Archive for May, 2009
Shelters having problems in down economy
They are Amber and Bo, and they are looking for a home.
Amber and her brother, Bo, short for Bodacious, were returned to the Aiken SPCA on Christmas Eve after being adopted as puppies a few years ago.
The lively pair are full-grown at two years of age and look to be lab mixes.
Amber and Bo are victims of the worsening economy – they were surrendered when their owners could no longer afford to keep them.
“Both owners lost their jobs,” said Sybil Altman, SPCA adoptions coordinator. “And she thought it would be better to bring them back here.”
According to the American Society for the Prevention of Cruelty to Animals, as many as 1 million dogs and cats are in danger of losing their homes because of the economic crisis.
But, it is not a new dilemma in Aiken, said shelter Executive Director Gary Willoughby, as some people who adopted before were living paycheck-to-paycheck and often had difficulties paying for pet needs.
Still, SPCA staff said Amber and Bo deserve a good home.
“Bo is Amber’s shadow,” Altman said. “It would be great for them to be together.”
If adopted separately, Altman said Bo would do best with another dog in the household for companionship.
“They have had a lot of lookers,” Willoughby said. Both dogs need yard with at least a six foot high fence.
The adoption fee is $75.
For more information, call 648-6863 or visit the shelter at 401 Wire Road.
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More Buyers Lured to Foreclosed Properties
Many households say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008.
But buyers aren’t naïve about the hassles involved with purchasing foreclosed property. About 85 percent said that they could identify negative aspects, up from 80 percent who felt the same way last November.
* 71 percent were concerned about hidden costs;
* 46 percent believe the process is risky;
* 31 percent fear the property will lose value.
Buyers of foreclosures also expect hefty discounts – at least 25 percent.
Source: RealtyTrac.com and Trulia.com (05/20/2009)
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Housing Starts Hit Record Low in April
Housing starts hit a record low in April, the U.S. Commerce Department reported, but the news wasn’t all bad as single-family construction rose 2.8 percent, the second straight month of gains in that sector.
Overall, housing starts fell 13 percent to an annual rate of 458,000, driven by the decline in construction of apartment buildings and condominiums. Building permits, an indicator of future construction, fell 3.3 percent to a record low of 494,000.
Here’s a look at housing starts at the regional level:
? Northeast: fell 31 percent
? Midwest: dropped 21 percent
? South: declined 21 percent
? West: rose 43 percent
Analysts believe that while joblessness will keep some people from starting new households, increased demand for more housing is inevitable.
“Now that fewer homes are hitting the market for sale, the growing U.S. population will have fewer homes to choose from,” Tony Crescenzi, chief bond-market strategist at Miller Tabak & Co. in New York, wrote in a note to clients. “This will undoubtedly be a game changer for inventories and prices.”
Source: Bloomberg, Bob Willis (05/19/2009)
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First Thursday night at Aiken Farmer’s Market is successful
Joy Gantt had nearly sold out of her table of Daylilies a little over an hour after the Aiken County Farmer’s Market opened Thursday afternoon.
Yesterday marked the first day of Thursday Nights at the Farmer’s Market, during which the market will be open each Thursday from 4 to 7 p.m.
“I didn’t know how things were going to be, but it looks like a lot of people are coming out,” said Gantt.
City officials said they decided to open the market on Thursday evenings in an effort to draw those who could not make it out in the mornings.
Shoppers who visited the market Thursday found fresh fruit, vegetables, flowers, fresh meats and dairy products and baked goods.
There were also several merchants selling handmade goods such as soaps and handwoven baskets.
Mary Anne Todd of Sensational Suds of the South, who sold her handmade soaps, said she was pleased with the turnout.
“We’ve got a good start; there’s a lot of people out here,” she said.
Lorraine Sanders, who sells container gardens at the farmers market, agreed.
“Things are good, I just sold one of my big container gardens,” said Sanders.
“It’s great, we’ll be here every Thursday,” Ellen Millette said of the event, after purchasing some items from Sarah Hott, who sold her Sweetgrass handwoven baskets at the market.
The market is located on Williamsburg Street, between Park and Richland avenues. It is open Monday through Saturday, from 7 a.m. until noon or until the farmers sell out. The Aiken County Farmer’s Market is listed on the Aiken Historic Register.
For more information, visit www.squidoo.com/aiken-farmers-market
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Mortgage Update: Jumbos Remain Elusive
At a time when some mortgage products are showing signs of life, jumbo mortgages are hard to get and expensive, making it difficult for many would-be move-up buyers to take action. What to do? Since the credit crunch hit about two years ago, many lenders have all but abandoned jumbos, which are too big for [...]
Practitioners Say Homes Prices Have Hit Bottom
Real estate professionals are optimistic that home prices will hit bottom in the next six months, according to a survey from listing and home-pricing site HomeGain.com.
About half of practitioners surveyed expect home prices to stay the same in the next six months, 29 percent expect them to drop, and 22 percent believe they will increase.
More than 84 percent of practitioners believe their clients’ homes lost value in the last year, while 12 percent say values had stayed the same. Only 3 percent believe homes had gained value.
Meanwhile, sellers were skeptical of their real estate professional’s analysis, with 69 percent believing their homes were worth more than the practitioner recommended. About 35 percent of home sellers thought their home was worth 10 percent to 20 percent more, and 10 percent thought their home was worth at least 21 percent more than their real estate professional suggested.
Source: Inman News (05/18/2009)
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Trophies to be presented to Thoroughbred Hall of Fame
A gift paying homage to two of the members of the Aiken Thoroughbred Racing Hall of Fame and Museum will soon be on display at the facility, thanks to a generous donation.
Trophies won by William Haggin Perry’s Lamb Chop and Gamely will be presented his widow, Nicky Perry, to the Aiken Thoroughbred Racing Hall of Fame and Museum in a ceremony on May 31 at 2 p.m. The public is invited to attend.
The trophies that are being donated to the Hall of Fame are the Coaching Club American Oaks and Monmouth Oaks trophies won by Lamb Chop in 1963, and the trophies won by Gamely in the 7-furlong 1967 Test Stakes; the 1¬º-mile 1967 Alabama Stakes and the 1âÖõ-mile 1968 Beldame Stakes.
Lamb Chop also won the 1963 Spinster Stakes and the 1963 1 1/16-mile Jersey Belle Stakes by 12 lengths, establishing a new track record by covering the distance in 1:41 3/5. She was conditioned by National Museum of Racing and Hall of Fame inductee James W. Maloney. The ill-fated filly broke down during the running of the 1964 Strub Stakes.
In addition to winning the Test and Alabama during her sophomore campaign, Gamely won the Princess Stakes. At age 4, she captured the Beldame, Santa Margarita Handicap and the Vanity Handicap. The bay daughter of Bold Ruler won the Beldame as a 5-year-old.
Both Lamb Chop and Gamely were enshrined in the Aiken Thoroughbred Racing Hall of Fame and Museum on March 18, 1979. Gamely, who was also conditioned by Maloney, has also been enshrined in the National Museum of Racing and Hall of Fame.
Perry, who owned Waterford Farm in Middleburg, Va., was an honorary director of the Breeders’ Cup Ltd., campaigned a number of outstanding horses including Gamely, who was the Outstanding 3-year-old Filly in 1968; Lamb Chop, the Outstanding 3-year-old Filly in 1963; and Revidere, who was the Eclipse Award-winning 3-year-old filly of 1976.
Other prominent horses campaigned by Perry include Coastal, who won the 1979 Belmont Stakes; Princessnesian, who won the 1968 Hollywood Gold Cup and the 1969 Santa Margarita Handicap; Scan, who won the 1990 Cowdin and Remsen; and Tiller, who captured the 1978 Bowling Green Handicap, the 1979 San Juan Capistrano Handicap and the 1980 Sword Dancer.
Contact Ben Baugh at bbaugh@aikenstandard.com.
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Commercial Real Estate Hurt by Credit Crunch and Weak Economy.
The general economic downturn, complicated by a severe credit crunch in commercial real estate, is dampening commercial real estate activity. In addition, a forward-looking index shows the forecast for commercial real estate sectors will remain weak for the remainder of the year, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said commercial real estate has been hit by a double whammy. “Significant job losses have reduced the demand for commercial space, while a lack of credit has stalled transactions and refinancing activity,” he said. “It is critical for the Federal Reserve to increase liquidity by purchasing commercial mortgage-backed securities. Because commercial real estate always lags an overall economic recovery, it will take some time for the commercial real estate market to rebound.”
