Archive for April, 2010
New attractions will join favorites at Herb Faire
A spring tradition returns to Montmorenci with 2010′s first Herb Faire at Pascalina.
The Herb Faire will be from 9 a.m. to 2 p.m. Saturday, May 1, at the historic Montmorenci estate located at 3250 Charleston Highway (U.S. Highway 78). Pascalina’s owner, Jackie Heath, her daughter Linda Oswald and neighbor Ginny Sherman began the tradition of spring and fall Herb Faires about 12 years ago, according to Oswald.
“We’ll have all our old favorites returning, of course, and some new surprises,” Oswald said.
Among the returning favorites are Mennonite baked goods, potter Ann Baker of Montmorenci and area potter Laura Cardello, a cornmeal and grain grinder making stone-ground grits and cornmeal courtesy of Steve Gantt of Leesville, and many more. Meta Whitlock will do sand castings and there will be ironwork, woodwork, garden ornaments, antiques, soaps, cheese and many other handcrafted products from local vendors.
There will be refreshments, including sandwiches on homemade breads from the Mennonite bakers. Plant sales will include herbs, flowers, vegetable plants and more. There will be sign-ups for notification of vegetable harvests available to purchase as the crops come in at Pascalina’s vegetable garden, starting with sweet corn and tomatoes.
“Some years back, my daddy had a produce operation, and this year we want to start that back up again,” Oswald said.
Admission and parking for the Herb Faire is free. For more information or for directions to the Herb Faire, call 646-3774.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Pets to hit track during annual Paws For Cancer dog walk
The Aiken Relay For Life will get a helping hand from its four-footed friends Saturday at the 11th annual Paws For Cancer dog walk.
Dogs and owners will gather for Paws For Cancer at 8 a.m. Saturday at the H. Odell Weeks Activities Center walking track, and the walk will begin at 8:30 a.m. Dogs less than 50 pounds will walk at 8:30 a.m., and dogs more than 50 pounds will walk at 9 a.m. There will be refreshments and snacks for sale, and all proceeds go to the American Cancer Society.
Registration is $25 per dog, which includes a Paws T-shirt and a goodie bag. Forms for advance registration are at local veterinary clinics and PetSmart, according to organizer Kathy Iwert. Iwert is team captain of the GlaxoSmithKline Relay team, which takes over the event management this year from 2010 Relay Co-Chair Holly Woltz.
“It’s a chance to get out with your dog and interact with other dogs and dog owners. I’ve been a walker in Paws For Cancer for probably the past five years, but he’s no longer with us,” Iwert said, referring to her dog.
It’s not all dogs at Paws, either; Iwert said they have one cat among the 45 to 50 animals registered for the walk. All animals, canine or feline, must be on a leash during the walk.
Southern K-9 Solutions will give dog obedience demonstrations at the walk, and Iwert hopes to have the Aiken SPCA and Molly’s Militia on hand with adoptable animals.
For more information about Paws For Cancer or for registration forms, call Iwert at 541-6398, or e-mail kathleen.r.iwert@gsk.com.
The Aiken Relay For Life will be from 7 p.m. to 7 a.m. Friday, May 21, at Aiken High School. There is still time to register a team and raise funds for the event. For more information, visit www.relayforlife.org/aikensc.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Number of Delinquent Mortgages Declines
The number of delinquent mortgages declined 8.6 percent in March, says LPS Applied Analytics, which tracks the performance of loans for investors. Totals also declined in February.
The biggest decline was in loans more than 30 days past due, which are now at about the same level as they were in spring 2008.
“We’re not out of the woods, but this appears to be a turning point,” says LPS Applied Analytics President Ted Jadlos. “This is the first time we’ve seen improvement across all stages of mortgage delinquency.”
Source: The Wall Street Journal, Ruth Simon (04/19/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
First-Time Home Buyers, Sellers Optimistic
More than 48 percent of first-time buyers expect home prices to increase by this time next year, according to a survey by Century 21 Real Estate.
The survey posed questions to people who had bought or sold a home in the last year.
Sixty percent of first-time home buyers say they didn’t understand the process of buying a home, and more than 85 percent of both first-time buyers and sellers said that using a real estate professional was important.
The top three skills valued in a real estate professional by both buyers and sellers were knowledge of the area, trustworthiness, and responsiveness.
More than 80 percent of buyers believe now is a good time to buy a home. First-time home buyers rated these three factors as the most influential in their decision:
• Current housing prices: 66 percent
• Home Buyer tax credit: 63 percent
• Low loan rates: 60 percent
In choosing a home, 95 percent of first-time home buyers thought price was the most important consideration, but 90 percent were also very concerned about neighborhood safety.
About 54 percent of first-time sellers think home prices are more affordable now than they were this time last year, and 50 percent were selling because they were purchasing a property they saw as more attractive and better suited to their needs.
Source: Century 21 Real Estate LLC (04/21/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
30-Year Rate Just Over 5 Percent
The 30-year fixed mortgage rate stayed flat this week, averaging 5.07 percent to remain near historically low levels, reported Freddie Mac.
Here’s how other rates performed:
• 15-year fixed loans fell to 4.39 percent from 4.4 percent last week.
• Five-year hybrid adjustable-rate mortgage averaged 4.03 percent, down from 4.08 percent.
• One-year ARMs rose to 4.22 percent from 4.13 percent last week.
Source: Wall Street Journal, Nathan Becker (04/23/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Driving Club to lead carriage presentation
The Aiken Driving Club’s carriage presentation offers an opportunity to learn more about what was once the most common mode of transportation in this country while playing a prominent role in shaping the area’s history.
Several members of the Driving Club will share their wide breadth of knowledge about carriages, horses and carriage driving at The Carriage Museum in Hopelands Gardens on May 1 from 10 a.m. to 2 p.m. with the presentation “Carriage Driving in Your Backyard.”
“This is a way for the Aiken Driving Club to promote carriage driving to the general public,” said Diane Mansur of the Aiken Driving Club. “We’ll have a number of members in attendance who will be able to answer questions about the carriages in the museum and about the carriages that will be brought to the presentation by club members.”
The carriages on display at the museum evoke images of a previous era, but those attending the event will have an opportunity to see those carriages used in pleasure driving events and a marathon carriage used in Combined Driving Events.
“There will also be videos of different driving events,” Mansur said.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Women Find Home Buying More Stressful
Women are more stressed and less confident than men when buying a home, according to a new study by mortgage insurer Genworth Financial Canada. Here are some of the findings:
* 43 percent of the women surveyed, compared with 32 percent of men, find the home-shopping process stressful.
