Showing posts with label Information Market Edwin Gerace Real Estate Realtor. Show all posts
Showing posts with label Information Market Edwin Gerace Real Estate Realtor. Show all posts
Thursday, September 30, 2010
Friday, September 24, 2010
Tuesday, September 14, 2010
Wednesday, July 21, 2010
Town of Lexington wins Award
Municipal Association of South Carolina 2010 Municipal Achievement Awards Population 10,001-20,000: Town of Lexington
Illegal activity in a lot on the west side of Lexington caused the federal government to seize the property. It was an eyesore for the town and its residents. Through careful planning, resident input and creative partnerships, local officials were able to take a blemish and turn it into an asset for the community.
Federal guidelines required the property be used as a recreational space. Town council, staff and a committee of residents worked together to devise a plan for the property that would benefit the neighborhood. Because the area badly needed green space, the committee decided to redevelop the space into a community park to benefit the historically low-to-moderate income neighborhood.
The town contributed a small portion of the funding needed, with the rest funded entirely through the support of local companies. Officials sent letters to each potential sponsor describing the need, the construction plan and how they could help. Donors would receive a plaque and signage at the park in recognition of their contributions.
Beyond financial donations, volunteers from the community and corporate donors helped develop plans and worked to landscape the park. This was the first public-private partnership of this magnitude in the town’s history. The new park incorporates a playground, picnic shelter, fountain and lots of green space for running and jumping. It has become a neighborhood gathering place.
Officials named the park for Willie B. Caractor, a respected African-American leader in Lexington. Caractor was an area teacher and advocate for the neighborhood where the park was built. He had been instrumental in getting his neighborhood annexed into the town so that residents could enjoy police protection and water services. The new park has a bronze marker commemorating Caractor. The marker was unveiled at the park’s grand opening, a community hamburger cookout provided by volunteers and town officials.
Despite being Lexington’s smallest park, it has become a big point of pride for the community.
Illegal activity in a lot on the west side of Lexington caused the federal government to seize the property. It was an eyesore for the town and its residents. Through careful planning, resident input and creative partnerships, local officials were able to take a blemish and turn it into an asset for the community.
Federal guidelines required the property be used as a recreational space. Town council, staff and a committee of residents worked together to devise a plan for the property that would benefit the neighborhood. Because the area badly needed green space, the committee decided to redevelop the space into a community park to benefit the historically low-to-moderate income neighborhood.
The town contributed a small portion of the funding needed, with the rest funded entirely through the support of local companies. Officials sent letters to each potential sponsor describing the need, the construction plan and how they could help. Donors would receive a plaque and signage at the park in recognition of their contributions.
Beyond financial donations, volunteers from the community and corporate donors helped develop plans and worked to landscape the park. This was the first public-private partnership of this magnitude in the town’s history. The new park incorporates a playground, picnic shelter, fountain and lots of green space for running and jumping. It has become a neighborhood gathering place.
Officials named the park for Willie B. Caractor, a respected African-American leader in Lexington. Caractor was an area teacher and advocate for the neighborhood where the park was built. He had been instrumental in getting his neighborhood annexed into the town so that residents could enjoy police protection and water services. The new park has a bronze marker commemorating Caractor. The marker was unveiled at the park’s grand opening, a community hamburger cookout provided by volunteers and town officials.
Despite being Lexington’s smallest park, it has become a big point of pride for the community.
Thursday, June 10, 2010
Green Building
The hot topic at the water cooler is Green Buildingin and cost vs reward. Some say greenhouse gases are dooming our grandkids to a future of drought and flooding. Skeptics argue that climate change is inevitable and beyond the scope of anything we humans do. While the truth is likely somewhere in between, most people agree that sensible conservation and practical oversight is probably a healthy approach –and the efforts we make today will put energy-saving dollars in our pockets tomorrow. That’s one reason most of us practice some sort of conservation effort; recycling trash, reducing our use of paper, or heating our swimming pools with solar panels. It’s also the reason why NAR built the first LEED-certified* green building in Washington, DC. NAR believes REALTORS® need to be on the leading edge of social concerns—which is also why they developed NAR’s Green Designation for today’s real estate professionals—and why they closely monitor all legislation regarding environmental issues. I have earned the Green Designation myself because I believe it’s important to be at the forefront of this movement. As green issues take a more prominent place in social discourse, we take justifiable pride in our industry’s commitment to the environment.
Yes, I think the idea of “going green” started to gain momentum before the housing downturn hit. Today, a lot of Las Vegas buyers—and most investors—are pretty focused on opportunistic purchases like REOs and short sales. As things start to improve, real estate consumers will turn their attention back toward “green,” Bob Hamrick said.
The effort to highly competitive has caused the slowed down the green effort, but I expect today’s move toward green construction will become the standard for the future. The new CityCenter in Las Vegas, which is really an extraordinary resort destination, was designed and built to conserve energy and preserve natural resources. It’s just a more responsible approach to building, and I think that signals a growing trend. Getting our agents green-certified and knowledgeable is certainly a place to start, Bob Hamrick said.
*LEED (Leadership in Energy and Environmental Design) is a benchmark building standard set by the U.S. Green Building Council.
Results are based on 451 completed surveys returned from building professionals in 48 states: 64.5% of respondents design or build green homes; 35.5% do not; 92% of all respondents work in new single-family detached, 24% also design or build new single-family attached, and 24% are active in multifamily markets.
Compared with market conditions three years ago, only 7% of respondents described their markets as growing, 9% as about the same, 13% reported a 5% drop, 18% said their market was down 5%–10%, 17% reported a 10%–20% drop, and 36% reported a decline of more than 20%.
