Archive for October, 2009
Carriage parade marks season
For nearly a quarter of a century, spectators in Aiken have lined the street to celebrate autumn. The 24th Aiken Driving Club’s Fall Weekend Invitational Drive will provide onlookers with an intimate glimpse of traditional driving that’s evocative of another time.
This year’s drive will feature nearly 20 carriages, said Joan Gee, Aiken Driving Club fall weekend invitational drive coordinator. The drive will start Saturday at 10:30 a.m. with the carriages departing from Winthrop Field. Those participating in the event will be donning traditional apparel.
The event has long been a favorite of residents and visitors to the area as it celebrates the tradition and pageantry associated with the art of carriage driving, said Pixie Baxter, Aiken Driving Club president.
“It’s nostalgic, contemporary and futuristic all at the same time,” Baxter said. “The drive will feature animals of all sizes, and there’s something for people of all ages. We enjoy the reaction of the spectators. It’s a great way to start the season.” Full Details…..
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Rescue dog book signing to benefit new SPCA center
On Nov. 1, from 5 to 7 p.m. at the The Willcox, there will be a special book signing and “paw graphing” by author Elise Lufkin and locally rescued therapy dog Serena.
All proceeds from book sales on this special evening will be dedicated to the building fund for the SPCA Education and Training Center portion of the new facility to be built on Willow Run Road.
The book, “To the Rescue,” features dogs and one cat who have been saved by people who then turned their love for these animals into a mission to help their fellow man.
All of the brave animals featured were once discarded, abandoned or abused, but their unconditional love and bond with their human saviors gave inspiration to the desire to turn a bad past into an inspiring future.
Animal-adoption advocate Lufkin tells about therapy dogs who visit nursing homes, offer hospice patients relief and inspire injured veterans from Iraq and Afghanistan.
The book features service, search-and-rescue and therapy dogs, including Serena, who was first saved from euthanasia by Molly’s Militia, then adopted by Steve Briggs.
Her laid-back personality encouraged Steve to pursue pet therapy training with her. Full Details…..
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Homebuyer Credit Gets New Life
Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.
Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)
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Aiken Ladies Aside to raise funds for Audubon Center
The Silver Bluff Audubon Center & Sanctuary will play host to two equestrian events next weekend.
Halloween may mean mischief and collecting edible treats for some, but for others it will be a chance to participate in the first Audubon Fall Rally.
Aiken Ladies Aside is hosting the event, which will serve as a fundraiser for the Silver Bluff Audubon Center & Sanctuary.
The participants must ride English-style.
There are a fair number of entries for the event, which will be similar to a hunter pace, said Taylor Myers of Aiken Ladies Aside.
The event will be held rain or shine.
The first ride will be at 9 a.m. Saturday.
There will be three divisions: Hare, forward hunter pace; Tortoise, a relaxed trail ride pace; and the Halloween Costume class, which won’t feature any jumps.
Teams are encouraged to participate in the Halloween Costume class, in which prizes will be awarded for the first three finishers closest to the optimum time as well as for the most original costume.
The Future Farmers of America will serve food for the participants.
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House Panel Probing Mortgage Practices
A U.S. House committee announced Friday it is investigating whether lenders deliberately used deceptive practices to persuade people to buy property during the boom.
A key part of the probe will be subpoenaing Countrywide Financial Corp., said New York Democrat Rep. Edolphus Towns, chair of the Oversight and Government Reform Committee. Countrywide was the largest U.S. mortgage lender before the company was bought by Bank of America in July.
Towns said the probe is exploring “whether mortgage companies employed deceptive and predatory lending practices or improper tactics to thwart regulation, and the impact of those activities on the current crisis.”
Source: Associated Press, Marcy Gordon (10/23/2009)
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IRS Urges Stronger Controls on Tax Credit
If Congress decides to extend and expand the first-time home buyer credit, the Internal Revenue Service wants stronger regulation that would force anyone who claims the credit to actually prove they closed on the property.
Linda Stiff, deputy commissioner of the Internal Revenue Service, told the House Ways and Means Oversight Subcommittee on Thursday that the IRS would support requiring anyone claiming the credit to file a copy of a settlement statement from the U.S. Department of Housing and Urban Development, known as the HUD-1 form, with their tax return.
IRS auditors testified that the agency believes it paid thousands of fraudulent tax credit claims, totaling at least $139 million since the first of the year.
Source: The Wall Street Journal, Martin Vaughan (10/22/2009)
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Oyster roast to benefit disabled riders
t’s a chance to give back to the community while having an evening of good food and entertainment.
The STAR Riding Inc. Oyster Roast and Barbecue will be held Friday from 6 to 9 p.m. at Black Forest Equestrian Center.
The Oyster Roast serves as one of the primary fundraisers for STAR, which has worked to impact the lives of disabled people in a positive way since the founding of the organization in 1996.
All of the event’s proceeds will benefit STAR Riding Inc., a not-for-profit 501(c)(3) organization. The evening will also include a silent auction and live bluegrass music.
The specialized therapeutic and recreational riding organization is a North American Riding for the Handicapped Association affiliate. The program provides a safe riding environment for students who participate and improves the strength, mobility, balance, coordination and communication skills of those individuals who take part while building their confidence and self-esteem, said Kerri Creamer, STAR Riding Inc. program coordinator.
STAR is seeking more volunteers, Creamer said.
Tickets can be purchased in advance for $30 or will cost $35 at the door. Checks can be made payable to STAR, P.O. Box 698, Aiken, SC 29802.
Black Forest Equestrian Center is located at 4343 Banks Mill Road.
For more information about STAR Riding Inc., visit starriding.org.
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Home Sale Prices Fall in August
U.S. home prices dipped 0.3 percent in August from July and fell 3.6 percent from a year earlier, according to the Federal Housing Finance Agency. This was the first decrease in seven months.
