More equipment arrived this week for North Myrtle Beach's Renourishment project.
The city expects sand to be pumped starting Monday in the area of 55th Avenue North in Cherry Grove Beach.
The beach access and parking area there are closed. The project will consist of placing 750,000 cubic yards of sand, over 8.5 miles.
Crews will start at Cherry Grove and move south. Some argue the timing for the project is all wrong, while a couple we caught up with found an upside to seeing all that equipment.
The project is expected to end sometime in September.
Saturday, August 9, 2008
Friday, August 8, 2008
Hard times for the Hard Rock
Company spokesman for the Hard Rock said the park laid off between 20 and 30 full and part-time workers earlier this week.
The park's hours will also change after the Labor Day weekend, just opening Thursdays through Sundays from 11 a.m. to 7 p.m.
The park will also close for the winter on November 2, but that could change depending on attendance.
Hard Rock park plans to reopen in 2009, but hasn't set a date.
The park's hours will also change after the Labor Day weekend, just opening Thursdays through Sundays from 11 a.m. to 7 p.m.
The park will also close for the winter on November 2, but that could change depending on attendance.
Hard Rock park plans to reopen in 2009, but hasn't set a date.
Tuesday, August 5, 2008
Federal Reserve left an important interest rate unchanged
The Federal Reserve left an important interest rate unchanged, taking a gamble that for now the best move was no move at all. The next direction for rates probably is up but that's not likely until next year.
Fed Chairman Ben Bernanke and all but one of his central bank colleagues agreed Tuesday to leave its key rate alone at 2 percent for the second straight meeting.
In turn, the prime lending rate for millions of consumers and businesses remained at 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other lines.
"Although downside risks to growth remain, the upside risks to inflation are also of significant concern," the Fed said. Policymakers are faced with dueling problems: weak economic growth and advancing inflation. To treat one, risks aggravating the other. The Fed indicated Tuesday that each problem poses about equal risks to the economy.
It was welcome news to Wall Street, however, where stocks put in their best showing in months on relief that the Fed's assessment of the economy and inflation wasn't worse. The Dow Jones industrials closed up 331.62 points at 11,615.77, its biggest one-day point gain since April 1, when it kicked off the second quarter with a nearly 400 point rally.
Many economists believe the Fed will leave rates where they are at its next meeting on Sept. 16 and through the rest of this year. This would give the fragile economy and crippled housing market more time to heal.
The Fed may start boosting rates, now at four-year lows, early next year, economists predict. Some Wall Street investors, though, haven't ruled out a rate increase later this year to fend off inflation. Either way, most agree the Fed's next move will be up. Keeping rates at low levels for too long could worsen inflation.
"The inflation fight probably will have to wait until 2009," said Lynn Reaser, chief economist at Bank of America's Investment Strategies Group. "Conditions at this point do not seem to dictate an immediate tightening."
Heightened concerns about inflation forced the Fed in June to halt a nearly yearlong series of rate reductions to shore up the wobbly economy. The campaign, which started last September, was one of the most aggressive in decades. The Fed slashed its key rate by 3.25 percentage points with the hope that lower rates would spur people and businesses to buy and invest more, energizing the economy.
A number of forces have blunted the Fed's bracing rate reductions, however. People are finding it harder to get credit to finance big-ticket purchases as banks have tightened up standards.
American consumers -- even armed with the government's tax rebates of up to $600 a person -- have turned more cautious. Falling home values and stock prices have eroded their net worth. On top of all that, high energy and food prices are whittling away at Americans' buying power.
To help, Democrats want a second stimulus package; the Bush administration, though, has been cool to what's been floated.
Bernanke's predecessor, Alan Greenspan called the current credit crisis a "once or twice a century event." Given the severity of the financial problems, the surprise is not that economic growth is slowing but that there is any growth at all, Greenspan wrote in an opinion piece in the Financial Times.
The Fed has taken a number of extraordinary steps to ease credit problems so that banks, investment houses and others will keep on lending.
Over time, those steps, along with the rate cuts, "should help promote moderate economic growth." Fed policymakers said.
But for now, the economy -- pounded by many negative forces -- is likely to be sluggish at best.
"Labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction and elevated energy prices are likely to weigh on economic growth over the next few quarters," the Fed warned.
The economy grew at a subpar 1.9 percent pace this spring -- even with the tax rebate checks. It shrank late last year.
And, the unemployment rate climbed to a four-year high of 5.7 percent in July as businesses clamped down on hiring. Nearly half a million jobs have disappeared so far this year. More losses are expected. The jobless rate could hit 6.5 percent by the middle of next year.
With employment deteriorating, hopes for a second-half rebound have largely fizzled.
"The Fed has got its hands full," said Stuart Hoffman, chief economist at PNC Financial Services Group.
On the inflation front, Fed policymakers said they expected improvements later this year and next year, but they acknowledged the outlook was difficult to predict.
Energy prices, which marched to a record high above $147 a barrel last month, have calmed down recently, giving the Fed more leeway to hold rates steady. Oil prices sank as low as $118 a barrel Tuesday.
