The Fiscal Cliff

If our stupid politicians somehow solve the cliff problem, our economy will automatically move forward. Consumer and business confidence would soar.

http://www.thestreet.com/story/11761566/1/market-preview-sick-of-the-cliff.html

Top 10 states for foreclosures

10 States Still Battling High Foreclosure Rates

DAILY REAL ESTATE NEWS | MONDAY, AUGUST 13, 2012

Several states continue to be plagued with high foreclosure rates. RealtyTrac reported last week that foreclosure starts rose 6 percent year-over-year, which is the third consecutive month for increases following what had been more than a year of declines. 

California has the highest foreclosure rate in the country, according to RealtyTrac, with one in every 325 housing units receiving a foreclosure filing in July (more than twice the national average). California had the highest foreclosure rate in the country despite an 11 percent decline month-over-month and a 25 percent drop year-over-year, according to RealtyTrac.  

The states with the highest foreclosure rates in JulyRealtyTrac’s most recent data--are:

1. California: 1 in every 325 housing units
2. Arizona: 1 in every 346 housing units
3. Florida: 1 in every 352 housing units 
4. Georgia: 1 in every 376 housing units
5. Illinois: 1 in every 385 housing units
6. Nevada: 1 in every 415 housing units
7. Michigan: 1 in every 518 housing units
8. Ohio: 1 in every 528 housing units
9. South Carolina: 1 in every 536 housing units
10. Indiana: 1 in every 665 housing units

Which Way Are Homes Prices Headed?

Once and For All, Which Way Are Home Prices Headed?

by THE KCM CREW on AUGUST 14, 2012 ·

One could get dizzy looking at the daily headlines pertaining to home prices. One report says prices are heading up and the next day, another says they are still falling. Here are two recent examples:

National Association of Realtors Chief Economist Lawrence Yun addressed the issue at the National Association of Real Estate Editors conference in Denver:

“This time next year, there could be a 10% price appreciation. I would not be surprised to see that.”

At the same time, Gary Schilling, president of A. Gary Shilling & Co., has been very outspoken about his belief that prices will continue to fall:

“Excess inventories are the mortal enemy of prices…I’m looking for another 20% decline and that is what it would take to bring them back to the long-term averages.”

The vast difference in what two experts believe causes confusion for both buyers and sellers. This uncertainty can create doubt as to whether or not they should act now. It is the real estate professional’s job to create clarity when it comes to future home prices. But how?

You must take into consideration three things in order to help determine where prices are headed:

1. The months’ supply of visible inventory (homes currently on the market

2. The months’ supply of shadow inventory (distressed properties about to enter the market)

3. What the majority of housing experts project for home prices going forward

And each market is different.

Shot 84 at The Pearl east course the other day. Shot 106 at the same course 6 weeks ago. Go figure?

The Reasons I Moved To Myrtle Beach

1. More golf courses per square inch than any other area in the US. I've been told that there are over 90 courses within 40 miles or so. I've tried about 20 - most are very good and the vast majority are user friendly compared to up north. Oh and a lot less expensive with local discounts & special discount packages.

2. More restaurants per square inch than any other area in the US. Now I'm just guessing but if there are 90 golf courses, there must be at least 300 restaurants. I've tried about 25. I really like the ones where you eat outside and overlook the water.

3. A perfect climate - not too hot like Florida and never very cold. Locals tell me that it can get down as low as the mid 20s but that is rare. My experience is that it can get in the mid 30s in the early morning but always warms up to the 50s by 11am.

4. 60 miles of perfect beach. Now I am not a beach person but I do enjoy the very warm water which I am comparing to the cold water up north. Also the beach is so long, it never gets crowded at least not where I go.

5. Entertainment including comedy clubs, live theaters and shows, casino cruises, night life and live music, shopping, fishing excursions, festivals and water sports. Now I do not participate in all of these activities but I know they are available. Shagging is the local dance which I am going to try very soon.

6. Very affordable housing. You can buy a newly constructed home with 1400 sq ft, 3 bedrooms, 2 full baths and a 2 car garage for under $150,000. Re-sales are even better deals.

The Stress Of Moving

So much has happened since my last posting. We closed on our home in Massachusetts on November 28 and immediately drove to our new home in South Carolina. It took 3 days of driving. The first day we stopped at my sister's home in Springfield, Massachusetts. On day 2 we stopped at about the half way point just south of Washington DC. The last day took us to our townhouse in Little River where we waited 8 long days until our furniture arrived. On December 8, we officially and finally moved into our brand newly constructed 3 bedroom 2 bath single level home at Lafayette Park in Little River, South Carolina. The whole process was stressful as we worried about our buyers, their financing, the final walk thru, the movers arriving on time, whether it would snow on our way down, getting separated on our 3 day trip, our furniture being damaged, our furniture not arriving etc etc.

Within a week, we had our Christmas tree up and decorated. It was a big one - maybe our biggest ever. Made me realize why we bought this house - the cathedral ceiling for our tree. The kids all three plus Gary arrived for Christmas. Was great to have them - made it feel more like home.

Our neighbors are really very very nice. We've had them at our place and they invited us to theirs. The weather has been fantastic - almost no rain, mostly sunny and unseasonably warm.