Archive for March, 2010
Half of Modified Home Loans are in Default
More than 51 percent of all borrowers whose mortgage loans were modified in the first quarter of 2009 defaulted again by the end of the year, reported the Office of the Comptroller of the Currency and the Office of Thrift Supervision in a joint report.
Modifications are “clearly not working well and it’s not a surprise,” said Sam Khater, a senior economist at research firm First American CoreLogic. “It’s pointless to rewrite these loans because they’re underwater.”
Nearly 4.5 million foreclosure filings are expected in 2010, according to RealtyTrac, a seller of default data.
Source: Bloomberg, John Gittelsohn (03/25/2010)
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Is a Short Sales Boom Coming?
Banks are ramping up short sales thanks to government incentives and the realization that short sales result in lower losses than foreclosures. On average, banks lose 50 percent on a foreclosure, but only 30 percent on a short sale.
Bank of America, the nation’s largest mortgage servicer, has dramatically reduced the time it takes to process short sales. Elizabeth Weintraub, a Sacramento, Calif.-based real estate practitioner who handles many short sales, said, “Bank of America approved [a short sale] in 24 days. That flipped me out.”
The hang-up for many short sellers has been second liens, but the new government program gives first lien holders incentives to share and offers second lien holders and investors a $6,000 cash incentive.
Under the new program lenders must tell the seller the minimum they’ll accept. When the seller comes back with a good offer, it must be accepted within 10 days.
Chris Saitta, CEO of Equator, which produces short-sale software, predicts a boom in short sales. “The challenge will be handling all the volume,” he said.
Source: CNNMoney, Les Christie (03/29/2010)
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Catch ‘Glimpses of Aiken’ at ACA exhibit
Two new exhibitions at the Aiken Center for the Arts (ACA) include the work of local artist Jim Harrison.
“Jim Harrison: Glimpses of Aiken” and “Jim Harrison: A Retrospective” and a collection of 20 new Harrison paintings will open Thursday and run through May 8.
An opening reception will be held on Thursday from 6 to 8 p.m. at the ACA. The reception serves as the kickoff for the second quarter of Celebrate Aiken events based on the theme of arts, education and entertainment.
For more information on the reception, call the ACA at 641-9094 or visit www.aikencenterforthearts.org.
The beginning
“When I was 14, I went to work for an elderly sign painter. I asked him about a summer job. I began scraping signs and painting backgrounds. He took a liking to me and taught me how to letter for the Denmark Coca-Cola Bottling Co.,” Harrison said.
Harrison had an interest in drawing in high school and took art classes at the University of Carolina where he studied education. After college, Harrison became a teacher and a coach for 11 years. During the summers as a teacher, he began taking art classes in Allendale.
“Gradually, through Ms. Melon’s encouragement and what I had learned, I decided to take a year off and see if I couldn’t make it as an artist,” said Harrison. “That would have been in the summer of 1969. I was an artist, and I didn’t know what to do. I lived in Denmark and had never spoken with an artist who made their living from the sale of their work, but I was a little bit familiar with Greenwich sidewalk shows. I decided to go that fall to the Greenwich sidewalk sale. I got a space and I exhibited on the sidewalk. I sold one painting for $85. Full Story….
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Transportation Costs Hurt Housing Affordability
A new study contends that only 39 percent of U.S. communities are affordable for typical households when the cost of transportation is included in the calculation of housing costs.
The Center for Neighborhood Technology analyzed the Housing + Transportation Affordability Index, which examined 161,000 neighborhoods housing 80 percent of the U.S. population, and concluded that for most families, transportation is the second-largest household expense.
It is also a fairly unmanageable one, the study concluded, because it is difficult for families to estimate the full cost of a location before they move there. Gas prices and employment demands aren’t very predictable for many.
Factors that can help people control transportation costs include walkable neighborhood streets, access to public transit, and nearby retail.
Source: Center for Neighborhood Technology (03/23/2010)
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Delinquent Mortgages at Nearly 14 Percent
Nearly 14 percent of all mortgages were in trouble in the fourth quarter of 2009, according to a report released Thursday by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
More than 4.7 percent of all mortgages were more than 90 days past due in the fourth quarter, a 21.1 percent increase from the same quarter in 2008. The number of troubled borrowers with prime mortgages increased 16.5 percent year over year.
Foreclosure sales, short sales, and deed-in-lieu-of-foreclosure actions rose by 8.6 percent from the third quarter to 163,224 and were up 44.5 percent from fourth quarter 2008.
The report, which reflects 34 million loans with nearly $6 trillion in principal balances, said: “Loan servicers reported that they expect new foreclosure actions to increase in the upcoming quarters as many of the mortgages that are seriously delinquent may eventually result in foreclosure as alternatives that prevent foreclosure are exhausted.”
Source: Reuters News (03/25/2010)
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California Extends Home Buyer Tax Credit
California has re-established and extended a $10,000 home buyer tax credit, allocating $200 million to the credit for homes purchased between May 1 and Dec. 31, and between Dec. 31 and Aug. 1, 2011.
Steve Goddard, president of the California Association of REALTORS®, said the tax credit will help create incentive for first-time home buyers to purchase abandoned and foreclosed homes. “It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities,” Goddard said.
The credit will be split between first-time buyers and buyers who have lived in their home for at least two years.
“The tax credit will help push prospective buyers off the fence, clear out inventory, and jump-start the homebuilding industry, which will help create jobs and reinvigorate the state’s economy,” said Liz Snow, CEO and president of the California Building Industry Association, in a statement.
Source: Inman News (03/25/2010)
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New Foreclosure Prevention Plan Announced
President Obama is announcing an expansion of foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers.
The bulk of the responsibility for carrying out the new program will be assigned to the Federal Housing Administration, which will insure lenders against part of the losses.
The plan asks banks to write down loan balances to less than the value of the home. If there is both a first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.
The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.
Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/25/2010)
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No Authoritative Estimate of Total Foreclosures
How many foreclosed homes are really out there? No one can say for sure, but the number seems to be somewhere between 500,000 and 1 million.
