Archive for February, 2010
Report to Reveal Appraisal Fees By County
The monthly Appraisal Fee Reference reports issued by a la mode Inc. list median appraisal fees for 3,000-plus counties and districts in the United States, Puerto Rico and Guam.
The goal is to help lenders satisfy FHA guidelines dictating that appraisers be paid “reasonable and customary” fees. It also aims to help them comply with updated Real Estate Settlement and Procedures Act rules governing changes to estimated costs.
Source: Inman News (02/22/10)
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Fed: Interest Rates to Remain Low
Investors breathed a sigh of relief Wednesday when Federal Reserve Chair Ben Bernanke told Congress that interest rates are likely to remain low for an extended period. The economy, he said, “still requires support for recovery.”
Investors see these low rates as a boon to a recovery of employment and business.
Bernanke’s announcement also took the edge off the news Wednesday that housing sales hit a new low in January.
“Even though nothing he said was particularly new, it was just enough to calm the ruffled feathers that were out there,” said Jim McDonald, chief investment strategist at Northern Trust in Chicago.
Source: The Associated Press, Tim Paradis (02/24/2010)
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2010: The Year of the First-Time Buyer?
According to the Chinese calendar, 2010 is the Year of the Tiger. But in real estate, 2010 may come to be known as the “Year of the First-Time Home Buyer.”
Mark Zandi, chief economist at Moody’s Economy.com, says there will be 1.84 million homes sold to first-time home buyers in 2010, compared with 1.73 million in 2009.
These buyers will invariably make some mistakes that they will come to regret a few years down the road, some experts say, including failing to use a real estate professional to help them manage the transaction.
Real estate professionals have the time and the knowledge to sift through thousands of listings, creating market analyses to judge pricing and other key features, points out Ray Boss Jr., a practitioner with RE/MAX Realty Group in Maryland.
“I would want someone who is going to look out for my interests first and foremost,” says Boss. “Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly — step by step — and make sure I get the house that’s right for me.”
Source: U.S. News & World Report, Kimberly Castro (02/18/2010)
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Commercial Loans Jeopardize Banks
The Congressional Oversight Panel reported Wednesday that commercial real estate loan failures could jeopardize bank stability.
The panel said most of the bad loans were made at the height of the real estate bubble and are concentrated at smaller banks, which make 40 percent of all small business loans.
“We haven’t seen the worst of the problems yet in terms of loan defaults. This is a large issue for a major portion of the banks out there,” said Matthew Anderson, a partner at research firm Foresight Analytics, which provided data for the report.
Source: MarketWatch, Josh Lipton (02/17/2010)
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Foreclosure Prevention Has Aided 116,000
The federal foreclosure prevention program has helped about 12 percent of borrowers who applied for help since the plans were announced a year ago, the Treasury Department says.
About 1 million borrowers initiated the application process, and as of January, about 116,000 home owners–12 percent–had their loans modified. But administration officials say another 76,000 applications have been approved and are awaiting signatures.
Another 830,500 home owners are currently in a trial modification review period during which banks make sure payments are feasible for the borrower and ensure the qualifications of the assistance program are met.
For those who qualify, the Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners’ pre-tax income.
Nearly 60,500 people have been denied permanent modifications.
Source: CNNMoney, Tami Luhby (02/17/2010) and USA TODAY, Stephanie Armour (02/17/2010)
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‘Affordable’ Housing Less Attractive Now
Affordable housing projects all over the country have been a tough sell the last couple of years. Some of the reasons include hard-to-get mortgages and a dwindling difference in prices between affordable units and market-rate properties with no restrictions on resale.
The problem is particularly acute in Far Rockaway, N.Y., where New York City housing officials and developers are frustrated by slow sales of existing units, which prevents the remainder of the project from being built.
City-subsidized housing in Far Rockaway and in various other parts of the city selling for $250,000 to $350,000 is sitting on the market for as long as 18 months, even though prices have been cut as much as 30 percent.
City Housing commissioner Rafael E. Cestero said when the projects were planned, these units ”were deeply affordable” compared with what was then on the market. ”We had no idea what was going to happen,” he said.
Source: The New York Times, Cara Buckley (02/19/2010)
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NAR Resource to Reduce Short Sale Stress
According to the most recent REALTORS® Confidence Index, buyers continue to be discouraged with the extended short sale process, which frequently results in foreclosures that could have been prevented.
New resources from the National Association of REALTORS® aim to help REALTORS® and consumers successfully navigate the short sale process to help more home owners avoid foreclosure.
“Our members report that short sales are often riddled with delays and red tape,” said NAR President Vicki Cox Golder. “NAR has worked tirelessly to provide REALTORS® with the resources they need to navigate short sale transactions, as well as provide guidance on helpful government programs designed for home owners facing the process.”
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Navigating the parkways of downtown Aiken to get easier
“We are going to keep it simple,” said Frommer about the change to the downtown traffic system.
Aiken Public Safety officers and S.C. Department of Transportation officials will start the changeover from the old system to the new one, beginning Sunday.
The lights on Park Avenue from Laurens Street to York Street will be the first ones completed, said Capt. Wendell Hall.
From 1 to 4 p.m. Sunday, residents who want to attempt to navigate the roads using the system can do so.
A number of other downtown intersections will be signaled in a similar manner, but police and road crews hope to first work out any kinks on Park Avenue.
“The other intersections will join the system, but determining how quickly that will happen is dependent on how well Sunday goes,” Hall said.
Public Safety will be downtown during the changeover to answer questions.
“This system is supposed to be much simpler for drivers,” Hall said. “… Especially in the circles and squares.”There won’t be any further need for the “circles go, squares no” mnemonic device that has helped drivers navigate downtown intersections for decades.
“If it’s red, stop,” Frommer said. “If it’s green, go.”
The intersections will be marked with signs where there may be some doubt. There are “no right on red” signs. The traffic signals operate on a camera system that changes the light based on the traffic volume. The cameras replace coils or “loops” in the road that for years have been used to sense and detect vehicles and operate the switching equipment.
