Freddie Mac has agreed to purchase billions of dollars of new conforming jumbo mortgages with original loan amounts up to $729,750 from Wells Fargo Home Mortgage, Chase, CitiMortgage and WaMu. Freddie Mac conforming jumbo mortgages can be used to finance properties in hundreds of high cost markets designated in the Economic Stimulus Act of 2008 President Bush signed on February 13.
The announcement marks the first large-scale effort to jump-start the stalled jumbo mortgage market under the Economic Stimulus Act, which temporarily raised Freddie Mac's conforming loan limit from $417,000 to as much as $729,750 through December 31, 2008. Freddie Mac's purchase of conforming jumbo mortgages is restricted to 224 high cost markets where median home prices exceed Freddie Mac's $417,000 loan limit.
As a result, qualified borrowers can now apply for an array of fixed-rate or adjustable rate conforming jumbo mortgages that will be less expensive than non-conforming jumbo loans in high cost markets. Borrowers can use Freddie Mac conforming jumbo mortgages to finance up to 90% of a property's value.
Because Freddie Mac is buying the new conforming jumbo mortgages for its portfolio, Wells Fargo, Chase, CitiMortgage and WaMu will have instant liquidity and can offer a stable jumbo market rate to qualified borrowers. By working with Wells Fargo, Chase, CitiMortgage, WaMu and other national lenders, Freddie Mac expects to finance between $10 and $15 billion in new jumbo mortgages in 2008.
"Purchasing conforming jumbo mortgages for our portfolio shows how we can bring new liquidity to markets other investors have all but abandoned and make full use of the new tools Congress gave us to help restore stability during the current housing crisis," said Freddie Mac Chairman and CEO Richard Syron. "We initially expect conforming jumbo mortgages to have rates that are as much as half a percentage point below the jumbo market rate in many of these high cost markets."
"I want to thank Wells Fargo, Chase, CitiMortgage and WaMu for working with us and enabling us, in a new way, to fulfill our public mission to America's lenders and borrowers," Syron added.
"CitiMortgage applauds Freddie Mac for agreeing to buy loans for these qualifying borrowers, and we are looking forward to working with Freddie and borrowers to improve housing affordability in these higher cost markets," said Bill Beckmann, CitiMortgage president.
"These new conforming jumbo mortgages will reduce homeownership costs for families in high-cost areas," said Dave Lowman, CEO of Chase Home Lending. "Freddie Mac's involvement will help increase availability."
"We value our relationship with Freddie Mac which enables us to collectively do great things for consumers," said Mike Heid, co-president of Wells Fargo Home Mortgage. "While Wells Fargo has offered jumbo loans directly to consumers throughout the current market correction, this important agreement provides a reliable investor for loans in high-cost areas which, in turn, further broadens our ability to serve these customers."
While specific product availability may vary by lender, Freddie Mac has said it will buy 15-, 20-, 30- and 40-year fixed-rate, fully amortizing conforming jumbo mortgages; 30-year fixed-rate mortgages with 10-year interest-only periods; fully amortizing 5/1 adjustable-rate mortgages (ARMs) and 5/1 ARMs with 10-year interest-only periods. Qualified borrowers can also obtain cash-out refinance conforming jumbo mortgages that provide a maximum cash-out of $100,000.
Friday, April 25, 2008
Thursday, April 24, 2008
Foreign buyers snap up U.S. real estate
Real estate agents are increasingly courting foreigners to buy homes in the USA — hiring agents fluent in other languages, marketing to foreign buyers and in some cases, offering to pay the airfare and hotel bills of foreign shoppers who buy a home.
The agents are eager to win the business of foreign investors who are swooping in to buy property in the USA as home prices plummet and the dollar's weak value produces eye-popping deals for international buyers.
Because of the sinking value of the U.S. dollar relative to other currencies, a home bought by a foreigner comes with a discount averaging 30%, the National Association of Realtors estimates. Between April 2006 and April 2007, about 30% of foreign buyers came from Europe, according to an NAR survey.
Nearly one-third of Realtors reported in that survey having had business with foreign buyers. Activity is especially busy in affluent cities such as New York and in warm-weather vacation destinations such as Miami and San Diego. Many of these investors, Realtors say, are buying homes as vacation retreats.
"With these prices, you can't say no," says Monique Burger of Belgium, who's buying a Miami Beach vacation condo for $270,000. "With the low dollar against the euro, it helps. And the low housing prices made us want to buy."
The agents are eager to win the business of foreign investors who are swooping in to buy property in the USA as home prices plummet and the dollar's weak value produces eye-popping deals for international buyers.
Because of the sinking value of the U.S. dollar relative to other currencies, a home bought by a foreigner comes with a discount averaging 30%, the National Association of Realtors estimates. Between April 2006 and April 2007, about 30% of foreign buyers came from Europe, according to an NAR survey.
