Positive outlook for Myrtle Beach 2010 economy!
Myrtle Beach area tourism could lift in '10 - Local - TheSunNews.com
Thursday, December 3, 2009
Wednesday, December 2, 2009
Tuesday, November 10, 2009
Friday, November 6, 2009
Friday, October 23, 2009
Tuesday, October 13, 2009
Thursday, October 8, 2009
$8,000 First Time Home Buyer Extension
http://www.nytimes.com/2009/10/08/us/politics/08stimulus.html?_r=1&th&emc=th
Thursday, October 1, 2009
Wednesday, September 16, 2009
Thursday, September 10, 2009
#MYRTLE BEACH- Housing Market ShiftAssistant Secretary for Financial Institutions Michael S. Barr Written Testimony on Stabilizing the Housing Market before the House Financial Services Committee, Subcommittee on Housing and Community Opportunity
Sunday, September 6, 2009
Thursday, August 20, 2009
Friday, August 14, 2009
Myrtle Beach July Sales
http://thesunnews.typepad.com/realestate/2009/08/home-sales-rise-in-july.html
Thursday, August 6, 2009
Lawsuits plague servicers - Business - The Sun News
Mortgage Servicers...Haven't they learned anything!! and the Government!
Lawsuits plague servicers - Business - The Sun News
Shared via AddThis
Lawsuits plague servicers - Business - The Sun News
Shared via AddThis
Friday, July 24, 2009
Myrtle Beach does it again for July!
http://thesunnews.typepad.com/tourism/2009/07/beaches-busier-than-expected-in-july.html
Thursday, July 16, 2009
Myrtle Beach condo sales boast 2% gain!
July 16, 2009
Condo sales up 2 percent in June
Condo sales went up 2 percent in June, marking the first time in two years that any Grand Strand real estate sales have increased.
Single-family house sales did not fare as well and dropped 19 percent, when compared with sales in June 2008.
The numbers pulled this week from the Multiple Listing Service also show that the median house price - the price at which half sold for more and half sold for less - is down 14 percent to $180,630, and the median condo prices are down 19 percent to $130,000, when compared with the same month last year.
Both residential and condo sales dropped overall through the first six months of the year. The decline was not as large as the same period in 2008.
The market has bottomed out and residential sales are not declining as rapidly, said Tom Maeser, the market analyst for the for the Coastal Carolinas Association of Realtors
Condo sales up 2 percent in June
Condo sales went up 2 percent in June, marking the first time in two years that any Grand Strand real estate sales have increased.
Single-family house sales did not fare as well and dropped 19 percent, when compared with sales in June 2008.
The numbers pulled this week from the Multiple Listing Service also show that the median house price - the price at which half sold for more and half sold for less - is down 14 percent to $180,630, and the median condo prices are down 19 percent to $130,000, when compared with the same month last year.
Both residential and condo sales dropped overall through the first six months of the year. The decline was not as large as the same period in 2008.
The market has bottomed out and residential sales are not declining as rapidly, said Tom Maeser, the market analyst for the for the Coastal Carolinas Association of Realtors
Monday, July 13, 2009
Saturday, July 11, 2009
Friday, July 10, 2009
HUD Foreclosure Advice - Free
HUD advice for those who may be facing foreclosure is coming to the Myrtle Beach area tomorrow. Free!
http://www.typepad.com/services/trackback/6a00d83451ec3769e2011571d4cfae970b
http://www.typepad.com/services/trackback/6a00d83451ec3769e2011571d4cfae970b
In response to How Much should banks sell their toxic commercial loans, the answer is the same!
As much as an investor is willing to pay for them..
The buyer is driving this train not the seller.
This is how we are stabilizing the real estate market. Price it correctly and "buyers, & investors will come.." It is working in Myrtle Beach's real estate market.
As much as an investor is willing to pay for them..
The buyer is driving this train not the seller.
This is how we are stabilizing the real estate market. Price it correctly and "buyers, & investors will come.." It is working in Myrtle Beach's real estate market.