To date, no one has been able to track the total number of properties owned by banks, the U.S. Department of Housing and Urban Development, and mortgage investors. Here are a few approximations:
• Barclays Capital uses foreclosure data from mortgage securities to estimate that there are slightly more than 600,000 homes in the process of foreclosure.
• RealtyTrac, which examines public records, estimates the number is closer to 700,000.
• Independent housing economist Tom Lawler combines data from Fannie Mae, Freddie Mac, the Federal Housing Administration, Federal Deposit Insurance Corp., and securitization trusts to conclude that there are actually about 500,000.
Source: The Wall Street Journal, James R. Hagerty (03/19/2010)
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BoA Reports Rising Loan Modifications
Bank of America Corp., which has been under government pressure to modify more underwater mortgages, has apparently responded aggressively.
Bank of America reports that as of the end of February, it had modified 20,666 of its customers’ mortgages permanently under the Home Affordable Modification Program, up from 12,761 at the end of January.
The company said another 22,303 are pending, waiting only for customer signatures.
“We are in a position to show strong results in completion of permanent HAMP modifications as we move into spring,” says Jack Schakett, loss mitigation strategies executive the bank.
Source: The Wall Street Journal, Jay Miller (03/12/2010)
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There’s lots more to do in Aiken
The Sport of Kings isn’t the only game in town. There are plenty of other events vying for Aikenites’ attention this weekend.
Here are a few of the entertainment options coming to Aiken County Saturday.
* The Aiken Kidney Benefit Inc. presents the musical “Cinderella” at 3 and 8 p.m. Saturday at the URS Center for the Performing Arts. Matinee tickets are $22, evening tickets are $24; for ticket information call 648-1438 or visit www.aikencommunityplayhouse.com.
* Walton Rehabilitation Center holds a 5K walk to raise awareness of life with brain injuries from 10 a.m. to noon at The Family Y.
* The Yellow Jessamine Festival will be from 11 a.m. to 9 p.m. Saturday on Georgia Avenue in North Augusta. A festival art show will be from 11 a.m. to 4 p.m. Saturday at the North Augusta Arts and Heritage Center.
* The Optimists Club holds a pancake breakfast from 7 to 11 a.m. Saturday at Holy Trinity Lutheran Church fellowship Hall in North Augusta.
* The Central Savannah River Area Job Forum will take place from 9 a.m. to 1 p.m. Saturday at the Aiken Technical College library.
* The Catholic Women’s Association will hold a game/card party at 10 a.m. in St. Angela Hall. The party will include lunch and prizes. Admission is $8, and proceeds benefit local charities. For reservations, call 648-5569 or 648-8671.
* A “Plantation Medicine” program will take place at Redcliffe Plantation State Historic Site in Beech Island from 10 a.m. to noon Saturday. Admission is $4 for adults, $3 for ages 6 to 16 and $2.50 for South Carolina seniors. The program is co-sponsored by the Aiken Career and Technology Center’s Health Science Technology Program. For details, call Redcliffe at 827-1473.
Analysts Say Rates Should Remain Low
Projections about where credit rates will go in the next year vary widely, but most mortgage analysts think the effect of the Federal Reserve’s move away from the market won’t be dramatic.
Analysts at Credit Suisse and FTN Financial Capital Markets predict that mortgage rates will stay between 5 percent and 5.25 percent for the rest of the year. Moody’s Economy.com projects about 5.7 percent, and Barclays Capital says 6 percent.
“There is a lot of private money on the sidelines waiting to buy mortgage securities once the Fed stops gobbling most of them up,” says Laurie Goodman, senior managing director at mortgage-bond trader Amherst Securities Group.
Source: The Wall Street Journal, James R. Hagerty (03/13/2010)
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Short-Sale Incentives Start April 5th
Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer.
That’s the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let the sellers know a minimum number they are willing to accept. If the sellers bring a buyer with a good offer, the lender must accept it within 10 days.
Not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA), but enough are that it is probably worth waiting.
Source: The Wall Street Journal, June Fletcher (03/19/2010)
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HAMP Applicants Risk Credit Score Reduction
Borrowers who apply for the government’s Making Home Affordable program are likely to have their credit scores drop about 100 points.
This can be a nasty surprise if they try to get a car loan or even apply for a job. “It’s a feeling of being duped,” says Kathy Conley, a housing counselor with the nonprofit credit counseling service GreenPath Inc.
Credit rating agencies defend the reduction, saying that borrowers wouldn’t be applying to participate in the program if they weren’t having financial troubles.
Source: Associated Press, Alan Zibel (03/19/2010)
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Aiken Horse Show brings classes for all ages
The 94th annual Aiken Horse Show is being held one week early this year.
Spectators and eventers alike will gather in Hitchcock Woods on Friday, Saturday and Sunday for the show featuring a myriad of classes that are sure to appeal to everyone. The show starts daily at 9 a.m.
The show kicks off Friday with the $750 Aiken Hounds Welcome Stakes and continues with such classes as open hunter under the saddle and adult amateur hunter over fences.
The day concludes with $1,000 Aiken Horse Show Open Hunter Classic and Gentleman’s Hunter Hack.
Show co-director Gail King said she thinks the show is one of the best in Aiken, if not in the country.
“It is so quintessentially Aiken and held in such a wonderful setting. If people haven’t been in the woods yet, this is a great opportunity for them,” she said. “The show has been held since 1916, and it is one of the most historic shows in the country.”
Saturday features mostly kid-friendly classes, King said, such as open pleasure walk, trot and canter, family class and costume class.
Sunday’s agenda revolves around foxhunter classes such as foxhunter under saddle and junior foxhunter handy working.
This year’s judge is Brian Higham, stud groom for the duke of Beaufort, Badminton, England.
A tent luncheon will be held Saturday and Sunday. Reservations are required. The price is $75. To make reservations, call 642-0528.
The entry fee into the Woods is $10 per car. All proceeds benefit the Hitchcock Woods Foundation. For more information, visit www.aikenhorseshow.org.