The cameras now will record the image of a car as it pulls into the frame and adjust the light cycle accordingly.
The devices are not being used to ticket drivers, Frommer said.
“That’s not what this is designed for,” he added.
Aiken Public Safety is giving drivers a 30-day grace period to learn the new syst
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Construction Up Along With Builder Confidence
Construction of new homes rose to an annual rate of 591,000 in January, up 2.8 percent from December when the revised rate was 575,000, the Commerce Department announced Wednesday.
Meanwhile, the monthly home builder confidence scale rose two points in February to 17.
The National Association of Home Builders Chair Bob Jones said, “Builders are slightly more optimistic that the housing recovery is finally beginning to take root.”
Builder confidence was highest in the Northeast and the South, weaker in the West and lowest in the Midwest.
Source: The Wall Street Journal, Meena Thiruvengadam (02/16/2010) and CNN, Blake Ellis (02/17/2010)
Vacant Lots Become Hot Property
Vacant residential lots are looking better and better to real estate investors.
The cost of a finished, ready to build lot, can cost a developer about 25 percent of the finished home price. There are a number of these ready-to-go lots on the market at about half what they actually cost to prepare. Investor groups are snapping them up, figuring that the time will come soon when they will be in demand.
“The country needs 1.2 million new units for the next 10 years just because of population growth,” says Scott Clark, president of American Development Partners, which has bought thousands of vacant lots all over the West. “[U.S. builders] built about 500,000 units in 2009 and 600,000 units in 2008, so there eventually will be pent-up demand. We want to get as many of those finished lots as we can because as demand begins to rise, the need for housing will become painfully obvious. The delta (ratio of change to value of underlying asset) in this investment will be significant.”
Source: Inman News, Steve Bergsman (02/12/2010)
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NAR Resource to Reduce Short Sale Stress
According to the most recent REALTORS® Confidence Index, buyers continue to be discouraged with the extended short sale process, which frequently results in foreclosures that could have been prevented. New resources from the National Association of REALTORS® aim to help REALTORS® and consumers successfully navigate the short sale process to help more home owners avoid [...]
Home Price Reductions Level Off
The share of homes on the market with price reductions declined to an average of 21 percent as of Feb. 1, according to Trulia.com, which has been tracking the information since April 2009.
This is a significant decrease compared to November 2009, when 26 percent of homes had at least one price reduction
The total dollar amount cut from home prices dropped to $22.6 billion as of Feb. 1, down from $28.1 billion in November, a 19 percent decrease.
The average discount for price-reduced homes is holding steady at 11 percent off the original listing price.
Here are the cities with the largest decrease in listings with price reductions between last November and this month, according to Trulia.
* San Francisco, -46
* Oakland, Calif., -43
* Sacramento, -42
* San Jose, -40
* Indianapolis, -39
* Seattle, -37
* San Diego, -33
* New York, -33
Source: Trulia.com (02/16/2010)
Zoning change would affect horse manure storage
Members of the Equine Committee unanimously agreed Tuesday to recommend to City Council that the zoning ordinance be changed to say that manure containers must be placed 15 feet from the right-of-way and 25 feet away from property lines.
The current ordinance reads, “The premises must be maintained by keeping manure piles in covered containers at least 50 feet away from any dwelling or any pool, patio or other recreational structure or an adjoining lot and at least 25 feet from any property lines.”
Assistant City Manager Richard Pearce said the committee has been meeting about the issue for several months.
The matter came up for discussion after a resident made a complaint to City officials about the vicinity of a neighbor’s manure container from the street. After investigating the complaint, City officials learned that the ordinance was not being adhered to.
The zoning ordinance also requires property owners to have manure removed from paddocks and stables at least twice a week to prevent the accumulation of flies and odors. All manure containers are required to be emptied at least once a week.
In considering the change, the committee looked at setback codes for animal waste in other areas such as Lexington County, Beaufort, Florence, Rock Hill and Camden.
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Camellia Club will show off blooms at tea
Celebrate the beauty of camellias in a tradition of days gone by.
The Edgefield Camellia Club will host its third annual Camellia Tea on Thursday, Feb. 25 from 3 to 5 p.m.
“The tea is a revival of a very old custom in the town in which we proudly showed off our camellia blooms to many and varied friends because Edgefield in the 1940s and 1950s was a noted area of interest in the C. Japonica,” said Hal Irish, who does publicity for the club. “This is the third tea put on by the Edgefield Camellia Club, and we hope that this becomes a modern tradition for the town.”
The tea is free and open to the public; no tickets are required. There will be food and drinks including coffee and tea prepared and donated by members of the Edgefield Camellia Club.
The treats will be served in the “grand manner of the ’40s and ’50s on china plates and glass cups and saucers with linen napkins.”
Last year’s tea had more than 250 camellia blooms on display, creating an outstanding display and delighting attendees.
“Previous teas have attracted people from all parts of the state and beyond and featured over 225 camellia blooms,” Irish said.
The tea will be held at the Edgefield Historical Society’s headquarters located on Magnolia Drive in downtown Edgefield.
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SPCA store gets ready for move
Volunteers are packing up the bric-a-brac to move the Aiken SPCA Thrift Store to larger quarters.
The store’s final day at its present location on Park Avenue will be Saturday, and the doors will open to the public at its new location, 404 Richland Ave. E., on Monday, March 1. The new store at the corner of Richland Avenue and Union Street, which formerly housed the Amish Heirloom Furniture, will give the SPCA twice the space of its previous location, according to SPCA Executive Director Gary Willoughby.
“We started off with just one side of the store, I think about 10 years ago, and outgrew that and took over the second side in January of 2007; it’s a little over 2,000 square feet,” Willoughby said. “I’ve been looking for a new location for almost a year because we’ve gotten a lot more donations and we’ve really outgrown it. The Board of Directors wanted us to stay as close to downtown as possible, and I wanted a larger overall space and dedicated parking.”
