Archive for November, 2009
Annual craft show is coming Dec. 3-4
The City of Aiken Parks, Recreation and Tourism Department is preparing for the 39th annual Christmas Craft Show at the H. Odell Weeks Activities Center.
The craft show is scheduled for 9 a.m. to 5 p.m. Friday, Dec. 4 and Saturday, Dec. 5 with vendor booths both inside and outside the center on Whiskey Road. The show will feature exhibitors from across the Southeast, and vendors with Thai food, Southern barbecue, the classic hot dog, kettle corn and funnel cakes.
Crafters will have such handmade wares as ceramics, jewelry, artwork, holiday ornaments and decorations, and other unique creations for sale, according to recreation supervisor Lisa J. Hall.
“I think this show gives an opportunity for small businessmen and women with home-based businesses a chance to get out, earn a little bit of money for the Christmas season, and it gives folks who live here the chance to get some last-minute gifts at reasonable prices. It’s just fun; this is the 39th year, so evidently we’re doing something right,” Hall said.
The Christmas Craft Show will also have one very special guest: The big guy in red himself, Santa Claus, will be at the Weeks Center for photographs with children from 9 a.m. to 5 p.m. Saturday; no outside cameras will be allowed in Santa Land, according to Hall. There will also be a Crafts for Kids activity booth for children on Saturday.
Admission and parking are free. For more information about the Christmas Craft Show, call the H. Odell Weeks Activities Center at 642-7631.
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Evening of Jazz’ to benefit downtown Cultural Center
A benefit concert will be held for the Center for African American History, Art and Culture featuring Preston and Weston and Friends.
The concert, called “An Evening of Jazz,” will be held Friday, Dec. 11, at the Etherredge Center at USC Aiken at 7 p.m. Tickets are $40 per person and $75 per couple.
Preston and Weston features the sounds of Wayne Preston and David Weston and also features vocalist Sandra Simmons.
Jo-Anne Saunders, the development coordinator for the Center for African American History, Art and Culture, said the concert is one of many events being organized to benefit the CAAHAC, which is being constructed on York Street.
According to Saunders, the events are also being held to offer the community a glimpse of what is in store once the doors to the center officially open. She said officials are also planning events in February in recognition of Black History Month and a Juneteenth event in June to coincide with the City of Aiken’s 175th anniversary celebration.
“These events serve as a teaser for when the center opens,” said Saunders.
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One-Fourth of Borrowers Are Underwater
More than 23 percent of people with mortgages owe more on their properties than they are worth, according to a report released Tuesday by research firm First American CoreLogic.
Another 2.3 million homeowners are within 5 percent of being underwater, bringing the total of those who are upside down or close to it to about 28 percent.
About 5.3 million U.S. households have mortgages that are at least 20 percent higher than their home’s value, the First American report says. Borrowers owing more than 120 percent of their home’s value are the most likely to default, First American calculates.
The majority of underwater mortgages are in the following states:
1. Nevada: 65 percent of home owners are underwater
2. Arizona: 48 percent
3. Florida: 45 percent
4. Michigan: 37 percent
5. California: 35 percent
The report also notes that most U.S. homeowners have home equity, and nearly 24 million owner-occupied homes don’t have any mortgage at all, according to the U.S. Census Bureau.
Source: The Wall Street Journal, Ruth Simon and James R. Hagerty (11/24/2009)
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Some Cities Unaffected by Recession
Some U.S. cities with stable housing and diversified employment have been virtually untouched by the Great Recession.
Analysts say cities that are most likely to leave the recession in the same or better condition than they started it are those where home prices didn’t fluctuate wildly, which spared them the devastating effects of foreclosure, lost jobs, and lost productivity.
If there is a lesson to be learned, experts say, it is that families looking for long-term economic stability should settle in locales with diverse employment and minimal shifts in housing values.
To identify these cities, Forbes magazine ranked the 100 largest Metropolitan Statistical Areas by employment rates, the conventional mortgage home price index, and the average days on the market for properties currently for sale.
The top cities on Forbes list were:
* Omaha/Council Bluffs, Neb.
* San Antonio, Texas
* Austin-Round Rock, Texas
* Pittsburgh
* Harrisburg/Carlisle, Pa.
* Dallas/Fort Worth
* Rochester, N.Y.
* Houston
* Raleigh/Cary, N.C.
* Baton Rouge, La.
Source: Forbes, Francesca Levy (11/19/2009)
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Declining Dollar Brings Foreign Investors
Falling prices for real estate and the declining value of the dollar are luring investors from all over the world to purchase properties for as little as half what they might have paid four years ago.
“This could be a once-in-a-generation opportunity for real estate investment,” says Arthur Wong, whose Calgary, Alberta-based U.S. Real Estate Fund has invested $5 million in properties in the U.S. Southwest and plans to buy millions more.
Buyers from countries like Brazil, Canada, France, and the Netherlands, whose currencies are particularly strong against the dollar, are spending millions on luxury condos in New York City, Las Vegas, and Miami. Foreign buyers also find the warm climates of California, Texas, and Arizona attractive.
Peter Zalewski, a principal with Miami-based Condo Vultures, says he has sold foreign condo buyers seven bulk deals in downtown Miami alone, with investors coming from Argentina, Canada, Colombia, Italy, Norway, and Venezuela.
Source: MSNBC (11/22/09)
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Real Estate Market FAQs
Got questions about where real estate is headed? Here are informed answers to some of the most frequently asked questions about today’s housing market.
When will housing hit bottom?
There isn’t any single answer to this question. It depends on where you live. Home prices are rising again in the most convenient suburbs of such cities as New York and Washington, D.C. In other places that are in less demand, prices continue to fall.
How can I figure out the?
Talking to a real estate professional and/or hiring an appraiser is the best idea. But even after getting a professional opinion, it is hard to tell what a home will sell for until you put it on the market.
Is now a good time for a renter to buy a home?
It could be. Prices in many areas are down significantly from their peak a couple of years ago. Plus, Congress has extended the tax credit for first-time home buyers and added a $6,500 credit for many previous owners of homes who sign a contract to buy by April 30, 2010.
Should I invest in foreclosed homes?
