Archive for May, 2010
Mortgage Applications Slide for Fourth Week
Mortgage applications for purchases continued to decrease last week, declining 3.3 percent on a seasonally adjusted basis, compared to the previous week. This was the lowest number of purchase applications since April 1997, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the purchase index decreased 4 percent compared with the previous week and was down a cumulative 27.1 percent over the last month. It fell 27.5 percent, compared to the same week a year ago.
Refinance applications increased 17 percent compared to the previous week, the third consecutive weekly increase.
Mortgage rates were at the lowest 30-year fixed rate since November 2009. Here’s an across-the-board look at activity last week:
* 30-year fixed-rate mortgages decreased to 4.80 percent.
* 15-year fixed-rate mortgages increased to 4.25 percent from 4.19 percent.
* 1-year ARMs increased to 6.83 percent from 6.81 percent.
Source: Mortgage Bankers Association (05/26/2010)
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Mortgage Rates Close in on Record Lows
Home buyers unable to tap into a federal tax credit before it expired on April 30 are finding a consolation prize in mortgage rates, which dropped again this week to near-record lows.
According to Freddie Mac, interest on 30-year fixed loans averaged 4.78 percent compared to 4.84 percent last week, while the 15-year rate slipped to a new low of 4.21 percent from 4.24 percent.
The favorable borrowing costs will improve affordability and soften the impact of the tax credit program ending, says Freddie Mac chief economist Frank Nothaft.
Source: Investor’s Business Daily (05/28/10)
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Dog days of summer
By GARY WILLOUGHBY
Aiken SPCA executive director
For those of you who enjoy going out to dinner and being able to bring your dog out with you, we’re happy to announce the third Dog Days of Summer to benefit the Aiken SPCA.
This year, the venue has changed, but the purpose is still the same: helping raise funds to feed our dogs and cats while feeding ourselves at the same time.
This year, Rose Hill Estate, one of Aiken’s most treasured and historic destination spots, is offering the Aiken animal-loving community the opportunity to dine out with our pets beginning Wednesday, June 2, and every Wednesday evening thereafter for the duration of the summer.
There also will be a room at Rose Hill dedicated to displaying information and materials about the new shelter project and available naming opportunities for anyone interested in knowing more about it. If you want to purchase a brick or tile in memory or honor of a loved one or pet, you can learn more about it at Rose Hill all summer long. A portion of all proceeds from the Wednesday dinners will go directly to benefit the animals waiting for their permanent homes at the SPCA shelter. And with nearly 200 hungry mouths to feed right now, every little bit helps.
Built in 1900, Rose Hill is the first property in Aiken listed on the National Register of Historic Places, and is the most originally intact former Winter Colony estate.
If you have visited Rose Hill, you already know it as a quintessential expression of old Aiken and Gilded Age architecture. If you’ve not yet had the chance to enjoy this beautiful Aiken gem, come out and join fellow animal lovers on Wednesday evenings.
Rose Hill Estate is located at 221 Greenville St. in downtown Aiken between Barnwell and Edgefield avenues, just north of Richland Avenue and a little east of Laurens Street. Use the parking lot at rear located at the corner of Greenville and Edgefield.
Dining begins 5 p.m. and will take place in the Beer Garden and courtyard by the Stable Restaurant. Bring your pet. Menu will be casual fare, and no reservations are needed. However, if planning to bring a large group, give the staff a heads up. Call Rose Hill at 648-1181. For more about the SPCA, visit www.aikenspca.org or call 648-6863.
Donations needed:
As we enter the beginning of kitten season now, we are in desperate need of canned cat food. Any brand is fine and you are welcome to bring it to the shelter at 401 Wire Road or at our thrift store at 404 Richland Ave. E., whichever is more convenient. We also have donation bins at SuperPetz on Whiskey Road and Boots, Bridles & Britches on Pine Log Road. We are also always in need of Whiskas dry cat food, Pedigree dry dog food and any brand of canned dog food.
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Survey: Economy Improving, Housing Lags
Business is picking up steam after nearly one year of economic recovery, says a forecast released Monday by the National Association for Business Economics.
The survey concluded that:
* Unemployment will fall to 9.4 percent by year’s end and shrink to 8.5 percent by the end of 2011.
* Inflation is expected to remain low for the next year or two, but climb within five years.
* Real domestic product is expected to rise 3.1 percent in 2010 and go up another 3.2 percent in 2011.
* Based on the decline in applications for permits to build new homes, analysts expect housing to remain a weak point.
Source: Associated Press, Dave Carpenter (05/24/2010)
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Owners Optimistic About Home Values
More than 16 percent of home owners say their houses increased in value during the past year, the highest percentage in nearly two years, according to a Thomson Reuters/University of Michigan survey.
While 75 percent of home owners viewed current home-buying conditions as good, citing attractive prices and low mortgage rates, about 89 percent thought market conditions for selling a home were poor. While still an overwhelmingly negative number, it was still better than the results of the May 2009 survey when almost 100 percent of home owners panned the climate for sales.
Some 43 percent of home owners said their home decreased in value during the past year. Nevertheless, home owners believe their homes will ultimately rise in value, with the average annual anticipated gain over the next five years at 2.1 percent.
Source: Reuters News, Julie Haviv (05/21/2010)
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Wholesalers Flip Houses, Distorting the Market
Real estate investors, who call themselves wholesalers, are snapping up distressed properties, often paying all cash and seeking a discount, preferably from a cash-strapped home owner.
Then the real estate wholesaler flips the homes — often so fast that he never takes possession of the title. Instead, he signs a contract with the home’s owner and then signs the contract over to a new buyer for an “assigning fee” — the wholesaler’s profit.
“Wholesaling is finding a bargain for a bargain hunter,” says Michael Jake, a Colorado-based real estate investor.
Critics of the practice say it makes it harder for lower-income families to take advantage of a down market, not only because good deals are snapped up quickly but also because the practice distorts the market.
“It makes the bottom [of the market] very frothy and hard to figure out where real value is,” says Andrew Jakabovics, associate director for housing and economics at the Center for American Progress, a Washington, D.C., think tank.
Source: Christian Science Monitor, Tracey D Samuelson (05/17/2010)
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Existing-Home Sales Up 7.6% in April
Existing-home sales rose again in April with buyers motivated by the tax credit, improving consumer confidence, and favorable affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®.
