Archive for September, 2009
The Possible Impact and Real Cost of Extending the First–Time Homebuyer Tax Credit
RISMEDIA, September 28, 2009—A recent survey conducted by Zillow in conjunction with Harris Interactive asked prospective first-time homebuyers how an extension of the $8,000 tax credit would influence their decision to buy a home next year. If the credit were extended, of those who intend to buy a home, 18% called the credit the “primary influence” in their decision, 25% said it would be a “significant influence,” and 27% said the credit would have “some” influence on any home buying decision. Thirty-one percent said it would have no influence at all on their decision to purchase.
According to further analysis, this suggests that the extended tax credit could, at minimum, stimulate an additional 334,000 home sales compared to what we would otherwise expect to see during the period between December 2009 and November 2010. That could spell the difference between a 5% annual increase in home sales over the period assuming an extension of the tax credit, versus a 2% annual decline in home sales without the tax credit. With no extension, there’s a good likelihood that home sales this January will dip below their January 2009 level (257,000 home sales in the month). This seems likely given that January 2010 home sales would be hit both by the loss of incremental home sales that would have been stimulated by the tax credit, as well as by the loss of sales that were pushed up to September or October 2009 (i.e., people who would have normally bought in January buying in September instead in order to avail themselves of the tax credit).
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New Support for State Housing Agencies
The U.S. Treasury is contemplating a new program that would provide as much as $15 billion to purchase tax-exempt mortgage bonds issued by states over the next three years.
The program would be beneficial for low-income home buyers who have long depended on state programs for low-interest mortgages. States have been unable to offer these mortgages in the last year because they haven’t been able to sell mortgage bonds. This program would solve that, according to the National Council of State Housing Agencies.
Details are expected to be announced on Sept. 30.
Source: Bloomberg, Dawn Kopecki
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Federal Index Shows Home Prices Rising
U.S. home prices rose 0.3 percent in July compared to June, the Federal Housing Finance Agency said Tuesday.
The index is 4.2 percent below what it was in 2008 and 10.5 percent off its peak in April 2007.
The index excludes most expensive homes from its calculations, so prices appear to have declined less than they have by other measures.
The report “supports other evidence that the three-year long decline in prices has come to halt,” Paul Dales, U.S. economist with Capital Economics, wrote in a note to clients.
Other economists were less positive. “We think house price indexes are likely to edge somewhat lower in the fall when foreclosures become a larger share of home sales,” Barclays Capital economist Nicholas Tenev wrote in a note to his clients.
Source: The Associated Press, Alan Zibel
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Analysis: Tax Credit Adds 357,000 Buyers
A study estimates that 357,000 buyers have been motivated so far by the $8,000 First-Time Homebuyer Tax Credit.
The study by Campbell Surveys, a division of Campbell Communications, calculated the figure by comparing the number of first-time homebuyers before and after the tax credit was instituted. The percentage of first-time buyers rose from 32 percent in January and February to 43 percent for the rest of the year – except July when the rate fell to 42 percent.
Campbell’s Research Director Thomas Popik pointed out that this survey mirrors the numbers calculated by the National Association of REALTORS® and those from Moody’s Economy.com.
The data supports legislative efforts in both the U.S. House and Senate to extend the tax credit.
Source: HousingWire.com, Austin Kilgore
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How to Beat the Tax Credit Deadline
How to Beat the Tax Credit Deadline
It’s not too late for a determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30.
Scott Voak, a San Diego practitioner specializing in first-time buyers, helps potential buyers target homes that can close quickly. To identify those properties without touring them, contact the listing agent with blunt but important questions that aren’t likely addressed in the listing.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Aiken Garden Club Council discusses Doll House issues.
Lisa Hall, Hopelands Gardens and Rye Patch supervisor, was the guest speaker. Hall told members she needed to be notified in advance if any of the garden clubs had an event scheduled at the Doll House. She also mentioned a new docent tour program and said she needs people with a general knowledge of the gardens. If an interested person is a senior citizen, then she could use the hours she works as a docent in the senior tax write-off program.
Also, Hall would like to extend the Doll House hours of operation to Saturdays from 2 to 5 p.m. She asked members to get input from clubs to see if they would agree to acting as hostesses on Saturdays and Sundays. Hall also informed the members that the Iselin family has provided old black-and-white photos of the gardens to the City. In November, Hall will give copies to the council to place in the Doll House.
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Keep the donations coming to keep animals’ bellies full
Have you ever gotten that phone call at the last minute letting you know that 10 people are coming over tonight for dinner? You immediately start worrying that you won’t have enough food to feed everyone. (You probably also want to pull your spouse aside and ask them exactly how they thought inviting 10 people to your house for dinner tonight without speaking to you first seemed like a good idea, but that’s another conversation for another day.)
At the Aiken SPCA, we’ve got lots of mouths to feed. Some days we have as many as 200 dogs and cats looking to us to provide them with breakfast and dinner each day. As you can imagine, that’s a lot of kibble to have on hand at any one time.
We sometimes get to “cook” for goats, horses, rabbits, birds, iguanas, ferrets and pot bellied pigs. Our kennel staff “chefs” are responsible for preparing specialized meals for all of these animals and boy can they eat!
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Commercial Prices Fall as Vacancy Rates Rise
The value of commercial property is being driven by vacancy rates—the higher the vacancy rate, the lower the price.
At the height of the boom, a high vacancy rate was sought after because the buyer could fill the space and raise rents. Today, finding tenants is a major challenge in many areas and buyers will pay more if a building has guaranteed tenants for the long term. Robert Von Ancken, the senior appraiser for Grubb & Ellis in New York, estimates that substantial vacancies cost a seller as much as 30 percent of value.
