link to article
Buyers who have a foreclosure or bankruptcy in their credit past wouldn’t be a likely candidate to secure financing from a bank anytime soon for a home purchase. As a result, some sellers are stepping in to offer seller financing to get a home sold.
Seller financing, once popular in the 1980s when mortgage rates spiked to 18 percent, is making a comeback in areas flooded by foreclosures and where tight lending standards are keeping some buyers on the sidelines, reports Bloomberg News.
“The market is locked up because there’s no financing,” says Gordon Albrecht, executive vice president of FCI Lender Services Inc. “This is moving houses.”
Last year, 52,991 U.S. homes were purchased with various forms of seller financing--a 56 percent jump from 2008, according to the REALTORS® Property Resource LLC. In 2010, such deals made up 1.5 percent of all transactions.
One popular form of seller financing is known as a land contract, which is when a buyer takes possession of the home but the seller holds the title until the debt is completely paid off. The loan’s terms--such as down payments and interest rates--are negotiable. These arrangements usually consist of a balloon payment in five to 10 years, which is when buyers will have to repay the seller or lose the home, along with any money they already put into it.
Source: “Home Sellers Become Lenders to Poor-Credit Buyers,” Bloomberg (May 11, 2011)
Thursday, May 19, 2011
Friday, May 6, 2011
In Time for Buying Season, Rates Reach Yearly Lows
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Daily Real Estate News
May 6, 2011
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In Time for Buying Season, Rates Reach Yearly Lows
The 30-year fixed-rate mortgage, a popular choice among buyers, sank even lower this week, matching its yearly low of 4.71 percent from January, reports Freddie Mac in its weekly mortgage market survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5 percent.
Meanwhile, the 15-year fixed-rate hit a new yearly low of 3.89 percent this week. Last week, the 15-year fixed-rate mortgage averaged 3.97 percent. The 15-year rate averaged 4.36 percent last year at this time. It reached its lowest level on record in November when it averaged 3.57 percent.
The one-year adjustable-rate mortgage averaged 3.14 percent, down from last week’s 3.15 percent. Last year at this time, it averaged 4.07 percent.
"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week,” says Frank Nothaft, Freddie Mac’s chief economist.
Source: “30-Year Fixed-Rate Mortgage Matches Yearly Low of 4.71 Percent,” Freddie Mac (May 5, 2011)
Daily Real Estate News
May 6, 2011
Share
In Time for Buying Season, Rates Reach Yearly Lows
The 30-year fixed-rate mortgage, a popular choice among buyers, sank even lower this week, matching its yearly low of 4.71 percent from January, reports Freddie Mac in its weekly mortgage market survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5 percent.
Meanwhile, the 15-year fixed-rate hit a new yearly low of 3.89 percent this week. Last week, the 15-year fixed-rate mortgage averaged 3.97 percent. The 15-year rate averaged 4.36 percent last year at this time. It reached its lowest level on record in November when it averaged 3.57 percent.
The one-year adjustable-rate mortgage averaged 3.14 percent, down from last week’s 3.15 percent. Last year at this time, it averaged 4.07 percent.
"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week,” says Frank Nothaft, Freddie Mac’s chief economist.
Source: “30-Year Fixed-Rate Mortgage Matches Yearly Low of 4.71 Percent,” Freddie Mac (May 5, 2011)
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Sunday, May 1, 2011
Columbia Ranked Among Top 10 Small Cities of the Future
Columbia was named third among the Top 10 small cities of the future by fDi Magazine. The capital city was also ranked tenth for its quality of life.
The “American Cities of the Future 2011-12” uses a mix of data and opinion to rank cities which have the best prospects for inward investment, economic development and business expansion, according to a news release from the magazine, a specialist division from the Financial Times.
http://www.cbc.ca/news/pdf/american-cities-of-the-future.pdf
The “American Cities of the Future 2011-12” uses a mix of data and opinion to rank cities which have the best prospects for inward investment, economic development and business expansion, according to a news release from the magazine, a specialist division from the Financial Times.
http://www.cbc.ca/news/pdf/american-cities-of-the-future.pdf
Monday, April 18, 2011
SC Single-Family Median Sales Price Increases 1.1 Percent to $156,661
http://screnews.blogspot.com/2011/04/sc-single-family-median-sales-price.html
Friday, April 15, 2011
South Carolina REALTORS® (SCR) today released its March 2011 Market Reports. On the housing supply front, the largest gain occurred in the $100,000 and Below rage, with an increase of 8.8 percent to 12,420 units; while Pending Sales in the state were down 7.4 percent from the same period one year prior.