Existing-home sales — completed transactions that include single-family, townhomes, condos, and co-ops — increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.
Lawrence Yun, NAR chief economist, said the gain was widely anticipated. “The upswing in April existing-home sales was expected because of the tax-credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market,” he said. “For people who were on the sidelines, there’s been a return of buyer confidence with stabilizing home prices, an improving economy, and mortgage interest rates that remain historically low.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.10 percent in April from 4.97 percent in March; the rate was 4.91 percent in April 2009.
Total housing inventory at the end of April rose 11.5 percent to 4.04 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March. Raw unsold inventory is 2.7 percent above a year ago, but remains 11.6 percent below the record of 4.58 million in July 2008.
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Mortgage Applications Fall Sharply
Mortgage applications declined 27.1 percent last week compared to the previous week, on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.
The unadjusted purchase index decreased 27 percent compared with the previous week and was 24.1 percent lower than the same week a year ago. This is the lowest level of applications for home purchases observed in the survey since May 1997.
“The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season. In fact, this drop occurred even as rates on 30-year fixed-rate mortgages continued to fall, and at 4.83 percent are at their lowest level since November 2009,” said Michael Fratantoni, vice president of research and economics for the MBA.
Mortgage rates are at bargain levels:
* 30-year fixed-rate mortgages decreased to 4.83 percent from 4.96 percent.
* 15-year fixed-rate mortgages decreased to 4.19 percent from 4.32 percent.
* 1-year ARMs decreased to 6.81 percent from 6.86 percent.
Source: Mortgage Bankers Association (05/19/2010)
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Housing Prices Could Rise 12.4 Percent by 2014
Housing prices are expected to increase 12.4 percent between 2010 and the end of 2014, predicts MacroMarkets, which surveyed more than 100 analysts and market strategists.
Those interviewed didn’t all see the housing market in the same light. Joseph LaVorgna, a economist at Deutsche Bank predicts that home prices will rise 37 percent by the end of 2014.
On the most bearish end, both Anthony Sanders, professor of real estate finance at George Mason University, and investment adviser Gary Shilling, president of A.Gary Shilling & Co., expect prices will decline 18 percent.
Source: The Wall Street Journal, James R. Hagerty (05/19/2010)
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FEMA Offers Discount for Insurance Requirement
The Federal Emergency Management Agency is offering two years of eligibility for the program’s Preferred Risk Policy, the cheapest option, to home owners and small businesses whose properties are in a newly-designated special flood hazard area.
The deal will be available after the redrawn maps take effect, in most cases this fall or next winter. The preferred risk plan discounts the full rate by 75 percent to 80 percent.
FEMA, which has been modernizing the maps for the last six years, has run into considerable resistance from both citizens and legislators who think its changes are wrong or unnecessary.
Source: The Associated Press, Jim Shur (05/20/2010)
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The first locally grown peaches hit Aiken roadside markets on Friday.
Dan’s Peaches, the peach stand located on Whiskey Road, opened for business for the season. It returned to its current location for the third year in a row, and the peach season has a bright outlook as crops are growing strong.
“We didn’t have any freezes or hail so they are in great shape,” said 15-year-old co-owner Dan Bledsoe.
“We had a strange growing season this year. It was hot, cold and then hot again,” said Tim Bledsoe, co-owner. “When it got hot again, they really started to ripen after being dormant while it was cool. The peaches were ready a little earlier this year. This is our first variety. We have 18 different varieties that will take us to the end of August. Each variety contains different properties. Some are sweeter, some tart and some crunchy.”
The peaches available at Dan’s Peaches are picked fresh daily from a farm located in Johnston. The current variety is described as a little firm and not as sweet as later varieties will be but still has that juicy peach taste.
“Anything we sell, you can sample first,” said Bledsoe. “Try it before you buy it.”
On opening day for the peach stand, the traffic was steady, and everyone expressed the same excitement.
With the opening of the stand in Aiken, others will soon follow with the return of Jackson’s Peach Stand. Peaches will soon be a popular staple at the Aiken Farmer’s Market.
Dan’s Peaches will be open Monday through Saturday until late August. Peaches are available for purchase in a variety of sizes ranging from small bags to baskets.
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Senate Passes Financial Reform Bill
The Senate on Thursday approved the most extensive overhaul of the banking system since the 1930s.
The legislation must still be reconciled with the House bill passed in December.
Measures in both bills that directly affect property transactions include:
* Limits on the ability of mortgage lenders to penalize borrowers who pay off loans early.
* Stated-income loans would be effectively eliminated.
* Lenders would be required to obtain proof from borrowers that they can pay for their mortgages. Buyers would be required to provide tax returns, payroll receipts, or bank documents.
* Lenders and brokers will be prohibited from pushing borrowers to accept loans with higher interest rates or with risky features.
Source: The New York Times, Gregg Hitt and Damian Paletta (05/20/2010)
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Fewer Buyers Consider Foreclosures
Fewer U.S. homebuyers are interested in foreclosed properties than they were a year ago, according to a survey conducted for Trulia.com and RealtyTrac.
About 45 percent of U.S. adults age 18 say they are at least somewhat likely to consider purchasing a foreclosed home, down from 55 percent of people surveyed in May 2009.
Most home owners – 98 percent – expect to pay less for a foreclosure, but 36 percent expect a discount of 50 percent or more. Only 18 percent say they would be satisfied with a discount of less than 25 percent.
Some 92 percent of potential buyers were realistic about the likelihood that a foreclosed property will need improvements, but 65 percent wanted to spend less than 20 percent of the purchase price on fixing the place up.
Among U.S. adults who say they are at least somewhat likely to purchase a foreclosed home, 62 percent said they would use the property for their primary residence, 19 percent said they would use it as a rental investment, 8 percent said they would use it as a second home or vacation home, and 6 percent said they would buy and quickly resell.
Source: Trulia.com (05/20/2010)
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Mortgage Rates Continue to Drop
Falling rates on U.S. government securities helped push mortgage rates down to the lowest level so far this year.
The average rate on a 30-year fixed loans declined this week to 4.84 percent from 4.93 percent a week ago, reported Freddie Mac.
Also, 15-year fixed loans fell to 4.24 percent from 4.30 percent; five-year, adjustable-rate mortgages declined to 3.91 percent from 3.95 percent; and one-year ARMs fell to 4 percent from 4.02 percent.