A foreclosure can be a risky buy, even for the most experienced real estate investors. Use caution.
Source: The Wall Street Journal, James R. Hagerty (11/17/2009)
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FSBO Sites Charging for Services
Using a Web site that helps sell-it-yourself-ers doesn’t necessarily mean a free ride.
Increasingly, Web sites like ForSaleByOwner.com, Owners.com, and Fizber.com charge for certain services, including displaying a toll-free support line online, accessing the multiple listing service, and even getting limited assistance from a real estate practitioner.
For instance, ForSaleByOwner.com offers packages that range from $81 a month to a six-month plan for $809. RealtyTrac charges non-subscribers $59.95 a month to advertise a property.
Steve Udelson, CEO of Owners Advantage LLC, which operates Owners.com, urges his customers to pay in order to be included in the MLS. “That’s the gateway. That’s the magic piece,” he says.
Source: Associated Press, Alex Veiga (11/20/2009)
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Fed May Stay in Mortgage Securities
The Federal Reserve isn’t going to go cold turkey from its program to buy mortgage-backed securities, said James Bullard, president of the St. Louis Fed, on Sunday.
The Fed’s purchases of mortgage-backed securities are seen by many as key to keeping rates low and stabilizing the market. The Fed announced earlier this month that the program would end in March.
Bullard said he would like to see the program sustained at a low level as an option for stimulating the economy.
“If the economy came in very weak, let’s say, in 2010—weaker than expected—we would have the option of doing further quantitative easing,” Bullard said. “If the economy came in stronger than expected and inflation expectations started to ratchet up a little bit, we could maybe sell off some of these assets and remove some of the accommodation from our quantitative easing program.”
Source: Bloomberg, Michael McKee and Steve Matthews (11/23/2009)
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Four Tips for Smarter Foreclosure Shopping
Foreclosures can be good deals for homebuyers, but with 1.5 million of them on the market, shopping carefully is important.
Here are some tips for anyone navigating the foreclosure market:
* Don’t pay too much. With so many exuberant buyers, bidding up a property beyond its worth can be easy to do.
* Get to know the banks. Practitioners who establish relationships with asset managers at banks can facilitate good communication.
* Factor in fix-up costs. Most banks would rather sell a property as-is. Buyers should consider what shouldering that responsibility will cost. Touring the properties with a contractor can be a good plan.
* Bid smartly. Help the buyer get the inside track by gathering as much information as you can about other bids.
Source: CNNMoney.com, Les Christie (11/19/2009)
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Increasing Volume of Foreclosures in Pipeline
An additional seven million properties are headed for foreclosure, according to a study in September by Amherst Securities Group.
Mark Zandi, chief economist at Moody’s Economy.com, concurs with high estimates of potential foreclosures, anticipating 2.4 million homes in foreclosure in 2010, compared with 2 million in 2009.
Experts say the onslaught is the result of moratoriums lifting, banks overwhelmed by the demand for modifications, and the sheer volume of late payers. Banks also are trying to spread asset write-downs over several reporting periods to maintain a better profit picture.
Source: USA Today, Stephanie Armour (11/19/2009)
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One Table workers ready for crowd
One hundred fifty frozen turkeys donated to One Table organizers for the fifth annual celebration are already in Aiken, stored in commercial freezers for frying, baking, smoking and baking.
A dozen or more cooks will camp out overnight in The Alley on Wednesday, in the hopes of turning the birds into a meal to serve as many as 2,500 people.
The cooks will fire up the grills and turn up their fryers early Wednesday, said volunteer Eddie George.
“We are trying to get a head start cooking this year because we expect a big crowd,” George said. “Times are tough for people right now.”
The annual event reaches out into the community to serve anyone who wants to pull up a chair and enjoy the community spirit of the dinner.
The cross-section of people who eat together is something George and the others who volunteer for the event enjoy being a part of.
The event started only weeks before the 2005 Thanksgiving holiday and has continued to grow ever since.
The first dinner exceeded 1,000 people and last year topped 2,200.
Volunteers and donors are more than happy to get involved each year, George said.
The donations are made anonymously.
The 150 turkeys were the gift of one such donor, but no one expects to get his or her name on anything.
Each year, the event comes to fruition because of the work of area churches, volunteers and businesses.
The only missing piece to the event now is the crowd.
Organizers hope for a large one – rain or shine.
Expect a clear sky on Thursday, with highs in the mid 60s.
If there is rain, the event will be held in the municipal center in The Alley.
The dinner is open free to the public from 11 a.m. until 2 p.m. Thursday in The Alley.
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Market Should Be ‘Near Normal’ in the Spring
Housing industry consultant John Burns says low mortgage
rates and the home buyer tax credit, plus the availability of FHA loans – “the new subprime,” as he calls it – will
combine to keep housing transaction levels at “near normal” through Spring 2010.
First-time homebuyers are about the half the market, he says, while the expansion of the housing tax credit will get
senior buyers “off the fence” and buying retirement properties.
What would have happened if Congress hadn’t extended the tax credit? “I think we would see housing crater,” Burns said.
Burns clients include home builders, lenders, and equity investors.
Source: the Wall Street Journal, Nick Timiraos (11/18/2009)
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Existing-Home Sales Record Big Gains
Driven by the home buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the NATIONAL ASSOCIATION OF REALTORS®. At the same time, inventories have continued to decline.
Existing-home sales—including single-family, townhomes, condominiums and co-ops—surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.
Tax Credit Fuels Surge
Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said. “With such a sale spike, a measurable decline should be anticipated in December and early next year before another surge in spring and early summer.” Full Details…
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Existing-Home Sales Record Big Gains
Driven by the home buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the NATIONAL ASSOCIATION OF REALTORS®. At the same time, inventories have continued to decline. Existing-home sales—including single-family, townhomes, condominiums and co-ops—surged 10.1 percent to a seasonally adjusted annual [...]
Middle-Market Sector to Improve
Executives from some of the largest brokerages in the country expect to see their sales grow 6-8 percent in 2010 and home prices to start heading up about 3 percent, REALTORS® heard in a state of the real estate industry discussion Saturday at the 2009 NAR Conference & Expo.