* 75 percent of women and 60 percent of men say it is important to have a simple and easy-to-understand mortgage structure.
* 65 percent of women want the security of low and level monthly mortgage payments, while only 50 percent of men say this is critically important.
Source: The Globe and Mail (Canada), Chaya Cooperburg (04/13/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Lenders Unload Mortgages to Collection Agencies
Lenders are selling second mortgages and home-equity lines in default to collection agencies that have the right to collect this money potentially for decades.
“It’s a big business, and investors are coming out of the woodwork,” says Sylvia Alayon, a vice president for Consumer Mortgage Audit Center, which analyzes mortgage documents for lenders, advocacy groups, and attorneys.
Real estate professionals will be doing their short-sale clients a big favor if they urge them to get professional advice before they sign agreements, Alayon says.
A new government short-sale program, which takes effect Monday, aims to prevent banks from reselling this debt. Sellers covered under the program will receive notice that secondary lien holders have received part of the proceeds of the sale “in exchange for release and full satisfaction of their liens.”
Source McClatchy/Tribune News, Jim Wasserman (04/19/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
How Delinquencies Impair Credit Scores
Fair Isaac, which developed FICO scores, used a comparison between two people to explain how mortgage delinquencies affect credit scores.
Fair Isaac derived these numbers from a theoretical calculation based on hypothetical borrowers – one with an initial score of 680 and one with an initial score of 780. FICO scores range from 300 to 850.
The hypothetical person behind the 680 score had six credit accounts, while the person with the 780 score had 10. The consumer with the 780 score had no missed payments other than the mortgage; the 680 example had two late payments before they failed to pay the mortgage.
After a mortgage delinquency, the two scores would look like this:
• After 30-day delinquency, 680 score drops to 620 to 640; 780 score declines to 670 to 690.
• After 90-day delinquency, 680 score falls to 595 to 610; 780 score goes to 645 to 665.
• After foreclosure, short sale, or deed-in-lieu, 680 goes to 575 to 595 and 780 drops to 620 to 640.
• After bankruptcy, 680 drops to 530 to 550; 780 declines to 540 to 560.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Chinese Drywall Removal Recommended
Two federal agencies recommended jointly Friday that home owners affected by Chinese-made drywall replace it.
The Department of Housing and Urban Development and the U.S. Consumer Product Safety Commission investigated the problem and concluded that the rotten egg smells and damaged metal in homes with imported drywall are a danger and the drywall should be removed.
“Our investigations now show a clear path forward,” CPSC Chairman Inez Tenenbaum said in a press release. “We have shared with affected families that hydrogen sulfide (from the drywall) is causing the corrosion.”
HUD and CPSC said they expected U.S. lawmakers will provide financial relief for affected home owners.
Source: Reuters News, Tom Doggett (04/02/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Credit Issues Slowing Recovery, Execs Say
A survey of 200 real estate executives by Akerman & Co, a national commercial real estate company, reveals they believe credit issues and the volume of distressed properties continue to inhibit the recovery of the real estate market. The report found that:
* 79 percent of respondents said availability of credit and other financing challenges was the most pressing issue facing the industry.
* 65 percent believe that large inventories of lender-owned properties are preventing a recovery in the commercial real estate industry.
* 44 percent said inventories of distressed properties and their effect on pricing was the second most pressing issue.
* 54 percent believe residential is the real estate sector best positioned for a recovery.
* 20 percent said the industrial sector is best positioned.
Source: Akerman Senterfitt (04/05/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Access Eases for Property Rehab Funds
Rules for the $4 billion federal program allowing municipalities to buy properties in mortgage and tax default were relaxed Friday by the Department of Housing and Urban Development.
The new rules will allow communities to spend their allotment on houses that are at least 60 days delinquent on their mortgages or tax payments and/or on properties that have had a code violation for more than 90 days where the property is uninhabitable and the owner isn’t cooperating.
Previously, communities complained that the rules were so restrictive that fewer than one-third of the 300 participating local governments were able to use the money.
Source: The Associated Press, Tamara Lush (04/02/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Join Hickory Hill for family fun day
Hickory Hill Milk has a day of cool, refreshing fun planned for dairy lovers and kids Saturday.
The Hickory Hill Spring Festival will be from 2 p.m. until dark Saturday at the dairy farm at 7 Hickory Hill Lane, 12 miles past Edgefield off I-378; turn north at Northside Fire Department to reach the farm. Admission is $5 per person, no more than $25 per family, and ages 4 or younger will be admitted free. On-site parking is free, according to Hickory Hill owner Watson Dorn.
“We did a corn maze last fall and had a really good turnout,” Dorn said. “It was a good opportunity to educate children about milk production and where their food comes from. We had requests for more, and we promised we’d do something again in the spring.”
The Spring Festival will include hayrides, farm tours from calf pens to the milk plant, a petting zoo, live music with a bluegrass band and a Christian music group, a fiber-spinning demonstration and goat’s milk soap and chocolate milk to purchase.
“We’re hoping to make this an annual event,” Dorn said. “We hope people will get a little bit of education about where their food comes from and how cows are handled. Most children today are three generations removed from farm work, and this gives them a chance to actually touch the cows.”
In case of rain, the Spring Festival will be held May 1.
More information on the dairy farm and the Spring Festival is available on the farm’s website, www.hickoryhillmilk.com; a map to the farm can be found on the “contact us” page.
Hickory Hill Milk can be reached by phone at (803) 275-6141.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Pending Home Sales Show Healthy Gain
Pending home sales rose in February, potentially signaling a second surge of home sales in 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 February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”
Pending home sales by region:
* Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
* Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.
* South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.
* West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.
Source: NAR
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Record Numbers of Homes Repossessed
Households facing foreclosure rose 16 percent in the first quarter of 2010 and the number of homes repossessed and scheduled for sale by banks rose 35 percent compared to the first quarter of 2009, according to RealtyTrac – the highest numbers since the foreclosure sales company began keeping records in January 2005.
RealtyTrac senior vice president Rick Sharga says these rising numbers were a sign that banks were unclogging the bottlenecks that have delayed the processing of homes facing foreclosure. “We’re right now on pace to see more than 1 million bank repossessions this year,” he says.
Here are the 10 states with the most foreclosure filings in the first quarter:
• California
• Florida
• Arizona
• Illinois
• Michigan
• Georgia
• Texas
• Nevada
• Ohio
• Colorado
Source: RealtyTrac and The Associated Press, Alex Veiga (04/15/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Fed Beige Book: Real Estate Mostly on Upswing
Most districts reported improving economies and better residential real estate markets in the third of eight annual editions of the Federal Reserve’s Beige Book – this one published in April.