“Investors today are very hesitant to make a mistake by underwriting improvement, decreasing vacancy, or increasing rent,” says Scott A. Singer, the executive vice president of the Singer & Bassuk Organization, a New York company that arranges financing.
Source: The New York Times, Terry Pristin
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How to Spot Foreclosure-Prevention Scammers
Here’s how the most common foreclosure-prevention scams work:
The desperate home owner gets a letter that says something like, “We know you’re having a hard time. We have a pipeline to your lender and can help you save your home. Call this toll-free number now.”
Home owners call the number and agree to pay $1,200 to $1,500 upfront for help with their mortgage. Nothing happens. Their home still goes into foreclosure.
Harold Kirtz, a lawyer for the Federal Trade Commission who is prosecuting these scammers, says victims are often well educated and financially savvy, but they also are “in a very vulnerable state.”
Here are some red flags that should make a home owner run in the opposite direction:
* If the company guarantees success. Nobody can guarantee a lender won’t foreclose or will modify a loan.
* If the company wants money upfront. “We can’t say all advance fees are illegal,” Kirtz says, “But in most cases they’re probably bogus.”
* If the company wants the home owner to send mortgage checks directly to the modification firm. The only certainty there is that the company will cash the checks.
Source: Washington Post Writers Group, Kenneth R. Harney
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Homeownership Dips to Six-Year Low
Homeownership declined to 66.6 percent last year, the lowest level in six years, according to the U.S. Census Bureau, which released its American Community Survey on Monday.
Homeownership fell the most for Asians, dropping 1.24 percentage points to 59.4, largely because about one-third of Asians live in foreclosure-prone California.
Homeownership for African-Americans declined 0.88 percentage points to 45.6 percent. Hispanic ownership declined 0.80 percentage points to 49.1 percent, and whites’ ownership was down 0.40 to 73.4 percent.
Source: The Associated Press, Alex Veiga
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Family-friendly Mini-Fest returns with bluegrass.
The grass will be blue in Aiken on Saturday.
Ushering in the anticipated return of the Aiken Bluegrass festival in May of 2010 is tomorrow’s Mini-Fest.
The Whitney Polo Field will be alive with the sounds of the fiddle as more than six bands bring a full lineup of bluegrass music.
“The Mini-Fest is to promote bluegrass music and to remind people of the main festival in 2010,” founders Steve and Jeannie Groat said. “After a year off, the festival is coming back.”
On the lineup for Saturday is Alabama’s “Iron Horse,” a group that covers rock ‘n’ roll bands in a bluegrass style, which appeals to a broad spectrum of ages and musical tastes. Several of the bands have local roots.
The lineup includes Kenny George plays Bluegrass, Flipside, Doug & The Henrys, Woody and Fell Boley, Iron Horse and many more.
There will be a picking circle at 6:30 p.m. where anybody who wants to come with a string instrument is welcome.
For more information, visit www.aikenbluegrassfestival.org.
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Herb Faire tradition continues.
The 2009 Fall Herb Faire is coming to Montmorenci this weekend.
The Herb Faire is a spring and autumn tradition at the historic Montmorenci home known as Pascalina, at 3250 Charleston Highway (U.S. Highway 278). This year’s Fall Herb Faire will take place from 9 a.m. to 2 p.m. Saturday at Pascalina and will feature a variety of plants, natural foods, handcrafts and other goodies, according to organizer Linda Oswald.
“We’ve got three new vendors: a lady who does herb topiaries; Shumpert Milk is coming with fresh local milk; and we’re going to have boiled peanuts here for the first time,” Oswald said.
Other local and regional vendors will have antiques, plants and herbs, stone-ground grits and cornmeal, garden accessories, herbal soaps and lotions, herbal food products, goat cheese, local honey, fall wreaths, woodcrafts, jewelry, pottery, quilts and baked goods by the area’s Mennonite bakers.
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Event to benefit animal groups.
It’s a day the whole family will be able to enjoy. The Hooves and Hounds extravaganza at Equine Rescue of Aiken will have something for everyone, and is serving as a fundraiser to benefit Equine Rescue of Aiken and the Aiken SPCA. The event will be held Sept. 26 at Equine Rescue of Aiken’s Haven Hills Farm from 10 a.m. to 4 p.m.
“I really wanted to hold an event to showcase our horses,” said Larkin Steele, Equine Rescue of Aiken. “The Hooves & Hounds Extravaganza will be a family day for horses, cats and dogs and the Aiken SPCA.”
A number of activities will be featured during the event that include dressage demonstrations (one of the horses is a rescue horse), dog agility demonstrations, a silent auction, a tack sale and children’s activities including pony rides and face painting.
“There will be a dressage demonstration by Andrea Sirrenberg Hunt, who will be riding a horse that was going to be euthanized, and is now doing third level dressage,” said Steele. “Beverly Zimmer will be coming to do a demonstration. We have another woman who’s coming to do demonstrations with her horses and dogs.”
The silent auction will feature a variety of items, thanks to the generous support of the community, said Steele.
The event is open to the public, there will be food, and there’s no admission charge.
Equine Rescue of Aiken Haven Hills Farm is located at 532 Glenwood Drive, Aiken.
For more information about the Hooves & Hounds Extravaganza, call 643-1850 or you can access their website at www.AikenEquineRescue.com.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
How to Beat the Tax Credit Deadline
How to Beat the Tax Credit Deadline It’s not too late for a determined first-time home buyer to take advantage of the $8,000 federal tax credit, which expires Nov. 30. Scott Voak, a San Diego practitioner specializing in first-time buyers, helps potential buyers target homes that can close quickly. To identify those properties without touring [...]