J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said expansion of the tax credit to include repeat buyers will help boost middle-market sales next year, although mortgage financing above the $417,000 non-jumbo conforming loan limit will remain a challenge. “The repeat tax credit will at least start a conversation about buying” among existing home owners, Scott said.
Congress recently extended temporary high-cost loan limits of $729,750 for 2010, but the lion’s share of markets don’t qualify for those so-called jumbo-conforming loans. As a result, repeat buyers face tougher underwriting challenges. “People applying for a $419,000 mortgage are not wealthy—they’re two teachers,” said Helen Hanna Casey, president of Howard Hanna Real Estate Services, which operates in Pennsylvania, New York, and other states in that region.
The improvement in the middle market will help tighten inventories, helping to shore up prices, but the upper-end market will continue to underperform until companies start hiring again. That’s when the industry will see more relocation business among transferees, a critical component of the upper-end market, said Scott.
Merle Whitehead, president and CEO of RealtyUSA said a key job of brokers next year is making sure their sales associates understand FHA, because federally-backed mortgages will remain the principal provider of mortgage financing for most borrowers. Too many sales associates still think of FHA as financing for people who can’t qualify for conventional mortgages, but in fact FHA is the main source of mortgage capital today. “We have to change the thoughts and beliefs of our agents,” he said.
—Robert Freedman, REALTOR® magazine
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Low Prices Draw Investors Back to Market
Real estate investors are moving back into the market, according to a new survey from Move.com.
According to the Move.com survey, 12.1 percent of home buyers today plan to buy a home as an investment property, compared to 5.6 percent in March 2009. The survey found that 15.8 percent of those interested in investment property were men and 8.1 percent were women and 52.6 percent of the investment buyers were between ages 35 to 49.
Of the 25.3 percent of buyers who are focusing on foreclosure properties, 42 percent regard the purchase they are considering an investment and don’t plan to live in the property themselves; 13.2 percent plan to rent out the property; 11.3 percent are going to fix up the property and resell it; and 17.4 percent plan to house a family member until the property can be sold profitably.
Of the 9.8 percent of buyers who say that they plan to purchase and live in a property in the next two years, 5.4 percent plan to purchase in the next 12 months; 48.3 percent are first-time buyers; 52.8 percent are women, and 44.1 percent are men.
Buyers of investment and personal property say they are motivated by these factors:
* Prices are as low as they will go, 23.6 percent
* Foreclosure prices are a bargain, 18.7 percent
* Great selection of homes for sale in their target community, 21.2 percent
* Concerned interest rates will rise, 14.2 percent
Source: Move.com (11/11/2009)
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Housing Starts Fall to 6-Month Low
October housing starts fell 10.6 percent to a seasonally adjusted 529,000 annual rates compared to September, the Commerce Department said Wednesday.
The decline brought construction back to the lowest point in six months.
Analysts attributed the decrease to what then appeared to be the end of the $8,000 tax credit. Recently, the credit was extended through April.
Year over year, housing starts were 30.7 percent lower than they were in October 2008. Building permits in October fell 4 percent to a 552,000 annual rate. Single-family housing starts dropped 6.8 percent to an annualized rate of 476,000. Multi-family units fell 34.6 percent and apartments with five or more units were 33.3 percent lower.
Regionally, housing starts fell 9.6 percent in the South, 18.8 percent in the Northeast, 10.6 percent in the Midwest, and 8.5 percent in the West.
Source: The Wall Street Journal, Jeff Bater (11/18/2009)
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Mortgage Applications Drop Again
Mortgage applications declined 2.5 percent last week on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, they were down 3.3 percent, according to the weekly survey by the Mortgage Bankers Association.
Most of the decline was in purchases, which slipped 4.7 percent. The association’s purchase index has declined for six consecutive weeks and is at its lowest level since November 1997. On an unadjusted basis, the purchase index decreased 7.9 percent compared to the previous week and was down 14.7 percent from the same week a year ago.
Refinances represented 72.9 percent of total applications, the highest share since May 15, 2009.
Mortgage rates continued to decrease:
* 30-year fixed-rate mortgages decreased to 4.83 percent from 4.90 percent;
* 15-year fixed-rate mortgages decreased to 4.32 percent from 4.33 percent;
* 1-year ARMs decreased to 6.82 percent from 6.85 percent.
Source: Mortgage Bankers Association (11/18/2009)
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Mortgage Delinquencies Are Still Rising
Mortgage delinquencies rose for the 11th straight month, reaching 6.25 percent in the third quarter from 3.96 percent a year earlier and 5.81 percent in the second quarter, according to the credit management company TransUnion.
“Until the housing market can consistently demonstrate several months of home value appreciation and the unemployment rate improves, mortgage delinquency will likely continue to rise,” said F.J. Guarrera, vice president of TransUnion’s financial services division.
Mortgage delinquency rates were highest in Nevada and Florida, reaching 14.5 percent and 13.3 percent, respectively. They were lowest in North Dakota and South Dakota at 1.7 percent and 2.3 percent respectively.
The District of Columbia had the highest debt per borrower at $359,788, while West Virginia had the lowest at $97,265.
Source: The Wall Street Journal, Joan E. Solsman (11/17/2009)
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Low Mortgage Rates Could Be Ending
Home loan rates below 5 percent are about to disappear, predicted Denis Salamone, COO of Hudson City Bancorp, the nation’s largest thrift.
“I don’t think the market will stay this low for many more months,” Salamone said Tuesday.
Salamone said that despite the Federal Reserve’s decision to keep short-term rates low, if the Fed buys fewer mortgage-backed securities, loan rates will rise.
It will take another 12 to 24 months to sell off excess inventory and until that happens, housing prices may continue to fall, Salamone said.
Source: Reuters News (11/17/2009)
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HVCC: Bad or Badly Implemented?
The Home Valuation Code of Conduct (HVCC) is getting a bad rap for causing what real estate professionals say is a rise in inaccurate appraisals, Alfred Pollard told a packed room of REALTORS® Friday in a risk management-regulatory issues joint forum at the 2009 NAR Conference & Expo in San Diego.
