The Vicious Cycle of Foreclosures

Late last year, banks were warned that they needed to guarantee that the paperwork necessary to start a foreclosure process on a family was both accurate and complete. Since then, the banks have slowed down the foreclosure process while they re-examined their procedures. They are now confident that all the required documentation is in order. We are currently waiting on a settlement between the banks and the state attorneys general which will establish what penalties will be assessed.

Once this settlement is reached, the banks will again move forward on many homes which are currently stalled at some stage in the foreclosure process.

How many homes are we talking about?
There are millions of homes in this category. Calculated Risk quantified the situation:

“There are a large number of seriously delinquent mortgage loans in limbo waiting for this settlement. According to LPS, at the end of August there were about 1.87 million loans seriously delinquent and another 2.15 million loans in the foreclosure process. This is only down slightly from a year ago when 4.4 million loans were seriously delinquent or in-foreclosure. Once the settlement is reached, the pace of foreclosures will pick up sharply.”


Bottom Line
As more foreclosures come to the market at discounted prices, there will be greater downward pressure on all housing values. Waiting for the spring selling season to put your house on the market may not make sense this year. The increase in demand may be overshadowed by an increased supply of distressed properties.


Pleasure Island Events

Saturday & Sunday, October 8th & 9th – 18th Annual Seafood, Blues and Jazz Festival – (910) 458-8434
Jimmie Vaughan and the Tilt-a-Whirl Band Featuring Lou Ann Barton

Fri. Sat. & Sun., October 14th – 16th – 5th Annual Pleasure Island Surf Fishing Challenge (910) 264-5487

Saturday, October 15th – 3rd Annual Salty Paws Festival (910) 458-7233

Friday, November 25th – Island of Lights Light Up the Lake Celebration
(910) 458-5507

Nov 25th – Dec 17th – 3rd Annual Christmas by the Sea at the Carolina Beach Boardwalk (910) 470-8666

Friday, December 2nd – Island of Lights Christmas Parade (910) 458-5507

Saturday, December 3rd – Island of Lights Flotilla (910) 458-0211

Saturday, December 10th – Island of Lights Tour of Homes (910) 458-7116

Saturday, December 31st – Island of Lights New Year’s Eve Countdown held in Carolina Beach

Real Estate – there were 7 new listings last week, 4 under contract and 3 closed sales.

Weather – This weekend and all of next week the temperatures will be mild in the low to mid 70’s and sunny.

For more information on events or activities on Pleasure Island go to

A Best Town 2011 and Riverfest

Wilmington was just ranked #7 in Outside Magazine’s annual feature, WHERE TO LIVE NOW – Best Towns 2011. In additional to affordable homes, solid job prospects, and a vibrant nightlife, our popular Riverfest event is also included in why Wilmington is one of the 18 Best Towns.

“Situated where the Cape Fear River meets the Atlantic, the former military port’s recreation options are mostly water-based…..and the biggest party of the year is, naturally, Riverfest, a frenzy of vendors, fireworks, music, athletic competitions, and invading pirates.”


What began in 1978 as a small riverfront event to bring people to Downtown Wilmington has grown into a weekend festival that’s filled with family-friendly events, exhibitions, and live performances. An estimated 200,000 tourists and locals gather each year at Riverfest to celebrate the heritage, beauty, and culture of the Cape Fear River.

The 33rd Annual Riverfest fun begins on Friday, October 7. On Saturday and Sunday, a street fair winds its way through Downtown. The area’s rich heritage is demonstrated by more than 200 vendors selling art and handmade crafts and over 30 food vendors. Special exhibits will be on display and the USCG Cutter Diligence will offer free tours. There will be continuous live entertainment featuring a variety of performances that highlight the influence of arts and culture on the Cape Fear lifestyle.

Here is a sampling of more Riverfest events to enjoy:


Sun Coast Cruisers Classic Car Show | 10:00 a.m. – 6:00 p.m.
Skateboard competition | 11:00 a.m. – 7:00 p.m.
Paddleboard contest | 11:00 a.m. – 1:00 p.m.
Celebrity Tug-of-War Saturday | 2:00 p.m.
Riot Hooping and Aerial Dance show | 10:45 a.m. and every hour until 3:45 p.m.
Professional wrestling matches | 12:00 p.m., 3:30 p.m., 6:00 p.m.
the Pirate Treasure Hunt | 1:00 p.m. – 4:00 p.m.
“Invasion of the Pirates Flotilla” | A lighted boat parade at dusk
Dazzling fireworks display | 9:05 p.m.
Live music by “The 360 Degrees” | 8:00 – 11:00 p.m.


21st Run the River 8K Race | 8:00 a.m.
Antique Car Show | 10:30 am – 3:00 p.m.
Skateboard competition | 10:30am – 5:00 p.m.
Riot Hooping and Aerial Dance show | 10:45 am – 3:45 p.m.
Professional wrestling matches | 12:00, 3:00 p.m.
The Great Waiter’s Wine Race | 2:00 p.m.