Mortgage rates are lower and first-time buyers are taking advantage of a government tax credit, but foreclosures continue to soar, due largely to the job market. “The state of the housing market is going to be dependent on employment,” says Mortgage Bankers Association chief economist Jay Brinkmann.
Source: Boston Globe (10/23/09)
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Aiken ghosts come to light in three tours
Aiken Ghost Tours is back and offering a guide to the eeriest spots in the city for Halloween weekend.
The 70-minute downtown walking tours will take place at 7 p.m. Thursday, Friday and Saturday with the south end of Pendleton Street between Saint Thaddeus Episcopal Church and NAPA Auto Parts as the point of departure. Participants should arrive and gather a few minutes before 7 p.m., according to tour director Kent Cubbage.
“We’ve been doing this about five years. I started it out of a love of Aiken’s history and seeing how popular ghost tours are in other towns,” Cubbage said. “I can take up to 40 on the tour – there’s a limit by ordinance – and I’ve had up to 40 people and even with that many there’s still a ghost-stories-around-the-campfire kind of camaraderie.”
The tour goes into the graveyard at Saint Thaddeus Episcopal Church for telling of legends from the Battle of Aiken; some Confederate soldiers are buried in the church’s cemetery. The tour stops near the site of the old Highland Park Hotel, where a historical marker was recently placed, and Cubbage tells tales of the legendary 1953 gas explosion on Laurens Street.
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Big Rebound in Existing-Home Sales
Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of REALTORS®.
Existing-home sales—including single-family, townhomes, condominiums, and co-ops—jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in more than two years, since it hit 5.73 million in July 2007.
Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”
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Foreclosures: Down But Still Elevated
Mortgage foreclosure filings declined in September for the second-straight month, but September was still the third-highest monthly total behind July and August since real estate data firm RealtyTrac began keeping count in January 2005.
September filings were down 4 percent from August, according to a report released Thursday, but they were up 29 percent compared to August 2008. Third-quarter filings were 5 percent higher than the second quarter.
One in every 136 U.S. housing units received a foreclosure filing during the third quarter. “Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” James J. Saccacio, CEO of RealtyTrac, said in a statement.
Nevada’s foreclosure rate led the nation, followed by Arizona, California, Florida, Idaho, Utah, Georgia, Michigan, Colorado, and Illinois.
Unemployed homeowners are driving the increase.
Source: Reuters News, Julie Haviv (10/15/2009)
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Presentation will highlight Adams photography
The Aiken Center for the Arts is presenting a lecture to highlight the Columbia Museum’s Ansel Adams exhibition.
The ACA will hold a lecture and slide show highlighting the Ansel Adams: Masterworks from the Collection of the Turtle Bay Exploration Center, Redding, Calif., exhibition that will be featured at the Columbia Museum of Art until Jan. 17, 2010.
The lecture and slide show will be held from 11 a.m. until noon on Tuesday in the Brown Performance Pavilion at the ACA.
Brian Lang, assistant curator of decorative arts of the Columbia Museum of Art, will make the presentation.
The lecture is free and open to the public. Seat reservations are requested.
Adams (1902-1984) is perhaps one of the most recognized artists in American photography.
This important exhibition of 47 gelatin silver photographs by Adams consists of some of his best-loved works.
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Housing Starts Rise
Housing starts rose 0.5 percent in September compared to August to an annual rate of 590,000, according to a report released Tuesday by the U.S. Commerce Department.
Single-family home construction, which accounts for 85 percent of the market, increased 3.9 percent to a 501,000 annual rate. Multi-family housing fell 15 percent to an 89,000 rate.
Building permits, an indicator of future construction, declined 1.2 percent from the August rate to a 573,000 annual rate in September.
Most of the gain in single-family starts was attributable to a 7.1 percent increase in the South. The other regions fell with the West declining 8.8 percent.
Source: Bloomberg News, Courtney Schlisserman (10/20/2009)
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Downtown Aiken will be full of fall’s flavors on Sunday
Usher in the autumn season with the Flavors of Fall.
The Aiken Downtown Development Association (ADDA) will host its third annual Flavors of Fall in downtown Aiken on Sunday. This year, it is spicing up things with the addition of a chili cook-off.
On Sunday from 3 to 5:30 p.m., Laurens Street between Barnwell Street and Park Avenue will be alive with the sights and sounds of fall. Scarecrows will greet visitors along with a casserole bake sale to benefit Aiken Churches Together Serving, hay rides, a cruise-in hosted by Aiken Horsepower, games, presentations and other activities.
“With games, arts and crafts, food and entertainment, the Flavors of Fall festival truly has something for the whole family to enjoy,” said Jamie Turner, administrative assistant at the ADDA office. “This year we’re very happy with the number of local nonprofit organizations that wanted to participate.”
Several downtown shops are hosting special games and activities for the event.
The Aiken Center for the Arts will offer arts and craft projects for children.
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Loan-Modification Plan Hits Target
The U.S. Treasury announced that 500,000 trial loan modifications have been completed under the Making Home Affordable program. Secretary Timothy Geithner said the number of trial workouts is rising faster than the number of homeowners nearing foreclosure.
However, before loans can be considered “reworked,” home owners must submit tax returns and other documentation and make timely payments for three months. It also is unclear how the Obama administration will handle unemployed or underemployed borrowers who do not qualify for a workout. A proposal is being considered to lower monthly payments to less than 31 percent of income while borrowers seek new jobs.
Source: Wall Street Journal, Corey Boles and Ruth Simon
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Renewed Attention to Halting Foreclosures
With foreclosures continuing to rise, Rep. Joe Sestak (D-Pa.) hopes to spark interest in a bill that would give borrowers who owe more than their homes are worth new FHA mortgages.
