The Aiken Board of Realtors will keep you updated on all pertinent news in regards to the Real Estate Market. Please check this site frequently for updated news on Home statistics, Legislative News, Press Releases and much more!
6-16-10
Washington, June 11, 2010
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 homebuyer 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 homebuyers,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.
The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.
NAR estimates the number of home buyers who have qualified for the tax credit and met the contract deadline of April 30, but who would not be able to close their transaction by the June 30 deadline, could go as high as 180,000. 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.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
3-8-10
The Aiken Board of Realtors will participate in a Nationwide Open House April 10th and 11th. Many homes that are for sale in Aiken will be having Open Houses that weekend, just look for the blue and white Realtor balloons. Also look for a list of the open houses in the Home Hunter Section of the Aiken Standard in April.
From everything we have heard the New Homebuyers Tax Credit and the Existing HomeBuyers Tax Credit WILL NOT be extended past the April 30, 2010 deadline. NOW is the time to buy, especially with the interest rates so low. Contact a Realtor TODAY!
3-4-10
The Palmetto Heroes Program is available to teachers, law enforcement officers, firefighters and EMS personnel who are currently certified in their profession, and reside and work in South Carolina or have a contract to begin working here within 60 days of closing on a home.
Eligible Palmetto Heroes home buyers can get a 5.125% interest rate through SC State Housing's First-time Home Buyer Program as well as the down payment assistance loan of up to $7,000 which could even be forgivable over time, depending on the borrower's income.
South Carolina's Realtors® are honored to help those who serve and protect our communities while promoting the American Dream of Homeownership.
2-23-10
Positive Trends in Local Real Estate Market
With 2009 fourth quarter stats on the books, the Aiken Board of Realtors reports strong gains over 2008. November saw a dramatic 56.3% spike in sales over 2008, while December experienced a more modest, but positive 8.2% gain.
According to the Aiken Board of Realtors, the 2009 median home sales price increased to $157,000, over the 2008 median price of $143,000. Nationally, the median single-family home price was $172,900 in the fourth quarter, dropping 4.1% below the fourth quarter of 2008, representing the smallest decline in over two years. "Aiken is a great place to buy Real Estate, as you can see from our numbers, our median housing price has actually increased while much of
the countries have decreased," stated Kristyne Blake, Association Executive.
Some economists credit the surge in activity to the first-time home buyer tax credit, combined with record low interest rates. With inventory levels on their way down, housing market conditions are expected to become more balanced by late spring.
National Association of Realtors President Vicki Cox said near-term market conditions will remain favorable. "Mortgage interest rates are expected to trend up later this year, but right now we have very good conditions with steadying inventory in most areas, especially in the higher price ranges," she said.
Buyers who have a contract in place to purchase a primary residence by April 30, 2010 have until June 30, 2010 to finalize the transaction to qualify for a tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers (some conditions apply). Buyers looking to capitalize on the tax credit should consult a Realtor now about qualification criteria and options in the Aiken area.
2-1-10
Please click on this link to find out more information and to sign the petition on the UNFAIR TAX
http://www.itsjustnotfair.org/#
1-6-2010
Property Tax Rally
January 13, 2010
S.C. Statehouse
11:00 am - 2:00 pm
In a continued effort to improve Quality of Life for all South Carolinians, South Carolina REALTORS® (SCR) is planning a Statehouse Rally and Press Conference to coincide with the first week of the legislative session on January 13th.
At the rally, REALTORS® will focus on Point of Sale property tax reform and urge the South Carolina Legislature to vote yes for House Bill 3272. The bill aims to fix South Carolina's broken property tax system, grow our economy and create new jobs.
More than 300 REALTORS® have pre-registered to attend the event. Media and the public are invited to attend.
"It's time to get our state's economy back on track and become more competitive with our neighboring states. We are urging all property and business owners in South Carolina to attend this event and ask our legislators to pass House Bill 3272," said SCR's CEO Nick Kremydas.
1-6-2010
Happy New Year!