Nearly one-third of Realtors reported in that survey having had business with foreign buyers. Activity is especially busy in affluent cities such as New York and in warm-weather vacation destinations such as Miami and San Diego. Many of these investors, Realtors say, are buying homes as vacation retreats.
"With these prices, you can't say no," says Monique Burger of Belgium, who's buying a Miami Beach vacation condo for $270,000. "With the low dollar against the euro, it helps. And the low housing prices made us want to buy."
NAR Blames Restrictive Lending for Lack-luster Home Sales
Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.
Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”
The national median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets.
A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.97 percent in March from 5.92 percent in February; the rate was 6.16 percent in March 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there are problems with the implementation of mortgage guidelines. “It appears there is some over-reaction on the part of some lenders now in requiring higher downpayment percentages than may be necessary,” he said. “On the other hand, buyers in many parts of the country are able to take advantage of more lenient policies for FHA loans. However, because lenders don’t have enough underwriting experience with FHA loans in high-cost areas, there are localized bottlenecks in loan processing. Consumers should consult with a Realtor® in their area to learn about the kind of financing that may be available to meet their needs.”
Yun offered a caution. “With elevated inflation, the Federal Reserve should be extra careful about further rate cuts,” he said. “Mortgage interest rates, which do not move directly with Fed funds rates, may rise measurably and hurt the housing recovery if inflation gets out of hand. Monetary stimulus is plentiful – what is needed more at this point is a home buyer tax credit to get buyers off the sidelines and prevent the market from overshooting on the downside.”
Total housing inventory rose 1.0 percent at the end of March percent to 4.06 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, up from a 9.6-month supply in February.
Single-family home sales fell 2.7 percent to a seasonally adjusted annual rate of 4.35 million in March from 4.47 million in February, and are 18.4 percent below the 5.33 million-unit pace in March 2007. The median existing single-family home price was $198,200 in March, down 8.3 percent from a year ago.
Existing condominium and co-op sales rose 3.6 percent to a seasonally adjusted annual rate of 580,000 units in March from 560,000 in February, but are 25.5 percent below the 779,000-unit level a year ago. The median existing condo price was $219,400 in March, which is 2.8 percent lower than March 2007.
Regionally, existing-home sales in the Northeast rose 2.2 percent to an annual pace of 910,000 in March, but are 18.8 percent below March 2007. The median price in the Northeast was $284,300, up 4.6 percent from a year ago.
Existing-home sales in the West rose 2.2 percent in March to a level of 940,000 but are 22.3 percent below a year ago. The median price in the West was $285,100, which is 14.7 percent lower than March 2007.
In the South, existing-home sales fell 3.5 percent to an annual rate of 1.92 million in March and are 20.0 percent below March 2007. The median price in the South was $167,200, down 7.1 percent from a year ago.
Existing-home sales in the Midwest dropped 6.5 percent to an annual rate of 1.16 million in March, and are 15.9 percent below a year ago. The median price in the Midwest was $152,600, down 5.3 percent from March 2007.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – were down 2.0 percent to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3 percent below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.
Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”
The national median existing-home price for all housing types was $200,700 in March, down 7.7 percent from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets.
A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.97 percent in March from 5.92 percent in February; the rate was 6.16 percent in March 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there are problems with the implementation of mortgage guidelines. “It appears there is some over-reaction on the part of some lenders now in requiring higher downpayment percentages than may be necessary,” he said. “On the other hand, buyers in many parts of the country are able to take advantage of more lenient policies for FHA loans. However, because lenders don’t have enough underwriting experience with FHA loans in high-cost areas, there are localized bottlenecks in loan processing. Consumers should consult with a Realtor® in their area to learn about the kind of financing that may be available to meet their needs.”
Yun offered a caution. “With elevated inflation, the Federal Reserve should be extra careful about further rate cuts,” he said. “Mortgage interest rates, which do not move directly with Fed funds rates, may rise measurably and hurt the housing recovery if inflation gets out of hand. Monetary stimulus is plentiful – what is needed more at this point is a home buyer tax credit to get buyers off the sidelines and prevent the market from overshooting on the downside.”
Total housing inventory rose 1.0 percent at the end of March percent to 4.06 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, up from a 9.6-month supply in February.
Single-family home sales fell 2.7 percent to a seasonally adjusted annual rate of 4.35 million in March from 4.47 million in February, and are 18.4 percent below the 5.33 million-unit pace in March 2007. The median existing single-family home price was $198,200 in March, down 8.3 percent from a year ago.
Existing condominium and co-op sales rose 3.6 percent to a seasonally adjusted annual rate of 580,000 units in March from 560,000 in February, but are 25.5 percent below the 779,000-unit level a year ago. The median existing condo price was $219,400 in March, which is 2.8 percent lower than March 2007.