The segment with the largest increase in the market was the $100,001 to $150,000 range. The $100,000 and Below segment tended to sell the quickest at 125 days, while the slowest was the $300,001 and Above range at 186 days. Prices were up 0.3 percent across the board. Single-Family properties saw the largest price gain, where the Median Sales Price increased 1.1 percent to $156,661. Meanwhile, Condo inventory levels have decreased 14.6 percent, and Single-Family inventory levels have decreased 3.6 percent
Friday, April 15, 2011
South Carolina REALTORS® (SCR) today released its March 2011 Market Reports. On the housing supply front, the largest gain occurred in the $100,000 and Below rage, with an increase of 8.8 percent to 12,420 units; while Pending Sales in the state were down 7.4 percent from the same period one year prior.
The segment with the largest increase in the market was the $100,001 to $150,000 range. The $100,000 and Below segment tended to sell the quickest at 125 days, while the slowest was the $300,001 and Above range at 186 days. Prices were up 0.3 percent across the board. Single-Family properties saw the largest price gain, where the Median Sales Price increased 1.1 percent to $156,661. Meanwhile, Condo inventory levels have decreased 14.6 percent, and Single-Family inventory levels have decreased 3.6 percent
Thursday, April 14, 2011
Apartment Vacancies Decline, Rents Expected to Rise
By DAWN WOTAPKA
Vacancy in apartment buildings fell to the lowest rate in more than two years in the first quarter, setting the stage for fewer choices and higher rent for tenants.
With the economy adding jobs, and with more people choosing to rent instead of buy homes, the nation's vacancy rate came in at 6.2%, down from 6.6% in the fourth quarter and 8% in the first quarter a year ago, according to data released Wednesday by Reis Inc.
This increasing demand has allowed many landlords to scale back on freebies and increase rent. The average effective rent, or the amount paid after discounting, rose to $991 in the first quarter from 2.5% a year earlier, according to Reis, which collected data from 82 major markets.
."You don't often see occupancy and rents increasing at the same time," says Rich Anderson, a REIT analyst covering the multifamily sector for BMO Capital Markets. "It's a great fundamental picture today."
Thanks to the bullish outlook, apartment buildings are being bid up close to boom levels in some of the hottest markets. Last month, UDR Inc., a Denver-based REIT, said it would pay $260.8 million for its first Manhattan building.
Also, many of the nation's apartment owners have ramped up construction. Home Properties Inc. said Tuesday it started a 314-unit community in Fredericksburg, Va., that should be finished by 2012.
It also aims to break ground on a Maryland development later this year.
"Now is the time to start development," said David Gardner, Home's chief financial officer. "We're expecting to see some great returns."
The CoStar Group expects about 22,500 units to be added this year, followed by 94,600 in 2012 and more than 109,000 in 2013. Of course, that might put downward pressure on rents and occupancy levels.
"Supply will come in and rain on the parade as it always does," Mr. Anderson says. "It's just a matter of when it will happen."
The market improvement also could stall or reverse if employers don't keep adding jobs. But, for now, few industry watchers are worried.
"Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace," Reis wrote in the report.
Rental activity during the winter season is typically slow because consumers prefer to avoid apartment hunting and moving in chilly weather.
But landlords filled 44,000 more units than were vacant in the first quarter, the strongest first quarter in a decade.
Vacancy in apartment buildings fell to the lowest rate in more than two years in the first quarter, setting the stage for fewer choices and higher rent for tenants.
With the economy adding jobs, and with more people choosing to rent instead of buy homes, the nation's vacancy rate came in at 6.2%, down from 6.6% in the fourth quarter and 8% in the first quarter a year ago, according to data released Wednesday by Reis Inc.
This increasing demand has allowed many landlords to scale back on freebies and increase rent. The average effective rent, or the amount paid after discounting, rose to $991 in the first quarter from 2.5% a year earlier, according to Reis, which collected data from 82 major markets.