Even Ugly homes need love!
Half acre building lot available on Banks Mill rd with about 100ft paved rd frontage. Fix us up to however you want or build something new! County Taxes only! Call Susan @ 803 645 8881 for more details.
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Home away from Home Rentals
Home away from home in wonderful downtown Aiken SC, 3 bedroom 2 bath cottage on South Boundary Ave. All you need to bring is your toothbrush! Stay for a few days or months! Call today to book your stay!
Also available 1 bedroom guest home on site!
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Pasture Galore
Over 423 acres of existing Pasture,dotted with wonderful live oaks and Pines, with 2 huge ponds thrown in! 150 ac of coastal, 4 board fencing ,Panoramic views. Miles of road Frontage and very easily Dividable. Call Susan @ 803 645 8881 for more info!
Bird show swoops into Aiken this fall.
Birds of a feather flock together to Aiken next weekend.
The Exotic Bird Show is coming to the Aiken Fairgrounds in September for the first time. In previous years, the shows have been held only in the spring, but organizer Don Price said this is the perfect opportunity to begin having two shows a year.
“We will have probably about 30 vendors. They are either bringing birds, toys or cages. Prices are usually about 40 percent cheaper than in pet stores,” Price said.
The public is invited to attend, buy or trade.
“We put on about eight shows a year, some in Atlanta and Chattanooga, and then we come to Aiken. Aiken is one of our better shows. We usually have a pretty good crowd,” he said.
Hundreds of birds will be at the show, everything from parakeets, macaws and finches to cockatiels and more.
Organizers expect the crowd of about 1,000 to be a mix of curious spectators and those who want to take home a bird or two.
Birds are not as popular of a pet as dogs or cats, but they do make good companions.
“People will start with a para -keet then they wind up getting a bigger bird like a macaw,” Price said.
The two-day show is planned for Sept. 26-27 at the fairgrounds, which is located at 1566 Columbia Highway N. between Aiken and I-20.
The show’s Saturday hours are 9 a.m. to 5 p.m. and Sunday hours are from 10 a.m. to 4 p.m. Admission is $5 per person. For more information, call (423) 240-8423.
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Mortgage Fraud Keeping FBI Busy
The Federal Bureau of Investigation has more than 2,600 open cases of mortgage fraud, FBI Director Robert Mueller told Congress on Wednesday. Most of the cases involve losses of more than $1 million.
More than 300 special agents are assigned to mortgage fraud, which is up more than 200 percent from what it was three years ago, according to the FBI.
“The schemes have evolved with the changing economy, targeting vulnerable individuals, victimizing them even as they are about to lose their homes,” Mueller said in prepared remarks to the Senate Judiciary Committee.
Source: Reuters News
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Builder Confidence Is Building
Home builder confidence in the housing market rose in September for the third month in a row from 18 to 19, which is the highest level since May 2008, according to the monthly index calculated by the National Association of Home Builders and Wells Fargo.
The index hit a low of 8 in January. Any number below 50 is considered negative.
The NAHB credits the first-time home buyer tax credit for this summer’s market improvement, as well as low interest rates and home prices, says Joe Robson, NAHB’s chair.
The index also projects the strength of the market going forward. That measure fell one point in September to 29 because of the expiring tax credit. In a statement, Robson says, “Builders are concerned about what will keep the market moving once the credit is gone.”
Source: Bloomberg, Bob Willis
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Tournament is cancer awareness fundraiser.
Don’t miss an opportunity to see the best in women’s polo while contributing to improving the lives of women throughout the CSRA.
The 11th annual United States Polo Association Aiken Ladies Invitational presented by MavOffice.com began Monday at 11 a.m. as Regent takes on Jamaica.
The finals of the 3-5 goal Signature flight and the 0-2 goal Campbell Flight will be held Saturday, Sept. 26, at 3 p.m. at Meadow Hill Farm.
The tournament finals serve as a charity to benefit the National Breast Cancer Foundation’s funding of a program at University Hospital of Augusta’s Breast Care Center.
Many of the world’s best female players will converge on Aiken for one of the world’s most prestigious ladies’ tournaments. The tournament features three flights with four teams in each flight. There’s a zero goal flight; 0-2 goal flight and 3-5 goal flight. Full Story…
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River frontage 50 acres!
50 acres available on Edisto River in Aiken Sc, slow our life down on the river, bring your horses and relax! Call Susan for more details at 803 645 8881.
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River frontage 10 acres
Wishing for slower pace by the water in Aiken SC, here 10 acres for your home or farm! Price @ $ 121,000. Call Susan for more details at 803 645 8881.
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16 Ac Gregory Rd
Want your own piece of the country, buy all or a portion of this wonderful property just miles from downtown on Paved rd. Call for a tour or the plat!803 644 4444.
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2 Ac Mobile home lots!
Just 4 miles from Downtown Aiken, these 3 lots are over 2 Acres apiece and ready for your Mobile home, modular or huntbox! Price to sell at $25,000 per lot. Call Susan for more details or a tour! 803 645 8881.
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10 Markets Where Building Is Booming
The building business—both commercial and residential—is a seeing a recovery in some markets, especially those where military, government, and energy jobs are driving demand.
Lake Charles, La., which leads the nation, is an anomaly—it’s recovering from hurricanes—but the other markets are largely driving by economic growth. For instance, building permits for apartments in Huntsville, Ala., near the expanding U.S. Space & Rocket Center, have jumped 400 percent so far in 2009.
