Archive for June, 2010
Mortgage Applications Decline
Mortgage applications declined 1.2 percent last week compared to the previous week on an adjusted basis, according the Mortgage Bankers Association weekly survey.
On an unadjusted basis, purchased applications declined 2.3 percent and they were 36.8 percent lower than they were the same week a year ago.
The decline in purchase applications was driven by a 4.4 percent decrease in applications for government-backed mortgages, according to the MBA. Conventional purchase applications actually increased 1 percent.
Most mortgage rates were at their lowest point since mid-May:
* 30-year fixed-rate mortgages decreased to 4.75 percent from 4.82 percent.
* 15-year fixed-rate mortgages decreased to 4.19 percent from 4.23 percent.
* 1-year ARMs decreased to 7.05 percent from 7.07 percent.
Source: Mortgage Bankers Association (06/23/2010)
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Geithner: Bailout Costs Should Be Recouped
Treasury Secretary Timothy Geithner told the Congressional Oversight Panel on Tuesday that taxpayers were likely to get most of their investments back from bailouts in the banking, insurance, and automotive businesses.
Geithner said that banks have repaid about $21 billion, 75 percent of the bailout money they received. He said General Motors and Chrysler will repay the nearly $60 billion that they received. But he acknowledged that insurer American International Group Inc. is unlikely to be able to repay the entire $182 billion it received.
Geithner blamed banks and other loan servicers for the apparent failure of mortgage modification programs, which received about $75 billion in tax incentives to reduce borrowers’ monthly payments. “Servicers have done a terrible job of making sure they have done everything they can” to help struggling home owners, Geithner said.
Source: Associated Press, Marcy Gordon (06/22/2010)
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Forecasters Split on 2010 Housing Market
Economic forecasters appear to be split on the outlook for residential real estate values.
The news this week regarding new- and-used home sales in May seems to support the views of bears like Dean Baker, co-director of the Center for Economic and Policy Research. Baker projects that home prices will decline 12 percent in 2010.
Meanwhile, Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities in New York, predicts a gain of 2.5 percent.
Terry Loebs, managing director of MacroMarkets, which creates securities that allow investors to hedge their housing bets, says, “The width of that spread is a byproduct of uncertainty in the market.”
Source: Bloomberg, Kathleen M. Howley (06/24/2010)
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Housing Woes Threaten Economy
Economists said May’s decline in home sales may weaken an already tepid economic recovery.
New-home sales tumbled 33 percent last month, the biggest drop on record, according to the U.S. Commerce Department.
“If there is a sharp decline not only in housing sales but in housing prices, that could threaten a recovery,” says Susan Wachter, a real estate professor at the University of Pennsylvania’s Wharton School in Philadelphia.
“A tepid economic recovery — that’s what we’re going to get, because housing is only very slowly going to return to normal,” says Edward Leamer, an economist at the University of California, Los Angeles, and director of the UCLA/Anderson Business Forecast. “We’ve had a medicated market because of the tax credit and the meds have been removed, so it’s going to be difficult to sell homes in the next few months.”
“This is a recession that was induced by housing, and housing is not going to carry us out like it has done in the past,” says Diane Swonk, chief economist of Chicago-based Mesirow Financial Holdings Inc.
Source: Bloomberg, Kathleen M. Howley (06/23/2010)
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HAMP Modifications Rising
The U.S. Treasury and Department of Housing and Urban Development released a monthly “housing scorecard” Monday and declared that housing is on the mend. The report, though, also showed more loan modifications canceled than approved.
More than 340,000 households had received long-term reductions in mortgage payments under the Home Affordable Modification Program (HAMP) by the end of May and are making on-time payments. More than 429,696 trials had been canceled, up from 277,640 in April. About 468,000 households were still in a trial phase, with 190,000 stuck there for at least six months because banks are moving slowly.
Source: Associated Press, Alan Zibel (06/21/2010)
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Minorities Most Likely to Have Subprime Loans
Foreclosures are hitting minorities the hardest, a study by the Center for Responsible Lending reported last week.
Of borrowers who received loans between 2005 and 2008, 8 percent of both African-American and Hispanic borrowers have lost their homes to foreclosures, compared to 4.5 percent of non-Hispanic whites, the study said.
Of total home owners, 17 percent of Hispanics have lost their homes or are at imminent risk of doing so; 11 percent of African-Americans are in a similar position. About 7 percent of non-Hispanic whites have lost their homes or are about to.
The center blamed the disparity on subprime loans, saying that minorities – even those with similar incomes as whites – were offered subprime loans more frequently.
Source: CNNMoney, Tami Luhby (06/21/2010)
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Buyers Face Purchasing Delays
Lawrence Yun, NAR chief economist, said he expects one more month of elevated home sales. “We are witnessing the ongoing effects of the home buyer tax credit, which we’ll also see in June real estate closings,” he said. “However, approximately 180,000 home buyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales.
“In addition, many potential sales are being delayed by an interruption in the National Flood Insurance Program. Florida and Louisiana, also impacted by the oil spill, have the highest percentage of homes that require flood insurance.”
As the leading advocate for homeownership issues, NAR is supporting Senate amendments to extend the home buyer tax credit closing deadline through September 30 for contracts written by April 30, and to renew the flood insurance program. “Sales and related local economic activity would have been higher without delays in the closing process or flood insurance issues,” Yun noted.
NAR
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Housing inventory Falling
A parallel NAR practitioner survey shows first-time buyers purchased 46 percent of homes in May, down from 49 percent in April. Investors accounted for 14 percent of transactions in May compared with 15 percent in April; the remaining sales were to repeat buyers. All-cash sales were at 25 percent in May, edging down from a 26 percent share in April.
Total housing inventory at the end of May fell 3.4 percent to 3.89 million existing homes available for sale, which represents an 8.3-month supply at the current sales pace, compared with an 8.4-month supply in April. Raw unsold inventory is 1.1 percent above a year ago, but is still 14.9 percent below the record of 4.58 million in July 2008.