Regionally, existing-home sales in the Northeast rose 2.2 percent to an annual pace of 910,000 in March, but are 18.8 percent below March 2007. The median price in the Northeast was $284,300, up 4.6 percent from a year ago.
Existing-home sales in the West rose 2.2 percent in March to a level of 940,000 but are 22.3 percent below a year ago. The median price in the West was $285,100, which is 14.7 percent lower than March 2007.
In the South, existing-home sales fell 3.5 percent to an annual rate of 1.92 million in March and are 20.0 percent below March 2007. The median price in the South was $167,200, down 7.1 percent from a year ago.
Existing-home sales in the Midwest dropped 6.5 percent to an annual rate of 1.16 million in March, and are 15.9 percent below a year ago. The median price in the Midwest was $152,600, down 5.3 percent from March 2007.
Wednesday, April 23, 2008
Existing-home sales
Existing-home sales edged down in March, remaining within a narrow range of sales activity that has persisted since last September, according to the National Association of Realtors®.
Existing-home sales - including single-family, townhomes, condominiums and co-ops - were down 2.0% to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3% below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.
Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”
The national median existing-home price for all housing types was $200,700 in March, down 7.7% from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets.
A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.97% in March from 5.92% in February; the rate was 6.16% in March 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there are problems with the implementation of mortgage guidelines. “It appears there is some over-reaction on the part of some lenders now in requiring higher down payment percentages than may be necessary,” he said.
“On the other hand, buyers in many parts of the country are able to take advantage of more lenient policies for FHA loans. However, because lenders don’t have enough underwriting experience with FHA loans in high-cost areas, there are localized bottlenecks in loan processing. Consumers should consult with a Realtor® in their area to learn about the kind of financing that may be available to meet their needs.”
Yun offered a caution. “With elevated inflation, the Federal Reserve should be extra careful about further rate cuts,” he said. “Mortgage interest rates, which do not move directly with Fed funds rates, may rise measurably and hurt the housing recovery if inflation gets out of hand. Monetary stimulus is plentiful - what is needed more at this point is a home buyer tax credit to get buyers off the sidelines and prevent the market from overshooting on the downside.”
Total housing inventory rose 1.0% at the end of March percentage to 4.06 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, up from a 9.6-month supply in February.
Single-family home sales fell 2.7% to a seasonally adjusted annual rate of 4.35 million in March from 4.47 million in February, and are 18.4% below the 5.33 million-unit pace in March 2007. The median existing single-family home price was $198,200 in March, down 8.3% from a year ago.
Existing condominium and co-op sales rose 3.6% to a seasonally adjusted annual rate of 580,000 units in March from 560,000 in February, but are 25.5% below the 779,000-unit level a year ago. The median existing condo price was $219,400 in March, which is 2.8% lower than March 2007.
Regionally, existing-home sales in the Northeast rose 2.2% to an annual pace of 910,000 in March, but are 18.8% below March 2007. The median price in the Northeast was $284,300, up 4.6% from a year ago.
Existing-home sales in the West rose 2.2% in March to a level of 940,000 but are 22.3% below a year ago. The median price in the West was $285,100, which is 14.7% lower than March 2007.
In the South, existing-home sales fell 3.5% to an annual rate of 1.92 million in March and are 20.0% below March 2007. The median price in the South was $167,200, down 7.1% from a year ago.
Existing-home sales in the Midwest dropped 6.5% to an annual rate of 1.16 million in March, and are 15.9% below a year ago. The median price in the Midwest was $152,600, down 5.3% from March 2007
Existing-home sales - including single-family, townhomes, condominiums and co-ops - were down 2.0% to a seasonally adjusted annual rate of 4.93 million units in March from a level of 5.03 million in February, and remain 19.3% below the 6.11 million-unit pace in March 2007. A rise in condo sales in March was offset by a drop in single-family sales. Regionally, sales rose in the Northeast and West but fell in the Midwest and South.
Lawrence Yun, NAR chief economist, said the market is performing unevenly. “Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets,” he said. “At the same time, many buyers continue to bide their time with a large number of homes to choose from, while other potential buyers remain on the sidelines.”
The national median existing-home price for all housing types was $200,700 in March, down 7.7% from a year ago when the median was $217,400. Because the slowdown in sales from a year ago is greater in high-cost areas, there is a downward pull to the national median with relatively higher sales activity in low-cost markets.
A mix of market conditions continues around the country, but areas showing healthy price gains include Des Moines, Iowa; Austin, Texas; and Durham, N.C.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.97% in March from 5.92% in February; the rate was 6.16% in March 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said there are problems with the implementation of mortgage guidelines. “It appears there is some over-reaction on the part of some lenders now in requiring higher down payment percentages than may be necessary,” he said.