Every district but St. Louis and San Francisco reported that residential sales were up, but in Philadelphia, Cleveland, and Kansas City, there were concerns that the impending expiration of the first-time home buyer tax credit would slow sales.
Home prices continued to decrease in the New York and Atlanta districts, with sales particularly sluggish for high-end homes in New York, Kansas City, Dallas, and San Francisco. New residential construction increased in New York, Atlanta, St. Louis, Minneapolis, and Dallas, but was weak in Cleveland, Chicago, and San Francisco.
Source: HousingWire.com, Austin Kilgore (04/14/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Celebrating 75 years of animal welfare in Aiken
This Thursday, April 22, the Aiken SPCA celebrates its 75th birthday. The organization was founded in 1935 by four women who were seasonal residents from New York City.
Mrs. William Breese, Miss Louise Ford, Mrs. Fitch Gilbert and Mrs. Arthur Iselin saw a need for helping animals in Aiken and created the Aiken County Society for Preventing Cruelty to Animals in an effort to find homes for homeless pets in the county.
In their hometown of New York City, they were familiar with the ASPCA, the group that runs commercials nationally that you’ve likely seen, and they took some of their ideas to start a group here in Aiken.
Everyone might not realize that the Aiken SPCA isn’t affiliated with the ASPCA, and the Aiken SPCA receives no funding from the ASPCA.
The timing was not the best for starting a charity back in 1935. The country was right in the middle of the Great Depression, with unprecedented poverty and unemployment.
Thankfully, these ladies found other people to help through fostering and adopting, and this laid the foundation for the organization we have today.
In the early years, some of the Aiken events were even featured in The New York Times, highlighting our annual dog shows in the Times’ social pages as far back as 1938.
The Aiken SPCA was actually the sponsor of what was billed as the largest polo pony show of its kind, held in Aiken in April 1939, with well-known Aiken names participating, such as Pete and Dunbar Bostwick, William Chisholm and Thomas Hitchcock Jr.
In the early years, many animals in shelters weren’t even spayed or neutered, rather just kept there to keep homeless pets from wandering the streets as a public safety issue. Some, but not many, were adopted out to homes, unaltered, with the hopes of at least keeping the girls and boys separated.
Through the decades, technologies improved and pets that were adopted began to be “fixed” and tattooed for identification in their ears. More and more people brought their dogs and cats inside their homes to join the family. People started fencing their yards, so “Fido” didn’t wander off.
For many years, the Aiken SPCA was located on Banks Mill Road, a little south of South Boundary.
Some of you reading this story may have been to this site, where today a beautiful home and stable sits. One of our supporters recently told me about a nice donkey that just passed away a few years ago which she adopted from the Aiken SPCA at that location in 1979.
In 1981, we moved up to our current site at 401 Wire Road by building a new shelter and a small spay and neuter clinic thanks to some generous donors.
In 1989, we added a three-stall horse barn on our site thanks to even more help from local philanthropists.
At our new site, we moved from tattoos to microchipping pets, helping make it much easier and faster to reunite a lost pet with its owner.
Fast forward to present day and we’re looking to soon build the new Aiken SPCA shelter and regional spay and neuter clinic that is designed to last 60 years or more.
You’ve likely heard about many of the wonderful components of this project that will improve the quality of life for homeless animals and for others coming through the clinic.
More than 400 residents have signed up dogs to come out and play at Aiken’s first dog park, a great partnership among the City of Aiken, the Aiken SPCA and private supporters.
Seeing all of the dogs playing in the splash pool or chasing a tennis ball down the hill is always a great sight to see.
Looking back at our history, thinking about the thousands and thousands of dogs, cats, horses, pigs, goats, rabbits, birds and others that we’ve found homes for through the years, gives us a great sense of pride.
The support of our wonderful volunteers and generous supporters are the main reason we have lasted all these years.
We’re excited about the future of animal welfare here in Aiken and beyond.
Thank you all in your efforts to help the Aiken SPCA help animals these past 75 years.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Investors Urge Broad Solutions for Foreclosures
The Association of Mortgage Investors (AMI) reacted to Thursday’s news that foreclosures hit record highs by commenting that this was an indication that the causes of homeowner defaults aren’t being addressed.
In a statement, the organization said: “Any solution will be incomplete if it does not give homeowners a way to reduce debt payments on all of their obligations,” including not just mortgages, but other kinds of loans and credit card payments as well.
AMI urged:
• All modifications should include the requirement for income verification.
• Second liens and other loans should be aggressively modified.
• Servicer conflicts must be addressed.
• Debt to income ratios must be examined and adjusted for all borrowers.
• AIM supports reducing principal for underwater home owners, but the program must be clearly defined.
Source: Association of Mortgage Investors (04/15/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Tax Credit a Mismatch With Buyers’ Schedules
National Taxpayer Advocate Nina Olson testified before the Senate Finance Committee that assigning the IRS to run the home buyer tax credit program was a bad decision.
Tax filing and the rebate plan don’t mesh because most people need the money at the time they close or shortly thereafter. “Most people don’t close on their houses on April 15,” Olson told the committee.
Whether or not the program should be run by the IRS is immaterial, said Sen. Max Baucus, a Montana Democrat. The IRS should step up the get the job done, he said.
Meanwhile, claiming the home buyer credit appears to be a great way to trigger an audit. About 20 percent of all IRS examinations handled via the mail in the last six months were done on people who claimed the credit, Olson testified.
Source: Associated Press, Stephen Ohlemacher (04/15/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Entrepreneurs Can’t Count on Equity for Loans
Entrepreneurs can no longer count on what used to be a primary source of start-up funding — home equity.
“As the big guys are doing better, people ask, why not the smaller firms? Well, this is a huge part of the reason,” says William Dennis, Jr., a senior research fellow at the National Federation of Independent Business in Washington, D.C.
Owners who can tap into home equity are unable to borrow as much as before. Even business owners who want to rely on existing business properties as collateral are being rejected for loans.
“The value of the commercial building and the home — the combined net worth of the business and the owner — has been reduced, so collateral becomes more important in order to make sure that it’s in line with the loan,” says Kathie Sowa, a commercial lending executive at Bank of America.
Source: The Wall Street Journal, Emily Maltby (04/15/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Mortgage Rates Fall
The first decline in five weeks drove mortgage interest back down to near historically low levels once again as the 30-year fixed rate averaged 5.07 percent for the week ended April 15, down from 5.21 percent a week ago.
Freddie Mac also reports:
• The 15-year fixed rate averaged 4.40 percent, down from 4.52 percent.
• The one-year adjustable-rate mortgages averaged 4.13 percent, down from 4.14 percent.