Single-family home sales declined 1.6 percent to a seasonally adjusted annual rate of 4.98 million in May from a pace of 5.06 million in April, but are 17.5 percent above the 4.24 million level in May 2009. The median existing single-family home price was $179,400 in May, which is 2.7 percent above a year ago.
Single-family median existing-home prices were higher in 16 out of 20 metropolitan statistical areas reported in May from a year ago. In addition, existing single-family home sales rose in 18 of the 20 areas from May 2009.
Existing condominium and co-op sales fell 6.8 percent to a seasonally adjusted annual rate of 680,000 in May from 730,000 in April, but are 32.6 percent above the 513,000-unit pace in May 2009. The median existing condo price was $181,300 in May, up 3.4 percent from a year ago.
NAR
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Continued Strong Pace for Existing-Home Sales
Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of REALTORS®. Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from an upwardly revised surge of 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0 percent monthly gain.
NAR
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States Craft Programs for Stressed Owners
Arizona, Florida, and Michigan have proposed using federal funds to pay down loan balances for struggling borrowers and to subsidize mortgage payments for those who remain out of work.
The plans are in response to a foreclosure-prevention effort championed by the White House, which allocated $1.5 billion for Arizona, California, Florida, Michigan, and Nevada. The Treasury Department is the reviewing proposals, which will be finalized next month.
Source: Wall Street Journal, Nick Timiraos (04/27/10)
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Housing Still Affordable
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.89 percent in May from 5.10 percent in April; the rate was 4.86 percent in May 2009.
The national median existing-home price for all housing types was $179,600 in May, up 2.7 percent from May 2009. Distressed homes slipped to 31 percent of sales last month, compared with 33 percent in April; it was also 33 percent in May 2009.
NAR President Vicki Cox Golder said home prices have been stabilizing all year. “With distressed sales at roughly the same level as a year ago, the gain in home prices is a hopeful sign that the market is in a good position to stand on its own without further government stimulus,” she said. “Very affordable mortgage interest rates and stabilizing home prices are encouraging home buyers who were on the sidelines during most of the boom and bust cycle.”
Pending home sales are expected to decline notably in May and June from the spring surge, but Yun added that job growth and a manageable level of foreclosures are keys to sales and price performance during the second half of the year.
NAR
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Reverse Mortgage Trend Line Drops
Lenders originated a record 114,641 HUD-insured reverse mortgages in fiscal 2009, reports HUD. However, just 41,375 of the loans have been written in the first six months of fiscal 2010, and the pace of origination is about three-quarters the level a year ago.
HUD’s Erica Jessup says production is down because seniors cannot borrow as much against their homes, consumers continue to misunderstand the loans, and because appraisals are lower.
Source: American Banker, Lew Sichelman (04/27/10)
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Mortgage Scams Continue to Grow
Mortgage fraud continues to rise, increasing 7 percent in 2009 after going up 26 percent in 2008, according to the Mortgage Asset Research Institute.
Fraud usually goes undetected until the loan goes bad, says Jennifer Butts of the institute. “We believe that mortgage fraud is significantly understated,” she says.
The 10 states where mortgage scams are most common:
• Florida
• New York
• California
• Arizona
• Michigan
• Maryland
• New Jersey
• Georgia
• Illinois
• Virginia
Source: CNNMoney.com, Les Christie (04/26/2010)
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Vacancy Rates Slip Slightly
The number of vacant homes fell slightly in the first quarter to 2.6 percent from 2.7 percent in the third quarter of 2009, the U.S. Commerce Department reported Monday.
Vacancies in the rental market fell to 10.6 percent in the first quarter from 10.7 in the fourth quarter of 2009, according to Commerce.
Nicholas Tenev, housing analyst with Barclays Capital, says this downward trend is a sign the crisis could be over. “While vacancy rates are likely to remain elevated for some time, both home owner and rental vacancy rates seem to have peaked,” Tenev says.
Source: Reuters News, Corbett B. Daly (04/26/2010)
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Housing Analyst says ‘Worst Is Over’
Housing has slowed to the point where demand is again outstripping supply, says Metrostudy founder Mike Castleman.
Metrostudy, which researches the housing industry, says demand is forcing up prices in some markets, including Washington, D.C. and Indianapolis, but it remains stagnant in Houston, Naples, Fla., Charlotte, and Denver.
Overall, Metrostudy and Castleman believe the worst is over. “The good news is that builders will need to build a lot more houses than last year to keep up with demand. That will help the economy by creating jobs,” Castleman says.
Source: Fortune, Shawn Tully (04/26/2010)
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Rates on 5-Year ARM Hit Record Low
Interest on five-year adjustable-rate mortgages averaged 3.89 percent for the week ended June 17, the lowest level since Freddie Mac began tracking the statistic in January 2005.
One-year Treasury-indexed ARMs also fell, dipping from 3.91 percent to 3.82 percent, the lowest average in more than 10 years. Also, 30-year fixed loans settled at 4.75 percent, a slight gain from 4.72 percent last week.
Source: The Wall Street Journal, Amy Hoak (06/18/2010)
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Buyers Drive Hard Bargains in a Tough Market
Unrealistic buyers are ruining the deal for sellers who are unwilling to make extreme concessions, some real estate practitioners complain.
”We see buyers who must have learned their moves from the World Wrestling Federation,” says Glenn Kelman, CEO of the online brokerage Redfin. ”They think the final smack-down occurs at the inspection, where the seller will be reluctant to refuse any demand because the alternative is putting the house back on the market as damaged goods.”
But buyers say they’re simply being smart.
”We had the position, ‘If the seller is willing to come down enough, we will buy this home.’ If they weren’t willing, we would have just moved on. In this market, you have a lot of options,” says Chris Dunn, a consultant in Chicago, who sought a 10 percent reduction on a property priced at more than $500,000.