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Therapist sets out to help equine patients
Carrie Ann Tremblay is a woman who has always loved horses.
She wanted a career in which she could work with animals and was directing her energies toward becoming a veterinarian. The preveterinary medicine major worked at a small animal vet clinic, and while she was there, she had an opportunity to shadow an animal therapist. It was because of that experience she made the decision to become an equine therapist.
After obtaining her bachelor’s degree in equine studies with a concentration in equine therapy from Midway College in Midway, Ky., she had the opportunity to intern with equine therapists Mimi Porter (her mentor) and Monica Martins, leaders in the field of equine therapy. Tremblay considered several places before making the decision to relocate to Aiken.
Tremblay’s Results Equine Therapy offers mobile therapy services, and she has been applying her non-invasive techniques and therapeutic options to help horses improve their quality of life as they recover from injuries and rehabilitate.
“Aiken seems like a really comfortable place and an up-and-coming horse area,” Tremblay said. “There’s a higher concentration of performance horses; it gives you a little more variety. I really like working with people who have performance horses, and people who take joy in owning horses. They have a little bit more of a connection to their horses.”
Full story..
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Spay and neuter program is broke
It is both a positive and negative that funding for Aiken County’s spay/neuter voucher program has been depleted, according to an animal services official.
On one hand, the program’s exhaustion of funds means people are following through and having their pets spayed or neutered, said Bobby Arthurs, chief enforcement officer. On the other hand, the money has dried up at an inconvenient time, mid-breeding season.
“I hate to turn people away,” Arthurs said, “and there have been a few people.”
Council first voted to allocate $30,000 for the first round last year, believing the program would reduce the number of animal offspring left to roam as strays or be surrendered to the Aiken County Animal Shelter. Another $30,000 has been included in the County’s newly proposed budget, but if approved, the money will not be available until June, when the new fiscal year starts.
Several members of the Animal Control Advisory Board spoke to Council’s Development Committee on Tuesday and urged its members to maintain funding for the vouchers.
“The money was used up in nine months,” said Jennifer Miller, board member. “The Advisory Board unanimously supports this program. It is a proven fact that unwanted animals overload the system.”
The shelter utilizes 15 runs to house adoptable animals and holds each animal for a maximum of five days before staff is forced to choose whether or not to euthanize.
Much like the City of Aiken’s spay/neuter program, the County’s program provides spay/neuter vouchers to residents who require financial assistance to have their pets fixed.
Vouchers are granted depending on the animal and its gender – a dog’s spaying is up to $100; a dog’s neutering is up to $75; a cat’s spaying is up to $75; and a cat’s neutering is up to $45. The qualified applicant presents the voucher to any veterinarian in the County. Vets accept the vouchers as payment for the surgery then turn them in to the County on a monthly basis for reimbursement.
“We can always use more money to continue the program,” Arthurs said. “I would like to see it in the County’s budget for the next five years.”
“We will continue to support (the shelter) one way or another,” Councilman Charles Barton said Tuesday.
For more information on animals available for adoption at the Aiken County Animal Shelter, visit www.petfinder.com, call 642-1537 or visit the facility at 411 Wire Road.
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Mortgage Rates Continue to Fall
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week. Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent.
The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries. Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed.
Source: Investor’s Business Daily (05/22/09)
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Center for the Arts coordinating tour of Hemrick House
Area antique fans and historians have a chance to experience Aiken’s history firsthand.
The Aiken Center for the Arts is coordinating a special tour of the Hemrick House, the residence of Hink Salley, a seventh-generation South Carolinian. The home tour includes a copy of the Antiques in the Heart of Aiken Commemorative Book.
Salley will be on hand during the tours to share stories about his family and to impart his knowledge of collecting antiques. His personal collection includes a wide variety of items, as much has been passed down from generation to generation and each collection reflects the unique interests of its original owner.
Salley began his fascination with family history more than 40 years ago and has many humorous family tales to share. As a well known pharmacist in Aiken, he served as the pharmacy director at Aiken Regional Medical Centers at the time the hospital made the transition to its current location.
Tours will be held on Sunday, May 31 at 2 p.m., 3:30 p.m. and 5 p.m. The cost of the tour is $60 per person and includes cookies and lemonade, as well as the Antiques in the Heart of Aiken book.
Reservations are required and may be made at the Aiken Center for the Arts by calling 641-9094.
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Ballet to perform today at Gardens
The Hopelands Summer Concert Series will continue today with a performance from the Aiken Civic Ballet, presented by Hearing Associates of South Carolina.
The Aiken Civic Ballet is South Carolina’s longest continuously operating dance company.
Founded by Carl Crosby, the company has been in existence for more than 36 years. Under the artistic direction of Crosby and Diane Toole Miller, the company produces original ballets and contemporary dance works.
The Aiken Civic Ballet is a 501 (c)(3) nonprofit organization.
The Hopelands Summer Concert Series will continue throughout the summer each Monday night until the end of August. All concerts will begin at 7 p.m. unless otherwise noted and will be held at Hopelands on the Windham Performing Arts Stage.
The concert series is intended to bring the performing arts to Aiken and the surrounding area for fans of all ages. Admission to the series is free.
Hopelands Gardens is located just off Whiskey Road (Highway 19). Public parking is available at the Green Boundary Club on Whiskey Road across from the Gardens. Handicap, performers and staff parking will be located at Rye Patch. There is no parking on Berrie Road or Dupree Place.
Call 643-4661 for information on concert time/location in the event of rain. Call 642-7631 for more information on the concert series schedule.
In case of rain, this concert will take place on Thursday.
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Credit Crunch in Jumbo Market Stalls Sales
Limited availability of jumbo loans and unusually high interest rates for these products are hurting the rest of the housing market, according to just-released research from the NATIONAL ASSOCIATION OF REALTORS®.
The ongoing credit crunch in the jumbo mortgage market has stalled home sales of high-priced homes, despite some recovery taking place in some mid- and low-priced home markets.
The national share of home sales above $750,000 has fallen from 4.4 percent in 2007 to approximately 2.3 percent in 2009, and the months’ supply of inventory has risen from 18.7 months to 41.1 months during that same period.
The mortgage market has three primary types of loans. Loans up to $417,000 are considered “conforming,” loans between $417,000 and $729,500 are “conforming jumbo,” and loans over $729,500 are “super-jumbo.” Although conforming mortgage rates are at 50-year lows, jumbo loans in general continue to remain very costly.
“Lenders are keeping credit standards overly stringent for borrowers at the higher end of the market, and are increasingly reluctant to make jumbo loans,” said NAR Chief Economist Lawrence Yun at the 2009 REALTORS® Midyear Legislative Meetings in Washington, D.C. “The interest rate spread between 10-year treasuries and jumbo loans has also substantially increased, making jumbo loans much more costly than has previously been the case.
Jumbo Loans Not Just for the Rich
He says many people believe that the jumbo market is for the very rich, but in reality, in many areas of the country, middle-class families need these loans to buy a median-priced home.
States that have the highest percentage of jumbo mortgages include Hawaii (43 percent of all loans are above $417,000), California (41 percent), the District of Columbia (30 percent) and New York (22 percent). In eight more states, jumbo mortgages comprise 10 percent or more of all loans in those states (New Jersey, Maryland, Massachusetts, Virginia, Connecticut, Washington, Nevada, and Florida).
“REALTORS® are telling us that some lenders are treating jumbo loan buyers who have very high credit scores and a substantial downpayment as higher risks than conforming loan buyers who have lower credit scores and less money for a downpayment,” said Yun.
As a result, more buyers of high-priced homes are resorting to cash purchases, while the bulk of potential buyers remain sidelined and unwilling to take out mortgages that carry interest rates much higher than those on conforming mortgages.
Refinancing Also Impacted
The resulting increased inventory of homes for sale has already doubled defaults from one year ago and will hamper a broader housing market recovery, which in turn will limit economic recovery. This also affects refinancing activity.
“The inability of home owners to refinance their jumbo loans is holding back potential consumer spending for the overall economy,” Yun said. “If they had the opportunity to refinance into historically lower mortgage rates, many current jumbo mortgage holders could save $6,000 to $15,000 in annual interest costs.”
To resolve these issues in the jumbo mortgage market, NAR advocates that Congress and the administration make permanent the current rules for determining limits that apply in 2009, use the Term Asset-Backed Securities Loan Facility (TALF) to buy jumbo loans, and increase lender competition by loosening warehouse line of credit.
