Archive for December, 2009
Aiken park opens to pet owners, pups
Aiken’s dog park is open to the public though the formal ribbon-cutting ceremony and pet fair have been postponed until next year.
Already, dogs and their owners have been taking advantage of the park’s fenced-in terrain and shallow splash pool and about a dozen people have purchased the dog park membership tags, which are required to be worn by all canines when they visit the park.
“The park is officially open,” said Gary Willoughby, executive director of the Aiken SPCA. “The pool is up and running, the City of Aiken has put out the trash cans and benches, but it’s still pretty muddy because it’s been raining so much.”
Inclement weather, including heavy rains and cold temperatures, is what pushed back the grand opening ceremony and pet fair, which was scheduled to happen earlier this month.
The Aiken SPCA Board of Directors is looking at March for the event, when the weather might be more suitable. The pet fair will also be held at the time of the grand opening ceremony.
The Aiken Dog Park is a joint project between City of Aiken and Aiken SPCA. It is located at 199 Willow Run Road, behind the Willow Run Industrial Park.
The park is open seven days a week from sunrise until sundown.
Full Story…..
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Coming Soon: More Foreclosures
More than 1.7 million homeowners were verging on foreclosure this fall, making it likely that these houses will soon end up on the market one way or the other, driving down overall housing values.
“We’re going to be dealing with high levels of distressed (sales) in the marketplace for at least a couple of years,” says Mark Fleming, chief economist of researcher First American CoreLogic, which has been studying the problem.
Some real estate practitioners say they fear that this onslaught is coming.
“We’ve been in recovery mode for most of the year. How many foreclosures do they have to dump on the market to affect that? I don’t know,” says Deborah Farmer, owner of StarLight Realty in Tampa, Fla. “Any house priced under $225,000 will be affected by a large increase in foreclosures in this market.”
Source: Associated Press, Alan Zibel (12/17/2009)
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Retail Investors to Enter Market in 2010
Jones Lang LaSalle’s 2010 Retail Outlook projects retail transactions and sales volumes to increase as customer demand starts to gradually recover.
In the new year, investors looking to take advantage of low acquisition prices are likely to find some of the biggest value in Class A trophy shopping malls.
Kris Cooper, managing director in the retail investment sales practice, remarks, “The continued lack of liquidity in the debt markets has contributed to pent-up demand, and we expect opportunistic investors to cautiously re-enter the market in early 2010. We’re just now seeing lenders’ willingness to lend to strong sponsors open up, but those lending offers are at far more conservative levels than we’ve seen in the past.”
Because of pending debt maturities and the need for capital, highly leveraged institutional investors are expected to hold on to properties unless forced to dispose of them. Cooper concludes, “Buyers will probably stick around for the next six to nine months before seeking better opportunities. We are also seeing significant interest from international buyers who feel now is the time to re-enter the U.S. market.”
Source: GlobeSt.com, Katie Hinderer (12/13/09)
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Jumbo Foreclosures Leading the Pack
Owners of properties with mortgages greater than $1 million are feeling pain the same as—if not worse than—less well-heeled owners.
More than 12 percent of mortgages exceeding $1 million were 90 days or more past due in September, compared to 6.3 percent of loans less than $250,000 and 7.4 percent of all U.S. mortgages, according to research firm First American CoreLogic
The reason for the shortfalls seems apparent. The number of U.S. households with a net worth of more than $1 million, not counting their primary residences, fell to a five-year low of 6.7 million last year from 9.2 million in 2007, according to consulting firm Spectrum Group.
While holders of ordinary mortgages can hope for government help, there is no such thing for holders of big mortgages and it’s also difficult to find a re-fi.
“There is no refinance market for you if you are underwater and outside the Fannie and Freddie framework,” says Keith Gumbinger, vice president at mortgage data firm HSH Associate.
The answer for some is a short sale. While there are no official statistics, practitioners like Adrian Heyman, owner of Property Advisors in Scottsdale, Ariz., is seeing increasing numbers of luxury short sales.
“A lot of wealthy people are upside down in their mortgages and they just can’t afford the second or third vacation home anymore,” Heyman says.
Source: Bloomberg, Kathleen M. Howley and Dan Levy (12/17/2009)
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4 out of 10 Recent Buyers Used FHA Loans
According to the most recent REALTORS® Confidence Index, 39 percent of recent buyers purchased a home with a Federal Housing Administration-insured loan. REALTORS® who took part in the November survey also reported that the number of first-time home buyers continued to climb to 51 percent.
“FHA helps provide affordable mortgage financing to home owners, particularly first-time home buyers who are so important in drawing down inventory to help stabilize the current housing market,” said NAR President Vicki Cox Golder. “These recent survey results reaffirm that, despite its current challenges, FHA is a critical part of the American housing fabric.”
Distressed Sales, HVCC Concerns
The RCI results also indicated that distressed sales increased to 33 percent of all home sales last month, and that both investors and first-time home buyers are competing for these properties. The preponderance of distressed properties on the market has also influenced buyers’ perceptions of other homes for sale. REALTORS® report that many buyers have pricing expectations that treat every property as if it were in foreclosure.
In addition, REALTORS® expressed ongoing concerns with the impact of the Home Valuation Code of Conduct on recent appraisals. According to some survey respondents, inexperienced or out-of-area appraisers continue to rely heavily on sales prices of distressed properties, even when other comps are available.
“As the first, best source for real estate information, REALTORS® have their finger on the pulse of current housing trends, and their knowledge and experience offer valuable insights into today’s real estate market,” Golder said. “We know that an economic recovery is not possible without a housing recovery, and we will continue to work with policymakers at all levels to ensure that this happens.”
—NAR
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Higher Rates Will Require Lender Explanation
Under new rules from the Federal Reserve Board and the Federal Trade Commission, borrowers who are loaned money at less-favorable rates because of their credit ratings must be notified and given a free copy of their credit scores.
Currently, lenders don’t have to offer any explanations. These rules apply to mortgage lenders as well as other sorts of financing firms. It takes effect Jan.1, 2011.