Green building is looking toward putting all the pieces of the puzzle together with the creation of a smart grid and connected home is expected to grow in 2010 as utilities continue to make upgrades to the grid for more effective generation, storage and distribution of power, and as smart-grid manufacturers develop custom and web-based display panels that show real-time home energy use, says the Earth Advantage Institute. The same is true in the commercial sector. Case-in-point: Networking equipment giant Cisco rolled out the first Smart Connected Building solution in July last year, which will interconnect and enable building systems such as heating, ventilation and cooling (HVAC), lighting, electrical, security, and renewables over the IP network.
Cisco also projects that the smart-grid communications infrastructure will reach $20 billion a year over the next five years. The Earth Advantage Institute also predicts energy labeling for homes and office buildings. The non-profit organization says this will make it easier to perform a building-to-building or home-to-home comparison, but a publicly available score on the multiple listing service could push building owners to make needed energy improvements.
There are many different approaches to green building--in site design and development, in sourcing materials and in methods for energy and water efficiency. Throw in a client's geography and budget and everything can change. We need to look at the whole-house approach and emphasizing what you need to do from start to finish--whether you're remodeling a home or building from the ground up. You'll learn how to make the National Green Building Standard work for you.
Email Edwin to know about the Green Built homes in Columbia, SC Email me Green Built Homes.
Yes, I think the idea of “going green” started to gain momentum before the housing downturn hit. Today, a lot of Las Vegas buyers—and most investors—are pretty focused on opportunistic purchases like REOs and short sales. As things start to improve, real estate consumers will turn their attention back toward “green,” Bob Hamrick said.
*LEED (Leadership in Energy and Environmental Design) is a benchmark building standard set by the U.S. Green Building Council.
Results are based on 451 completed surveys returned from building professionals in 48 states: 64.5% of respondents design or build green homes; 35.5% do not; 92% of all respondents work in new single-family detached, 24% also design or build new single-family attached, and 24% are active in multifamily markets.
Compared with market conditions three years ago, only 7% of respondents described their markets as growing, 9% as about the same, 13% reported a 5% drop, 18% said their market was down 5%–10%, 17% reported a 10%–20% drop, and 36% reported a decline of more than 20%.
Green building is looking toward putting all the pieces of the puzzle together with the creation of a smart grid and connected home is expected to grow in 2010 as utilities continue to make upgrades to the grid for more effective generation, storage and distribution of power, and as smart-grid manufacturers develop custom and web-based display panels that show real-time home energy use, says the Earth Advantage Institute. The same is true in the commercial sector. Case-in-point: Networking equipment giant Cisco rolled out the first Smart Connected Building solution in July last year, which will interconnect and enable building systems such as heating, ventilation and cooling (HVAC), lighting, electrical, security, and renewables over the IP network.
Cisco also projects that the smart-grid communications infrastructure will reach $20 billion a year over the next five years. The Earth Advantage Institute also predicts energy labeling for homes and office buildings. The non-profit organization says this will make it easier to perform a building-to-building or home-to-home comparison, but a publicly available score on the multiple listing service could push building owners to make needed energy improvements.
There are many different approaches to green building--in site design and development, in sourcing materials and in methods for energy and water efficiency. Throw in a client's geography and budget and everything can change. We need to look at the whole-house approach and emphasizing what you need to do from start to finish--whether you're remodeling a home or building from the ground up. You'll learn how to make the National Green Building Standard work for you.
Email Edwin to know about the Green Built homes in Columbia, SC Email me Green Built Homes.
Thursday, May 27, 2010
Short Sale What is it?
A short sale is an arrangement with your lender in which you are permitted to sell the property for less than you owe. This is a method of disposing of your home without having the lender foreclose on you. In many cases the lender pays your closing cost and your realtor's commission. Not all lenders papprove a short sale. They are in the business of lending money, not owning houses. The decision depends on a number of factors: Where is your house? How much loss will the lender suffer? What is the possibility that an investor would buy the property at a foreclosure sale? Each lender has its own requirements. You will need to prepare a comprehensive letter explaining why you are requesting the short sale. It is much like the paperwork you completed when you applied for the loan, only in reverse. Now you must prove to your lender that you are in financial distress and can't afford the monthly payments. The short-sale process often works but is complicated, time-consuming and uncertain, which is why choosing the proper agent is critical. It could save you time, money and your credit history. Interview your agent before hiring him or her. Some agents don't do short sales at all, because it's not guaranteed they will get paid. If you start early, before you miss your payments and before your lender notifies the credit-reporting companies, you are ahead of game and have a better chance of succeeding
For list of homes that are bieng sold for short sale or You yourself qualify for a short sale, contact
Edwin Gerace at 803-609-7653
For list of homes that are bieng sold for short sale or You yourself qualify for a short sale, contact
Edwin Gerace at 803-609-7653
Friday, May 21, 2010
Ban on Texting While Driving Debated in the Senate
Ban on Texting While Driving Debated in the Senate
Two weeks ago, the Senate set S.642 (Alexander) for Special Order on the Calendar. Debate of the bill commenced this week. S.642 makes it unlawful for a person to compose, send or read a text-based communication while driving and would pre-empt any local government ordinance. An amendment was offered that would have banned use of any electronic communication device while driving, which was defeated. The bill remains in interrupted debate on the calendar, and debate is expected to resume Tuesday.
The House previously passed a prohibition on texting while driving in H.4282, which has been referred to a Senate Judiciary Subcommittee. The House-passed version imposes a ban on reading, writing or sending a text or email while operating a motor vehicle and includes a penalty of $25 for violation.
