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Home prices to hit bottom in March

December 23rd, 2009 3:29 PM

Daily Real Estate News | December 22, 2009 |

Report: Home Prices Likely to Hit Bottom in March
Home prices in 45 of the largest housing markets are expected to fall another 4.2 percent before they hit bottom in March, according to First American CoreLogic’s LoanPerformance Home Price Index.

By October 2010, prices are expected to be heading upward again by about 1 percent compared to 2009.

The report warned that this progress could be jeopardized by an increasingly large “shadow inventory” of homes owned by banks but not yet on the market. The problem is particularly acute in Michigan and Ohio cities, the report said. It projected a 12.7 percent further decline in values in Detroit, an 11.4 percent decline in most of the rest of southeast Michigan, and a 6.3 percent fall in Cleveland.

The report expects the strongest recoveries next year in California cities. These include:

San Francisco, up 5.7 percent
Los Angeles, 5 percent
San Diego, 4.7 percent
Sacramento, 4.6 percent

Source: Inman News (12/21/2009)

Posted by JoAnn Leigh on December 23rd, 2009 3:29 PMPost a Comment (0)

Charleston 2009

December 31st, 2009 9:26 AM

CHARLESTON/MOUNT PLEASANT

CharlestonUnited States according to readers of Conde Nast TravelerKiawah Island also was named the top island and top resort in the mainland U.S. by the same poll. And Charleston was the only U.S. destination on Lonely Planet’s top 10 list for 2010.. The Sanctuary at continues to garner major recognition from travelers and the travel press, including No. 2 city to visit in the

Carnival Cruise LinesCharleston beginning with a May 18 departure of the 2,056-passenger Carnival Fantasy. Trips will be to the Bahamas and Key West and depart from the Port of Charleston’s passenger terminal near the historic city’s downtown. The world’s largest cruise line had been offering seasonal trips from Charleston to a variety of destinations for the past 10 years. Local hoteliers are responding by putting together park-and-stay packages. will begin year-round service from

Regularly scheduled evenings of Gullah praise singing, wisdom sharing and comedy by traditional story tellers are now being held by Gullah CuisineMount Pleasant, with restaurant owners reporting attendance of about 120 people per show. in

The Mount Pleasant Visitors Center has opened. Situated on nine acres in the shadow of the Ravenel Bridge, the center features one of the state’s longest fishing piers, a waterfront playground, kayak launching area, amphitheater, the Sweetgrass Cultural Arts Pavilion and the Cooper River Room for private parties and receptions.

Charles Towne Landing State Historic Site now offers the new Founders Hall as a space for receptions and meetings. The green-friendly structure includes a full kitchen, screen porch with wood-burning fireplace, satellite television and other amenities for large and small groups in a Lowcountry setting.

A new addition for the strolling scene in Charleston is Pat Conroy’s South of Broad Walking Tour. The walk through this most walkable of cities focuses on settings from Conroy’s latest best-seller of the same name, including the Dock Street Theater, St. Michael’s Episcopal Church and the Mills House Hotel.

The 10-year makeover of lower King Street has been completed. Home to some of the downtown area’s popular restaurants and shops, the street now has new ADA-accessible granite curbing, bluestone sidewalks, buried utility lines and new street trees and lights.

The popular City Market downtown will get a new look in 2010, its first major renovation since the 1970s. Three of the four sheds will get new paint, re-pointed mortar, roof improvements to help thwart rainfall and vent heat, cleaned up bluestone floors and outside access to vendors. The market is one of the oldest of its kind in the country, dating to 1841, and is home to sweet grass basket makers and purveyors of a wide range of clothing, gift items and collectibles. The work is expected to be done by April.

American Airlines has added direct service from Miami to Charleston International AirportCharleston airport.. There now are six airlines offering about 115 flights to 14 destinations daily from the

Posted by JoAnn Leigh on December 31st, 2009 9:26 AMPost a Comment (0)

2010 a good year

December 30th, 2009 10:13 AM

Triple dose of good news reported for U.S. economy

By the A.M. Costa Rica wire services

The United States has received a triple dose of encouraging news on consumer confidence, business hiring, and home prices that suggests a fledgling economic recovery is gaining traction.

Emerging from the deepest and longest recession since World War II, Americans' confidence in their nation's economy continues to rebound. The New York-based Conference Board's Consumer Confidence Index stands at 52.9, up from 50.6 a month ago, and a marked improvement from a 25.3 reading in February.

"We have posted yet another moderate gain in December, primarily because people are more optimistic about the short-term outlook," said Conference Board researcher Lynn Franco.

Fueling that optimism are signs that double-digit unemployment in the United States will recede in coming months. A survey of U.S. employers shows that 20 percent expect to hire full-time workers next year, up from 14 percent in 2009. Unemployment reached a high of 10.2 percent in October and currently stands at an even 10 percent. Although month-to-month fluctuations are possible, most economists expect the jobless rate to gradually decline in the coming year.