Source: The New York Times, David Streitfeld (06/17/2010)
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Is a Housing Shortage Coming?
Some experts are saying that the next big real estate problem could be a shortage of homes.
Only 672,000 new homes were started in April. That’s less than half the number needed to meet the country’s average population growth.
In the past, an average of more than 1.3 million households have been built each year, creating demand for 1.5 million new homes. In 2009, only 398,000 new households were formed, according to the Census Bureau.
“The decline in household formation is artificial,” says James Gaines, a real estate economist with Texas A&M. “The young are moving in with their parents. There’s even doubling up among working-class people. There’s a pent-up demand coming if and when the economy recovers.”
Some economists believe this analysis fails to take into account the changing economy or the large inventory of vacant properties. But Gaines and others say these factors are unlikely to significantly drive down demand.
Source: CNNMoney.com, Les Christie (06/15/2010)
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Fiserv Study Says Markets Are Improving
Fiserv on Monday released a report that analyzed housing financial data from fourth quarter 2009, which seemed to suggest real estate could be improving.
“Optimism that a sustainable economic recovery is underway and is driving increases in home prices across many U.S. metro areas. More and more, consumers have confidence that buying a home doesn’t mean catching a falling knife,” says David Stiff, chief economist for global financial technology firm Fiserv.
Among the conclusions of the report were:
* California markets collapsed about one year before much of the rest of the U.S., creating increased affordability. Year-over-year prices are up in eight of 28 California metro areas and prices have increased from recent lows in 24 of 28 metro areas. The strongest rebounds were in coastal markets, including the Bay Area, Los Angeles, Orange County, and San Diego, where there are decreasing levels of foreclosed homes. Markets in the interior have also experienced a price bounce, mainly due to strong investor demand.
* In Washington, D.C., home prices were up 5.2 percent year-over-year. Since the market bottomed in early 2009, prices in this metro area have risen more than 9 percent. Washington boasts a relatively strong local economy with 6.8 percent unemployment compared to 9.9 percent for the U.S. The earlier rapid decline in prices also substantially improved affordability.
* Ohio and Michigan, two states hit hard by the recession and loss of manufacturing jobs, are seeing signs of stabilization. Housing is very affordable across metro areas in these states. There is less uncertainty about the future of the U.S. auto industry and jobs in auto and auto parts manufacturing have been increasing since December 2009.
* Other markets where investor purchases of foreclosed homes have dominated housing sales are also coming back into balance. This includes metro areas such as Minneapolis, Detroit, and Memphis, where recent sales have included more regular, non-distressed homes.
Source: Fiserv (06/14/2010)
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Men and Women Agree in Home Must-Haves
It’s true. Men aren’t looking for exactly the same things women are when they go home shopping.
ZipRealty surveyed 1,000 home shoppers and concluded that while about an equal number of men and women sought green features – about 27 percent – and 35 percent of both sexes put a high priority on a home office, there is disparity in the desire for other features.
Both sexes did agree on the biggest turn-offs: structural damage, bad odors, a busy street, and an awkward floor plan.
Here are the top 10 features most desired by men:
1. Garage or designated parking space, 85.5 percent
2. Master suite, 79.8 percent
3. Ample storage space, 71.2 percent
4. Guest bedroom, 70.2 percent
5. Large closets, 64.2 percent
6. Outdoor entertainment area, 63.4 percent
7. Gourmet or updated kitchen, 59.1 percent
8. Breakfast room or eat-in kitchen, 55.2 percent
9. View, 44.5 percent
10. Large yard, 43 percent
Here are the top 10 features most desired by women:
1. Garage or designated parking, 87.7 percent
2. Master suite, 77.8 percent
3. Ample storage space, 72.7 percent
4. Large closets, 68.7 percent
5. Outdoor entertainment area, 64.2 percent
6. Guest bedroom, 63.9 percent
7. Gourmet or updated kitchen, 61.8 percent
8. Breakfast room or eat-in kitchen, 56.1 percent
9. Large yard, 43 percent
10. Wood floors, 40.9 percent
Source: ZipRealty.com (06/10/2010)
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Costs of Owning Surprises Some Buyers
A small survey of first-time home buyers found that more than half of the families were surprised at how expensive it was to own a home, even though 88 percent believed they had done a good estimate of the costs.
The study for BBVA Compass, a lender based in Alabama, concluded that most lenders don’t warn buyers that there will be costs beyond principal, interest, taxes, and insurance.
Among those costs are utilities. The U.S. Department of Energy reported that the typical family spends $1,900 a year – $158 per month – on things like heat, air conditioning and power.
The National Association of Home Builders calculated that the typical buyer of a new home spends about $8,640 within the first 12 months for furnishings, appliances, and home repairs and fix-ups, while the typical buyer of a resale home spends $6,540.
Source: United Feature Syndicate, Lew Sichelman (06/06/2010)
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Builders Report Improving Spring Sales
Home builders are seeing their sales improve after the slowdown that followed the end of the home buyer tax credits.
JMP Securities analyst James Wilson says sales activities in California, Texas, and Arizona are approaching pre-April numbers in many markets. In some markets, builders are able to continue to raise prices and homes are selling at the strongest pace since before spring 2009, he says.
Wilson said he expects home sales to continue to be up and down, but he believes that the market has already hit bottom and is on the upswing.
Source: Associated Press (06/07/2010)
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Survey: Economists Forecast Growth
Economists surveyed by The Wall Street Journal forecast slow but steady economic growth through the middle of 2011.
The key to economic growth will be increased employment, but economists say that the decrease in joblessness will be slow, falling from an employment rate of 9.7 percent now to 8.6 percent by the end of December 2011.
Meanwhile, Federal Reserve Chair Ben Bernanke, speaking to the U.S. House Budget Committee, wouldn’t deny the possibility of a double-dip recession, but he said that it appears to the Fed that “the recovery has made an important transition from being supported primarily by inventory dynamics and by fiscal policy toward a recovery being led more by private final demand.”