Source: Pittsburgh Post-Gazette (05/21/10)
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Comfortable Laundry Rooms Are a Must-Have
Convenient and comfortable laundry rooms are an increasingly popular feature among home buyers.
Tom Byrne, president of Rockville, Md.-based Chadsworth Homes Inc., says they are more popular than such features as studies and media rooms.
“In the past few years, 30 percent of the homes we build … have a laundry room with granite countertops, a single-level kitchen-style faucet, and the laundry tub will be an undercounter sink,” Byrne says.
Stephen Melman, director of economic services for the National Association of Home Builders, concurs.
“These rooms are becoming larger and more multifunctional, with organizers, a table for folding, ironing stations, and windows with a view,” Melman says.
Source: Washington Times, Carisa Chappell (5/14/2010)
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Aiken Performing Arts Group reveals season lineup
The Aiken Performing Arts Group (APAG) has announced its 2010-2011 Subscriber Series.
“In terms of sheer talent, national recognition and variety of shows, our upcoming 2010-2011 season should prove to be the best in APAG history. We have pursued a number of these artists for the last several years. Three of the four shows in our lineup coming in from Los Angeles, New York and San Francisco are at the start of national tours,” said Thomas C. Hofstetter, chairman. “The mix of theater mainstays, cool jazz, oriental splendor and sophisticated comedy fit together to provide our audiences with a perfect reflection mix of show business today.”
The season officially opens on Oct. 7 with “The Best of Broadway: A Gershwin Celebration.”
“APAG’s season opener typifies the research that goes into our show selection. Not only are the performers top-flight singers and musicians but they also have performed the Gershwin roles on the stage. The show is an ideal mix, featuring everything from ‘I Got Rhythm,’ ‘The Man I Love’ and ‘Someone to Watch Over Me,’ to cool jazz, blues and even ‘Rhapsody in Blue.’ It took us three years to find the ideal Gershwin tribute but it will prove well worth the wait when the curtain goes up in October,” Hofstetter said.
The second performance in the Subscriber Series brings the Lily Cai Chinese Dance Company to Aiken. Cai creates highly visual works of art incorporating costumes, props and multimedia while integrating traditional Chinese dance, folk and classical with Western ballet and modern dance.
In February 2011, Jeremy Davis and The Fabulous Equinox Jazz Orchestra will perform Johnny Mercer Tribute “Mercer Mostly.” The Equinox Jazz Orchestra is a nine-piece ensemble featuring vocals and performing the music of the Great American Songbook with a sprinkling of Motown, funky New Orleans and an emphasis on Frank Sinatra, Dean Martin, Harry Connick Jr., Michael Bublé, Brian Setzer, Duke Ellington, Count Basie, Glenn Miller, Johnny Mercer, Tony Bennett and more.
The final installation of the Subscriber series is “The Passing Zone: Gravity Attacks.” The show stars Owen Morse and Jon Wee as they engage the audience to join them in their fight against gravity. With flying objects, this high-velocity show will keep audiences on the edge of their seats.
Subscriber tickets are available only by calling 643-4774 or by e-mailing AikenPAG@gforcecable.com. Discounts are being offered for subscriptions purchased before July 1. For more information, visit www.AikenPerformingArtsGroup.com. All performances are held at the URS Center for the Performing Arts unless otherwise specified.
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Will Housing Feel a ‘Saw-Tooth’ Effect?
Some housing experts are predicting what one calls a “saw-tooth bottom” to the housing market driven by a shadow inventory that may include up to 4.5 million properties.
This issue isn’t just bank-owned homes that aren’t yet on the market, but sellers who would like to sell but fear they can’t. “These sidelined sellers closely watch the market for signs of a possible turnaround and rush in if there’s a hint of good news,” says Leslie Appleton-Young, chief economist for the California Association of REALTORS®.
This rush to sell drives prices back down — hence, the “saw-tooth” description.
Stan Humphries, chief economist for Zillow.com, describes the potential problem this way: “Prices go up; inventory rises, which sends prices down again. That plays out for three to five years of no appreciation. … Without price appreciation, it leaves more home owners in negative equity. That’s toxic. Any setback, like a job loss, they go into foreclosure.”
Source: CNNMoney.com, Les Christie (05/17/2010)
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Total Foreclosures Fall, But REOs Rise
Foreclosure marketer RealtyTrac reported today that properties in all stages of foreclosure from default notices to auctions and repossessions were down 9 percent in April compared with March. They fell 2 percent compared with April 2009. Also, default notices were down 27 percent year over year.
RealtyTrac CEO James J. Saccacio predicted that foreclosures are plateauing, but won’t drop off dramatically any time soon. He pointed out that although default notices have dropped, repossessions are at a record level, indicating that banks are working through their backlogs.
Five states account for 52 percent of the total number of foreclosures: California, Florida, Michigan, Illinois, and Nevada. The states rounding out the top 10 are Arizona, Georgia, Texas, Ohio, and Virginia.
Source: RealtyTrac (05/13/2010)
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Last Winter Colony Concert Series before summer will be held Sunday
The Winter Colony Concert Series continues this week with “Music For Flute and Piano,” the last concert before the series goes on summer hiatus.
The concert, scheduled for 3:30 p.m. Sunday, May 23, at the Aiken County Historical Museum, will feature flutist Tammy Evans Yonce and pianist Kimberlee Turnbough, along with concert organizer and guest vocalist Diane Haslam. The concert will be followed by a champagne reception with the musicians at The Willcox; concert tickets entitle the holder to one free glass of champagne or soft drink.
“The most substantial part of the program will be a piece by Claude Bolling, ‘Suite For Flute And Piano,’ which is jazz inspired,” Haslam said. “I believe it was originally written for Bolling, who was a very accomplished pianist, and Jean-Pierre Rampal, a famous flute player.”
The program will also feature works by Schumann, Saint-Saens and Massenet, among others.
Yonce serves on the faculty of Gainesville State College, Newberry College and USC Aiken and teaches through her private studio. She has performed with contemporary music group Ensemble Ilusis and published articles in Flute Talk magazine.
“The Bolling piece is really interesting,” Yonce said. “It combines flute and jazz piano in a kind of fusion or hybrid. Audiences always like it.”
Turnbough teaches secondary piano and accompanies individual singers and woodwind players at Newberry College. She received her Master of Music degree and certificate of graduate study in musical performance from the University of South Carolina in Columbia, where she studied with Dr. Charles Fugo.