Among the new building’s other pluses are double doors at the front and back, enabling easier access for delivery of large furniture and appliances, and a dressing room space, Willoughby said. There will also be a pet adoption area with shelter cats there full-time and weekend dog adoptions, and an information table with plans for the new SPCA shelter at the store, to emphasize the thrift store’s connection to animal welfare.
“One thing that worked out for us is that this building is owned by Lee Boylston, who owns Holley Heating and Air. He’s been a big supporter of ours for a long time now, so it’s a good fit for both of us,” he said.
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Try out Animal Shelter website
Friends of the Aiken County Animal Shelter (FOTAS) now has its own website, and it’s up and running.
Feb. 14 was the official launch date for www.fotasaiken.org, which allows users to check on a number of things pertaining to the shelter, such as animal adoptions and fostering, volunteer opportunities, news and upcoming events.
As of Wednesday, the website’s hit counter was at nearly 1,200.
Lorrie Sullivan, who created the website, got involved when a FOTAS member contacted her about donating a number of leather dog leads, which Sullivan makes by hand.
“The shelter was one of those places I tried to avoid because it’s heartbreaking and I have a house full as it is,” she said. “I knew if I went there, I’d bring something home.”
But when Sullivan was at the shelter to drop off the leads, she realized a need.
“I decided I could do a website and clerical work from home. I am not a professional website designer, but I felt comfortable enough to say I could do it,” she said.
Users visiting the website can learn more about volunteer opportunities – either by walking and socializing animals kept at the shelter, performing clerical work and participating in community outreach events – post to the message board and check out what is coming up by viewing the events calendar. For instance, the shelter is offering a “Two Fur One” adoption special in which animal lovers can adopt two pets for the price of one – typically $70 – or adopt one animal for half price.
There is also a donation page on which users can enter in their credit card information and make a charitable donation to help further the FOTAS mission of improving the quality of life for shelter animals and reducing the euthanasia rate by promoting successful pet adoptions and helping to prevent unwanted and abused cats and dogs.
“The website is growing into something that’s exciting,” Sullivan said.
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Tour will explore Aiken’s historic downtown
Celebrate Aiken will hold the 175th Anniversary Walking Tour of Historic Downtown Aiken on Feb. 27 from 10 a.m. to 4 p.m.
There is no charge for the tour, and no tickets are required; advance reservations are unavailable and unnecessary.
Thirteen downtown locations have been selected for the special event that commemorates the founding of Aiken.
The self-guided walking tour will begin at Aiken Preparatory School, headquarters for the tour. The school is located at 619 Barnwell Ave. Parking and a tour brochure, including a tour map, will be available. City tour buses will also be available to shuttle people between the sites.
Site docents at each location will elaborate on the history of each property. For easy identification, Celebrate Aiken signs with yellow balloons will identify each site. Some sites are not handicap accessible.
At the end of the tour, the Aiken Choral Society will perform at Rose Hill Estate at 4:15 p.m. Cocktails and food will be available for purchase at the Rose Hill Estate into the evening.
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A Much-Needed Road Map for Short Sales
As lenders adopt new federal guidelines, short sales should become less frustrating for all.
The short-sales process, often agonizingly long, may not speed up overnight, but there’s reason to believe that better days are ahead. The federal government’s long-awaited guidelines for standardizing short sales were released at the end of 2009, and although they don’t take effect until April, mortgage servicers have the option of implementing them early.
The short sales guidelines are part of the government’s new known as HAFA, which is an add-on to the Obama Administration’s more wide-reaching Home Affordable Modification Program launched in early 2009. The idea is that if borrowers are eligible for the modification program but are unable to work out a plan to stay in their home, they—and their lenders—have a well-mapped route for executing a short sale or a deed in lieu of foreclosure.
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Citigroup to Ease Foreclosure Process
Citigroup announced Thursday that it will let delinquent home owners who don’t qualify for any federal relief program stay in their homes for six months as long as they turn over the keys and leave the property in good condition when the grace period expires.
The bank estimates that more than 20,000 borrowers in hard-hit states like Michigan, Ohio, Florida, Illinois, Texas, and New Jersey could be eligible.
Citigroup is hoping its plan will prevent borrowers from damaging their homes before they depart, which will save the bank significant repair dollars. The program also allows the company to bypass the slow-moving foreclosure process and gives the bank more control over when it puts properties on the market.
Source: The Washington Post, Renae Merle (02/11/2010)
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Fed Plans to Pull Back Money
Federal Reserve Chair Ben Bernanke released a formal proposal Wednesday to collect the trillions of dollars that the Federal Reserve has spent to prop up the economy.
Bernanke emphasized that the economy still needs the support of easy money, but he warned that the Fed will soon have to “tighten financial conditions” and raise interest rates. He didn’t specify how much, although he offered some reassurance that the increase won’t be dramatic immediately.
In his report, Bernanke said the Fed plans to sell securities while simultaneously offering to rebuy them at some point.
He also said the Fed plans to sell the equivalent of certificates of deposit to banks and financial firms and take a piece of the banks’ reserves in return.
The release of Bernanke’s proposal initially rattled the stock market but later stocks crept up again.
Source: CNNMoney.com, Jennifer Liberto (02/10/2010)
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Luxury Homes in Foreclosure Go to Auction
An increasing number of homes with multi-million dollar price tags are going into foreclosure and that’s driving desperate owners to sell at auction.
In 2009, 18,817 properties worth at least $1 million faced foreclosure. That’s up 162 percent from 2008, reported foreclosure marketer RealtyTrac.
Prices of $1 million-plus properties are down about 25 percent since 2007 with an increasing number of desperate home owners choosing auction sales over waiting for years for the right buyer to come along.
“Any home owner selling in this economy is on the market because they have to be,” says John Brian Losh, CEO of LuxuryRealEstate.com, a Web site that specializes in high-end properties. “If they’re frustrated and they can’t figure out why they haven’t gotten any offers, they might think an auction will generate some interest.”