The Aiken Board of Realtors is a proud sponsor of the Celebrate Aiken year Long Celebration! The year starts out with a giant kick off event, "Sights, Sounds and Tastes of 1835" on Saturday, January 9, 2010 from 1pm-5pm at the Newberry Street Festival site and nearby venues. Bring your families to this FREE event and have some fun!
12-21-09
Good News! Aiken Home sales are up 56% in November 2009 over November 2008! Record low interest rates and tax incentives mean it's a great time to buy! Call a Realtor today! For a complete details of home stats in South Carolina, go to www.screaltors.com and click market information tab.
12-2-09
An analysis by Forbes magazine released Tuesday has put the Augusta-Aiken and Columbia, SC, regions among the 50 top cities in America recovering fastest from the recession.
· Forbes ranked the 100 largest MSAs using unemployment rate, size of regional economy, foreclosures, home prices, and retail sales.
· The Augusta-Aiken and the Columbia MSAs ranked above 50 on the list and the Charlotte-Gastonia, Greenville-Mauldin-Easley and Charleston-North Charleston-Summerville ranked in the bottom 50. More precisely, all five of South Carolina's largest areas were in the top 75.
· The fastest recovering region was in Omaha, Neb., and the slowest recovering of the 100 MSAs was in Lakeland, Fl.
11-10-09
NEW HOMEBUYER TAX CREDIT EXTENDED AND NEW $6500 TAX CREDIT FOR EXISTING HOMEOWNERS WHO QUALIFY
Click on Link for FAQ Sheet on HomeBuyers Tax Credit
http://www.realtor.org/wps/wcm/connect/d336a1804033a163816af5205f470b6e/government_affairs_tax_credit_FAQs_110509.pdf?MOD=AJPERES&CACHEID=d336a1804033a163816af5205f470b6e
10-28-09
Point of Sale hurts SC states economy
http://www.aikenstandard.com/Editorial/furtick-letter
10-19-2009
Good News about Home Stats!!!
The MLS stats for the state were released today for September and for the first time this year both Aiken as well as the state outperformed the previous year's month.
September 2008 to September 2009 shows a 1.26% increase in sales in the State and over 4% in Aiken.
To view the statistics for SC, please visit www.screaltors.com
10-13-09
Landlords and Smoke Detectors
South Carolina law (SC 23-9-155) requires that landlords must provide smoke detectors in rental homes when no fire protection system is provided. Property managers should make sure that the Fire Codes are followed to prevent loss of property and life in case of fire.
South Carolina law requires that smoke detectors approved by the National Fire Protection Association are properly installed. Fire detectors should be installed on the ceiling or high on the wall centrally located near the access to the sleeping areas.
Each story should have a smoke detector, and each access area leading to sleeping areas should have a smoke detector. Basements and Utility Rooms should have smoke detectors as well. Uninhabited basements do not require smoke detectors.
The landlord should give the tenant verbal or written instructions on operation, maintenance, and testing of the smoke detectors. Maintenance instructions must include battery replacement directions. Buildings completed after 1995 should have electric smoke detectors. Older buildings may use battery powered NFPA approved smoke detectors.
The landlord is not liable for smoke detector malfunctions in the event of tenant intentional or negligent acts or if the product is defective, or replacing smoke detector batteries after the property is accepted by the tenant.
10-12-09
Aiken Board of Realtors Honored by the SC House of Representatives
A Motion was made by Rep. Tom Young and approved by the Members of the House of Representatives honoring and recognizing the Aiken Board of Realtors for receiving the 2009 SC Association Realtor Advocate of the Year Award. The Board received a certificate from the SC House of Representatives congratulating them in receiving this prestigious honor.
10-1-09
Congratulations to the Aiken Board of Realtors for donating 226 pounds of food and $135 to the Golden Harvest Food Bank at their September 15th Membership Meeting. This will go a long way to feed families in Aiken!
9-25-09
Message from our friends in GA:
I am sure you have heard by now about our situation here in Georgia with the floods. The rain fell 15 inches in one day in some places and has destroyed homes and businesses throughout the metro Atlanta area and in western Georgia. Unfortunately, 8 people have died, including one of our realtors over in west Georgia who drowned when her SUV was swept away when the road collapsed from under her.