Many of the contracts are going to smaller local builders, but some of the giants are getting back in the game as well. KB Home resumed construction in the Mid-Atlantic, including Washington D.C., after pulling back earlier this year.
The top 10 growth markets, based on building permits, are:
1. Lake Charles, La., 122.5 percent
2. Beaumont-Port Arthur, Texas, 65.8 percent
3. Salt Lake City, 36.6 percent
4. Huntsville, Ala., 30 percent
5. Jacksonville, N.C., 28.6 percent
6. Augusta-Richmond County, Ga.-S.C., 21.6 percent
7. Fayetteville, N.C., 12.2 percent
8. Las Cruces, N.M., 11.6 percent
9. Auburn-Opelika, Ala., 11.3 percent
10. Little Rock-North Little Rock, Ark., 7.7 percent
Source: BusinessWeek, Prashant Gopal
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D.C. Dances Around Tax Credit Extension
Washington is being forced to take a hard look at the expiring $8,000 first-time homebuyer tax credit.
Nearly a dozen bills have been proposed to extend the credit past the Nov. 30 deadline, but the top decision makers are just beginning to weigh in.
On Thursday, Senate Majority Leader Harry Reid endorsed a six-month extension. Treasury Secretary Timothy Geithner said Thursday that he hasn’t made a decision yet. And the White House economic team says it will make a recommendation to President Barack Obama by the end of Friday.
Extending the credit is a tough sell in some corners because so far the credit has cost an estimated $15 billion, twice what was projected last February.
Source: The Associated Press, Adrian Sainz
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Rental in Horse district
Cute 3 bed cottage in Down town Horse area, Short term possible but rather 1 yr lease. Call Victoria for more details @ 803 644 4444.
Examine Paperwork Prior to foreclosure
A Florida real estate consulting company specializing in mortgage forensic research, warns homeowners near or in foreclosure that legal violations are increasingly common in complex mortgages and urges them to examine their paperwork carefully.
Consumer Mortgage Audit Center, many of whose members are also members of the American College of Forensic Examiners Institute, works with attorneys nationwide to help them identify mortgage violations and instances of predatory lending that can offer options to save homeowners from foreclosure.
CMAC urges homeowners facing foreclosure to:
* Compare their HUD-1 document, which buyers get at settlement outlining most costs, with the same lender’s good-faith estimate. If the figures on the HUD-1 and the good faith estimate are different, this may signal that there is a problem.
* To further investigate the issue, the homeowners should consider consulting an attorney who handles foreclosure defense cases. Most foreclosure attorneys don’t charge for an initial consultation.
Source: Consumer Mortgage Audit Center
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Congress Urged to Extend Tax Credit
The National Association of REALTORS® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.
“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again,” said NAR President Charles McMillan.
Write Congress Now
REALTORS®, the leading advocates for homeownership and housing issues, will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far, and press them to extend and expand it now.
McMillan added that the market has improved, but it has not yet fully corrected itself. “The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we’ve made can continue is to extend the credit and to do that now,” he said.
As the current deadline for the credit looms, potential homebuyers need to complete a contract, satisfy any contingencies, secure financing, and go to closing by November 30. In today’s market, NAR estimates that it generally is taking between 45 and 60 days from contract to closing.
“That means potential homebuyers who qualify must act now, and so must Congress,” McMillan said.
Source: NAR
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Are Lower Rates on the Horizon?
The Federal Reserve is likely to keep interest rates low to help consumers and companies eliminate debt, Goldman Sachs economists wrote in a report released Wednesday.
Some forecasters have said they expect the Fed to raise rates next year, but Goldman economists say they believe the Fed will keep its key rate near zero at least through 2010 and probably longer.
Source: Bloomberg, Simon Kennedy
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Many Experts Support Extending Tax Credit
Real estate professionals and home builders are pushing for an extension and an increase in tax incentives to encourage homebuying. Otherwise, they argue, that it is very likely that the current housing uptick will end on Dec. 1, when the tax credit does.
“The giddiness we see out there [about a recovery] is without merit,” says Richard A. Smith, CEO of Realogy, which is the parent company of Century 21, ERA, Coldwell Banker, and Sotheby’s International Realty.
Not everybody sees things Smith’s way. Michelle Meyer, an economist with Barclays Capital in New York, says that while the tax credit did contribute to an increase in sales, some of the improvement reflects an improving economy.
“Even if you say some of the gain is artificial, it’s still true that we’re seeing an increase in housing demand, and that shows fundamental strength,” she says.
Mark M. Zandi, chief economist at Moody’s Economy.com, ignores this chicken-or-egg argument and points to an analysis he did that suggests increasing the tax credit to $15,000 for all home owners through the end of next year would result in 675,000 additional home sales.
Source: BusinessWeek, Prashant Gopal
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Pending Home Sales on a Record Roll
Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7. Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.
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New Interactive Map: Annual Sales Volume and Median Sales Price of Existing Single-Family Homes
View the Annual Sales Volume and Median Sales Price of Existing Single-Family Homes from 1968-2008 on this new tool from Research. The map shows the change in data over time – click the time bar at the bottom and drag to see how the numbers change in this 40-year period. To switch between data series, choose either Annual Sales Volume or Median Home Price on the left hand drop down menu. On the right hand navigation bar you can choose unique colors to differentiate between the regions. To view either as a bubble chart or a bar chart choose the icons at the top right of the chart window. You can also click and drag on the gridlines within the map to modify the scale of the chart.