Two weeks ago, the Senate set S.642 (Alexander) for Special Order on the Calendar. Debate of the bill commenced this week. S.642 makes it unlawful for a person to compose, send or read a text-based communication while driving and would pre-empt any local government ordinance. An amendment was offered that would have banned use of any electronic communication device while driving, which was defeated. The bill remains in interrupted debate on the calendar, and debate is expected to resume Tuesday.
The House previously passed a prohibition on texting while driving in H.4282, which has been referred to a Senate Judiciary Subcommittee. The House-passed version imposes a ban on reading, writing or sending a text or email while operating a motor vehicle and includes a penalty of $25 for violation.
Monday, April 19, 2010
Vacant Homes are Not The easiest to sell
Vacant Homes are Not The easiest to sell
RISMEDIA, April 12, 2010—
A vacant house is like a vacant stare. Something is just not right.
Trying to sell a vacant house adds obstacles and depresses the sales price, says Showhomes, a nationally franchised home staging company. Showhomes uses live-in home stagers to lower the cost of staging and produce faster home sales. Take a look at their top five reasons why selling a vacant house is often a mistake in today’s market:
1. People don’t simply buy houses; they buy the next chapter of their lives.
This is an emotional experience and emotion influences what people buy and how much they will pay. Vacant houses are devoid of life, and the chance to make an emotional connection is lost.
2. Vacancy distracts buyers from looking at the house itself.
They wonder: "Is this a divorce? Why did they move out? Are they selling because they have money problems? Is this home hard to sell?" They’ll make a low-ball offer, thinking the owner is desperate. The buyer looks for issues instead of looking at the house. It is a distraction.
They wonder: "Is this a divorce? Why did they move out? Are they selling because they have money problems? Is this home hard to sell?" They’ll make a low-ball offer, thinking the owner is desperate. The buyer looks for issues instead of looking at the house. It is a distraction.
3. When a house is vacant, buyers focus on flaws.
They look at nail holes, carpet wear and gaps in the molding rather than how the space works. In a vacant house, floors, walls and ceilings are all the buyers see. This drives the price down. Buyers look for things that would cause them not to buy, not at the things that drew them to the house. This creates objections.
They look at nail holes, carpet wear and gaps in the molding rather than how the space works. In a vacant house, floors, walls and ceilings are all the buyers see. This drives the price down. Buyers look for things that would cause them not to buy, not at the things that drew them to the house. This creates objections.
4. People can’t visualize how furniture fits.
An empty bedroom might appear awkward or a living room might seem cavernous. Some spaces might confuse buyers because a use is not obvious. Buyers are derailed and move on to the next house. When a home has furniture in it that is not to much, buyers can say " Our Couch is the smae size and would look the same there". They instead say, "Our Couch wont fit in that room"
An empty bedroom might appear awkward or a living room might seem cavernous. Some spaces might confuse buyers because a use is not obvious. Buyers are derailed and move on to the next house. When a home has furniture in it that is not to much, buyers can say " Our Couch is the smae size and would look the same there". They instead say, "Our Couch wont fit in that room"
5. Vacant houses don’t show as well as staged and occupied homes.
Without people, even the best home quickly looks and smells vacant. Dust settles, leaves scatter, and stale smell spreads. These cues often shorten the showing time, leading to fewer sales.
"Home owners don’t realize how much harder a vacant home is to sell. In today’s market, you have to win the beauty contest," says Thomas Scott, VP of Marketing at Showhomes. "Vacant houses simply underperform staged homes and the increased sales price provides an excellent return on what staging costs. Choosing to stage your home should be an easy decision in today’s market."
Without people, even the best home quickly looks and smells vacant. Dust settles, leaves scatter, and stale smell spreads. These cues often shorten the showing time, leading to fewer sales.
"Home owners don’t realize how much harder a vacant home is to sell. In today’s market, you have to win the beauty contest," says Thomas Scott, VP of Marketing at Showhomes. "Vacant houses simply underperform staged homes and the increased sales price provides an excellent return on what staging costs. Choosing to stage your home should be an easy decision in today’s market."
For more information, visit http://www.blogger.com/www.showhomes.com
Monday, April 12, 2010
Tax Credit Tips
s part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
- Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
- Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Pending Home Sales Show some Spring in Gain
Pending Home Sales Show some Spring in Gain
Pending home sales rose in February 2010, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors. RISMEDIA, April 7, 2010
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in February, rose 8.2% to 97.6 from a downwardly revised 90.2 in January, and remains 17.3% above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. "The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten," he said. "We need a second surge to meaningfully draw down inventory and definitively stabilize home values."
The PHSI in the Northeast rose 9.0% to 77.7 in February and is 18.9% higher than February 2009. In the Midwest the index jumped 21.8% to 97.9 and is 18.7% above a year ago. Pending home sales in the South increased 9.2% to an index of 107.0, and the index is 17.5% higher than February 2009. In the West the index fell 4.8% to 98.0 but is 14.6% above a year ago.
"Anecdotally, we’re hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit," Yun said.
Great source of information can be found at RISMEDIA
Dont forget The Tax Credit is Expiring Soon.