Source: NAR
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8 Sure-Fire Strategies for Selling a Vacant Property
Think of a house as a theatrical stage. When it is not being used and is void of props and scenery, it lacks interest and rarely warrants a second glance. However, after the set designers have worked their magic, the space comes alive and sets a “scene” for the onlookers. Whether enticing, energizing or relaxing, [...]
Uniform Short-Sales Guidelines in the Works
Extensive delays in the short-sale process has caused many buyers to go elsewhere and have left would-be sellers with no option but foreclosure. But the picture is improving.
This week the U.S. Treasury announced that it would be providing incentives for borrowers and mortgage services to pursue short sales and other foreclosure alternatives. The program includes a standard short-sales process flow, minimum performance timeframes, and standard documentation, the U.S. Treasury says.
(More information is available on the Treasury Web site)
The incentives and process guidelines are part of a larger initiative called Making Home Affordable, which helps home owners refinance to avoid losing their home.
“NAR is pleased that the government is stepping in to help prevent foreclosures by streamlining the short-sale and deeds-in-lieu process,” NATIONAL ASSOCIATION OF REALTORS® President Charles McMillan said in a statement. “NAR has been calling for uniform short sales procedures and other initiatives that will help today’s home owners in challenging economy.”
More Collaboration Needed
A panel of experts at the 2009 REALTORS® Midyear Legislative Meetings this week agreed with NAR’s position that more needs to be done to streamline short sales.
“It’s hard to find the right person to talk to, you send in multiple forms multiple times, you’re not sure if the forms were received or processed correctly,” said Marcel Bryar, deputy general counsel and vice president at Fannie Mae.
To reach a set of standards that suits everyone, the government should collaborate with lenders, the real estate industry, and advocacy groups, he said.
“The process is going to take a while,” said David Knight, head of the short sales division at Wells Fargo. “Getting them all to understand what we can all live and deal with is not going to be easy, but that is exactly what’s going to have to happen.”
Panel participants applauded the Obama administration’s efforts to streamline the short sales process, and encouraged the real estate industry to get more involved in formulating this standard.
“It’s going to take some thorough intervention,” said Boyd Campbell, a Washington, D.C.-area REALTOR®. “That’s why I think it’s so important for RPAC to get involved and make sure NAR has the resources to go in and help resolve this problem. This doesn’t just impact us as practitioners. It also impacts all of our homes and communities.”
—Brian Summerfield, REALTOR® Magazine
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Historical Society to hear from Owen Clary
The Aiken County Historical Society will hold its spring meeting Sunday afternoon. The meeting will be held at 3 p.m. at the Aiken County Historical Museum.
Owen Clary, chairman of the Aiken County Historical Commission, will serve as guest speaker for the event. Clary will give a detailed history of Aiken County in his speech, said Allen Riddick, president of the Aiken County Historical Society.
Riddick said Sunday’s presentation will be part two on Clary’s discussion on the history of Aiken County, which will focus more on the later years. The group will also be electing new officers at the meeting.
At the historical society’s last gathering, a historical marker for the Highland Park Hotel was unveiled. The sign now sits at the corner of Highland Park Drive and Highland Park Terrace, where the hotel once stood.
Riddick said the group is now working to have a historical marker created for the site of the Aiken explosion. The 1953 explosion, which killed 10 people, originated at Jones Electric on Laurens Street.
Riddick said the sign will be placed between the Holley Building and Aiken Drug Co. on Laurens Street. He said group plans to unveil the marker in the fall.
A reception will follow the meeting.
Homes May Be Undervalued Today
After dropping for two years, home prices appear to be bottoming out, and any further declines would be an overcorrection, NAR Chief Economist Lawrence Yun told thousands of practitioners at the REALTORS® Midyear Legislative Meetings in Washington, D.C., on Thursday.
The median national home price today is about $169,000, down almost 14 percent from a year ago and an estimated 30 percent from its peak. Today’s prices are justified by the fundamentals of the economy and may even represent an undervaluation, Yun said.
Lender Policies Hinder Recovery
Distressed sales, which today comprise about 50 percent of transactions nationwide, are creating market distortions in otherwise stable neighborhoods. “We’re only capturing transaction prices,” he said, and those prices might be 20 percent to 25 percent below actual values. For that reason, it’s possible that widely cited projections that a third or more of homeowners are underwater might be off the mark, he said.
The consequences of these missed projections could be huge. Lenders, shying away from refinancing mortgages of troubled owners, exacerbate the downward spiral of homeowners’ financial position and that, by extension, hurts the broader economy.
Contributing to the problem is the lack of reasonably priced financing for higher-cost homes at a time when declining prices, low rates, and the home buyer tax credit are helping the entry-level market.
Indeed, while housing overall is at a 9.5 month supply, down from double digits not that long ago, homes above $729,750—the threshold for jumbo loans—face a 40-month supply.
Key Test
By summer, all of the incentives that have been put into place by the government will have had several months to work, Yun said. If sales start picking up significantly, then prices should stabilize and trigger a broader economic recovery.
If sales don’t show a significant response, then the federal government might have to look at another big injection of funds into the economy, something no one has an appetite for.
Yun’s forecast reflects the brighter scenario: “My projection is home sales will be 10 to 20 percent higher the second half of this year than last year and we will come out of this recession in 2010,” he said.
—Robert Freedman, REALTOR® Magazine
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Williamsburg Cottage – SOLD
Splendid cottage in Immaculate condition. This Home offers 3 bedrooms, brand new kitchen with granite counters and stainless appliance,fireplace, hardwood floors through out, fabulous screened in porch overlooking a large swimming pool.The yard is totally private and is planted with absolutely beautiful mature trees.There is also a detached one car garage, Call Susan for more details @ 803 645 8881.
Dog park should open this year; splash park may take a few years
As for the City’s dog park, Parker said officials are looking at late summer to early fall to open the canine playground.
The 2.3-acre dog park will be located on Willow Run Road, where the new Aiken County SPCA facility will be built.
Parker said the City recently began the bid process to have a fence installed around the park area.
The dog park will have a specific area for large dogs and a place for smaller dogs, said Parker. The facility will also include a common area where any dog can roam free.
Access to the park will be free for pet owners. All dogs that enter the park will have to be vaccinated, and there will be a registration process.
Aggressive dogs will not be allowed at the dog park.
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Event raises funds for SPCA
The Aiken SPCA is a not-for-profit organization that’s made a difference in the lives of many, through saving lives, giving hope to others and by bringing people and pets together.
The SPCA’s second PAWS for a Cause celebration was held Saturday afternoon at David and Cindy Wigdahl’s Dahlwood Polo Farm.
“The event is hosted 100 percent by David and Cindy Wigdahl to benefit the Aiken SPCA and all of the homeless dogs and cats at the shelter,” said Tracey Souci, Aiken SPCA event coordinator. “This is the second year in a row they’ve done this event. They pay for everything. People come and bring food for dogs or cats, and either give a check or cash. It’s just a wonderful day for families.”
PAWS for a Cause also included a silent auction, with many of the items being donated from local businesses; a drawing was held for two trees from local nurseries, said Souci.
“We love generous supporters like the Wigdahls, who care so much about animals,” said Souci.
For more than 74 years, the Aiken SPCA has been impacting the community and the lives of others by placing pets in loving homes.
There were four dogs from the shelter at this year’s PAWS for a Cause, and it gave the dogs an opportunity to socialize with the people attending the event, said Souci.
“We didn’t want to put the dogs in kennels because it wouldn’t give people the opportunity to appreciate their personalities,” said Souci.
“The event served as a reminder that there are animals of all shapes and sizes available for adoption,” said Gary Willoughby, Aiken SPCA executive director.
There are about 75 to 80 dogs and 35 to 40 cats and kittens currently available for adoption at the Aiken SPCA shelter, he said.
Aiken’s altruistic nature to help others has manifested itself in those members of the community whose generosity has impacted the life of others.
“People like David and Cindy Wigdahl are so generous to do things like this,” said Barbara Nelson, Aiken SPCA president. “It’s a lot for them to take this entire facility and turn it into one big party and to generate funds for the shelter. These are the kind of people who make a difference.”
Contact Ben Baugh at bbaugh@aikenstandard.com.
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Watch for Legal Traps in Distressed Sales
Short sales and bank-owned properties represent one of the best opportunities to grow your business today.