The Homeownership Vesting Plan Act—which received little attention when first introduced in March—would pay original lenders the difference between the old and new loans over the next five years, and pay mortgage servicers $1,000 for each loans they agree to convert, while borrowers would get a lower rate on a smaller loan.
Crafted to reduce foreclosures and help keep home prices from sinking further, the legislation seeks to pay for the $50 billion initiative largely with unused TARP money that was set aside for less successful home-loan workout programs.
Source: Philadelphia Inquirer, Joseph N. DiStefano (10/16/09)
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IRS Investigates Home Tax Credit Claims
The Internal Revenue Service is investigating more than 100,000 claims for the First-Time Homebuyer Tax Credit that may be unjustified or even fraudulent.
The IRS has identified 167 of what it calls “criminal schemes” involving the credit. The IRS refused Monday to elaborate about the problem.
Bonnie Speedy, AARP tax-aide director, blamed the post-closing filing procedures for the problem, saying people who weren’t entitled to the credit could too easily claim it. “People are filing for the credit who don’t have a right to file for it,” she says.
Some observers say these claims could jeopardize an extension of the tax credit.
Source: The Wall Street Journal, John D. McKinnon (10/20/2009)
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Owners Still Try to Price Homes High
Real estate practitioners in the heart of foreclosure hotspots are talking turkey about pricing to their clients.
“I don’t sugar-coat anything. I don’t tell people what they want to hear. I tell them what they have to hear,” says Mike Aubrey, an associate with RE/MAX Metropolitan Realty in North Potomac, Md.
“[Setting the initial price too high] is not only a waste of time, but you stigmatize your property,” says Joe Manausa, president of Century 21 First Realty in Tallahassee. “People wonder why nobody bought it, why it’s been on the market so long.”
In fact, setting a price too high is “downright willful negligence,” Manausa declares.
Source: Inman News, Mary Umberger (10/14/2009)
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Friends’ fundraiser brings ‘Roadshow’ flavor to museum
The Friends of the Aiken County Historical Museum has planned a fundraiser that will bring the flavor of “Antiques Roadshow” to the museum.
The Friends will hold an Antiques Appraisal Day from 10 a.m. to 2 p.m. Saturday at the museum. Admission is free, and light refreshments will be served; there will be a $5 fee per item to be appraised with a maximum of three appraisal items per person.
“We’re calling it Aiken’s own ‘Antiques Roadshow,’” said Friends treasurer Penny Alexander. “We did one six years ago, and we’re doing it again now as a fundraiser for the Friends, which will ultimately benefit the Aiken County Historical Museum.”
The event will feature object appraisals by pottery expert Tony Riley, glass and bottle expert Bill Baab, art expert Barney Lamar, jewelry expert Walter Thompson and numismatist and philatelist Bob Popiel to assess coins and stamps.
“We realize it’s a busy day with the Steeplechase, but sometimes people want a break from the crowds, and how fun will this be,” said Elliott Levy, executive director of the museum.
“It’s a great way to learn about Granny’s gift to you and to see what other people have brought,” said Friends Secretary Del Hickey.
The Friends of the Aiken County Historical Museum supports the museum’s budget for landscaping, acquisitions and education programs, Hickey said. Full Story…
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Keeping Mortgage Loans in the Family
Low-interest intra-family loans can be the best way for parents to help their children purchase a property.
The strategy makes the purchase more affordable, increases the size of the home a cash-strapped purchaser can afford, and helps the parent leverage his gift to reduce a taxable estate.
The parent must charge interest at a market rate on family loans, says Ken Kilday, an adviser with USAA Wealth Management, or face IRS penalties. But parents can then take the $13,000—$26,000 for a couple—that can be gifted without eating into the gift exemption and apply it annually toward paying off their child’s loan.
Kilday also suggests that parents put in their will that upon their death, the loan be fully forgiven.
Source: Dow Jones Newswires, Taylor Smith (10/15/2009)
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HUD Won’t Delay New RESPA Rules
Federal regulators say there will be no further delays in implementing the proposed changes to the Real Estate Settlement Procedures Act (RESPA).
In a letter to industry groups signed by Federal Housing Commissioner David Stevens, the Department of Housing and Urban Development said it is “imperative” that the new rules be “fully operational on schedule.”
There’s still a possibility that Congress could intervene. Rep. Judy Biggert (R-Ill.), who has fought RESPA changes for more than five years, has proposed a delay in implementation of the current changes for “a reasonable amount of time.”
Banks are apparently willing to let the changes go through at this point. Wells Fargo Home Mortgage executives wrote HUD this week saying: “We have already programmed the mandated RESPA changes into over 40 computer systems and have no choice but to proceed with implementation of the new forms” on Jan. 1.
Source: Inman News, Matt Carter (10/16/2009)
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NAR: Tax Credit Best for Sustaining Housing Recovery
The best available tool for sustaining the still-fragile housing market is the $8,000 home buyer tax credit, and it is essential that Congress extend the credit into 2010, the NATIONAL ASSOCIATION OF REALTORS® testified at a hearing of the U.S. House Small Business Committee today. The tax credit expires November 30. NAR Regional Vice President [...]
Prediction: Homes Sales to Rise 11 Percent
Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year, Mortgage Bankers Association Chief Economist Jay Brinkmann predicted in a speech Tuesday at the organization’s annual meeting.
“We still see a concentration in the lower end of the market,” Brinkmann said. “The entry level homes are in demand.”
Brinkmann also predicted further declines in existing home prices, with the median falling to $164,200 in the first quarter of 2010.
David Stevens, commissioner of the Federal Housing Administration, concurred, adding that mortgage rates will rise to 5.6 percent by the end of 2010, though not enough of an increase to discourage a 12 percent increase in mortgage applications next year.