“On the other hand, buyers in many parts of the country are able to take advantage of more lenient policies for FHA loans. However, because lenders don’t have enough underwriting experience with FHA loans in high-cost areas, there are localized bottlenecks in loan processing. Consumers should consult with a Realtor® in their area to learn about the kind of financing that may be available to meet their needs.”
Yun offered a caution. “With elevated inflation, the Federal Reserve should be extra careful about further rate cuts,” he said. “Mortgage interest rates, which do not move directly with Fed funds rates, may rise measurably and hurt the housing recovery if inflation gets out of hand. Monetary stimulus is plentiful - what is needed more at this point is a home buyer tax credit to get buyers off the sidelines and prevent the market from overshooting on the downside.”
Total housing inventory rose 1.0% at the end of March percentage to 4.06 million existing homes available for sale, which represents a 9.9-month supply at the current sales pace, up from a 9.6-month supply in February.
Single-family home sales fell 2.7% to a seasonally adjusted annual rate of 4.35 million in March from 4.47 million in February, and are 18.4% below the 5.33 million-unit pace in March 2007. The median existing single-family home price was $198,200 in March, down 8.3% from a year ago.
Existing condominium and co-op sales rose 3.6% to a seasonally adjusted annual rate of 580,000 units in March from 560,000 in February, but are 25.5% below the 779,000-unit level a year ago. The median existing condo price was $219,400 in March, which is 2.8% lower than March 2007.
Regionally, existing-home sales in the Northeast rose 2.2% to an annual pace of 910,000 in March, but are 18.8% below March 2007. The median price in the Northeast was $284,300, up 4.6% from a year ago.
Existing-home sales in the West rose 2.2% in March to a level of 940,000 but are 22.3% below a year ago. The median price in the West was $285,100, which is 14.7% lower than March 2007.
In the South, existing-home sales fell 3.5% to an annual rate of 1.92 million in March and are 20.0% below March 2007. The median price in the South was $167,200, down 7.1% from a year ago.
Existing-home sales in the Midwest dropped 6.5% to an annual rate of 1.16 million in March, and are 15.9% below a year ago. The median price in the Midwest was $152,600, down 5.3% from March 2007
Tuesday, April 22, 2008
Earth Day
In recognition of Earth Day, the National Association of Home Builders (NAHB) encourages home owners everywhere to take simple steps to reduce energy use - and to think green when they buy a new home.
“We are all proud of the significant steps our members have taken to make new homes more energy efficient,” said NAHB President Sandy Dunn, a West Virginia home builder. “More than 100,000 green homes have been built by our members in home builder association programs around the country. We’re moving the market - in a voluntary, cost-effective way.”
Per square foot, new homes consume less than two-thirds the energy of older homes for heating and air conditioning, according to federal utility use audits and research by NAHB economists. “Americans who have bought a new home recently should all take a big bow on Earth Day,” Dunn said. “Today’s energy-efficient homes leave a lighter footprint — and that’s something new homeowners can be very pleased about.”
Energy efficiency is an important driver in the green building movement and usually accounts for about half the costs of making a traditional home a green home, NAHB studies show. In the new NAHB National Green Building Program, homes must be 15% more energy efficient than required by the prevailing building code to meet the Bronze level of certification.
Consumers can choose a builder or remodeler who participates in the NAHB National Green Building Program and local home builders association programs or who is a Certified Green ProfessionalTM when they are ready to buy a new green home or renovate their existing home.
“As many advances as we’ve made, NAHB recognizes that new energy-efficient homes are only part of the solution. We need to be better energy stewards in the homes we have now. That’s the most efficient way to make a noticeable impact on the amount of power we use,” Dunn said.
Dunn also suggested three simple measures that can make a noticeable difference for a home owner’s bottom line:
1. Switch out some light bulbs. The U.S. EPA estimates that if every home replaced its five most frequently used traditional light bulbs and fixtures with ones bearing the Energy Star label, the U.S. would save about $8 billion in energy costs and the greenhouse gas equivalent of emissions from 10 million cars.
2. Change the air filter in your heating and air conditioning system. The EPA recommends changing the filter at least every three months and more if it looks dirty. A dirty filter slows down air flow, making the system work harder and use more energy.
3. Seal and insulate. Home owners can typically save up to 20% of heating and cooling costs by air sealing their homes and adding insulation in attics, floors over crawl spaces, and accessible basement rim joists.
“As national leaders in the green building movement it’s important for NAHB to remind our customers - American home owners - to be energy conscious. We all must do our part,” Dunn said.
“We are all proud of the significant steps our members have taken to make new homes more energy efficient,” said NAHB President Sandy Dunn, a West Virginia home builder. “More than 100,000 green homes have been built by our members in home builder association programs around the country. We’re moving the market - in a voluntary, cost-effective way.”