Now the question is the Commercial Loans
d by Back to Google News
With assets less toxic, banks have other troubles
By JIM KUHNHENN – 14 hours ago
WASHINGTON (AP) — The bundles of bad home mortgages that panicked the Bush and Obama administrations have turned out to be not so toxic for the financial industry after all.
After assembling $700 billion to deal with the problem, the government is devoting a relatively modest $30 billion to buy troubled mortgage-backed securities. With that on the back burner, the big threat to the economy is now believed to be troubled credit card, commercial real estate and commercial industrial debt.
These bad loans, made worse by the severity of the recession, could be responsible for two-thirds of banks' losses.
"The commercial real estate time bomb is ticking," Rep. Carolyn Maloney, D-N.Y., said Thursday at a congressional hearing.
On that front, the administration is still looking for a solution. A so-called "legacy loan" purchase plan by the Federal Deposit Insurance Corp. announced last March has fizzled.
At the end of the first quarter of this year, banks held about $1.8 trillion in commercial real estate loans. About 7 percent of those loans were considered delinquent, almost twice the level a year earlier, Jon D. Greenlee, the Federal Reserve's associate director for banking supervision and regulation, told Congress on Thursday.
"Yes, the need to buy toxic assets from the banks is less present than it was," Sen. Chuck Schumer, D-N.Y., told The Associated Press. "There are still lots of other problems."
It's hard to imagine today the dread with which Wall Street and top government officials viewed the mortgage-backed assets that banks were carrying last September. Lawmakers were told that these securities had so been so devalued that they had pushed the entire economy to the edge of a precipice. Congress moved swiftly to pass the $700 billion Troubled Asset Relief Program.
As initially planned, the program would have bought, managed and sold these toxic assets to allow banks to recapitalize and free up more lending. But then-Treasury Secretary Henry Paulson and other members of President George W. Bush's team soon found that it was nearly impossible to assign a price to those assets. Instead, the Bush administration and later the Obama administration reassembled TARP into about a dozen separate programs.
The government now is making large, direct infusions into hundreds of financial institutions, and helping lenders modify mortgages. The government also is using loans and other subsidies to prop up the largest firms, including banks, automakers and an insurance company.
The Treasury Department predicts that it has about $127 billion in TARP money that has not been spent or earmarked for a particular program. Of that, $70 billion represents money repaid by banks and has prompted a debate in Congress as to whether it should be used to reduce the deficit or, as Treasury wants, as a contingency for other finanial sector assistance.
What's more, administration officials warn that the mortgage-backed securities, amassed during the subprime real estate boom, could still come back and bite the financial sector. But for now, they're not the main thing dragging banks down.
What altered the landscape? In a word, attitude.
"What we're seeing is a change in sentiment and confidence," said Mark Tenhundfeld, a senior vice president at the American Bankers Association.
To be sure, there were steps along the way that contributed. The board that sets U.S. accounting standards gave companies more leeway in valuing assets and reporting losses. Federal Reserve stress tests on the nation's top banks also showed that even with their bad assets and troubled loans, they could still function. Pressed by the government, they then proceeded to raise $100 billion in new capital.
And the economy, though still sputtering, shows signs of bottoming out.
"The fact that the market itself and the institutions have actually strengthened themselves has given a degree of confidence that institutions may not be under such intense pressure to dispose of assets," said Randy Marshall, who heads the financial services practice at Protiviti, a global business consulting and internal auditing firm.
Since the program was conceived in a desperate moment and no longer addresses the banking system's root problems, Treasury would have been wise to scrap it, said Barry Ritholtz, head of the financial research firm FusionIQ.
"It doesn't make any sense to take federal tax dollars and give it to wealthy private equity people to buy junk that should never have been produced," Ritholtz said. "None of the underlying factors that led to this crisis have changed, but the pain from this issue has stopped for the moment."
And it remains an open question whether banks and investors will ever agree on the value of these assets.
Banks might value their pool of mortgage-backed assets at about 60 cents on the dollar while investors price them at about 30 cents on the dollar, said Douglas Elliott, a fellow at the Brookings Institution and a former investment banker. The government's $30 billion public-private partnership plan could lead investors to pay 40 to 45 cents on the dollar, he said.