We are collecting applications from our members and will disburse funds after mid-October, when all of the applications are in, so that we can determine who has the biggest need for funds and go from there.
Thank you in advance for any help that you can give to us.
Please consider a donation to the GAR Disaster Relief Fund
GAR's Disaster Relief Fund was founded to assist REALTORS® who have lost their home, their office, their ability to pay for their home and/or their livelihood through a natural disaster or other catastrophic event. Please consider a donation to help your fellow REALTORS® who have been affected by the devastation of the recent floods. Click here to make a secure donation online, or to download a form to fill out and mail in to GAR. No amount is too small! Thank you for any help that you can give to your REALTOR® colleagues in this time of need.
http://www.garealtor.com/MemberCenter/DisasterReliefFund/tabid/367/Default.aspx
9-22-09
Aiken Board of Realtors WINS 2009 SCR Advocate Award
On Friday, September 18th, the South Carolina Association of Realtors awarded the Aiken Board of Realtors the 2009 SCR Advocate Award. This is the first time an entire association has won the award...it's usually awarded to an invidiual. However SCR decided to award it to the entire Aiken Board of Realtors membership for their exception legislative and RPAC efforts both locally and at the state.
9-22-09
HELP EXTEND FIRST TIME HOMEBUYERS TAX CREDIT. Click on link
http://takeaction.realtoractioncenter.com/campaign/hbtc?qp_source=dotorg
8-19-09
Aiken County Council votes to suspend Sunday Blue Laws
http://www.aikenstandard.com/Local/0819Council
8-18-09
Aiken Board of Realtors to hold Candidate Screening for Realtors for City/County Council Members on September 1, 2009. Contact the Aiken Board office at 648-1891 for more details.
7-24-09
June Home Sale Statistics Released
http://www.screaltors.com/mls/SC_MLS_Q209.pdf
7-23-09
The Basics: The 2009 First Time Home Buyers Tax Credit
Breaking NEWS: Tax Credit Can be used on Closing Costs
http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019
7-17-09
No Doc Loans Returning?
http://realtytimes.com/rtpages/20090717_nodoc.htm
7-13-09
Georgetown looks to Aiken for Design Plan
A movement to revitalize Georgetown involves residents and encourages them to develop plans for improving the looks of the main highway leading into the historic town.
The Bridge2Bridge movement, an effort to map out the future appearance of the U.S. 17 corridor from the Sampit River to the Waccamaw River bridges, is the focus of a session of public comment Tuesday night in Georgetown.
Other focus meetings will be held this week with community leaders as Bridge2Bridge organizers hope to gather input on the five-year plan. The goal is to give the city a stronger identity and spur economic growth.
The charrette process - a three-phase, collaborative urban planning model - has already been successful in Aiken, a town Georgetown officials have visited to learn more about the process. Proponents say the process gives residents an early voice in the redesign plans and can promote community ownership of solutions. It can also be a way to avoid or defuse some of the conflicts that can arise between residents and developers, according to the National Charrette Institute in Portland, Ore.
Aiken officials said they are in the fourth year of a 10-year plan to revitalize Toole Hill, an area in the northern part of town, and another revitalization effort is scheduled to start soon.
At least 50 homes and a new water system have been built in Toole Hill. The homes were built with the help of government grants after community meetings were held to find out what residents wanted.
Aiken City Councilwoman Beverly Clyburn said that Toole Hill residents are happy with the results and are showing pride in their neighborhood.
She answered several questions about the process that revitalized the northern part of the City of Aiken.
Question | Why has the charrette process been so successful in Aiken?
Answer | We publicized it and made it known to people in the affected areas. It was really an easy process. If you're looking at doing it, it's the way to go. People loved it.
Q. | What worked and what did not work with the extended charrette process in Aiken?
A. | We weren't able to do it in all the neighborhoods. It was so successful, we should do it in all our neighborhoods. We did in the evenings and we did it during the day and we excluded no one. It just worked. It is one of those procedures when you involve as many people as possible, it works.