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Congress Still ‘Out to Lunch’ on Flood Insurance
Flood insurance is still being kicked around Congress like a football. The House voted Wednesday to extend the federal program through the end of April; the Senate is likely to consider the temporary extension before it recesses next week.
Current policyholders would continue to be covered even if the Senate doesn’t vote on the extension, but no new policies can be issued without Senate approval, so home sales in flood-prone areas would be delayed.
Source: Times-Picayune, Bruce Alpert (03/18/2010)
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Winter Storms Hold Mortgage Rates in Place
Interest on 30-year fixed mortgages averaged 4.96 percent this week, barely up from 4.95 percent a week ago, while 15-year rates nudged up to 4.33 percent from 4.32 percent, Freddie Mac reported. Freddie Mac chief economist Frank Nothaft said the virtually unchanged interest on fixed-rate mortgages was the result of the effects of recent snow storms on the housing market.
Also for the week ending March 18:
• Five-year adjustable-rate mortgages rose to 4.09 percent from 4.05 percent.
• One-year ARMs fell to 4.12 percent from 4.22 percent a week ago.
Source: The Wall Street Journal (03/19/10)
Greenspan Denies Causing the Housing Bubble
Former Federal Reserve Chair Alan Greenspan, whose policies have been blamed for the economic meltdown of 2008, will present a paper at the Brookings Institution today saying that the low interest rates during his tenure didn’t cause the housing bubble.
“To my knowledge, that lowering of the federal funds rate nearly a decade ago was not considered a key factor in the housing bubble,” he wrote in a preliminary copy of the presentation.
“The global house price bubble was a consequence of lower interest rates, but it was long term interest rates that galvanized home asset prices, not the overnight rates of central banks,” Greenspan continued.
What did cause the bubble, Greenspan argued, is the explosive growth of developing economies in Asia and other parts of the world.
Source: CNNMoney.com (03/18/2010
More People Are Sharing Homes
About one in every six Americans lives in a multi-generational household, up 30 percent since 2000, according to U.S. Census figures and a study released Thursday by the Pew Research Center.
The study found that the economy is a primary driver of the trend, but there are other factors as well. Aging Americans are opting for home health care over nursing homes, and Hispanic and Asian immigrants come from cultures where multi-generational living is the norm.
The Pew study and an examination of census data by AARP concluded:
• The most likely multi-generational scenario is a parent who owns a home and shares it with an adult child and a grandchild.
• Older women are more likely than older men to live in a multi-generational household.
• The number of adults older than 65 who live alone is decreasing from 28.8 percent in 1990 to 27.4 percent in 2008.
Source: Associated Press, Hope Yen (03/18/2010)
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Foreclosure Inventory Is Increasing
The inventory of foreclosed homes that banks are sitting on is rising, threatening to push home prices down further in some parts of the country.
Analysts at Barclays Capital estimated that banks and mortgage investors held about 645,800 foreclosed homes in January, up 4.6 percent from December. That is down significantly from the peak of 845,000 in November 2008.
States with the largest number of foreclosures are Florida, Arizona, Nevada, California, and Michigan.
Source: The Wall Street Journal, James R. Hagerty (03/19/2010)
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Coach, carriage drive helps support Audubon endeavors
An idyllic landscape served as the backdrop for the nearly 20 carriages participating Friday in the 2010 Audubon Coach and Carriage Drive at the Silver Bluff Audubon Center and Sanctuary.
Coaches and carriages, including four-in-hands, participated in the seven-mile drive through a trail system, providing participants with an opportunity to observe wildlife in its natural habitat. This is the fourth year the Center and Sanctuary has held the event.
“It’s always well attended, and people just love coming out to this property and riding the trails,” said Paul Koehler, Silver Bluff Audubon Center and Sanctuary director. “We have seven miles of trails. Spectators love to get up close to the horses and all the fine riggings. It’s a lot of fun for everybody. In addition to the fun that everyone is having, they’re also supporting Audubon. We really couldn’t keep this place going without the support of the community. We do appreciate everyone coming out.”
In addition to the coach and carriage drive, the day featured raptor demonstrations, live reptiles and amphibians, walks on the nature trail and a buffet lunch catered by the Green Boundary and hosted by Jack Wetzel.
“I enjoy coming back to the Audubon drive because my friend, Mr. Jack Wetzel, organizes it in a way that is very productive for the center,” said Helen Naylor. “I know the center harbors wonderful birds and has really beautiful foliage, and the monies that we pay (to participate in the drive) are contributed to the Audubon. I come to support the Audubon.”
Dottie Paul said she loves to participate in the Silver Bluff Audubon Center and Sanctuary carriage drive because of its relaxing atmosphere. She also enjoys the opportunity to don her best driving finery, she said. She’ll be driving a friend’s miniature donkey in an arena driving competition today.
“It’s so relaxing; it gets us away from the intense environment of competition,” said Paul. “I’ve started to compete with him (the miniature donkey) this year. He’s not real competitive, but he’s fun. I’ve been interested in and have been involved with mules and donkeys for years. He’s so cute. He’s only 32 inches tall.”
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Animal Shelter group requests additional funds
A presentation by Aiken County’s Friends of the Animal Shelter (FOTAS) detailed some “vital needs” at the shelter to County Council’s Development Committee.
FOTAS members gave a PowerPoint presentation to the committee Tuesday and to a standing-room-only audience that highlighted the shelter’s role in the community and what steps the nonprofit group thinks need to be made to improve conditions at the shelter, lessen the number of animals euthanized and help reduce the number of stray animals roaming the county.
FOTAS member Joya DiStefano said that in June 1990 – when the shelter was built – animal control officers were dispatched to 200 calls, and 100 animals ended up at the shelter. In June 2009, officers were dispatched to 588 calls, and 665 animals ended up at the shelter. The shelter has not significantly expanded over the course of that time period despite the increase in numbers.
DiStefano said it surprises her that a community like Aiken that is so friendly to horses and hounds doesn’t take much notice of the Aiken County Animal Shelter.
“I don’t think that’s who we are. It is amazing for us to be willing to tolerate the status quo at the shelter,” she said. “Nine out of 10 animals are euthanized.”