Even that might not generate enough interest among banks to reach the government's goal of $40 billion in toxic-asset sales.
"It's not a matter of how much toxic assets are out there," said independent banking consultant Bert Ely. "The question is do banks need to sell them, and can they get the price they're looking for."
With assets less toxic, banks have other troubles
By JIM KUHNHENN – 14 hours ago
WASHINGTON (AP) — The bundles of bad home mortgages that panicked the Bush and Obama administrations have turned out to be not so toxic for the financial industry after all.
After assembling $700 billion to deal with the problem, the government is devoting a relatively modest $30 billion to buy troubled mortgage-backed securities. With that on the back burner, the big threat to the economy is now believed to be troubled credit card, commercial real estate and commercial industrial debt.
These bad loans, made worse by the severity of the recession, could be responsible for two-thirds of banks' losses.
"The commercial real estate time bomb is ticking," Rep. Carolyn Maloney, D-N.Y., said Thursday at a congressional hearing.
On that front, the administration is still looking for a solution. A so-called "legacy loan" purchase plan by the Federal Deposit Insurance Corp. announced last March has fizzled.
At the end of the first quarter of this year, banks held about $1.8 trillion in commercial real estate loans. About 7 percent of those loans were considered delinquent, almost twice the level a year earlier, Jon D. Greenlee, the Federal Reserve's associate director for banking supervision and regulation, told Congress on Thursday.
"Yes, the need to buy toxic assets from the banks is less present than it was," Sen. Chuck Schumer, D-N.Y., told The Associated Press. "There are still lots of other problems."
It's hard to imagine today the dread with which Wall Street and top government officials viewed the mortgage-backed assets that banks were carrying last September. Lawmakers were told that these securities had so been so devalued that they had pushed the entire economy to the edge of a precipice. Congress moved swiftly to pass the $700 billion Troubled Asset Relief Program.
As initially planned, the program would have bought, managed and sold these toxic assets to allow banks to recapitalize and free up more lending. But then-Treasury Secretary Henry Paulson and other members of President George W. Bush's team soon found that it was nearly impossible to assign a price to those assets. Instead, the Bush administration and later the Obama administration reassembled TARP into about a dozen separate programs.
The government now is making large, direct infusions into hundreds of financial institutions, and helping lenders modify mortgages. The government also is using loans and other subsidies to prop up the largest firms, including banks, automakers and an insurance company.
The Treasury Department predicts that it has about $127 billion in TARP money that has not been spent or earmarked for a particular program. Of that, $70 billion represents money repaid by banks and has prompted a debate in Congress as to whether it should be used to reduce the deficit or, as Treasury wants, as a contingency for other finanial sector assistance.
What's more, administration officials warn that the mortgage-backed securities, amassed during the subprime real estate boom, could still come back and bite the financial sector. But for now, they're not the main thing dragging banks down.
What altered the landscape? In a word, attitude.
"What we're seeing is a change in sentiment and confidence," said Mark Tenhundfeld, a senior vice president at the American Bankers Association.
To be sure, there were steps along the way that contributed. The board that sets U.S. accounting standards gave companies more leeway in valuing assets and reporting losses. Federal Reserve stress tests on the nation's top banks also showed that even with their bad assets and troubled loans, they could still function. Pressed by the government, they then proceeded to raise $100 billion in new capital.
And the economy, though still sputtering, shows signs of bottoming out.
"The fact that the market itself and the institutions have actually strengthened themselves has given a degree of confidence that institutions may not be under such intense pressure to dispose of assets," said Randy Marshall, who heads the financial services practice at Protiviti, a global business consulting and internal auditing firm.
Since the program was conceived in a desperate moment and no longer addresses the banking system's root problems, Treasury would have been wise to scrap it, said Barry Ritholtz, head of the financial research firm FusionIQ.
"It doesn't make any sense to take federal tax dollars and give it to wealthy private equity people to buy junk that should never have been produced," Ritholtz said. "None of the underlying factors that led to this crisis have changed, but the pain from this issue has stopped for the moment."
And it remains an open question whether banks and investors will ever agree on the value of these assets.
