The rise in homeowners facing foreclosure has fueled an increase in the number of scam artists trying to make a buck off of their misfortune, according to the National Foundation for Credit Counseling.
These scam artists usually promise to help people stay in their homes. But those offering the bogus foreclosure rescues are the ones who end up ahead, by generating a quick profit for themselves or stripping away the value of the home, the foundation said in a news release.
"Scam artists can evict a family from their own home and then sell it on the open market before the homeowner has any idea of what is going on," said Gail Cunningham, spokeswoman for the foundation. The NFCC's Homeowner Crisis Resource Center Web site has a page dedicated to educating people on how to recognize and stay away from such scams.
But Freddie Mac took a different approach to getting the message across. It posted a two-minute YouTube video that demonstrates how these con artists can dupe unsuspecting, distressed homeowners. View the Freddie Mac video.
"With fraud reports on the rise, we are using every communication channel out there to warn borrowers about these fraudsters and urge borrowers to call their lenders when they fall behind on their mortgage," said Ingrid Beckles, vice president of servicing and asset management for Freddie Mac.
Read more real estate news in this week's pages, including our year-end look at housing and coverage of how the newly signed energy bill will help homeowners. Also, take a look at this week's Realty Q&A about how to finance a Christmas tree farm.
With the number of foreclosures up in some parts of the country, there are bound to be people who take advantage. Distressed homeowners need to guard themselves and make sure they don't make a dire situation even worse.
Saturday, January 5, 2008
Friday, January 4, 2008
Myrtle Beach SC Real Estate market stats
One of the biggest mistakes that reporters make is talking about national trends. Nationally, 2007 was the fifth best year ever on record (6th for South Carolina). Home prices declined about 1.5 percent (flat in South Carolina) after a 50 percent run up in prices.
The challenge is that national numbers are pretty much irrelevant. Talking about national averages is about as effective as having a national weather forecast. Like the weather, all real estate markets are local. In fact, you may have a buyer's market and a seller's market operating within a single market area based exclusively upon price point.
New housing starts: Even though these are dropping, there was too much building in recent years. The market is simply adjusting to normal supply-and-demand pressures. The inventory is "being controlled, which makes stabilization occur more quickly."
Foreclosures: According to NAR, the 41 percent increase in foreclosures has resulted primarily from investor-heavy real estate purchases in Arizona, California, Florida and Nevada. The majority of these individuals are flippers, whose investments did not payoff. More importantly, the number of foreclosures in Utah, New Mexico, North Carolina and South Carolina (44th overall in number of foreclosures) is actually declining.
Under-priced markets and superstar cities: Although coastal markets are still overpriced, Middle America is under-priced. Nevertheless, NAR Chief Economist Lawrence Yun cites a new trend termed, "superstar" cities. These cities will command premium prices, regardless of what the market does. There is so much wealth concentrated in these areas, that measurements are simply not predictive. In addition to London, Paris, Tokyo and New York, Yun also identified San Francisco, Miami and Seattle as potential new superstar cities.
The recovery has started: Other than the three states hit heavily by job losses in the automotive industry (Indiana, Michigan and Ohio), the states that first experienced a downturn in the Northeast, are now in recovery. Specifically, Connecticut, Massachusetts, New York and Rhode Island were the first to feel the slump and are now well into a recovery. Furthermore, there appears to be a pent-up demand for first-time buyer properties due to a large number of Gen Y's (born 1977 to 1994) that are now buying their first homes. Falling interest rates will motivate many of these buyers to step into the market now.
New jobs and corporate profits are still strong: Corporate profits are still strong with companies as diverse as Microsoft and Jack Daniels reporting close to record profits. Furthermore, the economy has generated 4 million net new jobs and wages are rising.
A weak dollar may harbinger more foreign investment in U.S. real estate. Although the decline of the U.S. dollar will end up costing us more when we go overseas or purchase imports, it has resulted in more manufacturing jobs returning to the U.S. It also may mean more foreign investment in U.S. properties as well. Just a few years ago, the Canadian dollar was only worth 70 cents in U.S. currency. Today, the Canadian dollar has been hovering at about $1.05 to $1.10 U.S. What this means is that we can expect more Canadians and Europeans to be purchasing U.S. property, because our prices are approximately 50 percent cheaper than they were just three years ago.
