Charleston SC Real Estate Blog - Charleston SC Real Estate: Misc. Topics

August 2010 National Housing Trends Update

Fri, 27 Aug 2010 20:40:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your Charleston SC Real Estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

August 2010 National Housing Trends Update

August 2010 Housing Trends Update is derived from the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. It is based on a national survey of more than 3,000 real estate agents each month and provides up-to-date intelligence on home sales and mortgage usage patterns throughout the United States

Housing Market Continues to See Exodus by First-Time Homebuyers. First-time homebuyers continued to desert the housing market in July, according to the latest Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions. First-time homebuyers accounted for only 39.1% of the home purchase market last month, down from a peak of 48.2% as recently as March and the lowest level seen in at least a year.

“The end of the tax credit has clearly had an effect,” stated Thomas Popik, research director for Campbell Surveys. “First-time homebuyer participation is continuing to drop. We expect a further decline in first-time homebuyer activity, perhaps reaching as low as 30-35% of the market by the fall months.”

Here is the entire August 2010 Housing Trends Update.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

July 2010 Colleton County Housing Market Statistics

Sat, 21 Aug 2010 07:22:00 -0400

July 2010 Colleton County Housing Market Statistics

Here are the housing market statistics for Colleton County.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

July 2010 Dorchester County Housing Market Statistics

Fri, 20 Aug 2010 07:15:00 -0400

July 2010 Dorchester County Housing Market Statistics

Here are the housing market statistics for Dorchester County. Additionally the housing market statistics are broken down further into the following local areas: Dorchester Road, Greater Summerville, and Saint George – Rural Dorchester County.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

July 2010 Berkeley County Housing Market Statistics

Thu, 19 Aug 2010 07:58:00 -0400

July 2010 Berkeley County Housing Market Statistics

Here are the housing market statistics for Berkeley County. Additionally the housing market statistics are broken further down into the following local areas: Daniel Island, Goose Creek and Moncks Corner, Hanahan, and Rural Berkeley County.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

July 2010 Charleston County Housing Market Statistics

Wed, 18 Aug 2010 08:39:00 -0400

July 2010 Charleston County Housing Market Statistics

Here are the housing market statistics for Charleston County. Additionally the housing market statistics are broken further down into the following local areas: Downtown Charleston, Charleston above the Crosstown, West Ashley, Mount Pleasant south of Highway 41, Mount Pleasant north of Highway 41, Wando – Cainhoy, Sullivan’s Island, Isle of Palms, James Island, Folly Beach, Johns Island, Kiawah – Seabrook, Hollywood - Ravenel, Edisto Island, and North Charleston.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

July 2010 Housing Supply Outlook for Charleston

Tue, 17 Aug 2010 21:31:00 -0400

July 2010 Housing Supply Outlook for Charleston

The type with highest increase inventory in property the in the last year was 3 bedroom single-family homes, but this only represented an increase of 1.8 percent. Inventory was down in all other property types, most notably among condos with 4 or more bedrooms, down 31.7 percent in the last year.

While pending sales were up for all property types over the last 12 months, they have risen the strongest in 2 bedroom single-family homes, up 32.8 percent, and had the weakest gains in larger condos.

The price range with the largest increase in pending sales over the past year has been the $100,000 and below range, where sales has increased by 36.2 percent.

Market times overall were up just 0.5 percent across the entire market, but only condominiums are actually seeing growing market times. The price range with the largest increase in market time is $350,001 and above.

For additional details on the Charleston housing supply outlook click here.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

July 2010 Monthly Indicators for the Charleston Housing Market

Tue, 17 Aug 2010 20:57:00 -0400

July 2010 Monthly Indicators for the Charleston Housing Market

“Recovery loses steam.” “Housing demand in a slump.” “Tax credit leaves
mess in its wake.” We’re bombarded with headlines like these every day. Some
merit some don’t. The truth is, the economy is now the housing market and not vice versa.

Pending Sales in the region dropped by 7.9 percent from last July to arrive at
780. While this is a decline, it is a quieter decline than many other parts of the
country are experiencing.

New Listings also declined by 6.0 percent since last July and overall inventory
dropped 8.1 percent to end with 9,737 properties available for sale. A bright
spot was Months Supply of Inventory which declined by 23.9 percent to arrive
at 12.4 months, given current demand. Although still high, this metric is moving
in the right direction.