Source: Forbes, Francesca Levy (02/11/2010)
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Foreclosure Rate Dipped in January
U.S. foreclosures declined 10 percent in January compared to December, but were still up 15 percent year over year, foreclosure marketer RealtyTrac reported Thursday.
RealtyTrac CEO James Saccacio predicted an increase on the horizon: “January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January, then a surge in foreclosures over the next few months.”
States with the top 10 foreclosure rates are:
1. Nevada
2. Arizona
3. California
4. Florida
5. Utah
6. Idaho
7. Michigan
8. Illinois
9. Oregon
10. Georgia
Six states account for nearly 60 percent of the national total: California, Florida, Arizona, Illinois and Michigan.
Source: RealtyTrac (02/11/2010)
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Art show to feature equine, sports theme
Equine and sporting artwork from artists throughout the country will be on display for the Aiken County chapter of the American Red Cross’ Sporting Life Art Show and Sale.
The event will be held at the Aiken Center for the Arts on Friday and Saturday from 10 a.m. to 6:30 p.m.
The event is free to attend. The proceeds from the show will benefit the local Red Cross.
Suzanne Jackson, executive director of the Aiken County Red Cross, said the Aiken Center for the Arts and Beresford Gallery in Unionville, Pa., and Saratoga Springs, N.Y., have partnered with the Red Cross to put together the event.
“This show is very important to the Red Cross to support local disaster preparedness,” Jackson said.
Elizabeth Beer with Beresford Gallery of Unionville, Pa., said the two-day show will feature sculptures, bronzes, wall hangings, oil paintings, watercolors, pastels and some photography. There will also be several works from international artists, as well as those who are well established or developing.
“We tried to bring good pieces that are well priced,” she said.
Janet Harkins, the co-chairman of the event, said the show will offer a good representation of Aiken’s equestrian and sporting interests in the works being displayed.
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Re-enactment teaches about local history
More than 500 pounds of black powder will be fired in Aiken this upcoming weekend.
The battle will rage as Confederate and Union troops clash in the re-enactment of a defining moment in the Civil War for Aiken: The Battle of Aiken.
The actual battle culminated on York Street at the present location of First Baptist Church of Aiken. The re-enactment of the Battle of Aiken is now held at Confederate Park and has become the largest living history event in the Southeast.
“The Civil War was fought for some of the same problems we have now. We do this to educate and teach to perpetuate education to young people,” said living historian Wayne Jones, Confederate Calvary Major General James Ewell Brown also called J.E.B. Stuart. “If I can educate one young person, I’ve carried it to the next generation.”
The entire day on Friday is dedicated to education with local students spending the day learning about the Civil War through living history. This year, they are expecting to host more than 2,000 students.
Throughout the weekend, the event includes activities from learning how cannons are fired, discovering what life was like during the Civil War, a chance to look at hospital techniques, learn about the role of women and see period weaponry in action.
On Sunday, a church service will be held at 11 a.m. Crafts during the event include period art, woodcrafts, replica swords, muskets, iron working, blacksmithing, women’s clothing, uniforms and music.
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Move-up Buyers Face Hurdles
Home owners are finding it difficult to take advantage of the move-up tax credit, which is one more handicap slowing the housing market.
Move-up buyers represented 53 percent of the 2009 market, down from an average of 60 percent in previous years, according to the NATIONAL ASSOCIATION of REALTORS®. While many would like to take advantage of the tax credit, a significant number are unable to sell their current residences and/or get financing for a trade up.
Even young professionals with good salaries can’t make the leap, says Janice Leis, an associate with Coldwell Banker Boca Raton, Fla. “A lot of people think it will be great, and then they look into it and find out they won’t get it,” Leis says. “It’s like false advertising. They get out with their hopes up, and they get their hopes dashed.”
“It’s a real problem,” adds Mark Zandi, chief economist at Moody’s Economy.com. “For a well-functioning market, you have to have that trade-up buyer.”
Source: USA Today, Stephanie Armour (02/10/2010)
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Are Principal Reductions the Answer?
Real estate investors are coming to the same conclusion that housing activists reached at the beginning of the crisis — forgiving principal on underwater loans may be the best way to deal with the problem.
“Principal reduction is the only answer,” says Laurie Goodman, a senior managing director at mortgage-bond trader Amherst Securities Group L.P.
Some activists and investors are asking banks to consider principal reductions so that the amount borrowers owe on underwater loans can be sharply reduced. They say this offers the best incentive for borrowers to continue to make their monthly mortgage payments.
Even though principal reductions are complicated transactions for lenders, even the largest of them are beginning to accept the idea.
“Everybody’s realizing there is a place for principal reductions to a much greater extent than before,” says Jack Schakett, a senior Bank of America Corp. executive involved in loan workouts.
Micah Green, a partner at law firm Patton Boggs LLP, who represents some of the largest investors in mortgages, shrugs the idea that write-downs are unfair to those who continue to make their payments. “Everybody’s going to have to give a little for it to work,” he says.
Source: The Wall Street Journal, James R. Hagerty (02/09/2010)
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Lennar Buys Up Bad Loans to Boost Returns
Miami-based home builder Lennar Corp. paid $243 million for a 40 percent stake in a portfolio of 5,500 residential and commercial real estate loans from 22 failed banks at auction Thursday.
Ivy Zelman, CEO of real estate research firm Zelman & Associates, called the buy a smart move, saying that the return on the investment should be at least 20 percent, far more than Lennar is likely to make on other kinds of investments.
Lennar competed against private-equity firms to acquire the loans. Analysts at Citigroup Inc. said they expect the purchase to add $15 million to the home builder’s earnings in 2010.
Source: The Wall Street Journal, Dawn Wotapka and James R. Hagerty (02/12/2010)
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Tax Credit Inspires Builders Into Spec Homes
Some home builders are back building spec homes in the hopes that buyers will use the soon-to-expire tax credits to buy them.
“We know that we’re going to have more people out now,” says Lance Wright, co-owner of CastleRock Communities in Houston, Texas. “Buying is an emotional decision. Seeing the actual product that you’re moving into will certainly make it easier.”