• Interest on the five-year ARM came in at an average of 4.08 percent compared to 4.25 percent last week.
Source: Reuters, Julie Haviv (04/16/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Rental Search Site Logs Heavy Traffic
Online apartment searches increased 11 percent and phone and e-mail queries rose 17 percent in the first quarter, Apartments.com reported.
Apartments.com recorded 5.1 million visits in March 2010, making it the second most visited month in the Web site’s 12-year history. Typically, the peak season for the rental industry extends from April to August, but activity levels from the first three months of 2010 mirror that of the peak rental season, the online housing search engine found.
“This tells us that renters are doing more than just browsing. They are ready to rent and engaging the apartment communities listed on Apartments.com,” said Kevin Doyle, senior vice president and general manager.
Source: Apartments.com (04/05/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Meeting will be held for docents
The City of Aiken Parks, Recreation and Tourism Department is looking for volunteers to help show off one of Aiken’s most popular attractions.
A recruitment meeting for potential docents for Hopelands Gardens, Rye Patch, the Doll House and the Carriage Museum will be held at 11 a.m. Wednesday, April 21, in the Rye Patch Reception Center.
A presentation on points of interest will be given by recreation program supervisor Lisa J. Hall, and those interested in volunteering can sign up for specific duties at the meeting.
“I’ve been put in charge of this new program, similar to what I already have in place at the Aiken Thoroughbred Racing Hall of Fame and Museum,” Hall said. “I think, to make the program successful, we’ll probably need 20 to 30 volunteers. A lot of it is finding someone who’s going to be available if I call and say, ‘I’ve got a group coming in from Charleston looking for a tour specifically on the camellia garden, are you available on this date?’ Right now, we don’t have anyone volunteering at the Carriage Museum, and we’d like to have that open regular hours. The Doll House right now is only open on Sundays, and the Garden Clubs Council handles that, but we get a lot of requests to see that on Saturdays, so we’d like to have docents for it.”
Once the recreation department has the sign-up lists, it will tailor volunteer schedules to match the volunteers’ areas of interest, Hall said.
The department is also printing brochures with points of interest in Hopelands Gardens that will be placed at the park entrances for use by the docents and by those on self-guided tours. The brochures will focus on points of historic interest and on the park’s flora and fauna.
“We’d like to have not only people who live here have the opportunity to see these attractions but also visitors from out of town,” Hall said.
Those interested in attending the recruitment meeting can call Hall at 642-7650 or e-mail lhall@cityofaikensc.gov.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Taxes Are Tricky for Second-Home Buyers
Purchasers of second homes should be aware that, according to the IRS, taxpayers who are married and filing jointly can’t deduct interest on more than a combined total of $1 million of “home acquisition debt” for a primary and a secondary residence.
Taxpayers also may deduct up to a combined total of $100,000 of home-equity debt on their first and second homes.
After refinancing, a home owner can only deduct interest on the original amount of the loan at the time they refinanced, plus $100,000.
Buyers and refinancers also can deduct loan fees – “points” – if the money was used to buy or improve their home. They can’t deduct them if they refinanced to lower the interest rate.
Source: Inman News, Tom Kelly (04/07/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Distressed Sales Gain Greater Market Share
First American CoreLogic reports that distressed properties accounted for 29 percent of all U.S. home sales in January. Also, real estate-owned sales rose to 22 percent of homes sales from 19 percent in December, and short sales rose to 8 percent from 7 percent.
Average sale prices in January were $161,600 for distressed homes, compared to the average nondistressed sale price of $247,700, $141,900 for REO properties, and $215,300 for short sales.
Source: American Banker (04/09/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Owners Who Refinanced May Owe IRS
People who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the IRS a big payback.
In 2007, Congress passed the Mortgage Forgiveness Debt Act, but that doesn’t let everyone off the hook.
Here are exceptions to the rule:
• Anyone who did a cash-out refinance and spent the money on something not housing related, then got in trouble and lost their home to a foreclosure or short sale, will owe the IRS as if the money from the refinance were earned income.
• The IRS will forgive tax liability only on money from home-equity loans that was spent to improve the property.
• Anyone who lost a vacation home or investment property to foreclosure or short sale will owe Uncle Sam.
• Multi-million dollar homes — lost or sold — are always subject to tax.
Source: CNNMoney.com, Les Christie (04/08/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Fannie Survey Finds Home Owners Are Skeptical
The housing crisis has changed how Americans view homeownership, according to a survey of public attitudes by Fannie Mae.
The number of people who view homeownership as a safe investment declined from 83 percent in 2003 to 70 percent in 2009. In addition:
* 48 percent of those surveyed said banks should foreclose on people who don’t pay their mortgages. 53 percent blamed borrowers – instead of banks – for taking out bigger loans than they could afford.
* 15 percent of respondents said it is acceptable for borrowers who are underwater to walk away.
Source: The Washington Post, Renae Merle (04/06/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
SPCA sets up barn tour
The SPCA’s Annual Barn Tour is this coming Saturday from 11 a.m. to 3 p.m. This year’s event will go to a new part of Aiken, the southern equestrian corridor, where you will see nine lovely barns on roads with names like Boyd Pond Road, Gone Away Lane and Storm Branch Leg. As unique as the road names are, the barns are even more special.
The best part is that you get a perhaps one-time chance to see these privately owned barns, graciously offered to the SPCA for this fun event.
You’ve probably driven by many of these farms and wondered what they were like on the inside. This is your chance to find out firsthand, while benefitting the animal shelter and spay/neuter clinic.
Tickets are $25 and can be purchased at the main shelter at 401 Wire Road, at the new downtown Aiken Thrift Store at 404 Richland Ave. or Southside at Auto Tech, 460 Silver Bluff Road. Tickets can also be purchased over the phone by calling the shelter at 648-6863 or at the barns the day of the event.
With your tickets, you will also receive a map of all of the barns, plus a description of what to expect to see at each location, along with a booklet filled with the day’s schedule of events to see.
There will be a freestyle dressage demonstration and a display of natural horsemanship, and even some arena polo will be available for viewing.
For those who want to see a glance into the future of animal welfare, there will be an informational display about the new Adoption Center and Regional Spay and Neuter Clinic to be built soon on Willow Run Road. Complimentary lunch and dessert can also be found along the route, in case your stomach starts to rumble.
There will be a variety of interesting things going on at each barn. They can be seen in any order.
There will be nine beautiful barns to tour, exciting events, good food, fantastic animals to meet and mingling with hundreds of fellow animal lovers all supporting a great cause while having fun at the same time. It doesn’t get much better than that.