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Future Foreclosures Could Hamper Housing
In spite of signs of a recovery, many home buyers are continuing to fall behind on their mortgages. Some economists see this as an indication that a second major wave of foreclosures is likely, even though the housing market appears to be stabilizing.
This next upsurge in foreclosures could cause more disruption and push prices down farther.
Housing experts say that the recent favorable housing data doesn’t reflect the number of properties that banks have left in limbo — repossessed, but not yet on the market.
“Lenders are deluged by late-stage delinquencies. The pent-up foreclosure inventory is there,” says Massoud Ahmadi, director of research for the Maryland Department of Housing and Community Development.
Source: Washington Post, Renae Merle (03/12/2010)
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Funding for Low-Income Housing Pays Off
Low-income housing programs managed by the Federal Home Loan Bank of Atlanta have had a positive impact on the area’s low- and moderate-income residents by creating more jobs and jump-starting the retail economy, according to a study released Thursday.
Research from The Shimberg Center for Housing Studies at the University of Florida tried to quantify the ripple effect of the $380 million that the bank has provided to build more than 60,000 units of housing between 1990 and 2009.
It concluded:
• Every $1 million in funding resulted in $14.3 million worth of new or rehabbed housing.
• Each $1 million in funding created 158 jobs.
• Since 1989, funding from the bank has generated more than $811 million in tax revenue, representing $2.79 in taxes for each $1 of funding.
Source: Federal Home Loan Bank of Atlanta (03/11/2010)
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Home Equity Loans Available Again
Banks are again offering home equity loans.
Lenders are expected to make about $36 billion in new home equity loans over the next year, according to Moody’s Economy.com. That’s actually more than the $34 billion in home equity loans made in 2008.
The difference will be the way the money is spent, says Frank Nothaft, chief economist at Freddie Mac. Most of it will go for necessary home improvements. “Consumers are better at managing their own personal balance sheet as a result of the difficult recession we went through,” Nothaft says.
Source: Bloomberg, Kathleen M. Howley, Prashant Gopal, John Gittelsohn (03/11/2010)
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FHA Head: Don’t Raise Down Payments
Now is not the time to raise the downpayment requirement on a Federal Housing Administration loan, warns FHA Commissioner David Stevens.
Stevens, testifying before a committee of the U.S. House, said his agency would probably insure 300,000 fewer home loans per year if the mandatory down payment was raised from 3.5 percent to 5 percent — a 40 percent increase.
Congress has been considering various ways to put FHA on a sounder financial footing. Besides increasing the downpayment requirement, another suggestion under discussion is raising the upfront mortgage insurance premium to 2.25 percent of the loan amount, up from 1.75 percent currently.
The National Association of REALTORS® also opposes the proposal to raise the mandatory down payment for an FHA loan. The FHA remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices, said Charles McMillan, NAR immediate past president, in testimony before the House Subcommittee on Housing and Community Opportunity.
“As the leading advocate for housing issues, NAR believes that one of the best ways Congress can help strengthen FHA is to quickly consider and pass legislation that would make current loan limits permanent,” McMillan said. “It’s important to note that higher balance FHA loans perform better than lower balance ones. While some argue that higher balance loans put taxpayers at risk, such loans actually strengthen the program and reduce risk to the fund.”
Explaining that FHA has played an important role in the recent housing and economic crisis by filing the gap left by private lenders, McMillan said FHA insured almost 30 percent of single-family mortgages in 2009 and more than 50 percent of first-time buyer loans. “Historically, FHA’s market share has hovered between 10 and 15 percent of all loans. And when the private market is strong enough to return, we welcome a reduced FHA market share,” he said.
McMillan said NAR was also concerned that FHA wanted to decrease seller concessions to 3 percent. Reducing seller concessions could put homeownership out of reach for many buyers, he said, because it could require buyers to pay more at closing.
Source: Associated Press, Alan Zibel, and NAR (03/11/2010)
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Should Buyers Try to Beat the Tax Credit?
Some potential home buyers say they’re holding out until the tax credits expire on the theory that prices will decline once the buying incentive is gone.
One person who commented on the dilemma on Zillow.com wrote: “I’ve seen prices in my neighborhood jump up over $30k since the credit started.”
In some markets, waiting is clearly the wrong move. A renter in Las Vegas told the Wall Street Journal that he’s been outbid eight times trying to buy a house. He doesn’t believe the expiration of the credit will make any difference.
Source: The Wall Street Journal, Emily Friedlander (02/25/2010)
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Energy efficiency could save residents thousands
Energy efficiency could save South Carolinians money and create employment for thousands.
This was the message presented Friday by Suzanne Watson, director of policy for the American Council for an Energy Efficient Economy (ACEEE), as she presented her organization’s report on South Carolina’s energy future in Aiken.
Watson’s address aimed to make the “business case” for energy efficiency. The ACEEE is a not-for-profit organization dedicated to advancing energy efficiency as a means of promoting economic prosperity, energy security and environmental protection.
Rather than focusing on conservation, Watson presented the argument for reducing use on a statewide scale by passing tighter legislation on efficiency standards, investing in and replacing old technology and infrastructure and encouraging consumers to examine their behavior.
The payoff for the investment could net residents $5.1 billion on their electric and water bills through 2025. The investment to create these long-term savings would cost around $790 million, Watson said.
In making the case, Watson presented 11 electricity energy policy and five water efficiency recommendations, that the ACEEE estimates could rack up a net savings of $9 million in annual electricity and water bills in 2015, which could grow to $1.3 billion in 2025. This, in turn, could also create as many as 22,000 jobs. More details….
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Garden Club’s Doll House gets repairs
The Aiken Garden Club Council, in cooperation with the City of Aiken and the Friends of Hopelands and Rye Patch Inc., are sprucing up the Council’s headquarters in Hopelands Gardens.
The Council’s longtime home, the Doll House, is one of the oldest remaining outbuildings on the former Iselin estate, dating back to the early 1900s, according to Friends of Hopelands and Rye Patch President Joe Spencer. All of the outbuildings on the property are showing signs of wear and tear, Spencer said.