Ken Campbell, CEO of Standard Pacific Corp., says home buyers having a brand-spanking new product available could be just the ticket to spur buyers. “It does make a difference if the home is ready, available to go.”
Charter Homes is putting up 20 well-appointed spec homes, says Rob Bowman, president of the Lancaster, Pa.-based company. “No matter how tough times are, that’s still a luxury that most people look at and say, ‘That’s something I really want.’”
Source: The Wall Street Journal, Dawn Wotapka (02/10/2010)
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Lecture courts green thumbs
The Aiken Master Gardeners Association launches a series of lunchtime lectures on Monday.
The series opens at noon Monday at the Aiken County Agricultural Services Building, 1555 Richland Ave. E. Admission is free, no reservations are required and participants may bring in food and drink during the presentation.
The speaker for the first lecture will be Master Gardener Bill Hayes, speaking on “Aiken Lawns and Their Maintenance,” according to Al Snell, association vice president and program chairman.
“We’ll be doing these every month on the third Monday of the month, and we have the programs planned out through May so far,” Snell said. “Right now, we’re planning for this series to go all year. We just want to give back to the community and share our knowledge of gardening with the community. We do several outreach programs, the Meet A Master Gardener every Saturday, which will be starting up in March, the Rent A Master Gardener program, where we actually go to a home and do a visual inspection, and we do a program with young people at North Aiken Elementary School.”
Upcoming programs include “Vegetable Gardening” by Tom Dix on March 15, “Hydrangeas” by Ben Rhoden on April 19 and “Container Gardening” by Linda Christine on May 17. This will be the first year for the Lunch Box Series, according to Snell.
“We think it’s going to be a great way for the community to get some good gardening information, and we’re going to try to gear the topics to the season,” Snell said.
For more information about the Lunch Box Series or about the Master Gardener program, call the Clemson Extension Service at 649-6297, ext. 122.
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Art sale to aid future homeownership
An upcoming benefit for Habitat for Humanity’s Women Build program will help Aikenites spruce up their homes while helping someone in need to build a home.
The fifth annual Art Show and Sale will take place from 10 a.m. to 7 p.m. Friday, Feb. 26, and 10 a.m. to 4 p.m. Saturday, Feb. 27, at the Winter Colony home Sunny Corner, located at 208 South Boundary Ave., on the corner of South Boundary and York Street.
Admission is free, and the sale will feature framed and unframed wall decor provided by Marketplace Wholesale Art, according to event Chairman Linda Purdy.
“We’ll have a variety of original art and prints available, framed and unframed, and some mirrors,” Purdy said. “Marketplace will bring all the art, and we’ll have volunteers from the community to do the sales.
There will also be interior designers available to assist people with their selections.”
Prices can range from $10 for small unframed prints to more than $1,000 for large framed original oil paintings, according to volunteer Tommie Culligan. Customers can pay by cash, check or major credit card.
“Attendance has been good every year. I think we sold more unframed art than framed last year,” Culligan said.
“We have had repeat customers, people who come back year after year,” Purdy said.
The organizing committee hopes to raise $5,000 to $6,000 with the event to kick off fundraising for the next Women Build project.
Full details…..
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15 Best Retirement Cities
Boomers are willing to move farther than previous generations when they retire, and they are choosing places unlike stereotypical retirement hotspots, says Tom Brokaw in his report on Boomer retirement, airing on CNBC, Thursday, March 4 at 9 p.m. ET.
The top places listed by AARP and explored on the show are:
* Loveland/Fort Collins, Colo.
* Las Cruces, N.M
* Rehoboth Beach, Del.
* Portland, Ore.
* Greenville, S.C.
* Sarasota, Florida
* Ann Arbor, Mich.
* Tucson, Ariz.
* Montpelier, Vt.
* Honolulu
* Santa Fe, N.M
* Atlanta
* Charleston, S.C
* Northampton, Mass.
* San Diego, Calif.
Source: CNBC, Paul Toscano (02/05/2010)
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Property Values Fall Again
U.S. home values declined another 5 percent in the fourth quarter, compared to the previous year. This was the 12th straight quarter of year-over-year declines, reported Zillow.com.
More than 29 percent of homes sold in 2009 in the U.S. went for less than sellers originally paid for them, Zillow said, estimating that more than 20 percent of U.S. home owners owe more on their mortgages than their properties are worth.
“While the next few months are likely to bring further home value declines in most markets, we do expect to see a national bottom in home prices by the middle of this year,” Zillow Chief Economist Stan Humphries said in a statement. “Thereafter, home values are likely to bounce along the bottom with real appreciation remaining negligible for some time.”
Source: Bloomberg, Daniel Taub (02/10/2010)
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Aiken’s Makin’ may see some change due to parkway project
Work taking place in downtown parkways will not significantly affect Aiken’s Makin’, according to officials.
Greater Aiken Chamber of Commerce President and CEO David Jameson said the annual festival’s planning committee met with City officials on several different occasions during the planning phase of the City’s Green Infrastructure Project and found that the project will not significantly impact the festival.
For Aiken’s Makin’, vendors set up in parkways along Park Avenue between Chesterfield and Union streets to sell items such as arts and crafts and many types of food.
The Green Infrastructure Project will take place in several of the City’s parkways, including Park Avenue, where contractors are working on the early stages of the project. Eventually, bioretention ponds and rain gardens will be created in the parkways in an effort to absorb more rainwater and reduce storm water runoff in Hitchcock Woods.
Pervious pavement will also be installed in the streets where storm water runoff is prevalent. The project is being led by Clemson University professor Dr. Gene Eidson and his students.
According to Jameson, any changes that will need to be made at Aiken’s Makin’ once the project is finished will be minimal. He said some vendors may need to be relocated in some areas; however, officials will not know when until construction is complete.
“We may have to redesign some exhibit space, but it should work out fine,” he said.
City Manager Roger LeDuc said water and electrical lines will be placed underground in the parkways as a part of the project so that power and water will be more accessible to vendors during events.