Q. | Who was involved?
A. | We had a neighborhood association and local ministers and city staff, and the professionals come in to lead the charrette. Council members were invited. I don't know who was left out. Everybody was included.
Q. | What was the best part of the end results?
A. | We got a product that the people were proud of. They took pride in it and they liked it because they took part in it.
Q. | Are there plans to do another one?
A. | We've had several meetings in the Edgewood Neighborhood and we did a flashlight walk to see what the area looked like at night. I know it's going to work for Georgetown, because it's already beautiful there. Some of the officials have been to Aiken to talk with us about our process.Contact KELLY MARSHALL FULLER at 626-0366.
7-8-09
Attention Realtors who missed their June 30, 2009 deadline to renew their licenses:
LLR will not be re-opening the online registration site for those who missed their June 30 midnight deadline.
Any member who failed to renew must now either mail in the certificates or ask for re-instatement or they can go to the LLR offices on Centerview Drive in Columbia, carry their paperwork, and renew on the spot. There is a $75 re-instatement fee in addition to their renewal fee.
A customer service line has been set up at 803 896 4300 for more information.
6-24-09
May 2009 Home Sales Statistics Released
6-23-09
Real Estate Outlook: Housing Starts are Up Again
http://realtytimes.com/rtpages/20090623_realestateoutlook.htm
6-18-09
Total US Jobless rolls drop sharply to nearly 6.7M
http://news.yahoo.com/s/ap/20090618/ap_on_bi_go_ec_fi/us_economy
6-10-09
U.S. mortgage demand withers as loan rates spike
http://news.yahoo.com/s/nm/20090610/bs_nm/us_usa_economy_mortgages
6-9-09
Man Claims to be Cancer victim, scams Realtors
http://www.wistv.com/Global/story.asp?S=10488423
6-4-09
Protecting Tenants in Foreclosure Act
The Protecting Tenants in Foreclosure Act, which is Title VII of Public Law 111-22 (the Helping Families Save Their Homes Act of 2009), became effective May 20, 2009. It protects tenants from immediate eviction by persons or entities that became owners of residential property through the foreclosure process. With limited exceptions, tenants with leases must be permitted to occupy the property until the end of their lease terms. The rights of Section 8 tenants are also protected because the new owner at foreclosure must accept both the tenant's lease and the housing assistance payment (HAP) contract. At a minimum, ALL tenants in residential property must receive 90 days' notice prior to eviction due to foreclosure.
The provisions of this Act are "self-executing," which means that no federal agency (such as HUD) is responsible for implementing them.
This Public Law applies to all federally-related mortgage loan or on any dwelling or residential real property so this will apply to all State foreclosure cases involving residential real property.
The National Housing Law Project (NHLP) has prepared materials that will help key players understand the provisions and help tenants exercise their new rights under this law. NHLP's materials include sample letters that tenants can use to inform their landlords, as well as sample letters advocates can use to inform the courts and public housing authorities.
The NHLP materials are available on the NLIHC homepage at http://www.nlihc.org/template/page.cfm?id=227
For details of the new tenant protection provisions, in addition to the NHLP materials (http://www.nlihc.org/template/page.cfm?id=227) see an NLIHC memo on the homepage, http://www.nlihc.org/doc/Memo-Renter-Protections-S-896.pdf, and a May 22 Memo to Members article, http://www.nlihc.org/detail/article.cfm?article_id=6143.
Tenants in State Court Foreclosure proceedings:
The Protecting Tenants at Foreclosure Act, Pub. L. No. 111-22, §§ 701-704 (2009), which became law on May 20, 2009, applies to state eviction proceedings.
This act requires that a new owner who took title to residential rental property through foreclosure must honor existing leases until the end of the lease term.
There are three exceptions to this rule:
1) if there is an existing term lease and the new owner wants to occupy the foreclosed property as a personal residence before the end of the lease term,
2) if there is an existing term lease with less than 90 days to the end of the lease term, or
3) if the existing lease on the foreclosed property is a month-to-month tenancy or a tenancy at will.
In each of these cases, the owner must provide the tenant at least 90 days notice to terminate the tenancy.