Pollard, the general counsel for the Federal Housing Finance Agency (FHFA), said HVCC was released at a time when the economy was in a massive contraction—what he called a systemic event—and that this broader picture has to be taken into consideration when talking about valuation trends. “Concerns [over valuations] might not be 100-percent tied to this code,” he said.
FHFA oversees Fannie Mae and Freddie Mac, which earlier this year adopted HVCC and applied it nationwide in an agreement with the New York attorney general. HVCC expires in late 2010 but the two secondary-mortgage-market companies can retain all or parts of HVCC going forward. Full Details….
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Loan Modifications Aren’t a Right
A U.S. District Court in Minnesota determined that borrowers don’t have a right to loan modifications.
The decision came in response to a lawsuit by Minnesota home owners that maintained that borrowers had a right to loan modifications. The lawsuit sought class-action status.
The lawsuit alleged that the Obama administration’s foreclosure prevention plan violated borrowers’ constitutional rights because home owners who were denied help under the program weren’t given a written denial and an opportunity to appeal. The suit sought to halt foreclosures on home owners eligible for the Obama plan until the government put in place certain procedural safeguards, such as creating a formal appeals process.
In Monday’s decision, U.S. District Court Judge Ann Montgomery said that modifications weren’t an entitlement and pointed out that the Treasury Department gave mortgage companies discretion in evaluating the borrowers it helps.
Source: The Wall Street Journal, Ruth Simon (09/11/2009
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Nutcracker Tea will offer meet and greet with dancers
“The Nutcracker” debuts this holiday season as the first Aiken performance by Aiken performers.
In preparation for the Saturday, Dec. 19 performances of “The Nutcracker” ballet presented by the Aiken Civic Ballet, a special Nutcracker Tea will be held on Dec. 5 from 1 to 3 p.m. at the Aiken County Historical Museum.
During the tea, the dancers will be in costume and available for a meet and greet with the public.
“This is the only chance for audiences to meet the dancers up close,” said Diane Miller, co-director of the Aiken Civic Ballet.
“It will be a traditional nutcracker tea with a large array of nutcrackers on display,” said hostess Sissie Brody. “It will be an old-fashioned nutcracker party. It will be dramatic with silver service.”
Brody’s mother was closely connected with the Aiken Civic Ballet and served as the first business manager back in the 1950s.
“I am doing this in honor of my mother who passed away when she was 50,” said Brody. “It is such an honor to be asked. We are all so proud of the ballet. It’s a hard performance, and they are working so hard.”
As a part of the decorations, Brody is preparing four 7-foot tall painted nutcrackers with the assistance of Joel Kinder.
Tickets for the Nutcracker Tea are for sale at Unique Expressions, 1521 Whiskey Road. Ticket prices are $10 for one adult and one child, and each additional child is $3.75.
Tickets to the Dec. 19 performances are available by contacting the box office at the USCA Etherredge Center at 641-3305.
Visit www.aikencivicballet.com for more information about the Aiken Civic Ballet Dance Company.
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Painting workshop offered at art center
A plein-air workshop will paint the town.
Join other artists who take inspiration from their environment for a day of painting in the sunshine under a professional instructor.
Charleston artist Rick Reinert is teaching a one-day painting workshop at the Aiken Center for the Arts (ACA) on Saturday, Nov. 21. The plein-air workshop is open to oil and acrylic artists.
Reinart studied at Western Kentucky University and has won numerous awards for his work. His art hangs in both private and corporate collections around the world. His work will be on exhibit at the center in the main galleries during the month of November. His work shows a passion for expressing light and shadow in nature as well as pure color.
The workshop will last from 10 a.m. until 4 p.m. and is $112.50 for members and $125 for nonmembers.
Pre-registration is required for the workshop by contacting Cathy Rumble at 641-9094.
Registration may also be completed online at www.aikencenterforthearts.org.
A limited number of need based scholarships are available for this workshop.
In case of inclement weather, the workshop will be held indoors at the Aiken Center for the Arts.
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SPCA brings Santa in for pet pictures
What does your pet want for Christmas? Find out by letting him or her sit on Santa’s lap and put in a wish list with the jolly big man.
This Saturday from 10 a.m. until 2 p.m., Photos with Santa will be taken for your pets at Cold Creek Nursery. The event is a fundraiser for the Aiken SPCA.
Photographer George Grieve will take photos of your pets with Santa among a festive holiday background. One 5×7 will be $20. Additional photos will be available for additional charges.
The fundraiser is of great importance to the SPCA.
“We are trying to do a lot for the spay/neuter services … the programs funding the service is running out of money and there are many people who can’t pay full price but so many people are stepping up to get their pets spayed and neutered. It really helps reduce the number of animals coming into our shelter and the county shelter. On average, $50 can pay for one animal to get fixed,” said Gary Willoughby, executive cirector of the ASPCA.
The community has an opportunity to receive a holiday treasure while helping the animal over-population problem faced by shelters. No reservations are necessary, simply show up on Saturday with your pet and take home a holiday memory.
Cold Creek Nursery is located at 398 Hitchcock Parkway.
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Builders Get Tax Relief From Losses
A lesser-known part of the law that extended the home buyer tax credit gives builders a big tax break.
It offers companies tax refunds to make up for past losses, allowing them to claim cash refunds against taxes they paid going back five years, to offset current losses.
Pulte Homes Inc. estimates that it will receive a tax refund of about $450 million. Credit Suisse says Lennar Corp. will get between $200 million and $300 million. Meritage Homes expects $60 million.
Smaller private builders will get smaller amounts, but they lost less.
“They can take a breath,” said Bill Killmer, vice president of advocacy at the National Association of Home Builders. “Many of these guys would have to shutter and close their doors. They’ll be able to survive.”
Source: The Wall Street Journal, Dawn Wotapka (11/07/2009)
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Aiken woman master, teacher of restorative craft of chair caning
Mary Whitt of Aiken practices a dying art to restore antique and vintage furniture to its original condition.
Whitt has been doing chair caning for 45 years, weaving strands of rattan cane into intricate lattices in frames on the backs and seats of chairs.
She also does sheet caning, where a prewoven sheet of cane is cut and fit into the space, then sealed with a groove piece, but she said caning by hand is her first love.