“We want to try to make this a festival-friendly area,” LeDuc said.
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A New Way to Look at Mortgage Risk
Denver-based BlackBox Logic has developed a database of more than 21 million mortgages not backed by Fannie Mae, Freddie Mac, or other government-sponsored agencies.
The upstart scrutinizes raw loan data from trustees and issuers, flagging such information as whether a borrower is behind on payments or has a modification. It then blends that loan information with other databases that provide a credit score for the borrower and an estimate of residential value.
BlackBox says it offers its data to the average user at half the cost of FirstAmerican Core Logic’s Loan Performance, the industry’s leading player.
Source: Denver Post, Aldo Svaldi (02/10/2010)
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Home Builders Are Rebuilding
Business is improving for many home builders.
Everything from tax credits to longer tax-loss carry-backs to the ability to take big write-downs for the declining values of land and inventory has created a foundation that has allowed builders to rebuild themselves.
Beazer Homes USA Inc. announced last week that first-quarter new-home orders rose 37 percent, and its cancellation rate fell to 27 percent from 46 percent the previous year.
D.R. Horton also announced last week that it had posted a $192 million profit in the first quarter after losing $62.2 million in the same quarter last year.
Executives for both the companies are pleased with this quarter’s results, but both express concern that the overall economy isn’t picking up much speed.
“You have to have job growth in the economy, and there is obviously no job growth to speak of today,” D.R. Horton CEO Donald Tomnitz says.
Source: The Wall Street Journal, Paul Vignz and John Shipman (02/05/2010)
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White House Props Up Fannie and Freddie
More than a year after the global financial meltdown, Fannie Mae and Freddy Mac remain at the center of the U.S. government’s efforts to keep real estate afloat. So far, the government has given the two companies a total of nearly $111 billion to buy mortgages originated by others, keeping some as investments and repackaging other for sale to investors as securities.
Together, Fannie and Freddie fund 90 percent of U.S. mortgages. They also have reignited lending by state and local housing-finance agencies by guaranteeing $24 billion in debt. And they are supporting the apartment sector by lending to builders and buyers.
The situation is unlikely to change soon because by relying on Fannie and Freddie, Obama can bypass Congress. The government is “running Fannie and Freddie as an instrument of national economic policy, not as a business,” says Daniel Mudd, who was forced out as Fannie Mae’s CEO in September 2008 when the government took control.
Assistant Treasury Secretary Michael Barr defends the status quo, saying that Fannie and Freddie are “owned by the taxpayers in the middle of the biggest housing crisis in 80 years” and the administration’s actions have been “prudent” and “consistent with taxpayer protection.”
Source: The Wall Street Journal, Nick Timiraos and James R.
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Will Rewarding Borrowers Prevent Defaults?
Will paying underwater borrowers to keep meeting their mortgage obligations prevent them from walking away?
Loan Value Group LLC says it is working with a major mortgage lender to test this theory.
Here’s the plan. The mortgage investor offers a cash reward to borrowers to keep paying. The amount varies by borrower based on income, negative equity, geography, and other risk factors. The more likely a borrower will default, the bigger the carrot.
The borrower can’t collect the payment until the mortgage is paid, although the rewards can be used to help pay off the mortgage if the property is sold.
The plan keeps lenders from having to mark properties to market and take big losses. Frank Pallotta, a founder of Loan Value Group and former executive at Morgan Stanley and Credit Suisse, says the program will pay for itself if only a few borrowers stay put and keep paying.
Source: The Wall Street Journal, Nick Timiaros (02/08/2010)
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Real Estate CEOs Say Business Is Improving
The 110 members of the Real Estate Executive Roundtable are more positive about their industry in the first quarter of 2010 than they were in 2009 with the sentiment index at 73, up from 63 in the fourth quarter of 2009.
The sentiment index measures confidence in real estate market conditions. However, a common concern of respondents is the employment picture. As one CEO commented, “There are 20 million or more people who are underemployed or unemployed. Businesses are being very cautious. The federal government is considering raising taxes. All of this is causing uneasiness.”
Approximately two-thirds of respondents said capital—for both debt and equity—is more accessible now compared to a year ago, during the height of the financial crisis.
Source: Real Estate Roundtable (02/03/2010)
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Cash for Caulkers: Appealing to Home Shoppers?
Congress is about to approve a program to put contractors back to work doing energy retrofits.
If “Cash for Caulkers” passes, home owners will be eligible for a tax credit worth up to $12,000 or half the cost of the retrofits, whichever is lower.
A home owner who spends $24,000 to cut his energy use in half will save an average of $100 per month, estimates Lane Burt, manager of building energy policy at the Natural Resources Defense Council. With a $12,000 tax rebate from the government, the payback will take 10 years.
Some real estate practitioners pointed out that energy retrofits might be a hard sell because they don’t raise a home’s sale value. “It sounds good on paper, but it’s just not how the American consumer makes choices,” says Jeff Geoghan, a Coldwell Banker REALTOR® in Lancaster, Pa. “If you’re buying a house, and you see a furnace has a 95 percent efficiency rating, are you really going to make your decision based on that?”
Source: CNNMoney.com, Steve Hargreaves (02/04/2010)
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Chamber music series kicks off Feb. 14 with ‘Love Notes’
A new chamber music series at the Aiken County Historical Museum kicks off with romantic “Love Notes” for Valentine’s Day.
“Love Notes,” the first event in the Winter Colony Series, will take place at 3:30 p.m. on Sunday, Feb. 14 in the Banksia ballroom. The concert will feature love songs and piano pieces by classical vocalist Diane Haslam and pianist Larry Millen, and poetry read by Jim Anderson.
“Larry Millen is a wonderful pianist who spends most of his time as a doctor,” said Haslam, who is organizing the concert series. “There’s only going to be one solo piano piece in this concert, but it’s one people will love – ‘Claire de Lune’ by Debussy.”
