SCE&G gas customers will see their bills drop about 17.2 per-cent starting in November, a state utility agency said today.
The decline for a customer using 100 therms of gas will total $28.36 savings compared to the November 2007 bill, said Dukes Scott, executive director of the Office of Regulatory Staff.
“The drop in the cost of gas is really the driving force behind this reduction,” Scott said. The savings is the product of two agreements his staff reached with the utility, which is the principal subsidiary of Columbia-based SCANA Corp.
The first agreement was reached in October 2006. It re-quired monthly instead of annual adjustments to the company’s pass-through cost of natural gas, Scott said.
The second agreement was reached in September after Scott’s agency recommended a 21 percent reduction in SCE&G’s request to raise gas rates.
That agreement proposal is pending before the state Public Service Commission.
Wednesday, October 22, 2008
Tuesday, October 21, 2008
real estate has long coincided with these fluctuations
Real estate has been in the news just about every day as housing prices have fallen in many areas. There are all kinds of opinions about what's going on and where this is all heading. But these opinions are just guesses and do not take every piece of the puzzle into consideration. History has shown us that the economy goes up and down all the time, and real estate has long coincided with these fluctuations.
So where are we in the current real estate cycle? Is waiting to buy a brand new home a safe option? These are very valid questions that require credible answers in order for homebuyers today to achieve the confidence that the future can and will be better than the past.
First, don't panic over newspaper headlines. Make an informed decision. Run your own numbers. For most buyers, there is no real need to wait for the market as a whole to officially adjust out. The bottom of the market is not a date, but a band of time or season and therefore what constitutes the bottom for the entire country is meaningless for those looking to buy and sell homes in their own communities. If you sit on the fence and wait for the absolute best deal, you could end up literally waiting for years. And most likely, your guess on market timing would be wrong. But if you choose to buy now, you will not only be in the driver's seat during the buying process, you will also reap the gains of price appreciation once you become a home owner.
Waiting for the right time to buy puts you at risk of missing it and getting caught in a market on the upswing. Plus, for some first-time buyers, owning simply makes better economic sense than renting. In such areas as Los Angeles, rents are getting close or surpassing a mortgage payment. And you don't receive any tax benefits from paying rent, nor do you accumulate any price appreciation, as you would if you owned a home of your own.
Next, realize there are always some people who need to move because of job relocations, expanding families, retire or a desire for better schools. In sought after neighborhoods, there's a price to pay for waiting. You have to ask yourself, If the price goes down much more, I'll have other people trying to buy it or interest rate may go up, even if it's not the absolute bottom of the market. In the end, you might erase the savings you thought you had achieved by waiting.
So where are we in the current real estate cycle? Is waiting to buy a brand new home a safe option? These are very valid questions that require credible answers in order for homebuyers today to achieve the confidence that the future can and will be better than the past.
First, don't panic over newspaper headlines. Make an informed decision. Run your own numbers. For most buyers, there is no real need to wait for the market as a whole to officially adjust out. The bottom of the market is not a date, but a band of time or season and therefore what constitutes the bottom for the entire country is meaningless for those looking to buy and sell homes in their own communities. If you sit on the fence and wait for the absolute best deal, you could end up literally waiting for years. And most likely, your guess on market timing would be wrong. But if you choose to buy now, you will not only be in the driver's seat during the buying process, you will also reap the gains of price appreciation once you become a home owner.
Waiting for the right time to buy puts you at risk of missing it and getting caught in a market on the upswing. Plus, for some first-time buyers, owning simply makes better economic sense than renting. In such areas as Los Angeles, rents are getting close or surpassing a mortgage payment. And you don't receive any tax benefits from paying rent, nor do you accumulate any price appreciation, as you would if you owned a home of your own.
Next, realize there are always some people who need to move because of job relocations, expanding families, retire or a desire for better schools. In sought after neighborhoods, there's a price to pay for waiting. You have to ask yourself, If the price goes down much more, I'll have other people trying to buy it or interest rate may go up, even if it's not the absolute bottom of the market. In the end, you might erase the savings you thought you had achieved by waiting.