The SPCA also still needs a few more volunteers the day of the event to help with parking and checking tickets. For more information or to help out, call the shelter at 648-6863.
Don’t miss out on a chance to help the Aiken SPCA in a fun way. You’ll be talking about the sites you see for a long time afterward.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Fed: Low Rates Likely Through 2010
Interest rates are likely to remain low into 2011, Federal Reserve policymakers hinted this week in at least two presentations. These indications came one week after the Fed shut down its program to buy mortgage-backed securities, which had kept rates at or near record lows in recent months.
In a speech Thursday, Fed Governor Daniel Tarullo said, “The relatively modest pace of recovery, the continued high rate of unemployment, subdued inflation trends, and well-anchored inflation expectations together suggest that the need for highly accommodative monetary policies will not diminish soon.”
Likewise, Donald Kohn, Fed vice chairman in a speech in San Francisco, said the Fed would raise rates, “in due course,” but he also noted that low rates “help offset the lingering restraining effects on economic activity and prices.”
So far, rates have risen modestly, but analysts speculate they will likely become much more volatile down the road.
“It’s an uncertain type of market,” says Keith Gumbinger of HSH.com.
Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association, predicts that the Fed will have created a situation where there are days or weeks of low-rate opportunities, and other days and weeks when rates rise significantly.
Sources: The Wall Street Journal, Nick Timiraos (04/08/2010), and The Wall Street Journal, Jon Hilsenrath (04/09/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
More Wealthy Home Owners Face Foreclosure
Houses costing more than $5 million will be part of the next foreclosure boom, according to a study by RealtyTrac for The Wall Street Journal.
In 2009, 1,312 homes costing more than $5 million faced foreclosure auctions. In February 2010 alone, 352 homes were on the auction block.
First American CoreLogic tracks 1,700 homes nationwide that have mortgages greater than $4 million. Of those, 14.8 percent were 90 days or more past due as of Jan. 31. That is almost double the 8.7 percent of homes with lesser mortgages that were similarly past due.
These pricey properties are difficult to sell because there are fewer buyers and financing is hard to get, but there’s a psychological element to the problem too. “It’s very, very difficult for these [home owners] to believe they’ve had such a severe reversal of fortune,” says Maggie Navarro, an associate with Coldwell Banker Old Pasadena in Southern California.
Source: The Wall Street Journal, Craig Karmin and James R. Hagerty (04/09/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
The Slowest-Selling Markets
Single-family homes are selling more slowly in some major cities than others. Forbesmagazine analyzed a variety of factors to determine where the housing business is slowest.
The cities were ranked according to the biggest increases in inventory and the largest decline in home sales during the fourth quarter of 2009.
Two cities, Nashville and Detroit, were excluded because there wasn’t enough sales data. New York and San Francisco made the list primarily because they don’t have large numbers of single-family homes compared to condominiums.
Otherwise, here are the cities where selling a single-family home is hardest:
1. Milwaukee
2. Denver
3. Los Angeles
4. St. Louis
5. San Francisco
6. New York
7. Cincinnati
8. Cleveland
9. Atlanta
10. San Diego
Source: Forbes, Francesca Levy (04/05/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Artist Harrison to speak at ACA
On Thursday from 5 to 7 p.m., the Aiken Center for the Arts will host Harrison in the galleries. He will be available to talk with the public and sign Celebrate Aiken posters.
Harrison’s exhibitions, “Jim Harrison: A Retrospective” and “Glimpses of Aiken,” will be on display in the galleries through May 8. “Glimpses of Aiken” is part of the Celebrate Aiken 175th birthday celebration.
Harrison is well known for his realistic work featuring the Augusta National Golf course, Sage Valley Golf course, natural landscapes and Coca-Cola barns.
Harrison, of Denmark, is being honored in a major exhibition of his life’s work, “Jim Harrison: A Retrospective.” He is known for his passion for preserving a part of America that is beginning to disappear; his paintings of landscapes and seascapes, old buildings and barns bring back special memories. “The Retrospective” demonstrates Harrison’s progression over the years.
The “Glimpses of Aiken” collection reflects Harrison’s own impressions of Aiken. Each painting hones in on an aspect of Aiken which he feels is representative of the city or iconic to the area.
He said “Glimpses of Aiken” is done in what he calls a compositional study style – a loose kind of painting followed by carbon pencil he uses to sometimes draw into the paint or around the paint.
He feels the essence of Aiken includes a lot of trees and shade, flowers and white picket fences. The official Celebrate Aiken poster was created as a part of the exhibition and is available for purchase.
For more information on the event, call the Aiken Center for the Arts at 641-9094.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Analysts Say Low Prices Aren’t Hiding Inflation
Some analysts have complained that the Federal Reserve is relying on outdated metrics to calculate the inflation rate. But San Francisco and New York Fed research advisors argue that falling property values reduce inflation but don’t distort it.
Lowered housing prices are “indicative of a much wider decrease in inflationary pressures observed since the peak of the financial crisis,” the authors wrote.
Even if housing is removed from the core personal consumption expenditures (PCE) reading, “inflation has come down substantially over the past 2.5 years,” they said. “There is little reason to reduce the emphasis on core inflation as the main gauge of underlying price pressures in the economy.”
Source: Bloomberg, Vivien Lou Chen (04/05/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Buy Vacation Home in Haste, Regret at Leisure
With vacation home purchases on the upswing, here are some things that potential buyers should ask themselves:
* What will the maintenance costs be? They’ll have to pay them even when they are not there.
* Does the weather drive up insurance and other costs?
* How popular is the area? Will hoards of people make coming and going difficult?
* Is getting there no fun? Some isolated places are really beautiful, but the airport is a long way.
* Will all the grandchildren or other welcome visitors fit? Or is this vacation home just too small?
* Can it be rented? If an owner needs to reduce costs, is there a market?
* Do they really want to go there every weekend?
[Editor's note: Vacation home sales are a bright spot in the housing market today. Read a summary of NAR's recent report.]
Source: The Wall Street Journal, Sushil Cheema (03/29/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Commercial: Good Time to Freshen Up the Old
Rehabbing older commercial buildings is gaining popularity among buyers and owners who have lost tenants and hope retooling the property will give it a new lease on profitability.
”A lot of these buildings may be close to half their recent value, compared to where they were before the crash,” says A. Eugene Kohn, chairman of the architectural firm Kohn Pedersen Fox. ”If you can now buy an existing building for a great price, you can afford to upgrade it and get great rents, and you spend less than building new.”
Other reasons to rebuild include interest in sustainability and grandfathered zoning, Kohn says.
