Archive for December 2012

Lexington SC Housing Trends   Leave a comment

INFO THAT HITS US WHERE WE LIVE… What are rising now are asking prices for homes. A major Web real estate portal reports prices for homes listed there were up 3.8% in November versus a year ago. This is the largest year-over-year gain since the housing downturn began. In addition, the listing prices for the three months ending in November were up 0.8% from the prior three months. And the good news was widespread: annual gains were reported in 76 of the 100 largest metros.Finally, asking price gains are now beating rent price gains in the 25 largest rental markets.


Review of Last Week

PARACHUTES, ANYONE?… It’s hard for investors to get enthusiastic about buying stocks as they wait for the politicians to agree on how to save us from going over the fiscal cliff on January 1. Maybe Washington will just issue everyone parachutes to soften the landing. The political deadlock, along with good and bad economic data, left the Dow up a tad for the week, the S&P 500 virtually flat, and the tech-heavy Nasdaq off just a bit. The week began disappointingly, with the ISM Manufacturing index dipping below 50 for November, indicating contraction.

But, hey, the November ISM Services index rose nicely to a 54.7 growth reading and Q3 Productivity was up at a 2.9% annual rate. Best of all, Friday’s November employment report delivered a better than expected 146,000 new jobs and a drop to 7.7% in the unemployment rate. Unfortunately, the prior reading was revised down from 171,000 to 138,000 new jobs. Another negative was the big drop from 82.7 to 74.5 in University of Michigan Consumer Sentiment.

For the week, the Dow ended up 1.0%, to 13155; the S&P 500 was up 0.1%, to 1418; and the Nasdaq was down 1.1%, to 2978. 

Mixed economic reports plus the fiscal cliff stalemate contributed to little price movement in bonds. The FNMA 3.5% bond we watch ended the week down .01, at $106.23. National average fixed mortgage rates stayed at or near record lows as the Fed continued its program to buy $40 billion a month of mortgage bonds to keep prices up and rates down. The Mortgage Bankers Association reported demand for purchase loans even for the week.

DID YOU KNOW?… Bush Tax Cuts refers to the reduced income and long-term capital gains taxes, marriage penalty reduction, expansion of the child tax credit, and lowered maximum gift and estate tax exemptions enacted under President George W. Bush.

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Posted December 11, 2012 by Chip Jefferson in Columbia South carolina, Lexington Realtor

Homeowners facing foreclosure in Lexington South Carolina will find a brief respite   Leave a comment

Homeowners facing foreclosure in Lexington South Carolina will find a brief respite during this year’s holiday season. Both Freddie Mac andFannie Mae have announced that they will pause on evicting families from their homes so that they can spend a few days not worrying about the future and focus on family.

Freddie Mac will suspend eviction activity on foreclosed single-family and two to four unit properties from December 19, 2012 through January 2, 2013. Fannie Mae will halt eviction activity from December 17, 2012 through January 2, 2012.

Legal proceedings in regards to the foreclosures will still continue, but families will be able to remain physically in their homes for a couple of weeks during the end of the year.

“We’re taking this step in support of families who have faced financial challenges and gone through a foreclosure,” said Terry Edwards, executive vice-president of credit portfolio management for Fannie Mae in a statement. “The holidays are a chance to be with loved ones and we want to relieve some stress at this time of year. We encourage homeowners having difficulty to reach out for help as soon as possible.”

This stay on evictions is separate from the 90-day suspension issued to Hurricane Sandy survivors. They have until February 1, 2013 to find an alternative housing solution.

“We are instructing our foreclosure attorneys to suspend pending eviction lockouts on foreclosed homes in order to provide a greater measure of certainty to families during the holiday season,” said Tracy Mooney, Senior Vice President of Servicing and REO at Freddie Mac in a statement.

Kudos to both! Chip Jefferson