Per square foot, new homes consume less than two-thirds the energy of older homes for heating and air conditioning, according to federal utility use audits and research by NAHB economists. “Americans who have bought a new home recently should all take a big bow on Earth Day,” Dunn said. “Today’s energy-efficient homes leave a lighter footprint — and that’s something new homeowners can be very pleased about.”
Energy efficiency is an important driver in the green building movement and usually accounts for about half the costs of making a traditional home a green home, NAHB studies show. In the new NAHB National Green Building Program, homes must be 15% more energy efficient than required by the prevailing building code to meet the Bronze level of certification.
Consumers can choose a builder or remodeler who participates in the NAHB National Green Building Program and local home builders association programs or who is a Certified Green ProfessionalTM when they are ready to buy a new green home or renovate their existing home.
“As many advances as we’ve made, NAHB recognizes that new energy-efficient homes are only part of the solution. We need to be better energy stewards in the homes we have now. That’s the most efficient way to make a noticeable impact on the amount of power we use,” Dunn said.
Dunn also suggested three simple measures that can make a noticeable difference for a home owner’s bottom line:
1. Switch out some light bulbs. The U.S. EPA estimates that if every home replaced its five most frequently used traditional light bulbs and fixtures with ones bearing the Energy Star label, the U.S. would save about $8 billion in energy costs and the greenhouse gas equivalent of emissions from 10 million cars.
2. Change the air filter in your heating and air conditioning system. The EPA recommends changing the filter at least every three months and more if it looks dirty. A dirty filter slows down air flow, making the system work harder and use more energy.
3. Seal and insulate. Home owners can typically save up to 20% of heating and cooling costs by air sealing their homes and adding insulation in attics, floors over crawl spaces, and accessible basement rim joists.
“As national leaders in the green building movement it’s important for NAHB to remind our customers - American home owners - to be energy conscious. We all must do our part,” Dunn said.
Monday, April 21, 2008
fast-growing areas in the United States
The fast-growing areas in the United States are in the Sunbelt, with Texas leading the way, according to data released today by the U.S. Census Bureau.
Dallas-Fort Worth added more than 162,000 residents between July 2006 and July 2007, more than any other metro area. Three other Texas cities — Houston, Austin, and San Antonio — also were in the top 10.
Experts credit much of the growth in the South to strong local economies and housing prices that are among the most affordable in the United States.
A report earlier this month by Global Insight found that housing prices in the Dallas area were undervalued by as much as 30 percent.
Other areas experiencing growth included the New Orleans area, which is recovering from Hurricane Katrina and grew by 4 percent or nearly 40,000 people. During the same survey last year, the population of New Orleans dropped by nearly 290,000 people.
Meanwhile, Detroit lost more than three times as many people as any other metro area — its population declined more than 27,300. Other areas losing more than 5,000 people were Pittsburgh, Cleveland, Columbus, Ga., Youngstown, Ohio, and Buffalo, N.Y.
The 10 biggest gainers:
Dallas-Fort Worth-Arlington, Texas: 162,250
Atlanta-Sandy Springs-Marietta, Ga.: 151,063
Phoenix-Mesa-Scottsdale, Ariz.: 132,513
Houston-Sugar Land-Baytown, Texas: 120,544
Riverside-San Bernardino-Ontario, Calif.: 86,660
Charlotte-Gastonia-Concord, N.C.-S.C.: 66,724
Chicago-Naperville-Joliet, Ill.-Ind.-Wis.: 66,231
Austin-Round Rock, Texas: 65,880
Las Vegas-Paradise, Nev.: 59,165
San Antonio, Texas: 53,925
The 10 fast-growing metro areas
Palm Coast, Fla.: 7.2 percent
St. George, Utah: 5.1 percent
Raleigh-Cary, N.C.: 4.7 percent
Gainesville, Ga.: 4.5 percent
Austin-Round Rock, Texas: 4.3 percent
Myrtle Beach-Conway-N.C.-Myrtle Beach, S.C.: 4.2 percent
Charlotte-Gastonia-Concord, N.C.-S.C.: 4.2 percent
New Orleans-Metairie-Kenner, La.: 4 percent
Grand Junction, Colo.: 3.7 percent
Clarksville, Tenn.-Ky.: 3.7 percent
Dallas-Fort Worth added more than 162,000 residents between July 2006 and July 2007, more than any other metro area. Three other Texas cities — Houston, Austin, and San Antonio — also were in the top 10.
Experts credit much of the growth in the South to strong local economies and housing prices that are among the most affordable in the United States.
A report earlier this month by Global Insight found that housing prices in the Dallas area were undervalued by as much as 30 percent.
