With everyone reading about the massive numbers of foreclosures across the country on the front pages of the paper each day and hearing about it on TV & radio, it is important to note that as a state and as a local region we are in a much better position than others across the country. Here is some data on foreclosures from the realtytrac.com website.
State rankings for highest number of foreclosures in second quarter 2008:
1. Nevada
2. California
3. Arizona
4. Florida
5. Colorado
South Carolina is ranked #35 in the country!
Locally, from first quarter 2008 to second quarter 2008, foreclosures are DOWN 33% in Charleston county, DOWN 9% in Dorchester county but UP 21% in Berkeley County.
It is very important to remember that real estate is a local business not a national business. Mistakes that have been made in regards to overbuilding and lending are affecting us in Charleston but not nearly as much as the majority of the country. Your comments and feedback on this are greatly appreciated.
Housing & Economic Recovery Act of 2008
Many of you have been asking what does this law mean to me?? Here is a brief overviewof the key points, please call or email with any questions.
First Time Home Buyer Tax Credit: Eligible first time home buyers from 4/9/08 through 6/30/09 can receive up to a $7500 tax credit on their home purchase. Certain income restrictions apply and the credit is paid back over the next 15 years on your income taxes. It is in essence, a tax-free loan from the government.
FHA Reform: Recently FHA insured loans have come back into the market as a prime method of financing. Inspection requirements have being lowered so that most homes can get approved for an FHA loan. FHA loans levels have been increased in all areas. VA loan limit have also been increased temporarily.
FHA Foreclosure Rescue: This is a refinance program for only primary residence homes. Lenders have to agree to write down the value of the mortgage and FHA will lend up to 90% of the home’s appraised value with a limit of $550,440 nationwide. Borrowers must share 50% of the home’s future appreciation with the FHA. The program comes into effect on Oct. 1, 2008. If you are in this situation, please give us a call so we can confidentially get you to the appropriate contact for this program.
Property Tax Deduction: For property owners who do not itemize their tax deductions but do pay property taxes are eligible for a $500 tax deduction ($1000 deduction for married couples) on their 2008 returns. This will be very beneficial to people who do not have a mortgage.
For more information on the above programs, please let us know. As always, please contract mewith any questions or comments. I look forward to assisting you in your real estate needs in the future.
First Time Home Buyer Tax Credit: Eligible first time home buyers from 4/9/08 through 6/30/09 can receive up to a $7500 tax credit on their home purchase. Certain income restrictions apply and the credit is paid back over the next 15 years on your income taxes. It is in essence, a tax-free loan from the government.
FHA Reform: Recently FHA insured loans have come back into the market as a prime method of financing. Inspection requirements have being lowered so that most homes can get approved for an FHA loan. FHA loans levels have been increased in all areas. VA loan limit have also been increased temporarily.
FHA Foreclosure Rescue: This is a refinance program for only primary residence homes. Lenders have to agree to write down the value of the mortgage and FHA will lend up to 90% of the home’s appraised value with a limit of $550,440 nationwide. Borrowers must share 50% of the home’s future appreciation with the FHA. The program comes into effect on Oct. 1, 2008. If you are in this situation, please give us a call so we can confidentially get you to the appropriate contact for this program.
Property Tax Deduction: For property owners who do not itemize their tax deductions but do pay property taxes are eligible for a $500 tax deduction ($1000 deduction for married couples) on their 2008 returns. This will be very beneficial to people who do not have a mortgage.
For more information on the above programs, please let us know. As always, please contract mewith any questions or comments. I look forward to assisting you in your real estate needs in the future.
Here is our new logo
Here is the new logo for Charleston Pier Partners - we are ordering tshirts soon so send me an email if you want one soon.
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