Median Sales Price grew 5.7 percent over last July to arrive at $195,500.
However buyers were only willing to pay 90.9 percent of sellers’ asking price.
Time on the market times have also declined by 9.0 percent over last year to 108 days. In sum, the housing market is trying to hold its ground until the job situation improves. Only after widespread, private-sector hiring will demand be restored to the market and prices continue to stabilize. Until then, it’s a hurry up and wait.

See the details of July 2010’s monthly indicators here.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

The Tale of a Turtle: How the Kiawah Island Turtle Patrol Helps

Wed, 28 Jul 2010 06:43:00 -0400

The Tale of a Turtle: How the Kiawah Island Turtle Patrol Helps

The Loggerhead Sea Turtle, whose scientific name is Caretta caretta is one of the most common sea turtles and is the only sea turtle that nests in the United States. They are large swimming reptile that may reach 45” in diameter and weigh over 300 pounds.

Loggerhead Sea Turtle Information

The Loggerhead Sea Turtle is an endangered species and has been designated as South Carolina’s state reptile. Most nesting occurs north of the Gulf of Mexico and Caribbean Sea in temperate waters, although some individuals nest in the western Caribbean. Loggerhead sea turtles also nest along the southeastern U. S. coast, with 90 percent of nests occurring in Florida. Females come out of the water to lay their eggs on beaches at night. An individual may nest up to 7 times in a single season, laying 100-125 eggs every 14+ days. The eggs hatch in 55-65 days; the hatchlings emerge at night to spend their first year among mats of sargassum weed and other flotsam. Sexual maturity is reached in 10-15 years, and the estimated maximum lifespan is 30 years.

Loggerhead sea turtles are found globally, preferring temperate and subtropical waters. In the western Atlantic, they range from the Canadian Maritime Provinces south to Argentina. Within its range, this species inhabits warm waters on continental shelves and areas among islands. Estuaries, coastal streams and salt marshes are preferred habitats.

Loggerhead sea turtles and eggs are hunted extensively in many parts of the world. In the U. S., however, the main threat is from raccoons and wild boar which eat the eggs. On some nesting beaches, raccoons may destroy more than 95 percent of the nests. Encroaching human populations are also a threat.

In response to sea turtle mortality in trawl nets, the U. S. Fish and Wildlife Service has issued regulations requiring shrimp trawlers of the southeastern and Gulf coasts to have a turtle excluder device (TED) on their nets. This device allows turtles and other large marine life to escape should they enter a net.

Kiawah Island Turtle Patrol to the Rescue

Kiawah Island boasts one of the largest volunteer turtle patrols in the country with well over 100 participants. The Kiawah Island Turtle Patrol is divided in to two groups the nesting patrol, and the hatching patrol.

The nesting patrol which starts in early May and continues through mid-August this group patrols the 10 miles of sandy beaches each morning search for new nesting sites. When a nest site is located a marker is place at the nest site and wire fencing is placed over the nest to prevent raccoons and other predators form destroying the eggs. In some cases if the nest is in a poor site the eggs may be dug up and relocated to a better site on the sand dunes.

The hatching patrol begins in mid-August and end at the end of October. The hatchlings are about the size of a half dollar. The hatchlings orient them selves to the ocean by the light of the moon. Therefore all lights visible from the beach must be off from dusk to daylight from May 15 to the end October. The hatching patrol walks is divided into groups that walk the entire beach looking for signs of hatchlings making their way to the ocean. Once they find a nest with active hatching they mark it and record it. 72 hours after the first indication of hatching the turtle patrol inventories the nest to determine the status of any remaining turtle eggs. Without human intervention the hatch rate of the Loggerhead Sea Turtle eggs is 1-3% with human intervention on Kiawah Island by the Kiawah Island Turtle Patrol the average hatch rate is over 70%.

The Kiawah Island Turtle Patrol 2010 Turtle Season Update

July 23rd: Kiawah has 190 loggerhead sea turtle nests on our beach as of July 23rd! Given that there are roughly two weeks remaining for nesting season, will we reach 200 nests?

July 21st: 184 nests! That is just slightly above our number of nests during a normal nesting season. Yea! Nests are hatching all over the beach these days, so if you head out to the beach late at night or early in the morning, be on the lookout for baby turtles.

May 15th: Kiawah's first nest was laid.

May 7th: The first turtle nest in South Carolina was located this morning! It was laid on Cape Island. Turtle season has officially begun in South Carolina!