Other areas experiencing growth included the New Orleans area, which is recovering from Hurricane Katrina and grew by 4 percent or nearly 40,000 people. During the same survey last year, the population of New Orleans dropped by nearly 290,000 people.
Meanwhile, Detroit lost more than three times as many people as any other metro area — its population declined more than 27,300. Other areas losing more than 5,000 people were Pittsburgh, Cleveland, Columbus, Ga., Youngstown, Ohio, and Buffalo, N.Y.
The 10 biggest gainers:
Dallas-Fort Worth-Arlington, Texas: 162,250
Atlanta-Sandy Springs-Marietta, Ga.: 151,063
Phoenix-Mesa-Scottsdale, Ariz.: 132,513
Houston-Sugar Land-Baytown, Texas: 120,544
Riverside-San Bernardino-Ontario, Calif.: 86,660
Charlotte-Gastonia-Concord, N.C.-S.C.: 66,724
Chicago-Naperville-Joliet, Ill.-Ind.-Wis.: 66,231
Austin-Round Rock, Texas: 65,880
Las Vegas-Paradise, Nev.: 59,165
San Antonio, Texas: 53,925
The 10 fast-growing metro areas
Palm Coast, Fla.: 7.2 percent
St. George, Utah: 5.1 percent
Raleigh-Cary, N.C.: 4.7 percent
Gainesville, Ga.: 4.5 percent
Austin-Round Rock, Texas: 4.3 percent
Myrtle Beach-Conway-N.C.-Myrtle Beach, S.C.: 4.2 percent
Charlotte-Gastonia-Concord, N.C.-S.C.: 4.2 percent
New Orleans-Metairie-Kenner, La.: 4 percent
Grand Junction, Colo.: 3.7 percent
Clarksville, Tenn.-Ky.: 3.7 percent
Pay increase law enforcement officers, correction officers and paramedics
Now Horry County is doing something to hold on to more employees after Horry County Council determined workers were actually under-payed.
About 500 workers went home with a bigger paycheck Friday. Horry County boosted pay for public safety officers to offer more competitive salaries.
It's no secret many police officers and firefighters get their start in Horry County, then move on to higher paying jobs. This year, Horry County Council evaluated the mid-level pay scale workers, which includes fire, EMS and police officers.
Horry County Council Chairman Liz Gilland said council gave the nod to make pay adjustments, especially for positions with high turnover, like class-one law enforcement officers, correction officers and paramedics, which are difficult to fill.
"It takes even longer for them to get to the place where they are as proficient as the person they replaced," said Gilland, "so you want to keep the folks who know the county, know the area, know their job, who know the people they work with and work for, because those are your critical services."
Gilland said it costs the county more than $10,000 to hire and train new employees, so, she said, it's smarter to just increase salaries. Patrol officer police salaries, for example, went up $3,000.
Of course, there are a few grumblings from employees who weren't on that pay-increase list, but Public Safety Director Paul Whitten said these salary enhancements are fantastic and will help the county.
This pay scale is the third year of a three year program to evaluate and adjust county employee salaries.
About 500 workers went home with a bigger paycheck Friday. Horry County boosted pay for public safety officers to offer more competitive salaries.
It's no secret many police officers and firefighters get their start in Horry County, then move on to higher paying jobs. This year, Horry County Council evaluated the mid-level pay scale workers, which includes fire, EMS and police officers.
Horry County Council Chairman Liz Gilland said council gave the nod to make pay adjustments, especially for positions with high turnover, like class-one law enforcement officers, correction officers and paramedics, which are difficult to fill.
"It takes even longer for them to get to the place where they are as proficient as the person they replaced," said Gilland, "so you want to keep the folks who know the county, know the area, know their job, who know the people they work with and work for, because those are your critical services."
Gilland said it costs the county more than $10,000 to hire and train new employees, so, she said, it's smarter to just increase salaries. Patrol officer police salaries, for example, went up $3,000.
Of course, there are a few grumblings from employees who weren't on that pay-increase list, but Public Safety Director Paul Whitten said these salary enhancements are fantastic and will help the county.
This pay scale is the third year of a three year program to evaluate and adjust county employee salaries.
Sunday, April 20, 2008
Housing and Urban Development-HUD-New Secretary
President Bush has chosen SBA Administrator Steve Preston to take over as head of the government's housing agency at a time of crisis in the industry, the White House announced on Friday.
If confirmed by the Senate, Preston would replace HUD Secretary Alphonso Jackson, who announced his resignation last month amid allegations of political favoritism and a criminal investigation. Jackson's last day on the job is to be Friday.
Bush was to announce Preston's nomination at midday before going to Camp David.
Jackson leaves behind the wreckage of a national housing crisis and a trail of unanswered questions about whether he tilted the Housing and Urban Development Department toward Republican contractors and cronies.