“It’s sort of an ongoing situation with Hopelands Gardens and Rye Patch. The buildings are all more than 100 years old,” he said. “The Friends have pushed for not just Band-Aid repairs to the buildings but to upgrade and get everything done right. There are underlying structural things that need to be done in the future.” Full Details….
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Area facility is approved for equine reproduction work
Equine Performance Vets at the Aiken Complex is the first and only facility in South Carolina approved for processing and exporting frozen semen and embryos to the European Union.
“We’ve done a lot of reproduction work in Aiken since I’ve been here – every year it’s doubled and quadrupled – and now it’s pretty busy during the repro(duction) season, and that’s the majority of what we do during that season,” said Dr. Sabrina Jacobs with Equine Performance Vets.
Aiken has a strong contingent of upper level riders and horses, and Jacobs saw the need for the services that Equine Performance Vets is now offering.
“I had a couple of customers that I tried to organize some things for last year, and they would have either had to travel to Florida or go north to get certain things accomplished,” said Jacobs. “I decided I was going to do it myself.”
The site had to be inspected and approved based on the requirements established by the European Union, said Jacobs. The facility has to have a lot of space requirements and has to be able to offer areas for the separation of horses.
Equine Performance Vets also added a new control-rate freezer this year, which is critical for freezing semen, she said.
Renovation formed stables into now-restaurant, bar
Rose Hill Estate has parked a new eatery in the stables to go with the historic bed and breakfast.
The Stables Restaurant and Bar opened last fall after extensive renovations to make the outbuilding a warm and habitable space for diners, with a full commercial kitchen, patio and pavilion, a beer garden and separate off-street parking. Work on The Stables began in 2005, according to Rose Hill owner Steve Mueller.
“I always tell people that every square inch of it needed some level of attention – changing the terrain outdoors, the floors, the walls, the heating and air, adding the kitchen,” he said. “While we were working on the building we did buffets in there, to get people used to thinking of it as a dining space. I looked up online for historic estates with stables restaurants, and there’s only the Biltmore and one in the Hudson Valley in New York that I could find. So for visitors, it’s a joy to see something that’s Old Aiken.”
The renovation to the stables is part of the long-term vision for the property Mueller and his co-owner, mother Eva Mueller, had for Rose Hill when they bought the estate in 2002. At the main house, the upstairs is given over to bed and breakfast lodgings, and on the first floor, there are rentable spaces for meetings, receptions and parties. The Muellers always planned to have a separate restaurant on the property. Full Details……
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House Hunting Via Real Estate Apps
Smart phone apps are becoming increasingly popular among home buyers, sellers, and the real estate professionals who serve them.
Zillow.com, which has a free app, says people are using it to look up 2 million properties a month. Other popular apps include those offered by ZipRealty, Coldwell Banker, Better Homes and Gardens, and Corcoran Group.
The apps provide the same information that Web sites do, but they allow users access without having to lug a computer around.
They can make house hunting easier for both practitioners and buyers because the information is so immediately and widely available. “Within a minute, I had enough information to say it’s not worth driving” 25 miles to inspect the home, says Jon Mirmelli, a buyer who otherwise might have asked his real estate professional to meet him there.
Source: The Wall Street Journal, James R. Hagerty (03/09/2010)
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Financial Overhaul Gets Another Push
U.S. Assistant Treasury Secretary for Financial Institutions Michael Barr reports that the Obama Administration is ramping up efforts to push Congress to adopt financial regulatory reform, including tighter regulations for derivatives trading.
While the administration is “redoubling” its efforts, Barr said the administration would not comment on the Senate’s bill until the actual proposal is released.
Lawmakers continue to haggle over the consumer protection agency, including its placement within the regulatory structure and the depth of its powers.
Meanwhile, Barr said, “The administration sent up a very comprehensive derivatives plan, [and] we want Congress to press that.”
One administration proposal — restrictions on proprietary trading among major financial firms — received additional support from U.S. Senators Jeff Merkley (D-Ore.) and Carl Levin (D-Mich.), who plan to introduce legislation on the matter.
Source: Dow Jones Newswires, Judith Burns (03/09/10)
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Recent Uptick in Mortgage Applications
The number of mortgage applications for home purchases increased 5.7 percent last week compared to the previous week on a seasonally adjusted basis and was up 7.2 percent on an unadjusted basis, according to the Mortgage Bankers Association weekly survey.
Overall, mortgage applications rose only 0.5 percent last week. But applications to refinance declined 1.5 percent. Purchase applications were down 10.7 percent compared to the same week a year ago. And the refinance share of mortgage activity was as low as it has been since October 2009.
Mortgage rates increased:
· 30-year fixed-rate mortgages increased to 5.01 percent from 4.95 percent.
· 15-year fixed-rate mortgages increased to 4.32 percent from 4.27 percent.
· 1-year ARMs increased to 6.80 percent from 6.77 percent.
Source: Mortgage Bankers Association (03/10/2010)
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Banks Pressed to Write Down Second Liens
Many homeowners are seeking to sell homes in short-sale deals, but banks are reluctant to approve them, pushing these distressed homeowners into foreclosure. Now lawmakers are stepping in to apply pressure to encourage banks to eliminate the most obvious stumbling block – second mortgages.
U.S. Rep Barney Frank, chair of the House Financial Services Committee, recently wrote a letter to the four largest U.S. banks urging them to write down second mortgages. Frank wrote that while second loans often have little value, “because accounting rules allow holders of these seconds to carry the loans at artificially high values, many refuse to acknowledge the losses and write down the loans.”
While most first mortgages are now held by Fannie Mae and Freddie Mac or other investors in mortgage securities, about $766.7 billion in second liens are held by commercial banks, savings banks, and credit unions.
Source: The Wall Street Journal, James R. Hagerty (03/08/2010)
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Rate of New Foreclosures Shows Decline
The national foreclosure rate is moderating with the number of foreclosures in February rising 6 percent compared to February 2009, the lowest year-over-year increase in four years.