I am certain there are turtle patrols along all the barrier islands in South Carolina and most of the southeast coast of the US from Florida to North Carolina. Kiawah Island Turtle Patrol is the one I happen to be familiar with. My hat is off to every member of each turtle patrol for a job well done!

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

South Carolina is the 8th Best State for Retiree Taxes Benefits

Sat, 03 Jul 2010 06:29:00 -0400

South Carolina is the 8th Best State for Retiree Taxes Benefits

According to a recent article in Forbes magazine South Carolina is the eighth (8th) best state for retiree’s tax benefits. States are wooing retirees with tax breaks. On average, retirees pay only half the state income tax levied on working-age people, according to researchers at the University of New Hampshire and Georgia State.

Seven states — Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming — don't tax personal income at all. New Hampshire and Tennessee tax interest and dividends but not other income. Still, these states may not offer the best total deal for seniors because other states have crafted special programs that reduce taxes and fees across the board.

Considering everything, here are the states that tax experts say offer the best deals for residents older than 65:

1. Georgia
2. Pennsylvania
3. Mississippi
4. Illinois
5. Michigan
6. Kentucky
7. New York
8. South Carolina
9. Delaware
10. Louisiana

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC Real Estate needs or questions.

See Charleston SC Real Estate Blog for local attractions and current Charleston events.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

2010 Kiawah Island / Seabrook Island Disaster Awareness Day

Tue, 08 Jun 2010 16:16:00 -0400

2010 Kiawah Island / Seabrook Island Disaster Awareness Day

The Town of Kiawah Island in conjunction with Seabrook Island is hosting the Annual Disaster Preparedness Day Thursday June 10th from 10:00 AM – 3:00 PM at the Sandcastle on Kiawah Island. You are encouraged to prepare yourselves and your home for the upcoming hurricane season. They will have a host of informative panelist, vendors, demonstrations and speakers onsite to share valuable information. There will also be door prizes and a buffet lunch provided. Come and learn how to better prepare for this hurricane season, earthquakes, floods, and fires. The 2010 Atlantic hurricane is predicted to be "above-average" in activity and produce 11 to 16 tropical storms, including six to eight hurricanes. Please plan to attend this year’s event and learn how to better prepare your family in the event of a hurricane or natural disaster.

As always, your thoughts, questions, or comments are greatly appreciated.

Let me know if I can help with any of your Charleston SC real estate needs or questions.

See Charleston SC Attractions for neat things to do.

Look at Charleston SC Real Estate homes anywhere in the tri-county area.

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Create a Home Emergency Preparedness Kit

Sat, 08 May 2010 08:25:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

Create a Home Emergency Preparedness Kit

Having a plan for an emergency and creating a preparedness kit that's tailored to your needs could be the key to your family's safety if disaster strikes.

Preparing an emergency kit you hope never to use may seem like a waste of time and money. But when disasters happen that are beyond your control, you can take charge of how you respond. "What became clear in Hurricane Katrina is that in big events, the government isn't going to come to your aid right away. You have to be prepared to take care of yourself," says Rick Bissell, PhD, a professor of emergency health services at the University of Maryland, Baltimore. According to a 2008 FEMA survey, more than half of all U.S. households have some sort of disaster preparation in place. If yours isn't one of them, here's what you need to do.

First, make sure important papers are in order

If a flood destroys your home, you could spend weeks or even months just trying to re-create the essential documents you'll need to get back on track. That's why it's critical to have backups of important papers, including the deed to your house, proof of insurance, medical records, passports, social security cards, and a list of personal contacts. Keep one copy at home in a portable case and another offsite in a safe place. And while you're at it, use the opportunity to check whether your insurance (http://www.houselogic.com/articles/homeowners-insurance-time-for-an-annual-check-up/) is up to date. "People often don't know what their homeowners' insurance policy covers, and most don't cover flooding," points out Bissell. Find out what hazards your area faces, and make sure you're protected against them.
Tailor a preparedness kit to your personal needs

Humanitarian organizations and government aid agencies offer guidelines (http://www.READY.GOV) for creating an emergency preparedness kit. But along with the basics like food and water, it's important to have what you need for your particular situation. You may not need extra blankets in southern California, but you do need escape ladders in case of wildfire. And you'll want extra blankets to survive a winter power outage in Maine.

Think about what you need for the safety of your house, too. Knowing where to find the main electrical and water shutoffs-and having the right wrench to turn them-can make the difference between a house that weathers the storm and one that experiences catastrophic flooding or fire.