Preston will take over the agency at a time of chaos in the housing market. Foreclosures have surged to record highs as rising interest rates and the collapse of the once high-flying housing market have made it impossible for some to afford their monthly mortgage payments or sell their homes.
The administration has taken some steps to provide relief to millions of people at risk of losing their homes. However, Democrats on Capitol Hill insist more needs to be done and have been moving ahead on additional rescue plans.
A poll released on Monday said one in seven mortgage holders worry they may soon fail to make their monthly payments, and even more fret that their home's value is shrinking. The Associated Press-AOL Money & Finance poll also found that 60 percent said they definitely won't a buy a home in the next two years. That was up from 53 percent who said so in an AP-AOL poll in September 2006. Only 11 percent are certain or very likely to buy soon, down from 15 percent two years ago.
Preston was sworn in as head of the Small Business Administration in July 2006, after his nomination was unanimously confirmed by the Senate. Bush was expected to praise him as an effective manager and problem-solver who can take on complex challenges, officials said. Preston's selection was first reported by National Journal's CongressDaily.
Preston has a background of 25 years in financial and operational leadership positions. Before joining SBA, he was executive vice president of The ServiceMaster Co., where he also served as chief financial officer. Before that, he was a senior vice president and treasurer of First Data Corp. and an investment banker at Lehman Brothers.
The FBI is examining the ties between Jackson and a friend who was paid $392,000 by Jackson's department as a construction manager in New Orleans. Jackson's friend got the job after Jackson asked a staff member to pass along his name to the Housing Authority of New Orleans.
In another instance of alleged favoritism that came to light in February, the Philadelphia housing authority alleges that Jackson retaliated against the agency because it refused to award a vacant lot worth $2 million to soul music producer-turned-community developer Kenny Gamble for redevelopment of a public housing complex. U.S. District Judge Paul S. Diamond ruled on March 31 in Philadelphia that HUD acted legally and did not retaliate against the housing authority.
Jackson's problems began in 2006, when he told a group of commercial real estate executives that he had revoked a contract because the applicant who thanked him said he did not like Bush. Jackson later told investigators "I lied" when he made the remark about taking back the contract.
If confirmed by the Senate, Preston would replace HUD Secretary Alphonso Jackson, who announced his resignation last month amid allegations of political favoritism and a criminal investigation. Jackson's last day on the job is to be Friday.
Bush was to announce Preston's nomination at midday before going to Camp David.
Jackson leaves behind the wreckage of a national housing crisis and a trail of unanswered questions about whether he tilted the Housing and Urban Development Department toward Republican contractors and cronies.
Preston will take over the agency at a time of chaos in the housing market. Foreclosures have surged to record highs as rising interest rates and the collapse of the once high-flying housing market have made it impossible for some to afford their monthly mortgage payments or sell their homes.
The administration has taken some steps to provide relief to millions of people at risk of losing their homes. However, Democrats on Capitol Hill insist more needs to be done and have been moving ahead on additional rescue plans.
A poll released on Monday said one in seven mortgage holders worry they may soon fail to make their monthly payments, and even more fret that their home's value is shrinking. The Associated Press-AOL Money & Finance poll also found that 60 percent said they definitely won't a buy a home in the next two years. That was up from 53 percent who said so in an AP-AOL poll in September 2006. Only 11 percent are certain or very likely to buy soon, down from 15 percent two years ago.
Preston was sworn in as head of the Small Business Administration in July 2006, after his nomination was unanimously confirmed by the Senate. Bush was expected to praise him as an effective manager and problem-solver who can take on complex challenges, officials said. Preston's selection was first reported by National Journal's CongressDaily.
Preston has a background of 25 years in financial and operational leadership positions. Before joining SBA, he was executive vice president of The ServiceMaster Co., where he also served as chief financial officer. Before that, he was a senior vice president and treasurer of First Data Corp. and an investment banker at Lehman Brothers.
The FBI is examining the ties between Jackson and a friend who was paid $392,000 by Jackson's department as a construction manager in New Orleans. Jackson's friend got the job after Jackson asked a staff member to pass along his name to the Housing Authority of New Orleans.
In another instance of alleged favoritism that came to light in February, the Philadelphia housing authority alleges that Jackson retaliated against the agency because it refused to award a vacant lot worth $2 million to soul music producer-turned-community developer Kenny Gamble for redevelopment of a public housing complex. U.S. District Judge Paul S. Diamond ruled on March 31 in Philadelphia that HUD acted legally and did not retaliate against the housing authority.
Jackson's problems began in 2006, when he told a group of commercial real estate executives that he had revoked a contract because the applicant who thanked him said he did not like Bush. Jackson later told investigators "I lied" when he made the remark about taking back the contract.
South Carolina's jobless rate
South Carolina's jobless rate increased slightly in March to 5.7 percent and employment officials say the state's economic outlook is uncertain at best.