Edwin Gerace
803-609-sold
Wednesday, April 7, 2010
Mortgage Money Update
Wednesday's bond market has opened fairly flat as investors cautiously prepare for today's important auction. The stock markets are showing losses with the Dow down 66 points and the Nasdaq down 5 points. The bond market is currently down 2/32, but we will probably still see an improvement in this morning's mortgage rates of approximately .125 - .250 of a discount point due to strength late yesterday.There is no relevant economic data scheduled for release today. Yesterday's FOMC minutes did shed some light on the Fed's current thought process about rates and the economy. They indicated that despite recent signs of the economy gaining strength, they have concerns that it may not be able to continue on that pace. Any concerns about the economy being able to expand are considered to be good news for bonds and mortgage rates. However, the minutes also hinted that the Fed may be closer to raising key short-term interest rates than some had thought. The lan guage that the Fed had been using of ?an extended period? when referring to how long they expect those rates to remain this low was clarified to mean a change could come sooner than what was previously thought. Overall, the release didn't hurt the bond market or mortgage rates, but didn't do much to help them either.There are two events worth watching today. The first is the 10-year Treasury Note auction, which is the more likely candidate to affect mortgage rates in my opinion. Results of the sale will be posted at 1:00 PM ET. Expectations for the sale are not high. If the investor demand was indeed weak, we may see selling in bonds this afternoon that lead to upward changes in mortgage rates. However, if we are surprised by a decent interest, particularly from international buyers, there is a good possibility of seeing bonds rally and mortgage rates move lower this afternoon.The second event is a speech by Fed Chairman Bernanke at 1:30 PM ET. He is speaking in Dallas and is expected to touch on the economy. So, it does make our radar as something worth watching out for. If he gives an indication that the economy will have a difficult time recovering at its current pace, we may see bonds react favorably as a result. I suspect that he will not say much that is a surprise, so the likelihood of this event impacting mortgage rates is moderate.There is no relevant economic data being posted tomorrow except for weekly unemployment figures from the Labor Department. They are expected to report that 435,000 new claims for unemployment benefits were filed last week. This would be a small decline from the previous week, but unless there is a large variance from that total, this data will have minimal influence on mortgage pricing.There also is the 30-year Bond auction tomorrow. It will be the same pattern as today's 10-year Note sale with results being posted at 1:00 PM ET. This sale is somewh at relative to mortgage rates, but not nearly important as today's 10-year Note sale is. We usually see similar results, so if today's sale goes badly, there is little likelihood of tomorrow's going exceptionally well.If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Tuesday, April 6, 2010
Flood Insurance NFIP
The United States Senate adjourned without approving H.R. 4851, which would have extended a number of programs including the National Flood Insurance Program (NFIP). Authority for the NFIP expired at midnight on Sunday, March 28th, which will delay real estate transactions where a NEW flood policy is required but has not been issued before the expiration date. Efforts to reach bipartisan agreement between the House and Senate failed over how to pay for the broader bill. A procedural motion has been filed in the Senate setting up a vote the week of April 12th. NAR has stressed with Congress the vital importance of flood insurance to the real estate market.
We will continue to make every effort and advocate for legislation that extends the program for as long as possible. Please be advised that NAR has issued a Call for Action (CFA) that has been sent to all members to ask Congress to renew the National Flood Insurance Program and the Rural Housing 502 Program. Both programs expired at the end of March without Congressional reauthorization. Congress must reauthorize NFIP as soon as they return in April.
We will continue to make every effort and advocate for legislation that extends the program for as long as possible. Please be advised that NAR has issued a Call for Action (CFA) that has been sent to all members to ask Congress to renew the National Flood Insurance Program and the Rural Housing 502 Program. Both programs expired at the end of March without Congressional reauthorization. Congress must reauthorize NFIP as soon as they return in April.
Wednesday, March 31, 2010
Extended Home Buyer Tax Credit 2009/2010
The Basics:
Extended Home Buyer Tax Credit 2009/2010
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)President's Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
The price of the home.
The buyer's income.
PriceUnder the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer IncomeUnder the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Information deemed reliable but not guaranteed.
Tuesday, March 30, 2010
Bond Market and Real Estate Market
Tuesday's bond market has opened in negative territory following a much stronger than expected piece of economic news. The stock markets are showing relatively minor gains with the Dow up 17 points and the Nasdaq up 4 points. The bond market is currently down 6/32, which should push this morning's mortgage rates higher by approximately .125 of a discount point.The Conference Board, who is a New York-based business research group, reported late this morning that their Consumer Confidence Index (CCI) for March stood at 52.5. This was a sizable increase from February's reading and higher than analysts had expected for this month. This means that surveyed consumers felt better about their own financial situations than many had thought. That can be considered bad news for bonds and mortgage rates because it indicates that they may be more willing to spend money, fueling economic activity.Tomorrow's only relevant data is February's Factory Orders. This data is similar to last week's Durable Goods Orders report, except that this report includes orders for both durable and non-durable goods, giving us a measurement of manufacturing sector strength. It is also the least important of this week's five reports. Unless it varies greatly from forecasts of a 0.5% increase, I suspect that it will be a non-factor in the mortgage market.Thursday and Friday brings us the most important data of the week. We will get the Institute for Supply Management's (ISM) manufacturing index late tomorrow morning and March's Employment report from the Labor Department early Friday morning. Both of those reports are considered to be highly important to the financial and mortgage markets, particularly Friday's data.If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.
Friday, March 26, 2010
Overview of South Carolina’s Labor Markets, February 2010 Data
FROM Dr. Don Schunk, Research Economist, Center for Economic and Community Development
E. Craig Wall Sr. College of Business Administration, Coastal Carolina University
For additional information, contact: Dr. Don Schunk, Research Economist, dschunk@coastal.edu (843) 655-0995
February 2010 data on employment and unemployment for South Carolina were released March 26th by the South Carolina
Employment Security Commission and the U.S. Bureau of Labor Statistics.
Highlights from February 2010 Data:
• South Carolina’s unemployment rate during February was unchanged from a revised 12.5% in January.