Section 8 Tenants in Foreclosure proceedings:
The Protecting Tenants at Foreclosure Act, Pub. L. No. 111-22, § 702 - 703 (2009), that became law on May 20, 2009, applies to state eviction proceedings.
This law requires a person or entity who acquires ownership of residential rental property through foreclosure to take subject to (be legally bound by) the Section 8 voucher lease and Housing Assistance Payments (HAP) contract.
A new owner can only terminate the lease and HAP contract by giving the tenant at least 90 days notice of termination prior to the end of the lease. If the Section 8 lease and HAP contract have less than 90 days remaining in their term, or if the new owner who takes title at foreclosure wants to occupy the premises as his or her personal residence, the new owner may terminate the lease only after giving the tenant at least 90 days notice of such termination.
6-3-09
The Waiting Game
http://realtytimes.com/rtpages/20090603_waitinggame.htm
6-2-09
Consumer Confidence Survey
http://www.conference-board.org/economics/ConsumerConfidence.cfm
6-1-09
Real Estate Outlook: Consumer Confidence Rising
http://realtytimes.com/rtpages/20090602_realestateoutlook.htm
5-29-09
The South Carolina Association of Realtors has just released the April 2009 sales numbers. Aiken is doing better than the state average down 21% in home sales versus last year. The overall state is down almost 29% in home sales. Home prices remain strong in Aiken will only a slight 2.7% decrease from last year. Overall South Carolina Home prices dropped 8%, the most significant drops in the Coastal Areas.
5-28-09
Point of Sale reassessment bill stuck in Senate; stymied for this year
http://charlestonbusiness.com/news/27783-point-of-sale-reassessment-bill-stuck-in-senate-stymied-for-this-year
5-13-09
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Issue Date: RealLawCentral.com - May 25, 2009, Posted On: 5/12/2009
Regulatory Update HUD secretary announces monetization of tax credit at NAR summit
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Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration (FHA) is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan's remarks came in an address to several thousand Realtors gathered in Washington, D.C. May 12 at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the Realtors Midyear Legislative Meetings & Trade Expo.
Donovan said that important changes, which the National Association of Realtors (NAR) has been calling for, will help consumers purchase a home.
"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said.
According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Donovan said the Obama administration plans to further stabilize the housing market.
"I do think we have some early signs hat the market overall is stabilizing," said Donovan. "Since January we've seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate."
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, "As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery."
The morning session included a panel discussion that was moderated by CNBC's Ron Insana. The 13 panelists and Realtors in attendance examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation's taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.
The list of distinguished panelists include Martin Feldstein, Ph.D., professor of Economics from Harvard University; Barry Bluestone, Ph.D., professor of Political Economy from Northeastern University; John Taylor, CEO of the National Community Reinvestment Coalition; Maria Kong, president of the National Association of Real Estate Brokers; and Sarah Rosen Wartell, executive vice president for the Center for American Progress.
"Right now the Federal Reserve is the market," said Jay Brinkman, chief economist for the Mortgage Bankers Association. "What will be the effect when the Fed stops buying?" Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.
"We must make sure FHA and the GSEs are supported," added the Wharton School's Susan Wachter.
"We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy," McMillan said. "We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond."
The real estate summit is part of the Realtors Midyear Legislative Meetings & Trade Expo through May 16. During the week, more than 8,500 Realtors will attend meetings, visit lawmakers and inspire action on Capitol Hill. |
5-12-09
Real Estate Outlook: Key Indicators Point Up
http://realtytimes.com/rtpages/20090512_realestateoutlook.htm
5-11-09
Top SC Court stops thousands of foreclosures to let homeoweners refinance; may be first in the nation
http://www.startribune.com/nation/44371352.html
5-6-09
In a big REALTOR victory today, the Senate Finance subcommittee and full committee overwhelmingly passed point of sale legislation today.
The subcommittee took H.3272, deleted all the house language, and replaced it with the language from S.435. The full committee, after some debate, passed H.3272 and reported it out favorably. The amended bill should be available online.