FHA loans purchasing or refinancing a 1 to 4 unit, owner occupied home
With the Federal governments re-emphasis on the FHA as a key vehicle for resuscitating the real estate market, now is a good time to review FHA in more detail.
Let’s start with some basics. First, the FHA insures loans that approved lenders make, it does not purchase them as Fannie and Freddie do. If a FHA insured home goes into bankruptcy, FHA pays off the mortgage to the Lender, takes ownership of the home, and then proceeds to sell it (a HUD home843,Realtor also sells South Carolina HUD homes.)
To mitigate its risk and provide income to offset foreclosures and defray their expenses, FHA charges the borrower insurance premiums, both an up-front and a monthly premium. The up-front premium can be included in the mortgage amount.
FHA loans are available for purchasing or refinancing a 1 to 4 unit, owner occupied home. There a number of FHA programs that cover the gamut of real estate offerings, from your “vanilla” FHA loan to Condos to REO’s to Reverse Mortgages to Rehab to Veteran loans and more. In subsequent articles we will be reviewing these programs in more detail.
Over the last number of months, FHA began implementing some changes to their programs. In addition, the Housing and Economic Recovery Act placed additional changes in FHA practices, some of which modified FHA proposed changes. I have listed some of those changes below.
Converting Existing Homes to Rentals
The FHA changed their underwriting rules to limit the ability of a homeowner to use rental income from a previous residence that it converted to a rental property, when applying for a new mortgage on a second property. Under the new rule, the homeowner must prove sufficient income to make both mortgage payments without the rental income or has an equity position in the rental property that it will not likely result in defaulting on that mortgage. There can be an exception to this rule for employment relocations.
This change mirrors the announcement by Fannie in August. Apparently, homeowners, in increasing numbers, are choosing to vacate their existing principal residence and purchase a new residence. They are then providing misleading information on the rental income of the property being vacated to justify the new mortgage. These changes effectively end “bail and buy” loans.
Moratorium on Risk Based Premiums
The Housing and Economic Recovery Act provided for a one-year moratorium on the implementation of the FHA’s risk based premiums beginning October 1, 2008. The effect of the risk based premium was to increase the premium based on the amount of the down payment.
This will not delay the implementation of an upfront premium as well as well as monthly premiums on all loans.
Seller concessions of 6% are still allowed; however, down payment assistance programs have been eliminated effective October 1, 2008.
Down Payment Requirements
The Housing and Economic Recovery Act also called for an increase in down payment required to 3.5%. That change will not go into effect until January 1, 2009.
As with any loan program, there are a number of stipulations that need to be met to gain approval. That is why it is important to choose the right FHA approved lender. Not all FHA approved lenders service all FHA loan programs.
Let’s start with some basics. First, the FHA insures loans that approved lenders make, it does not purchase them as Fannie and Freddie do. If a FHA insured home goes into bankruptcy, FHA pays off the mortgage to the Lender, takes ownership of the home, and then proceeds to sell it (a HUD home843,Realtor also sells South Carolina HUD homes.)
To mitigate its risk and provide income to offset foreclosures and defray their expenses, FHA charges the borrower insurance premiums, both an up-front and a monthly premium. The up-front premium can be included in the mortgage amount.
FHA loans are available for purchasing or refinancing a 1 to 4 unit, owner occupied home. There a number of FHA programs that cover the gamut of real estate offerings, from your “vanilla” FHA loan to Condos to REO’s to Reverse Mortgages to Rehab to Veteran loans and more. In subsequent articles we will be reviewing these programs in more detail.
Over the last number of months, FHA began implementing some changes to their programs. In addition, the Housing and Economic Recovery Act placed additional changes in FHA practices, some of which modified FHA proposed changes. I have listed some of those changes below.
Converting Existing Homes to Rentals
The FHA changed their underwriting rules to limit the ability of a homeowner to use rental income from a previous residence that it converted to a rental property, when applying for a new mortgage on a second property. Under the new rule, the homeowner must prove sufficient income to make both mortgage payments without the rental income or has an equity position in the rental property that it will not likely result in defaulting on that mortgage. There can be an exception to this rule for employment relocations.