Consumers who are given terms “materially less favorable” than “a substantial proportion” of the lenders’ other customers must receive the information, according to the report in the federal register.
Source: Bloomberg, Jeff Plungis (12/22/2009)
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Defaults Could End Up Being a Boon
The increasing willingness to abandon home ownership in favor of renting could, in a counterintuitive way, be an important step in the economic recovery, some analysts say.
The U.S. home ownership rate has declined to 67.6 percent as of September, down from its peak of 69.2 percent in 2004. Much of the reason for this decline is the number of foreclosures.
Deutsche Bank Securities expects 21 million U.S. households to be underwater by the end of 2010. If 20 percent of these homeowners default, loses to banks and investors could exceed $400 billion.
While these losses are definitely bad for banks, relief from paying a mortgage makes more money available—an estimated $5 billion a month—for consumers to purchase other things.
“It’s a stealth stimulus,” says Christopher Thornberg of Beacon Economics, a consulting firm specializing in real estate. “The quicker these people shed their debts, the faster the economy is going to heal and move forward again.”
Source: The Wall Street Journal, Mark Whitehouse (12/10/2009)
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Where’s the Refund?
First-time home buyers who bought as long ago as last winter are still waiting for their $8,000 tax refund.
As of mid-September, more than 1.4 million taxpayers had requested the credit by amending their federal tax returns. The IRS announced in October that it expects 5.1 million claims by year-end. That count doesn’t reflect the extension and expansion of the credit in November.
IRS spokeswoman Carrie Resch says the agency is experiencing a higher-than normal number of amended returns and because amended returns are reviewed by hand, the process is delayed.
U.S. Sen. Amy Klobuchar (D-Minn.) has been fielding constituent calls for weeks from irate home buyers. She sent a letter to the IRS that said in part: “The full and immediate economic impact of the tax credit is lost when it takes up to four months for people to get the money due to them … such lengthy delays are unacceptable and erode the public’s trust in the competence of the government.”
Source: Minneapolis-St. Paul Star Tribune, Kara McGuire (12/10/2009)
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Banks Again Offering Home Equity Lines
Now might be a good time for homeowners who still have plenty if equity in their home to tap into it.
Lenders are again writing home equity lines of credit, says MortgageBot, which processes real estate loans.
Homeowners with more than 20 percent of equity in their homes may find the HELOC a better source of emergency cash than a credit card as long as they don’t exhaust their equity.
Source: CNNMoney.com, Linda Stern (12/14/2009)
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Green Buildings Boast 3 Percent Higher Payoff
Commercial buildings with green certification rent for an average of 3 percent more per square foot, according to a study by John M. Quigley, a professor of economics and real estate at the University of California, Berkeley. Other studies come to similar findings.
The study further concludes that because of higher occupancy rates in green buildings, the effective rent premium is about 6 percent per square foot. And it says green buildings also command a higher sales price, in part because they use 10 percent less energy.
The study doesn’t consider the additional costs of building green buildings nor whether location plays a role.
Source: The Wall Street Journal/Real Time Economics, Keith Johnson (12/16/2009)
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Aiken’s birthday subject of exhibition
Celebrate Aiken’s anniversary and submit your artwork to a juried exhibition.
This year the Aiken Center for the Arts is celebrating Aiken by holding their fifth juried exhibition titled “Aiken: Retrospective, 175 years.” The exhibition will be displayed in the main galleries at the art center on Jan. 6-29 with an awards ceremony and opening reception on Jan. 7 at 6 p.m.
“This year the subject matter can include anything pertaining to the rich 175-year history of the City of Aiken. The title of the works of art should provide the relationship to the 175 Year focus of the exhibition,” said Kristin Brown, executive director of the ACA. “The exhibition is open to the Aiken Artist Guild members and other artists. Although an artist’s statement is required, there is no guarantee it will be framed beside the artwork.”
All participants in the contest must be at least 18 years of age. Judging will be conducted by Dorothy Fletcher of the Gertrude Herbert Institute of Art with a strong focus on quality. Cash prizes will be awarded during the awards and opening reception.
All submissions (up to two entries per person) must be framed or gallery wrapped, for sale, ready to hang, two-dimensional works should not exceed 60 inches by 60 inches (three-dimensional work should not exceed 15 inches by 15 inches by 30 inches), be a new piece (created within the last two years) and not previously exhibited at Aiken Center for the Arts.
All entries must be delivered to the ACA for consideration on Saturday, Jan. 2 between 10 a.m. and noon. The artwork will be juried on Jan. 4 and hung.
Artists will be notified if their work is not accepted into the show on Jan. 5 by 5 p.m. and must be picked up on Jan. 6. Artwork accepted into the show must be picked up on Jan. 30 between 10 a.m. and noon.
Completed contracts, identification paperwork and artist’s statements must be completed upon drop-off. For more information, e-mail ACAexecdir@Bellsouth.net or call 641-9094.
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SC is one of the happiest states in the country
South Carolina is famously known for its smiling faces and beautiful places but with record high unemployment and an unfaithful governor, you would think some resident’s spirits would be broken.
But that’s not the case, at least according to a new study ranking South Carolina one of the happiest state’s in the country. In fact- the palmetto state finds itself at number eight on the list.
Chip Prezioso is happy that South Carolina ranked so high because his business depends on it.
“I was born in South Carolina, I love South Carolina,” said Prezioso.
Prezioso owns the South Carolina Shop on Columbia’s Rosewood Drive. In 1987 he had the vision and foresight to trademark the state’s famous palmetto tree emblem and business has been booming ever since.
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Motorists advised to obey horse district rules
It’s as simple as common courtesy and respect.
Motorists, for the most part, are more than willing to drive carefully through Aiken’s horse district, yielding to horses and abiding by the signs and signals placed throughout the area.
But others are less than observant or willing to comply, compromising the safety of horses and people.
There are stop signs, posted speed limit signs, equestrian signals and speed bumps to deter potential speeders.