“I first learned chair caning in Cedar Rapids, Iowa. When we got married, John and I, we started collecting antiques; we didn’t buy anything new. Back in those days you could find things in people’s garages,” Whitt said. “John refinishes furniture; he redid everything in our house. My first piece I recaned was a rocking chair. Its arms were broken, so he reglued the arms and refinished it, and I did the cane back and seat. We’ve still got that chair.”
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HVCC: Bad or Badly Implemented?
The Home Valuation Code of Conduct (HVCC) is getting a bad rap for causing what real estate professionals say is a rise in inaccurate appraisals, Alfred Pollard told a packed room of REALTORS® Friday in a risk management-regulatory issues joint forum at the 2009 NAR Conference & Expo in San Diego. Pollard, the general counsel [...]
Tax credit deadline extended; another program introduced
After passing with an overwhelming, bipartisan majority in both the House and the Senate, President Barack Obama signed into law the Worker, Home-ownership and Business Assistance Act of 2009 on Nov. 6.
The bill extended unemployment benefits to individuals in states with high unemployment but also extended and expanded tax credits for people planning to buy a new home in the next several months.
The credit is now not just for first-time buyers; current or recent homeowners may also be eligible for a substantial tax break.
The program has been seen as a great success by those in the real estate industry, something that may be spurring an upturn in home sales.
“Absolutely, without a doubt,” said Lyvia May of the Aiken Board of Realtors on the impact. “It’s really been a spring; the market is back alive again. We needed the shot in the arm. I believe people who wouldn’t ordinarily buy a home have been able to.” Full Story….
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Meet the artists of Center’s new exhibition
The Aiken Center for the Arts (ACA) will hold an opening reception for its November exhibitions on Thursday from 6 p.m. to 8 p.m.
The new exhibitions include Sandra Etherington Tucker and Dick Dunlap, Rick Reinert and the “T’is the Season Invitational” exhibition by ACA members. The exhibition will be on display from Wednesday through Dec. 30 in the main galleries. During November, the artwork of Marsha Shelburn will be on exhibition in the Aiken Artists’ Guild Gallery.
Tucker, a Hitchcock Woods Foundation trustee, and Dunlap, a retired physician, are showing together for the first time as both friends and teacher/student. Tucker has studied under Dunlap and considers sharing an exhibition with him a high honor. Both are plein air painters and enthusiasts of their local natural environments, which have been the inspiration of their numerous paintings.
As a youth, Tucker began drawing and painting animals. After college where she majored in art, she painted many of the top equine hunter-jumpers. After a hiatus from her art in the 1990s, she returned to focus on landscapes in oils and watercolors. It is at this time she first met and began training under Dunlap. Full Details…
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View the ’09 ADDA medallion Wednesday
Local residents are invited to see the unveiling of the Aiken Downtown Development Association’s 2009 Collector’s Medallion on Wednesday at 11 a.m. at the Thoroughbred Racing Hall of Fame and Museum.
This year’s medallion will feature the Thoroughbred Racing Hall of Fame. During the summer, the ADDA held a contest in which residents helped choose the new medallion by submitting suggestions to the organization.
Carla Cloud, executive director of the ADDA, said the Thoroughbred Hall of Fame won with 51 votes. Aiken Preparatory School followed with 25 votes. Other submissions included Hopelands Gardens, Coker Springs and the Aiken County Farmers’ Market.
This is the 13th year the ADDA has released a commemorative medallion. The ornaments typically represent a local landmark or popular event. Past medallions include the Morgan Circle Fountain, Old Post Office, Old Aiken Institute, Aiken County Courthouse, Best Friend Locomotive and South Boundary.
Those who made suggestions for the chosen location were entered into a drawing for medallions. According to Cloud, of the 51 winning votes submitted, three names have been drawn to receive the 2009 medallion. The winners will be announced at the unveiling.
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Museum offers hat-making class for upcoming 1835 celebration.
Period costumes from the 1830s will be shown at the Aiken County Historical Museum at Banksia through Jan. 10.
The exhibit will demonstrate various articles of clothing typical of those worn by Aiken residents at the time that the town was officially founded by charter in 1835. The founding and history of Aiken are the focal points of the 2010 yearlong celebration recently announced by the City’s Celebrate Aiken Committee.
On display at the museum will be dresses and hats common to the times, and patterns for interested seamstresses, as well as information about the basic tenets behind the styles of that period.
The styles varied among the various classes of women, according to their means, but every woman strove to be fashionable in her own way. For instance, hats were “quite gaudy,” said Mary White, director of education at the museum, adding that women adorned their hats with feathers, flowers and other bric-a-brac.
White noted that all of the hats on exhibit are for sale, and others will soon be available for purchase at the Museum Gift Shop in the $40 range.
Also available at the museum will be handouts on how to adapt modern clothing to become 1830s-style garments and how to make and decorate an 1835-appropriate hat for Aiken residents to wear to some of the Celebrate Aiken events.
There will also be a handout listing sources for purchasing period clothing.
Those who wish to make their own hats for the upcoming 175th anniversary of Aiken celebration may attend a workshop at the museum on Saturday from 10 a.m. to 2 p.m. Full Story…
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Appraisal Organization Defends Assignments
The average driving distance for an independent appraiser retained by the nation’s largest appraisal management companies is 13 miles in urban and suburban areas this year, according to a survey conducted by the Title/Appraisal Vendor Management Association.
Appraisal management companies currently provide approximately 60 percent of all residential appraisals used in the mortgage industry, the trade organization says. It conducted the survey to dispute the contention that appraisal management companies routinely use out-of-town appraisers who don’t know the territory, said Jeff Schurman, executive director of the organization.
Schurman says blaming the industry for low appraisals is wrong. Industry standards require that appraisers be assigned to territories with which they are familiar. If they aren’t, they are obligated to refuse the assignment, he says.
Source: Title/Appraisal Vendor Management Association (11/11/2009)
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Foreclosures Decline for Third Month
Foreclosures were filed on 332,292 U.S. properties in October, a decrease of 3 percent from September, but still up nearly 19 percent from October 2008, according to foreclosure sales site RealtyTrac.