I'd like to pay a special thank you to Cashion Drolet, South Carolina Association of Realtors, chief lobbyist, and a BIG THANK YOU to the many REALTORS that attend the hearings today, especially our REALTORS from the Aiken Board of REALTORS and the Coastal Carolinas Association of REALTORS (they brought car loads of members!. REALTORS attended from every corner of the state!
While this is a big step forward, we still have much work to do with only 8 legislative days left.
We've dropped thousands of pieces of mail in key senate districts in support of Point of Sale reform and we started running a radio spot in key markets across the state.
By Nick Kremydas, CEO, South Carolina Association of Realtors
5-6-09
By MEG KINNARD, Associated Press Writer Meg Kinnard, Associated Press Writer *
COLUMBIA, S.C. * South Carolina's highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages.
The injunction * which mortgage experts said appeared to be the nation's first court-ordered stop for an entire state * prevents judges in South Carolina from finalizing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.
RealtyTrac Inc., a foreclosure listing firm, says the ruling could affect 5,000 South Carolina homes facing foreclosure.
The ruling was in response to a request from a Columbia attorney representing Fannie Mae, who had argued that it was necessary to keep homeowners who might be eligible for federal assistance from being shut out of the process.
"Absent the injunction, mortgagors eligible for relief under the HMP program could be denied their right to participate because their property was sold at the foreclosure sale," Ronald Scott wrote in his three-page motion. "This qualifies as irreparable injury for which the court should provide redress in the form of a temporary injunction."
The Obama administration announced a plan in March to provide $75 billion in incentives for the mortgage industry to modify loans to help borrowers avoid foreclosure. Freddie and Fannie also rolled out a flexible refinancing program for homeowners with an application deadline of June 2010.
Scott had asked the court to address about 1,000 South Carolina homes facing foreclosure and backed by Fannie Mae loans. But in her order, state Supreme Court Chief Justice Jean Toal expanded the stoppage to foreclosures backed either by Fannie or Freddie * together, the government-controlled companies own or guarantee almost 31 million mortgages, more than half of all U.S. home loans * or any other lender who has agreed to participate under the Obama administration's plan.
Toal also set a May 15 deadline for plaintiffs in foreclosure actions to notify other parties if the loan is subject to modification under the federal program. If it is, those foreclosure proceedings will remain on hold. But if not, the sale can go forward.
Officials for Fannie Mae did not immediately return calls for comment on the ruling.
Fannie Mae and Freddie Mac have announced their own plans to wait on foreclosure sales that could be affected by the Obama program, notifying servicers not to complete foreclosure sales on eligible loans unless the borrower either didn't respond or didn't want to participate in the program.
But a spokesman for Freddie Mac, Brad German, said Tuesday the South Carolina ruling was the first he'd heard of in the country by a court with statewide jurisdiction.
"We're not aware of anything like this, anywhere else," German said.
Nationally, the number of homes facing foreclosure grew 24 percent in the first three months of this year from a year earlier. The total in
2008 was 2.3 million households that received foreclosure filings.
RealtyTrac has reported that in South Carolina, more than 13,700 homes are in some stage of foreclosure
RealtyTrak spokesman Daren Blomquist also said the ruling appeared to be a first.
"There have been some piecemeal things, but nothing that broad statewide," Blomquist said.
4-29-09
Property Taxes Devastating SC Home Sales- Contact your Senator TODAY to ask them to vote for Bill H.3272 and get the Point of Sale Tax Assessment capped.
Need more information...click on link below.
http://www.getrealsc.com/
4-28-09
Fed Officials: The Worst is Over
http://www.realtor.org/RMODaily.nsf/pages/News2009042001?OpenDocument
4-24-09
New Home Sales show signs of revival
http://money.cnn.com/2009/04/24/real_estate/new_home_sales_March/index.htm?postversion=2009042410
4-22-09
Worst Foreclosure rates found in 4 states
http://news.yahoo.com/s/ap/20090422/ap_on_bi_ge/us_foreclosures_states
4-20-09
Washington Report: Appraisals to Change
http://realtytimes.com/rtpages/20090420_washingtonreport.htm
4-17-09
Check this site for the latest statistics on the Aiken and all other South Carolina Markets
http://www.screaltors.com/marketing.html
4-15-09
Aiken City Council Minutes, Reported by the Aiken Board of Realtors Legislative Committee
The City of Aiken
City Council Meeting
April 13, 2009
Minutes
Don Wells opened the meeting with prayer. Mayor Cavanaugh led the Council and guests in the Pledge of Allegiance.