Foreclosure filings, including default notices, scheduled auctions, and bank repossessions, were reported on 308,524 U.S. properties during February, a 2 percent decrease compared to January, RealtyTrac also reports.
“The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity,” said RealtyTrac CEO James J. Saccacio.
Saccacio said it was too early to call this the beginning of the end of the foreclosure crisis because of the number of homes in limbo due to government programs and other delays.
The 10 states with the higher foreclosure rates are Nevada, Arizona, Florida, California, Michigan, Utah, Idaho, Illinois, Georgia and Maryland.
Six states account for more than 60 percent of the national total: California, Florida, Michigan, Illinois, Arizona and Texas.
Source: RealtyTrac (03/11/2010)
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30-Year Rates Dip Back Below 5 Percent
Freddie Mac documented a decline in mortgage rates during the week ended March 4, with 30-year fixed home loans slipping to 4.97 percent from 5.05 percent and 15-year interest averaging 4.33 percent.
Also, the Mortgage Bankers Association reported that its index of home loan applications jumped 15 percent during the week ended Feb. 26. Refinancing activity was up 17 percent, and purchase demand rose 9 percent.
Source: Kansas City Star (03/05/10)
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More Underwater Commercial Borrowers Walk
An increasing number of commercial borrowers are walking away from their loans. In most cases, mortgages on commercial property are non-recourse loans, so the lender or investor has no further claim on the borrower’s assets.
“Frankly, I am surprised that we have not seen a lot more,” said Rob Little, chief investment officer of Cornerstone Real Estate Advisers LLC.
While most borrowers attempt to work out a deal to manage the debt and remain owners in order to profit when times are better, if a property is deeply underwater, and the cost of modification is too high, “then it can make sense to walk away,” says Aaron Bryson, an analyst with Barclays Capital.
Source: Wall Street Journal, Prabha Natarajan (03/10/2010)
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Aiken Trials kicks off the Triple Crown
The 68th edition of the Aiken Trials will once again feature Thoroughbred racing’s stars of tomorrow as well as veteran campaigners looking to return to form at the racetrack this spring.
The first leg of the Aiken Triple Crown will be held Saturday, with gates opening at 10 a.m. The race card will be composed of six contests and will be conducted at the Aiken Training Track, a public training facility located on Two Notch Road. Post time for the first race is 2 p.m.
The safe, controlled and family-oriented environment attracts people of all ages, who have an opportunity to experience the excitement of Thoroughbred racing.
The day’s activities will feature a carriage parade at 1 p.m. The races will also feature a Polo Pony race sponsored by the Aiken Horse.
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Foreclosed Borrowers May Get Loans Again
Will people who currently face foreclosure or short sales or who walk away from their underwater properties ever be able to get financing to buy another home down the road?
Banks haven’t been very forthcoming on this issue. However, knowledgeable observers of the situation say that while it may take some time, the situation will right itself for most people.
Because bankrupt borrowers have eliminated their debts, they should “constitute attractive fodder for mortgage lenders,” says University of Michigan law professor John Pottow, whose specialty is bankruptcy.
As home prices and the mortgage market stabilize, lenders will be motivated to lend to people who previously had financial troubles if they look like they can pay the next time around, says Alan Riegler, a consultant with CCG Catalyst, which advises banks.
“The lender who figures out how to do more of this case-by-case stuff cost-effectively is going to end up ahead of the pack,” Riegler says.
Source: Inman News, Matt Carter (03/05/2010)
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Head of FDIC Supports Loan Write-Downs
The possibility of solving the underwater mortgage problem by writing down principal has been deemed politically impossible by the Obama administration, but some government officials see write-downs as the best long-term solution.
One of the most outspoken supporters of write-downs is Federal Deposit Insurance Chair Sheila Bair. This week, she called underwater mortgages a continuing problem and said the FDIC is “actively looking” at ways to encourage principal write-downs in the deals it does to facilitate acquisitions of failed banks.
Overall, Bair was positive about housing finance. “After three long and difficult years for housing and mortgage finance, I think we’re seeing some progress in stabilizing our housing markets,” she said.
Source: Reuters News, Karey Wutkowski (03/04/2010)
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Beige Book Reports Economy Is Improving
The Federal Reserve’s Beige Book survey of national economic conditions reported that the economy is improving.
Bad weather was blamed for slow home sales and construction in New York, Philadelphia, and Atlanta. The Fed also reported sluggish lending with banks still cautious and borrowers reluctant to take out big loans.
Home and condo sales were up in Boston, Cleveland Kansas City, Dallas, and San Francisco.
Source: Associated Press, Jeannine Aversa (03/03/2010)
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Survey Shows Frustration With HAMP
Real estate practitioners mostly gave the Obama administration’s Home Affordable Modification Program (HAMP) a thumbs-down, according to a report from Market Pulse Survey for Homes & Land.
Only 10 percent of the respondents — 51 percent of whom had been in the business for at least 10 years — believed the administration’s program had done any good. Sixty-five percent said they didn’t think the program was working; and the remaining 25 percent weren’t sure.
“Clearly respondents to our survey don’t believe this program is helping to reduce foreclosures,” says Eric Adair, business development analyst for Homes & Land.
Source: Inman News (03/03/2010)
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Lower Rates Boost Mortgage Applications
Mortgage applications rose 14.6 percent last week on a seasonally adjusted basis compared with the previous week. They were up 15.5 percent on an unadjusted basis.
Much of the increase was in refinances as rates dropped below 5 percent, although the purchase index increased 11.7 percent compared with the previous week and was just 9.8 percent lower than the same week one year ago.
“Purchase activity remains subdued, with application volumes remaining within the narrow range seen in the last few months,” said Michael Fratantoni, MBA’s vice president of research and economics.
Both 30- and 15-year fixed-rate mortgages were below 5 percent:
• 30-year fixed-rate mortgages decreased to 4.95 percent from 5.03 percent.
• 15-year fixed-rate mortgages decreased to 4.27 percent from 4.35 percent.
• 1-year ARMs decreased to 6.77 percent from 6.80 percent.