"Inflation has been high," the Fed said. Consumer prices in June rose at the second-fastest pace in a quarter century. Those high prices are a double-edged sword: They can put another damper on growth as people have less money to spend on other things and they can force companies to raise prices for many other goods and services, spreading inflation.
One Fed member -- Richard Fisher, president of the Federal Reserve Bank of Dallas, wanted to raise rates Tuesday. Fisher, who has a reputation for being extra vigilant on inflation, was the sole opposition vote. It was the fifth time this year that he dissented.
New Fed board member Elizabeth Duke, who was just sworn in Tuesday before the meeting, voted with the majority.
Fed Chairman Ben Bernanke and all but one of his central bank colleagues agreed Tuesday to leave its key rate alone at 2 percent for the second straight meeting.
In turn, the prime lending rate for millions of consumers and businesses remained at 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other lines.
"Although downside risks to growth remain, the upside risks to inflation are also of significant concern," the Fed said. Policymakers are faced with dueling problems: weak economic growth and advancing inflation. To treat one, risks aggravating the other. The Fed indicated Tuesday that each problem poses about equal risks to the economy.
It was welcome news to Wall Street, however, where stocks put in their best showing in months on relief that the Fed's assessment of the economy and inflation wasn't worse. The Dow Jones industrials closed up 331.62 points at 11,615.77, its biggest one-day point gain since April 1, when it kicked off the second quarter with a nearly 400 point rally.
Many economists believe the Fed will leave rates where they are at its next meeting on Sept. 16 and through the rest of this year. This would give the fragile economy and crippled housing market more time to heal.
The Fed may start boosting rates, now at four-year lows, early next year, economists predict. Some Wall Street investors, though, haven't ruled out a rate increase later this year to fend off inflation. Either way, most agree the Fed's next move will be up. Keeping rates at low levels for too long could worsen inflation.
"The inflation fight probably will have to wait until 2009," said Lynn Reaser, chief economist at Bank of America's Investment Strategies Group. "Conditions at this point do not seem to dictate an immediate tightening."
Heightened concerns about inflation forced the Fed in June to halt a nearly yearlong series of rate reductions to shore up the wobbly economy. The campaign, which started last September, was one of the most aggressive in decades. The Fed slashed its key rate by 3.25 percentage points with the hope that lower rates would spur people and businesses to buy and invest more, energizing the economy.
A number of forces have blunted the Fed's bracing rate reductions, however. People are finding it harder to get credit to finance big-ticket purchases as banks have tightened up standards.
American consumers -- even armed with the government's tax rebates of up to $600 a person -- have turned more cautious. Falling home values and stock prices have eroded their net worth. On top of all that, high energy and food prices are whittling away at Americans' buying power.
To help, Democrats want a second stimulus package; the Bush administration, though, has been cool to what's been floated.
Bernanke's predecessor, Alan Greenspan called the current credit crisis a "once or twice a century event." Given the severity of the financial problems, the surprise is not that economic growth is slowing but that there is any growth at all, Greenspan wrote in an opinion piece in the Financial Times.
The Fed has taken a number of extraordinary steps to ease credit problems so that banks, investment houses and others will keep on lending.
Over time, those steps, along with the rate cuts, "should help promote moderate economic growth." Fed policymakers said.
But for now, the economy -- pounded by many negative forces -- is likely to be sluggish at best.
"Labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction and elevated energy prices are likely to weigh on economic growth over the next few quarters," the Fed warned.
The economy grew at a subpar 1.9 percent pace this spring -- even with the tax rebate checks. It shrank late last year.
And, the unemployment rate climbed to a four-year high of 5.7 percent in July as businesses clamped down on hiring. Nearly half a million jobs have disappeared so far this year. More losses are expected. The jobless rate could hit 6.5 percent by the middle of next year.
With employment deteriorating, hopes for a second-half rebound have largely fizzled.
"The Fed has got its hands full," said Stuart Hoffman, chief economist at PNC Financial Services Group.
On the inflation front, Fed policymakers said they expected improvements later this year and next year, but they acknowledged the outlook was difficult to predict.
Energy prices, which marched to a record high above $147 a barrel last month, have calmed down recently, giving the Fed more leeway to hold rates steady. Oil prices sank as low as $118 a barrel Tuesday.
"Inflation has been high," the Fed said. Consumer prices in June rose at the second-fastest pace in a quarter century. Those high prices are a double-edged sword: They can put another damper on growth as people have less money to spend on other things and they can force companies to raise prices for many other goods and services, spreading inflation.
One Fed member -- Richard Fisher, president of the Federal Reserve Bank of Dallas, wanted to raise rates Tuesday. Fisher, who has a reputation for being extra vigilant on inflation, was the sole opposition vote. It was the fifth time this year that he dissented.
New Fed board member Elizabeth Duke, who was just sworn in Tuesday before the meeting, voted with the majority.
Sunday, August 3, 2008
My real estate agent can't sell my house. What else can I do?
Right now selling a home can be difficult, depending on the location.