Source: The Wall Street Journal, Phil Izzo (06/09/2010)
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FHA Delinquencies Decline for Third Month
For the third consecutive month, the number of delinquent home mortgages insured by the Federal Housing Administration has declined.
The delinquency rate is still high – 8.5 percent in April – but that is down from 9.4 percent in January.
The FHA was unwilling to applaud this as good news. “We’re not declaring victory by any stretch,” says David Stevens, the FHA’s commissioner. “There’s plenty of room for caution.”
But outside analysts were more positive. “It’s a very important trend to the extent that we’re not continuing to get worse,” says Thomas Lawler, an independent housing economist in Leesburg, Va.
Source: The Wall Street Journal, Nick Timiraos (06/07/2010)
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Study: Homeownership Rate Declines
Homeownership rates are down 2 percentage points from their 2006 peak, but could fall another 5 percentage points in the next couple of years, according to a study by the Federal Reserve Bank of New York.
The study subtracts the number of home owners who are underwater from the official homeownership rate calculated quarterly by the U.S. Census Bureau.
Officially, homeownership was 67.2 percent at the end of 2009, but the report says that effectively the rate is about 62 percent if those home owners likely to lose their homes are subtracted from the total.
Cities cited as having very low effective homeownership rates include Las Vegas, Phoenix, San Diego, Los Angeles, San Francisco, Miami, Tampa, Detroit, and Washington, D.C.
Source: The Wall Street Journal, Nick Timiraos (06/07/2010)
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A Real Estate Recovery in 2013
Economists speaking at the recent annual meeting of the National Association of Real Estate Editors said the housing market likely will not recover until 2013.
Stan Humphries, Zillow chief economist, said home prices continue to decrease, and he sees the “tremendous amount of shadow inventory” delaying recovery. “We think the market will be flat in nominal terms for three to five years,” remarked Humphries. “We are not going to hit bottom and see a V-shaped recovery.”
Meanwhile, Fannie Mae chief economist Doug Duncan said it will be another three years before new household formation and housing starts pick up. Duncan believes home prices will fall another 1 percent to 3 percent before bottoming out in the third quarter.
Both Humphries and Duncan said the federal home buyer tax credits shifted demand so that buyers took action earlier than they would have otherwise. “We’re going to see a payback in July and August,” noted Humphries.
Source: Inman News, Glenn Roberts Jr. (06/07/10)
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Downtown After 6 returns Thursday with Beach Blast
The Beach Blast features a transformation of the Newberry Street Festival area into a beach, complete with sand, virtual beach scenes, a dance floor and beach music. In addition, Aiken Horsepower will host a Cruise-in.
It is all part of the quarterly Downtown After 6 event as many of Aiken’s merchants stay open past normal closing hours, offering sales and specials to customers enjoying the themed evening.
“This is a celebration that summer is here” explained Carla Cloud, the executive director of the coordinating Aiken Downtown Development Association.
The Aiken Horsepower Association will kick off the Newberry Street activities at 6 p.m. with a Cruise-In displaying their mature vehicles. Sand will be available for children to enjoy the beach without the ocean. Dancing starts around 8:30 p.m. with music provided by Tony Baughman of WKSX Radio and informal shag and salsa dance lessons until 10:30 p.m.
“Johnny and Judy Turner will be on hand again with shag demonstrations and some basic step instructions, and A&E Dance Studio will be providing salsa lessons.” Cloud said. “We are grateful to Argo Land Development for donating a truck load of sand for the event and to the Aiken Community Playhouse which lends us its portable floor for the dancers’ enjoyment. And we’re very excited that Aiken Family Magazine and WKSX 92.7 FM have partnered with us this year.”
Cloud suggests the public bring lawn chairs and blankets to comfortably enjoy the evening. Cloud also shared that the Aiken Community Playhouse Youth Wing will be selling cold sodas during the Beach Blast. All proceeds benefit the ACP Youth Wing Scholarship Fund.
There is no charge for the Beach Blast; however, shopping will be rewarded. Shoppers are encouraged to keep their receipts from participating businesses. If a person spends $50-$100 throughout the evening, they can turn in their receipts to the ADDA office between June 18-25 and redeem them for 10 percent back in Downtown Dollars. The minimum redemption is $5, and the maximum is $10. There is only one redemption per customer, and the receipts must be from a participating business and dated June 17.
“This is a great way to encourage shopping at our participating businesses and to keep money circulating in Downtown Aiken,” said Jamie Turner, ADDA administrative assistant. “Downtown Dollars are accepted at nearly 80 locations in downtown Aiken.” The ADDA office will provide maps to highlight the sponsoring merchants during the Downtown After 6 event. Businesses will be celebrating in a variety of ways and each is worth dropping in to check out the festivities. A survey will be included on the back of the map, and the ADDA always welcomes feedback to aid in future event planning.
Among the participating merchants are: A&E Dance Studio, Aiken Antique Mall, Aiken Center for the Arts, Aiken Community Playhouse, Aiken County Visitors Center, Chris’ Camera Center, The Curiosity Shop, Desserves, Equine Divine, Kicks of Aiken, Lionel Smith Ltd, Tea Garden Gifts and URS.
Contact the ADDA office at 803-649-2221 or visit www.downtownaiken.com for more information.
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Fewer Borrowers Fail to Pay Their Mortgages
The number of U.S. borrowers failing to pay their mortgages has fallen significantly in the last few months, according to RBS Securities Inc.
Of borrowers with subprime loans wrapped into bonds issued in 2007 who had never previously missed a payment, an average of 2.6 percent failed to pay at least once in March, April or May. That’s a drop from 3.7 percent in February and a 15 percent decline after seasonal adjustments, RBS calculates.
