How the media affects the economy.............

I see it every day so called economic experts on the T.V. Radio, Internet and Newspaper talking and predicting how the economy is either going upward or downward. Being just a normal guy who works everyday, plays on the weekend and starts over on Monday I wonder if these so called experts in the field of economics really know what they are talking about. I am a pretty positive person I try to look at the glass half full but understand the reality of things but listening to someone on CNN that claims to be a expert who most Americans have never heard of or really even care who they are.Are we headed in the right direction who knows unemployment is dropping as we speak, the housing market is stabilizing yet we are not out of the woods in the overall out look. I saw a lady on Yahoo this morning saying how 48% of Americans are underwater on their mortgages, well I don't know about you but the day I closed on my house and looked at what I owed at 6% interest rate I knew I was underwater for 30 years with a short snorkel line. What bothers me is the headline reads "48% of Americans will be underwater on Mortgages" then as you read the column acutually only 24% may be in that position. All in all I don't put much faith into these talking heads who are usually wrong on their predictions, I put as much faith in them as I do the local sports writer telling me my favorite team will win this weekend by 2 touchdowns. I truly believe we are heading out of this recession by the start of next year from what I am seeing, but that is on a local level in Columbia S.C. listening to these so called experts who group the nation into 3-5 states it is going to be years which I don't believe. Time will tell we are a strong nation and we will prevail time is really the only question.

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Possible signs Recession may be coming to end in Columbia S.C.

Published: July 29, 2009

COLUMBIA — After years of bad news, it looks like the recession may be over in South Carolina and nationally.

“We do believe the recession actually has bottomed-out now,” said Dr. Doug Woodward, an economist at the Darla Moore School of Business at the University of South Carolina.

“We see a lot of indications that the economy is not expanding vigorously, but it’s not deteriorating, either,” he said. “Maybe that’s not the best news to hear, but it is in the context of what we’ve been through.”

Woodward said the school keeps track of the economy through a set of indicators, which are combined into a composite index of leading indicators that anticipate where the economy will be in six to eight months. Those indicators include things like home sales, construction permits, unemployment, hours worked and national indicators, like the stock market.

Nationally, the stock market is back above 9,000 and has been rising since March. Home prices went up in May for the first time in three years, based on a 20-city index. Nationally, home sales also went up in June for the third straight month.

In South Carolina, home sales were up 16.5 percent in May from April.

But it’s not a vigorous recovery and there are mixed signals. While home sales were up from April to May, when you compare May 2009 with May 2008, sales were down 21.4 percent.

S.C. Comptroller General Richard Eckstrom said he hopes the recession is over, but he’s not convinced yet that it is. Companies across the state are still cutting back.

DuPont Teijin Films announced Tuesday it will cease polyester film manufacturing operations in Florence by September 2010. All 213 employees will lose their jobs at some point in the shutdown process, which will occur in phases.

Mohawk Industries just announced that its cutting 45 positions from its commercial carpet plant in Landrum.

“Sales taxes, usually, pretty much reflect what’s going on out in the economy and our sales tax collections are terrible,” Eckstrom said. “We saw sales tax collections dip 6, 7 percent last month. It’s not as bad as they had been, but it’s still very bad.”

Eckstrom said income taxes and corporate taxes also are down, but they typically recover later in the process.

Woodward also said those are “lagging indicators,” so it’s no surprise they would still be down if the recovery is just beginning.

And, unfortunately for the thousands of South Carolinians who are out of work or facing layoffs, the unemployment rate is also one of the last things to improve during any recovery.

“Businesses aren’t going to be hiring and bringing on new employees until they see a sure sign of recovery,” Woodward said. “So their business might be expanding, but they’re not going to be hiring. They might add more hours to the existing labor force, so that’s one thing we do look at as an anticipation of where the economy’s headed — hours worked. But actual new jobs being created and the lower unemployment rate, that’s just the last thing to pick up.

“We just think — we hope — the worst is over.”

