Recently I have blogged here and here about the media and some of the jerks...I mean officials in Washington attacking home ownership as being part of the American Dream. The attacks against home owner ship seem to focus on any government support of home ownership. I am not just talking about the reform of the GSEs, but an attack against the mortgage interest deduction, and the value of any taxpayer incentives and initiatives for owning a home. I know sometimes my distrust of the government, politicians and big business may make it seem as if I am a card carrying member of the tin foil hat brigade.
But really it does seem as if someone, somewhere, for what ever reason it may be, wants to crush the American Dream of owning a home. It almost seems like they are setting America up to destroy any public policies that favor home ownership. Why? I think it is so home ownership will become only for the ultra rich. I think the reason behind this anti home ownership movement is part of the attack on the middle class. Why would anyone want to persuade the American public that owning a home is NOT in their best interest? Unless it is actually in their best interests?
Consider the terrible piece that Time recently ran entitled The Case Against Home Ownership. A total misrepresentation of the benefits to society and America in my opinion. Housing is a huge freaking part of our economy and just as important is the value it brings to improving the quality of life we have in America. Maybe the ultra rich do not care if they turn America into a 3rd world country, but I do. Maybe these policy makers that want to destroy the American Dream do not realize they could be causing so many more problems than they can even imagine. I am sure that because I am a REALTOR, many will discount my views on the subject of home ownership. Or some may want to discredit the source I am pointing to as the proof that society benefits from stable communities and home ownership. But the facts from independent academic sources shows without a doubt that society in America benefits from stable communities and happy home owners. I think the recent attacks on home ownership has to do with the fact that the banks and the ultra rich do NOT benefit from stable communities and equal and adequate home ownership opportunities for everyone, regardless of their income, racial back ground, etc etc.
While I could spew out statistic after statistic about the positive benefit of housing to America's economy, instead I want to focus on the immense value to society. And we all know that community is important to us all! Owning a home is NOT for every one! Yes, the economy is hurting, and many may say it is because of the greed on Wall Street. Well just think about where this push to end home ownership seems to be coming from...anyway, getting off topic here:
Do not think that I am the only REALTOR that feel that owning a home is important to society. There are members of society that we all owe a great thanks to and in South Carolina, one way to say thanks is by supporting the Palmetto Heroes Program. For those of you that are not aware of this excellent program from SC State Housing, it helps South Carolina teachers, firefighters, law enforcement officers and EMS personnel who want to become homeowners. And the South Carolina REALTORS feel so strongly in the rewarding these great Americans that we contributed $75K thanks to a grant from NAR!
Without a doubt, the Palmetto Heroes Program recognizes the value to society of teachers, firefighters, law enforcement officers and EMS personnel. And obviously these HEROES can make a great and positive impact on any community that they call home. We are so lucky to live in the greatest country in the world, and so lucky to have people such as the Palmetto Heroes! I will always feel that owning a home is part of the American Dream. And I will be proud of the men and women that the Palmetto Heroes Program has helped.
So let the media keep on attacking the value of home ownership to America. Because in South Carolina, the REALTORS recognize the value of home ownership to society and we also recognize the value of the South Carolina teachers, firefighters, law enforcement officers and EMS personnel that are eligible for the Palmetto Heroes Program. And the REALTORS in South Carolina will keep working to promote the positive benefits of home ownership to America, South Carolina and you.
Hagood Mill's First Saturday
9/4/2010 Hagood Mill Historic Site & Folklife Center
Please join the Pickens County Cultural Commission at the Hagood Mill Historic Site & Folklife Center in Pickens County for a full day of programming including a Native Plant Hike and two free concerts!
For more information: 864-898-2936 or 864-898-5963 or visit their website!
Dacusville Farm Days
9/4/2010 - 9/5/2010 Dascusville Farm
Collectors of antique farm equipment gather to enjoy times gone by with displays of steam engines, old tractors and antique farm equipment.
$10.00 General Admission Children under 12 FREE!
Free parking
For more information call: 864-836-6893 or visit their website!
Pickens County Museum Of Art & History Exhibition Opening Reception
9/11/2010 6:00 PM - 8:00 PM
Pickens Co, Museum Of Art & History
The Pickens Co. Museum of Art & History will be presenting new exhibitions from Sept. 11 through Nov. 11, 2011. These exhibits include: "Basketry; Traditional & Contemporary Woven Art" and "Cherokee Carvers: Tradition Renewed."
Please join them as they host a reception for the openings. Some of the artists featured in the exhibitions will be there to meet guests.
For more information please call: 864-898-5963 or visit their website!
U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced yesterday an unprecedented agreement with the big banks to offer selected state and local governments, and nonprofit organizations a "first look" or right of first refusal to purchase foreclosed homes before making these properties available to private investors. I just wonder what incentives HUD gave the banks to get them to agree to this program? How much of our tax dollars is being funneled into the bank's pockets again?