Thoroughbred trainer Suzy Haslup has been working at the Aiken Training Track for the past 16 years and has noticed a difference in the etiquette people observe, or the lack thereof, when they enter the horse district with their vehicles. The change in their behavior has been markedly noticeable during the past few years, she said.
“People would often stop a block away, and I wondered why they were stopping, and then I realized how courteous they were and that they were waiting for us to get to them before moving on,” said Haslup. “Over the years, especially during the past few years, the motorists haven’t shown the same type of respect.”
Motorists need to stop and wait for the horses to pass before proceeding and should do so with caution, Haslup said. Drivers should also comply with the speed limit signs.
A recent incident had one motorist compromising the safety of people and horses. The driver was eventually pulled over and be issued a warning by the Aiken Department of Public Safety.
“I would encourage the motorists to slow down and honor the horses, honor the speed limit and obey all traffic laws,” said Cpl. Sonny Ford, Aiken Department of Public Safety. “These are young horses in training, and you can’t predict what a horse is going to do. People should be courteous and respect the horses when they are in the horse district.”
Many of the horses training at the Aiken Training Track are yearlings, and because they are so young, they’re inexperienced and have had minimal exposure to certain situations.
“These are baby racehorses, and from 7 to 11 a.m. the babies are out there, and it’s the first time they’ve seen trucks and it’s the first time they’ve been out on the roads,” said Heidi White, Advanced level eventer and U.S. Olympian. “It’s for the motorists’ safety, not just for our safety. This is a horse community. The horses need to come out of Aiken having had a positive experience.”
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Downtown revels in equine holiday event.
Bells rang, children clapped, adults sang Christmas carols and horses were decorated as Aikenites prepared for Christmas equine style.
A new Christmas celebration came to downtown Aiken on Wednesday afternoon. Christmas carolers made their rounds of downtown but they were not on foot. The carolers came on horseback, in carriages and on a hay wagon complete with Santa Claus and horses and riders dressed in holiday cheer.
Twelve horseback riders and about 30 people in the hay wagon and one horse-drawn buggy gathered together to spread holiday tidings. They sang “Jingle Bells” – “Oh, what fun it is to ride in a one-horse open sleigh” – and “Silent Night” as they worked their way through town. The group began on South Laurens and caroled its way through town, making several stops on Laurens Street, at the Trinity Lutheran Home and in The Alley before making its way to The Willcox for a meeting with Santa and Toys for Tots drive. Full Story…
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Tips for a Successful Holiday Move
Moving when everybody else is celebrating the holidays is no fun.
Here are some suggestions that could help clients who buy in December cope with moving at a time that is incredibly busy:
* Help your clients get the utilities turned on or switched to their names before they move. Moving in the cold isn’t festive.
* Encourage them to keep the holiday decorations readily available. Having a few items to display will make the transition more pleasant.
* Taking a walk around the neighborhood and enjoying other people’s decorations can make new residents feel more at home.
* Holidays are all about friends and family. Encourage clients to invite them to see their new home – even if it is still in a state of chaos.
Source: Relocation.com (12/09/2009)
Shop takes donations of food to make shelter animals’ Christmas merrier
Armfuls of packaged dog food left Herbal Solutions on Tuesday, bound for the Aiken County Animal Shelter.
Business owner Jeri Barrett donated her window display of Nature’s Logic all-natural dog food to the shelter to feed the canines housed there.
Aiken County Animal Control Officer Rick Davis loaded his truck with roughly 26 bags and a handful of canned dog food.
“Those animals out there need help. It’s like ‘Guess Who’s Coming to Dinner?’ They never know. That’s an everyday thing. I hope this gets people to think, ‘What can I do to help?’” Barrett said.
Barrett admits she has a special place in her heart for the shelter. Herbal Solutions’ shop dog, Petey, was adopted there.
On Saturday, volunteers will be at Herbal Solutions to collect donations from the public from 10 a.m. to 2 p.m.
Those wishing to donate can dip a bowl into a bag of dry pet food, if they already have it, and bring the food in a Ziploc bag to Herbal Solutions.
“If enough people do it, it will be a Christmas miracle for the animals,” Barrett said.
Animal Control Advisory Board member Bill Busser was on hand Tuesday to help with the heavy lifting.
“The shelter is limited on their funds,” he said. “Any little bit helps.”
Davis said, at any given time, there are 100 animals at the shelter to feed.
“We absolutely appreciate it. Programs like this are great,” he said.
Herbal Solutions is located at 722 Silver Bluff Road in the Centre South shopping center.
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Mortgage Volume Rises Slightly
Mortgage applications were up 0.3 percent last week compared to the previous week on both a seasonally adjusted basis and on an unadjusted basis, according to the Mortgage Bankers Association weekly survey.
The increase was in refinances, which rose 0.9 percent. As a share of mortgage activity, refinances hit 74.4 percent, the highest refinance share since April 24.
The purchase index decreased 0.1 percent on an adjusted basis and declined 3.6 percent on an unadjusted basis. It was 15.4 percent lower than it was the same week last year.
Some mortgage rates were higher last week compared to the previous week:
* 30-year fixed-rate mortgages increased to 4.92 percent from 4.88 percent.
* 15-year fixed-rate mortgages remained flat at 4.33 percent.
* 1-year ARMs decreased to 6.52 percent from 6.55 percent.
Source: Mortgage Bankers Association (12/16/2009)
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Foreclosures: Ten Reasons for Buyer Caution
Foreclosed homes aren’t always the best deal in town – even if they do come with a price tag that appears to be lower than some other homes in the neighborhood.
Here are 10 reasons why that is true, offered by Vince Mastronardi, president of On-Site Specialty Cleaning & Restoration in suburban Detroit.
No heat in the winter. When a home has been left unheated, buyers run a risk of damaged pipes.
Not removed but ripped. Thieves and even angry former owners can do a lot of damage when they depart with fixtures and key systems like heaters and air conditioners. Full Story….