“I think the Bolling is my favorite piece in this program, as well, because it stretches me,” Turnbough said. “It’s out of my box. I’m not usually a jazz player, so it’s good for me to work with.”
Tickets to the concert are $10, available in advance at the museum or at the door.
For more information about the concert, call the museum at 642-2015 or Haslam at 649-6050.
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Nationally, Median Price Down Slightly
The national median existing single-family price was fairly flat at $166,100 in the first quarter of 2010, down 0.7 percent from the first quarter 2009 price of $167,300. Distressed homes, which typically sell for 15 percent less than traditional homes, accounted for 36 percent of first-quarter sales.
“This flattening in home prices is something we’ve been seeing in all of the home price measures lately, and quite clearly in this metro area price report,” says Lawrence Yun, NAR chief economist. “The tax credit has been very effective in drawing down excess inventory, with about one million additional sales resulting directly from the stimulus.”
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Home Values Impact All Areas of Economy
Real estate can be an engine or a brake for the U.S. economy. And today, it’s mostly slowing things down.
“The housing market, since it was the epicenter of the crisis, is also central to the feeble recovery,” says Ethan Harris, an economist at Bank of America Merrill Lynch.
Everything is interconnected: Employment is closely tied to construction spending, which is 25 percent below what it was in 2006. And because property values remain low, many people are mired in debt and can no longer rely on home equity to help them out of it.
The decline in property values is also preventing small businesses from using equity to expand. And lower property values mean lower property taxes, which dents government spending on everything from teachers to police officers.
Source: The Wall Street Journal, Conor Dougherty (05/10/2010)
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Favorable Rates Help
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 5 percent in the first quarter, up slightly from a record low 4.9 percent in the fourth quarter; it was 5.1 percent in the first quarter of 2009.
Golder says that even with some recent easing of mortgage credit, separate surveys show the housing market continues to be constrained by mortgage issues. “One-third of NAR members report the most important factor limiting potential clients has been difficulty in obtaining a mortgage,” she said.
“In addition, 11 percent of REALTORS® in the first quarter report a contract was cancelled because an appraisal came in less than the price negotiated between a buyer and seller, and another 16 percent report a contract had to be renegotiated because of a low appraisal,” Golder says. “As a result, the housing recovery isn’t as strong as it could be.”NAR
Sales Pace Up from Year-Ago
Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.14 million in the first quarter, down 14 percent from a surge of 5.97 million in the fourth quarter, which was driven by the initial tax credit.
However, when compared with the first quarter of 2009, sales were up 11.4 percent from 4.61 million. “Year-ago comparisons are more meaningful in this report due to sales swings from the tax credit,” Yun says.
Sales volume increased from a year ago in 44 states and the District of Columbia; 31 states and D.C. saw double-digit gains while two were unchanged and four were down.
NAR President Vicki Cox Golder says there’s been a change in market psychology. “Buyer confidence is back, and home buyers have long-term views. The typical buyer plans to stay in their home for 10 years, so we’ve put the flipping mentality behind us and most people see housing for what it is—shelter that provides social benefits and is also a good long-term investment.”
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Year-Over-Year Price Gains in 91 Markets
A growing number of metropolitan areas are seeing price gains over a year ago, according to the latest survey by the NATIONAL ASSOCIATION OF REALTORS®.
In the first quarter, 91 out of 152 metropolitan statistical areas showed higher median existing single-family home prices compared with prices in the first quarter of last year. Of those with higher prices, 29 had double-digit increases. Three of the 152 metro areas had no change in prices, and 58 metros had price declines.
In the fourth quarter of 2009, only 67 areas reported year-over-year gains, and in the third quarter only 30 metro areas had price increases.
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Fannie Mae Needs $8.4 Billion More
After posting a first-quarter net loss of $11.5 billion, Fannie Mae has petitioned the federal government for an additional $8.4 billion in aid.
The government-sponsored enterprise’s 11th consecutive quarterly loss would have been deeper without accounting changes that reduced its deficit. Fannie Mae now has recorded total losses of almost $145 billion, or nearly twice its profits for the previous 35 years.
Source: Wall Street Journal, Nick Timiraos (05/11/10)
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Borrowers Choose Default Out of Anger or Fear
Some Americans are choosing default because they are fearful or angry, according to a new study by University of Arizona Associate Professor Brent White.
White studied defaults in which the borrower could have avoided losing their home but went that route because they owed more than the home is currently worth.
White argues that deliberate default isn’t the result of thoughtful strategizing, but a response to anxiety. He called default “contagious” with people more likely to default if they know others who have done so.
White believes that the answer is a “rent-based loan program” giving underwater borrowers payments in line with the cost of renting a comparable home. That will give borrowers a sense that they are paying a fair price instead of “throwing their money away” on a loan that they’ll never be able to pay off, White says.
Source: The Wall Street Journal, James R. Hagerty (05/10/2010)
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An icon in the equine transportation business will be closing its doors on May 31.
Ralph G. Smith Inc. began moving household goods in 1882, started hauling horses in 1916 and has been a presence in Aiken for decades.
The West Chester, Pa.-based company has transported many of Thoroughbred racing’s greatest horses including Kelso, Man o’ War and War Admiral, said Richard Smith, one of four brothers from the fourth generation of Smiths who currently operate the company. The other brothers are Ralph G. Smith III, Thomas H. Smith and Ronald D. Smith.
The next generation of Smiths have directed their energies toward other endeavors, he said.
“We told most of our clients that we’re going to retire and pull the reins in May 31,” said Richard Smith. “Aiken has always been good to us. We have a large customer base. We had quite a good relationship with the people stabled in Aiken.”
Brad Stauffer has been Ralph G. Smith’s agent in Aiken for more than 15 years and was impressed by the way the company went out of their way to accommodate people, putting the interests of their clients and their horses above all else.
“They were super people, extremely nice and always did a great job,” said Stauffer.
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What is a short sale?
A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner’s commission. The seller is unwilling or unable to cover the difference.
Some — although by no means all — short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing more than the home is currently worth when closing costs are factored in.
Tip: Losing your home can be very emotional and most people don’t want to face up to the reality until foreclosure sets in. “You have to have to have a very soft sell approach, but still keep sellers focused on getting forms and paperwork complete,” says Sheryl Thomson, associate broker, Exit Island and Beach Realty, Merritt Island, Fla.