“We believe that the last few months’ performance points to a fundamentally positive shift in borrower behavior,” Paul Jablansky, Desmond Macauley, and Ying Wang, analysts at the Royal Bank of Scotland, wrote in a June 8 report.
Source: Bloomberg, Jody Shenn (06/10/2010)
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NAR Lauds Proposal to Extend Tax-Credit Closings
The National Association of REALTORS® today expressed thanks on behalf of America’s homebuyers to three Senators for introducing a measure to extend the present home buyer tax credit closing deadline to Sept. 30. They are Senate Majority Leader Harry Reid, D-Nev., and Sens. Johnny Isakson, R-Ga., and Chris Dodd, D-Conn.
“As the leading advocate for homeownership and housing issues, NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the home buyer tax credit. Now we urge the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” said NAR President Vicki Cox Golder.
The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.
NAR estimates that approximately 75,000 home buyers of distressed properties who have qualified for the tax credit and met the contract deadline of April 30 would not be able to close their transaction by the June 30 closing deadline. REALTORS® have reported as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.
“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”
Golder said she also wanted to make this clear: “This amendment does not extend the deadline for home buyers to qualify for the tax credit; it extends the deadline for closing the transaction, from June 30 to Sept. 30. Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline should not incur any further government costs.”
-NAR
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30- and 15-Year Rates Move Down
Home-mortgage rates fell this week along with bond yields, according to Freddie Mac. The 30-year fixed-rate mortgage averaged 4.72 percent, down from 4.79 percent a week ago; while rates on 15-year fixed-rate mortgages fell to another record low of 4.17 percent from 4.2 percent.
Also, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.92 percent, down from 3.94 percent last week. Finally, one-year Treasury-indexed ARMs fell to a new six-year-low of 3.91 percent, compared with 3.95 percent a week ago.
Source: Wall Street Journal, Nathan Becker (06/11/10)
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Home Builder Grows Its Solar Options
PulteGroup, the nation’s largest home builder, is selling homes in 10 communities that offer solar as a standard or an option, according to Walter Cuculic, the company’s director of sustainability.
“With solar more affordable than ever before, tax credits available for purchasing solar options, and the ability to roll the cost into a home mortgage, solar is a great investment for new home buyers looking to hedge against rising energy costs,” Cuculic says.
So far, all of the Pulte solar communities have been west of the Mississippi, but in June, Pulte will introduce a community in New Jersey.
Typically solar options range in price from $14,000 to $25,000, before local incentives, rebates and tax credits, says Matt Brost, general manager of new homes division for the SunPower Corp.
The typical Pulte solar customer is between the ages of 29 and 45 and committed to doing the environmentally correct thing, the company says.
Source: PulteGroup (06/04/2010)
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FHA: Loan of Choice for Most Buyers
The vast majority of potential home buyers – 87 percent – plan to use a Federal Housing Administration home loan to finance their purchases, according to a new survey from the Home Buying Institute, a consulting service.
In a survey of 12,000 home shoppers, two-thirds first-time buyers – nearly 54 percent – said they preferred an FHA loan because it requires a small down payment. The remainder chose an FHA loan for these reasons:
* 19.2 percent thought the qualification process would be easier.
* 13.5 percent said they didn’t think they could qualify for a conventional mortgage loan.
* 7.7 percent said they had bad credit.
* 5.8 percent said their income was too low to qualify for a conventional loan.
Source: Home Buying Institute (06/04/10)
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European Buyers Could Provide Opportunity
With Europeans fleeing instability, now could be the right time for the Federal Reserve to sell off some of the $1.7 trillion in mortgage-back securities and Treasury bonds it purchased to offset the financial meltdown, says Harvey Rosenblum, the Dallas Fed’s head of research.
Rosenblum said the Fed didn’t go into the crisis with a plan to get out, but he called the influx of foreign investors a “wonderful opportunistic situation. … What better time to sell it off in small quantities,” he said.
Source: Reuters News, Ann Saphir (06/03/2010)
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How to Help a Family Member Buy a Home
Helping someone close to you buy a low-cost property – $50,000 or less – is a fairly straight-forward transaction, although it may require specific legal advice, says Charles Carter, an attorney and a consultant at Haint Blue Realty in Mount Pleasant, S.C.
Carter suggests that buying a property outright, using the gift exclusion ($13,000 for singles; $26,000 for married couples) to pay for a down payment and closing costs and then giving the recipient a 30-year mortgage on the remaining amount at 5 percent interest is a good way to go.
There won’t be any gift taxes. And the mortgage holder may later cancel the mortgage and gift what remains on the loan as another annual gift-tax exclusion.
Source: McClatchy-Tribune News Service, Charles Carter (06/03/2010)
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How to Buy a Home in Under an Hour
The next technological trend in the real estate world will be the ability to buy property in little more than an hour, predicts Pat Lashinsky, CEO of ZipRealty.
Lashinsky foresees it working something like this:
1. A home shopper drives by a property and calls a practitioner on his cell phone.
2. The practitioner qualifies the buyer through banking contacts, then sends him an electronic key that allows him to tour the home.
3. An electronic tracking system monitors his tour while the practitioner answers questions via cell phone.
4. Closing will be managed through an electronic meeting.
Lashinsky believes the real estate industry has been slow to embrace change, but customers will demand it. “Those [practitioners] who don’t make it happen are going to fall by the wayside,” he says.
Source: Orange County Register, Jeff Collins (06/08/2010)
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15-Year Mortgage Hits a Record Low
Interest on 30-year fixed home loans averaged 4.79 percent this week — up slightly from 4.78 percent a week ago but still near historic lows.
The average rate on 15-year fixed loans hit a record low of 4.2 percent, down from 4.21 percent; while interest on one-year adjustable-rate mortgages was unchanged at 3.95 percent, and the five-year ARM fell to 3.94 percent from 3.97 percent.