Source: The New York Times, Alison Gregor (04/07/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Barn Tour aids SPCA animals
Explore several barns on Aiken’s Southside and help the animals at the Aiken SPCA.
The nonprofit organization presents its third annual Barn Tour on Saturday, April 17 from 11 a.m. to 3 p.m. and invites the public to tour at their leisure nine barns in the equestrian corridor off Silver Bluff Road to benefit the dogs and cats that call the SPCA home until they are adopted.
A map of the tour is available upon ticket purchase with proceeds going to shelter operations.
“We just say, ‘Go enjoy the barns,’” said Ann Kinney, who helps with marketing at the SPCA. “They can go in whatever order they want or follow the suggested route on the map.”
Kinney said a person does not have to be a seasoned horse person to enjoy the tour. They can simply be interested in the architecture of the barns or intrigued by a farm’s operations.
New to the tour this year are equestrian demonstrations and complimentary lunch, coffee and dessert.
Specific barns on the route will show arena polo, natural horsemanship or freestyle dressage.
Stop five is Sharer Dale’s Greystone Farms, where lunch will be served. Other barns will offer coffee or dessert.
SPCA Executive Director Gary Willoughby said several hundred people have attended in previous years, much to the delight of Aiken SPCA staff.
“They (the barns) are impressive to a lot of them because of their detail,” Kinney said.
Tickets include a $5 coupon to the SPCA Thrift Store on 404 Richland Ave. E. Tickets are $25 each and are available at the SPCA, 401 Wire Road, the thrift store and Auto Tech, 460 Silver Bluff Road. For more information, call 648-6863.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Study: Multiple Woes Lead to Foreclosures
In a Florida study that could shed light on other financially strapped households, homeowners who faced foreclosure during the housing bust were not driven into that situation by a single factor but were victims of multiple issues that left them financially strapped, according to a study for the Florida REALTORS®.
“What we found in talking with people who’ve gone through foreclosure is that there’s a ‘plus-one factor,’ meaning job loss coupled with other circumstances such as divorce or health problems that usually led to homeowner distress,” says Joel Searby, director of marketing for Strategic Guidance Stems, which conducted the survey.
Other findings:
• 20 percent had incomes between $50,000 and $75,000; 20 percent had incomes greater than $100,000.
• 55 percent had attended college or graduated.
• 92 percent were married.
• 35 percent had lived in their homes for 10 years or more.
• 40 percent had lived in their homes five years or less.
Source: Miami Herald, Toluse Olorunnipa (04/07/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Lipizzaner stallions to perform ‘equine ballet’
The World Famous Lipizzaner Stallions, a horse of battle, a horse of ballet, are coming back to Aiken for two shows on Saturday, April 17, at 2 p.m. and 7:30 p.m. They will perform their 38th anniversary presentation of the “Dancing White Stallions.”
Over the years, 25 million people throughout North and South America, Europe, Australia and Hawaii have seen this internationally acclaimed spectacle. The Lipizzaner stallion has galloped boldly out of the pages of more than 400 years of history, and is preserved as an equestrian work of art, an equine ballet not to be rivaled. Hearkening back to a time when the horse was a symbol of grace and majesty, the Lipizzaner stallions are an experience to be enjoyed by the entire family.
In this special anniversary season of the World Famous Lipizzaner Stallions, all new music, choreography and routines have been incorporated with a major emphasis on the historical background and foundation of the Lipizzaner breed, from its original breeding and use as a horse of war to a horse of nobility and aristocracy to a living form of equestrian art.
The show emulates the Spanish Riding School of Vienna, Austria, in its presentation of Lipizzaner, and maintains a traditional and entertaining performance similar in many ways to what could be seen at the Spanish Riding School of Vienna.
Also included in the performance is a segment called “Airs Above the Ground.” These are the leaps and maneuvers, once used by riders in saddle to protect and defend themselves on the battlefield, which are preserved as an equestrian work of art. When the Lipizzans perform, it is like stepping back 400 years and viewing one of the greatest equine ballets in history.
One does not need to be a horse lover to enjoy “The Equestrian Treat of the Century.”
Tickets are $31.50, $26.50 and $24.50, and are on sale at the USC Aiken Convocation Center box office on the USCA campus, www.georgialinatix.com, Bi-Lo stores, or charge by phone at (866) 722-8877. There is a $5 discount for groups of 15 people or more. Call Katie Wells at 262-4573 for groups. Additional convenience fees apply when purchasing by phone or Internet. For general information, call 643-6901.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Survey: Americans Prefer Owning Over Renting
Despite the challenges facing the housing market, 65 percent of Americans would still prefer to own a home rather than rent, according to a Fannie Mae national housing survey.
In addition, 43 percent of respondents cite safety as a key reason to buy, while 33 percent are motivated to buy because they perceive schools to be better in neighborhoods where most homes are owned by their residents.
The survey results released Tuesday show that both buyers and renters are more cautious than they used to be. About 23 percent of renters say they will buy a home, but later than they once hoped.
A full 70 percent said they believe buying a home continues to be one of the safest investments available. This compares to 74 percent who think putting money into a bank account is safe. Only 17 percent believe buying stocks is a safe investment.
Also, 60 percent believe that it will be harder for them to get a mortgage to purchase a home than it was for their parents.
Source: Fannie Mae National Housing Survey (04/06/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Mortgage Applications Fall as Rates Tick Up
Despite rising interest rates, the number of applications to purchase homes rose 0.2 percent last week on an adjusted basis compared to the previous week, according to the weekly Mortgage Bankers Association report.
On an unadjusted basis, the purchase index increased 0.5 percent compared with the previous week, but was down 18.1 percent from the same week a year ago.
Overall, mortgage application volume decreased 11 percent on a seasonally adjusted basis driven by the refinance index, which fell 16.9 percent.
Mortgage rates rose as the Federal Reserve ended its purchases of mortgage-backed securities:
* 30-year fixed-rate loans increased to 5.31 percent from 5.04 percent.
* 15-year fixed-rate loans increased to 4.54 percent from 4.34 percent.
* 1-year ARMs increased to 7.03 percent from 6.88 percent.
Source: Mortgage Bankers Association (04/07/2010)
Equine district making progress
Aiken’s equestrian community remains fertile, despite the challenging economic times, said Ed Scanlon, Aiken Chamber of Commerce’s manager of equine development.
The Equine Steering Committee continues to forge ahead, providing a voice for Aiken’s equine industry and community, while working on a number of projects that will benefit the area as a whole, he said.
A number of questions remain including safety and access issues, but progress continues to be made, he said. The equestrian community is growing, prospering and expanding.