Source: Associated Press, Alex Veiga (10/13/2009)
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Fair, races, more to liven coming days.
Aiken is jumping this week with the arrival of Steeplechase racing, the Western Carolina State Fair and plenty more things to do.
Here is a list of some activities to keep Aikenites in good cheer this week:
AIKEN FALL STEEPLECHASE
WESTERN CAROLINA STATE FAIR
HALLOWEEN EVENTS
MUSIC AND ENTERTAINMENT
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Homeownership Still A Good Investment
The American dream of homeownership is still a good bet, financial advisors say firmly.
Despite the downturn in the last couple of years, homes have still appreciated an average of 4 percent a year since World War II. Plus, it’s a leveraged investment; a 10 percent down payment yields a 1,000 percent return if the price of the home doubles.
There are also valuable intangibles. Owning a home provides independence, security, community, and a roof over the owner’s head. No one can say that about investing in stock.
Source: Associated Press, Dave Carpenter (10/12/2009)
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Buy fair tickets in advance.
Buy early and save; the Western Carolina State Fair is coming to town.
Advance tickets to the Western Carolina State Fair are on sale. Discounted tickets are only available until Wednesday, Oct. 21, at 5 p.m. The fair will be in town daily from Oct. 22 through Oct. 31 opening at 5 p.m.
In addition to about 45 rides on the midway, games, vendors, a petting zoo, arts and crafts, a tractor exhibition and tasty treats, RCA recording artist Jake Owen will perform live in concert on opening night, Balsters Magic Show will perform several shows daily, Ball of Steel Freestyle Motorcycle Stunt Show will amaze crowds on Oct. 25, 26 and 27 in the Bridgestone Firestone Arena and the Demolition Derby will return on Oct. 28, 29 and 31. There will also be a community stage featuring local acts.
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Fair, races, more to liven coming days.
Aiken is jumping this week with the arrival of Steeplechase racing, the Western Carolina State Fair and plenty more things to do. Here is a list of some activities to keep Aikenites in good cheer this week: AIKEN FALL STEEPLECHASE Fall Fete will be held at 7 p.m. Friday at Ford Conger Field, 528 Two [...]
Banks Making Short Sales Tougher
Banks are backing away from short sales, forcing sellers to pay extra at closing or demanding a promissory note for the amount due. One-third of borrowers owe more on their mortgages than their properties are worth, according First American CoreLogic.
When their situations were really tough, most banks preferred short sales because they were their best opportunity to get the most money back. But with an improving economy, and because the losses on many of these properties have already been written off the books, banks are increasingly reluctant to negotiate a short sale.
Today, banks demand 9.5 weeks to respond to a short-sale request, compared to 4.5 weeks a year ago, according to research firm Campbell Communications. Their reluctance is frequently stymieing sales and frustrating real estate practitioners.
“It drives me up a wall,” says Robert G. Hertzog of Summit Home Consultants in Phoenix. “[The bank is] holding my client hostage.”
Source: BusinessWeek, Christopher Palmeri
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Economists Predict Housing Recovery
Economic forecasters predict that 2010 will be the first year since 2005 for housing to contribute to the growth of the U.S. economy, according to a survey released by the National Association for Business Economics.
Home prices are expected to rise 2 percent next year, but forecasters don’t believe the increase in prices will discourage homebuyers.
More than 80 percent of economists surveyed by the NABE think the recession is over and recovery has begun, but they expect the expansion to be slow because unemployment persists.
Source: Associated Press, Mae Anderson (10/12/2009)
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Aides: Home Buyer Tax Credit Likely to Win Extension
Extending the First-Time Home Buyers Tax Credit, due to expire at the end of November, is high on the Democratic Congressional to-do list, legislative aides said.
After Wednesday’s meeting with President Obama and House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.) released a statement that the government should “continue efforts to strengthen the housing market by extending the home buyer tax credit.”
Mark Zandi, chief economist at Moody’s Economy.com, who is a consultant to Democrats in the administration and Congress, is advocating extending the credit through August and making it available to all home buyers. He said failure to extend the credit just as more foreclosures enter the market will push housing prices down.
Also, on Thursday, the House is expected pass legislation to extend the credit through 2010 for people who have been out of the country in the military, intelligence, or foreign services.
Source: The New York Times, Jackie Calmes (10/07/2009)
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BoA Struggles With Loan Modifications
Bank of America could collect about $6 billion if it meets the deadline set by the federal government to help struggling borrowers for the Making Home Affordable program.
But the Treasury Department released a report last week that showed that only 11 percent, about 95,000, of Bank of America’s delinquent borrowers who are potentially eligible for the program have been given a loan modification. That puts Bank of America at the bottom of the list of major banks involved in the program.
“We’re sure working hard,” said Ken Scheller, senior vice president for home retention at Bank of America, when asked about his company’s low success rate. “We don’t want to be down there.”
There appear to be multiple problems, not the least of which is that many of the employees handling the modifications are completely new to the business. Angry investors complicate the issue, with 15 percent of them demanding that the bank get their approval for every single case.
Source: Washington Post, Renae Merle
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NAR: Tax Credit Best for Sustaining Housing Recovery
The best available tool for sustaining the still-fragile housing market is the $8,000 home buyer tax credit, and it is essential that Congress extend the credit into 2010, the NATIONAL ASSOCIATION OF REALTORS® testified at a hearing of the U.S. House Small Business Committee today.
The tax credit expires November 30.
NAR Regional Vice President Joseph L. Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., also told the panel that a major stumbling block for consumers has been the implementation of appraisal processes spurred by the Home Valuation Code of Conduct, which is causing delays in closings, as well as cancelled sales that led to artificially low existing-home sales numbers for August, reported last month.