Source: Mortgage Bankers Association (03/03/2010)
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Obama Takes Licks From HAMP Critics
Congressional lawmakers on both sides of the aisle took potshots at the Obama administration’s latest efforts to fix the Home Affordable Modification Program (HAMP).
President Obama announced last week that he was allotting $1.5 billion to assist local housing finance agencies in the states with the most foreclosures: California, Florida, Nevada, Arizona, and Michigan.
Democratic Congresswoman Marcy Kaptur of Ohio said this week that the program might be “doomed to failure” and added that having the Treasury Department run the program doesn’t make sense because Treasury doesn’t have any housing expertise.
Another skeptic: Democratic U.S. Rep. Dennis Kucinich, chair of the House Oversight and Government Reform subcommittee on domestic policy. He told Treasury representatives, “You’re going to have to do more. This is a wake-up call.”
Source: The Wall Street Journal, Judith Burns, and Reuters News, Corbett B. Daly (02/25/2010)
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Pending Home Sales Down
Pending home sales are down and additional declines are expected from abnormal weather conditions, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.6 percent to 90.4 from an upwardly revised 97.8 in December, but remains 12.3 percent higher than January 2009, when it was 80.5.
Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. “January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February,” he said.
As such, abnormal swings are expected in housing data. “We will see weak near-term sales followed by a likely surge of existing-home sales in April, May, and June,” Yun said. “The real question is what happens in the second half of the year. If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices because inventory has been trending downward.”
Here’s a look at pending home sales numbers by region:
• Northeast: Pending home sales fell 8.7 percent to 71.3 in January, but are 20.5 percent higher than January 2009.
• Midwest: The index dropped 8.9 percent to 81.2 but is 11.8 percent above a year ago.
• South: Pending home sales slipped 2.1 percent to an index of 98.1, but the index is 18.0 percent higher than January 2009.
• West: The index dropped 13.2 percent to 102.9 but is 1.4 percent above a year ago.
— NAR
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Aiken City to discuss traffic lights, parking
Aiken City Council members will discuss two downtown traffic issues during tonight’s City Council meeting.
Council members will hear from officials from the S.C. Department of Transportation concerning recent changes to traffic signals downtown.
SCDOT will present a “Plan B” to fix issues that have stemmed from the installation of the new system a week ago. The changes are said to have been done to address safety issues when traveling through downtown; however, many drivers have complained about the congestion the system has created.
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Home, Garden Tour scheduled for March 27
The St. Thaddeus Home and Garden Tour has been set for Saturday, March 27 from 10 a.m. until 5 p.m.
This year’s tour features several of Aiken’s oldest homes and gardens, restored and renewed, as well as newer homes built in a historic setting.
Later, visitors may stop by the Heritage Market and choose from a selection of vintage linens and other spring gift ideas while they enjoy afternoon tea in the St. Thaddeus Tea Garden followed by a tour of the historic church and the churchyard.
Tickets will be available today and are $25 for individual tickets and $20 for groups of 15 or more.
They will be available in Aiken at Material Things, York Cottage Antiques, Plum Pudding and The St. Thaddeus Church Office, 129 Pendleton Street, Aiken.
For more information, contact the church office at 648-5497 or visit www.stthaddeus.org. Tickets may also be purchased from the website.
This year’s tour is held in conjunction with Aiken’s yearlong 175th anniversary celebration Celebrate Aiken. Proceeds benefit local outreach projects.
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Two art exhibits open for March
The USC Aiken Etherredge Center is home to two new art exhibits during the month of March. There will be an opening reception held on Monday from 6:30 until 8 p.m.
Columbia artist Michael Dwyer’s abstract work is on display in the upper gallery, and Louisiana artist Troy Wingard’s pastel and gold life creations are on exhibit in the lower level gallery.
Both artists were hand-selected by gallery director Anne Bliss for their unique styles. Bliss’ goal is to introduce gallery visitors to a diverse collection of works.
Dwyer, exhibition designer and preparator at the Columbia Museum of Art, comes from a family of artists and grew up with a passion for art.
“As a kid, I loved visiting my dad’s studio. I liked the spattered dishevelment, the smell of paint, and the paintings that I couldn’t fully understand, but instinctively got in the process of coming to life. I knew at an early age that this was something I wanted to pursue,” Dwyer wrote in his artist statement.
His work is abstract and comes from a belief “that in any visual art, there are abstract elements which need to function well for the work to succeed.”
Dwyer will be present to discuss his work at the opening reception.
Wingard, foundations coordinator for the Department of Visual Art at Southeastern Louisiana University, works in pastel and gold leaf to create portraits that feel like you are staring at a photograph. The subjects are so real, you can feel them staring at you from the canvas. His work has been described as “paintings and drawings that address questions centering on individualism and the shared experiences of others.”
“It has been my attempt to capture the subtle expressiveness of the human figure and reinforce the image with my own symbolism for creating not just an accurate representation of form, but an artifact that radiates with the understanding of how important and unique my experiences are to me,” said Wingard in an artist statement.
The reception is free and open to the public. The Etherredge Center is located on the USC Aiken campus.
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A visit with a Humane Education classroom
By CHRISSEY MILLER Aiken SPCA volunteer coordinator
The Aiken SPCA Humane Education program teaches kindness to animals, responsible pet ownership, and (get this!) writing and math skills, as well as character education.
The Humane Education volunteers provide an engaging experience for elementary school students. Most of the volunteers teaching the lessons have past experience as educators, so they are able to sneak in educational skills under the diversion of a well-behaved furry friend. Kids love it. Teachers love it. Animals love it. Everybody wins.
The formal program consists of seven guided classroom lessons once a month over the course of the school year. A typical lesson discusses and demonstrates topics such as safety around animals or responsible pet care, and uses writing, reading, math and character education to reinforce the lesson. The SPCA also brings Humane Education to the schools in assembly format or other occasional visits agreed upon or requested by the schools.