A motion was made and approved unanimously to recognize Cpt Carter, PSO Griffin and PSO Hammell with an award based on Aiken being able to reduce traffic fatalities from 6 in the previous year to 0 in this year and alcohol related fatalities from 3 in the previous year to 0 this year.
A motion was made with unanimous approval of the First Reading of an Ordinance to amend the Zoning of property on Silver Bluff Road from Residential Multi-Family Low Density to General Business. This is the property that Neil Farfour will be "giving" to the City of Aiken provided that it be used fro green space.
A motion was made and unanimously approved to a Second Reading and Public Hearing for an Ordinance Regarding uses in a Limited Business Zone.
A motion was made and unanimously approved to a Second Reading and Public Hearing of an Ordinance for a $1.5 million Loan for Crosland Park.
A motion was made and unanimously approved for a Second Reading and Public Hearing of an Ordinance to Amend the City of Aiken Comprehensive Land Use and Transportation Plan and to Adopt the 10 Year Capital Improvements Element.
Old Business – There has been a request from Chukker Creek Elementary School to relocate Precinct 53 for City Elections. Lively discussion ensued with comments ranging from they must allow their facilities to be used by the public if they receive federal funds to we should just find a new precinct location to moving precincts has a negative effect on voter turnout once the precinct is moved. Precinct 53 is the largest precinct in the City and is predominately Republican. Republican Party officials were there and spoke against moving the precinct. A decision was made to meet with School Board/Chukker Creek officials to see what the underlying issues were and to see if they could be resolved. The point was made during discussion that other schools are used as precincts and they are not asking to be relieved of that duty.
A motion was made and unanimously approved to spend a $62K Stimulus package grant for new equipment for the Public Safety Department. Specifically guns, in-car cameras, radar units, emergency light bars and tire deflating devices.
A motion was made and approved unanimously of a First Reading of a Lease Agreement for City Rental Property. This was presented in conjunction with acquiring homes in Crosland Park and will be used for that purpose.
A Joint Meeting with the Planning Commission was set for April 20th at 5:00.
A Budget Work Session was set for April 27th at 5:00.
A motion was made and unanimously approved to "update" a commemorative sign for Morgan Circle on Laurens Street. Morgan Circle is named after Thomas Redman Morgan, Mayor of Aiken from 1899 to1900.
A motion was made and approved by a 5-2 vote to allow the Public Safety Department to sell confiscated guns rather than simply destroying them which is what has happened in the past. It is estimated that the city can earn approximately $15K - $20K annually from the sale of these weapons. These weapons come from drug busts, used to commit a crime, a found weapon, etc. Some so-called "Saturday Night Specials" will continue to be destroyed. Guns that have a value within the gun community will be sold based the best offer to the City.
There being no further business, the meeting was adjourned.
4-14-09
Real Estate Outlook: A Turnaround may be in sight
http://realtytimes.com/rtpages/20090414_realestateoutlook.htm
4-9-09
S.C. business bankruptcies up 86% last year
4-7-09
Real Estate Outlook: Promising Numbers
http://realtytimes.com/rtpages/20090407_realestateoutlook.htm
4-6-09
The Aiken Board of Realtors is celebrating Fair Housing Month! Every year Aiken Realtors reaffirm their dedication to Fair Housing by reading the Declaration listed below at the Aiken Board of Realtors Membership Meeting.
I agree to:
- Provide equal professional service without regard to the race, color, religion, sex, handicap, familial status, or national origin of any prospective client, customer, or of the residents of any community.
- Keep informed about fair housing law and practices, improving my clients' and customers' opportunities and my business.
- Develop advertising that indicates that everyone is welcome and no one is excluded;, expanding my client's and customer's opportunities to see, buy, or lease property.