Violinist Laura Tomlin, owner of Carolina String Academy, will also appear in the Valentine’s Day concert, according to Haslam.
Featuring works by Schumann, Faure and several Victorian composers, the program is designed to recreate a possible evening’s entertainment in an estate such as Banksia a century ago.
Haslam is a professional vocalist in the classical music world and has performed with the Netherlands Opera Company, the Cincinnati Opera, the Augusta Opera, the Augusta Choral Society and the Aiken Choral Society.
She is an adjunct professor of voice at Newberry College and gives private voice lessons at her studio, Vocal Dimensions. Full Details…..
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Homeownership Rate Declines
The percentage of American home owners fell to 67.3 percent at the end of the fourth quarter of 2009, the lowest percentage since the second quarter of 2000.
The homeownership rate reached a high of 69 percent in 2004, fueled by low interest rates and easy credit. But the rate began to fall in 2006 as some owners failed to make their payments and faced foreclosure. Since then nearly 4 million homes have been lost to foreclosure.
“The homeownership data I think really just underscores how this country as a whole became obsessed with getting people into homes,” says Mike Larson, real estate and interest rate analyst at Weiss Research Inc., an investment-research firm. “You can do all kinds of things to get people into a house, which we did; the real problem is making it so they can stay there.”
Source: The Wall Street Journal, Sara Murray and Jeff Bater (02/03/2010)
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What Will the Market’s New Normal Be?
In a new study, “Housing in America: The Next Decade,” Urban Land Institute senior resident fellow John McIlwain says the housing market will not return to what it was prior to the downturn but rather that a “new normal” will take its place.
He expects another 10 percent decrease in residential prices this year, a jump in the number of borrowers abandoning “underwater” mortgages, and a change in consumer perceptions of homeownership.
“The emotional impact on the children and parents and disillusion about the ‘joys’ of homeownership will be intense; new attitudes to homeownership and the American dream will emerge,” McIlwain writes.
He expects home price appreciation to hover around 1 percent or 2 percent per year after the market recovers and the national homeownership rate to drop from 67 percent currently to 62 percent by 2020.
In the coming decade, McIlwain expects the following:
* Older baby boomers to move to urban, mixed-use, mixed-age centers near family instead of retiring to Sun Belt communities;
* Immigrants to snub the suburbs in favor of more close-knit communities;
* Younger boomers to face the challenges of lost home equity and a smaller pool of move-up buyers;
* Generation Y to rent for long periods by choice or because they are paying off student loans or have stagnant incomes.
Source: Inman News (02/01/10)
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Pending Home Sales Stabilize
Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, increased 1 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 when it was 87.1.
In November, the monthly index had fallen by 16.4 percent from surging activity in preceding months.
Lawrence Yun, NAR chief economist, says it’s important to recognize how the tax credit is skewing market data.
“There are easily understood swings in contract activity as buyers respond to a tax credit that was expiring and was then extended and expanded,” he says. “These swings are masking the underlying trend, which is a broad improvement over year-ago levels.”
December activity was the fifth highest monthly tally in two years.
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Lifeline Needed for Underwater Home Owners
An estimated 4.5 million home owners owe 75 percent more than their homes are worth. That number is likely to peak at 5.1 million in June, affecting 10 percent of home owners and making them increasingly likely to just walk away.
”We’re now at the point of maximum vulnerability,” says Sam Khater, a senior economist with First American CoreLogic, the firm that conducted the recent research. ”People’s emotional attachment to their property is melting into the air.”
Consultants at Oliver Wyman calculated that 17 percent of owners defaulting in 2008 –about 588,000– chose to default even though they could pay.
First American estimates that it would cost about $745 billion – about the same as the original 2008 bank bailout – to restore all underwater borrowers to the break-even point.
Doing so would be seen as highly unfair by many taxpayers, says Michael S. Barr, assistant Treasury secretary for financial institutions, but doing nothing would be another blow to a fragile economy.
Source: The New York Times, David Streitfeld (02/022010)
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Fannie, Freddie Go After Bad Loans
Accountants at Fannie Mae and Freddie Mac are auditing mortgage files to uncover loans with improper documentation about a borrower’s income, and then forcing banks and savings and loans to buy the loans back.
Freddie required lenders to buy back $2.7 billion of loans in the first nine months of 2009. Fannie Mae won’t disclose its figures, but the mortgage trade publication Inside Mortgage Finance said Fannie made $4.3 billion in loan-repurchase requests in the first nine months of 2009.
One result is that banks are underwriting mortgage loans even more carefully than they were last year, which can further slow the lending process.
“If you’re being hit with a lot of repurchases very suddenly, the easiest thing to do is to tighten your standards rapidly,” said Glenn Boyd, a Barclays analyst.
Source: The Wall Street Journal, Nick Timiraos (01/30/2010)
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10 Home Features Buyers Want
Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.
“It’s all about family togetherness – casual living, entertaining and flexible spaces,” says Carol Lavender, president of the Lavender Design Group in San Antonio.
Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:
1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable
Source: MarketWatch, Steve Kerch (01/30/2010)
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S&P Predicts Housing Prices Will Fall Further
The oversupply of homes on the market in many regions is likely to reduce home prices still further, rating agency Standard & Poor’s said in a statement Friday.
“While home prices have been trending up since spring 2009, existing, new and pending home sales are waning, which suggests that lower prices are on the horizon,” said S&P in the statement.
The S&P predicted that declining prices will increase the inventory of distressed U.S. housing further and prevent the market from stabilizing.
Source: Reuters News (01/29/2010)
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FHA Relaxes Anti-Flipping Rule
Beginning Feb. 1, the Federal Housing Administration will provide mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days.
The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes, says FHA commissioner David H. Stevens.
Waiving the 90-day rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.
FHA’s change “is going to be absolutely terrific” for first-time home buyers hoping to take advantage of the tax credit, says Bobby Taylor, an associate with Coldwell Banker Mountain West Real Estate in Salem, Ore.