Source: Wall Street Journal (06/04/10)
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Construction Spending Rises, Builders Optimistic
Construction spending rose 2.7 percent in April among residential, government buildings, and industrial segments.Construction of offices and retail declined.
Ian Shepherdson, chief U.S. economist at High Frequency Economics, down-played the figures, saying the government tax credits drove residential increases and nonresidential activity is unreliable. “We expect a downward revision next month,” he said.
But home builders were optimistic. Former CEO of luxury home builder Toll Brothers Robert Toll said, “It appears our business has finally emerged from the tunnel and into a bit of daylight.”
Source: The Associated Press, Martin Crutsinger and Alan Zibel (06/01/2010)
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Aiken’s Cookin’ returns Friday
Taste, vote, make friends and help those in need.
The 11th annual Aiken’s Cookin’ with Celebrity Chefs returns on Friday from 7 to 9 p.m. The event serves as the only major fundraiser of the year for Mental Health America of Aiken County.
The evening features fantastic cuisine prepared by local celebrities all coming together to help the agency reach out to those in need. Attendees will vote as local chefs compete to win the title of Best Celebrity Chef in Aiken.
Financial support for Mental Health America of Aiken County comes directly from the United Way of Aiken County.
“Apart from this support, we rely on donations and grants. Our only fundraiser, Aiken’s Cookin’ with Celebrity Chefs, is necessary to supplement these funds,” said Tindal. “This year, as in years past, we have many generous sponsors. Their commitment to our agency is repeated year after year. Just as is the dedication of the many chefs who participate both for the fun competition and their compassion toward our need. We are grateful to both.”
Tickets are available at Tea Garden Gifts, Material Things or the Mental Health America of Aiken County office at 117 Waterloo Road. Tickets are $35 in advance or $40 at the event. Aiken’s Cookin’ will be held at the Rye Patch on Berrie Road.
Want to Go?
What? Aiken’s Cookin’ with Celebrity Chefs
When? Friday from 7 to 9 p.m.
Where? Rye Patch on Berrie Road
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Mortgage Rates Might Not Be Low for Long
The near-record low mortgage rates seen during the past few weeks may not be around much longer.
Signs of improving economic conditions could lead Federal Reserve Chair Ben Bernanke to raise key interest rates, driving up mortgage rates, says Stephen Stanley, chief economist at Pierpont Securities LLC.
The evidence includes more consumers are paying their bills on time. Past-due accounts at American Express declined 34 percent compared to a year ago, and Target Corp. reported its lowest delinquency rate in two years during the second quarter.
In another sign of economic improvement, fewer banks reported tightening lending standards this month, one reason consumer borrowing rose for the second time in three months.
“If lending standards start to stabilize, that’ll be another reason to remove the emergency measures, including the zero rate,” says Jay Bryson, a senior global economist at Wells Fargo Securities LLC in Charlotte, N.C., who formerly worked at the Fed in Washington.
Source: Bloomberg, Bob Willis and Anthony Feld (05/28/2010)
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Surge in Pending Home Sales Continues
Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February.
Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. 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 this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.”
NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.
“The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure,” Yun said.
Pending Home Sales Index by region:
* Northeast: jumped 29.5 percent to 97.9 in April and is 24.5 percent above a year ago.
* Midwest: rose 4.1 percent to 104.2 and is 17.9 percent above April 2009.
* South: slipped 0.6 percent to an index of 123.9, but is 31.3 percent higher than a year ago.
* West: increased 7.5 percent to 107.9 and is 12.0 percent higher than April 2009.
“A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date,” Yun said. “However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues.”
He added that there could be a sizable number of home buyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30. Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.
Source: NAR
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Building a Home Is a Bargain These Days
Builders, designers, and architects say now is a great time to build a new custom home or remodel an existing one.
Not only are there plenty of unemployed and under-employed workers available, but also property is for sale at bargain prices and construction materials are at bargain levels.
“It makes a lot of sense right now,” said Stephen Melman, director of economic services for the National Association of Home Builders. “People are available to do the work. They are going to bid competitively so I’m sure that will drive the price down.”
The only problem could be financing, which can be hard to arrange.
Source: Investor’s Business Daily, Marilyn Alva (05/27/2010)
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Second seminar added about butterflies, butterfly gardening
Birds & Butterflies’ Tuesday nature seminar is full, but, due to popular demand, a second seminar on the same subject will be offered later this week.
“Butterflies and Butterfly Gardening,” the June entry in the garden and nature shop’s 2010 Nature Series, is scheduled for 7 p.m. Thursday at Birds & Butterflies. The shop is located at 117 Laurens St. N.W., next to Stoplight Deli, and this month’s presentation will be given by shop co-owner Ron Brenneman, a certified wildlife biologist.
Attendees will learn identification tips for more than 30 species found in this area, and Brenneman will give a slideshow presentation about the plants that adult butterflies and caterpillars are attracted to. Such plants, provided by Nurseries Caroliniana, will be available for purchase after the seminar.
Brenneman said butterfly species that many see in this area include the tiger swallowtail, the black swallowtail and the buckeye, distinguished by the eyespots on its forewings which likely startle predators. Adult male tiger swallowtail butterflies are yellow, with four black stripes – resembling a tiger’s stripes – on each forewing.
Brenneman suggests that people plant black-eyed Susan, coneflower, flox or lantana in their gardens to attract the winged insects.
Space is limited at Thursday’s seminar, so advance registration is essential.
Admission is free, and seminars include refreshments, door prizes and shop discounts for participants on Nature Series evenings.
For more information about the 2010 Nature Series or to register for this or other upcoming seminars, call Birds & Butterflies at 649-7999.
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International Housing Market Spotty
The international housing market improved in the first quarter of 2010 in 19 of 36 countries, according to a survey from Global Property Guide.
Conditions are much better in Asia, with home prices in Hong Kong up 27 percent from a year ago. Prices in Singapore were up 24 percent, and prices in Taiwan rose 18 percent.