“The credit is working,” Canfora said, pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a huge indirect benefit to local governments, shoring up property tax bases in particularly hard-hit areas.
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A Historic Time to Buy
Young people just starting to invest and buying their first homes are potentially the winners in this recession.
First-time homebuyers, most between the ages of 25 and 45, accounted for about 45 percent of home sales from January through July 2009, according to the National Association of REALTORS®
“This is a historic time,” says George Jaramillo, a 35-year-old business analyst in Atlanta, who recently bought three homes, two of them foreclosures. “It’s a great opportunity to make some great gains in the future.”
A study by investment company T. Rowe Price points out that investing when prices are low can result in amazing gains. For instance, between 1970 and 1990, the annualized rate of return for the S&P 500 was 11.5 percent.
“We need to be shouting from the rooftops that this is not the time to get out of the market if you’re young,” says Christine Fahlund, a senior financial planner with T. Rowe Price. “This is the time to be in the market.”
Source: The Associated Press, Chip Cutter
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Yoga classes to benefit area cancer foundation.
Just Breathe Studio will raise funds and awareness for the Savannah River Cancer Foundation on Saturday.
Those attending yoga classes from 8:45 a.m. to noon Saturday at the yoga studio will be asked to donate $10 to the foundation and will receive a coupon from Aiken Regional Medical Centers for a 15 percent discount on mammograms.
The fundraiser is dedicated to the memory of the late Suzanne Messick, who died of cancer in 2007, according to Just Breathe owner Kay Dillon.
“Suzanne and I were on the original board that founded the Savannah River Cancer Foundation,” Dillon said. “She was such an inspiration to everyone who met her, and she touched so many lives. She taught me that what you do matters.”
Founded in 2003, the Savannah River Cancer Foundation provides assistance to local cancer patients in the form of education, emotional and financial support. The foundation’s funds are used exclusively in the Aiken area.
“The foundation is extremely grateful for Kay’s support throughout the year, especially on breast cancer awareness,” said Joan Moffett, the foundation’s community outreach coordinator. “It’s been shown by studies that yoga, especially restorative yoga, has helped women fight depression and find meaning in life during breast cancer treatments, and the atmosphere in Just Breathe Studio just puts you at ease and helps you feel at peace with yourself.”
Classes available at Just Breathe Studio on Saturday include Pilates and Hot Yoga 2 at 8:45 a.m., tai chi and belly dancing at 10 a.m. and Yoga 1, kids’ yoga and guided meditation at 11 a.m.
For more information about the Cancer Foundation Yoga Day, call Just Breathe Studio at 648-8048.
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The Book Stall to host two Civil War history writers.
The Book Stall welcomes two writers whose books shine a light on the South’s Civil War history later this week.
Tom Moore Craig of Spartanburg, editor of “Upcountry South Carolina Goes to War,” and William Rawlings of Sandersville, Ga., author of “The Rutherford Cipher,” will sign copies of their books from 11 a.m. to 1 p.m. Saturday at the bookstore, located on Hayne Avenue.
“The Civil War is a popular subject around here; we have a lot of interest in that with our patrons,” said The Book Stall’s Meg Ferguson. “I thought William Rawlings was a captivating writer and speaker, and, as far as Tom Moore Craig, there are a lot of people in town who I know have family ties to the Upcountry families he’s written about.”
Craig’s book examines letters home from the front lines to prominent Piedmont families such as the Andersons, the Brockmans and the Moores, dating back to 1861, including two rare letters from family slaves. The correspondence includes accounts of eight major Civil War battles.
Rawlings’ novel “The Rutherford Cipher” features a family inheritance, a mysterious letter written in code and the search for a treasure of lost Confederate gold. The wetlands now housing the Savannah River Site play a central role in the book. It is one of five novels Rawlings has published, including a sequel, “Crossword.”
“Upcountry South Carolina Goes to War” was published in April by the University of South Carolina Press and has a cover price of $29.95.
“The Rutherford Cipher” was published by Harbor House in 2004, with a hardback cover price of $24.95; a softcover edition of the novel is due out this month.
For more information about the book signing or other upcoming events, call The Book Stall at 644-0604.
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Long-Term Mortgages Near Record Low
Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May, falling to 4.87 percent this week from 4.94 percent a week ago, according to Freddie Mac. Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, when long-term rates averaged 5.94 percent. Other mortgage averages were as follows:
* 15-year loans fell to 4.33 percent.
* Five-year adjustable-rate mortgages dropped to 4.35 percent.
* One-year ARMs rose to 4.53 percent.
Source: Chicago Sun-Times, Francine Knowles
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Aiken’s Cost of Living Index
Aiken’s Cost of Living Index – Augusta/Aiken MSA – 2nd Quarter 2009
(this data lags a quarter)
Aiken’s “Cost of Living Index” is currently 92
(100% represents the Composite Index meaning that it costs a good bit less to live here than the national average).
In the last year, costs for utilities, transportation, and health care are down.
Comparison
Asheville, NC 103.1
Atlanta, GA 93.2
Charleston, SC 99.4
Columbia, SC 96.4
Hilton Head, SC 113.7
[Source: Council for Community and Economic Research]
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Polo, Lowcountry boil fundraiser for polo groups.
A fundraiser for the Polo Training Foundation and the Aiken Area Junior Polo group will be held Friday afternoon at Whitney Field at 5 p.m. The event will feature three flights and showcase the talents of five teams.
A Lowcountry boil will follow the polo exhibition, which will include dancing, a live band, silent auction and cash bar. The Interscholastic and Intercollegiate Players of the Year will be announced and receive awards at the dinner.