The officials said Friday that high gas prices, the sub-prime mortgage crisis and a possible recession are affecting job growth.
The unemployment rate dropped to 5.5 percent in February but the executive director of the State Employment Security Commission says that was an atypical trend in a survey used to tabulate the numbers.
The number of unemployed in March grew by 7,000.
South Carolina's rate was still above the national unemployment rate of 5.1 percent in March.
www.843Realtor.com
The officials said Friday that high gas prices, the sub-prime mortgage crisis and a possible recession are affecting job growth.
The unemployment rate dropped to 5.5 percent in February but the executive director of the State Employment Security Commission says that was an atypical trend in a survey used to tabulate the numbers.
The number of unemployed in March grew by 7,000.
South Carolina's rate was still above the national unemployment rate of 5.1 percent in March.
www.843Realtor.com
‘quick move in’ or ‘spec’ homes can save tens of thousands of dollars
If you are moving and are interested in buying a home for yourself, there are many ways in which you can grab a bargain on your new home. Builders these days offer bargains to new homebuyers that get them fabulous discounts, mostly on ‘quick move in’ or ‘spec’ homes. Depending on the area and the builder/realtor, you may find discounts ranging from a few hundred dollars to tens of thousands of dollars. Some homes have bargains that can fetch you a discount up to $50,000; sometimes even more. Others offer bargains like a free gourmet kitchen, basement, or a solarium with the purchase of your new home. There are still be others that offer a range of branded consumer durable sets like, refrigerators, cook tops, kitchen hoods, dishwashers, washing machines etc with the home.
Many times, cash incentives are offered through these builders s that can be adjusted as per the liking of the homebuyer against closing costs, moving costs, upgrades or furniture gift certificates. You can also use these cash incentives to buy down your interest rate on your loan to make your monthly payment more affordable. Some companies offer trade in of your old home and pay you the market price less a sales commission and allow you to stay in your old home till the new one is completed and you are able to move in. This bargain offer saves you the hassles of selling your old home and lets you be stress free as you move to the new location. Not only does it save you the hassle of moving twice, but it also saves on the cost of moving twice as well which can easily add up to thousands of dollars.
You can also make a bargain purchase of a home if you stick to certain criteria for the purchase. The first thing would be to keep your expectation of price appreciation within realistic limits. Do not expect prices to skyrocket in the next year or so. If you intend to stay in the house for a long time and the price appreciation sets off your closing costs, real estate commissions and lender fees etc, it is a bargain for you! These can total to more than ten percent of the purchase price. Make sure that your mortgage payments are affordable. This will give you tremendous peace of mind and will also provide you with tax breaks that would make home ownership very attractive and a bargain indeed.
You can also make a bargain purchase if you manage to locate a lender who offers a mortgage with no down payment or very little down payment. This allows you to obtain a larger mortgage and full tax benefits, as property taxes and mortgage interest are fully deductible from both federal and state income tax. Although this is getting harder and harder to find these days, these loans do still exist and FHA loans still only require a 3% down payment.
Getting the right Realtor that does a bit of research can enable you to make a bargain purchase as you go about acquiring a new home for yourself.
www.843realtor.com
Many times, cash incentives are offered through these builders s that can be adjusted as per the liking of the homebuyer against closing costs, moving costs, upgrades or furniture gift certificates. You can also use these cash incentives to buy down your interest rate on your loan to make your monthly payment more affordable. Some companies offer trade in of your old home and pay you the market price less a sales commission and allow you to stay in your old home till the new one is completed and you are able to move in. This bargain offer saves you the hassles of selling your old home and lets you be stress free as you move to the new location. Not only does it save you the hassle of moving twice, but it also saves on the cost of moving twice as well which can easily add up to thousands of dollars.
You can also make a bargain purchase of a home if you stick to certain criteria for the purchase. The first thing would be to keep your expectation of price appreciation within realistic limits. Do not expect prices to skyrocket in the next year or so. If you intend to stay in the house for a long time and the price appreciation sets off your closing costs, real estate commissions and lender fees etc, it is a bargain for you! These can total to more than ten percent of the purchase price. Make sure that your mortgage payments are affordable. This will give you tremendous peace of mind and will also provide you with tax breaks that would make home ownership very attractive and a bargain indeed.
You can also make a bargain purchase if you manage to locate a lender who offers a mortgage with no down payment or very little down payment. This allows you to obtain a larger mortgage and full tax benefits, as property taxes and mortgage interest are fully deductible from both federal and state income tax. Although this is getting harder and harder to find these days, these loans do still exist and FHA loans still only require a 3% down payment.
Getting the right Realtor that does a bit of research can enable you to make a bargain purchase as you go about acquiring a new home for yourself.
www.843realtor.com
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