- Inform my clients and customers about their rights and responsibilities under the fair housing laws by providing brochures and other information.
- Document my efforts to provide professional service, which will assist me in becoming a more responsive and successful REALTOR®.
- Refuse to tolerate non-compliance.
- Learn about those who are different from me, and celebrate those differences.
- Take a positive approach to fair housing practices and aspire to follow the spirit as well as the letter of the law.
- Develop and implement fair housing practices for my firm to carry out the spirit of this declaration.
4-3-09
Thank you to all the Realtors who responded to the Call to Action on the Bill H.3272 Point of Sale Issue/Property Tax Reform. After lengthy debate and several votes on procedural motions, H.3272 was amended and received second reading. It was ordered to third reading when the House returns on April 21. The Senate will be discussing this issue the week of April 13, 2009 after they return from a week's break.
From the South Carolina Association of Realtors...
The 2006 changes to the property tax structure in South Carolina have had a negative effect on the real estate market and economic development in South Carolina. In an already ailing real estate market, property tax issues are driving real estate investors out of our state while businesses considering locating in South Carolina are choosing our neighboring states instead.
The Aiken Board of Realtors Legislative Committee is closely following this issue and has contacted their representative and senators in support of Bill H.3272 which will help correct some of the problems with the current property tax structure.
4-2-09
Signs Recession Hits Bottom but Layoffs Persist
http://news.yahoo.com/s/ap/economy
4-2-09
Gain Seen In Pending Home Sales, Housing Affordability Sets New Record
WASHINGTON, April 01, 2009
Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3.
Lawrence Yun, NAR chief economist, said the market is continuing to underperform. "Pending home sales have a way to go for there to be a meaningful increase, but recent increases in shopping activity are hopeful indicators that we'll see additional sales gains," he said. "More buyers are getting into the market to take advantage of stimulus incentives and much improved housing affordability conditions, but it will take a few months before we could see this turn up in measurable sales contract activity."
Also in February, NAR's Housing Affordability Index2 rose to a new high.
The PHSI in the Northeast rose 10.6 percent to 63.9 in February but is 11.2 percent below a year ago. In the Midwest the index jumped 14.5 percent to 83.1 and is 3.4 percent higher than February 2008. The index in the South rose 4.4 percent to 85.8 in February but is 0.1 percent below a year ago. In the West the index fell 13.5 percent to 89.6 and is 1.7 percent below February 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said home buyers are in an excellent position. "The drop in mortgage interest rates and home prices mean the buying power of a typical family has never been better," he said. "If you have a good job and long-term plans, it's unlikely that you'll find a much better time to buy a home. This is especially true for first-time buyers who can qualify for an $8,000 tax credit this year, have a great selection of homes to choose from, and are in a favorable negotiating position."
NAR's Housing Affordability Index rose 0.9 percentage points to a record high of 173.5 in February from an upwardly revised index of 172.6 in January, and is 36.3 percentage points higher than a year ago. The HAI, a broad measure of housing affordability using consistent values and assumptions over time, shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.
A median-income family, earning $59,700, could afford a home costing $285,600 in February with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price is considerably higher the median existing single-family home price in February, which was only $164,600.
"Obviously, potential home buyers need to be managing their existing debt effectively," McMillan said. "A Realtor® can counsel you on what you may be able to afford given your personal financial situation. In some cases, buyers who want to build their future through homeownership may need to start reducing their debt and improving their credit score before entering the housing market."
Last year at this time, the typical family could afford a home costing $265,600, which is $20,000 less than the current affordable price. "Homes in many areas are now selling for less than replacement construction costs – clearly this is an abnormal situation which will change once inventory is drawn down and supply and demand come closer into balance," McMillan said.
Yun said he expects housing inventories to rise through early summer from a normal seasonal pattern of more sellers appearing in the spring. "But with the positive housing stimulus incentives now in place, we expect home sales to gain momentum in the second half of the year with first-time buyers absorbing a lot of the excess inventory," he said. "Under these conditions, we should see price stabilization in most markets by the end of the year."