They are calling this the National First Look Program. It is a first-ever public-private partnership agreement between HUD and the National Community Stabilization Trust (Stabilization Trust). In collaboration with national servicers, Fannie Mae, and Freddie Mac, the First Look program is intended to give communities participating in HUD's Neighborhood Stabilization Program (NSP) a brief exclusive opportunity to purchase bank-owned properties in certain neighborhoods so these homes can either be rehabilitated, rented, resold or demolished. I wonder if we can somehow have this program help Upstate South Carolina. After all, if we are paying for it, shouldn't we at least get something out of it?
HUD's NSP grantees, which include state and local governments and non-profit organizations, often find themselves competing with private investors for real estate-owned (foreclosure) properties, which can hurt their efforts to stabilize neighborhoods with high foreclosure activity. With today's announcement, HUD and the Stabilization Trust, working with national servicers, Fannie Mae, and Freddie Mac, will standardize the acquisition process for NSP grantees, giving them an exclusive option to purchase foreclosed upon homes in certain targeted neighborhoods. Now, banks cannot redline but this program can? Interesting.....
The Stabilization Trust pioneered the 'First Look' model to create a transparent and streamlined process to facilitate the transfer of foreclosed and abandoned properties from key financial institutions to local government housing providers. First piloted in 2008, the model has gained recognition as a critical tool for positively tipping the scale in neighborhoods hard hit by foreclosures. NSP grantees will also be aided by REOMatch™, a web-based mapping and acquisition management tool developed by the Stabilization Trust. REOMatch will assist NSP grantees easily identify REO properties and make more strategic decisions about which properties to acquire, based on real-time data on an interactive mapping platform.
The nation's leading financial institutions are participating in the National First Look Program, representing approximately 75 percent of the REO marketplace. Participating institutions include: Bank of America, Chase, Citi, Deutsche Bank, GMAC, Nationstar Mortgage, Ocwen Financial Corporation, Saxon Mortgage Services, U.S. Bank, Wells Fargo, Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA).
The National First Look Program will allow NSP grantees the exclusive opportunity to purchase available REO properties located within the defined boundaries of NSP target areas. NSP grantees will be immediately notified when a property becomes available and will have 24-48 hours to express interest in pursuing a specific property. Furthermore, these institutions will provide NSP purchasers with the opportunity to purchase REO properties at a discount their appraised value, reflecting the cost savings of a quick sale. NSP grantees may acquire these properties with the assistance of NSP funds for any eligible use.
I am sure we, the taxpayers are going to be paying thru the nose for this government program. While it sounds great, and criticizing it may be politically incorrect, I must always wonder about the true motivation of the politicians and the banks. And will this end up just being yet another example of wasteful spending by the politicians in an effort to be re-elected?
The 5th Annual Labor Day Bash will be held at Possum Kingdom Super Speedway in Belton on September 4th-5th. Everyone with the Firestone Tri-State Series is looking forward to getting back down to business after a nice summer break. Phantom Racing Chassis and K.A.P. Construction will be the race sponsors for this event!
This race will feature a $4000 to win, 50 lap Pro Animal race (380#). This race will pay the top 20 finishers! The entry fee will be $95 for this class. We are also in the process of adding lap leader sponsors that will pay $20 for every lap a competitor leads! Other purses that have been raised for this special weekend include a Pro gold class that will pay $1000 to win and a Pro Blue plate class that will also pay $1000 to win.
On Friday night September 3rd Stock Heavy (FH) will pay $1000 to win. Stock Medium (FH) will pay $500 to win. Jr Stock Unrestricted will pay $500 to win. and Jr Sportsman Champ will pay $250 to win. Gates will open at 4pm and practice will start at 7pm.
On Saturday gates will open at 7am and practice will start at 9am. Other classes for Saturday include:
Animal Heavy, Pro Gold, Pro Blue -$1,000.00 To Win.
Animal Medium, Stock Heavy (Clone 375#, FH 345#), Stock Medium (Clone 360#, FH 330#), Stock Super Heavy(animal), Gold Heavy, Blue Heavy, Purple Heavy, Champ Heavy(animal), Limited Modified (Animal 375, FH310#) - $500 To win.
Purple Lite, Blue Lite, Gold Lite, senior Champ Lite(Animal), Clone Heavy (Clone engine only) - $250 to win.
Unlimited All-Stars will pay $200 to win with a $25 entry fee.
Chase'n Race'n kids will participate at no charge. All participants will receive awards courtesy of Rowdy Jordan.