Riverfest proceeds benefit Cape Fear Community College’s Marine Technology Program to ensure the quality of the river. For more information about Riverfest 2011 (October 7-9), visit or call 910-452-6862.

We hope to see you there!

13,780 Homes Sold Yesterday

2011-9-AnimatedHouseSoldTo all those who have declared the real estate market dead, we want you to know that over 13,780 houses sold yesterday, 13,780 will sell today and 13,780 will sell tomorrow.

That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales had increased 7.7% over the month before and 18.6% over the year before. According to the report, annualized sales now stand at 5.03 million. Divide that number by 365 (days in a year) and we can see that, on average, well over 13,000 homes sell every day.

We realize that these numbers are below the record for homes sold in 2006. We also know that we may never see those numbers again (and that is probably a good thing). But to say that the current real estate market is dead or that houses are not selling is totally inaccurate. We have over 13,000 pieces of evidence to prove that.

The KCM Crew

Mystery Agent

Intracoastal Realty Mystery Agent

Each week at our sales meeting we have a “Mystery Agent.” This gives us a chance to learn more about one of our colleagues that we may not have known otherwise.

  • Born in  Anniston, Alabama but not a Crimson Tide fan.
  • Family moved 4 times before I entered  the 1st grade.
  • Started my own business to pay for undergraduate and graduate degrees.
  • The “Y”  didn’t offer adult swimming lessons, so I took their scuba diving certification class and got certified.
  • Taken cooking classes at the Institute of Culinary Education, The New School and the Culinary Institute of America (CIA).
  • Favorite dish to prepare – a mojito, shaken not stirred.
  • Began corporate career at the tender age of 33.
  • Toured with a gospel choir throughout the southeast and mid-west.
  • Father was a Pentecostal Holiness Preacher.
  • Just now learning how to fish.


Can you guess who this is? Here’s the link that unveils our mystery agent!

Hurricane Tips from a Category 5 Blowhard!

Intracoastal Agent Phil Brady with Tips for Hurricanes
Having endured many a hurricane, I have come to take the news media’s analysis of storms with some skepticism. It takes work to get to the truth when a storm is headed to the coast. The following is my attempt to give you good information based on experience.It is in speech format and was delivered to my Toastmasters Club.

After listening to my speech today, it is my hope that should we get hit by a major hurricane, I will not see you out on the street, destitute waiting for help and acting the fool. Or perhaps on TV saying something like, “I just didn’t know the storm was going to be that bad!”

Today I am going to give you some tips for enduring hurricanes that may not only save your life but help you enjoy yourself during the storm. So let get started.

First things first.
1. Number one, get the hurricane guide from the newspaper or a TV station and read it. Now throw it away! Just kidding! There is some good stuff in it. Hold on to it. You will need it later.
2. Your first major decision when a storm is coming is; to stay or go. I am going to give help with this. The answer is in the Bible! The scriptures tell us that if your house is built on the sand, GO. If you house is built on the rock, you can stay or you can go. If you live below sea level, go. If you live in the “sketchy” part of the floodplain, go. If you live above the 100 year floodplain, you can stay or you can go. If you live in a mobile home, for the love of God man, GO! If you live in a new up to date home constructed to withstand hurricanes, you can stay or go. I have never left when a storm hit but I will leave if a big one comes if only to keep from ending up on TV “acting the fool!”
3. Do all the things ahead of time in the hurricane guide and have a “ready to go” kit prepared.
4. If you do all those things in the guide, you will not have much left to do when a storm is eminent but don’t let that stop you from going to the store at the last minute. It is fun to go to the grocery store and watch the mayhem as people scamper for a few scraps of bread. I recommend you fight tooth and claw for the last 5 cans of Vienna Sausages even if you have sworn off canned mystery meats. You can always trade them for other goods if the big one hits. The cans even float! Let me be clear about this; if you aren’t willing to come out of the Food Lion with a black eye and a mangled loaf of Wonder Bread, you don’t love your family enough!
5. At home do not tape up your windows. You’ll thank me for this later. If you have a concern about windows or sliding doors, have someone make up plywood covers which you can set in place should you feel the need to cover up the east or northeast sides of your home. You can see me about this later for details.
6. You need enough gas in your gas grill to cook the contents of your freezer.
7. There are two things vital for your survival during a storm; a votive candle, matches and a deck of cards. Now don’t burn down the house with the candle! Put the candle in a jar so blowing sections of the newspaper don’t catch the house on fire. There you are, not only blaming the newspaper for your lot in life but you are the lead article because your house burnt down! Personally, I don’t know how the newspaper gets away with it? Each day they deliver a flammable material coated with a hazardous substance to every home in town while writing about the evils of companies polluting the environment.
8. Actually, a pen and paper are good to have as well so you can write a speech about your hurricane experience. Again, don’t let the paper get near the candle and burn your house down! That is a different speech entirely!
9. You will want to have the TV on the national weather channel ONLY just to keep track of the storm. Local TV will lie to you, they can’t help it. It’s their 15 minutes of fame. Liars, every last one! Go national.
10. Do not, I repeat, do not listen to the TV but mute the sound. You just want to keep track of the longitude and latitude not what is being said. The barometric pressure is good to know as well. Plot the storm on the hurricane map in the guide.
11. No one really cares that some fool weatherman is standing outside in the storm being blown all over the place and telling you at the same time to stay indoors. “Look, there’s Al Roker, acting the fool!”
12. Storms make you sleepy, so sleep. Look out the windows often and comment on the big branch that just fell with comments like, “I told him he should have trimmed up that tree” or I knew that tree was too close to the house!”. “No one listens to me.”