Among European countries, strong recoveries were underway in Finland, where the market rose 11 percent; Norway, up 8 percent; and the United Kingdom, up 5 percent. Home prices in London rose nearly 16 percent in the last year, the report said.
However, conditions aren’t improving everywhere. Prices declined 6 percent in Spain, 14 percent in Iceland, 22 percent in Lithuania, and 32 percent in Latvia.
Source: Inman News (05/27/2010)
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Luxury Home Market Improving
After a tough 2009, the luxury home market is on the upswing. Sales of homes with asking prices of $2 million to $5 million in the first quarter totaled 2,461, up 32 percent from the previous year.
The increased sales appear to be driven by realistic seller pricing, increased buyer confidence, and improved financing options.
But even though the market appears to be improving, experts still have concerns. They say sales of high-end homes are affected by the movement of the stock market, and “if the markets don’t recover soon, it will scare people” and hurt demand for high-end homes, says Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley.
Source: The Wall Street Journal, Juliet Chung and JamesR. Hagerty (05/28/2010)
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Bankers Ignored Risks When Housing Boomed
Banks took more risks than they should have during the housing boom because they relied on faulty risk models and were too eager for profits to adequately evaluate lending decisions, concluded a recent study authored by University of Maryland Professor of Finance Clifford Rossi.
Rossi found that mortgage lenders were overly eager for high profits and ignored warnings from risk managers. Plus, as lending standards declined, the historical data used to predict defaults was based on conditions that no longer existed.
Teresa Bryce, president of Radian Guaranty Inc., a mortgage insurer, says the industry “lost the art of underwriting” during the boom. “It became a checklist mentality,” she says, and adds that underwriters were “not actually looking at those documents … or making sure what’s in those files makes sense.”
Source: The Wall Street Journal, James R. Hagerty and Nick Timiraos (05/26/2010)
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Post-Tax Credit Buyers May Save Money
Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.
Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.
At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.
The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.
That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.
Source: Informa Research Services (05/26/2010)
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Popular butterfly Nature Series talk coming up June 8
Birds & Butterflies is bringing information about South Carolina’s colorful lepidoptera and how to bring our winged friends to the backyard.
“Butterflies and Butterfly Gardening,” the June entry in the garden and nature shop’s 2010 Nature Series, is scheduled for 7 p.m. Tuesday, June 8, at Birds & Butterflies. The shop is located at 117 Laurens St. N.W., next to Stoplight Deli, and this month’s presentation will be given by shop co-owner Ron Brenneman, a certified wildlife biologist.
“People at this presentation will learn identification tips for more than 30 species of butterflies found in our area,” Brenneman said. “We’ll talk about what plants the adults and caterpillars feed on and how to attract them to the garden. We’ll have examples of butterfly plants there from Nurseries Caroliniana, and the plants will be available for sale after the seminar.”
Space is limited at Birds & Butterflies seminars, so advance registration is essential, Brenneman said. If demand is great enough, Brenneman will sometimes add a second session of his seminars; for this one, a second session might not include live plants.
“This is always a popular one,” Brenneman said.
Admission to most Nature Series events is free, and seminars include refreshments, door prizes and shop discounts for participants on Nature Series evenings.
For more information about the 2010 Nature Series or to register for this or other upcoming seminars, call Birds & Butterflies at 649-7999.
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Habitat blitz build begins on Monday
Aiken County Habitat for Humanity and the Home Builders Association of Aiken County are partnering again this year to build a Habitat house in a little more than four days.
Construction starts Monday and will be fully completed on Friday, June 11, when there will be a dedication ceremony.
This will be the fifth blitz build house that HBA has constructed, said Richard Church, Habitat executive director. He described the annual project as not only unique in the speed of its construction but also as a testimony to the commitment and involvement of local builders, developers and suppliers in helping those in need in the Aiken community.
“Not only are they volunteering their professional time, but the HBA and its membership are also covering the cost of materials and supplies needed to build the house” Church said. “Normally this is way above what Habitat normally receives, but in these difficult economic times for the housing industry, this level of involvement and support goes off the charts.”
The Habitat homeowner is Olivia Rouse, who is the mother of Ty-Tianna Holley and Tyrese Rouse. She lives and works in Aiken and is studying at Aiken Technical College to get an associate degree in nursing to make a better life for her family. Rouse is putting in volunteer hours at Habitat, Church said, and will soon be working on her house. She is thrilled to be so close to owning her own home.
“The Home Builders Association of Aiken relies on the generosity of their members to make this blitz build happen,” said Sean Wolf, president of the HBA of Aiken. “For five consecutive years, they showed no hesitation in going forward with what has become a treasured tradition for each one of us, to bring the American dream into another family’s life – homeownership.”
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Strategic Defaulters May Not Buy Again Soon
How long will it be before former home owners who walked away from their mortgages can buy again?
Mortgage lenders are saying that in the future, losing a home because of illness or job loss will be seen differently than choosing to abandon a mortgage obligation for other reasons.
“If you made a strategic decision to default on paying your mortgage, it will work against you,” says Bill Merrell of the National Association of Review Appraisers and Mortgage Underwriters.
It will probably be seven or eight years before walkaways are able to buy another home, says Jay Brinkmann, chief economist for the Mortgage Bankers Association. “Credit scores are only one component of a complete credit decision,” he says. “[In these cases] credit scores are not a good indicator of their willingness to continue to pay their mortgage.”
Source: CNNMoney, Les Christie (05/28/2010)
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Meet a Master Gardener program returns
Visitors to the Aiken County Farmers Market will have a chance to chat with their green-thumbed neighbors Saturday as the monthly Meet A Master Gardener program returns.
Members of the Aiken Master Gardeners will be on hand from 8 a.m. to noon Saturday at the Farmers Market on Williamsburg Street for the Meet A Master Gardener program.