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Home Owners Would Spend Tax Credit Wisely
A survey of homeowners by Coldwell Banker Real Estate found that 20 percent said they were more likely to consider purchasing a new home after learning about the $6,500 tax credit than they were six months ago.
Of the more than 1,000 homeowners surveyed, 83 percent said that if they were to purchase a home and qualify for the tax credit, they would pay off debts, make home improvements, add it to savings or use the money for household expenses.
Only 6 percent said they would spend the money on a luxury item like a vacation or a shopping spree.
Source: Coldwell Banker Real Estate (12/16/2009)
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Aiken Trials are just 12 weeks away
The 68th edition of the Aiken Trials is less than 12 weeks away and already the anticipation is building for the first leg of Aiken’s Triple Crown, a staple and must-see for Thoroughbred racing enthusiasts throughout the Southeast.
The Aiken Trials will be held March 13 at the Aiken Training Track.
The trials will once again feature six competitive races with the preponderance of the entries composing the fields having trained over the Aiken Training Track, said Bernadette Clayton, Aiken Training Track treasurer.
“It’s going to be the same format,” she said.
Sponsors will have private cabanas as opposed to a big tent near the finish line, said Clayton.
Atlantic Broadband, AllStar Rents, Vista Bank, Boots, Bridles and Britches, AB Beverage and Aiken Horse are among the primary sponsors for the 2010 Aiken Trials.
A portion of the proceeds from the Aiken Trials will go to benefit the Aiken Land Conservancy and the Aiken Thoroughbred Racing Hall of Fame and Museum.
The 2010 edition of the Aiken Trials will not feature the Starting Gate Party, the event held the Thursday night prior to Saturday’s races.
Renewals for regular and patron spots will be sent out during the first week of January.
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Exterior Remodeling: Best Bang for Your Buck
Despite a slow market and a slight decrease in the resale value of most remodeling projects, REALTORS® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by REALTORS® who completed a recent survey.
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
“Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors® can help give your home curb appeal while adding value to the real estate transaction. Full story….
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Are Fixed-Rate Mortgages the Best Loan?
The think-tank Center for American Progress is questioning the premise that a 30-year, fixed-rate mortgage is the best option for homebuyers.
The reason mortgage-backed securities looked so attractive to banks is that they solved the problem of a mismatch between low rates on mortgages and higher rates for deposits. Banks worried about getting stuck earning low rates on a mortgage for 30 years while having to pay higher rates on bank accounts to attract depositors. Their answer: unload their mortgages to investors and let them worry about the profitability of the loans. Those investors hedged their bets by purchasing interest-rate swaps and other derivatives. Now, even Fannie Mae and Freddie Mac are having a hard time getting a handle on what those hedges are worth.
In other parts of the world, variable rates are the norm. While borrowers face the risk of rates going up, lenders at least can ensure the rates they pay to depositors don’t outstrip what they receive in mortgage products. Homeownership rates in Canada and the European Union, where variable rate mortgages are the norm, are about what they are in the U.S.
And in any case, there are ways for borrowers to mitigate their interest-rate risk. They can take out loans with fixed initial period, for example. For homeowners who typically hold their homes for seven years, a five-year fixed rate provides considerable security.
If the country persists in choosing fixed-rate mortgages, some observers say, lenders might consider the Danish model where mortgages are financed through the bond market rather than a separate securities market. That’s a system that has worked well for two centuries.
Source: The Wall Street Journal, James R. Hagerty (12/14/2009)
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15-Year Loans Gain Fans
Home buyers and home owners who are refinancing are increasingly enthusiastic about 15-year, fixed-rate mortgages.
Originations of 15-year mortgages at Wells Fargo & Co. are up 55 percent through November compared to a year ago. At J.P. Morgan Chase & Co., 20 percent of refinances are 15-year loans, up 10 percent in 2008.
One reason is that rates on 15-year fixed-rate conforming mortgages averaged 4.46 percent in early December, according to HSH Associates in Pompton Plains, N.J.
Source: The Wall Street Journal, Ruth Simon (12/09/2009)
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Home Building Begins Rebound
Home building rose 8.9 percent in November to an annualized rate of 574,000, the U.S. Commerce Department announced Wednesday.
The rate was still 12.4 percent below what it was in November 2008, but the increases were nationwide, with the Northeast leading the trend with housing starts rising 16.4 percent. Housing starts rose 12.3 percent in the South, 3 percent in the Midwest and 1.9 percent in the West.
Analysts attributed the increase to the extension and expansion of the home buyer’s tax credit. David Crowe, chief economist at the National Association of Home Builders, is cautiously optimistic. “The new credit will have an impact as we move into 2010 and consumers plan for that credit availability, and builders begin to answer expected demand in the spring,” he says.
Source: CNNMoney.com, Hibah Yousuf (12/16/2009)
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Puppy, kitten doesn’t make good gift on Christmas Day
The calls have already begun coming in. “I want to get my kids a puppy for Christmas. Can you hold it until Christmas Eve?”
We certainly understand that kids love puppies and kittens, and many would be very happy to see one as a member of the family on Christmas morning.
However, if you take a step back and think about it, there probably isn’t a worse day to introduce a new member of the family into your house.
Animals need routine and take time to adjust to life away from a shelter and into your new home. On Christmas, you’re much more likely to have a house full of people, a big Christmas tree with lights and decorations, unwrapped toys and wrapping paper all around the house. Not exactly the best environment for a young puppy trying to find his way in a new home.
We also have to look back when we were kids. The excitement of opening our presents was one of the most memorable parts of the day. However, we all remember discarding one toy, when we opened a new, more exciting toy. The puppy may end up being the one discarded when the new video game system or new bike grabs little Johnny’s attention.
Holidays are typically stressful times in the home, too. There is nothing like reliving an old family argument that happened 20 years ago with people you only see a couple times of year to make you grab for some more of the spiked eggnog and start looking at your watch hoping it is time to go. Now, add in a little puppy or kitten that knocks over the tree, or pees on the rug, or chews on mom’s new fuzzy slippers that Santa brought her.