Last Wednesday, the SPCA visited Chukker Creek Elementary School with the Kiwanis Club’s K-Kids. Angela Boyette, a Kiwanis representative and a volunteer at the SPCA, coordinated the event. Volunteer Joan Irvine brought her four-legged pal Abby, a one-time shelter dog. Chrissey Miller, volunteer coordinator for the SPCA, presented the program to an audience of 200, wherein one student, MacKenzie Swearingen, became a “dog for a day.”
MacKenzie, er “Patches,” was then cared for by her fellow students. They gave her a collar, complete with rabies vaccine, name, microchip and dog park tags. They brushed her coat, sprayed her for fleas and ticks and gave her heartworm medicine. They even wrapped her in a bandage to signify that she had been spayed. The program encouraged audience participation, asking and answering questions, and repeating new vocabulary words such as “external parasite” and “distemper.”
The children participated in a math exercise demonstrating how one puppy could beget as many as 100 pups within 18 months if pet owners choose not to spay or neuter. Finally, the kids were given information about volunteering with parents at the SPCA and Jr. SPCA.
There are a number of other schools in the Aiken area that are participating in the Humane Education program. Millbrook Elementary School recently had the SPCA in attendance for Family Enrichment Night. Last Friday, kindergartners at Mead Hall collected items for the SPCA and were visited by Shelter Dog and Shelter Kitty. Other elementary schools often kick off or close these presentations with food drives benefiting the animals at the shelter and fostering responsibility to the community in the children themselves.
The Aiken SPCA is making arrangements to meet its goal of taking the formal program into every elementary school in Aiken County. If you can help through a donation of time, money or materials, or if you are interested in bringing this program to your school, call Chrissey Miller at the Aiken SPCA at 648-6863.
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Freddie Mac Posts More Losses
Freddie Mac recorded a loss of $7.8 billion in the last three months of 2009, narrowed from a year-earlier loss of $23.9 billion; and it lost $25.7 billion for all of last year, down from a $50.1 billion loss in 2008.
Still, the mortgage financier — which received $51 billion in aid from the federal government — said for the third consecutive quarter it would not need more taxpayer assistance.
Freddie Mac is spending money on housing recovery initiatives, but losses were tied to factors such as a decline in its portfolio of mortgage investments and dividend payments that must be made to the Treasury.
Source: The Washington Post, Zachary A. Goldfarb (02/25/10)
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MBA Plan to Help Jobless Pay Mortgage
The Mortgage Bankers Association outlined a plan Wednesday that would help the unemployed pay their mortgages for up to nine months.
The MBA proposed that loan servicers reduce borrowers’ monthly payments to no more than 31 percent of their household income with the arrears added to the back-end of the mortgage.
The association asked the Treasury Department to underwrite the program by providing loans to loan servicers to cover the payments.
“Borrowers with such a precipitous drop in income can’t qualify for most loan modification programs, so we are looking for ways to allow those borrowers to keep their homes while they look for another job,” said John Courson, CEO of the association.
Source: CNNMoney.com, Tami Luhby (02/24/2010)
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Program fetes horse heroes
The yearlong Celebrate Aiken! campaign continues next Sunday with Aiken’s Horse Heroes.
The presentation will pay tribute to 10 of the 39 national champions that have been enshrined in the Aiken Thoroughbred Racing Hall of Fame and Museum. It will be held at Rye Patch from 2 to 4 p.m. The program is open to the public.
The Aiken Thoroughbred Racing Hall of Fame and Museum will also be open.
“Dogwood Stable wanted to lend its support, and with the first quarter of Celebrate Aiken! being history, horses and health and high society, it seemed perfect to highlight the horses in the Aiken Thoroughbred Racing Hall of Fame and Museum,” said Mary Jane Howell, Aiken’s Horse Heroes co-chair.
Aiken’s Horse Heroes will give people a look at the careers of the 10 equine athletes who were conditioned at the Aiken Training Track.
The presentation will provide an in-depth look at the horses and their connections through video footage, photographs and guest speakers who were either directly involved with the horse or someone who was associated with one of the featured champions.
Those attending the presentation will be able to watch footage of the selected horses that, in some cases, has been seldom seen, said Janet Harkins, Aiken’s Horse Heroes co-chair. A tent will be set up at Rye Patch for the presentation.
There will be a question-and-answer forum, and a reception will follow the event inside Rye Patch. Full Story……
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Lawn concert returns to Aiken’s Joye Cottage
The centuries-old tradition of the “lawn concert” will come to life once again during the Juilliard in Aiken Festival this year.
The festival, which runs from March 8-2, will join in the celebration of Aiken’s 175th anniversary with a concert on the lawn of Joye Cottage, 129 First Ave. The concert will be held on Wednesday, March 10, at 2 p.m. at Joye Cottage and will feature music popular during the era in which Aiken was founded. Afterward, a “tea” will be served by ladies dressed in period attire.
Returning to Aiken for this special event will be the renowned American Brass Quintet, which is celebrating its own 50th anniversary this year. Hailed as “the high priests of brass” by Newsweek magazine and “positively breathtaking” by The New York Times, the American Brass Quintet is among the elite chamber ensembles on the world stage.
The ABQ has performed in all 50 states and in countries around the globe.¬ ¬
Musicians Kevin Cobb and Raymond Mase on trumpet, David Wakefield on horn, Michael Powell on trombone and John D. Rojak on bass trombone have been in residence at Juilliard since 1978 and at the Aspen Music Festival since 1970.¬
As members of the Juilliard faculty, the ABQ players are committed to the promotion of brass chamber music through education as well as performance. In their roles as teachers, they will also present an Outreach Performance in North Augusta for area high schools and middle schools as part of the festival’s outreach program.
The concert setting will be the lawn of Joye Cottage, the former Whitney-Vanderbilt estate at the heart of Aiken’s historic Winter Colony district. With 60 rooms, Joye Cottage is the largest survivor among the many winter homes built by wealthy Northerners during the late 19th and early 20th centuries.
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Foreclosure Bargains Getting Harder to Find
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.
The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.
Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.
Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.
Source: The Wall Street Journal, James R. Hagerty (02/23/2010)
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IRS Clarifies What’s Needed to Claim Tax Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.
While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.
The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”
For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.
Source: Washington Post (02/20/2010)
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