Other sellers simply don’t understand that if they have assets, such as stocks or a high-salaried job, a lender is not going to let them just walk away from a short sale without signing a note to repay what they owe, says Steve White, broker with Keller Williams VIP Properties, Santa Clarita, Calif.
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Choral Society to present American Masters
The Aiken Choral Society’s spring concert will focus on American composers through history in “American Masters: A Patchwork of Musical Americana.”
The Choral Society will perform its “American Masters” program at 7:30 p.m. Friday and at 3 p.m. Sunday at St. Paul’s Lutheran Church on Trail Ridge Road at Hitchcock Parkway. The performance will run about an hour and 15 minutes, according to Choral Society Artistic Director Maureen Simpson, and will feature guest performances by men’s a cappella group South Boundary, oboe soloist and Furman University student Ann Kucharski, and tenor and Georgia Southern student Anthony Brinson.
“We really wanted the title to convey that it’s not just patriotic music. If it had been a program of patriotic music, we’d have scheduled it closer to Memorial Day,” Simpson said. “There will be patriotic music in the concert, but we wanted this concert to cast a wider net for the term ‘American music.’”
The concert will include works by such composers as Leonard Bernstein, Stephen Sondheim, Scott Joplin, Gwyneth Walker, John Rutter, Aaron Copland and more.
“For Scott Joplin, we’re doing two pieces from his opera, ‘Treemonisha,’ which is mostly unheard of now,” Simpson said. “We’re doing ‘Send In the Clowns’ from ‘A Little Night Music,’ and ‘The Ballad of Sweeney Todd,’ and we’ll have two surprise pieces at the end of the show. The music had to be American, had to be good for our group’s performance style, and not necessarily known to the public. We’re trying to give a little something for everybody.”
Tickets are $10 for adults, $7 for students, and ages 12 or younger will be admitted free. Tickets are available in advance at the Aiken County Historical Museum and will be available at the door.
For more information about “American Masters,” call Maureen Simpson at 649-6570 or Shirley Myers at 649-2553.
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Aikenite to race in Preakness
Dogwood Stable’s Aikenite will be part of the field contesting the 135th Preakness Stakes this Saturday, and the Aiken Standard’s Ben Baugh will be there to cover the event.
Baugh, the Aiken Standard’s equine beat reporter, will be in Baltimore at Pimlico Race Course, reporting before, during and after the race, as the City’s namesake makes a run for history.
The last Aiken-trained horse to win the Preakness was Dogwood Stable’s Summer Squall, who won the race in 1990.
Aikenite, a 3-year-old colt, rebounded from his performance in the Grade 1 Toyota Blue Grass Stakes, with a strong second place effort in the Grade 3 The Cliff’s Edge Derby Trial Stakes at Churchill Downs on April 24.
Todd Pletcher is Aikenite’s trainer. Aikenite will be running against another Pletcher-trained horse, Super Saver, who won the Kentucky Derby two weeks ago.
The multiple-graded stakes runner will have Javier Castellano in the irons, who piloted Bernardini to victory in the 2006 Preakness.
Aikenite worked five furlongs Sunday at Churchill Downs in 1:012âÑ5 with exercise rider Kevin Willey in the irons.
Women organize symposium on horse disease
A painful disease that adversely impacts horses and can also be deadly turned personal for three women, who put their collective efforts together to organize the Carolina Laminitis Symposium, which will be held on Saturday at the South Carolina State Museum in Columbia.
Julie Capaldi, Kate Bond and Linda Symborski had horses that were diagnosed with laminitis.
Bond’s horse succumbed to the disease; Symborski’s horse eventually recovered from laminitis, only to lose a battle with progressive Cushing’s disease; and Capaldi’s gelding continues to recover from the disease that manifested itself in her horse in July 2009. The disease affects all four feet.
The featured speakers at the symposium will be veterinarian Dr. Don Walsh, the founder of the Animal Health Foundation, and Kathy Watts, a forage researcher funded by the Animal Health Foundation.
Laminitis is an inflammation of the sensitive laminae, which lie between the hoof and bone of the foot. Irreversible changes occur in the laminae within the first 12 hours, and it’s critical that treatment is begun immediately to preclude further damage and to mitigate and reduce the aftermath associated with the loss of blood to the laminae.
It can be caused by a number of events including the ingestion of toxic levels of grain, eating lush grass, systemic disease problems, high temperatures, toxemia (a poisoning sometimes due to the absorption of endotoxins formed at a local source of infection), retained placenta, excessive weight-bearing as occurs when the opposite limb is injured, and the administration of some drugs.
The cost of the symposium is $50 per person, which includes lunch, Capaldi said.
The program will be limited to 200 people and will run from 8:30 a.m. to 4:30 p.m.
For more information or to register for the symposium, visit www.carolinasymposium.org.
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Pending Home Sales on an Upswing
Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.”
Regional Numbers
* The PHSI in the Northeast declined 3.3 percent to 75.1 in March, but remains 27.2 percent higher than March 2009.
* In the Midwest the index increased 1.2 percent to 98.9 and is 18.5 percent above a year ago.
* Pending home sales in the South jumped 12.7 percent to an index of 121.2, which is 28.3 percent higher than March 2009.
* In the West the index rose 1.9 percent to 99.9 and is 8.8 percent above a year ago.
“Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.”
Source: NAR
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Mortgage Insurer Reports Housing Is Recovering
Mortgage insurer PMI released a report Monday indicating that the housing market is recovering and predicting that prices are likely to rise in many markets over the next two years. PMI considerations include increasing affordability, generally improving mortgage credit quality, decreasing foreclosure rates, and a drop in excess housing supply.
Key findings include:
* Of the nation’s 384 MSAs (metropolitan statistical areas), 356 had a declining risk score, with only one showing a slight increase and the remainder unchanged.
* The number of MSAs in the riskiest category fell by 26.4 percent during the fourth quarter.
* The number of MSAs in the least-risky category increased 26.5 percent.
Large MSAs with the most improved risk scores are:
* Columbus, Ohio
* Pittsburgh
* Memphis
* Charlotte, N.C.
* St. Louis
* San Antonio, Texas
* Kansas City, Mo.
* Nashville, Tenn.
* Chicago-Naperville
* Indianapolis
Source: PMI Mortgage Insurance Co.
