live auctions totaled $257 billion in 2006

Sales of goods and services at live auctions totaled $257 billion in 2006, a surge of 7 percent over 2005.
A study for the Kansas-based National Auctioneers Association found residential real estate auctions have grown 39 percent since 2003, agricultural real estate grew 33 percent, and sales of commercial and industrial property surged 27 percent. Car auctions increased by 10.5 percent and charity auctions rose 16.5 percent.
Earlier this year, the 6,000-member National Auctioneers Association teamed up with Gemstar-TV Guide International to launch Auction Network, which produces Webcasts of auctions.
"The Internet has been the greatest thing that ever happened to the auction industry,"
Auctioneers were slow to embrace the Internet because it was considered competition, said Ina Steiner of Natick, Mass., editor of AuctionBytes, a trade publication for online merchants.
But now, even rural residents often have sufficient Web service to compete and sellers realize that customers have choices far beyond eBay. There are specialty sites like Bid4Assets for real estate and IronPlanet for construction equipment.
At the time, eBay had 25 million users; today it boasts 275 million. Ellison has ventures with 638 auction houses worldwide and annual sales approaching $100 million.

Freebies like granite countertops and no-cost closings

When freebies like granite countertops and no-cost closings didn't woo enough buyers, many home builders began trying to outdo one another with price cuts.
Apparently, it doesn't work if 60% of them do it. That's the share of builders that cut prices last month. About half of them labeled the cuts at least "somewhat effective" in bolstering sales or limiting cancellations, down from nearly three-quarters in May, according to the National Association of Home Builders.
Yet with the market not expected to improve soon and builders desperate for cash and saddled with inventory, many have been unwilling to resist price-cutting. If they didn't cut their prices, they reason, buyers would either turn to competitors who offer better deals or buy used or foreclosed homes.
Still, there are limits. "The reason some companies say 'Enough is enough' on the price cuts is because price cuts often generate expectations of further reductions.
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Happy Thanksgiving - SC State game Bird

In a 25-mph sprint, it can outrun a galloping horse. Flights can exceed a mile, reaching 55 mph. Males and a fraction of females boast beards. The head and neck of a male can change color from red or white to blue in seconds based on mood.
"South Carolina is noted as having the purest strain of Eastern wild turkeys in the country," Ruth said. "That's because we had those residual birds on the Francis Marion Forest and other areas from the coastal plain."
The birds are so big, about 4 feet from beak to tail, that whenever taking off from a perch, they cause quite the commotion. Their flapping wings are heard from more than 100 feet away. Hens nest on the ground to raise their poults, but rafters, or flocks, roost in forests at night, as high as 40 feet, Camlin said.
A turkey restoration effort begun in the 1950s for coastal areas and parts of the Piedmont has raised the state population to about 90,000, Ruth said. More than 3,500 birds were released in 204 sites from 1974 to 2004.
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Homes purchased in the last 2 years have seen equity increase

Despite decreasing home values and increasing incidence of negative equity scenarios, most U.S. homeowners still have positive equity in their homes. In fact, many homeowners who purchased in the last two years have seen overall equity increase since they made their purchase. The variances and movements in owner equity depend on many factors such as when the home was purchased, how much was put down and net market appreciation.

Americans who bought a home in the last two years placed a median down payment of 10% and now have a median of 13% equity (4) in their investment. This is the equivalent of owning only about 200 square feet — the size of one standard bedroom — in an average 1,500-square-foot, three-bedroom, two-bath home. Most homeowners who bought five years ago have the benefit of time and the market on their side. After placing a median down payment of 11%, these homeowners watched home values grow at an annualized rate of 9.4% over the past five years and now own a median of 41% of their home.

Many homeowners who bought during the last two years when most local markets reached their peak, subsequent declines in value have left them with negative home equity, owing more than the home is currently worth. As of September 30, nearly 16% (15.6%) of homeowners nationwide who bought in the last year (3) and 17.5% of those who purchased two years ago have current home values that are less than the original mortgage amount. By comparison, less than 2% (1.8%) of those who purchased a home five years ago have seen their equity slide into the negative.
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Foreclosure, Forbearance, Short Sale, Reinstate, Deed in Lieu of foreclosure

The homeowner could let the lender foreclose, ruining their credit.

The homeowner can use an agent to help them negotiate a Short Sale, which would be a charge off on their credit — so a “bruise” if you will– rather than a foreclosure, which gives them the option to buy again within two years.

The homeowner can choose a Deed in Lieu of Foreclosure, which means they sign the house back to the bank. This is only an option however, if the bank wants the house back. In a declining market, lenders are more apt to suggest sellers find an agent and consider a short sale.

The homeowner can reinstate their mortgage by coming up with all of the past due monies, interests, penalties and fines. Obviously, that is not an option for most consumers in this position.

The homeowner can try what is called a Forbearance Agreement. In other words, they then take what is owed and move it to the back of the loan and start all over. This would depend largely on their credit, their payment history, how long the lender has carried the loan and if they feel comfortable enough with that particular homeowner to take the risk.
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cost vs. value ratio or fair market value.

Many housing markets that experienced huge appreciation were out of line with their true market values. There were gaps between housing prices and what that local economy could sustain based on projected or true job growth in many regions of the U.S.. These key value indicators were seriously out of alignment. This misalignment, in some instances, left a lot of room for prices to freefall or take large corrections in order to reach a cost vs. value ratio or fair market value.
In a normal functioning market housing demand supports market growth and keeps pace with emerging jobs. Typical appreciations in these areas were between 5% or 6%. Problems began to emerge when this appreciation soared in excess of 50% or 100% or more in a short period of time. At the same time taxes and insurance rose dramatically to keep pace with the rising prices in the marketplace. People were caught up in the ether and invested at previously unprecedented rates hoping to get rich quick. Jobs and other economic indicators did not support this appreciation.
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Buy Low Sell High, US real estate may be an opportunity

The troubled US real estate market may present an investment opportunity for investors.

The latest news out of America mentions the dollar getting hammered, the credit market in turmoil, and foreclosure filings increasing by the day. Real estate values have plummeted. Seems like the last thing you’d want to do is buy real estate in the States. But I bet you did not buy Apple when it hit $10, twice, in the last 12 years.

Some feel the US stock markets have peaked and are losing gains as we head to the end of the year. US Company stocks falling on daily news of ties to products made in foreign countries.

Investors are looking for the best investment opportunities that are priced at all time lows and have room for growth. Real Estate has had it's rapid growth over the last few years and will grow again in the future. Real Estate prices in some markets have dipped to some interesting lows. Investors taking profits from the stock markets do not need to look any farther than their own back yards for the next deal. Great prices, Low interest rates, positive income properties and room for growth are all reasons investor are looking at US real estate.

Myrtle Beach, SC Real Estate www.843Realtor.com