The group will be available to answer questions, give information on the Clemson Extension Master Gardeners course and promote other programs such as Rent A Master Gardener and the Lunch Box Lecture Series.
“We started Meet A Master Gardener in March, and we go through November with it,” said Master Gardener Al Snell. “We always get a lot of questions. We’ll be on hand to answer any gardening questions or identify any lawn or garden problems people have.”
The group will also sell copies of the new edition of “The Aiken Master Gardeners’ Almanac for Aiken and Vicinity” and copies of their cookbook, “A Collection of Favorite Recipes: Aiken Master Gardeners in the Kitchen.”
“The Aiken County Farmers Market has been a really good venue for people to come see us. It’s a good place to meet people,” Snell said.
For more information about the Aiken County Master Gardeners and the group’s upcoming programs, call the Clemson Extension Service office at 649-6297 or visit the Clemson Extension Service website at www.clemson.edu/extension/mg/counties/aiken/index.html.
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Auctioneers Pick Up Business in Tough Market
The number of real estate auctions in 2010 has risen 14 percent so far, according to the National Auctioneers Association.
Robert Friedman, chairman of Real Estate Disposition Corp., said his company is on track to auction off 520 homes this year, twice as many as it did last year. The driver is bank repossessions. “We are almost entirely REO at this point,” he said.
Developers and lenders selling off whole developments that are incomplete at fire-sale prices is another contributor.
But individuals who have watched their properties languish for months on the market are increasingly their customers as well, auctioneers say. There are no contingencies in the auction world – the high bidder gets the property and must live with his regrets. Sales are quick and clean. “People appreciate the purity,” says George Graham, CEO of Concierge Auctions.
Source: CNNMoney.com, Les Christie (05/25/2010)
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Plant sale to be held Saturday at Farmers Market
The CSRA Hydrangea Society is bringing the colors of summer to the Aiken County Farmers Market on Saturday.
The society’s 2010 Plant Sale opens to the public at 8 a.m. Saturday, June 5 at the Farmers Market. The sale will remain open until the stock of plants sells out, according to Irv Magin, director of the society.
“We’re going to have over 50 varieties of hydrangeas; that’s something you’re not going to find at any nursery,” Magin said. “Something that’s new at this year’s sale, we’re going to sell companion plants as well as hydrangeas. These will be shade-loving varieties because a lot of our hydrangeas grow in shade, and these can grow along with them in the same area. We’ve got 20 varieties of companion plants, including ferns, hostas, heucheras and Solomon’s seals.”
Among the hydrangea varieties on hand Saturday will be the Edgy, the Lemon Daddy, White Diamonds, Bits of Lace, Let’s Dance and City Line species.
The hydrangeas and companion plants on offer at the sale are professionally grown at commercial nurseries, according to Magin.
Among the advantages to buying at the society’s plant sale is the opportunity to speak with experienced, knowledgeable hydrangea growers in the society, he said.
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Thursday Evening at the Market returns today
Local cooks can shop fresh and healthy today as the Aiken County Farmers Market’s Thursday Evening at the Market program opens for the summer.
The Farmers Market opens from 4 to 7 p.m. today, and will be open from 4 to 7 p.m. Thursday evenings through the last week of August, rain or shine, according to Farmers Market manager Jeff Metz. There will be ice cream on a first-come, first-served basis for the series opening tonight.
“This is the first one for this year. Last year was our first time ever to do Thursday Evenings at the Market,” Metz said. “Last year started slow but it picked up momentum by the end of summer, as word got around about it and as more items came into season. It’s a good alternative for people who don’t want to get up Saturday mornings to shop; they can get off work Thursday, stop by the market and pick up whatever items they need.”
Thursdays at the Market can have anywhere from 10 to 20 vendors, according to Metz. Produce in season includes squash and zucchini, cucumbers, tomatoes, potatoes, lettuce, onions and peaches.
“Last year, our vendors were a little hesitant; they worried if they came to sell on Thursday they wouldn’t have enough to sell Saturday mornings. But once they saw the crowds and got to talking with people, a lot of them got to liking the idea,” Metz said.
The Aiken County Farmers Market is located on Williamsburg Street, between Richland and Park avenues. For more information about Thursday Evening at the Market or other upcoming events, call 642-7761.
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Free film festival begins today, celebrates Aiken’s anniversary
Celebrate Aiken launches its free film series during the month of June.
As a part of the yearlong celebration of the 175th anniversary of Aiken, the second quarter committee will hold a monthlong film series that begins today with two showings.
Today’s films are the only current Aiken/Augusta area screenings of the two films “Aiken Remembers” and “Aiken: Much Ado About Horses.”
The films will air at 3 and 7 p.m. at the Aiken Center for the Arts, located at 122 Laurens St. S.W. During the 7 p.m. screening, the director or producer of the films will introduce the audience to the film. Both screenings are free and open to the public.
“Aiken Remembers,” directed by Mark Albertin, is the story of 20th-century Aiken as told through the memories of those who remember. The movie will show Aiken from its early roots as a railroad town and Winter Colony, to a community of change with the Savannah River Plant. In this documentary, some 30 longtime residents recall their past. The film debuted in 2005 and is 67 minutes in length. It is not rated; however, is equivalent to a PG rating.
“Aiken: Much Ado About Horses,” produced and written by Steve Folks with Scott Smoak of ETV as the director of photography, is for both the young and young at heart, equine enthusiast or not. “Aiken: Much Ado About Horses” shares Aiken’s history with and love of horses through narrative and interviews with locals. The film is 27 minutes and was created in 2004. It is also not rated but is equivalent to a PG rating.
Additional films in the Celebrate Aiken series will air on June 10, 17 and 24. For more information on today’s films, call 641-9094.
Want to Go?
When? Today at 3 and 7 p.m.
What? “Aiken Remembers” and “Aiken: Much Ado About Horses” films
Where? Aiken Center for the Arts
Cost: Free
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