Real estate: Still the best shelter: For those agents who represent reluctant first-time buyers, Yun points to some interesting research from the Federal Reserve. Between 1995 and 2004, the average renter accumulated $4,000 in wealth. In contrast, the average homeowner accumulated $184,400. Furthermore, the typical homeowner holds their property for six years. Within this period of time, NAR's research shows that approximately 97 percent of the homeowners will have a positive equity position after that period of time. Bottom line: 2008 represents the best window that buyers will have to find excellent deals with excellent financing. Get the word out there. If they wait, prices and interest rates will be higher and the reluctant buyer may be forced out of the market.
The challenge is that national numbers are pretty much irrelevant. Talking about national averages is about as effective as having a national weather forecast. Like the weather, all real estate markets are local. In fact, you may have a buyer's market and a seller's market operating within a single market area based exclusively upon price point.
New housing starts: Even though these are dropping, there was too much building in recent years. The market is simply adjusting to normal supply-and-demand pressures. The inventory is "being controlled, which makes stabilization occur more quickly."
Foreclosures: According to NAR, the 41 percent increase in foreclosures has resulted primarily from investor-heavy real estate purchases in Arizona, California, Florida and Nevada. The majority of these individuals are flippers, whose investments did not payoff. More importantly, the number of foreclosures in Utah, New Mexico, North Carolina and South Carolina (44th overall in number of foreclosures) is actually declining.
Under-priced markets and superstar cities: Although coastal markets are still overpriced, Middle America is under-priced. Nevertheless, NAR Chief Economist Lawrence Yun cites a new trend termed, "superstar" cities. These cities will command premium prices, regardless of what the market does. There is so much wealth concentrated in these areas, that measurements are simply not predictive. In addition to London, Paris, Tokyo and New York, Yun also identified San Francisco, Miami and Seattle as potential new superstar cities.
The recovery has started: Other than the three states hit heavily by job losses in the automotive industry (Indiana, Michigan and Ohio), the states that first experienced a downturn in the Northeast, are now in recovery. Specifically, Connecticut, Massachusetts, New York and Rhode Island were the first to feel the slump and are now well into a recovery. Furthermore, there appears to be a pent-up demand for first-time buyer properties due to a large number of Gen Y's (born 1977 to 1994) that are now buying their first homes. Falling interest rates will motivate many of these buyers to step into the market now.
New jobs and corporate profits are still strong: Corporate profits are still strong with companies as diverse as Microsoft and Jack Daniels reporting close to record profits. Furthermore, the economy has generated 4 million net new jobs and wages are rising.
A weak dollar may harbinger more foreign investment in U.S. real estate. Although the decline of the U.S. dollar will end up costing us more when we go overseas or purchase imports, it has resulted in more manufacturing jobs returning to the U.S. It also may mean more foreign investment in U.S. properties as well. Just a few years ago, the Canadian dollar was only worth 70 cents in U.S. currency. Today, the Canadian dollar has been hovering at about $1.05 to $1.10 U.S. What this means is that we can expect more Canadians and Europeans to be purchasing U.S. property, because our prices are approximately 50 percent cheaper than they were just three years ago.
Real estate: Still the best shelter: For those agents who represent reluctant first-time buyers, Yun points to some interesting research from the Federal Reserve. Between 1995 and 2004, the average renter accumulated $4,000 in wealth. In contrast, the average homeowner accumulated $184,400. Furthermore, the typical homeowner holds their property for six years. Within this period of time, NAR's research shows that approximately 97 percent of the homeowners will have a positive equity position after that period of time. Bottom line: 2008 represents the best window that buyers will have to find excellent deals with excellent financing. Get the word out there. If they wait, prices and interest rates will be higher and the reluctant buyer may be forced out of the market.
Thursday, January 3, 2008
new county-wide ISO rating any day now
Insurance companies use the ISO, or Insurance Services Office, which began as a property-casualty company in 1971, to research and rate fire companies. They do this to determine your risk when writing home insurance policies.
In the past, every fire station had been rated independently, based on any number of factors, like having a full-time staff or response times. The lower the number, the better the rating. For example, the Myrtle Beach Fire Department had a 1, which is the best rating you can get. Conway Fire Department had a rating of 5.
Horry County Councilman Kevin Hardee, whose 10th district recently got 4 brand new fire stations, says the ISO will now issue one, big, county-wide rating. If you live within a 5-mile radius of a fire station and the county gets a good rating, you may qualify for lower insurance premiums.