Next thing you know, the pet is back at the shelter as fast as someone heading back to the mall to exchange the outfit that Grandma bought them. The kids are heartbroken, the parents are frustrated; although the carpet cleaning guy enjoys the extra money around the holidays from the service calls. Full Story….
Loan Modifications Coming Up Short
Only about 4 percent of the home owners who signed up for loan modifications—fewer than 31,000—had received them by the end of November, according to figures released Thursday by the U.S. Treasury Department.
Of the largest lenders, Bank of America Corp. had the worst results. It completed a total of 98 modifications. With 7,100, GMAC Mortgage completed the most.
Lenders have blamed their lack of success in part on the failure of borrowers to complete the paperwork necessary for the process.
The government says it will expedite its efforts to push through as many modifications as possible.
Source: Associated Press, Alan Zibel (12/10/2009)
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City launches Aiken 175th birthday website
The City of Aiken has released several informational tools for residents to learn more about plans for its 175th anniversary.
On Monday, the City launched its website, began airing commercials and began offering brochures on its Celebrate Aiken campaign.
Residents can visit www.celebrateaiken.com to learn more about the City’s plans or pick up a brochure that summarizes upcoming activities.
The brochures are available at the Municipal Building, Aiken Center for the Arts, the Aiken Downtown Development Association office, the Greater Aiken Chamber of Commerce, Aiken Habitat for Humanity retail store, H. Odell Weeks Activities Center, Smith-Hazel Recreation Center, Aiken County visitor’s center and the Holley Building. Commercials will air on Atlantic Broadband and CableVantage.
“You only celebrate Aiken’s 175 anniversary one time, and we wanted to do it right,” said Bill Reynolds, chairman of Celebrate Aiken.
More than 20 events have been planned for the City’s anniversary, he said. They are scheduled to run from the Jan. 9 kickoff event to Aiken’s 175th birthday celebration on Dec. 18. According to Reynolds, the kickoff event, called “Sights, Sounds and Tastes of 1835,” is being held to give people a sense of what things were like when Aiken was founded in 1835.
The event will be held from 1 to 5 p.m. at the Newberry Street Festival Site and several nearby locations which include Newberry Hall, Washington Center for the Performing Arts, the Municipal Building, Aiken Center for the Arts and The Alley.
According to a description of the event on the Celebrate Aiken website, during “Sights, Sounds and Tastes,” historic interpreters dressed in 1835-era clothing will act as time travelers to show how residents lived 175 years ago.
Foreclosures: Ten Reasons for Buyer Caution
Foreclosed homes aren’t always the best deal in town – even if they do come with a price tag that appears to be lower than some other homes in the neighborhood. Here are 10 reasons why that is true, offered by Vince Mastronardi, president of On-Site Specialty Cleaning & Restoration in suburban Detroit. No heat [...]
Fed Commits to Holding Down Interest Rates
The Federal Reserve said Wednesday that it would keep short-term key interest-rate target between 0 and 0.25 percent for an “extended period” – interpreted by many analysts to mean months.
Officials said in a statement after the close of its December meeting that the economy has “picked up,” unemployment is “abating,” and financial conditions have “become more supportive of economic growth.”
The Fed also said Wednesday that it will complete its purchase of up to $1.25 trillion in mortgage-backed securities by March, a decision that could negatively affect the availability of mortgages.
Source: The Wall Street Journal, Jon Hilsenrath (12/17/2009)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Exterior Remodeling: Best Bang for Your Buck
Despite a slow market and a slight decrease in the resale value of most remodeling projects, REALTORS® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates [...]
Refinancing Drives Mortgage Activity
Mortgage activity rose last week to the highest level in about two months, mainly from borrowers locking in low mortgage rates by refinancing, the Mortgage Bankers Association said on Wednesday.
Nearly three of every four loan requests last week was for a refinancing rather than a purchase, the industry group said. Total mortgage applications, based on the group’s seasonally adjusted market index, rose 8.5 percent to 665.6, the highest since early October.
Demand for loans to buy a home increased by 4.0 percent to 241.5, the highest since the last week of October, while refinancing applications jumped 11.1 percent to 3,185.9 last week to a two-month high, the industry group’s indexes showed.
Average 30-year mortgage rates rose 0.09 percentage point to 4.88 percent but haven’t moved much from all-time lows.The rate was down from 5.44 percent a year ago and compared with a record low of 4.61 percent set in March, according to the Mortgage Bankers Association.
Source: Reuters, Mortgage Bankers Association (11/9/2009)
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Home Values Have Been Stabilizing
U.S. homes lost $489 billion in value during the first 11 months of 2009. That’s significantly less than the $3.6 trillion lost during 2008 and evidence that home values are stabilizing, says Zillow.com, online real estate research firm.
Properties in 48 of the 154 markets tracked by Zillow rose in value this year, but Zillow’s Chief Economist Stan Humphries believes prices could decline again in 2010.
“We believe that demand will come under downward pressure as mortgage rates creep back up after the first quarter and that housing supply will experience upward pressure as the volume of foreclosures continues to remain high. Both these factors will challenge the recent stabilization of home prices,” Humphries said in a statement.
Areas where home prices rose the most in 2009 were:
* Boston
* Providence
* Denver, Colo.
* Atlanta, Ga.
* Rochester, N.Y.
Areas where homes continued to lose the most value:
* Los Angeles
* Chicago
* New York
* Miami-Fort Lauderdale
* Phoenix
Source: Zillow.com (12/0920/09)
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TransUnion Predicts Lower Delinquencies
In an estimated 22 states, mortgage delinquencies are likely to decline in 2010 as tougher standards take effect and lenders remove bad debt from their books, according to credit-information company TransUnion.
TransUnion also expects to see mortgage loans that are 60 or more days overdue decline to 6.39 percent at the end of 2010 from 6.56 in December 2009.
Five states are likely to report increases, led by Florida and Arizona, TransUnion said.
Source: The Wall Street Journal, Tess Stynes (12/08/2009)
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Mortgage Rates Creep Back Up
After last week’s decrease to a record 4.71 percent, interest on 30-year fixed mortgages rose to 4.81 percent this week, Freddie Mac reported.