Similarly, the national unemployment rate held steady at 9.7% during January and February. These recent readings
are consistent with labor markets beginning to show some stability. For example, the total number of initial jobless claims filed in South Carolina between January and mid-March this year was about 77,000, roughly 40% below the 127,500 claims filed during the same period in 2009.
As shown in the accompanying graph, seasonally-adjusted initial claims in South Carolina peaked in March 2009 and have been generally falling since, signaling a slowing in the pace of layoffs and indicating that our labor markets are approaching stability. However, further increases in the
unemployment rate are still possible as previously discouraged workers begin to return to the labor force. Over the last year, I have tried to bring attention to broader measures of both unemployment and underemployment. For the U.S., the Bureau of Labor Statistics estimates that this broader measure (known as U6) was 16.8% in February. I am estimating that the comparable South Carolina measure of U6 was about 20.6% in February.
• Total employment is down about 1.3% between February 2009 and February 2010. For all of 2009, total employment statewide fell by 5.5%. While job losses have slowed, we continue to wait for new hiring to begin. The economy continues to be characterized by high levels of excess capacity – in housing, commercial and office space, industrial production, and retail activity. This excess capacity suggests that the economy can begin to grow -- and it is -- but without the need for new construction, expansions, or substantial hiring. Perhaps even more troubling, however, is that even if South Carolina began to see job growth return immediately at historically normal
rates of growth, it could be 2015 before we returned to the level of employment reached in early 2008. This is almost certainly too optimistic: just over one-third of all jobs created in South Carolina between 2002 and 2007 were in construction and other housing-related sectors, retail trade, and local government. These sectors are not likely to produce large numbers of jobs in the coming years. This suggests that it could take even longer for the state’s economy to recover all of the jobs lost during this recession.
rates of growth, it could be 2015 before we returned to the level of employment reached in early 2008. This is almost certainly too optimistic: just over one-third of all jobs created in South Carolina between 2002 and 2007 were in construction and other housing-related sectors, retail trade, and local government. These sectors are not likely to produce large numbers of jobs in the coming years. This suggests that it could take even longer for the state’s economy to recover all of the jobs lost during this recession.
Overall, this month’s report is the best we’ve seen since the recession began. The state’s jobless rate held steady even with some growth in the labor force. An economic recovery is underway, but significant challenges remain. State and local governments in South Carolina have yet to feel the full brunt of the budget crisis, and a significant portion of households continue to directly feel the pain of the recession. A recovery is forming, but I expect it to remain fragile for an extended period
Wednesday, February 24, 2010
3 Tips to Getting Your Website to the First Page of Google ~ Social Media Advisors
3 Tips to Getting Your Website to the First Page of Google ~ Social Media Advisors
The concept of getting your website to the first page of Google seems like an almost impossible task to many. People spend months writing more and more content for their site, getting backlinks, and editing things without ever getting your website to the first page of Google. You feel defeated when your site stays on page 17 and just won't budge. Then one day you get a call from a company who promises “if you give us $395.00 per month, we will put your site on the first page of Google.” The part that these telemarketers neglect to mention is that the moment you stop paying them, your website will drop faster than lead balloon. As a former real estate agent, I used to get these calls regularly.
So, how can you actually get your website to the first page of Google? Well, there are a couple of really basic principles that you’ll need to implement. The “basics” are just that – basic. Before I share these, first you need to learn to not over-complicate things. Here are 3 easy steps to getting your website to the first page of Google:
1. Good, solid, keyword-rich content. So what is quality keyword-rich content? Basically, it’s content that gives something of value to consumers and search engines. You need to have keyword-rich posts that answer the questions your consumers have. Do not just spit out some random words and call it a post. If you write just to write and do not really have purpose, you are basically wasting your time if you are trying to get business. Develop a gameplan for your content and stick to it.
Ten well-written, targeted, keyword dense posts will bring a greater result than 100 posts that are thrown together quickly, with topics all over the place, and which contain piles of typos, grammatical errors, and more. This is a prime example of the principle of quality over quantity for the greatest result possible.
2. Writing Consistently on Your Blog. Many times people start working on getting their website to the first page of Google and after the first month or so they simply give up. One of the key factors to getting your website on the first page of Google is to consistently offer fresh content on your site. The easiest way to do this, of course, is to integrate a blog into your page.
You don’t need to have a Masters degree in English to have an effective blog. You just need to publish 2-3 good, quality posts each week that offer valuable content to your readers that are also written with your primary keywords in mind. One of the biggest excuses that I hear is that a business does not have time to write. According to HubSpot, businesses who blog receive 55% more visitors than companies who do not.
Here’s a simple time management strategy: On the weekend or whenever you have a few spare hours, (watching a football game, relaxing by the fire, etc.), sit down and write 2 or 3 really good quality posts. Then, on Monday, Wednesday, and Friday you can launch these pre-written posts. You can then take the rest of the week to respond to comments, etc. To the consumers and search engines, it appears as though you have written new content on three different days.
This practice is far healthier for your rankings than writing a bunch of content one day, then waiting 7-10 days to write more. Why? The search engines are constantly visiting your page to index more content. The freshness is important when it comes to Google’s indexing algorithm. Also, they see a constant stream of new stuff instead of a bunch on one day, then a week of dormancy until you get around to posting again. This is also helpful for your consumer audience of readers. If you publish 3-4 posts all at once, the likelihood of those posts bringing you good consumer traffic from those subscribed to your blog is minimal. Most consumers will read maybe one post, but will not have the time, attention span, or energy to read multiple posts.
3. Link, Link, Link! The more sites that are pointing links at your page (especially when titled with the keywords you are trying to achieve) will produce a great return. One easy way to get some great links pointing to your site is to make sure you have added your business site to your profiles on any and all networks you participate in. Links from higher ranking sites help the search engines realize that these sites recognize your website.