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Safety Week Tip: Stay Safe at Open Houses
Open houses can be a great sales tool—but hosting one also exposes you to numerous unfamiliar people for the first time. Take these steps to stay safe:
* If possible, always try to have at least one other person working with you at the open house.
* Check your cell phone’s strength and signal prior to the open house. Have emergency numbers programmed on speed dial.
* Upon entering a house for the first time, check all rooms and determine several “escape” routes. Make sure all deadbolt locks are unlocked to facilitate a faster escape.
* Make sure that if you were to escape by the back door, you could escape from the backyard. Frequently, high fences surround yards that contain swimming pools or hot tubs.
* Place one of your business cards, with the date and time written on the back, in a kitchen cabinet. Note on it if you were the first to arrive or if clients were waiting.
* Have all open house visitors sign in. Ask for full name, address, phone number, and e-mail.
* When showing the house, always walk behind the prospect. Direct them; don’t lead them. Say, for example, “The kitchen is on your left,” and gesture for them to go ahead of you.
* Avoid attics, basements, and getting trapped in small rooms.
* Notify someone in your office, your answering service, a friend, or a relative that you will be calling in every hour on the hour. And if you don’t call, they are to call you.
* Inform a neighbor that you will be showing the house and ask if he or she would keep an eye and ear open for anything out of the ordinary.
* Don’t assume that everyone has left the premises at the end of an open house. Check all of the rooms and the backyard prior to locking the doors. Be prepared to defend yourself, if necessary.
(Sources: Washington Real Estate Safety Council; City of Mesa, Arizona; Nevada County Board of REALTORS®; Georgia Real Estate Commission)
Get your tickets to sample taste of downtown.
Tickets went on sale 17th Sept 09 for the 12th annual A Taste of Downtown Aiken.
Thirteen downtown restaurants and food retailers, along with vendors from the Aiken County Farmers Market, will participate in this year’s event, held Tuesday from 5 to 7:30 p.m.
Tickets are $20 in advance and $25 on the day of the event, and can be picked up at the Aiken Downtown Development Association office in The Alley. During the event, patrons will be able to sample an assortment of dishes and deserts, which will include shrimp in a white cilantro sauce, guava cheese flan and creamy black beans from Cafe Rio Blanco, sticky toffee pudding at Plum Pudding and Humming Bird Cake from Desserves. Rose Hill Estate’s RH Stable Restaurant & Beer Garden will offer citrus plank shrimp, beef short ribs and German bratwurst. Casa Bella will have Penne al Briamasco and Davor’s will serve mini beef Wellington.
Only 300 tickets will be sold. Once the limit is met, there will be no other tickets available. Proceeds for A Taste of Downtown Aiken will go to benefit theAiken Downtown Development Association. For more information, call the association’s office at 649-2221
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7 Tips for First-Time Home Buyers
A year after the financial collapse of 2008, the housing market is very different than it was before the foreclosure crisis.
Here are seven bits of wisdom from economists and financial planners for anyone contemplating a home purchase today:
* Old-fashioned basics are more important than ever. The safest way to purchase a home is to put down 20 percent on a fixed-rate, 30-year (or less) mortgage.
* Don’t become overconfident about income growth. Even though buyers in their 20s and 30s will likely see their incomes grow more quickly than previous generations, it is important to act sensibly when borrowing.
* Anyone contemplating adding children to the family should calculate whether they could live on one income because having both halves of a couple work may turn out to be impractical.
* Include a maintenance budget. Even new homes need upkeep and repairs.
* Buyers who can’t afford their dream home now should opt for a starter home where they can save money each month for what they really want.
* Consider a property that can be expanded and improved down the road when money is available.
* No two buyers are the same, but they should all feel confident with the loan they enter into, no matter the size of the mortgage.
Source: The New York Times, Ron Lieber
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Equestrian artist honed skills in NYC
A portrait of a jazz musician led to a series of events that helped launch the career of artist Jan Lukens, who specializes in equestrian portraiture, and turned painting from a hobby into a successful full-time vocation.
Lukens has a tent in the Vendor Village at Equus Events’ Aiken Fall Festival at Highfields Events Center.
The piece submitted by Lukens proved to be a life-changing experience for the artist, who had previously enjoyed a successful career in advertising.
“It was a benefit for the Thelonious Monk Jazz Institute,” Lukens said. “They sponsor an annual competition to provide jazz students scholarships for college who are going to major in music. The competition was held by a gallery in Asheville, N.C., that was connected to Thelonius Monk Jr., and he was the one who came down and judged it.”
Lukens placed third in the competition, and the artists who placed in the top three were awarded a painting exhibition in November 1991 at the Smithsonian Institute in Washington, D.C. His piece was selected from more than 140 art submissions. The artist is a jazz fan, and the subject he painted was a personal favorite. Full Story…
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SPCA membership has its perks and privileges
The Aiken SPCA adopted nearly 700 animals in 2008. They came in all shapes and sizes, ages from 8 weeks to more than 10 years old.
While they vary in size, breed, temperament, personality and looks, they share one common thing. They are part of the Aiken SPCA family for the rest of their life.
What does that mean to an adopter?
First, your adopted pet comes with a microchip that offers you ease of mind that if it ever gets lost and picked up by animal control or turned in to a local veterinarian, a quick scan of the animal will register it back as an alumnus of the Aiken SPCA, which will help get it returned to its owner quickly.
If the previous owner didn’t want the pet anymore and didn’t bring it back to us, like they were supposed to do, the microchip assures that the dog or cat will come back to the Aiken SPCA, no matter where it was found.