October marks the third-straight month of declines in foreclosures, which many see as an encouraging sign that the worst of the foreclosures are behind us. Still, some skeptics predict another wave. “The real issue is we don’t know what inventory banks are holding that they have yet to put on the market,” said Stephen Miller, chair of the economics department at the University of Nevada at Las Vegas, during an interview with Bloomberg News.
States with the highest foreclosure rates are Nevada, California, Florida, Arizona, Idaho, Illinois, Michigan, Georgia, Maryland and Utah.
Four states accounted for 52 percent of the nation’s total foreclosure activity in October: California, Florida, Illinois, and Michigan. The rest of the states in the top 10 for actual numbers of foreclosures were Nevada, Arizona, Georgia, Texas, Ohio, and New Jersey.
Source: RealtyTrac (11/12/2009)
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Distressed Sales Remain a Concern
Twenty-nine percent of recent buyers purchased a home in foreclosure or through a short sale, according to the latest REALTORS® Confidence Index. REALTORS® who participated in the survey are also concerned about a growing number of foreclosures and the hurdles buyers face in short sales.
The RCI is a key indicator of housing market strength based on a monthly survey of more than 50,000 REALTORS®; in a typical month there are more than 3,000 usable responses. Practitioners are asked about their expectations for home sales, prices, and market conditions; they also share their insights regarding buyer preferences and financing options and how those factors are influencing real estate markets nationwide.
“REALTORS® are on the front lines with buyers and sellers in today’s market and have valuable insights into real estate trends,” NATIONAL ASSOCIATION OF REALTORS® President Charles McMillan said. “The volume of distressed sales that our members are reporting underscores the importance of the recent tax credit extension. By putting cash in the hands of financially healthy home buyers, the credit will continue to help draw down inventory and stabilize home prices to encourage a strong and sustainable housing recovery.” Full details..
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Federal Loan Mod Effort Reaches 20 Percent
The federal loan modification plan, “Making Home Affordable,” has reached about 20 percent of troubled homeowners in the hard-hit states of California, Arizona, and Nevada.
Only about 12 percent of homeowners facing foreclosure in Florida were reached, probably because of the high numbers of investors, analysts said.
Economists conclude that it is unlikely that the Obama administration will be able to reach its goal of helping 3 million to 4 million borrowers in three years with this plan.
Federal officials say they are doing their best and blame loan servicers for dragging their feet. “We are reaching all the places that really got decimated,” said Michael Barr, an assistant Treasury secretary.
Source: The Associated Press, Alan Zibel (10/10/2009)
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Builders on the Prowl for Property
Home builders who sold or walked away from properties at the height of the housing meltdown are back in the market for choice parcels to develop in places like Las Vegas, Southern California, and Orlando, Fla.
“In the past, (builders) had really been the ones that had been feeding the market and selling lots to investors,” says Tom Dallape, a principal at The Hoffman Co., a land brokerage firm based in Irvine, Calif. “Now all of a sudden they are rushing back in.”
Among builders buying aggressively are Ryland Group Inc. and Meritage Homes Corp. Pulte Homes Inc., which acquired Centex this year, is working off that builder’s inventory.
Analysts observing the market point out that these purchases could be regrettable. “There is certainly some risk that if the market tails off again or we start to see cancellations pick up, some of those deals that previously penciled may not pencil anymore,” says Megan McGrath, an analyst with Barclays Capital.
Source: Associated Press, Alex Veiga (11/06/2009)
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FHA Audit Delay Stokes Anxiety
The FHA has delaying issuing an audit of its capital reserves, but observers anticipate a report indicating that the agency’s reserves have fallen under 2 percent.
Mortgage bankers are worried that the FHA, in an attempt to quickly generate cash for one of its reserve funds, will boost the premiums paid by borrowers and hike their closing costs as a result. Experts say raising premiums would put a damper on the housing market.
Source: American Banker, Paul Muolo (11/09/09)
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New Homes Are More Energy Efficient
Buyers of new homes can expect much healthier and more energy-efficient properties than they get if they buy an older home.
Tom Molidor, president of Molidor Custom Builders in Clarendon Hills, Ill., recommends installing a high-efficiency furnace close to the part of the house the family uses the most, instead of putting it in the basement.
A 3,000-square-foot home that is top-rated for energy efficiency can be heated in the greater Chicago area for less than $50 a month, estimates R.A. Faganel Builders.
Other commonly included energy-friendly features include double- or triple-paned low-E windows that not only keep out cold air but also make homes quieter.
Source: Chicago Tribune, Leslie Mann (11/06/2009)
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Application Index for Purchases Falls
Mortgage applications rose 3.2 percent on a seasonally adjusted basis last week compared with the previous week, but most of the increase was in refinances.
The seasonally adjusted purchase index declined 11.7 percent from the previous week and is at its lowest level since December 2000. On an unadjusted basis, the purchase index fell 13.7 percent compared with the previous week and was down 21.6 percent compared to the same week a year ago.
The refinance index increased rose 11.3 percent and represented 71.5 percent of total applications.
Overall, interest rates declined:
* 30-year fixed-rate mortgages decreased to 4.90 percent from 4.97 percent.
* 15-year fixed-rate mortgages remained unchanged at 4.33 percent.
* 1-year ARMs increased to 6.85 percent from 6.83 percent.
Source: Mortgage Bankers Association (11/12/2009)
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Distressed Sales Remain a Concern
Twenty-nine percent of recent buyers purchased a home in foreclosure or through a short sale, according to the latest REALTORS® Confidence Index. REALTORS® who participated in the survey are also concerned about a growing number of foreclosures and the hurdles buyers face in short sales. The RCI is a key indicator of housing market strength [...]
Tech Acquisition Will Create Property Resource
The National Association of REALTORS® has acquired technology to create a database of all properties in the United States. With this resources, REALTORS® can better assist consumers in a high-tech, fast-paced business world. The technology acquisition includes licensed data and secured data aggregation services from LPS Real Estate Group, a wholly owned subsidiary of Lender [...]
ACA seeks members to feature artwork
A two-dimensional art show is coming to Aiken and needs local artists to feature.