It is kind of like when Oprah endorsed KFC’s new grilled chicken promo. In no time, there were over 2 million coupons printed and many were left missing out on the promotion because of lack of supply. Links from reputable sites make your own site seem more reputable.
One thing for sure, you need to make positive that the links you insert places are actually working for you. Many networks block the search engines from following the links to prevent spam. (I will be writing more about this in the future.)
Another great way to get links, is to ask your friends and family members to place a link on their blogs, websites, etc. Two things with regards to linking: do not pay a link farm service. Search engines don’t value these links – I could go into great detail about why, but just rest assured that it’s a waste of time and money. The other tip is to not do a reciprocal link when possible. This means, if your brother links to your site, do not put a link back to his.
A detour. An easy alternative to reciprocal links is to have a link triangle. In this case, your brother links to your site, you link to your parents, and your parents link to your brother’s page. All links are one-way and none are going back and forth. The more links you can have pointed at your site, the better it will help in getting your website to the first page of Google. You can think of each link as a “vote” for your site.
If you implement just these three tips, it will help get your website onto the first page of Google. Obviously, there are plenty of other factors that contribute to this phenomenon. If you take these and not only integrate into your website, but also into your blog, the most vital part to your website, you will start seeing results in a rather quick fashion. These three items I discussed alone can make or break the effectiveness of a website.
If you have any questions, let me know. And by the way, 210 Consulting- Social Media Advisors offers some really great personal coaching taught by myself and Jason Crouch on this subject.
_______________________________________________________________________________________________________
The concept of getting your website to the first page of Google seems like an almost impossible task to many. People spend months writing more and more content for their site, getting backlinks, and editing things without ever getting your website to the first page of Google. You feel defeated when your site stays on page 17 and just won't budge. Then one day you get a call from a company who promises “if you give us $395.00 per month, we will put your site on the first page of Google.” The part that these telemarketers neglect to mention is that the moment you stop paying them, your website will drop faster than lead balloon. As a former real estate agent, I used to get these calls regularly.
So, how can you actually get your website to the first page of Google? Well, there are a couple of really basic principles that you’ll need to implement. The “basics” are just that – basic. Before I share these, first you need to learn to not over-complicate things. Here are 3 easy steps to getting your website to the first page of Google:
1. Good, solid, keyword-rich content. So what is quality keyword-rich content? Basically, it’s content that gives something of value to consumers and search engines. You need to have keyword-rich posts that answer the questions your consumers have. Do not just spit out some random words and call it a post. If you write just to write and do not really have purpose, you are basically wasting your time if you are trying to get business. Develop a gameplan for your content and stick to it.
Ten well-written, targeted, keyword dense posts will bring a greater result than 100 posts that are thrown together quickly, with topics all over the place, and which contain piles of typos, grammatical errors, and more. This is a prime example of the principle of quality over quantity for the greatest result possible.
2. Writing Consistently on Your Blog. Many times people start working on getting their website to the first page of Google and after the first month or so they simply give up. One of the key factors to getting your website on the first page of Google is to consistently offer fresh content on your site. The easiest way to do this, of course, is to integrate a blog into your page.
You don’t need to have a Masters degree in English to have an effective blog. You just need to publish 2-3 good, quality posts each week that offer valuable content to your readers that are also written with your primary keywords in mind. One of the biggest excuses that I hear is that a business does not have time to write. According to HubSpot, businesses who blog receive 55% more visitors than companies who do not.
Here’s a simple time management strategy: On the weekend or whenever you have a few spare hours, (watching a football game, relaxing by the fire, etc.), sit down and write 2 or 3 really good quality posts. Then, on Monday, Wednesday, and Friday you can launch these pre-written posts. You can then take the rest of the week to respond to comments, etc. To the consumers and search engines, it appears as though you have written new content on three different days.
This practice is far healthier for your rankings than writing a bunch of content one day, then waiting 7-10 days to write more. Why? The search engines are constantly visiting your page to index more content. The freshness is important when it comes to Google’s indexing algorithm. Also, they see a constant stream of new stuff instead of a bunch on one day, then a week of dormancy until you get around to posting again. This is also helpful for your consumer audience of readers. If you publish 3-4 posts all at once, the likelihood of those posts bringing you good consumer traffic from those subscribed to your blog is minimal. Most consumers will read maybe one post, but will not have the time, attention span, or energy to read multiple posts.
3. Link, Link, Link! The more sites that are pointing links at your page (especially when titled with the keywords you are trying to achieve) will produce a great return. One easy way to get some great links pointing to your site is to make sure you have added your business site to your profiles on any and all networks you participate in. Links from higher ranking sites help the search engines realize that these sites recognize your website.
It is kind of like when Oprah endorsed KFC’s new grilled chicken promo. In no time, there were over 2 million coupons printed and many were left missing out on the promotion because of lack of supply. Links from reputable sites make your own site seem more reputable.
One thing for sure, you need to make positive that the links you insert places are actually working for you. Many networks block the search engines from following the links to prevent spam. (I will be writing more about this in the future.)
Another great way to get links, is to ask your friends and family members to place a link on their blogs, websites, etc. Two things with regards to linking: do not pay a link farm service. Search engines don’t value these links – I could go into great detail about why, but just rest assured that it’s a waste of time and money. The other tip is to not do a reciprocal link when possible. This means, if your brother links to your site, do not put a link back to his.