Horry County Councilman Kevin Hardee said, "We have a lot of folks who live in the northwest part of the county, they can't even get insurance, we've taken steps to try and get these new stations online and do what ISO has asked us to do and with this new rating they may be able to get insurance."
Councilman Hardee also said, ISO reps wrapped-up their survey back in April, and should have that new county-wide rating any day now.
Hardee added the county has spent a lot of money doing what ISO recommended. He believes it will all pay off.
In the past, every fire station had been rated independently, based on any number of factors, like having a full-time staff or response times. The lower the number, the better the rating. For example, the Myrtle Beach Fire Department had a 1, which is the best rating you can get. Conway Fire Department had a rating of 5.
Horry County Councilman Kevin Hardee, whose 10th district recently got 4 brand new fire stations, says the ISO will now issue one, big, county-wide rating. If you live within a 5-mile radius of a fire station and the county gets a good rating, you may qualify for lower insurance premiums.
Horry County Councilman Kevin Hardee said, "We have a lot of folks who live in the northwest part of the county, they can't even get insurance, we've taken steps to try and get these new stations online and do what ISO has asked us to do and with this new rating they may be able to get insurance."
Councilman Hardee also said, ISO reps wrapped-up their survey back in April, and should have that new county-wide rating any day now.
Hardee added the county has spent a lot of money doing what ISO recommended. He believes it will all pay off.
Wednesday, January 2, 2008
Millions of Americans will make a resolution to quit smoking this new year.
Now, several local hospital systems are doing their part to help.
Starting January 1, the Conway Medical Center is smoke free, along with Loris Healthcare, Carolinas Hospital System and McLeod Regional Medical Center in Florence.
The hospitals made their joint announcement last April, saying no one would be allowed to use tobacco products on hospital property, including doctors, nurses, workers and visitors.
Employees at Conway Medical Center say they are looking forward to a healthier workplace.
"Given that that is the mission to improve the overall health of our community, we decided this was best for us," Anna Marie Sheffield, Vice President of Nursing at CMC, said.
"We're not saying don't smoke, just don't smoke on our campus."
Georgetown Hospital System started the program back in November.
Starting January 1, the Conway Medical Center is smoke free, along with Loris Healthcare, Carolinas Hospital System and McLeod Regional Medical Center in Florence.
The hospitals made their joint announcement last April, saying no one would be allowed to use tobacco products on hospital property, including doctors, nurses, workers and visitors.
Employees at Conway Medical Center say they are looking forward to a healthier workplace.
"Given that that is the mission to improve the overall health of our community, we decided this was best for us," Anna Marie Sheffield, Vice President of Nursing at CMC, said.
"We're not saying don't smoke, just don't smoke on our campus."
Georgetown Hospital System started the program back in November.
2008 trends for your home
With the start of each new year typically comes the emergence of new trends for your home. If you are planning on redecorating or selling your home in 2008, it is important to stay up to date on the trends potential buyers will be looking for. With this in mind, here are some 2008 trends for your home:
Color and Lighting
Color is the biggest selling point for your home this year. For 2008, colors are more muted and natural rather than highly saturated and bright. Here are some tips:
The dining room is where you entertain friends, share the holidays with family and celebrate the big and little events in your life. So, when it comes to color, you want a warm, yet energetic feel. Choose a softer hue and then, if you'd like, you can incorporate brighter colors with accents.
The bedroom is all about creating personal space. For most of us, this means a place where we can relax and rejuvenate. Stick with any neutrals in a medium to dark brown. In 2008 you will see beiges, browns and tans that all resemble rock, stone and soil. The green and brown combo is big this year for any room in your home.
This year, inject new life into living rooms by bringing your color and décor up to date. Living rooms in 2008 are all about adding something unexpected like an accent wall or cushion, rug and other accessories.
Floor lamp lighting is out for 2008 -- this year it is all about natural light. If your home lacks natural light, consider installing recessed lighting or new sconces so a potential buyer won't struggle in trying to figure out how to brighten up the space. This will really open up space and upgrade your home. Change out old light bulbs and use halogen bulbs, which give a cleaner and more modern look to any home.
Flooring and Appliances
Hardwood floors are definitely a must for a 2008 home. Realtors agree that most buyers are hunting for hardwood floors. They have the longest life and are not predicted to go out of style. If you can't afford hardwood, go for a synthetic like Pergo. It won't look exactly the same and some buyers may notice a difference, but it is your best bet for a look that is similar.