Just last weekend, a boxer was found wandering in a small town in Georgia, more than 50 miles from our shelter. With a quick scan of the dog, we were notified. Now, the dog is back with us and is doing great.
Another important part of adopting from an animal welfare group like the Aiken SPCA is you get a lifetime support system for that adopted animal.
If you are having difficulty house training, need a referral for obedience training or other kind of advice to make the transition easier, we are only a phone call away. Full story..
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Get Lawns Ready Now for Next Year
Anybody who will be selling a property in the spring should get a jump on curb appeal by working now on beautifying the lawn.
Here are some key tasks that will lead to a green and healthy yard in the next selling season:
* Calculate the total lawn area to learn how much seed and chemicals are required.
* Treat weeds with an herbicide.
* Test the pH level and, if indicated, add lime.
* Plant ground cover like pachysandra and hardy ferns in low-light or slopping areas.
* Before preparing, seeding and fertilizing the rest of the lawn, consider whether there are areas that might be better candidates for stepping stones or another attractive alternative to plantings.
Source: Charlotte Observer, Nancy Brachey
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STAR Riding has volunteer training.
It’s an organization that has significantly impacted the community for the past 13 years. But it’s the contributions of those individuals who selflessly volunteer their time that have made the difference.
STAR Riding Inc. continues to impact its students’ lives, through a program that places an emphasis on safety, while working toward helping them improve their strength, mobility, balance and coordination. But the program is always in need of volunteers.
It has provided families with hope, allowing people with disabilities to participate in therapeutic activities.
There will be two volunteer training sessions this week, on Thursday at 3 p.m. and Saturday at 10 a.m., said Kerri Creamer, the STAR Riding Inc. program coordinator.
“We’re always in need of more help,” Creamer said. “No experience is necessary for those who want to volunteer.”
STAR Riding Inc. is at Hopeland Farm, 1389 Banks Mill Road, Aiken.
For more information, call 652-3231, or access the STAR Riding Inc.’s website at starriding.org.
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Grant aids Aiken SPCA’s Spay and Neuter Fund.
The Aiken Society for the Prevention of Cruelty to Animals is the recipient of a challenge grant, which will help low-income households spay and neuter their pets if they have not been able to receive a voucher.
Linda Darden, a seasonal resident of Aiken who helped found Vermont’s North County Animal League, will match up to $5,000 of 2009-10 donor contributions to the Aiken SPCA Spay and Neuter Fund.
Board President Barbara Nelson wrote in an e-mail that the SPCA will use the funds generated by Darden’s challenge grant to assist those individuals who are not able to obtain a spay/neuter voucher from the Aiken County Animal Shelter.
Because of the program’s popularity, the County Shelter has begun rationing vouchers to 25 a month and one per household. Officials are afraid the money allocated will be depleted before the end of the fiscal year.
It has happened before. The $30,000 that Aiken County Council earmarked for the program last fiscal year ran out in nine months. Full Story…
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Will Taxpayers Have to Bail Out FHA?
The Federal Housing Administration stepped up to guarantee low-down-payment mortgages for riskier buyers after the mortgage market crashed. Now with many of them in default, the FHA’s losses have mounted, and it’s possible that its reserves will fall below the 2 percent level required by law. If that happens, taxpayers may have to bail out FHA.
Some housing analysts believe that this will lead to tighter restrictions on FHA mortgages. “It absolutely changes the political dynamic once you have to ask taxpayers” for money, says Lisa Marquis Jackson, vice president for John Burns Real Estate Consulting.
Source: The Wall Street Journal, Nick Timiraos
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Solar Panel Prices Drop Dramatically
Prices for solar panels are falling fast. Compared to a year ago, prices for panels and installed systems are about 25 percent less, retailers and installers say.
Combined with a 30 percent rebate offered by the U.S. government, plus rebates offered by many states, some buyers are paying a little less than $16,000 for systems that would have cost twice that a year ago.
“Solar is now affordable for people for whom it wasn’t before,” says Jeff Wolfe, CEO of groSolar, a Vermont solar-panel system installer and distributor.
California entrepreneurs, who call themselves One Block Off the Grid, are getting even better prices by organizing home owners into buying groups.
Source: The Wall Street Journal, Cassandra Sweet
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Congress Gets Report on Cutting MID
The Congressional Budget Office has prepared a report that suggests ways for Congress to raise revenues. One key suggestion is that Congress cut deductions for homeowner mortgage interest from the present $1.1 million cap to $500,000, phasing in the reduction by $100,000 annually starting in 2013. Over a 10-year period, the change would increase revenue by an estimated $41 billion.
Alternatively, the CBO proposed replacing mortgage interest deductions with a flat tax credit that is 15 percent of mortgage interest paid. This would potentially increase revenue by nearly $390 billion from 2013 to 2019.
It also proposed eliminating deductions for all state and local taxes, including property taxes, which would cost taxpayers $862 billion by 2019.
What are the odds these ideas will fly? In the past, the mortgage deduction has been sacred. These days, some analysts say it may be vulnerable.
Source: Washington Post Writers Group, Kenneth R. Harney
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Florida Panel Urges Mediation on Foreclosures
A panel chaired by the Florida judiciary is recommending strategies to clear out the backlog of foreclosed properties in the state, including mediation for primary homes and a fast-track plan for vacant and abandoned properties.
The 15-member panel chaired by Circuit Judge Jennifer Bailey of Miami agreed that managed mediation should be required for primary homes in foreclosure unless both the borrower and the bank agree to opt out.
Opponents to the plan said mandatory mediation would slow the process.