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Buyers Often Overlook Insurance Costs
Insurance is usually the last thing people worry about when they are buying a new home. According to the Insurance Information Institute, that’s a mistake, because it will be an expense a buyer will have as long as they own the property.
Here are some key issues that the institute urges every buyer to consider:
• How far is the home from the fire department? A location close to the station usually means lower insurance costs.
• What is the condition of the plumbing and electrical systems? Older and poorly maintained systems cost more to insure.
• Does the property meet current building codes? Up-to-date properties are safer and also cheaper to insure.
• What about wind damage? If insurance against windstorms is required, is private insurance available or will the buyer have to rely on a state-run program? If there a windstorm deductible, how high is it?
• Is the home vulnerable to flooding? Floods aren’t covered under a standard homeowner policy, although most major insurers will provide it through the National Flood Insurance program. How much the insurance costs depends on where the property is. More information is available at FloodSmart.gov.
• Is there earthquake risk? Earthquake insurance requires an endorsement or a separate policy.
Source: Insurance Information Institute (05/06/2010)
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Animals in need of homes, TLC
Some special animals at the Aiken SPCA need some special owners.
The SPCA is caring for a mostly-blind poodle named Dynamo, a horse and a pot-bellied pig, and staff would love to see them go to good homes. The three were recently transferred to the nonprofit shelter from the Aiken County Animal Shelter after Animal Control picked them up as strays.
Each need a little extra TLC.
Dynamo is about 8 to 9 years old. He is neutered, and Adoption Coordinator Sybil Altman said she suspects he can see just a bit as he has shown he can navigate around Altman’s office fairly well.
“He was obviously someone’s dog. He is very friendly. I haven’t heard him bark, and he does seem to be house trained,” she said. “I probably wouldn’t recommend a household with small kids.”
The horse, who is about 25 to 30 years old, was found wandering around Aiken County. Altman said County Animal Control responded after receiving several calls.
The mare is thin, and Altman said her coat, hooves and teeth need some attention. There is a chance her owners may show up to claim her. If not, she will available for adoption in a few weeks.
Every morning, staff members take her from the stall at the back of the SPCA’s property to the canine agility field for exercise. Dogs have been in the fenced-off field next to her, and she does not appear to be skittish around them.
“She has definitely been alone for a while,” Altman said. “But she is as sweet as can be.”
The pot-bellied pig was found abandoned in a trailer with a number of dogs. She was spayed Wednesday.
Altman estimates her age at 5 years.
She also needs special care as her physical condition is relatively poor.
For more information, call the Aiken SPCA at 648-6863.
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Housing Inventory Declines in April
April housing inventory was down 9.6 percent compared to the previous year average in the 27 metropolitan markets covered by ZipRealty Inc.
Compared to March, housing inventory was up only 2.6 percent. Inventories nationwide typically rise 5 percent in April, according to Ivy Zelman, CEO of research firm Zelman & Associates.
Housing experts point out that the market is unusual this year because 8 million households are behind on their mortgages or in some state of foreclosure. Eventually, many of those homes will end up on the market.
Source: The Wall Street Journal, James R. Hagerty (05/06/2010)
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Mortgage Rates Hit 6-Week Low
Freddie Mac reports that the average interest for 30-year fixed mortgages was 5 percent this week, down from last week’s 5.06 percent.
Meanwhile, 15-year fixed loans averaged 4.36 percent versus 4.39 percent over that same time span. Rates on five-year, adjustable-rate mortgages and on one-year ARMs also were down, averaging 3.97 percent and 4.07 percent, respectively.
Source: Modesto (Calif.) Bee (05/07/10)
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Orchestra will play in concert Monday
The Aiken Youth Orchestra will present a concert Monday night during the Hopelands Summer Concert Series as part of the second quarter of events to celebrate Aiken’s 175th anniversary.
The orchestra is composed of the full orchestra and the string orchestra led by Laura Tomlin of the Symphony Augusta. The music selections for the Hopelands concert will focus on American music with relationships tied to Aiken. The orchestra’s repertoire for the spring concert covers a variety of music from the past 175 years – from waltz to jazz to contemporary music.
Friends playing with the orchestra are Roger Davis and Fabio Mann.
Davis has been a mainstay of the Augusta music scene for more than 20 years and is the lead singer for Ed Turner and Number 9.
Mann is one of the founders of the Savannah River Brass Works. He performs with many local and regional ensembles ranging from classical jazz to pop.
The Aiken Youth Orchestra was started in the spring of 2002. The program, composed of high school and middle school students, provides an orchestral opportunity for students of private music teachers and public school string programs in the area. Need-based scholarships are available for students.
The orchestra performs two annual concerts in the spring and fall. It has performed at the Hopelands Summer Concert Series for the past few years.
The concert is free and open to the public. For more information, call 641-9094.
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The Aiken Bluegrass Festival is back and bigger than ever.
After taking a year off in 2009, the Aiken Bluegrass Festival – hailed as one of the largest in the Southeast – returns on May 14 and 15 at Highfields Showgrounds.
Festival organizers Steve Groat and Christian Schaumann are introducing several new features to the festival to make the event a weeklong celebration.
The main days of the festival will be May 14 and 15, and camping is available on the festival site. However, the music starts a few days earlier with pre-grass on Tuesday, May 11 poolside at The Willcox with Taylor Creek.
“We have planned a whole week of bluegrass,” said Schaumann. “We are really excited to be getting downtown involved.”
Pre-grass continues in downtown Aiken on Thursday, May 13 at the Aiken Brewing Co. and Soiree. Live bluegrass music will be featured at both locations.
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Borrowers Would Do Things Differently
Borrowers say they spend no more time researching a mortgage loan today than they did two years ago before the market meltdown, according to a survey by Zillow.com. And that’s unfortunate, says Zillow Chief Economist Stan Humphries
“The last few years should have driven home the lesson that understanding one’s home loan is critically important, but mortgages continue to be something that most people don’t want to spend time thinking about,” he says.
The survey found that of the 16 percent of U.S. adults who obtained or refinanced a home loan in the last five years, 65 percent would do things differently if they could.
• 58 percent would like to compare terms for loans on an apples-to-apples basis.
• 56 percent would like fees standardized and easier to understand.
• 52 percent would like it to be easier to shop around for rates.
• 50 percent would like to get more than one quote without sharing personal information.
• 19 percent would want to learn more about the mortgage process.
• 15 percent would want it to be easier to choose a lender based on other’s experiences.