S.C. home sales increase 13% in June

Staff Report
Published July 20, 2009

The number of homes sold in South Carolina has risen for the second-straight month. Nearly 4,200 homes were sold in June, an increase of 13% compared with May, according to the latest report from the S.C. Association of Realtors.

In May, home sales totaled 3,704, which was an increase of 16% over sales in April.

June’s figures also represent the best year-over-year showing so far in 2009, with an 11.3% drop compared with June 2008 numbers.

Of the 15 regions reporting home sales for the association, 14 reported an increase in sales compared with May. The only area that reported a loss was the Southern Midlands Association of Realtors. It sold three more homes in May than it did in June, according to the report.

Of the state’s three major metropolitan areas, Charleston posted a 9.4% increase in June sales compared with May, Columbia saw a 10.5% increase and Greenville had a 13.3% increase, the report said.

The median price of homes in South Carolina was $147,000, up from $142,000 in May. The average number of days a home was on the market was 144, down from 155 in May.

New Homes in Lexington S.C.

I just recently sold a home in the Wellesley subdivision in Lexington S.C., a home built by Hurricane Construction. I have to say they are doing a wonderful job in that area for first time buyers. My clients bought a home in there with many upgrades at a great price. The homes in there are spacious up to 1900 sq ft. The sales staff have been very helpful with my clients needs, they offer many amenities in the community like pool, green areas and much more. If you are looking to buy your first home it is really a good deal for the money, contact me if you want more info at my www.clickoncraig.com

Overpricing your home in a tough market............

In a market like we have in 2009 where competition is fierce pricing your home to sale is crucial. So many times in the day in and day out business of selling real estate in Lexington S.C. I see many beautiful homes overpriced. When pricing a home it is very important to study your comps know what the market is demanding if you want to sell quickly. So many times I see homes in the Midlands of S.C. priced to high for what the market is demanding. I know that it is tough to swallow the decline of the market value we are experiencing now when selling but if you are wanting to sell think of it this way the amount you are sacrificing on the lower price of your home you will most likely make up for on the purchase of your next home. So many of my sellers have lost a little equity in the sell of their home just to turn around and buy a home that they walked in to much more equity on a bigger purchase.If you are looking to move to a bigger home or purchase the first one contact Craig at www.clickoncraig.com and I will give you a free home anyalizes to show you what the market value of your home is.

Out and about in Lexington S.C. yesterday and was amazed at the growth our once small community has seen in a few short years. What was once a town with a few shops and 5 stop lights has grown into one of the fastest growing cities in South Carolina. With that growth has come a housing market that has not suffered from a slow down that other areas of the nation have endured, especially in the Midlands of South Carolina. From areas like Shandon to Lexington S.C. have seen home prices down some but still retaining the equity that others are not. If you or someone you know is looking to buy or sell their home contact Craig Connelly for all of your real estate needs at www.clickoncraig.com.

181 Sandlapper Way, Lexington, SC | Powered by Postlets

181 Sandlapper Way, Lexington, SC | Powered by Postlets

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I am really excited about the way the housing market in Lexington S.C. is going. I have had many first time buyers out looking and eager to buy. I just helped a couple get into a brand new 2000 square foot home in Lexington the Wellseley subdivision for $150,000 with tons of upgrades the builder provided. It is such a good time for someone to buy a home. If you or someone you know is looking check out my website www.clickoncraig.com and take a look around the midlands of South Carolina for great deals on a home.

Things are starting to come around. In Lexington South Carolina a market that has remained fairly stable compared to others around the country the midlands is starting to show some signs of improving. First time buyers are getting out and looking for homes, but who can blame them with rates at all time lows and tax credits from $7500 to $8000 why wait. With the interest rates so low and prices coming down this is a recipe for great deals for buyers right now. With the market stimulation that is happening right now we are looking at nothing but good things for one of the largest factors for our economy which is housing.Lets all hope things are on the upswing.