Source: The Associated Press
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More Losses Predicted for Commercial Market
Ranked among the biggest U.S. commercial real estate lenders by Moody’s Investors Service, Capmark Financial Group Inc. recorded a $1.6 billion quarterly loss and hinted at a possible Chapter 11 bankruptcy filing.
The Pennsylvania-based firm’s possible failure may signal a new wave of commercial property losses for banks.
Capmark has seen tough times, as the default rate on commercial mortgages held by U.S. banks has more than doubled to the highest level in 15 years.
Sam Chandan, chief economist at Real Estate Econometrics LLC, warns: “We haven’t really experienced the full extent of the distress. When you look at community banks and some smaller regional banks, they tend to have a far greater concentration in terms of their exposure to commercial real estate.”
Source: Linda Shen, Bloomberg (09/04/09)
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Home Buyer Tax Credit Countdown Begins
The first-time home buyers tax credit ends Nov. 30. Is it possible to buy in the next two weeks and still close in time to collect it?
Some professionals say yes. “It still can be done in six weeks,” says RE/MAX Town & Country associate Lynn Ayers in West Chester, Pa.
Economist Kevin Gillen of Econsult predicts a mad rush to close as the deadline nears.
Bruce Hahn, president of the American Homeowners Grassroots Alliance in Arlington, Va., is pushing for an extension and an expansion of the credit.
Legislation to do that is critical, he says, because the recovery has so far been mostly jobless and people need more time to get their feet on the ground in order to buy.
Source: Philadelphia Inquirer, Alan J. Heavens (08/31/2009)
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Get dog clean at last dog wash of summer
The final Aiken SPCA Dog Wash of the summer will be held Saturday at Cold Creek Nurseries from 10 a.m. to 2 p.m. All dirty dogs are invited to come and get pampered.
“We hold four a year, and this is the last one for the year. They have all been really well attended and raising an average of $3,000. We have been staying constantly busy, with dogs arriving even before we are open and all the way until the end,” said Gary Willoughby, Aiken SPCA executive director. “September is usually the slowest dog wash because it is at the end of the summer, but we are hoping to break that trend. It is the last chance to get your dog a spa treatment before the weather changes.”
Pampering stations will be set up in the Cold Creek Nurseries parking lot. Different grooming options are available for the dogs. The works includes a wash, nail trimming and ear cleaning. The cost of the works package is $30 for dogs more than 100 pounds, $25 for dogs between 30 and 100 pounds and $20 for dogs less than 30 pounds.
Cold Creek Nurseries is located at 98 Hitchcock Parkway.
For more information, call Aiken SPCA at 648-6863.
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Annual coin show coming to Weeks Center on Saturday.
Attention coin enthusiasts, history buffs and collectors of all kinds. The Stephen James CSRA Coin Club will host a coin show at the H. Odell Weeks Activity Center on Saturday.
“This is our eighth annual coin show in Aiken,” club vice president Jim Barry said of the event that’s open to the public and scheduled to run from 9:30 a.m. to 4:30 p.m. “We do it to bring together collectors and dealers and to trade and swap.”
A variety of professional dealers will be available to buy, sell, trade and appraise all types and varieties of coins, currencies, paper money and tokens.
The show is designed as much for dealers with expansive collections as it is for first-time visitors.
It’s also the ideal destination for individuals who have inherited or received coins and would like to have the value appraised or even sell them.
“We try to inform people about things,” Barry said of the educational value of coin shows. “People think we just get together and play with coins. We really hold the show to support our nonprofit educational organization. We try to enlighten people and offer them a broad experience about collectibles and history.”
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Riding sidesaddle works well with a balanced saddle.
Roger Philpot, considered by many to be the world’s foremost authority on sidesaddles, has distinguished himself as an instructor and adviser and is renowned for his expertise on sidesaddles, saddle fitting and sidesaddle jumping.
He spent the holiday weekend working with members of Aiken Ladies Aside at Black Forest Equestrian Center.
Philpot, who is based in the United Kingdom, embraces the challenge of traveling the world to work with horsemen and to help them improve their sidesaddle riding.
“You never know exactly what type of people, what type of rider and what type of horse you’re going to be working with,” said Philpot, who was impressed with the facilities at Black Forest. “You have to learn to adapt to what’s in front of you. It’s been very pleasant for me to come here because two of the riders I’ve known from the past (are here).”
Philpot became involved with sidesaddle riding by accident. He had leased a livery yard, and the man who leased it had horses from the master of the Warwickshire Hunt, who was in her 70s and was hunting sidesaddle, he said.
“I was asked to exercise her horses, and unbeknownst to me when I went to get on, they had sidesaddles on,” said Philpot. “I must admit getting bucked off the first one after about a quarter of a mile. I remember the name of the horse, Sparrow, and that’s how I became involved with it.”
The horseman has had great success with producing the Sidesaddle Rider of the Year in the United Kingdom. Full story…
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Fall Festival to benefit local charities.
Fall Festival to benefit local charities.
Equus Events Aiken Fall Festival is doing its part to give back to the community.
The two weeks of horse shows isn’t just about equestrian sport; it’s about the altruistic and selfless nature of people who, through their generosity and spirit of kindness, are going out of their way to help people in need.
Next Friday, Aiken residents will have an opportunity to enjoy an evening of dinner and dancing, with the proceeds benefitting the United Way of Aiken County.
High Steppin’ at Highfields will also feature a silent auction and music by Preston and Weston. Tickets are $45 per person or $350 for a table of eight. The event begins at 6 p.m. The six-bar competition will be held prior to the festivities.
