* 'Grading* ?Sock Tile Installation* ?Minor Paving* ?Home Driveways ?Parking Lots NORTH CAROLINA Ricky Parker ? Owner , 842-4003 Monday-Friday 9-5, Saturday by aflfjotntmefit only Hwy. 130, Holden Beach Rd., 41/j miles from Shallotte
The Brunswick Beacon (Shallotte, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 27, 1992, edition 1
34
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