The Aiken Center for the Arts has launched a call to ACA members for entries into its “T’is the Season.” The exhibit will be featured in the main galleries and/or the Brooks Gallery of the ACA from Wednesday through Dec. 30.
The theme of the artwork is not required to be seasonal; however, the price point should be $300 or less. The artist call is open to all ACA members 18 or older. Two entries are permitted per member, and all artwork must be for sale, framed, ready to hang, not to exceed 24-by-24 inches framed or gallery wrapped and a new piece created within the last two years that has not been previously exhibited at the ACA.
The commission on sales will be 60 percent for the artist and 40 percent for the ACA. Sold artwork may be taken by the purchaser and replaced by the artist with the same size work.
Artwork should be delivered to the ACA on Saturday between 10 a.m. and noon. Required forms and information are available at the center’s front desk or at www.aikencenterforthearts.org.
Membership is also available at the ACA front desk or by calling 641-9094.
Contact Rachel Johnson at rjohnson@aikenstandard.com.
Want to participate?
What? “T’is the Season” exhibition
When? Drop-off Saturday between 10 a.m. and noon
Where? Aiken Center for the Arts
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New Rules to Clarify Fees
New regulations from the Department of Housing and Urban Development will require that closing costs be spelled out on a revised and consumer-friendly version of the good-faith estimate form that borrowers are supposed to receive within three days of applying for a mortgage. These rules will take effect Jan. 1, 2010.
Fees are divided into three categories:
* Fees that cannot increase from upfront estimates to closing, including lender or broker’s mortgage origination, processing, and underwriting charges, as well as lender or broker’s “points” based on the interest rate quoted and local transfer taxes.
* Fees that can increase as much as 10 percent from upfront estimates, including services such as appraisals, title insurance, and recording fees from local governments.
* Fees that can increase without limit because the amount is difficult to predict in advance, including home owners insurance, daily interest charges on the loan, and initial deposits by the borrower into an escrow account.
The new HUD-1 form will allow the borrower to easily compare what they were told the settlement fees will be with what they actually are at closing.
Source: The Washington Post Writers Group, Kenneth R. Harney (11/06/2009)
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States See Surging Sales, Moderating Prices
Most states continued to experience rising existing-home sales in the third quarter, with prices moderating in many metro areas, according to the latest survey by the NATIONAL ASSOCIATION OF REALTORS®.
Total state existing-home sales, including single-family and condo, increased 11.4 percent to a seasonally adjusted annual rate of 5.30 million units in the third quarter from 4.76 million units in the second quarter, and are now 5.9 percent above the 5.01 million-unit pace in the third quarter of 2008.
Sales increased from the second quarter in 45 states and the District of Columbia; 28 states and D.C. saw double-digit gains. Year-over-year sales were higher in 32 states and D.C.
Lawrence Yun, NAR chief economist, said the tax credit is a significant factor. “We can’t underestimate just how powerful a catalyst the first-time home buyer tax credit has been for the housing sector,” he said. “It’s given buyers the confidence they needed to get off the fence and take advantage of extremely affordable housing conditions. The buying conditions this year are the most favorable on record dating back to 1970, but the tax credit is allowing buyers to set aside any reservations about waiting for a better deal.”
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States See Surging Sales, Moderating Prices
Most states continued to experience rising existing-home sales in the third quarter, with prices moderating in many metro areas, according to the latest survey by the NATIONAL ASSOCIATION OF REALTORS®. Total state existing-home sales, including single-family and condo, increased 11.4 percent to a seasonally adjusted annual rate of 5.30 million units in the third quarter [...]
Experience figurative art at USCA exhibit
A symposium and exhibit on figurative art opened at the USC Aiken’s Etherredge Center, 471 University Parkway, on Monday.
The show, Exposition D’ Art Figuratif, will feature 50 new, original pieces that include various art forms such as sculpture, impressionistic, realistic and pieces that vary in interpretation by the artist, according to Carolyn Miller, one of the artists being featured in the show.
“If you have ever had a desire to acquire a good foundation in art history, presentation and creation, this is the event you want to attend,” she said. Some of the pieces included in the show are nude artwork.
Exposition D’ Art Figuratif will continue through Nov. 20 from 9 a.m. to 5 p.m. Monday through Friday.
On Nov. 12, there will be a symposium featuring speakers Dr. John Elliot, a USCA art history professor, and Matthew Lewis, with the Ward Sculptural Arts foundry, based in Canton, Ga.
The symposium will be held from 6 to 6:45 p.m. An artists’ reception will follow the symposium from 6:45 to 8:30 p.m. The reception is free to the public.
Artists will be present to discuss their work and answer questions. Wine and hors d’oeuvres will be served.
Other artists featured in the exhibition include Mina Dobbertean, Hannah Elliott, Deborah Ferguson, Seth Logan Fields, Jeff Ford, Kimberly Guillermo, Marilyn Hartley, Matthew Lewis, Elizabeth Moretz-Britt, Ruth Pearl, Jane Popiel, Deborah A. Sandberg and Michelle Wynn.
The event is free and open to the public. All art displayed during the show will be available to purchase.
For directions and information, call 641-3305.
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Wells Fargo Tries Loan Exchange
Wells Fargo & Co. is betting on a recovery by trading in thousands of option ARMs, or so-called Pick-a-Pay mortgages, in favor of interest-only loans that defer borrowers’ balances for six to 10 years.
This allows Wells Fargo to avoid hefty write-downs on Pick-a-Pay mortgages on which it has foreclosed, but it doesn’t help strapped home owners much and it could leave the lender with billions of dollars tied up in distressed markets, economists say.
“Borrowers have the choice of defaulting, and that’s what we’re going to see,” says Morris A. Davis, a former economist for the Federal Reserve Board who is now an urban land economics professor at the University of Wisconsin-Madison.
Source: The Wall Street Journal, Marshall Eckblad (11/04/2009)
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First-Time Home Buyer Show Sets Records
HGTV says its “First-Time Home Buyers’ Hour,” which airs Monday through Friday from 8 p.m. to 9 p.m. is breaking ratings records.
The show posted a 33 percent ratings increase in the key 18- to 49-year-old segment during October.