A detour. An easy alternative to reciprocal links is to have a link triangle. In this case, your brother links to your site, you link to your parents, and your parents link to your brother’s page. All links are one-way and none are going back and forth. The more links you can have pointed at your site, the better it will help in getting your website to the first page of Google. You can think of each link as a “vote” for your site.
If you implement just these three tips, it will help get your website onto the first page of Google. Obviously, there are plenty of other factors that contribute to this phenomenon. If you take these and not only integrate into your website, but also into your blog, the most vital part to your website, you will start seeing results in a rather quick fashion. These three items I discussed alone can make or break the effectiveness of a website.
If you have any questions, let me know. And by the way, 210 Consulting- Social Media Advisors offers some really great personal coaching taught by myself and Jason Crouch on this subject.
_______________________________________________________________________________________________________
Sunday, February 14, 2010
Housing supplies steadily declining
Housing supplies steadily declining
New data from Altos Research shows that housing supplies have been steadily declining for the last 16 months. The company says there are 20 percent fewer homes for sale now than there were in 2008. Some fear this decline is because banks have been holding back their repossessed properties, but Altos doesn't expect this so-called shadow inventory to result in a real estate day of reckoning in 2010 as some market observers have warned.Scott Sambucci, VP of data analytics at Altos Research, says the industry won't see any effects from the supply of homes lurking in the darkness until inventory levels pick up. And he doesn't foresee that happening anytime soon, primarily because banks have no immediate motivation to offload these assets from their balance sheets, and are keenly aware that a sudden jump in the number of homes on the market could be detrimental to already-fragile property values. With a smaller selection of inventory, buyers will pay a higher price-the rudimentary concept of supply and demand. Sambucci says he's already seen definite evidence of a price floor in 2009. Home price statistics started out 2010 on a good foot, according to Altos' data, with seven-day moving averages within the company's index bouncing off their lows and starting to tick up. In addition, the number of homes with price reductions and the magnitude of these discounts are diminishing, although Sambucci says that could indicate buyers' willingness to pay more or it could just mean sellers are becoming more realistic about what they can get. Either way, price reduction stats, while still elevated, are moving in the right direction, he says.Altos' researchers expect to see some seasonal bounce back in prices and short-term strength in the coming months as a result of government stimulus, such as the homebuyer tax credit and the last of the Federal Reserve's purchases of mortgage securities. But Sambucci says that momentum will likely fall off toward the latter half of 2010, and any price gains seen this year will be lost as the government programs wind down. Altos Research expects home prices to start 2011 at the same level they are now in early 2010. Sambucci explained that if inventory continues to decline, by next year price points should become more attractive and activity can still be sustained.
Source: DSNews.com, Carrie Bay (01/27/2010)
New data from Altos Research shows that housing supplies have been steadily declining for the last 16 months. The company says there are 20 percent fewer homes for sale now than there were in 2008. Some fear this decline is because banks have been holding back their repossessed properties, but Altos doesn't expect this so-called shadow inventory to result in a real estate day of reckoning in 2010 as some market observers have warned.Scott Sambucci, VP of data analytics at Altos Research, says the industry won't see any effects from the supply of homes lurking in the darkness until inventory levels pick up. And he doesn't foresee that happening anytime soon, primarily because banks have no immediate motivation to offload these assets from their balance sheets, and are keenly aware that a sudden jump in the number of homes on the market could be detrimental to already-fragile property values. With a smaller selection of inventory, buyers will pay a higher price-the rudimentary concept of supply and demand. Sambucci says he's already seen definite evidence of a price floor in 2009. Home price statistics started out 2010 on a good foot, according to Altos' data, with seven-day moving averages within the company's index bouncing off their lows and starting to tick up. In addition, the number of homes with price reductions and the magnitude of these discounts are diminishing, although Sambucci says that could indicate buyers' willingness to pay more or it could just mean sellers are becoming more realistic about what they can get. Either way, price reduction stats, while still elevated, are moving in the right direction, he says.Altos' researchers expect to see some seasonal bounce back in prices and short-term strength in the coming months as a result of government stimulus, such as the homebuyer tax credit and the last of the Federal Reserve's purchases of mortgage securities. But Sambucci says that momentum will likely fall off toward the latter half of 2010, and any price gains seen this year will be lost as the government programs wind down. Altos Research expects home prices to start 2011 at the same level they are now in early 2010. Sambucci explained that if inventory continues to decline, by next year price points should become more attractive and activity can still be sustained.
Source: DSNews.com, Carrie Bay (01/27/2010)
Friday, February 12, 2010
Fed sees signs of recovery
Fed sees signs of recovery
The Federal Reserve offered its most upbeat economic outlook in nearly a year at the conclusion of its regular two-day policy meeting recently. After emerging from the closed-door assembly, the Fed committee issued a statement that touted improvements in the labor market and business spending, but cautioned, recovery is likely to be moderate for a time." Taken directly, it may not sound like a rave review, but when you compare it to what Fed officials have been saying since last April-Economic activity is likely to remain weak for a time-it's certainly an improvement.Even with the rosier outlook, the Federal Reserve committee voted to keep the target range for its benchmark federal funds rate at 0 to 0.25 percent, and noted that "economic conditions...are likely to warrant exceptionally low levels of the federal funds rate for an extended period." The decision to maintain the near-zero rate, though, was not unanimous - the first dissenting vote among Fed policymakers since January 2009, according to a CNN report. Thomas M. Hoenig, Kansas City Fed president, said economic conditions had improved enough to make exceptionally low rates "no longer warranted," according to the central bank's statement. Fed officials are holding to their plans of pulling back from the secondary market in the coming months. The committee confirmed that its program to purchase mortgage-backed securities (MBS) and debt from the GSEs will come to a close on March 31, as previously signaled. By that time, the Fed says it will have bought $1.25 trillion of MBS and about $175 billion of agency debt. The Federal Reserve has already begun to slow the pace of these purchases to help facilitate a smooth transition when the agency makes its exit.