Having fabulous fixtures this year can add value to any home. Doorknobs, faucets and cabinet knobs that coordinate will add to the overall appeal of your home and keep it updated. For a cost of $60-$70, you can dramatically update your faucets. Replacing old knobs and drawer handles is the quickest way to update your bathroom or kitchen.
The most expensive trend in 2008 occurs in your bathroom. Marble counters, whirlpool baths and steam showers are a big update to the traditional bathroom. If you can't afford these luxury items, there are some trends you can incorporate on a smaller scale. Get rid of sheet mirrors and globe lighting and replace them with framed mirrors and sconce lighting. This year, choose a lighting scheme that is more flattering to the face.
Whether you are buying, selling or just looking in 2008, it's a good idea to be on top of the trends for your home. If you are ready to put your home on the market, contact a professional real estate agent who can help get your home ready to sell and create maximum exposure of your home using Web sites, direct mail, home book magazines and other marketing tools.
Color and Lighting
Color is the biggest selling point for your home this year. For 2008, colors are more muted and natural rather than highly saturated and bright. Here are some tips:
The dining room is where you entertain friends, share the holidays with family and celebrate the big and little events in your life. So, when it comes to color, you want a warm, yet energetic feel. Choose a softer hue and then, if you'd like, you can incorporate brighter colors with accents.
The bedroom is all about creating personal space. For most of us, this means a place where we can relax and rejuvenate. Stick with any neutrals in a medium to dark brown. In 2008 you will see beiges, browns and tans that all resemble rock, stone and soil. The green and brown combo is big this year for any room in your home.
This year, inject new life into living rooms by bringing your color and décor up to date. Living rooms in 2008 are all about adding something unexpected like an accent wall or cushion, rug and other accessories.
Floor lamp lighting is out for 2008 -- this year it is all about natural light. If your home lacks natural light, consider installing recessed lighting or new sconces so a potential buyer won't struggle in trying to figure out how to brighten up the space. This will really open up space and upgrade your home. Change out old light bulbs and use halogen bulbs, which give a cleaner and more modern look to any home.
Flooring and Appliances
Hardwood floors are definitely a must for a 2008 home. Realtors agree that most buyers are hunting for hardwood floors. They have the longest life and are not predicted to go out of style. If you can't afford hardwood, go for a synthetic like Pergo. It won't look exactly the same and some buyers may notice a difference, but it is your best bet for a look that is similar.
Having fabulous fixtures this year can add value to any home. Doorknobs, faucets and cabinet knobs that coordinate will add to the overall appeal of your home and keep it updated. For a cost of $60-$70, you can dramatically update your faucets. Replacing old knobs and drawer handles is the quickest way to update your bathroom or kitchen.
The most expensive trend in 2008 occurs in your bathroom. Marble counters, whirlpool baths and steam showers are a big update to the traditional bathroom. If you can't afford these luxury items, there are some trends you can incorporate on a smaller scale. Get rid of sheet mirrors and globe lighting and replace them with framed mirrors and sconce lighting. This year, choose a lighting scheme that is more flattering to the face.
Whether you are buying, selling or just looking in 2008, it's a good idea to be on top of the trends for your home. If you are ready to put your home on the market, contact a professional real estate agent who can help get your home ready to sell and create maximum exposure of your home using Web sites, direct mail, home book magazines and other marketing tools.
Tuesday, January 1, 2008
Democratic Presidential Primary January 21
Democratic Presidential Primary Debate will be held on Monday, January 21, 2008, at Myrtle Beach’s very own Palace Theatre. A ticketing plan is under review and details will be released soon.
The Palace Theatre is located at 1420 Celebrity Circle in Myrtle Beach at Broadway at the Beach. This venue, which has over 2,700 seats, has hosted many acts and shows including political debates for local and statewide offices.
www.843Realtor.com
The Palace Theatre is located at 1420 Celebrity Circle in Myrtle Beach at Broadway at the Beach. This venue, which has over 2,700 seats, has hosted many acts and shows including political debates for local and statewide offices.
www.843Realtor.com
Republican Presidential Primary January 10
The South Carolina Republican Party has partnered with FOX News Channel to present a live, nationally-televised Republican Party presidential candidates debate on Thursday, January 10, 2008, in historic Myrtle Beach, South Carolina. The debate will be held at the Myrtle Beach Convention Center.
www.843Realtor.com
www.843Realtor.com
Monday, December 31, 2007
International buyers, 47% of Canadian buyers paid cash
Today’s real estate consumer demands more. It’s not enough to simply list homes for sale in the local MLS, send Just Listed cards to local neighbors, and then wait for magic to happen. And it’s simply not enough to present yourself online with a tactically blind Web site that looks like a relic from the last century.