This change mirrors the announcement by Fannie in August. Apparently, homeowners, in increasing numbers, are choosing to vacate their existing principal residence and purchase a new residence. They are then providing misleading information on the rental income of the property being vacated to justify the new mortgage. These changes effectively end “bail and buy” loans.
Moratorium on Risk Based Premiums
The Housing and Economic Recovery Act provided for a one-year moratorium on the implementation of the FHA’s risk based premiums beginning October 1, 2008. The effect of the risk based premium was to increase the premium based on the amount of the down payment.
This will not delay the implementation of an upfront premium as well as well as monthly premiums on all loans.
Seller concessions of 6% are still allowed; however, down payment assistance programs have been eliminated effective October 1, 2008.
Down Payment Requirements
The Housing and Economic Recovery Act also called for an increase in down payment required to 3.5%. That change will not go into effect until January 1, 2009.
As with any loan program, there are a number of stipulations that need to be met to gain approval. That is why it is important to choose the right FHA approved lender. Not all FHA approved lenders service all FHA loan programs.
Monday, October 20, 2008
South Carolina Election info
Presidential Race
Democrat: Barack Obama
Republican: John McCain
Independent: Ralph Nader
Libertarian: Bob Barr
Green: Cynthia McKinney
Constitution Party: Chuck Baldwin
U.S. Senate
Democrats: Bob Conley
Republicans: Lindsey Graham
U.S. House of Representatives
1st District:
Democrats: Linda Ketner
Republicans: Henry Brown Jr.
2nd District:
Democrats: Rob Miller
Republicans: Joe Wilson
3rd District:
Democrats: Jane Dyer
Republicans: J. Gresham Barrett
4th District:
Democrats: Paul Corden
Republicans: Bob Inglis
Green: Faye Walters
5th District:
Democrats: John Spratt Jr.
Republicans: Albert Spencer
Constitution Party: Frank Waggoner
6th District:
Democrats: James Clyburn
Republicans: Nancy Harrelson
State Senate
1st District:
Democrats: No Candidate
Republicans: Thomas Alexander
Constitution Party: Polly Nicolay
2nd District:
Democrats: No Candidate
Republicans: Larry Martin
3rd District:
Democrats: Marshall Meadors
Republicans: Kevin Bryant
4th District:
Democrats: Leonardo Ortiz
Republicans: Billy O'Dell
5th District:
Democrats: No Candidate
Republicans: Phil Shoopman
6th District:
Democrats: No Candidate
Republicans: Mike Fair
7th District:
Democrats: Ralph Anderson
Republicans: Roan Garcia-Quintana
Constitution Party: John Langville
8th District:
Democrats: No Candidate
Republicans: David Thomas
9th District:
Democrats: No Candidate
Republicans: Danny Verdin
10th District:
Democrats: Floyd Nicholson
Republicans: Dee Compton
11th District:
Democrats: Glenn Reese
Republicans: Mike Gardner
12th District:
Democrats: No Candidate
Republicans: Lee Bright
14th District:
Democrats: No Candidate
Republicans: Harvey Peeler Jr.
15th District:
Democrats: No Candidate
Republicans: Robert Hayes Jr.
16th District:
Democrats: Mandy Norrell
Republicans: Mick Mulvaney
18th District:
Democrats: Michael Ellisor
Republicans: Ronnie Cromer
19th District:
Democrats: John Scott
Republicans: No Candidate
United Citizens Party: Chris Nelums
20th District:
Democrats: No Candidate
Republicans: John Courson
Green: Harvey Elwood
21st District:
Democrats: Darrell Jackson
Republicans: No Candidate
22nd District:
Democrats: Joel Lourie
Republicans: No Candidate
23rd District:
Democrats: No Candidate
Republicans: Jake Knotts
24th District:
Democrats: No Candidate
Republicans: W. Ryberg
25th District:
Democrats: Greg Anderson
Republicans: Shane Massey
26th District:
Democrats: Nikki Setzler
Republicans: Margaret Gamble
27th District:
Democrats: Vincent Sheheen
Republicans: No Candidate
28th District:
Democrats: Dick Elliott
Republicans: William McKown
29th District:
Democrats: Gerald Malloy
Republicans: No Candidate
30th District:
Democrats: Kent Williams
Republicans: No Candidate
31st District:
Democrats: No Candidate
Republicans: Hugh Leatherman Sr.