The exhibition and dinner are a great way to expose kids in the junior polo program to the merits of polo and demonstrate to them that there are opportunities to further their education, said Karen Reese with the Aiken Area Polo Group.
Tailgate spots, general admission tickets, tables and individual ticket proceeds will benefit the PTF and the Aiken Area Junior Polo Group.
The teams participating in the Leadline group include Crestview (Hope Arellano, Bailey Capps, Jersey Cogan, Josh Escapite and Gavin Meeker) and Brigadoon (Ash Gutierrez, Abby Capps, Danny McCarthy and Aidan Meeker), as well as Christos Magrini.
The Intermediate Group team rosters are Hideaway Hilltop (Malia Bryan, Tess Pimsner, Katie Mitchum and Austin Allen) and Atlanta Falcons (Alan Beltran, Lucas Arellano, Sabrina Leguizamon and J. Paul Meyer).
The Advanced Group teams are composed of C-Spear (J.T. Shiverick, Connor Wright, Taylor Freeman and Maggie Boyle); Biddle Realty (Lauren Biddle, Wesley Bryan, Jessica Rieman and Kegan Walsh) and New Bridge (Matt McGhee, Sam Leguizamon, Tonino Magrini and Santino Magrini).
The advanced group will play a round-robin format and play two chukkers against each other.
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Distressed Properties: Still More Pain Than Gain?
Foreclosures and other distressed property might look like a good deal, but some buyers are discovering that they just don’t have the stomach for the problems that come with it.
Buyers of distressed property often must deal with severe vandalism, unpaid water bills and homeowner-association dues, hidden second mortgages, and mechanics liens.
Lenders are trying to make these purchases go more smoothly. J.P. Morgan Chase & Co. has twice as many employees as before handling short sales, while Bank of America Corp. now allows real estate practitioners to submit short-sale documents online. The U.S. Treasury Department is expected to soon issue streamlined guidelines to lenders on short sales.
An experienced real estate practitioner with training in selling foreclosures and short sales can make a big difference, but in the long run, buyers who don’t have much cash or aptitude for home repairs should think hard before trying to buy a distressed property.
As Jerrold Horning, a homebuyer in El Cajon, Calif., said, “I don’t think it’s worth the hassles.”
Source: The Wall Street Journal, M.P. McQueen
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Taste of Wine, Art event set for Thursday
The ever popular Taste of Wine and Art at Aiken Center for the Arts is scheduled for Thursday.
Always a sellout, the evening features fine art from local artists, delectable cuisine from local restaurants and caterers plus the opportunity to sample sumptuous offerings of select wines and unique beers. Live music enhances this special¬ evening with friends and tickets are available for $50 at the center.
The event is a fundraiser for general operations of the Aiken Center for the Arts.
This year the Taste of Wine & Art fundraiser will be a top 10, and the artwork created for the print material used by the event is also a top 10.
After a trip to France visiting museums and galleries, Kimberly Guillermo returned to Aiken inspired.
She used that inspiration to paint an acrylic painting that represents the theme and excitement of the Taste of Wine and Art event.
An image of the painting has been used for the invitations and posters.
Guillermo has generously donated the painting to be in the benefit’s silent auction. Attendees will have the opportunity to participate in bidding for original art and gifts, mountain, lake and beach vacations, dinner and cocktail parties and all-inclusive golf packages. Full Story…
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Rose Bank, Downtown Aiken SC
Fabulous 3 bed 3 bath Home in Downtown Aiken, walk to dinner, theater and shopping! Totally re-modeled, Hardwood floor, ceramic tile, custom kitchen. Use of pool in warm weather, Just bring your toothbrush. Call Susan for availability and price @ 803 645 8881
Real Estate Prices Could Climb Slowly
With the population aging and fewer young people to take the place of baby boomers, the demand for housing may slow for years to come, keeping home values from increasing as they have done since World War II, according to at least one well-known housing expert.
“We can no longer assume that housing will be as good an investment for the future as it has been,” said Robert Reich, public policy professor at the University of California-Berkeley and U.S. Labor Secretary in the Clinton administration.
Reich isn’t predicting that buying a home will no longer be a good financial strategy, just that the value of real estate won’t climb as rapidly.
“People in the middle class, although stressed, will still want homes, and homeownership will still be part of the American dream,” he said. “House prices will continue to rise, just more slowly than they did in the past 70 years.”
Source: Chicago Tribune, Peter Y. Hong
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Children are our future.
We’ve all heard Whitney Houston singing “The Greatest Love of All,” written by Michael Masser and Linda Creed, in which she reminds us that the “children are our future, teach them well and let them lead the way.”
No matter who sings it, though, the message of children being our future is obvious but important to remember. That philosophy isn’t lost on the Aiken SPCA, which is best known for rescuing and adopting homeless pets, its spay-and-neuter clinic and its busy thrift store in downtown Aiken; however, investing in the community’s children is every bit as important to the group.
The SPCA works hard at the shelter to bring around shy or formerly abused dogs. The shelter can get rid them of fleas, have heartworms treated, put weight on a skinny dog and other things to make pets more adoptable and quicker to adjust into a new home. Low-cost spaying and neutering are provided to pet owners to help reduce the pet overpopulation problem in the area.
While these things are important and worthwhile, at the end of the day, the shelter still needs great people to adopt, volunteer, donate, take the initiative to have their pets spayed and treat animals in their homes with respect and love, which will be returned without conditions.
How does the SPCA try to make this happen? It looks to the children. They are more open to new ideas and taking in new information. Teaching kids about how to safely approach a dog they don’t know and to make sure their family dog doesn’t spend its life at the end of a chain are just a couple of examples of what is share with them. More Details…
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Bathroom Upgrades Pay Off
More than 80 percent of new single-family homes have at least two bathrooms, which occupy an average of 300 square feet of floor space, or 12 percent of the total area, according to a study by the National Association of Home Builders.