Yet they can expose you to serious legal liability if you’re not careful, legal experts said Wednesday at the 2009 REALTORS® Midyear Legislative Meetings in Washington, D.C. Here are their tips for steering clear of trouble.
Be wary of calling yourself an expert. Almost overnight, companies have sprung up offering you the chance to become “certified” as a specialist in short sales or REOs. Although some of the programs might provide good training, you can invite trouble if you go overboard and market yourself as an expert,” said Chuck Kasky, director of legal affairs for the Maryland Association of REALTORS®.
Read the fine print. Some certification companies have an indemnification clause that puts legal costs on your shoulder if they’re included in any lawsuit against you. “Read their disclaimers,” Kasky said.
Don’t engage in unauthorized practice of law. Other increasingly common practices, such as broker price opinions, negotiations with lenders in short sales, and giving advice to homeowners about seeking a loan modification before they try a short sale, are all practices that might be challenged as either unauthorized practice of law or otherwise outside the scope of sales associates’ license. Even accepting a fee for broker price opinions—in states where they’re allowed—might raise trouble for sales associates who accept fees directly rather than through their broker, Kasky said.
Check your E&O coverage. If you help home owners navigate a loan modification, be aware that your E&O policy might not cover your actions if you’re sued, said Michelle Lind, general counsel of the Arizona Association of REALTORS®. Providing such help is considered the business of housing counseling agencies, not brokerages, she said. Similarly, if you handle REOs for a lender, be sure your E&O policy covers property management activity, she said. Many of your tasks in selling REO properties are property management functions: getting utilities turned on, keeping the property secure if it’s vacant, even evicting people.
Watch out for flippers. Be on the lookout for the growing practice of investors buying short sales and then flipping them, she said. Depending on how they’re structured, the transactions might raise legal issues, and sellers might look to you if they’re unhappy with what they got for their property.
—Robert Freedman, REALTOR® Magazine
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Big Improvement to First-Time Buyer Tax Credit.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Other Solutions for Today’s Market
During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”
The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.
“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.
“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”
The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.
Source: NAR
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Find fresh produce on Thursday nights soon
Fresh, ripe, locally grown produce will be available during the evening hours, beginning on May 28.
That is when the Aiken County Farmers Market will introduce Thursday Nights at the Farmers Market, during which the market will be open from 4 to 7 p.m.
Jeff Metz, an athletic supervisor with the City of Aiken, said the decision to open the market up on Thursday evenings was made to draw those customers who aren’t able to come out on Saturdays.
Coleen Reed, a member of the Farmers Market Committee, said many of the same local farmers who come out to the market each week will be present on Thursdays, along with their fresh fruits, vegetables and meats.
At the market, shoppers will find “small, local family farmers where the family does 100 percent of the work,” said Reed. “People can look forward to the same quality and the same freshness; many of the same faces will be there and a few extra faces.”
The Aiken County Farmers Market is one of the oldest county farmers’ markets in the state. It is also listed on the Aiken Historic Register.
The market is located on Williamsburg Street, between Park and Richland avenues. It is open Monday through Saturday, from 7 a.m. until the farmers sell out, which is typically around noon, said Metz.
For more information, call 642-7761.
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New shows opening at Aiken Center for the Arts
Local artists are set to be showcased this month during a juried show.
The Aiken Center for the Arts will hold an opening reception on Thursday from 6 until 8 p.m. for four new shows on exhibit this month.
During the show, the winners of the juried Aiken Artist Guild show will be announced.
The main galleries will feature the artwork of Michael Pearson and the Aiken Artist Guild. The Aiken Artist Guild Gallery will showcase the work of Judy Adamick and Anne Smith in a joint exhibition that will run through June 26. The Brooks Gallery houses the Home School Art Exhibition during the month of May.
Michael Pearson – Main Gallery
Michael Pearson has designed artwork all over the United States and Europe. After moving to South Carolina, she has dedicated her talents to capturing the beauty of the people, flowers and scenery of the Southeast.
Judy Adamick and Anne Smith – Aiken Artist Guild Gallery
The Aiken Artist Guild Gallery combines the talents of friends Judy Adamick and Anne Smith for the months of May and June. Adamick created images of barns and farm scenery while Smith created the animals to accompany the barns.
“We requested a joint showing,” said Adamick. “We had to work on a way to make the show meld because we paint so differently.”
The pair coordinated their color palettes and created a exhibition like no other. Both are members of the AAG; however, they have been friends for years. They met in Ridge Spring while both living on farms; both still reside on farms.
Want to Go?
What? Art Opening Reception
Where? Aiken Center for the Arts
When? Thursday, 6 p.m. until 8 p.m.
Cost: Free
Full story….
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Is S.C. rolling the dice on real estate recovery?
If the South Carolina economy were such a board game, the Realtors argue, a recent change in the way properties are assessed for taxes is keeping players – and their cash – on the sidelines just when investments in homes and commercial real estate are most needed to aid in the state’s recovery.
Of course, there are other players at the table who have drastically different views, believing the current way of assessing tax, which was approved by the state’s voters in a 2006 referendum, is the fairest way to collect taxes and support local government.
Realtors from around the state, including Aiken, will flood the State House Tuesday in support of a Senate measure that would change the rules of the game and spur new business by eliminating the sharp rise in taxes for new buyers.
If Aiken Realtors are any indication, most in that industry are both frustrated by what is called “point of sale” and the impact it has had on their businesses in a time when they are suffering.
They are even more frustrated that few outside their ranks seem to know much or care about the complicated issues of tax reassessment caps, point-of-sale provisions and the stakes involved. Today, the Aiken Standard offers a primer on the issues involved in a series of bite-sized explanations and examples.
15 percent cap on reassessment passes in 2006, point-of-sale provision little noticed
South Carolina voters enthusiastically passed the cap in headier times when real estate values were climbing rapidly. Proponents argued the cap would help safeguard people in homes that had appreciated greatly in value from losing them due to inability to pay higher taxes. With that same vote, the point-of-sale provision was approved, allowing the cap to be removed when a property changes hands and requiring the new owner to pay taxes based on the actual sales price.
Local governments call it growth in the tax base, Realtors label the increases a windfall. More Details
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Realtors rally for big tax change
Well-to-do buyers are walking away from real estate deals because recent changes to the tax structure in the South Carolina have caused tax bills to jump sky-high when a piece of property changes hands, according to the South Carolina Association of Realtors. Just when a revived real estate market could help return the Palmetto State’s economy to health, Realtors say the 2006 passage of point-of-sale tax reassessment is strangling their already beleaguered industry.
“We need the real estate industry to help lead us out of this funk – depression, recession, whatever you call it,” said Meybohm Realtors broker Ron Pope. “In reality, what we’ve done in South Carolina is kick the real estate industry square in the stomach when it’s already down.”
Pope chairs the legislative affairs committee for the Aiken Board of Realtors, a group composed of agents and brokers from around the area.
Dozens of Aiken County Realtors plan to join colleagues from around South Carolina Tuesday on the State House steps where they will make their case for the changes to the law in the waning days of the legislative session this week. The Senate is expected to debate a measure this week that would eliminate the point of sale practice.
On the other side of the issue, city and county governments around the state have slashed their budgets as they face the worst economy in decades. Without new properties being developed, they argue the only avenue for growth in the tax base is to tax recently sold properties at their actual value instead of the artificially lower value imposed by a 15 percent cap on value increases for existing homeowners.
South Carolina voters approved both measures – the 15 percent cap in value increases every five years for existing homeowners and the removal of that cap when a sale takes place – in the same 2006 referendum. This week, the Realtors hope the S.C. Senate will take up a measure that would keep the cap in place and extend it to new buyers as well for up to five years. Any subsequent assessment would also be limited by the 15 percent cap, even for recent buyers.
Realtors say the change is necessary to get sales going again. Taxing authorities and opponents say it is having your cake and eating it too by allowing high-end real estate buyers to pay taxes on a lower percentage of the value than those who own more modest properties that have not seen an increase in value.
Pope and Kristyne Blake, association executive for the Aiken Board of Realtors, met with the Aiken Standard Friday to discuss the issue, saying they do realize local government is struggling and that an overhaul of the whole taxation system is probably warranted. However, real estate sales is their primary focus and the reason they’ll be in Columbia on Tuesday and ask senators to pass the proposal before them.
More Details..
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New Visitor Center holds grand opening
The new Aiken County Visitor Center celebrated its grand opening Thursday, welcoming attendees then as warmly as it has been welcoming visitors to this county.