While the Federal Reserve’s effort to purchase $1.25 trillion in mortgage-backed securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae has helped keep rates attractive, Freddie Mac chief economist Frank Nothaft says they rose because a favorable unemployment report pushed long-term bond yields up slightly.
With the Fed program projected to end in March, the Mortgage Bankers Association forecast in October that 30-year fixed mortgages will rise to 5.4 percent next year, increase to 6 percent in 2011, and hit 6.3 percent in 2012.
Source: Inman News (12/11/09)
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Fed: Economy Improving, Commercial Still Weak
The U.S. economy has “improved modestly” since early October, the Federal Reserve said Wednesday in releasing its monthly “beige book” survey of regional economic conditions.
The Fed said residential real estate sales increased everywhere but the Northeast. Also, fewer homes overall were being built.
The report also said commercial real estate was worse than the residential market, with conditions reported to have weakened in virtually all districts, with “rising vacancy rates, downward pressure on rents, and little, if any, new development.”
Overall, the Fed reported that the labor market remained weak in most areas, but it noted improvement in some areas and an uptick in retail sales.
Source: The Wall Street Journal, Sudeep Reddy (12/03/2009)
Geithner Says TARP Will Be Extended
Treasury Secretary Timothy Geithner told Congress on Wednesday that the government’s financial bailout program, Troubled Asset Relief Program (TARP), will be extended until Oct. 3, 2010.
“The recovery of our financial system remains incomplete and near-term shocks to that system could undermine the economic recovery we have seen to date,” Geithner said.
He said new commitments financed by the fund will be limited to three areas, chief of which will be stepping up efforts to curb record-high home foreclosures. Geithner says this is necessary to stabilize the housing market and support an economic recovery.
Other targets will include providing capital to small banks and boosting a commitment to encouraging lending to consumers and small businesses.
Source: Associated Press, Jeannine Aversa and Daniel Wagner (12/09/2009)
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Foreclosures Decline for Fourth-Straight Month
Foreclosures declined 8 percent in November compared with October, but were still up 18 percent from November 2008.
This was the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac.
Default notices, an indicator of coming foreclosures, also were down 8 percent from October, but up 22 percent from November 2008. Bank repossessions were flat from the previous month and down 2 percent from November 2008.
“We don’t really believe the underlying problems have been resolved,” said Rick Sharga, senior vice president for RealtyTrac. Many borrowers, he told the Associated Press, “simply aren’t going to qualify” for government and mortgage servicer help.
States with the highest foreclosure rates are:
* Nevada
* Florida
* California
* Arizona
* Idaho
* Michigan
* Illinois
* Utah
* Maryland
* New Jersey
Four states account for more than 50 percent of actual foreclosures: California, Florida, Illinois, and Michigan.
Source: RealtyTrac, (12/10/2009)
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Obama Proposes Cash for Caulking
President Obama proposed a program Tuesday that would reimburse home owners for installing energy-efficient appliances, windows, and insulation.
Under what has been dubbed “Cash for Caulking,” home owners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions.
Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for home owners to come up with lots of cash.
Source: CNNMoney.com (12/08/2009)
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Dioramas installed at Aiken depot
Without the creation of the railroad, there would likely be no Aiken, which got its name from William Aiken, founder and president of the South Carolina Canal and Railroad Co.
Along with several other towns, life in Aiken in June 1916 is depicted in nine dioramas that will be displayed on the second floor of the Aiken Railroad Depot.
The models were designed by Custom Model Railroad, based in Baltimore, Md. Officials with the company spent Monday morning and afternoon installing the dioramas at the depot, which is under construction. Workers will continue the installation until Wednesday. The dioramas depict life in Hamburg, Aiken, Blackville, Denmark, Branchville, St. George, Summerville and Charleston.
They will stretch along the walls of the entire second floor of the Railroad Depot.
Don Barnes, the railroad technical adviser with the All Aboard! committee, said the dioramas are historically accurate to replicate life in the towns.
Research for the designs took about two years to complete, he said.
He said the models are about 90 percent accurate down to the number of windows and doors on a house, to the number of posts on a fence and the slope and color of a roof. Full Details….
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Lowe’s Offers Do-It-Yourself Solar Panels
Lowe’s, the home-improvement chain, will begin selling do-it-yourself, 40-pound solar panels nationwide for $895 each.
The panels are designed by Akeena Solar, Inc., based in Los Gatos, Calif. Akeena says installation is doable for a novice, but applying for government and utility permits might take some expertise.
“You put solar panels on your roof without a permit, bad things (will) happen to you,” said Jeff Wolfe, CEO of solar installer groSolar. “The utility could shut off the power.”
Akeena panels produce 175 watts of electricity, enough to power a flat-screen TV. Most purchasers will want more than one. Lowe’s also is offering software that allows homeowners to use their home computers to monitor the performance of each panel.
Source: Associated Press, Chris Kahn (12/10/2009)
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Fannie Mae: New Affordable Housing Options
Fannie Mae announced Tuesday that it has launched several initiatives designed to stabilize neighborhoods and promote purchases by owner occupants and low-income buyers.
Fannie Mae’s “First Look” initiative offers buyers who intend to live in the home, particularly low-income buyers, an opportunity to make an offer during the first 15 days the property is on the market. Investors can only make an offer after the first 15 days have passed.
Other programs aimed at stabilizing neighborhoods include:
* Deposit Waivers. Fannie Mae will waive the earnest money/deposit requirement for public entities using public funds to purchase a Fannie Mae-owned property. Individual home buyers who have qualified for public funds and want to purchase a Fannie Mae-owned property do not have to meet the usual earnest money/deposit requirement either. Deposits for these buyers can be as low as $500.
* Reserved Contract Period. Upon receipt of an acceptable offer, buyers have the ability to renegotiate their offer after obtaining an appraisal.
* Extra Time for Closing. Buyers receive up to 45 days to close – 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.