“Every new impetus creates momentum and has a ripple effect that impacts all of the other communities,” said Scanlon. “There’s a lot happening here during one of the worst economic environments any of us have seen in a very long time.”
The equestrian community remains one of the major industries in Aiken County, he said. Recent studies have demonstrated the equine industry’s significant impact on the area in terms of jobs, land, facilities, dollars invested and how it affects industries directly and indirectly. The data that has been collected will be able to be used as a powerful resource.
“The equestrian community is organizing itself behind the Equine Steering Committee,” said Scanlon. “The Aiken Chamber of Commerce has put me in place to work with the Equine Steering Committee to promote the interests of equestrians throughout the county.”
Aiken County has grown significantly in the past decade and appears poised for growth in the next 10 years, said Scanlon.
“The equestrian community needs to have a voice in that growth, so that open space is protected, trail access is developed and protected, so that there’s reason to keep horses on land,” said Scanlon. “Those interests have to be accommodated, and at the same time we’re accommodating the legitimate interests of landowners who want to maximize the value of their land.”
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Donations help fund improved horse ambulance
An effort is being made within the community to raise funds through donations for an improved horse ambulance.
A properly equipped ambulance can make the difference between life and death, not only for people but also for horses, and having the right type of vehicle that places an emphasis on safety can minimize the possibility to both equine and human injury.
“The trailer that we use is in need of a little help,” said Dr. Lisa Handy of Carolina Equine Clinic. “The primary reason for working toward getting a proper horse ambulance is for the safety of the horse and the person who will be taking the horse on the horse trailer. We’ve been pretty lucky that nothing has happened from a safety standpoint after all these years.”
Carolina Equine Clinic had donated a trailer to Aiken County, which is used as a second trailer, but the primary concern for those involved with transporting injured horses is safety, said Handy. The idea had been discussed previously by the City of Aiken’s equine committee.
“We were talking about a proper horse ambulance for all horse avenues in Aiken,” said Handy. “The horse ambulance could be used for polo, eventing, the Triple Crown and other equine events. We decided the best way to do it was through private donations. That’s what we’re going to try to do.” Full Story….
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Museum has equine works from Kentucky
Are you looking for something to do in Aiken this week?
The Thoroughbred Racing Hall of Fame and Museum has the perfect option for a beautiful way to spend the day among history and art. On display is an exhibition from the Cross Gate Gallery in Kentucky.
“It’s the best collection of American and sporting artists we will ever see in Aiken,” said Susie Howard, chairman of the advisory board of the Thoroughbred Racing Hall of Fame and Museum. “I don’t think we will ever see something like this again.”
The exhibition covers thoroughbred racing, polo and fox hunting, as well as incorporating portraits of hounds. Prices range from $900 to $35,000 with 15 percent of the proceeds supporting the museum.
Cross Gate Gallery deals primarily in equine-related sporting art with inventory spanning the 19th and 20th centuries. Works range from artists such as Sir Alfred Munnings, Henry Stull, John Skeaping and Edward Troye to their contemporary counterparts Andre Pater, Peter Howell, Larry Wheeler, Sandra Oppegard, Valery Hinz and more.
“The gardens are magnificent, and it’s set in Hopelands Gardens,” Howard said. “It’s such a gem, and people don’t really know it exists.”
The exhibition will be on display through Sunday. The Thoroughbred Racing Hall of Fame and Museum is located at 135 Dupree Place and is open daily from 2 to 5 p.m. and by appointment.
Call 642-7631, 642-7650 or 649-5219 for more information on the exhibition. Visit the museum online at www.aikenracinghalloffame.com.
For more information about Cross Gate Gallery, visit www.crossgategallery.com.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
30-Year Rate Back Above 5 Percent
Mortgage rates rose to 5.08 percent from 4.99 percent a week ago, pushing the average interest rate offered on 30-year fixed-rate mortgages to its highest level since the first week of 2010, according to Freddie Mac.
The increase in mortgage rates occurred as long-term interest rates rose higher due to concerns about inflation as the economy improves, and as the Federal Reserve ended its program to buy $1.25 trillion in mortgage-backed bonds issued by Fannie Mae, Freddie Mac and other government-sponsored agencies.
Also, the 15-year fixed mortgage rose to 4.39 percent from 4.34 percent, while 5-year hybrid mortgages fell to 4.10 percent from 4.14 percent.
Source: Los Angeles Times, E. Scott Reckard (04/02/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Aiken ready for Masters crowd
The Masters Tournament arrives at the Augusta National Golf Club on Monday, and with it comes a tidal wave of tourists to the Aiken-Augusta area.
Local businesses have already begun planning for the influx of business the tournament will bring to Aiken.
“We’re pretty much booked up,” said Peggy Greer, front desk manager of Hotel Aiken. “We’re getting our rooms ready and getting ready for large crowds and lots of fun.”
Carriage House Inn is also booked up, according to front desk manager Rachel Gardner.
“We’re going to have a group of Australians here staying at the Carriage House Inn and at 13 other properties throughout downtown,” she said. “We’re putting on some extra staff, and I’ve made sure we’re ordering the right stuff they’ll want. We’re doing touch-ups with the painting and deep cleans of all the rooms to get ready for Masters Week.”
At Aiken Brewing Company, manager Jennifer Pruiett said the restaurant was preparing for a volume business.
“We’re ordering a lot of extra food. We’ve got a great staff, and we’re going with the staff we have; we think they can handle the extra volume. We’ve also got some former staffers coming back on duty through the week,” she said. “Basically, during Masters Week, it’s like every day is a sunny Saturday on the patio. We just have to be ready to go at any time.”
On the Southside, Outback Steakhouse is restocking everything, according to manager Neil Arbaugh. Full Story….
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Municipalities Can’t Spend Housing Grants
More than 300 local governments have been unable to use their share of the nearly $4 billion Uncle Sam gave them a year ago to redevelop abandoned and foreclosed properties.
As of March 16, only 36 percent of the grant money has been placed under formal contract by a municipality. Governments must commit to use the money by September or it reverts to the coffers of the U.S. Department of Housing and Urban Development.
Local officials say the rules are too complex. Particularly onerous is the regulation that says federal grant recipients must pay 1 percent less than the appraised value of any property.
“We’re competing with the marketplace for foreclosed properties,” says Kurt Bressner, the city manager of Boynton Beach, Fla., which as of mid-March had only spent $11,000 of its $3 million grant. “By the time the properties end up in the listings, they’re gone.”
Source: Associated Press, Tamara Lush (04/01/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Adopter to spread awareness for nurse mare foals
Two foals have a new lease on life, thanks to the work of Dream Equine Therapy Center’s Terri Stemper and Aiken resident Michelle Kitchings Scott, who adopted the nurse mare foals from the York facility.
