US HOME SALES UP

U.S. Home Resales Up 9.4%;

Resales Hit Highest Mark in More Than 2 Years; Median Prices Down 8.5% From Last Year

(CBS/AP) Updated at 10:19 a.m. EDT U.S. home resales rose far more than expected last month to the highest level in more than two years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. The National Association of Realtors says sales rose 9.4 percent to a seasonally adjusted annual rate of 5.57 million in September, from a downwardly revised pace of 5.1 million in August. Sales had been expected to rise to an annual pace of 5.35 million, according to economists surveyed by Thomson Reuters. The median sales price was $174,900, down 8.5 percent from a year earlier, but the smallest annual drop in 13 months. The greater-than-expected jump in resales may have been fueled by booming foreclosure sales in cities like Los Angeles, San Diego and Las Vegas. "There's a mini-boom going on in the housing market," said Thomas Popik, of research firm Campbell Communications. First-time homebuyers and investors are snapping up those homes and taking advantage of low mortgage rates. These buyers can also take advantage of a tax credit of 10 percent of the sales price, up to $8,000, if the deal is completed by the end of November. The tax credit is so important to some buyers that they are adding a clause to their contracts, allowing them to back out if the sale doesn't close by Nov. 30. While home sales and housing construction have risen steadily after hitting bottom earlier this year, most economists believe that the worst isn't over for home values. In August, the median price was $177,700, down from the peak of $230,300 in July 2006, but still above the bottom of $164,800 in January, according to the Realtors group. Prices could see a double dip because rising unemployment is having a ripple effect on foreclosures. The jobless rate, currently at 9.8 percent is expected to rise as high as 10.5 percent next year, causing more people to be unable to afford their monthly mortgage payment. Unemployment Figures Cloud Recovery Hopes "There's more supply that's going to come into the marketplace," said Stan Humphries, chief economist at real estate Web site Zillow.com. "That additional supply will outpace demand." Some signs of softer prices may already be appearing. A government index released Thursday showed U.S. home prices dipped 0.3 percent from July to August. That drop "supports our view that the housing recovery will be slow and bumpy," wrote Paul Dales, U.S. economist with Capital Economics. With concerns about the housing market still prominent, Congress is considering several proposals to extend the tax credit for first-time buyers. Senators Johnny Isakson, R-Ga., and Christopher Dodd, D-Conn., want to extend it through June 30, and expand it to include all home buyers, at an estimated cost of $16.7 billion. One potential roadblock, however, emerged this week. There are concerns that some of the 1.5 million applications for the tax credit are fraudulent. At a hearing before a House subcommittee Thursday, J. Russell George, the Treasury Department's inspector general for taxes, questioned the legitimacy of some 100,000 claims for the credit, potentially including some illegal immigrants and 580 people under 18. The youngest taxpayers to apply for the credit were 4 years old, his office said. While the program has widespread support in Congress, there are growing concerns about the costs. The cause, said Sen. Jack Reed, D-R.I., "is a worthy one." But "I hope we can find ways to pay for it."

20 Under 40: Presenting the class of 2009

20 Under 40: Presenting the class of 2009

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Columbia ranks high for affordable homes - Home & Garden - The State

Columbia ranks high for affordable homes - Home & Garden - The State

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Statewide home sales drop slightly in September

Statewide home sales drop slightly in September

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Doing Good Deed for Military -- Pay it Forward