In markets like this one, a real estate agent who works hard is probably more valuable than a year ago, when homes seemed to sell in days and sometimes even hours.
There are other options, such as the for-sale-by-owner approach or the use of an Internet company.
For the do-it-yourself person, these options may be less expensive on the surface. If you choose to sell your home yourself, however, issues such as your job may get in the way of being available on quick notice. In today's market, missed opportunities may mean missed offers!
Just remember when selling a home in this market, you may not get what you think your home is worth, but you won't pay as much on the other end when you look to purchase a home somewhere else.
In my opinion, choosing the right professional -- whether in home repair, car maintenance or financial services -- can save more than it costs and in most cases allows you to accomplish your goal more quickly.
Wait. If there is no urgency to your move -- you're moving because you want to upgrade houses or need more space, for example -- you can just bide your time and continue to live in the home. You can also consider a new real estate agent if you feel that might be part of the problem.
When you're moving out of town because of a job change, however, sometimes your employer will buy the house from you if it hasn't sold after a certain period of time.
Rent it. Real estate equity, despite recent evidence to the contrary, builds over time. It might pay for you to hold on to this home and use it as a rental. Contact your real estate agent and find out if his or her company has a relocation division and a property management division, and offer your property for lease.
A relocation department will want to put prospects into nice homes for either sale or rent. While they are waiting for their home to be built, they could be paying you top dollar to rent yours. These are qualified, fine prospects who most likely will take great care of your home.
While it wasn't your intention to become a landlord, relocation leasing could be a way to cover your payments and build equity to the point that you can sell the home later as the market improves.
If you want to sell your house because you cannot afford to live there anymore or simply need to supplement your cash flow, you can consider a reverse mortgage.
With a reverse mortgage, the owner receives a lump sum or a series of monthly payments from a financial institution. The owner continues to live in the house, but is not required to repay the funds. The funds are repaid only when the owner dies, moves out or the house is sold. At that time, the principal amount that has been distributed, accrued loan interest and any other loan costs must be repaid. Any value remaining from the sale will be returned to the original owner or his or her estate.
To qualify for a reverse mortgage, all owners must be 62 or older, the house must be the primary residence and it must be debt-free. The owner still is required to pay property taxes, homeowner's insurance premiums, and utility costs, as well as make necessary maintenance repairs. The amount that can be secured with a reverse mortgage is based on the age of the owner and is significantly less than the full market value.
Because significant expenses are involved, a reverse mortgage should be the last option to be considered. Get good advice before committing to this type of financing.
In markets like this one, a real estate agent who works hard is probably more valuable than a year ago, when homes seemed to sell in days and sometimes even hours.
There are other options, such as the for-sale-by-owner approach or the use of an Internet company.
For the do-it-yourself person, these options may be less expensive on the surface. If you choose to sell your home yourself, however, issues such as your job may get in the way of being available on quick notice. In today's market, missed opportunities may mean missed offers!
Just remember when selling a home in this market, you may not get what you think your home is worth, but you won't pay as much on the other end when you look to purchase a home somewhere else.
In my opinion, choosing the right professional -- whether in home repair, car maintenance or financial services -- can save more than it costs and in most cases allows you to accomplish your goal more quickly.
Wait. If there is no urgency to your move -- you're moving because you want to upgrade houses or need more space, for example -- you can just bide your time and continue to live in the home. You can also consider a new real estate agent if you feel that might be part of the problem.
When you're moving out of town because of a job change, however, sometimes your employer will buy the house from you if it hasn't sold after a certain period of time.
Rent it. Real estate equity, despite recent evidence to the contrary, builds over time. It might pay for you to hold on to this home and use it as a rental. Contact your real estate agent and find out if his or her company has a relocation division and a property management division, and offer your property for lease.
A relocation department will want to put prospects into nice homes for either sale or rent. While they are waiting for their home to be built, they could be paying you top dollar to rent yours. These are qualified, fine prospects who most likely will take great care of your home.
While it wasn't your intention to become a landlord, relocation leasing could be a way to cover your payments and build equity to the point that you can sell the home later as the market improves.
If you want to sell your house because you cannot afford to live there anymore or simply need to supplement your cash flow, you can consider a reverse mortgage.
With a reverse mortgage, the owner receives a lump sum or a series of monthly payments from a financial institution. The owner continues to live in the house, but is not required to repay the funds. The funds are repaid only when the owner dies, moves out or the house is sold. At that time, the principal amount that has been distributed, accrued loan interest and any other loan costs must be repaid. Any value remaining from the sale will be returned to the original owner or his or her estate.
To qualify for a reverse mortgage, all owners must be 62 or older, the house must be the primary residence and it must be debt-free. The owner still is required to pay property taxes, homeowner's insurance premiums, and utility costs, as well as make necessary maintenance repairs. The amount that can be secured with a reverse mortgage is based on the age of the owner and is significantly less than the full market value.
Because significant expenses are involved, a reverse mortgage should be the last option to be considered. Get good advice before committing to this type of financing.
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