The home builder’s study reports a major return on value for extra bathrooms: “When the number of bathrooms is approximately equal to the number of bedrooms, an additional half-bath adds about 10 percent to the home’s value, and one additional bath adds about 19 percent.”
A mid-range bathroom remodel, which costs $10,500 on average nationwide, repays a home buyer at least 100 percent of the outlay when the property is sold, the home buyer study concludes.
Source: Chicago Tribune, Mike McClintock
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Decline in Commercial Real Estate Sectors Appears to be Slowing.
Commercial real estate activity has suffered from a severe credit crunch for commercial sectors, sustained job losses and weak consumer spending, although the decline appears to be slowing. A forward-looking indicator shows commercial real estate will remain weak into 2010, but recent actions by the Federal Reserve should improve some flow of capital into commercial lending, according to the National Association of Realtors®.
The Commercial Leading Indicator for Brokerage Activity1 declined 1.3 percent to an index of 101.5 in the second quarter from a downwardly revised reading of 102.8 in the first quarter, and is 13.7 percent below the 117.6 recorded in the second quarter of 2008. The index is at the lowest level since the first quarter of 1994; NAR’s track of the commercial leading indicator dates back to 1990. Full Story..
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Cloudy Future for Solar Power
Solar power could be the answer to a cleaner and healthier world, but most American homeowners haven’t embraced it.
Installing a solar system that would produce enough energy to meet the needs of a three-bedroom, single-family home would require an initial investment of about $30,000. Of that, adopters will immediately get back $8,010 as a federal tax credit.
Many states, including California and Florida, also provide financial assistance in the form of significant grants and credits. This reduces the payback to eight to 10 years, says Ian Wofenden, a senior editor at Home Power magazine and a representative of Solar Energy International.
Wofenden says he believes that recent economic events are changing people’s minds. “I think it is changing in places where people get off their butts, pull out their wallets, and do it,” he says. “Then neighbors, friends and relatives see the value and follow suit.”
Here are the 10 U.S. cities where there are the most users of solar power:
1. San Jose, Calif.
2. San Diego
3. Sacramento
4. Denver
5. Riverside, Calif.
6. San Francisco
7. Orlando
8. Los Angeles
9. Miami
10. Las Vegas
Source: Forbes, Lauren Sherman
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Investors Seek $1.4 Billion Under TALF CMBS Program.
NEW YORK -(Dow Jones)- Investors applied for $1.4 billion in loans from the Federal Reserve to buy existing commercial mortgage-backed bonds.
One market participant said there has been a flurry of bid lists put out by money managers to match the tremendous demand from investors to buy eligible securities.
This demand also helped improve spread levels on the derivative index that tracks commercial mortgages. The closely watched Markit CMBX AAA 5 was about 10 basis points tighter Thursday at 333.
This is the fourth round of such cheap loans offered by the central bank to investors under its Term Asset-Backed Securities Loan Facility, or TALF. The program allows for the purchase of existing securities and new securities. Thus far, no new securities have been sold under the program, while the Fed has settled $2.143 billion of loans.
The Fed’s program is aimed at reviving the struggling commercial real estate market, which has been hurt by the economic downturn and the hesitation among banks to take on large commercial real estate loans.
The market continues to be in turmoil as delinquent loans rise, and maturing loans find it difficult to refinance.
To bring essential funding to this market, the Fed extended the TALF program to June 30, 2010, for newly issued CMBS and to March 31, 2010, for all other TALF-eligible bonds. The program was initially set to expire at the end of this year.
The Fed, however, is particular about the type of collateral for which loans for CMBS will be extended. Under current rules, the existing CMBS must have top- notch triple-A ratings from at least two rating agencies out of five rating firms selected by the Fed. If they are rated by any other firm, the CMBS must carry the top ratings from them as well. They cannot even be on watch for downgrade from any of the other rating agencies.
The next loan application deadline for CMBS is Oct. 21.
-By Prabha Natarajan,
Dow Jones Newswires
Copyright (c) 2009 Dow Jones & Company, Inc.
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Chow down on chili and hear bluegrass Saturday.
A day of bluegrass and chili is in store for this weekend.
The second Dixie Bluegrass Festival and Chili Cook-off will be held Saturday at the Battle of Aiken Re-enactment Park. The gates open at 9 a.m. with music starting with an open mic session from 10:30 a.m. until 11:45 a.m. Everyone is encouraged to bring their fiddle, harmonica, bagpipes or kazoo and join in the fun.
The lineup kicks off at noon and jams until after 6 p.m. with seven bluegrass bands set to play. The bands include The Palmetto Pickers, who will take the stage at noon, Tom Miller Project at 1 p.m., Convent Gospel Band at 2 p.m., The Lamb Family Bluegrass at 3 p.m., Darlene’s Reflections of Bluegrass at 4 p.m., The Carolina Rebels at 5 p.m. and Flatland Express at 6 p.m.
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Enjoy flora, seminars at FFA plant sale.
The Aiken High School FFA chapter will host its fall plant sale and open house Saturday from 9 a.m. to noon featuring plant sales and seminars presented by top gardeners.
The event will be held at the greenhouse area of Aiken High, located at the rear of the school behind the ball fields. The plant sale will include pansies and mums, including large bushel baskets for $15.
Demonstrations throughout the morning will include composting, gardening in a raised bed, using a cloche and winter gardening. Sean Poppy, an educational outreach specialists for the Savannah River Ecology Lab, will display animals commonly found in gardens.
“This is the first time we’ve done this,” said Meghan Wood, agricultural education teacher. “We really wanted to increase awareness in the community of our program.” More Details…
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Historical Museum showcases musical icons from Aiken County.