Nurse mare foals are born to mothers that are bred for the specific purpose of their milk production, and then are leased out to other farms, leaving the foals to be discarded.
Scott decided to adopt the horses from Dream Equine Therapy Center when she learned about their plight. The chestnut filly is a Thoroughbred-quarter horse cross named Tinsley, who was born March 15, and the dark bay filly is a quarter horse-draft named Dallas, who was foaled March 1, said Scott.
The two fillies were somewhat skittish when Scott first brought them home, and they’ve faced challenges in their new surroundings, Scott said.
“I have three local veterinarians who are helping me – Charlie Timmerman, who is a friend of mine; Charles Groover who is a good friend of mine, and they recommended Adam Eichleberger (of Southern Equine Service), who has been a great help, and I can call him any time I need him.”
The foals have sweet dispositions and are extremely intelligent, Scott said. Full Story….
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Construction Spending Remains Low
U.S. builders pushed construction spending down 1.3 percent in February to the lowest level in eight years, the Commerce Department reported Thursday.
Construction reached an adjusted annual rate of $846.23 billion, the lowest level since November 2002.
Spending on construction projects is down 12.8 percent from a year ago, suggesting that housing is still a long way from recovery, analysts say.
“The bursting of the housing bubble continues to depress new-home construction. The proliferation of foreclosures is a dark cloud that overshadows the construction industry,” says Ken Mayland, president of ClearView Economics.
Source: Associated Press, Jeannine Aversa (04/01/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Aid Expanded to States Hit by Unemployment
The U.S. Treasury Department on Monday expanded its aid for states that have suffered the most severe declines in home prices and the highest unemployment.
This second round of funding from the Troubled Asset Relief Program (TARP) will go to North Carolina, Ohio, Oregon, Rhode Island, and South Carolina.
The states are expected to share $600 million. The money will come from funds already allocated to Home Affordable Modification Program (HAMP), a subset of TARP.
The states selected for this second round are not necessarily states where home prices have fallen the most. Some skeptics have suggested that this round of aid is political payback for lawmakers that supported the White House in its push for healthcare reform.
Source: Reuters News, Corbett B. Daly (03/29/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Loan Changes Could Alter Market
The FHA’s move to raise upfront mortgage insurance premiums takes effect next week, soon to be followed by a reduction in allowable seller concessions toward a borrower’s closing costs.
Speaking to a Housing Financial Services subcommittee earlier in March, MBA President John Courson expressed concern that “this could be another policy change that would have an adverse effect on the population that traditionally has sought FHA’s assistance to purchase a home.” He added that the cut in seller concessions would largely affect low-to-moderate, first-time, and minority home buyers.
Source: Memphis Daily News, Eric Smith (03/30/10)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Investors to Pick Up Slack in Mortgage Backs
The Federal Reserve ends its purchase of mortgage securities this week and private investors are expected to step in.
The change probably won’t push mortgage rates up very much. Analysts expect they will rise less than a quarter of a percentage point in the next three months. That gain would increase a monthly payment on a $250,000 mortgage by $30.
In a statement released March 12, Freddie Mac predicted that mortgage rates would average 5.2 percent on a 30-year fixed loan after the Fed stops buying. Fannie Mae put the rate slightly higher at 5.13 percent.
Source: Bloomberg, Kathleen M. Howley (03/30/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Spring for a Bathroom Makeover
Potential buyers may walk away if bathrooms are outdated and unappealing. Here are some low-cost ways to give the facilities a facelift:
• Scrub-a-dub-dub. Give everything, including drawers and cabinets, a deep cleaning.
• Paint the walls. Remove aging wallpaper and paint the space with a bright semi-gloss shade made for use in the bathroom.
• Replace aging fixtures. Put a tub liner over the old tub and update sinks, toilets, and faucets.
• Accessorize. Buy fresh, new linens, rugs, and shower curtains.
Source: News Mark Inc., Jenna Shields (03/22/2010
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Over-55 Communities Relax Age Limits
Developers are rapidly switching from age-restricted communities to those that invite a broader range of residents.
Prior to the housing meltdown, communities aimed at people older than 55 were springing up all over. But in the last couple of years, enclaves for the elderly have diminished in popularity and even long-time senior-citizen communities like Sun City Grand in Surprise, Ariz., have expanded access, allowing people ages 45 to 54 in 15 percent of the homes.
Says Meda Cates, Sun City Grand’s membership director, “As we age, we golf less, we spend less money doing activities, and we also wanted to be perceived as a younger community.”
Source: USA Today, Haya El Nasser (3/23/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
HUD Attorney Clarifies Add-on Fees
Add-on fees have been a source of confusion since a U.S. District Court last year ruled that these fees violate federal law when the bill doesn’t detail specific services for which the fees are being billed.
Recently, Helen R. Kanovsky, general counsel for HUD, released some more detailed guidance about the court ruling. She wrote:
Commissions may be quoted “using a flat fee, a percentage of the sales price, or a combination” — all listed on the revised HUD-1 sheet. But Kanovsky said that if the total charges “exceed the amount of the commission for listing and selling the home that is reflected in the real estate broker’s or agent’s listing agreement,” then HUD has the right “to determine whether additional services were provided” to justify the add-on.
If few or no services appear to have been performed, HUD can consider these charges a violation of the Real Estate Settlement Procedures Act. Such a violation is subject to significant penalties.
Kanovsky also warned against charging fees when there is no contract or other agreement that permits the levying of these charges. For instance, an administrative fee with no contractual language could be considered by HUD as an illegal fee.
Source: Washington Post Writers Group, Kenneth R. Harney (03/20/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Key Features of the New Housing Rescue Plan
The government’s newest housing rescue effort, which was announced Friday, includes these key tenets:
· As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans whose borrowers refinance through the Federal Housing Administration.
· Lenders that facilitate refinances through the FHA will be required to write down the principal of the first mortgage by at least 10 percent so the home owner has a loan-to-value ratio no higher than 97.75 percent.
· Lenders of second liens will be offered incentives of 10 cents to 21 cents per dollar of principal they write down in connection with an FHA refinance.
· Borrowers who lose their jobs can apply to have their mortgage payments reduced for three to six months while they search for a new job.
· Borrowers with a payment still greater than 31 percent of income after they find a job will be considered for a permanent loan modification.
· To encourage more short sales and “deed in lieu” of foreclosure transactions in which the lender settles the loan for less than is owed, the government will double assistance to borrowers to $3,000 and increase incentives to subordinate lien holders and investors to $6,000.
Source: Reuters News (03/26/2010)
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.