For reserved parking please call Madge at 864-338-9924 or Troy at 706-384-2400. For more information visit Possum Kingdom Super Speedway
Today, Freddie Mac released released the results of its Primary Mortgage Market Survey® (PMMS®), and for yet another week, fixed-rate mortgages reached record lows!
- 30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.7 point for the week ending September 2, 2010, down from last week when it averaged 4.36 percent. Last year at this time, the 30-year FRM averaged 5.08 percent.
- 15-year fixed rate mortgage (FRM) this week averaged a record low of 3.83 percent with an average 0.6 point, down from last week when it averaged 3.86 percent. A year ago at this time, the 15-year FRM averaged 4.54 percent.
Could the super low rates be part of the reason NAR has seen Pending Home Sales rise? At least that is what the Pending Home Sales Index shows, but it is a good sign of recovery? The national index had fallen 29.9 percent in May and another 2.8 percent in June, so any upward movement is a good thing, especially when we look at recent real estate market reports for Upstate South Carolina.
The important thing to me about this is affordability. If anyone is looking to buy, right now they can afford much more home than they could if the interest rates werre higher. however, whether or not someone should buy a home in upstate South Carolina right now is a question they must answer on their own.
I know some people hate watching a video or movie that requires reading because it has subtitles. Watch it
There is going to be a benefit car/bike show event is on Labor Day to help raise money for accident victim Jeffrey Goss. Sponsored by Family Dollar Store, the event will be held in the parking lot of the store at 607 S. Main St. from 8 a.m. until. Special guest will be Mayor Rufus Callaham.
Live entertainment will be featured, along with a sidewalk sale, Big Eddie’s Bar-B-Que and more. Persons may register their car, truck, bike or other vehicle on the day of the event.
For more information, call Krystal Wilson at 933-2750, 436-6850 or 338-8121
I just heard about a great upcoming even in Anderson and wanted to share this info because it is to help a pretty good cause! The Anderson Greek Festival is happening on September 18th & 19th at the Civic Center of Anderson. The proceeds are going to benefit the Building Fund of the Paracletos Monastery (in Antreville, SC). Those attending this year’s festival are also being asked to help send vitamins to Uganda, which will be sent to the St. Nicholas Uganda Children Fund.
New this year, Greek-Style Pork Ribs, Pastitsio & Moussaka are on the menu!
Festival open to the public, free admission
Festival Hours: Saturday, 11 am to 10 pm
Sunday, 11 am to 7 pm
Monastery Tours: Saturday 3 pm to 4 pm, Sunday 3 pm to 4 pm - A shuttle van will leave from the Civic Center at 3 pm on both days.
Find out more by visiting the Greek Festival Blog
Various Housing Indicators and Real Estate Market Reports Give Conflicting Advice
In national housing market news, Freddie Mac recently announced the results of its second quarter Conventional Mortgage Home Price Index. And while it showed a 3.1 increase in prices compared to the first quarter of 2010, home values nationwide fell slightly compared to the second quarter of 2009.
Home values rose in all nine Census Divisions according to Freddie Mac. The good news is that this is the first time since the second quarter of 2009 that all Census Divisions have witnessed positive changes in home values. The South Atlantic Division, which includes South Carolina, grew 3.6 percent (15.1 percent, annualized) in the second quarter of 2010. Over the last 12 months, home values decreased 2.6 percent, and during the last five years, home values fell 5.8 percent.
But consider that the S&P/Case-Shiller Home Price Indices from Standard & Poor, the leading measure of U.S. home prices, show that the U.S.National Home Price Index rose 4.4% in the second quarter of 2010, after having fallen 2.8% in the first quarter. Nationally, home prices are 3.6% above their year-earlier levels. In June, 17 of the 20 areas covered by the S&P/Case-Shiller Home Price Indices and both monthly composites were up; and the two composites and 15 areas showed year-over-year gains. Nationally, Case Shiller says that home prices are back up to the levels they were in the Fall of 2003.
Now throw into this big mess of data that NAR said that the national median existing single-family price was up 1.5 percent from the same period of 2009.And so who do you you believe? Is one source correct and the other wrong? No, it is just that they are all measuring slightly different things in slightly different ways.
Consider that my most recent Market Reports show that in the Western Upstate South Carolina MLS, Year to Date Median Price has risen to $124,900 in July 2010 compared to $123,900 back in July 2009. Or that our Year to Date Average Sales Price in the Western Upstate South Carolina MLS is $165,047 in July 2010 compared to $161,686 for the YTD in July 2009.
All very interesting data, from different sources and all have a value in looking at the big picture of the real estate market. But when it comes down to what price to list your home for in Upstate South Carolina, a Comparative Market Analysis is going to probably be your best bet. If you are thinking about selling a home, house, piece of land, or commercial property, then contact me and we can discuss the realities of the market and what you can expect.