The center moved from its former location next to the County Complex on Richland Avenue into the renovated Holley Building on Laurens Street last year with the hopes the downtown placement would be more visible and accessible to the general public.
And, the move has proved fruitful.
“People are just shocked,” said Tourism Coordinator Robbie Bellamy. “They like how nice it is. They say it’s the perfect place.”
Bellamy applied for and received a $10,000 grant from the South Carolina Heritage Corridor to help with the rent and facilitate the move. The grant required 50 percent matching funds from the County, which County Council approved last year.
Handfuls of brochures highlighting area attractions in both Aiken County and the state line one wall, shelves are dedicated to souvenirs like T-shirts and mugs and two plush chairs are positioned in front a flat-screen TV that continually plays “Aiken Remembers,” which details this area’s rich history in the railroad industry, equestrian pursuits and the Winter Colony.
“When people come in, a lot of time they’re looking for a map, and directions on how to get around,” Bellamy said. “And a lot of times they’re asking about restaurants – what’s a good place to eat.”
The visitor log book is full of entries by people from Germany, the United Kingdom, Pennsylvania, Florida, Australia and many other places.
The Aiken County Visitor Center is located at 113 Laurens St. in Suite 107 and can be reached at 642-7557.
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Median home prices fell in first quarter
WASHINGTON, D.C. — Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.
The National Association of Realtors said Tuesday that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities.
Nationwide, sales of foreclosures and other distressed properties made up about half of the market. Overall, sales dipped 3.2 percent from the year-ago period.
“I think we’re near a bottom, but we’re not there yet,” said David Resler, chief economist at Nomura Securities. While prices could hit bottom as soon as this summer, he said, they are likely to remain stable and start edging higher slowly.
But the nascent signs of recovery in the housing market could be short-lived if employers continue to lay off workers in bulk.
At the Realtors’ midyear conference in Washington, talks focused of how to turn around the beleaguered housing market. Real estate agents hope the $8,000 tax credit for first-time buyers included in the economic stimulus package signed by President Barack Obama earlier this year will boost sales.
But in high-priced areas such as New York City, it doesn’t make much of a difference for buyers. “It’s not really a major motivator for people,” said Robert Oppenheimer, a Re/Max broker in nearby Englewood Cliffs, N.J. “It’s almost an afterthought.”
Many in the real estate industry say that Congress should do more to stimulate housing demand.
“They need to go further,” said Robert Sibcy, president of Sibcy Cline Inc., a Cincinnati real estate agency, drawing applause from a crowd of real estate agents. “They need to do it for all buyers.”
Speaking at the conference, Housing and Urban Development Secretary Shaun Donovan said the Federal Housing Administration soon will allow its borrowers to get short-term loans and turn the $8,000 tax credit into a down payment.
The tax credit, “is not only a tremendous opportunity for first-time home buyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing,” Donovan said, according to prepared remarks.
In the Realtors’ first-quarter report, home sales fell in all but six states — Nevada, California, Arizona, Florida, Virginia and Minnesota — where buyers have been able to snap up foreclosures at a deep discount. Sales more than doubled in Nevada, rose 81 percent in California and grew 50 percent in Arizona — signaling that the worst may be over for those distressed states. Full Story.
Artist to present his art book for a book signing
Denmark, S.C., artist Jim Harrison will bring “Pathways to a Southern Coast” to downtown Aiken next week.
Harrison will be the guest of honor at a book signing for his new art book, “Pathways to a Southern Coast,” from 5 to 7 p.m. Thursday at The Book Stall on Hayne Avenue. The collection of Harrison’s early works of the South Carolina coast is back after some 20 years out of print, thanks to a new edition from the University of South Carolina Press.
“Jim Harrison is on tour now, and the USC Press called us. We were very pleased because we’re very aware of what a big following he has in Aiken for his paintings,” said Meg Ferguson of The Book Stall. “Our store owner Ann Carlson has it in her Georgetown store now, and it’s selling very well there. We know a lot of people who are big fans of his Coca-Cola paintings.”
Harrison began his professional career in 1971 as a street artist in New York’s Greenwich Village. He has shown his work in New York and San Francisco and achieved national acclaim through an affiliation with Coca-Cola for limited-edition licensed artwork, which has appeared on prints, calendars, trays, shirt transfers and other licensed merchandise. He is the owner of the Jim Harrison Gallery in Denmark.
“Pathways to a Southern Coast” features text by Jerry Blackwelder and illustrations in both color and black-and-white formats. The coffee-table book has a cover price of $50.
For more information about the book signing, call The Book Stall at 644-0604.
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Bargains Hard to Find In Attractive Areas
Potential buyers in areas that were hard hit by the housing downturn have read about bargains, but only find it disappointing when they go shopping.
“Every open house I’ve been to has been a zoo,” says first-time home buyer Sam Rivero, who has looked at 35 properties during the last three months. “If you follow what the media say, you’d think sellers are desperate to sell a house, but when you get there it’s totally the opposite.”
When the real estate bubble burst, it didn’t affect the mid-priced market, said real estate information firm MDA DataQuick. Instead, it created opportunities in troubled neighborhoods and slowed sales in the market of homes priced above $1 million. But in areas where most of the homes sell for $400,000 to $800,000, there are few discounts to be found.
Even the foreclosure market has slowed, says University of Southern California Professor of Real Estate Tracey Seslen. Seslen said lenders with foreclosures are supporting market stabilization and releasing only a few homes at a time to avoid flooding the markets.
“The biggest problem,” says Phyllis Harb, an associate with RE/Max Tri City in La Canada, Calif., “is that people are overreacting to housing statistics, thinking they can come in and make an offer 20 percent below price.”
Source: Los Angeles Times, Chip Jacobs (05/03/2009)
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9 Easy Room Makeovers That Wow Buyers
View before and after photos of readers’ room transformations to get ideas for your listings.
A home has only one chance to make a first impression on potential buyers, and a poorly designed room can be a quick turnoff. REALTOR® magazine asked readers to send in stories of how they took action against their listings’ trouble spots. Borrow some ideas for sprucing up your own listings. You can also view more room transformations at the Styled, Staged & Sold blog. Full story.
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Market Shift: More Houses Get Multiple Offers
Julie Holt of Tarpon Springs, Fla.-based Anclote Title Services says 10 percent of the homes for sale are generating more than one bid.
Experts say markets hit hard by foreclosure are seeing more multiple offers, as residential price declines make homes more affordable and banks low-ball asking prices on distressed properties.
“If a house is in a good neighborhood, is maintained and is a good value, it’ll get multiple offers,” says Holt.
Although many markets are far from fully shaking off the downturn, the pick-up in multiple offers is a reason for optimism.
“When you begin to see people willing to fight for a property, that’s a good sign,” says Beth Peerce, treasurer of the CALIFORNIA ASSOCIATION OF REALTORS®. “We are beginning to see the beginning of the end of a disaster time.”
Source: USA Today, Julie Schmit (5/6/09)
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Jumbo Loans
In recent months the availability of jumbo loans has decreased while the interest rate spread between jumbo rates and ten-year treasuries has widened. These developments are having a negative effect on the housing market.
With the increase in the lending limits for conforming loans, the mortgage market now has three major types of mortgage products: conforming loans, up to $417K; conforming jumbo loans, up to $729,750; and jumbo loans, loans over $729,750. Although the upward revision of the conforming loan limit is a positive development, overall the jumbo loan market has experienced problems of limited loan availability and higher than usual rates in recent months. First, increased credit standards required from borrowers coupled with the increasing reluctance of financial institutions to make jumbo loans have posed major problems at this end of the market. In addition, the interest rate spread between ten-year treasuries and jumbo loans has substantially increased—making jumbo loans much more costly than has previously been the case and significantly impacting the upper ends of the home market.
Jumbo loans have typically had a rate 1.34% points above ten-year treasuries in 2005, rising to 2.56% points as of March 2009. The increased spread does not appear warranted by increased risk.
Jumbo loans are a small part of the market today. For example, jumbos were approximately 5% of transactions in March of 2009, and super jumbos were less than 1% of transactions. However, these loans have been of significant important in high cost areas and states, such as California, New York, and Florida.
Adverse jumbo market impacts are believed to result in downward pressures on the rest of the housing market. Decreased jumbo loan availability appears to work its way down through the market, further depressing other home prices. Full Story.