After the Storm
13. After the storm, if you have to drive, don’t drive through water unless you can see the pavement through it. Drive slowly in the middle of the road and open your door if necessary to look at the pavement. Do not, I repeat, do not drive fast thinking you are just going to push through a flooded street! You’re going to be on TV!
14. Most importantly, after the storm, be cautious about inspecting the damage. Avoid power lines, outdoor electrical boxes, etc. Now don’t go wading through the water up to your behind! That’s just silly.
15. Don’t feel you have to clean up everything as soon as the storm leaves. Relax. More injuries occur after the storm than during it. Chain saw mishaps, heat exhaustion, bee stings. Bees get confused and angry during storms, a lot like your neighbors.
16. Take your time cleaning up. The government is going to take their time in hauling away the mess. You can take your time in moving debris to the road. Let me say that another way, there is no prize for being the first one in your neighborhood to clean up your yard.
17. If you are really bored after the storm, go down and sit in the emergency room waiting area. It is air conditioned. When someone ask if the can help you say, “No, I’m just here for the speech material.”
18. After the storm. Kiss your loved ones. Check on your neighbors. Share your resources. Thank God almighty and let us celebrate that we have survived another storm and live to fight Mother Nature another day.

If you will follow my advice before, during and after the next storm you will be able to:

  • Most likely survive the storm,
  • Have some fun in the process,
  • Get a good speech out of it and most importantly,
  • Avoid being caught on TV, acting the fool!

Let’s all pull together this year and have a safe and entertaining hurricane season.


Phil Brady

Mystery Agent

Intracoastal Realty Mystery Agent

Each week at our sales meeting we have a “Mystery Agent.” This gives us a chance to learn more about one of our colleagues that we may not have known otherwise.

  • Born in Los Angeles.
  • Early work experience included working for a 10,000 case per year winery, crushing grapes and working in the tasting room.
  • Worked for a woman’s shoe company.
  • Taught Cold Fusion programming in a West Palm Beach Community College.
  • Certified Diver.
  • Has surfed since the age of eight, with experiences that included a 15 ft set of El Nino waves off Santa Cruz.
  • Has traveled cross country by car more than 30 times.
  • Avid snow boarder.
  • Father of a wonderful son and daughter.
  • Began working at the Phoenix restaurant in the early 90s.
Can you guess who this is? Here’s the link that unveils our mystery agent!

Pleasure Island Events

Friday, September 16th – Fireworks on the Beach (Double show) and Boardwalk Gazebo Entertainment – featuring the Radio Flyer Band from 6:30-9:30pm. There will be a double fireworks show at 9pm.

Friday and Saturday (September 16th and 17th) 4th Annual North Carolina Flatfish Championship (910) 452-6378

Saturday, September 24th – 2nd Annual Island Day at Carolina Beach Lake from 1-5pm.

October 8th & 9th – 18th Annual Seafood, Blues and Jazz Festival. This event will include Jimmie Vaughan and the Tilt-a-Whirl Band featuring Lou Ann Barton.

October 14th-16th – 5th Annual Pleasure Island Surf Fishing Challenge
(910) 264-5487

October 15th – 3rd Annual Salty Paws Festival (910) 458-7233

Real Estate on the Island – 21 new listings on Pleasure Island last week, 6 under contract, and 6 closed sales.

Weather – Our upcoming weekend will be cool and rainy with temperatures in the low 70’s and the week will consist of scattered showers and sun with temperatures in the low 80’s.

Come and enjoy all of the events on Pleasure Island!

For more information on Pleasure Island and events on the island go to

Mystery Agent

Intracoastal Realty Mystery Agent

Each week at our sales meeting we have a “Mystery Agent.” This gives us a chance to learn more about one of our colleagues that we may not have known otherwise.


  • Born in North Carolina, this agent traveled across the United States three times before the age of 10.
  • Performed on stage at the Los Angeles County Fair as a child.
  • Worked with special needs kids in high school and tutored elementary students in reading as an adult.
  • Survived a car accident at age 19 and had 125 stitches put in her face. Has broken her collar bone three times.
  • Bungee jumped at age 35 and sky dived at age 45. A self-admitted tom boy.
  • Been to three Final Fours, two Kentucky Derbys, and on one atomic submarine.
  • Between 2004 and 2007 had nine major surgeries.
  • While tending to her husband at Duke Hospital, she was taken to the emergency room for an overnight stay herself.
  • Has four grandsons and two on the way.
  • Loves to bake.
  • Raised in California and Puerto Rico.
  • She is half-Cuban

Can you guess who this is? Here is the link that unveils our mystery agent.