Source: Zillow.com (04/29/2010)
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Buyers Rush to Meet Tax-Credit Deadline
As the federal tax credits come to an end, home buyers everywhere are hurrying to get in under the wire.
But in California the rush has turned into something of a stampede as some would-be buyers try to qualify for both the federal credit and a $10,000 state credit that kicks in Saturday.
As one home shopper tells the Los Angeles Times, “I am looking at properties almost constantly, and it is just kind of a feeding frenzy right now.”
“The stimulus has worked,” says Rick Hoffman, president of Coldwell Banker Residential Brokerage in San Diego and Temecula Valley. “Buyers are confident that we have seen the bottom of the real estate market and that we are on the way back up.”
Source: Los Angeles Times, Alejandro Lazo (04/30/2010)
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4 Fundamentals of Selling a Home Today
Here are four things sellers should understand about today’s market to make their homes as saleable as possible:
1. Real estate pricing is very local: “When you’re looking at comparables, you have to see what’s sold in the past three months. Look at your competition and what’s under agreement,” advises Colette Casey-Brenner, sales manager at Coldwell Banker Arlington, Mass.
2. Get property pics online: Stage the property, then take pictures and video. Better yet, hire a professional photographer to do the job.
3. Disclosure is key: Tell potential buyers what’s wrong before they figure it out. That eliminates last-minute re-negotiations and cold feet.
4. Clean, clean, super-clean: A clean and clutter-free property makes potential buyers likely to pay more, says David Kelman, an associate with RE/MAX Landmark in Milton, Mass.
Source: Boston Globe (04/29/2010)
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Households Unfazed by Expiring Tax Credits
The expiration of the home buyer tax credits won’t deter optimistic households who believe the market is improving, according to a survey released Wednesday by Prudential Real Estate and Relocation Services.
More than 90 percent of those surveyed believe the home buyer tax credits have helped both first-time buyers and the overall housing market, but 65 percent say that end of tax credits won’t reduce their personal interest in buying a home.
Over the next five years, 79 percent expect real estate prices to increase, and 20 percent expect prices to rise substantially. Only 12 percent believe prices will decrease.
Among renters, 75 percent believe owning a home is a better long-term choice for them than renting.
The majority of consumers also believe that homeownership is a good investment, with 75 percent saying it is better than stocks or bonds, 72 percent preferring it to mutual funds, and 74 percent saying it surpasses savings accounts.
Source: Prudential Real Estate and Relocation Services, Inc. (04/28/2010)
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HUD to Broaden Help for U.S. Cities
Cities hoping to tap into the Neighborhood Stabilization Program are being stymied by investors who pay cash for distressed housing units and rent them out — a trend that worries those who believe homeownership is key to stronger communities and higher property values.
In response, HUD will broaden the pool of foreclosures that municipalities can purchase to help them buy and resell homes at affordable rates.
Banks, meanwhile, are issuing new guidelines to real estate practitioners, requiring them to give priority to local governments using federal funds to acquire bank-owned residences.
Source: San Francisco Chronicle, Robert Selna (04/26/10)
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How Much Will Home Owners Insurance Cost?
The price of insuring a property can raise the cost of ownership significantly.
There are various factors that affect the cost of insuring a home:
· Location. A home near a fire hydrant or protected by a professional fire department, as opposed to volunteers, will cost less to insure.
· History of claims. Previous claims push up the cost of insurance. Ask the seller to provide a home’s insurance claims history report. This information is available from the sources: The CLUE report is $19.50 and can be purchased at: http://tinyurl.com/26m57uo. The A-Plus report is $9 by mail and $13 by fax and available at: http://tinyurl.com/293slq7.
· Need flood or earthquake insurance? Policies for both of these perils are sold separately and can be pricey.
· How old are the systems? Electrical and plumbing systems that are less than 10 years old cost less to insure.
Source: Associated Press (04/23/2010)
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Investment Bank Predicts Rising Foreclosures
Foreclosed homes owned by banks, Fannie Mae, Freddie Mac, and other mortgage investors topped 480,000 at the end of February, Barclays Capital estimates in a new study.
Barclays expects housing inventory to rise further over the next 20 months, peaking at 536,000 homes in January 2012. Barclays also predicts 1.6 million sales of distressed properties in 2010 and 2011, declining to 1.5 million in 2012, with about 30 percent of all home sales this year and next foreclosure related. Normally, only 6 percent of sales are related to foreclosures.
Barclays also expects home prices to fall another 3 percent to 5 percent over the next two years, assuming that unemployment will decline to 8 percent within the next two years.
Source: The Wall Street Journal, James R. Hagerty (04/28/2010)
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Fannie Adds Incentive to Avoid Foreclosure
Beginning in July, Fannie Mae will allow financially troubled home owners to complete a “deed in lieu of foreclosure” or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years.
Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will purchase. Home buyers who go through foreclosure must wait five years.
All these waiting periods can be reduced further, if the potential buyer can show extenuating circumstances. “We are beginning to think about post-recession, how you address borrowers who became unemployed through no fault of their own … and now deserve the right to re-enter the housing-finance system,” said Federal Housing Association Commissioner David Stevens.
Source: The Wall Street Journal, Nick Timiraos (04/26/2010)
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New Home Sales Jump in March
Sales of new homes rose 27 percent in March compared to February, the U.S. Commerce Department announced Friday. It was the largest monthly increase since April 1963, when sales jumped 31.2 percent.
In addition, the National Association of REALTORS® reported last week that sales of previously owned homes rose 6.8 percent.
Economists attribute the figures to buyers taking advantage of the $8,000 tax credit scheduled to expire at the end of this month.
“In simple terms, housing is a bargain again, and buyers are responding,” Michael D. Larson, a real estate and interest rate analyst at Weiss Research, wrote in a research note. “That is unambiguously good news for the market going forward.”
Source: The New York Times, Christine Hauser (04/23/2010)
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Foreclosures Decline in Most Hard-Hit Markets
Among the 20 U.S. metropolitan areas with the highest foreclosure rates, foreclosures actually declined in the last year, falling in 14 of the top 20 cities and eight of the top 10, reports RealtyTrac, which provides a market platform for foreclosures.
“The decreasing foreclosure activity in some of the nation’s top foreclosure hot spots in the first quarter is largely the result of government intervention and other non-market influences, and not a sure signal that those areas are out of the woods yet when it comes to foreclosures,” says RealtyTrac CEO James J. Saccacio.