JUST READ THIS AND IT IS GREAT

SO I PUT IT ON MY BLOG

The Sack Lunches





I put my carry-on in the luggageCompartment and sat down in myAssigned seat. It was going to be aLong flight. 'I'm glad I have aGood book to read. Perhaps I will getA short nap,' I thought.Just before take-off, a line ofSoldiers came down the aisle andFilled all the vacant seats, totallySurrounding me. I decided toStart a conversation.'Where are you headed?' I asked the soldier seated nearest to me.'Petawawa. We'll be there for twoWeeks for special training, and thenWe're being deployed to AfghanistanAfter flying for about an hour, anAnnouncement was made that sackLunches were available for fiveDollars. It would be several hoursBefore we reached the east, and IQuickly decided a lunch would helpPass the time..As I reached for my wallet, IOverheard a soldier ask his buddy if hePlanned to buy lunch.'No, that seems like a lot of money for just a sack lunch. ProbablyWouldn't be worth five bucks. I'll wait till we get to base 'His friend agreed.I looked around at the otherSoldiers. None were buying lunch. IWalked to the back of the plane andHanded the flight attendant aFifty dollar bill.'Take a lunch to all those soldiers.' She grabbed my arms and squeezedTig htly. Her eyes wet with tears, she thanked me. 'My son was aSoldier in Iraq ; it's almost like you are doing it for him.'Picking up ten sacks, she headed upThe aisle to where the soldiersWere seated. She stopped at my seatAnd asked, 'Which do you likeBest - beef or chicken?''Chicken,' I replied, wondering whyShe asked. She turned and went toThe front of plane, returning aMinute later with a dinner plate fromFirst class. 'This is your thanks..'After we finished eating, I wentAgain to the back of the plane,Heading for the rest room.A man stopped me. 'I saw what you did. I want to be part of it.Here, take this.' He handed me twenty-five dollars.Soon after I returned to my seat, ISaw the Flight Captain coming downThe aisle, looking at the aisleNumbers as he walked, I hoped he wasNot looking for me, but noticed heWas looking at the numbers only onMy side of the plane.When he got to my row he stopped, smiled, held out his hand, and said,'I want to shake your hand.'Quickly unfastening my seatbelt IStood and took the Captain's hand.With a booming voice he said, 'I wasA soldier and I was a military pilot. Once, someone bought me a lunch. It was an act of kindness INever forgot..' I was embarrassedWhen applause was heard from all ofThe passengers.Later I walked to the front of thePlane so I could stretch my legs.A man who was seated about six rowsIn front of me reached out hisHand, wanting to shake mine. He leftAnother twenty-five dollars in my palm.When we landed I gathered myBelongings and started to deplane.Waiting just inside the airplane doorWas a man who stopped me, putSomething in my shirt pocket, turned,And walked away without saying aWord. Another twenty-five dollars!Upon entering the terminal, I saw theSoldiers gathering for their trip to the base. I walked over to themAnd handed them seventy-five dollars. 'It will take you some time toReach the base. It will be about time for a sandwich.God Bless You.'Ten young men left that flightFeeling the love and respect of theirFellow travelers. As I walkedBriskly to my car, I whispered a prayer for their safe return.These soldiers were giving their all for our country. I could onlyGive them a couple of meals.It seemed so little...A veteran is someone who, at onePoint in his life, wrote a blank checkMade payable to 'The United States ofAmerica ' for an amount of 'up to and including my life.'That is Honor, and there are way toomany people in this country whono longer understand it.'May God give you the strength andcourage to pass this along toeveryone on your email buddy list....I JUST DID

Short Sale Lexington, SC

Last year I had clients wanting to buy a short sale home. The contract was ratified mid July and we finally heard from the bank after my clients had given up. They had waited close to 4 months. My client selling his home in a short sale has been assured by his bank that they can give an answer back to the buyers in less than 30 days. What a difference a year makes! Completed short sales in the first half of 2009 was up over 208 % over the first half of 2008. Banks are understanding that the foreclosure process does not bring a higher price than a simpler, less costly short sale.

First Time Home Buyer Lexington SC

FIRST TIME HOME BUYERS..........DON'T WAIT IF YOU WANT TO RECEIVE THE $8000 TAX CREDIT. THE DEADLINE IS NOVEMBER 30,2009. THE HOUSE HAS TO BE CLOSED BY NOVEMBER 30. BANKS HAVE GIVEN THE ALERT THAT PROCESSING TIME WILL BE TIGHT AND AT A CERTAIN POINT THEY GIVE NO GUARANTEE THAT THE LOAN CAN BE PROCESSED AND CLOSED BY DEADLINE

Economic Factors 2009

One of the most common economic fact is that all markets ( real estate, gold, stocks) have cycles. Real Estate value is down but based on historic data, it will increase. Real Estate is still one of the best long term investments. If you want to invest wisely and at the same purchase your own home the time is now.

October 2009 Sales

The October 2009 Edition of the Quick Report, gave stats showing that the lower price homes sales are up. Prices up to 100K are up by 38.8%. The price range of 100K to 250K sales are up by 8.7%. That is the good news but for homes in the 250K and higher range sales are down. The percentage of decline gets higher as the price range gets higher. The rebound has only affected the lower price homes. Sellers in the upper price ranges need to be aware that the rebound for them has not arrived, but hopefully is around the corner.

In my recent blog post on short sales, I mentioned educating yourself on the process. The process changes everyday. Most agents see short sales as a nuisance but I see it as an opportunity to become a specialist in a growing area of real estate. I read in the October 2009 Keeping Current Matters, Quick Report a quote by Albert Einstein that made me think of my short sale learning experience. " If you can't explain it simply, you don't understand it well enough." Edwin Gerace will understand short sales well enough to explain it simply to buyers and sellers! Thanks Albert Einstein for helping me define my goal in short sale training!