The Aiken County Historical Museum has debuted a new exhibit celebrating those who have made beautiful music in Aiken County throughout the years.
“The Musicians of Aiken County” will be on display in the ballroom throughout the month of October. A reception will be held from 3 to 5 p.m. Sunday, Oct. 11. The exhibit features memorabilia from such luminaries as Flo Carter, Peggy Lee and James Brown, and contains both items from the museum’s permanent collection and on loan from musicians and fans in the Aiken area.
“We’re going to be the permanent repository for Niles Borop’s awards and memorabilia. The Gospel Hall of Fame asked him for some things, but he didn’t want to break up his collection, so we’ve got them now,” said Mary White, the director of education at the Aiken County Historical Museum. Borop, an Aiken native, is a celebrated gospel musician and songwriter.
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Sign up for weekend workshops at Aiken Center for the Arts
This fall the Aiken Center for the Arts will offer weekend workshops in watercolors, fused glass, painting a still life and plein air painting under the guidance of guest teachers.
Michael Pearson, a Beaufort artist, will teach a watercolor workshop called “No Fear” on Friday and Saturday. Color, composition, washes, wet into wet and dry brush are just a few of the techniques she will cover in her “No Fear” watercolor workshop. Tuition is $180 for the two-day workshop.
Charleston glass artist, Mike Heister, will teach students how to create a colorful, fused-glass panel, perfect for your own home or to give as a gift. The class is open to anyone; no previous experience is necessary. The workshop is Saturday, Oct. 17 from 10 a.m. until 1 p.m., and tuition is $85.
On Oct. 24, John Radeck of Aiken will teach a still life workshop. This workshop is open to all levels; no drawing ability is needed. The class meets from 10 a.m. until 4 p.m., and tuition is $125.
Charleston artist Rick Reinert will teach a plein air workshop on Saturday, Nov. 21 from 10 a.m. until 4 p.m. His paintings combine a dramatic use of natural light and shadow with pure colors and brush strokes. The cost for the one-day workshop is $125.
A limited number of need-based scholarships are available to qualified seniors. Arts Center members receive a 10 percent discount on all classes and workshops. For more information or to register, call 641-9094 or visit online at www.aikencenterforthearts.org.
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Habitat for Humanity Day declared
Homeownership changes families – changing children and providing them a healthier place for them to live, said Richard Church, executive director of Aiken County Habitat for Humanity.
In 1985, he said, “The United Nations started World Habitat Day to bring attention to the plight of millions of people living in poverty housing.”
In conjunction with World Habitat Day on Monday, Aiken Mayor Fred Cavanaugh issued a proclamation declaring Monday as “Habitat for Humanity Day” throughout the City and encouraging all residents to support and get involved with the organization.
“We have partnered with Habitat many times,” Cavanaugh said. “I just applaud Richard and his staff and all the volunteers for what they’re doing countywide, not just in the City. They’re finishing their 76th house, and what better thing can we do than help people who need help the most?”
A press release on World Habitat Day indicated that as many as 100 million people in the world are homeless. Millions more live with inadequate sanitation and security and have limited or no access to electricity and water. The numbers include many families in America, South Carolina and Aiken County, Church said, and many are paying exorbitant amounts for poverty-level housing, he said.
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FHFA Gets More Funding
The Federal Housing Finance Authority (FHFA) will have a $139.3 million budget for fiscal year 2010, up 15 percent from a year ago. This increase will help the watchdog in supervising Fannie Mae and Freddie Mac.
The FHFA says the two mortgage financiers have refinanced 3.2 million loans this year, and its data indicates that the volume of loan workouts is tied to average mortgage rates. However, the volume of mortgage modifications is still below expectations.
Source: DSNews, Adam Weinstein (10/05/2009)
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Get a peek at new exhibitions
New art is on display in the galleries at the Aiken Center for the Arts.
The ACA will present the Richard Hagerty, Dale Keene and Women on Women group exhibitions in the main and Brooks galleries from Wednesday to Nov. 13. Jenny Courtenay’s works will be on display in the Aiken Artist Guild Gallery during October.
A free opening reception for the gallery exhibitions will be held Thursday from 6 to 8 p.m. A free lecture by artist Hagerty will be held before the reception at 5 p.m. Advance registration is required.
For more information on the reception or to register for the lecture, call 641-9094. The ACA is located at 122 Laurens St., S.W.
Richard ‘Duke’ Hagerty
Lower level main gallery
Richard (Duke) Hagerty is a self-taught artist who draws his surreal, fantasy-based imagery from dreams, mythology, history, science and stories.
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TIME RUNNING OUT…
TIME RUNNING OUT ON FREDDIE MAC OFFER TO PAY UP TO 3.5 PERCENT OF CLOSING COSTS ON ELIGIBLE HOMESTEPS® HOMES.
McLean, VA – Freddie Mac (NYSE:FRE) today reminded homebuyers they have less than a month left to take advantage of Freddie Mac’s offer to pay up to 3.5 percent of the buyer’s closing costs when they buy a single family HomeSteps® home as their primary residence under HomeSteps “SmartBuy”.
HomeSteps SmartBuy, which began on July 17, 2009, also includes a comprehensive two-year home warranty on HomeSteps homes. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
To take advantage of the HomeSteps SmartBuy closing cost offer, buyers must submit initial purchase offers on HomeSteps homes by October 30, 2009 and complete the closing by December 31, 2009. “Every home shopper should know there are only 30 days left to save potentially thousands of dollars in transaction costs when they buy a HomeSteps home,” said Chris Bowden, vice president of HomeSteps. “Combined with our offer to provide a comprehensive two-year warranty on unexpected repairs, we believe HomeSteps homes provide a tremendous long-term value in today’s competitive marketplace.” Full Details
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