Nationwide, foreclosure activity increased in 159 of the 206 metro areas RealtyTrac tracks and was up 16 percent overall compared to the first quarter of 2009.
Here are the top 10 cities with the most foreclosures:
1. Las Vegas-Paradise, Nev.
2. Modesto, Calif.
3. Cape Coral-Fort Myers, Fla.
4. Riverside-San Bernardino-Ontario, Calif.
5. Stockton, Calif.
6. Merced, Calif.
7. Phoenix-Mesa-Scottsdale, Ariz.
8. Vallejo-Fairfield, Calif.
9. Bakersfield, Calif.
10. Orlando-Kissimmee, Fla.
Source: RealtyTrac (04/29/2010)
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Fed Reaffirms Near-Zero Interest Rates
The Federal Reserve reiterated its intention to keep key interest rates near zero for “an extended period” in a statement released Wednesday.
“Economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period,” the Fed statement said.
While some analysts questioned the Fed’s position, John Silvia, chief economist at Wells Fargo Securities, said, “There are questions about the pace of the recovery and the sustainability of the housing recovery. Therefore, it is too early to move. The extended period is still in force.”
Source: Bloomberg, Craig Torres and Steve Matthews (04/29/2010)
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Stamp series advocates for local shelter animals
Aiken SPCA staffers brought dogs to the Aiken post office on Laurens Street for the debut of a stamp series honoring shelter animals just like them.
Aiken Postmaster Joseph Hart III and Summerall Station Site Manager Vince Robinson uncovered a poster with the “Animal Rescue: Adopt A Shelter Pet” stamp series Friday morning on the sidewalk outside the Laurens Street post office.
“I think they’re very cute,” said Hart. “I hope we sell enough of these stamps to benefit animal rescue charities and the local SPCA. I hope it will help find some of these animals homes.”
Gary Willoughby, SPCA executive director, and the SPCA’s Sybil Altman and Joan Irvine brought along a Jack Russell terrier mix, a black-and-white Lab mix and a mixed-breed golden dog to attend the ceremony and remind post office patrons that the SPCA has many fine animals in need of good homes.
“I think they’re great,” Willoughby said of the new 44-cent stamps. “It’s another opportunity to remind people of the importance of adopting animals. These are 10 examples of dogs and cats adopted from shelters. Also, the canceled stamps will have another message stamped in ink, so there’s another reminder. On top of that, the Postal Service has partnered with Halo Food Co. to donate a million pounds of pet food to shelters across the United States.”
The stamps were created by photographer Sally Anderson-Bruce, who shot photos of 10 adopted shelter animals in her hometown of New Milford, Conn. The stamps are being sold in cards of 20 for $8.80.
“I think they’re going to be great,” said post office patron Skip Townsend. “They’re for an excellent cause and helping excellent people. I think the post office is to be commended.”
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Buyers Should Push to Cut Junk Fees
Now is a good time for home buyers to push for lower closing costs.
Closing costs include lending charges, local tax and transfer fees, and expenses for such things as title insurance, appraisal costs, and other third-party services. The rule of thumb used to be about 3 percent of the cost of the property.
Today, most buyers should be able to do better than that, said Guy Cecala, publisher of industry newsletter Inside Mortgage Finance. Fees that buyers shouldn’t have much trouble negotiating away include wire-transfer fees, loan application-processing fees, and high FedEx charges.
“It all boils down to what a lender will work for,” says Cary Pearce, production manager at Provident Bank Mortgage in Riverside, Calif.
Source: Investor’s Business Daily, Kathleen Doler (04/22/2010)
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Most Mortgage Rates Drift Lower
Freddie Mac reports a slight drop in the 30-year fixed mortgage rate to 5.06 percent during the week ended April 29 from 5.07 percent the prior week. A year ago, rates were just under 5 percent.
The 15-year fixed mortgage rate held steady at 4.39 percent, while the five-year adjustable mortgage rate dipped to 4 percent from 4.03 percent. The one-year ARM rate rose slightly to 4.25 percent from 4.22 percent.
Source: Wall Street Journal, Nathan Becker (04/30/10)
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SPCA seeks donations for new Willow Run facility
The Aiken SPCA’s new 20,000-square-foot facility on Willow Run Road, which plans to offer a multitude of animal-centric services, will not be possible without the community’s support, directors said Tuesday.
SPCA Board of Directors President Barbara Nelson, Executive Director Gary Willoughby and General Gifts Committee Chair Sharon Brown officially launched the animal welfare organization’s capital campaign to fund the construction of the $4.2 million facility.
They gathered at the dog park, which opened last fall, and pointed to adjacent acres where the adoption and regional spay/neuter clinic will be built.
“This will become a community destination,” Nelson said.
The SPCA has raised $3.2 million so far in donations and pledges, and Nelson hopes to have the remaining balance secured in another year. The capital campaign rests on the sale of memorial bricks and tiles.
The bricks will be placed in public areas around the exterior of the facility, and photo tiles will be mounted on the walls inside the adoption and education center.
SPCA directors anticipate the new facility will increase the capacity to house homeless pets by 50 percent, and the new spay/neuter clinic will perform more than 12,000 sterilizations per year, compared to the current average of 2,500 sterilizations.
Nelson said dogs available for adoption will no longer live behind chain link fencing in kennel runs. They will instead live in “suites” that are a minimum of 8 feet by 8 feet and enclosed with glass.
“The dogs will not be able to look at each other directly, which cuts down on territorial behavior and barking,” she said.
Cats will live in “colonies” complete with benches, climbing trees and access to enclosed, outdoor rooms. The two colonies will house up to 15 cats each.
The new facility will be built with durable materials to ensure it will be “serviceable for a very, very long time. We want to build a shelter that is here 50, 60 years,” Nelson said.
A geothermal loop system will cut down odor, and low E-glass solar panels will cut down on utility costs.
On top of all of that, the new building will also house a humane education center for school-age educational programs and tours, classes for new adopters and training for assistance and therapy pets. The SPCA will also introduce two new programs upon completion of the facility – a pet protective custody program and prison cell dog program.
Brown said the new facility will be “absolutely marvelous.”
“It seemed to me that this is a project we can all share in,” she said.
For more information on the memorial bricks and tiles, call the Aiken SPCA at 648-6863.
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