."You don't often see occupancy and rents increasing at the same time," says Rich Anderson, a REIT analyst covering the multifamily sector for BMO Capital Markets. "It's a great fundamental picture today."
Thanks to the bullish outlook, apartment buildings are being bid up close to boom levels in some of the hottest markets. Last month, UDR Inc., a Denver-based REIT, said it would pay $260.8 million for its first Manhattan building.
Also, many of the nation's apartment owners have ramped up construction. Home Properties Inc. said Tuesday it started a 314-unit community in Fredericksburg, Va., that should be finished by 2012.
It also aims to break ground on a Maryland development later this year.
"Now is the time to start development," said David Gardner, Home's chief financial officer. "We're expecting to see some great returns."
The CoStar Group expects about 22,500 units to be added this year, followed by 94,600 in 2012 and more than 109,000 in 2013. Of course, that might put downward pressure on rents and occupancy levels.
"Supply will come in and rain on the parade as it always does," Mr. Anderson says. "It's just a matter of when it will happen."
The market improvement also could stall or reverse if employers don't keep adding jobs. But, for now, few industry watchers are worried.
"Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace," Reis wrote in the report.
Rental activity during the winter season is typically slow because consumers prefer to avoid apartment hunting and moving in chilly weather.
But landlords filled 44,000 more units than were vacant in the first quarter, the strongest first quarter in a decade.
Sunday, April 10, 2011
Top Ten Facts about Lake Murray SC
http://www.midlandsbiz.com/news/markettrends/1287/ 10- Each of the Lake Murray towers is 223 feet tall. 9- The 4th of July fireworks on Lake Murray can be seen from 4 counties (Richland, Lexington, Newberry and Saluda Counties). 8- Lake Murray was named after William S. Murray, who was an engineer involved in the design and creation of the dam. 7- The biggest fish ever captured on Lake Murray was a 298 pound sturgeon by four young men on April 28, 1936. It was nine feet tall. 6- In October 2011, the American Fishing Tour/Angler of the Year (AOY) Tournament will be held on Lake Murray and will generate 7,000 + room nights for the region. 5- In 2009, The Forrest Wood Cup event produced 113,670,570 (billion) media impressions and a $46,556,207 economic impact on the region. 4- The 4th of July Celebration on Lake Murray is now in its 23rd year of existence and over 125,000 people view the fireworks each summer. 3- Lake Murray is the #1 home to the Purple Martin Phenomenon. It is on Lunch (Bomb) Island on Lake Murray and is the largest, natural, roosting sanctuary in North America. 2- There are over 390 rooms on Lake Murray available for vacation rental. 1-150+ million people visit Lake Murray each year.
Wednesday, March 30, 2011
Monday, March 28, 2011
Monday, March 21, 2011
Sunday, March 20, 2011
Tuesday, March 15, 2011
State jobless numbers down: Economy improving?
State jobless numbers down: Economy improving?: "South Carolina's unemployment rate declined to 10.5 percent in January."
Saturday, March 12, 2011
Tuesday, February 22, 2011
New Homes in Lexington S.C.
Lexington S.C. has a new community coming in the Spring of 2011. Bonhomme Green is one of Lexington S.C. newest communities with prices starting at $99,900 2-3 bedroom plans with 1-car garages. Located only minutes outside of Lexington S.C. shopping and dining and only 1 mile from interstate I-20. Bonhomme Green offers tons of options for the 1st time home buyer looking for the great deal. This community also qualifies for the USDA rual housing 100% no down payment financing. Contact Craig Connelly at 803.600.7073 for more info or visit
www.clickoncraig.com
www.clickoncraig.com
Tuesday, November 23, 2010
112 Plummet Ct, Lexington, SC
This beautiful 1641 square foot home has 3 bedrooms and 2.00 full bathrooms. It is located at 112 Plummet Ct in Lexington, SC.
Thursday, September 9, 2010
128 Linville Dr, Lexington, SC
This beautiful 1026 square foot home has 2 bedrooms and 2.00 full bathrooms. It is located at 128 Linville Dr in Lexington, SC.
Monday, February 15, 2010
Friday, August 21, 2009
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.
Sunday, August 9, 2009
Wednesday, August 5, 2009
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.”
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