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