A basic emergency preparedness kit

FEMA (http://www.fema.gov/plan/prepare/supplykit.shtm) recommends you keep a "grab and go" bag with these items in case you need to evacuate:

1. Water: One gallon per person per day for at least three days, for drinking and sanitation; double if you live in a very hot climate, have young kids, or are nursing. Bottled water is best, but you can also store tap water in food-grade containers or two-liter soda bottles that have been sanitized. Factor in your pet's water needs, too.

2. Food: At least a three-day supply of non-perishable’s and a can opener. Pack protein, fruit, and vegetables, but make sure they're in a form you actually like-it's bad enough not to have access to fresh food without also having to subsist on nothing but canned tuna. Include treats like cereal bars, trail mix, and Tootsie Rolls. Store food in pest-proof plastic or metal tubs and keep it in a cool, dry place.

3. Flashlights and extra batteries: "Candles are not recommended because there are many house fires caused by candles left unattended," says David Riedman, a public affairs officer with FEMA.

4. First-aid supplies: Two pairs of sterile gloves, adhesive bandages and sterile dressings, soap or other cleanser, antibiotic towelettes and ointment, burn ointment, eye wash, thermometer, scissors, tweezers, petroleum jelly, aspirin or non-aspirin pain reliever, and stomach analgesics such as Tums, Pepto-Bismol, and a laxative. (All those Tootsie Rolls can be hard to digest.)

5. Sanitation and hygiene supplies: Moist towelettes, paper towels, toilet paper, garbage bags, and plastic ties. You might also want travel-size shampoo, toothpaste/toothbrush, and deodorant.

6. Radio or TV: Keep a portable, battery- or crank-operated radio or television and extra batteries to remain connected in case the power goes out, as well as an extra cell phone charger. You can buy a good emergency radio online from the Red Cross (http://WWW.REDCROSSSTORE.ORG).

7. Plastic sheeting, duct tape, and dust masks: In case you need to seal your home or shelter from airborne contaminants.

8. Extra items: A whistle to signal for help, a favorite toy or other comfort items for kids.

9. Cash

Update your kit as your needs change, and replace food and water approaching its expiration date. You might pick a specific time each year to check, such as before hurricane season in the south or after Thanksgiving if you live in the north.
Wendy Paris is a New York-based writer whose work has appeared in This Old House magazine and other publications. She keeps chocolate chips on hand in case of emergency.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Article from HouseLogic.com

6 Key Features of the New Housing Rescue Plan

Sun, 04 Apr 2010 06:41:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

6 Key Features of the New Housing Rescue Plan

The government’s newest housing rescue effort, which was announced Friday, includes these key tenets:

1. As much as $14 billion of the Troubled Asset Relief Program (TARP) will be made available to pay for writing down second liens for loans whose borrowers refinance through the Federal Housing Administration.

2. Lenders that facilitate refinances through the FHA will be required to write down the principal of the first mortgage by at least 10 percent so the home owner has a loan-to-value ratio no higher than 97.75 percent.

3. Lenders of second liens will be offered incentives of 10 cents to 21 cents per dollar of principal they write down in connection with an FHA refinance.

4. Borrowers who lose their jobs can apply to have their mortgage payments reduced for three to six months while they search for a new job.

5. Borrowers with a payment still greater than 31 percent of income after they find a job will be considered for a permanent loan modification.

6. To encourage more short sales and “deed in lieu” of foreclosure transactions in which the lender settles the loan for less than is owed, the government will double assistance to borrowers to $3,000 and increase incentives to subordinate lien holders and investors to $6,000.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Source: Reuters News (03/26/2010)

Future Foreclosures Could Hamper Housing

Tue, 16 Mar 2010 07:58:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

Future Foreclosures Could Hamper Housing

In spite of signs of a recovery, many home buyers are continuing to fall behind on their mortgages. Some economists see this as an indication that a second major wave of foreclosures is likely, even though the housing market appears to be stabilizing.

This next upsurge in foreclosures could cause more disruption and push prices down farther.

Housing experts say that the recent favorable housing data doesn’t reflect the number of properties that banks have left in limbo — repossessed, but not yet on the market.