Sellers know it. Buyers know it. The press knows it. And a handful of top-tier real estate companies know it. One of the things they know is how hot the foreign markets are. They know where the buyers are, where they come from and what destinations in America they are targeting.
According to a recent study conducted by the National Association of Realtors, Canadian buyers made up 11% of all foreign buyers in 2006, a number that has no doubt increased this year. Incredibly, 47% of these Canadian buyers paid cash. Moreover, the Canadian dollar, long the second child of North American currencies, is now worth more than its American counterpart.
Mexico is providing another significant - if counterintuitive - stream of potential buyers. While much is written about Americans buying second homes in Mexico, few articles have noted the increasing number of affluent buyers from below the border looking north to the Valley.
The bottom line is that we live in a global economy. Opportunity is knocking from outside our borders in profound and astute ways. Some are looking at the market and see no yonder. Not to the north, the south, the east or the west.
Sellers know it. Buyers know it. The press knows it. And a handful of top-tier real estate companies know it. One of the things they know is how hot the foreign markets are. They know where the buyers are, where they come from and what destinations in America they are targeting.
According to a recent study conducted by the National Association of Realtors, Canadian buyers made up 11% of all foreign buyers in 2006, a number that has no doubt increased this year. Incredibly, 47% of these Canadian buyers paid cash. Moreover, the Canadian dollar, long the second child of North American currencies, is now worth more than its American counterpart.
Mexico is providing another significant - if counterintuitive - stream of potential buyers. While much is written about Americans buying second homes in Mexico, few articles have noted the increasing number of affluent buyers from below the border looking north to the Valley.
The bottom line is that we live in a global economy. Opportunity is knocking from outside our borders in profound and astute ways. Some are looking at the market and see no yonder. Not to the north, the south, the east or the west.
Sunday, December 30, 2007
2008 Could Be A Great Year
Tough times will see real estate agents who have invested in their farm succeed. Those with the best contacts and the deepest relationships with their clients will win more business.
After all, despite the national housing market statistics, people are still buying and selling homes. And they still need real estate agents.
To build the best relationships, real estate agents are recommended to focus on 3 things in 2008:
1. Nurture their farm though regular communication. The best way to achieve this is by sending out a printed newsletter on a regular basis --- at least monthly. Real estate agents benefit from providing useful, valuable information to their clients, former clients and prospects, strengthening their relationship.
2. Provide information that's of service. If a real estate agent can help make their clients' lives better though valuable information and advice, a client will place greater trust in their capabilities.
3. Provide local market information. The national news is full of gloomy housing market statistics. But those statistics aren't necessarily relevant to the local market. If a real estate agent can highlight the good news in their neighborhood, they will help dispel some of the false information that is available in the media. After all, in many parts of the country, there's no need for homeowners to be afraid of the housing market statistics.
Now is the time for savvy real estate agents to invest in marketing. Realtors with the best relationships will prosper in 2008.
www.843Realtor.com
After all, despite the national housing market statistics, people are still buying and selling homes. And they still need real estate agents.
To build the best relationships, real estate agents are recommended to focus on 3 things in 2008:
1. Nurture their farm though regular communication. The best way to achieve this is by sending out a printed newsletter on a regular basis --- at least monthly. Real estate agents benefit from providing useful, valuable information to their clients, former clients and prospects, strengthening their relationship.
2. Provide information that's of service. If a real estate agent can help make their clients' lives better though valuable information and advice, a client will place greater trust in their capabilities.
3. Provide local market information. The national news is full of gloomy housing market statistics. But those statistics aren't necessarily relevant to the local market. If a real estate agent can highlight the good news in their neighborhood, they will help dispel some of the false information that is available in the media. After all, in many parts of the country, there's no need for homeowners to be afraid of the housing market statistics.
Now is the time for savvy real estate agents to invest in marketing. Realtors with the best relationships will prosper in 2008.
www.843Realtor.com
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