32nd District:
Democrats: Yancey McGill
Republicans: No Candidate
33rd District:
Democrats: Jara Uzenda
Republicans: Luke Rankin
34th District:
Democrats: No Candidate
Republicans: Raymond Cleary
35th District:
Democrats: Phil Leventis
Republicans: Karen Michalik
36th District:
Democrats: John Land III
Republicans: No Candidate
37th District:
Democrats: No Candidate
Republicans: Larry Grooms
38th District:
Democrats: No Candidate
Republicans: Mike Rose
39th District:
Democrats: John Matthews Jr.
Republicans: No Candidate
40th District:
Democrats: C. Bradley Hutto
Republicans: John Strickland
41st District:
Democrats: No Candidate
Republicans: Glenn McConnell
42nd District:
Democrats: Robert Ford
Republicans: Scotty Sheriff
43rd District:
Democrats: No Candidate
Republicans: Chip Campsen
44th District:
Democrats: No Candidate
Republicans: Paul Campbell Jr.
45th District:
Democrats: Clementa Pinckney
Republicans: No Candidate
46th District:
Democrats: Kent Fletcher
Republicans: Tom Davis
State House of Representatives
Click here to see State House of Representatives Candidates for SC
Governor and Statewide Races
No races this year.
Statewide Ballot Measures
Amendment 1 - Amend Section 33- Article III of the Constitution
This amendment deletes the section of the Constitution which says an unmarried woman must be fourteen years old or older in order to consent to sexual intercourse. Deleting this section would allow the state legislature to set the age of consent. Currently- the state legislature has the age of consent set at sixteen for most cases.
Amendment 2 - Amend Section 16- Article X of the Constitution
"Post-employment benefits" are benefits- mainly health insurance- provided to eligible state government and school district retirees. To comply with a change in accounting standards- the state has created trust funds to pay for these post-employment benefits. This amendment relates to how the money in these trust funds may be invested.
Amendment 3 - Amend Section 16- Article X of the Constitution
This amendment is the same as Amendment 2 except it applies to local governments' post-employment benefits (instead of the state government's post-employment benefits).
Democrat: Barack Obama
Republican: John McCain
Independent: Ralph Nader
Libertarian: Bob Barr
Green: Cynthia McKinney
Constitution Party: Chuck Baldwin
U.S. Senate
Democrats: Bob Conley
Republicans: Lindsey Graham
U.S. House of Representatives
1st District:
Democrats: Linda Ketner
Republicans: Henry Brown Jr.
2nd District:
Democrats: Rob Miller
Republicans: Joe Wilson
3rd District:
Democrats: Jane Dyer
Republicans: J. Gresham Barrett
4th District:
Democrats: Paul Corden
Republicans: Bob Inglis
Green: Faye Walters
5th District:
Democrats: John Spratt Jr.
Republicans: Albert Spencer
Constitution Party: Frank Waggoner
6th District:
Democrats: James Clyburn
Republicans: Nancy Harrelson
State Senate
1st District:
Democrats: No Candidate
Republicans: Thomas Alexander
Constitution Party: Polly Nicolay
2nd District:
Democrats: No Candidate
Republicans: Larry Martin
3rd District:
Democrats: Marshall Meadors
Republicans: Kevin Bryant
4th District:
Democrats: Leonardo Ortiz
Republicans: Billy O'Dell
5th District:
Democrats: No Candidate
Republicans: Phil Shoopman
6th District:
Democrats: No Candidate
Republicans: Mike Fair
7th District:
Democrats: Ralph Anderson
Republicans: Roan Garcia-Quintana
Constitution Party: John Langville
8th District:
Democrats: No Candidate
Republicans: David Thomas
9th District:
Democrats: No Candidate
Republicans: Danny Verdin
10th District:
Democrats: Floyd Nicholson
Republicans: Dee Compton
11th District:
Democrats: Glenn Reese
Republicans: Mike Gardner
12th District:
Democrats: No Candidate
Republicans: Lee Bright
14th District:
Democrats: No Candidate
Republicans: Harvey Peeler Jr.