Source: Washington Post (01/30/2010)
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Builder Uses Incentives to Double Sales
Despite the down market and the usual seasonal slowdown, Rick Harcrow of Newland Communities says the company doubled home sales in its FishHawk Ranch development in the Tampa area by offering incentives to buyers.
In addition to federal tax credits of $8,000 for first-time buyers and $6,500 for move-up buyers, the company offered “The FishHawk Ranch Tax Credit” during November and December.
This incentive provided borrowers with a $5,000 or $10,000 closing credit or the greater of 1.5 percent of the purchase price or $5,000. The developer’s credit assisted buyers who did not qualify for the federal tax credits.
During the last year, first-time home buyers rose to 47 percent of home sales,
according to the National Association of REALTORS®; and about 40,000 of them entered the homeownership market because of the extended federal tax break.
Source: Tampa Tribune (01/29/10)
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Houses Shrink, But Some ‘Must Haves’ Remain
Houses are getting smaller, according to data released last week by the National Association of Home Builders.
The association said that the average size of a new home in 2009 was 2,480 square feet, down from 2,520 square feet in 2008.
“The era of easy money is over. You really have to think before you go out and decide you need that five-bedroom, five-bath home,” said Rose Quint, the organization’s assistant vice president for survey research.
Despite smaller home sizes and tightening credits, there are still some features that are expected in new houses. Builders say the following are most likely to be standard in homes built in 2010:
* Walk-in closets in the master bedroom.
* Laundry rooms.
* Insulated front doors.
* Great rooms.
* Energy-efficient windows.
* Linen closets.
* Programmable thermostats.
* Energy-efficient appliances and lighting.
* Separate shower and tub in master bathrooms.
* Nine-foot ceilings on the first floor.
Source: MarketWatch, Steve Kerch (10/22/2010)
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Big Test Ahead for Mortgage Market
The cessation of the government program to buy mortgage-backed securities, set to end in a couple of months, will show whether the White House and Federal Reserve have effectively stimulated the lending market to the point that it is now on solid footing.
If the sector slumps again, home owners could face a new period of distress.
Keeping mortgage rates at record lows was a major component of the economic strategy during President Obama’s first year in office. While it did not garner the kind of headlines that efforts to bail out banks did, the policy did help revitalize home buying in parts of the country and assisted millions of home owners who were able to refinance.
Source: Washington Post, David Cho, Neil Irwin, and Dina ElBoghdady (01/25/10)
© Copyright 2009 Information Inc.
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Critics Say Flood Maps Aren’t Right
The Federal Emergency Management Agency began updating flood maps in 2004. So far, FEMA has spent about $2 million a year to complete the projects, but the agency isn’t done yet.
Meanwhile, critics in several states are complaining that the new maps are inaccurate and arbitrary. FEMA says it welcomes criticism of the new maps and is willing to make changes if there is scientific evidence available that the changes are wrong.
“What we’re looking for is evidence, a study or survey that would provide more detailed information that can be incorporated,” says Josh deBerge, a FEMA spokesman based in Kansas City, Mo.
There is usually a comment period during the 18 months between a map update and the date it takes affect. During that time, community meetings will be held. FEMA urges those with criticisms to take advantage of this window of opportunity.
Source: Associated Press, Michael J. Crumb (01/23/2010)
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Pending Home Sales Stabilize
Pending home sales have leveled from a market swing driven by response to the home buyer tax credit, according to the NATIONAL ASSOCIATION OF REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in December, increased 1 percent to 96.6 from 95.6 in November, and remains 10.9 percent above December 2008 [...]
Project to lessen erosion in Woods
An effort to reduce storm water runoff in Hitchcock Woods is under way.
Representatives with Woolpert Inc. and Willing Construction were out on Park Avenue this week, beginning the City of Aiken’s Green Infrastructure Project.
The project is expected to greatly lessen the amount of storm water drained into Hitchcock’s Sand River canyon. The problem has plagued the City for decades, causing significant erosion in Hitchcock Woods. The City has contracted with the H.G. Reynolds construction company for the project.
Workers will install bioretention ponds and rain gardens in parkways and place pervious concrete and asphalt in downtown streets, all of which will absorb larger amounts of rainfall, officials said.
City Public Works Director Larry Morris said work will initially be done along Park Avenue, Barnwell Avenue, Union Street and near the Newberry Street Festival Site. A soil mixture that will treat water, improving its quality, will also be installed in parkways, he said. Full Details….
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Exhibition shows equestrian photography.
An exhibition featuring the works of nationally renowned equestrian photographer Barry Bornstein will be on display at the Aiken Thoroughbred Racing Hall of Fame and Museum Thursday through Feb. 28.
There will be an opening reception for the artist on Thursday from 5 to 7 p.m.
Bornstein’s exhibit will feature 33 photographs, many featuring scenes from Saratoga Race Course and Aiken, which captures the aesthetic essence of the Thoroughbred industry.
“About half of the photographs are from Aiken,” said Bornstein, a resident of both Saratoga Springs, N.Y., and Aiken. “I look at photography as therapy.”
Bornstein spent nearly three decades in the nonprofit sector in executive positions, which included running a Public Broadcasting System television station and as president of the Special Olympics in New York. For the last 11 years of his career, he worked for three or four charitable organizations in New York, he said.
“I was in junior high school and had won a raffle, and the prize was a Brownie camera, worth about $13 at the time, and that got me started,” said Bornstein. “And like anything else, you have a teacher and a camera club. When I went on to college, I said to myself, this is a great way to earn some extra money. It got me a job as the head of the yearbook in college, and I contributed to the newspaper. I really got a good feel for it.”
His work and images have been featured in a wide variety of publications and venues including Family Circle magazine, The Weekly Reader, newspapers, magazines, Thoroughbred racing websites and the Aiken Training Track brochure.
A portion of proceeds from the photographs which can be ordered will be donated to the Aiken Thoroughbred Racing Hall of Fame and Museum, and donations will be accepted at the reception for the Thoroughbred Retirement Foundation.
For more information about the artist, visit www.barrybornsteinphotography.com.