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5 Maintenance Issues Owners Shouldn’t Ignore
Consumer Reports magazine advises home owners not to put off important maintenance projects, noting that waiting until the economy rebounds could end up making the repairs more costly while putting a family’s health at risk.
The magazine identifies five crucial maintenance issues:
* Check the gutters: Clogged gutters, broken fasteners and separations where the gutters meet the fascia board will lead to roof leaks if they haven’t already.
* Inspect the roof: Cracked, curled and mussing shingles mean a roof is nearing the end of its useful life. Cracks around chimneys, skylights, and roof valleys can also suggest the roof might be leaking.
* Look for bugs: Termites and carpenter ants can bore through a home in a few short years. Probe the sill plate on top of the foundation with a screwdriver to check for rotten wood. Also look for carpenter ants and termites along windowsills and walls.
* Avoid mold: Mold and mildew can cause musty odors, dank air, and make residents sick. Check under carpets and around windows for visible mold or mildew.
* Don’t ignore cracks: Foundation cracks wider than 3/16 of an inch can be a problem. These require examination by a structural engineer.
Source: Consumer Reports (05/04/2009)
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Aiken gives and gives and gives
Aiken is an amazing town. We have lobsters, dogs and tricycles walking for good causes. We have men in high heels drawing attention to the plight of domestic abuse. There are dinners for people in blue jeans and tuxedos to give money to children in abusive situations. Owners of mansions and elaborate barns open their doors to the curious – again raising money for various causes. We seem to give and give and give.
It is well known that cancer is the second leading cause of human death in the United States. But what many people don’t realize is that it’s the leading cause of death in pets over the age of 2. Our 10th Paws for Cancer Walk was held this past Saturday and it was a wonderful morning of celebration – honoring and remembering those two and four-legged members of our families who have battled cancer. We have become family over the years – welcoming each other, sharing stories and drawing strength together to fight this horrible disease.
This year we raised (and are still collecting!) $12,000 – bringing to a total nearly $100,000 given to the American Cancer Society. We could never accomplish alone what we are doing together. This money is spent on research to find the cures for your kidney cancer, your bone cancer and many other types. It is truly a gift that keeps on giving.
Thank you to the dogs, cat and humans who walked the walk. Thank you to our corporate sponsors, Venture Group 115, Signworks, City of Aiken bloodhounds, SPCA, Jae-Mar-S Academy, Mixon Signs, Bone-i-Fide Bakery, Nanci Racki and Laura Janecek and all the other volunteers. The Paws for Cancer Walk is made possible because you volunteer. Because of you, people facing cancer have more reason to hope through every step of their cancer journey.
Dr. Holly Woltz
Aiken
Aiken is fine place to live
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Cooking School event is set for Thursday
Spring blooms signal the change of seasons, and among those changes is a shift from heavy comfort foods to lighter spring favorites.
The Taste of Home Cooking School, in conjunction with Aiken Standard, will present a selection of recipes perfect for warmer weather at the USC Aiken Convocation Center on Thursday. Join the fun at 3 p.m. for the vendor exhibitions.
Entertainment will start at 4 p.m. with South Boundary. At 5 p.m., Jason Sikes, Elvis tribute artist, will take the stage. Concessions will be available. At 6:30 p.m., Michelle Roberts from Taste of Home Cooking Schools will take the stage to present Spring Sensations.
The Spring Sensations Cooking School has added distinct sections to this season’s program. The presentation includes some of the favorite sections from Taste of Home magazine.
Cook Smart features healthful recipes, tips for eating well, quick dinners and ideas for getting kids interested in cooking. The Spring Sensation showcase will also feature an open house portion with home entertaining and holiday dining ideas.
Cooking smart is cooking efficiently.
Taste of Home Cooking School will share tips for simplifying or shortening the cooking process. Did you know you can use a simple potato peeler to create cheese peels for a garnish? Remove muffins easier by placing a wet towel under the hot pan. Fill squeeze bottles with barbecue sauce or marinade to coat foods without a lot of mess. Add a little sparkle to fruit juice by blending seltzer water or lemon-lime soda to the mix.
Guests will receive the Taste of Home Cooking School Brand Name Cookbook magazine, which includes the 10 delicious recipes featured onstage as well as a gift bag with national food company literature and coupons.
During the event, Prestige Appliance will give away a grand prize of a Stainless KitchenAid microwave, and Badcock Home Furnishings is giving away a recliner.
Tickets are $8 in advance ($10 at the door if not sold out) and are available at the Aiken Standard, USCA Convocation Center and The (North Augusta) Star, or call 644-2371 to charge your tickets; a small processing fee will apply.
Additional details about the event can be found at www.aikenstandard.com or at www.tasteofhomeschools.com.
Want to Go?
What? Spring Fling & Taste of Home Cooking School
When? May 14 at 3 p.m.
Where? USC Aiken Convocation Center
Tickets: $8 in advance, $10 at the door (if available)
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NAR: Pending Home Sales, Affordability Rise
Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the latest report by the NATIONAL ASSOCIATION OF REALTORS ®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82 in February. It is 1.1 percent higher than March 2008 when it was 83.7.
Lawrence Yun, NAR chief economist, says it should take a few months for the market to gain momentum.
“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment,” he says. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
By Region
Here is a breakdown of pending home sales by region:
* South: rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago.
* West: increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008.
* Northeast: fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago.
* Midwest: slipped 1 percent to 82.3 but is 8.2 percent higher than March 2008.
NAR: Affordability Remains High
Meanwhile, NAR’s Housing Affordability Index remained near record highs.
The affordability index was 166.7 in March – down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year ago.
The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.
NAR President Charles McMillan says the increase in buying power is quite remarkable.
“Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he says. “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”
A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent down payment, assuming 25 percent of gross income is devoted to mortgage principal and interest.
Affordability conditions for first-time buyers with the same income and small down payments are roughly 80 percent of that amount. The affordable price was notably higher than the median existing single-family home price in March, which was $174,900.
Source: NAR
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Real Estate Pros Push for Better Short Sales
As anybody who has dealt with one knows, short sales should be renamed “long sales.” But that could be changing.
One of the real estate professionals leading the charge to revamp the short-sale process is George K. Wonica, owner of Wonica Real Estate & Appraisals on Long Island, N.Y., and chair of the NATIONAL ASSOCIATION OF REALTORS® Conventional Finance and Lending Committee.
Wonica already has met with 10 mortgage bankers and servicers in Florida to address the problem, and plans a similar meeting this summer in Las Vegas. He points to the uniform short-sale form developed by the California Association of REALTORS® as a good example of what the industry needs.
Short sales appear to be good for both banks and buyers. A study by Connecticut-based Clayton Holdings Inc. showed lenders from May to October 2008 lost an average 37 percent through short sales versus 56 percent on homes sold after foreclosure.
Lenders recognize this and are trying to speed up the process. David Knight, a senior vice president at Wells Fargo Home Mortgage, says, “We think (a) short sale is superior to foreclosure … A short sale is not a bad deal all around.”
Additional liens are often the big holdup, but there could be progress on that front. In April, Bank of America, a major holder of second liens, announced that it would accept 5 percent of sale proceeds after real estate commissions and other costs on short sales. Previously, it had sought 10 percent.
Source: Inman News, Gilbert Mohtes-Chan (05/07/2009)
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Lenders Chase Short Sale Sellers
An increasing number of lenders are going after borrowers who sell their homes for less than they owe – known as a short sale – in order to recover more of the difference between the amount owed and the sale price.
Lenders say the factors that they consider when they decide to seek more money are:
* How large was the unpaid debt?
* Was the property an investment or a personal residence?
* How much money does the borrower make and what other assets does he have?
* What is the policy of the mortgage insurer or the holder of the second lien?
A PMI Group Inc. spokesman says the mortgage insurer “primarily target[s] borrowers who are not experiencing hardship – but those who simply elected to walk away from the property due to its decline in value.”
Source: The Wall Street Journal, Ruth Simon (04/30/2009)
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Changes in reverse mortgages worry industry.
Almost daily, the reverse mortgage industry is changing, and it’s worrying plenty of people.
For years, reverse mortgages have been reliable, a way for seniors to live off the equity in their homes as they age. While complicated, these loans have been highly regulated in terms of fees and rate disclosures. Geared to homeowners age 62 and above, they provided peace of mind because rates and fees usually were set when the loan process started.