15th District:
Democrats: No Candidate
Republicans: Robert Hayes Jr.
16th District:
Democrats: Mandy Norrell
Republicans: Mick Mulvaney
18th District:
Democrats: Michael Ellisor
Republicans: Ronnie Cromer
19th District:
Democrats: John Scott
Republicans: No Candidate
United Citizens Party: Chris Nelums
20th District:
Democrats: No Candidate
Republicans: John Courson
Green: Harvey Elwood
21st District:
Democrats: Darrell Jackson
Republicans: No Candidate
22nd District:
Democrats: Joel Lourie
Republicans: No Candidate
23rd District:
Democrats: No Candidate
Republicans: Jake Knotts
24th District:
Democrats: No Candidate
Republicans: W. Ryberg
25th District:
Democrats: Greg Anderson
Republicans: Shane Massey
26th District:
Democrats: Nikki Setzler
Republicans: Margaret Gamble
27th District:
Democrats: Vincent Sheheen
Republicans: No Candidate
28th District:
Democrats: Dick Elliott
Republicans: William McKown
29th District:
Democrats: Gerald Malloy
Republicans: No Candidate
30th District:
Democrats: Kent Williams
Republicans: No Candidate
31st District:
Democrats: No Candidate
Republicans: Hugh Leatherman Sr.
32nd District:
Democrats: Yancey McGill
Republicans: No Candidate
33rd District:
Democrats: Jara Uzenda
Republicans: Luke Rankin
34th District:
Democrats: No Candidate
Republicans: Raymond Cleary
35th District:
Democrats: Phil Leventis
Republicans: Karen Michalik
36th District:
Democrats: John Land III
Republicans: No Candidate
37th District:
Democrats: No Candidate
Republicans: Larry Grooms
38th District:
Democrats: No Candidate
Republicans: Mike Rose
39th District:
Democrats: John Matthews Jr.
Republicans: No Candidate
40th District:
Democrats: C. Bradley Hutto
Republicans: John Strickland
41st District:
Democrats: No Candidate
Republicans: Glenn McConnell
42nd District:
Democrats: Robert Ford
Republicans: Scotty Sheriff
43rd District:
Democrats: No Candidate
Republicans: Chip Campsen
44th District:
Democrats: No Candidate
Republicans: Paul Campbell Jr.
45th District:
Democrats: Clementa Pinckney
Republicans: No Candidate
46th District:
Democrats: Kent Fletcher
Republicans: Tom Davis
State House of Representatives
Click here to see State House of Representatives Candidates for SC
Governor and Statewide Races
No races this year.
Statewide Ballot Measures
Amendment 1 - Amend Section 33- Article III of the Constitution
This amendment deletes the section of the Constitution which says an unmarried woman must be fourteen years old or older in order to consent to sexual intercourse. Deleting this section would allow the state legislature to set the age of consent. Currently- the state legislature has the age of consent set at sixteen for most cases.
Amendment 2 - Amend Section 16- Article X of the Constitution
"Post-employment benefits" are benefits- mainly health insurance- provided to eligible state government and school district retirees. To comply with a change in accounting standards- the state has created trust funds to pay for these post-employment benefits. This amendment relates to how the money in these trust funds may be invested.
Amendment 3 - Amend Section 16- Article X of the Constitution
This amendment is the same as Amendment 2 except it applies to local governments' post-employment benefits (instead of the state government's post-employment benefits).
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