5 for Friday - Edition 321 (4/18/2025)
5 Local Real Estate Stories and Mortgage News. Every Friday.
Friends,
It’s Good Friday and the markets are closed today. It’s been a nice recovery week for mortgage rates and here’s to hoping there’s more of that in the near future.
Hope everyone has a great Easter weekend!
If you have any questions or need a Pre-Approval this weekend, let me know!
Best,
Pat Price | Producing Market Leader
Movement Mortgage
919-260-8013 (Call / Text)
patprice.com (Apply)
calendly.com/patprice (Schedule a Call)
NMLS 103601
Movement Mortgage President's Club + Scotsman Guide Top 1% Lender
Quote of the Day
“Focus on my process, don’t care about the result.””
- Rory McIlroy, 2025 Masters Champ
Mortgage Minute
Bessent privately urges caution as Trump attacks Powell - Trump has been calling for lower rates against the backdrop of his tariffs, which some economists fear could lead to recession, but Powell and other Fed officials have been keeping rates elevated as they aim to maintain a lid on rising prices. Markets expect that the Fed would ultimately cut rates in response to rising unemployment, even if tariffs push up inflation. But for now, economic data still looks solid, and Powell has said he and his fellow policymakers don’t need to be in a hurry to adjust rates.
Five for Friday
Raleigh OKs Lenovo Center area rezoning fueling west Raleigh’s transformation - The “Raleigh Sports and Entertainment District” will have up to 1,450 housing units with another 2,750 allowed depending on future market demands, a hotel, 1.8 million square feet of non-residential space and a 4,000-seat concert venue. Construction could begin this year, and it could take 10 to 15 years to build the whole project.
Local builder charts dozens of low-priced homes in Johnston County - RiverWild purchased a little under 37 acres earlier this month off the intersection of Country Store Road and U.S. 70 Alternate in Johnston County. The land has a Pine Level address and is zoned RS for residential subdivision use. 42 homes will start in $300,000s. Home construction will kick off in May or June.
Cary simplifies rules restricting ADUs. Here’s what the town now allows - Town officials voted April 10 to simplify land-use rules, making these smaller residences more “accessible and feasible” to meet what they call the growing needs of “millennials, seniors and lower-income residents.” ADUs are already allowed in Cary. However, only 54 have been permitted since 2007, according to the town’s report.
Builder pitches 190 homes near Durham golf courses - M/I Homes has filed a rezoning request with the city for four parcels on Patterson Road north of Highway 98. The land is east of The Crossings Golf Club and west from Falls Village Golf Club. The homebuilder wants to increase the density to 4.8 units per acre. The request is to go from residential rural and residential suburban 10 to planned development residential. The current zonings allow 1.4 to 4 units per acre.
A textual development plan filed with the rezoning request shows there will be 190 townhomes and attached homes along with a commercial outparcel up to 3,000 square feet in size.
101 homes approved for high-demand area - The Lee County Board of Commissioners granted preliminary plat approval last week to River Falls, a planned subdivision off the intersection of Sheriff Watson and River Falls roads that will have 101 single-family homes across 132 acres.
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