On Sunday, Sept. 13, many of the regions top Grand Prix riders and jumpers will compete, while helping to generate funds for Children’s Place. This is the second year the Aiken Fall Festival has partnered with Children’s Place, said J.P. Godard, Equus Events.
Spectators and exhibitors will be “Horsin’ Around” on Sept. 13. In addition to the $15,000 Jumper Classic, the event offers a chance to enjoy Southern fare and take part in a drawing, in which the winner may win a signature piece from the Mark Lexton Jewelry Collection from Floyd and Green Jewelers valued at more than $1,000.
The tent opens at 1:30 p.m. There will be also be a dressage exhibition at 2 p.m. featuring Jasmine Farm’s Valerie Swygert. There will be a Lead Line class at 2:20 p.m. The Jumper Classic will not start before 2:30 p.m. Tickets are $35 per person or $250 for a table of eight.
“We’re excited to be working with all of these organizations,” said Megan Godard, Equus Events, who said there are tables still available for both events.
The shows will also benefit Danny and Ron’s Rescue, who help find homes for adoptable dogs and cats. There are dogs available on the grounds for adoption, Godard said.
“We’re generating awareness for what they do and taking donations for them, as well,” she said.
For more information about the events, call 643-5698 or visit equusevents.com.
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Aiken’s Makin’ expecting big year.
The Greater Aiken Chamber of Commerce is getting ready to bring a little DIY style to downtown Aiken with the upcoming Aiken’s Makin’ craft show and sale.
Aiken’s Makin’ opens from 9 a.m. to 6 p.m. Friday and 9 a.m. to 5 p.m. Saturday on a closed stretch of Park Avenue from Chesterfield Street to Union Street.
This year’s show will feature 186 handcraft vendors and 28 food vendors, according to Chamber office manager Amanda Taylor and director of finance and membership development Dianne Phillips.
“The festival continues to attract new applicants,” Phillips said. “That’s evident when you look at that fact that we’ve got 69 new vendors this year, while it’s continued to be successful for its past participants, which is reflected in a total of 112 returning artisans.”
“We had approximately 35,000 shoppers last year, and we were hearing from them that it was a great show, that they loved the layout, that the weather was great, and we had a really diverse group of vendors,” Taylor added.
As with years past, Aiken’s Makin’ will feature a wide range of handcrafted items from jewelry to handbags to pottery to lawn and garden items to artwork to clothing to soaps and scents to toys and children’s items. One of the most unique examples of craftsmanship coming this year, according to Phillips, will be a boat maker who will be working on creating a Black River boat onsite while taking orders for commission work.
“Vendor applications get juried in the beginning of March. The process takes at least two weeks. There are seven different people with different backgrounds and ages on the panel that juries for us,” said Taylor. “What the jury is looking for is uniqueness, quality, saleability, creativity, that the items are handmade and that we have a diverse offering. They try to be very careful about overbooking the festival in any one genre.”
Food vendors will set up in a food court at the intersections of York and Fairfield streets, with tenting and seating available at both locations. The entertainment stages will be at the intersection of York and Union streets, and the slate will run the gamut from dancing to singing to acoustic guitars, according to Taylor.
“The main thing is, if it wasn’t for the artists and food vendors, the volunteers and community support, Aiken’s Makin’ wouldn’t go off like it does. And Aiken Department of Public Safety and the City of Aiken in general, they really play a key role in Aiken’s Makin’,” said Taylor. “It’s part of Aiken’s history. It’s worth it. We’re really looking forward to this year’s show.”
A full list of Aiken’s Makin’ participants and a festival map will be available online Thursday at www.aikenchamber.net.
For more information about Aiken’s Makin’, call the Greater Aiken Chamber of Commerce at 641-1111.
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Area society seeks help for the SPCA.
The CSRA Vegetarian Society (CSRAVS) has teamed up with the Aiken SPCA to recruit volunteers for the SPCA’s animal welfare and protection programs.
Members of CSRAVS recently attended an orientation session at the SPCA’s no-kill shelter on Wire Road. There they took a tour, made friends with dozens of homeless animals and signed up for volunteer opportunities ranging from dog walking to cat socializing to fundraising.
Sean Woods, founder and organizer of CSRAVS, said the Vegetarian Society is trying to help spread the word about the SPCA’s need for volunteers. He said the orientation session was advertised by e-mail to the more than 100 CSRAVS members.
“CSRAVS has a base of people who are very committed, and a lot of them are interested in animal welfare issues,” he said. “At the same time, we knew that the SPCA really needs volunteers. It seemed like a win-win for everybody.”
Gary Willoughby, executive director of the SPCA, agreed.
“We appreciate the interest,” he said. “It’s really great of the CSRAVS members to turn out. We hope we’ll have more chances to work with the Vegetarian Society in the future.”
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Meet original artists at ACA art reception.
A whole new world of art visits Aiken during September.
The Aiken Center for the Arts will hold an opening reception Thursday for its new gallery exhibits. The opening reception is a time to meet the artists in person at the ACA.
Helene Verglas, South Carolina Cotton Trail Group Show and the Class of ’69 with Kesler Woodward, Linda Prior and Esther Randall will be featured in the first-floor main galleries.
The Aiken Artists’ Guild Gallery will show the paintings of Dawn Beckering.
The Brooks Gallery will feature the work of Hitchcock Healthcare students and ACA’s Van-Go into Art Revisited.
Want to Go?
What? Opening Artist Reception
When? Thursday from 6 to 8 p.m.
Where? Aiken Center for the Arts
Cost: Free
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