Source: Fannie Mae (11/24/2009)
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Banks Start to Embrace Short Sales
Even before the government put pressure on them to embrace short sales, more banks were starting to take their lumps, do the short-sale deals and move on.
Three years into the housing meltdown, short sales have tripled to 40,000 in the first six months of 2009, compared to the same time period a year ago, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency.
Wells Fargo, Bank of America Corp., and JPMorgan Chase & Co. this year have hired and trained more staff to handle short sales and also developed software for expediting them.
“It’s really finally dawning on banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California in Los Angeles. “I think banks were in denial.”
Source: Bloomberg, John Gittelsohn and Margaret Collins (12/4/2009)
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Treasury Urges Banks to Fix Foreclosure Problem
Unemployed Americans need more help escaping foreclosure, Assistant Treasury Secretary Michael Barr said Thursday.
“We are looking at a wide range of tools to help people who are unemployed,” Barr said. “We need to look at a process, if we come to this point, that is fair to everyone, that is cost effective, that protects the taxpayers and that gives responsible home owners a chance to stay in their homes.”
Barr said it was the responsibility of the banks to get their troubled borrowers into modification plans. “We are examining their performance every day … soon to be twice a day,” he said.
Source: Reuters News (12/03/2009)
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Hopelands attraction prepares for Christmas
Several garden clubs descended on the Dollhouse in Hopelands Gardens to string garland, hang wreaths and decorate a tree just in time for Christmas in Hopelands.
Each club was assigned an area of the house to decorate, such as the mantle, kitchen, bathroom and windows to resemble to this year’s theme: Santa’s workshop.
Previous themes have included Birds of Christmas, Victorian Christmas and Winter Wonderland.
“There are eight federated garden clubs in Aiken who decorate the Dollhouse each year,” said Betty Coward with the Sunshine Garden Club. “We have the window wreaths, and we can only use fresh greenery. Artificial greenery is not allowed,” she said. “We hope visitors to Hopelands will walk through and see the Dollhouse, so we want to present it in its Christmas finery.”
The Green Gardeners were in charge of decorating the fresh Fraser fir Christmas tree donated by Cold Creek Nurseries.
The club handmade elf doll ornaments and bought nutcrackers, trains and cars and little stuffed animals to hang on the branches.
“Christmas in Hopelands brings the spirit of Christmas to Aiken, and it’s absolutely free to the public,” said Mary Kay Dunbar, Green Gardeners president. Full Story….
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Remodelers Say Business Is Picking Up
Home remodeling business is picking up all over the country. Contractors began noticing the trend at the end of what was a long, slow summer.
The reason for the upturn is that home owners, unable to sell properties, are deciding to stay and fix up the deficiencies. An added incentive is the $1,500 federal tax credit for energy-related improvements.
The National Association of Home Builders’ Remodeling Market Index, a measure of contractor confidence, rose slightly last month and its futures index also increased, indicating contractors are more confident that business is improving.
Kermit Baker, chief economist for the American Institute of Architects and Senior Research Fellow at Harvard University’s Joint Center for Housing Studies, agrees that the remodeling industry hit bottom during the summer, but he doesn’t expect substantial improvement until Spring 2010.
Source: CNNMoney.com, Les Christie (12/04/2009)
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Opening of Dog Park, pet fair postponed
Construction delays exacerbated by the heavy rains and below-freezing temperatures expected this weekend have set back opening day at the Aiken Dog Park and postponed the City of Aiken’s companion pet fair.
The ribbon-cutting ceremony scheduled for Saturday will be postponed until further notice, said Barbara Nelson, Aiken SPCA president.
The park will open as soon as the fence is fully constructed, which could be as early as the middle of next week, she said.
The 2-acre park on the site of the future SPCA Adoption Center and Regional Spay and Neuter Clinic has been designed through a joint effort between the City of Aiken and the SPCA, Nelson said.
The park features a doggie splash pool, rolling terrain with trees and areas for large and small dogs.
The Dog Park will be open to all dog owners, regardless of residency.
The pet clinic for City of Aiken residents that was to accompany the opening has also been postponed, Aiken Public Safety Director Pete Frommer said.
Public Safety has concerns about parking in areas that were saturated after Wednesday’s rainfall.
“It’s expected to be very cold, and we really want people to enjoy the day and would like to have a good turnout,” Frommer said.
The rain date for the pet fair has not been determined yet. It will most likely be held after the holidays, Frommer said.
For more information on pet fair registration, call Aiken Public Safety at 642-7620.
Pet owners interested in using the park and purchasing the $10 dog park membership tag should call the SPCA at 648-6863.
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Loan Modification Success Said to be Overlooked
A report from the voluntary, mortgage industry-driven Hope Now program says the mortgage industry has assisted 2.7 million homeowners in 2009 with mortgage modifications or repayment plans outside of the federal programs.
The statement released Wednesday lacked many details about what kind of help servicers were offering. “What are the circumstances?” asks economist Joel Naroff, with Naroff Economic Advisors. “It’s a large number, but they’re probably not helping a lot of people who we’d think of as getting a modification. They might just be rewriting a mortgage to more of a fixed rate.”
The Executive Director of Hope Now Faith Schwartz says industry efforts to solve the foreclosure problem are significant. “We’ve got to talk about what else is going on in the market. That’s the bigger picture,” she says.
Source: USA Today, Stephanie Armour (12/03/2009)
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NAR: FHA Key to Housing Market and Recovery
The Federal Housing Administration mortgage insurance program is a critical part of the American housing fabric and has never been more important than it is in today’s market, NAR President Vicki Cox Golder told a congressional panel this week.
Testifying before the House Committee on Financial Services, Golder said that the FHA program is fiscally sound with responsible underwriting, and needs enhancements not radical reform. She urged Congress and the administration to tread lightly before making changes to a program that has a profound impact on economic recovery and serves the nation’s families.