Source: DSNews.com, Carrie Bay (01/27/2010)
The Federal Reserve offered its most upbeat economic outlook in nearly a year at the conclusion of its regular two-day policy meeting recently. After emerging from the closed-door assembly, the Fed committee issued a statement that touted improvements in the labor market and business spending, but cautioned, recovery is likely to be moderate for a time." Taken directly, it may not sound like a rave review, but when you compare it to what Fed officials have been saying since last April-Economic activity is likely to remain weak for a time-it's certainly an improvement.Even with the rosier outlook, the Federal Reserve committee voted to keep the target range for its benchmark federal funds rate at 0 to 0.25 percent, and noted that "economic conditions...are likely to warrant exceptionally low levels of the federal funds rate for an extended period." The decision to maintain the near-zero rate, though, was not unanimous - the first dissenting vote among Fed policymakers since January 2009, according to a CNN report. Thomas M. Hoenig, Kansas City Fed president, said economic conditions had improved enough to make exceptionally low rates "no longer warranted," according to the central bank's statement. Fed officials are holding to their plans of pulling back from the secondary market in the coming months. The committee confirmed that its program to purchase mortgage-backed securities (MBS) and debt from the GSEs will come to a close on March 31, as previously signaled. By that time, the Fed says it will have bought $1.25 trillion of MBS and about $175 billion of agency debt. The Federal Reserve has already begun to slow the pace of these purchases to help facilitate a smooth transition when the agency makes its exit.
Source: DSNews.com, Carrie Bay (01/27/2010)
Sunday, February 7, 2010
Housing starts decline, permits rise
Housing starts decline, permits rise
Nationwide housing production fell four percent in December to a seasonally adjusted annual rate of 557,000 units, according to data released today by the U.S. Commerce Department. Meanwhile, permit issuance, which can be a future sign of housing activity, rose 10.9 percent last month to a seasonally adjusted annual rate of 653,000 units. Single-family housing starts fell 6.9 percent in December to a seasonally adjusted annual rate of 456,000 while multifamily starts posted a 12.2 percent gain to a seasonally adjusted annual rate of 101,000 units.Single-family permits rose 8.3 percent to a seasonally adjusted annual rate of 508,000 units in December while multifamily permits were up 20.8 percent to 145,000 units. On an annual basis, year-end figures from the Commerce Department show that overall housing starts declined 38.8 percent to 554,000 units. Single-family starts were down 28.7 percent for the year to 444,000 units while multi-family starts declined 61.1 percent to 110,000 units." These figures give us the first estimate of the worst year we've seen for housing production since the Census began recording these numbers," said NAHB Chief Economist David Crowe. "We remain cautiously optimistic about a recovery in 2010, as job growth begins to show positive signs by mid-year." Regionally, housing starts in December were down 19 percent in the Northeast, 18.5 percent in the Midwest and 0.9 percent in the West. The South posted a 3.3 percent gain.
Nationwide housing production fell four percent in December to a seasonally adjusted annual rate of 557,000 units, according to data released today by the U.S. Commerce Department. Meanwhile, permit issuance, which can be a future sign of housing activity, rose 10.9 percent last month to a seasonally adjusted annual rate of 653,000 units. Single-family housing starts fell 6.9 percent in December to a seasonally adjusted annual rate of 456,000 while multifamily starts posted a 12.2 percent gain to a seasonally adjusted annual rate of 101,000 units.Single-family permits rose 8.3 percent to a seasonally adjusted annual rate of 508,000 units in December while multifamily permits were up 20.8 percent to 145,000 units. On an annual basis, year-end figures from the Commerce Department show that overall housing starts declined 38.8 percent to 554,000 units. Single-family starts were down 28.7 percent for the year to 444,000 units while multi-family starts declined 61.1 percent to 110,000 units." These figures give us the first estimate of the worst year we've seen for housing production since the Census began recording these numbers," said NAHB Chief Economist David Crowe. "We remain cautiously optimistic about a recovery in 2010, as job growth begins to show positive signs by mid-year." Regionally, housing starts in December were down 19 percent in the Northeast, 18.5 percent in the Midwest and 0.9 percent in the West. The South posted a 3.3 percent gain.
Friday, February 5, 2010
Short Sales don't relieve Deficiency Judgement
You lost your house – but you still have to pay?
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?
Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.
It can even happen to people who got their bank to approve them selling their home for less than it is worth. Some banks issue 1099 for the difference and make home owners pay taxes on the short amount as well
Sad Examples are that
Mr. Jones does a Short Sale, His bank 2-4 years latter sends a letter demanding 1- Payment of short sale amount or them to claim Bankrupcy. This is the dark cloud that looms over the future Short Sales
Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them
Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale
Releasing title does not necessarily end the debt. It's complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan
Subscribe to:
Posts (Atom)
About Me
- Lexington Real Estate with Edwin Gerace
- Lexington, SC, United States
- Edwin Gerace is Realtor with Holiday Builders in Lexington South Carolina. Edwin specializes in New Construction and 1st Time Home Buyers. Edwin is very active in Lexington South Carolina and is knowledgeable about the surroundings. Edwin is very active in his profession and community such as: On active committees with the Columbia Home Builders, active and on committees with Lexington Chamber of Commerce, Town of Lexington Performing Arts Center, Green Building Council of HBA, LORADAC, State Association of Realtors on State and Local Level, and many other community oriented service groups.