Another welcome sign is a stabilization of U.S. home prices. A private reading of home prices edged up .4 percent in October for the fifth month in a row. Eleven of 20 U.S. metro areas showed gains, although housing prices remain significantly depressed from all-time highs recorded in 2006.

David Blitzer of Standard and Poor's, helped compile the data.

"We are seeing some small gains in home prices. Looking at the overall picture, home prices are back to where they were at about 2003," said Blitzer. "I think we will see continuing gains going forward."

Most economists predict a lackluster U.S. economic recovery in 2010. But Jim O'Sullivan, chief economist at MF Global financial firm, says current data point to better times ahead.

"The start of a real recovery," he said. "The question still, of course, is whether that will translate into positive job growth. And I think it will not necessarily immediately, not necessarily next week. But over the next few months we will see positive job growth. And as the year progresses, I think strength will start to feed on itself."

Posted by JoAnn Leigh on December 30th, 2009 10:13 AMPost a Comment (0)

Having trouble making your Loan Payment

December 21st, 2009 2:45 PM

If you'd like to see if you qualify for a Loan Modification go to

makinghomeaffordable.gov to find out.

Posted by JoAnn Leigh on December 21st, 2009 2:45 PMPost a Comment (0)

80% more sales

December 15th, 2009 1:33 PM

Charleston-Area Residential Real Estate Sales Soar in November
Charleston County Home Sales Double Over 2008 Levels, Leads Regional Recovery

CHARLESTON, SC—(December 10, 2009) The Charleston-area residential real estate market continues to show signs of a strong recovery. Led by incredibly strong sales in Charleston County, preliminary data from the Charleston Trident Association of REALTORS® showed 783 closed transactions in November, with a median sale price of $173,000.

As of December 10, 2008, 435 properties were sold at a median price of $185,503. This month’s numbers reflect an unprecedented 80% increase in sales and the third consecutive month of increases.

This type of activity is uncharacteristic for November, and likely attributable to the passing of the original homebuyer tax credit deadline, which was November 30. The tax credit deadline has been extended to April 30, 2010 and expanded to include provisions for existing homeowners. More information on the new tax credit is available here.

Inventory sits at this year’s lowest level, with 9,429 properties listed as “active” with the Charleston Trident Multiple Listing Service, as of November 30, 2009.

BERKELEY COUNTY
Home sales in Berkeley County were up 65% in November, with 196 sales at a median price of $154,700, compared to November 2008’s 119 sales at $170,000.

CHARLESTON COUNTY
Charleston County showed the greatest gains in the region during the month. Sales doubled over last year, and median prices are within 1%of 2008 levels. 361 properties changed hands in November at a median price of $225,000, in stark contrast to 2008’s 170 sales at a median price of $227,738.

DORCHESTER COUNTY
Sales continued to be strong in Dorchester County, up 42% year-over-year. 199 properties sold at a median price of $150,000 this month, compared to 140 properties at a median price of $169,995 in 2008.

NEW! The October Market Skinny

Date: 11/19/2009

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October 2009: Sales Up 31%

Date: 11/10/2009

September 2009: Residential Sales Increase 7%

Date: 10/13/2009

August 2009: Residential Market Reflects End Of An Active Summer Season

Date: 9/11/2009

July 2009: Residential Real Estate Sales Increase 4% From One Year Ago

Date: 8/10/2009

June 2009: Second Consecutive Month of Growth in Residential Real Estate Sales

Date: 7/10/2009

May 2009: Residential Real Estate Sales Reach Seven-Month High As Market Continues To Stabilize

Date: 6/10/2009

April 2009: April Housing Market Continues To Stabilize

Date: 5/10/2009

Posted by JoAnn Leigh on December 15th, 2009 1:33 PMPost a Comment (0)

Foggy today

December 14th, 2009 2:53 PM

Don't you love this weather! Not really. Sometimes this happens when temp changes from cold to warm so quickly. Lucky the big ships that travel in and out of the Port have plenty of equipment to "see thru the fog"

Posted by JoAnn Leigh on December 14th, 2009 2:53 PMPost a Comment (0)

Weather on IOP

December 11th, 2009 12:00 PM

Boy what a change. Yesterday we had 76 degree sunny weather and today it's 50 and cloudy. But it's still a beautiful day on the island because we still have that wonderful beach and autumn looking marshgrass.

Has anyone visited the James Island County Park Lights yet?

Here's a link: Festival of Lights

Posted by JoAnn Leigh on December 11th, 2009 12:00 PMPost a Comment (0)

Tax Credit Change

December 8th, 2009 4:08 PM

Here is a great chart to see who quailifies for the tax credit

governmen...pdf

Posted by JoAnn Leigh on December 8th, 2009 4:08 PMPost a Comment (0)