“With the collapse of the private mortgage market, the importance of the FHA mortgage insurance program has never been more apparent. Thus far in 2009, nearly 80 percent of all FHA insured purchasers are first-time homebuyers. And if you take a closer look at the numbers, you’ll see that program is doing exactly what it was designed to do—make more affordable mortgage financing available to homeowners,” said Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. Full Story….
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Indicators Suggest More Housing Weakness
A new report from the Federal Housing Financing Agency indicated that home prices were flat in September compared to August.
Some analysts saw this and other factors as a sign that home prices are likely to fall again.
Predicting a new 10 percent decline, John Silvia, chief economist at Wells Fargo, said, “There is no clear, easy way out for housing. Contrary to my hopes, housing prices and the housing market in general will weaken again.”
Meanwhile, the Federal Reserve continues to predict that unemployment will remain above 9 percent through 2010. Minutes of its most recent meeting show that Fed officials are unwilling to raise the overnight federal funds rate from its current level of zero for fear of pushing up mortgage rates and adding to the malaise.
Source: The New York Times, David Streitfeld, Edmund L. Andrews and Javier C. Hernandez (11/24/2009)
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Tax Credit Quandaries Answered
The complexity of new home buyer tax credits leaves potential buyers with many questions. Here are answers to some of the most confusing:
How does a current home owner qualify for the $6,500 credit?
Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.
Does the new home have to be more expensive than the one the buyer currently owns?
No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.
Can buyers who are building a new home claim the credit?
Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.
Can buyers claim the credit if they purchase a home from a relative?
No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent, grandparent, child, or grandchild.
Source: USA Today, Sandra Block (11/24/2009)
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Government Announces Short Sales Guidelines
The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.
To qualify under these new guidelines:
* The property must be the home owner’s principal residence.
* The home owner must be delinquent on the mortgage or close to defaulting.
* The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
* The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.
Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.
Borrowers who complete a short sale under the program must be “fully released” from future liability for the debt, according to the guidelines.
Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)
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Option-ARM Borrowers Facing Resets
About 93 percent of option-ARM buyers chose to pay a minimum amount less than the interest due, according to a report released last week by Standard & Poors. That means that nearly all of the 350,000 option-ARM borrowers now owe more than they owed when they first purchased their homes.
Many of these loans were written in 2004 and are close to their five-year reset when the loans convert to a standard amortization. Some more recent loans will reset early if the accumulated interest has pushed the loan-to-value ratio above 110 percent.
In one example outlined in the S&P report, the payment on a $400,000 mortgage goes from $1,287 to $2,593.
The authors of the report say that many ARM borrowers aren’t good candidates for refinancing or modification because their loan-to-value ratios are too high for the government’s Making Home Affordable program. Also, about 80 percent of option-ARM loans were stated-income loans and borrowers could be held legally liable for deliberate inaccuracies on their original applications.
Source: CNNMoney.com, Les Christie (11/26/2009)
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Authors will sign Boykin Spaniel book
Mike Creel and Lynn Kelley are bringing “South Carolina’s Dog” to Aiken.
Creel and Kelley, authors of “The Boykin Spaniel: South Carolina’s Dog,” will be the guests of honor at a book signing from 11 a.m. to 2 p.m. Tuesday at The Book Stall, 413 Hayne Ave. S.W. The book’s revised edition was released this week by the University of South Carolina Press.
“Aiken is a real haven for animal lovers, especially dogs, and I for one know a number of Boykins that walk in the Hitchcock Woods, so we thought it would be a good fit,” said Meg Ferguson, Book Stall staff member. “I think it’ll be a good draw.”
The Boykin spaniel was named the South Carolina state dog in 1985, and Camden is the home of the Boykin Spaniel Society, which has registered more than 16,000 dogs. The revised edition of Creel and Kelley’s book features illustrations, a list of award-winning Boykins and their owners, recollections of dog owners and trainers and a comprehensive bibliography of further reading on the breed.
Creel is a retired public affairs specialist for the S.C. Department of Natural Resources. He wrote for South Carolina Wildlife magazine for several years and received the 1997 Harry R.E. Hampton “Woods and Waters” Conservation Memorial Award for Journalism.
Kelley retired in 2009 as division associate director with the South Carolina Commission on Higher Education and received the South Carolina Order of the Silver Crescent for distinguished service. He is the author of the children’s book “The First Boykin Spaniels: The Story of Dumpy and Singo.”
Copies of the book are available at The Book Stall in hardback for $44.95 and in paperback for $22.95. For more information about the book signing or to reserve a copy of the book, call The Book Stall at 644-0604.
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30-Year Rates Hit Record Low
The average interest rate for 30-year mortgages has fallen to the lowest level since Freddie Mac began compiling its weekly survey in 1971, declining to 4.71 percent this week from 4.78 percent a week ago.
Rates also were more attractive for 15-year fixed loans, which fell from 4.29 percent to 4.27 percent, but many consumers may not have qualified for them because they now face higher credit standards from lenders.
Still, the Mortgage Bankers Association’s index of application demand, which rose 2.1 percent on a seasonally adjusted basis during Thanksgiving week from the previous week, shows that consumers were looking to take advantage of mortgage rates at a historic low.
Source: USA Today, Stephanie Armour (12/04/09)
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Mortgage Applications Rise Over Thanksgiving
Mortgage applications rose last week, according to the Mortgage Bankers Association weekly survey.
On a seasonally adjusted basis, mortgage loan applications increased 2.1 percent compared to the previous week. The seasonally adjusted purchase index increased 4.1 percent from the previous week, while the refinance index rose 1.7 percent.
On an unadjusted basis – reflecting the Thanksgiving holiday – the purchase index decreased 30.4 percent compared with the previous week and was 34.9 percent lower than it was the same week a year ago.
Mortgage rates continued to decline, with 30-year fixed rates reaching their lowest level since May.
30-year fixed-rate mortgages decreased to 4.79 percent from 4.82 percent;
15-year fixed-rate mortgages decreased to 4.27 percent from 4.32 percent;
1-year ARMs decreased to 6.56 percent from 6.66 percent.
Source: Mortgage Bankers Association (12/02/2009)
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