The network attributed the rush of ratings to the first-time home buyer’s credit, which has brought younger viewers to the network.
“In this evolving housing market, HGTV will continue to offer first-time home buyers the relevant information and insights they need to prepare for the real estate plunge,” said Jim Samples, president of HGTV.
Source: HGTV (10/05/2009)
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Declining Inventory Sign of Stabilizing Market
An important reason that the housing market is stabilizing is the reduction in inventory. Current sales and inventories suggest that supply will decline below the pre-2006 levels by the end of 2009.
But analysts say that the stabilization of the market doesn’t mean that prices will rise anytime soon. They point to what they call “shadow inventory,” foreclosed homes that banks are holding off the markets. They predict that these homes will hit the market in spring 2010.
But overall, they are optimistic that the housing recovery is built on an improving economy and say that the market will continue to stabilize.
Source: BusinessWeek.com, James C. Cooper (11/09/2009)
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Federal Reserve Keeping Key Interest Rates Low
The Federal Reserve announced Wednesday that it is keeping its key interest rate at or near zero and will continue to do so as long as the economy remains weak.
Analysts predicted that the Fed would leave interest rates low for at least six more months.
The Fed said that it would continue its program to buy $1.25 trillion worth of mortgage-backed securities by the end of March, a sign that it intends to continue to drive down the cost of mortgage loans.
Source: The New York Times (11/5/2009)
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FHA Delays Implementing Rules for Condo Loans
The Federal Housing Administration says it will implement a new approval process for condo financing on Dec. 7 – the second time the deadlines have been pushed back. The delay also brings a relaxation of new rules, according to the Mortgage Bankers Association, which has been negotiating with FHA.
Under the latest iteration of the rules, 50 percent of units in a condo project will be eligible for FHA funding and up to 100 percent will be eligible in “well-established” projects with a minimum of 10 percent reserves. Half of the units will have to be sold to owner-occupants before FHA will back any loans.
In an important move, FHA said it wouldn’t require the recertification of some 40,000 projects that have already been certified for FHA financing.
“If what the MBA says is the deal, it’s essentially a nonevent,” said mortgage banker Faramarz Moeen-Ziai.
The U.S. Department of Housing and Urban Development confirmed a delay in implementation but wouldn’t comment on the changes the MBA says FHA has agreed to.
[Editor’s note: FHA Commissioner David Stevens talks about the new condo rules and other FHA issues, including appraisal guidelines and the agency’s credit performance, in an interview with REALTOR® Magazine.
Source: Inman News, Matt Carter (11/05/2009)
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Foreclosures Tricks and Treats
HGTV’s real estate Web site Frontdoor.com has identified what it calls the “tricks and treats” of buying a foreclosure:
Tricks to avoid:
* Just because a foreclosure has a low price tag doesn’t mean it’s a bargain. Many need lots of expensive repairs.
* Buying a foreclosure property isn’t for amateurs. Buyers need a knowledgeable real estate practitioner to guide them through the process.
Foreclosure treats:
* Well-maintained foreclosures priced at 50 percent or less of their market value make homeownership very affordable.
* Building a relationship with a lender’s REO (real estate owned) department can help when it’s time to make a deal.
Source: Frontdoor.com (10/29/2009)
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Quilt Show opens at Aiken Historical Museum.
The judging is done, the ribbons have been awarded – all but one – and the 2009 Aiken County Historical Museum Quilt Show opened to the public Thursday.
The Quilt Show will be on display through Nov. 29, and a reception will be held from 3 to 4:30 p.m. Sunday at the museum. This year’s show was judged by Karen Kendo of Harleysville, who spent all day Tuesday evaluating the show’s 113 quilts in categories such as bed quilts, wall quilts, art quilts and wearable art quilting.
“She felt it was a very nice show; she said it was one of the better shows she’s been to,” said show co-chair Nancy Daly. “She’s coming back next week with her quilting friends to view the show just as a quilter.”
Kendo awarded the Best of Show ribbon to Joan Baranek’s quilt “Star of Wonder,” which also received a first-place ribbon in the wall quilt-amateur category.
The Judge’s Choice ribbon went to Sandie Duerksen’s quilt “The Dog Show,” which also received a first-place ribbon in the art quilt category.
The Best Machine Quilting ribbon went to Judy Wepman’s “White Chocolate,” which also took a second-place ribbon in the pieced bed quilt-amateur category. Best Hand Quilting was awarded to Evelyn Bartker’s “White on White,” and the Best Use of Color ribbon went to Nancy Smith’s quilt “Michele’s Renaissance,” which also took a first-place ribbon in the appliqué or mixed techniques bed quilt-professional category.
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Animals overdue for a home.
A few years ago, the Aiken SPCA Board of Directors made the decision to become a limited-admission, no-kill facility. That choice was welcomed in the community by staff and the facility’s visitors.
There is, however, one downside to running a shelter like this. Animals can stay in the shelter for their entire lives if no one chooses to adopt them. This reduces the number of animals that can be rescued each year. There are lots of reasons why some animals live at the facility for much longer than others.
First, big dogs – particularly, large mix-breed dogs – aren’t typically adopted quickly. A purebred boxer, German shepherd or golden retriever won’t stay for long, but mixes are less coveted by potential adopters.
Other dogs blend in, such as black lab mixes or hound mixes, and tend to get overlooked by many people. Many long-term residents get passed over, too, because there are usually cute puppies in the shelter and lots of people prefer very young puppies over a full-grown, 60-pound dog they don’t know.
The SPCA has the luxury of getting to know these dogs well by seeing them every day and knowing that these long-term residents will make great pets. Our dog with the longest time spent in the adoption area is currently Little Bit. She’s a boxer/bulldog mix that came to the shelter as a neglect and cruelty case. She was extremely underfed, heartworm positive and had been abused. She came to the SPCA in January 2008. She was fed well, cured of heartworms and began to trust people again. She’s a great dog who has been overlooked for far too long.
Two other large dogs – Rottweiler mixes, Buster Brown and Tyrone – look intimidating but are also sweet dogs who have spent the past year waiting for their chance at a forever home. They may be large and powerful, but you’d be hard-pressed to find nicer dogs with whom to share your home. Full Story……