But now, reverse mortgage veterans like John Smaldone in Maryville, Tenn., are concerned about that some sudden changes by Fannie Mae that allow margins to fluctuate almost daily until the funding process is complete. These adjustments can confuse seniors and cause them to question whether they are getting fair treatment.
Fannie Mae – the largest financier in the U.S. mortgage industry – is trying to attract more money to the reverse mortgage market by increasing the amount lenders can make on selling the loans. But raising fees and allowing rates to change can lower the amount of money senior homeowners can borrow. It also can increase the fraud risk as competition for their business increases. More Details
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Proposed Highway Overlay District
- Planning Department
Aiken City Council asked the Planning Commission and the Design Review Board to draft regulations to create a Highway Overlay District along major roads.
The purpose of such an “Overlay” district is to figuratively “sit on top,” of the zoning districts and to regulate aesthetic features such as building design. The intent is to create developments that are compatible with the architectural qualities and styles that have been hallmarks of Aiken’s identity. Aiken has two existing overlay districts, the Historic Overlay District and the Old Aiken Overlay District.
The New District would include land in the city limits along major roads outside of the other two districts. It would extend 500 feet from the highway right-of-way and would probably also apply to new developments outside the City requesting city water or sewer services.More Details
Court halts thousands of foreclosure sales
COLUMBIA — South Carolina’s highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages.
The injunction – which mortgage experts said appeared to be the nation’s first court-ordered stop for an entire state – prevents judges in South Carolina from finalizing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.
RealtyTrac Inc., a foreclosure listing firm, says the ruling could affect 5,000 S.C. homes facing foreclosure.
The ruling was in response to a request from a Columbia attorney representing Fannie Mae, who had argued that it was necessary to keep homeowners who might be eligible for federal assistance from being shut out of the process.
“Absent the injunction, mortgagors eligible for relief … could be denied their right to participate because their property was sold at the foreclosure sale,” lawyer Ronald Scott wrote in his three-page motion. “This qualifies as irreparable injury for which the court should provide redress in the form of a temporary injunction.”
Fannie Mae said the ruling was necessary because of a South Carolina law meant to ensure that foreclosures sales are conducted in a timely fashion. Under the law, judges can cancel a foreclosure case and start over if the sale is delayed for too long.
The company argues that South Carolina’s law gives lenders an incentive to speed up foreclosure cases because of the threat the process could be restarted, which would cost lenders more money. More Details
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Economy to grow in 2009, Bernanke says
WASHINGTON, D.C. — Federal Reserve Chairman Ben Bernanke told Congress Tuesday the economy should start growing again later this year, his most optimistic assessment of the country’s financial health since the recession struck with force last year.
But Bernanke warned that even after a recovery gets under way, economic activity is likely to be subpar. That means businesses will stay cautious about hiring, driving up the nation’s unemployment rate and causing “further sizable job losses” in the coming months, he told the Joint Economic Committee.
The recession, which started in December 2007, already has snatched a net total of 5.1 million jobs. The unemployment rate “could remain high for a time, even after economic growth resumes,” Bernanke said.
But while some economists believe unemployment could hit 10 percent by the end of this year, the Fed doesn’t share that view.
The unemployment rate will probably climb “somewhere” in the 9 percent range, Bernanke said.
“The loss of jobs is one of the most distressing aspects of this whole episode,” he said.
Even with all the cautionary notes, the Fed chief offered a far less dour assessment of the economy.
“We continue to expect economic activity to bottom out, then to turn up later this year,” he told lawmakers. “We expect that the recovery will only gradually gain momentum.”
Recent data suggest the recession may be loosening its grip on the country, Bernanke said. Full Story.
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Health and lifestyle expo is on Saturday
Learn how to get healthy this Saturday and meet TV star Cameron Mathison.
Aiken Alive!, Aiken’s first health and lifestyle expo, will feature a day of healthy living festivities.
Aiken Regional Medical Centers will provide free health screenings and demonstrations, such as blood pressure checks, glaucoma screenings, a total cholesterol check, vision screenings, an easy PSA test for men and healthy cooking demonstrations at 10 a.m., noon, 2 and 4 p.m.
ABC’s Cameron Mathison from “All My Children” and “Dancing with the Stars” will make a special appearance on the main stage at 2 p.m. He will be available to sign autographs and take photos. There will be a Kids’ Zone with the WJBF Weather Wall, Bouncy Bratz, the YMCA and other activities.
The day is packed with activity on the main stage to include a demonstration by Aiken Taekwondo Academy at 10 a.m. and 4 p.m., a hat and wig demonstration designed for those who have lost their hair due to cancer treatments begins at 11 a.m. and a Yoga demonstration led by Just Breathe Studio starts at noon.
Seminars will take place throughout the day on a variety of topics to include long-term care at 10:15 a.m., choosing a passion and a survival guide for teens and parents at 11:15 a.m., AARP Mature Drivers and cord blood bank education at 12:15 p.m., smart lipo with laser contouring at 1:15 p.m. and wellness coaching at 3 p.m.
Aiken Regional Medical Centers is offering early screenings for groups of 10 or more starting at 9 a.m. If a group would like to purchase tickets in advance, call Mike Thomas at 641-3716.
Contact Rachel Johnson at rjohnson@aikenstandard.com.
Want to Go?
What? Aiken Alive!
When? Saturday, May 9 from 10 a.m. until 5 p.m.
Where? USC Aiken Convocation Center
Tickets: $5.00 for adults – kids 12 and under are free
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Mail carriers to help Stamp Out Hunger
Leave a bag of nonperishable food items next to your mailbox Saturday for your mail carrier to pick up.
The U.S. Postal Service in Aiken and Golden Harvest Food Bank have teamed up to “Stamp Out Hunger” in this area, an offshoot of the national “Stamp Out Hunger” movement. Millions of Americans are expected to set out bags this weekend to feed the 35 million Americans at risk of hunger.
“Put out the bag beside your mailbox before your mail carrier comes,” said Carrie Jones, Golden Harvest food drive coordinator.
The carrier will gather the bags, in addition to delivering your mail, and take them to Golden Harvest where the food will be distributed to partner agencies.
Or food can be dropped off at Golden Harvest, 13 Enterprise Ave., or at your local post office.
This is the 18th year for the national drive and the 13th year for the CSRA.
Jones said that over 72,000 pounds of food was collected in the region for “Stamp Out Hunger,” which is the equivalent of 54,144 meals distributed by Golden Harvest.
“We are grateful for the mail carriers,” she said. “We definitely need food right now.”
Since its inception, this food drive has collected over 670 million pounds of food for the needy.
Golden Harvest needs volunteer groups of five to 10 people to help letter carriers at seven local post offices. Volunteers with pickup trucks are also needed who can meet carriers mid-route, so they don’t get overloaded with food.
For more information, call Carrie Jones at (706) 736-1199, ext. 217, or e-mail her at cjones@goldenharvest.org.
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Construction spending, pending home sales up!
WASHINGTON – Hopes that the recession is easing got a boost Monday from reports that construction spending and pending home sales both fared better than expected in March. The news pushed stock prices higher.
The Commerce Department said construction spending increased 0.3 percent in March, the best showing since a similar rise last September. Economists surveyed by Thomson Reuters had expected spending to drop 1.5 percent for a sixth straight monthly decline.
Meanwhile, the National Association of Realtors said its index of pending home sales rose 3.2 percent to 84.6 in March, the second monthly increase after it hit a record low in January. The pending sales index also is 1.1 percent above last year’s levels. Typically, there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.
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Economists called the new data faint glimmers of hope that construction activity may be stabilizing, although at very low levels.
“Things certainly look a bit less bad than in the dark days at the turn of the year,” Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a research note. Full Story.
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Presentation, field trip study gopher tortoise
A special guest speaker talks tortoise at Birds & Butterflies this week with a follow-up field trip for some tortoise-spotting.
Tracy Tuberville, an assistant research scientist at the Savannah River Ecology Lab, will discuss the gopher tortoise at 7 p.m. Tuesday at the Laurens Street garden and nature shop Birds & Butterflies. Tuberville will lead a field trip on Saturday, May 16 to the Aiken Gopher Tortoise Preserve near Warrenville, where she is doing research, according to shop owner Ron Brenneman.
“I was aware of the research she’s been doing over there, so I called her up and asked her to come tell folks what’s going on over there. A lot of people don’t know much about gopher tortoises or even that we have gopher tortoises in this area,” Brenneman said.