"Lenders are deluged by late-stage delinquencies. The pent-up foreclosure inventory is there," says Massoud Ahmadi, director of research for the Maryland Department of Housing and Community Development.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Source: Washington Post, Renae Merle (03/12/2010)

Foreclosures drop for 2nd month in February

Fri, 12 Mar 2010 07:13:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

Foreclosures drop for 2nd month in February

U.S. mortgage foreclosure filings dropped for a second straight month in February, and notched the smallest annual increase in four years as housing-rescue efforts contained activity, a report released on Thursday showed.
Foreclosures are by far one of the biggest threats to the U.S. housing market, which remains highly vulnerable to setbacks and heavily reliant on government intervention. If foreclosures keep dropping, it will be one of the strongest signals yet the market is on the path to recovery.

Foreclosure filings -- including mortgage default notices, house auctions and home repossessions by banks -- were reported on 308,524 properties in February, down 2 percent from January, but still up 6 percent from the year-ago month, real estate data firm RealtyTrac said.

"The 6 percent year-over-year increase we saw in February was the smallest annual increase we've seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac, in a statement.

Proclaiming an end to rampant foreclosures, however, is premature. Indeed, many say foreclosure prevention programs have fallen short of addressing the trend's current drivers.

"This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity -- albeit at a historically high level that will likely continue for an extended period," he said.

While February's drop may indicate that efforts to prevent foreclosure are gaining traction, the data has been volatile.

"In addition, severe winter weather appears to have temporarily slowed the processing of foreclosure records in some Northeastern and Mid-Atlantic states," he said.

One in every 418 U.S. housing units received a foreclosure filing in February, Irvine, California-based RealtyTrac said in its February 2010 U.S. Foreclosure Market Report.

Furthermore, more than 300,000 properties received foreclosure filings for a 12th straight month, RealtyTrac said.

REOs, or real estate-owned properties, activity nationwide was down 10 percent from the previous month, but up 6 percent from February 2009; default notices were up 3 percent from the previous month, but down 3 percent from February 2009, and scheduled foreclosure auctions were down 1 percent from the previous month, but still up 16 percent from February 2009, RealtyTrac said.
High unemployment and wage cuts have hurt the ability of many home owners to pay monthly mortgage payments. Unemployment was at 9.7 percent in February, according to the Labor Department.

Many lawmakers, advocacy groups and housing experts say the government's Home Affordable Modification Program, or HAMP, has fallen short because of its failure to adequately address negative equity or "under water" mortgages.
Negative equity has been one of the biggest banes of many home owners' lives, making many unqualified for home loan refinancing and preventing some from selling their homes. Borrowers in negative equity are more prone to defaults and foreclosures.

SUNBELT STILL HURTING

The foreclosure rate in Nevada, once one of the hottest U.S. real estate markets, remained highest among U.S. states for the 38th straight month -- despite a month-over-month drop in foreclosure activity of nearly 7 percent and a year-over-year fall of 30 percent.

One in every 102 Nevada housing units received a foreclosure filing during the month of February -- more than four times the national average.

Arizona and Florida documented nearly identical foreclosure rates, with one in every 163 housing units receiving a foreclosure filing in both states in February.
Despite a nearly 21 percent drop in foreclosure activity from the previous month, Arizona's rate was statistically slightly higher than Florida's rate, and ranked second highest among the states. Foreclosure activity in Florida increased nearly 15 percent in February from January.

The foreclosure rate in California, the most populous U.S. state, ranked fourth highest among the states, with one in every 195 housing units receiving a foreclosure filing during the month.

Michigan's foreclosure rate ranked fifth highest among the states, with one in every 226 housing units receiving a foreclosure filing in February.

Other states with February foreclosure rates among the nation's top 10 were Utah, Idaho, Illinois, Georgia and Maryland, the report showed.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

By Julie Haviv

Shadow Inventory Unlikely to Hurt Market

Fri, 26 Feb 2010 08:15:00 -0400

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:

Shadow Inventory Unlikely to Hurt Market

Nearly 5 million houses and condos, of which the mortgages are delinquent, will go through foreclosure over the next few years, a new study by John Burns Real Estate Consulting Inc. concludes.

This represents more than half of the 7.7 million households now behind on their mortgage payments. The situation is worst in Arizona, California, Florida, and Nevada. Burns calculates that there is an inventory equivalent to 27 months of sales in Orlando, 24 months in Miami, and 18 months in Las Vegas.

Consulting firm CEO John Burns says there is strong investor demand for these properties, so as long as employment continues to recover and interest rates remain moderate; these sales won’t have much impact on overall prices.

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/

View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210

Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Source: The Wall Street Journal, James R. Hagerty (02/16/2010)