The field trip will last about two hours at most, he said, and space is limited to the first 25 who sign up in advance for the trip. Meet-up information for the field trip group will be given out as participants sign up at Birds & Butterflies. Participants should wear clothes appropriate for a walk in the woods.
“Response has been very good. We still have space available, but so far both the lecture and the field trip are about two-thirds full,” Brenneman said.
The lecture is free, but space is limited, and advance sign-ups are required. Participation in the field trip is also free.
For more information about the two gopher tortoise events or to sign up for an event, visit Birds & Butterflies on Laurens Street or call the shop at 649-7999.
Contact Suzanne Stone at sstone@aikenstandard.com.
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Fed says banks tightening mortgage standards
Both traditional and non-traditional loans are harder to qualify for.
WASHINGTON – A larger share of banks has made it more difficult for people to obtain home mortgages over the last three months even as demand has grown, the Federal Reserve reported Monday.
The Fed’s new quarterly survey found that about 50 percent of U.S. banks tightened their lending standards on prime mortgages, up from about 45 percent in the survey issued in early February.
Meanwhile, 65 percent of banks said they tightened standards on nontraditional mortgages, such as adjustable-rate loans with multiple payment options. That was up from 50 percent in the last survey.
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“Even if you had a stellar credit history, banks were reluctant to lend in this environment,” said Richard Yamarone, economist at Argus Research. With unemployment rising, it raises the odds of more people defaulting on their mortgages, he said. More Details.
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Equine Rescue of Aiken has helped 150 horses.
Equine Rescue of Aiken has given hope to horses in need by providing them with a second chance.
In the last 1¬½ years, the 501(c)(3) not-for-profit organization, has seen approximately 150 horses find new homes after being rehabilitated; many of the horses had been neglected, abandoned and abused.
A Champagne and Ice Party was held at Bridle Creek Equestrian Community April 23, and Equine Rescue of Aiken’s Larkin Steele wanted to thank the community for its support.
The party is to be an annual event, she said. She appreciated the support and the passion the organizers and volunteers put into the event and their commitment to helping Equine Rescue of Aiken.
“It was really nice because Dineen Daniels is just an amazing woman,” said Steele. “We had a full house; we had a great group of people. Everyone really enjoyed the event and came out to help the rescue, and that really filled up my heart. There are very few people who would do what Dineen Daniels, Tracey Turner and Michael and Luke Tokaruk have done and for two years in a row. They’ve been staunch supporters of the rescue. They have no idea of how much of a difference they make.”
The facility is in need of continued financial support, and the community’s response to the event was heartwarming, said Steele.
“We’re pretty much on our own, and at some point I’d like to see the facility be self-sufficient through donations and government and federal grants,” said Steele. “The fact that so many people showed up meant a lot and that the event was at the last minute, the support from the community was really appreciated.”
The rescue is still in need of volunteers, she said.
For more information about Equine Rescue of Aiken, visit www.aikenequinerescue.com or call 643-1850.
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Dates set for City municipal elections.
Four City Council seats will be up for grabs in this year’s municipal elections – the two at-large seats currently held by Jane Vaughters and Don Wells and seats for Districts 2 and 4, held by Lessie Price and Dick Smith.
While Wells and Price have said they plan to run again this year, Smith and Vaughters recently announced that they will not seek election for another term as City Council members.
Filing for the City’s municipal elections will open Aug. 3. According to Richard Johnson, chairman of the Aiken Election Commission, those interested must file with either the Aiken County Democratic Party or the Aiken County Republican Party.
Filing will close for the primaries on Aug. 10. Should there be primary elections for either party, they will take place on Sept. 8.
Johnson said petition candidates should file with the City of Aiken. In order to be considered a petition candidate, one must obtain signatures from 5 percent of registered voters in the district they are looking to serve. All petition candidates must file by Sept. 18.
In addition to Price and Wells, City Planning Commissioner Liz Stewart has said she plans to run for an at-large seat.
Kent Cubbage, coordinator of the biology program at Aiken Technical College, has also announced his intention to run for an at-large seat.
Wells, Stewart and Cubbage will run on the Republican ticket. Price will run as a Democrat.
The Election Commission is putting in a request to the U.S. Justice Department to change the Precinct 53 polling place from Chukker Creek Elementary School to South Aiken Church of God on Whiskey Road for the November general election.
If the change is approved, Johnson said the location could stay the same for the primary election, which he said is run by the local parties.
Contact April Bailey at abailey@aikenstandard.com.
2009 Election Schedule
* Aug. 3 – Opening of filing as candidates for the primaries or as a petition candidate
* Aug. 10 – Filing closes for primaries
* Sept. 8 – Primary elections will be held
* Sept. 18 – Last day petition candidates can file
* Sept. 22 – Municipal party run-offs (if necessary)
* Oct. 2 – Last day for certifying candidates to the Election Commission
* Nov. 3 – Election Day
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U.S. to Offer Incentives to Modify Seconds
The Obama administration is announcing incentives today for mortgages servicers to modify home equity loans and other second mortgages.
Servicers must agree to modify second mortgages when the first mortgage has been modified. They must extend the term of the second mortgage and match the rate of the first mortgage. Then the government will share the cost with the servicer of cutting the rate to 1 percent for amortizing loans and 2 percent for interest-only loans.
Under the program, the government will pay mortgage servicers $500 upfront and $250 a year for three years for the modifications. Borrowers will receive payments of up to $250 a year for five years if they stay current on the modified loan.
There will also be a schedule of incentives for holders of second liens to drop their claims altogether.
The Department of Housing and Urban Development and Treasury will make the announcement jointly.
Bank of America, Wells Fargo, and JPMorgan Chase have already agreed to participate in the program.
A separate announcement will include changes to the Hope for Homeowners program, which helps homeowners refinance into more affordable government-backed loans. To get this program moving, the administration is announcing a $2,500 upfront payment to servicers. Lenders will receive $1,000 a year for three years if the loan stays current.
Source: The Wall Street Journal, Jessica Holzer (04/28/2009)
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Fight Inflation: Buy a Home!
Some economic analysts say that the possibility that the economy will go into overdrive and inflation will skyrocket is a much more frightening possibility than the current recession.
One inflation hedge nearly all of them point to is real estate. Owning it outright is the best scenario, but if that’s not possible, a low-rate, 30-year fixed mortgage is the next best thing. As inflation drives up salaries, mortgage payments will stay the same, analysts point out.
Source: USA Today, John Waggoner (04/24/2009)
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2009 Hopelands Summer Concert Series Schedule.
May 4 – Aiken Community Band, sponsored by Security Federal
May 11 – Harmony River Chorus, sponsored by Right At Home of the CSRA
May 18 – Savannah River Winds, sponsored by Aiken Newcomers Club
May 25 – Aiken Civic Ballet, sponsored by Hearing Associates of South Carolina
June 1 – Aiken Brass, sponsored by Cumberland Village
June 8 – Black Bottom Biscuits, sponsored by The Friends of Hopelands and Rye Patch
June 15 – Maureen Simpson joined by the Aiken Choral Society, sponsored by Cumberland Village
June 22 – Preston and Weston featuring Sandra Simmons, sponsored by Alpha Kappa Alpha Sorority Inc.
June 29 – Swingsation, sponsored by Carriage Hills Living Center
July 6 – Fort Gordon Concert Band, sponsored by The Friends of Hopelands and Rye Patch
July 13 – Chris Mangelly, sponsored by The Friends of Hopelands and Rye Patch
July 20 – U.S. Marine Corps Band/Parris Island Marine, sponsored by Screenprint Factory
July 27 – Fabio Man, sponsored by The Friends of Hopelands and Rye Patch
Aug. 3 – Fort Gordon Dixieland Band, sponsored by The Friends of Hopelands and Rye Patch
Aug. 10 – Savannah River Stringband, sponsored by Curiosity Shop
Aug. 17 – South Boundary, sponsored by Especially Seniors
Aug. 24 – Big Band Features, sponsored by Cumberland Village
Aug. 31 – Aiken Community Band, sponsored by Security Federal
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Housing Analysts Predict the Bottom Is Near
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week.
Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree that the federal government’s efforts to shore up the market would take effect by the end of 2009 or early in 2010.
Analysts also predicted that consumers will spend less on remodeling. Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, predicted that spending on remodeling would fall 12.3 percent by the end of this year compared to last.
Analysts project that the credit crisis will loosen, although people with blemished credit records may continue to have trouble getting mortgage loans.
Source: The Wall Street Journal, June Fletcher (04/24/2009)
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