Banks might value their pool of mortgage-backed assets at about 60 cents on the dollar while investors price them at about 30 cents on the dollar, said Douglas Elliott, a fellow at the Brookings Institution and a former investment banker. The government's $30 billion public-private partnership plan could lead investors to pay 40 to 45 cents on the dollar, he said.
Even that might not generate enough interest among banks to reach the government's goal of $40 billion in toxic-asset sales.
"It's not a matter of how much toxic assets are out there," said independent banking consultant Bert Ely. "The question is do banks need to sell them, and can they get the price they're looking for."
Wednesday, July 8, 2009
Tuesday, July 7, 2009
Recently I researched the financing available for ocean front condos, not impossible, but varies from complex to complex, so you do your research building by building
Financing will be based on the HOA Management Control, the sq footage of the condo, the status of the buyer's credit,buyers ownership of other properties. The smaller the unit the more the purchaser would have to invest of his money. Under 750 sq ft one would have to deposit approximately 55% of the sales price.
In a market where you can purchase an ocean front condo,( with gross rentals of $30,000,) for $100,000 you would need 55,000 in cash to put down if the unit is under 750 sq ft.
It is not impossible but it does require knowing everything about the condo complex and working closely with the bank.
Cash of course is the best, but in this market the investment possibilities are unlimited for the buyers!
Need Fannie & Freddie to get back into the ocean front condo market, but in the meantime, cash is a buyer's purchasing power!
Financing will be based on the HOA Management Control, the sq footage of the condo, the status of the buyer's credit,buyers ownership of other properties. The smaller the unit the more the purchaser would have to invest of his money. Under 750 sq ft one would have to deposit approximately 55% of the sales price.
In a market where you can purchase an ocean front condo,( with gross rentals of $30,000,) for $100,000 you would need 55,000 in cash to put down if the unit is under 750 sq ft.
It is not impossible but it does require knowing everything about the condo complex and working closely with the bank.
Cash of course is the best, but in this market the investment possibilities are unlimited for the buyers!
Need Fannie & Freddie to get back into the ocean front condo market, but in the meantime, cash is a buyer's purchasing power!
Saturday, June 27, 2009
Wells Fargo Mortgage Teams again with David Bach
http://www.youtube.com/watch?v=jP1DVnXlaFM - SMART HOMEBUYERS ARE BUYING NOW!
http://www.youtube.com/watch?v=TSbF6h7ties - SMART HOMEOWNERS EARN GOVERNMENT TAX CREDIT!
http://www.youtube.com/watch?v=p_cJBj9Hn68 - SMART HOMEOWNERS GET QUALIFIED!
http://www.youtube.com/watch?v=nFVNeBrLWqE - SMART HOMEOWNERS TEAM UP WITH THE BEST! WORK WITH A REALTOR!
http://www.youtube.com/watch?v=5TGnRa7hcFo - SMART HOMEOWNERS LEARN MORTGAGE BASICS!
http://www.youtube.com/watch?v=TSbF6h7ties - SMART HOMEOWNERS EARN GOVERNMENT TAX CREDIT!
http://www.youtube.com/watch?v=p_cJBj9Hn68 - SMART HOMEOWNERS GET QUALIFIED!
http://www.youtube.com/watch?v=nFVNeBrLWqE - SMART HOMEOWNERS TEAM UP WITH THE BEST! WORK WITH A REALTOR!
http://www.youtube.com/watch?v=5TGnRa7hcFo - SMART HOMEOWNERS LEARN MORTGAGE BASICS!
Friday, June 12, 2009
Summertime IS here! Myrtle Beach
HOT HUMID LAZY DAY AFTERNOONS AT MYRTLE BEACH.
COME ENJOY A WEEKEND ON THE BEACH! ASK ABOUT RATE SPECIALS WHEN MAKING RESERVATIONS. CHECK AROUND, & check on www.thesunnews.com
NICE COOL THUNDER SHOWERS IN THE LATE EVENING..
COME ENJOY A WEEKEND ON THE BEACH! ASK ABOUT RATE SPECIALS WHEN MAKING RESERVATIONS. CHECK AROUND, & check on www.thesunnews.com
NICE COOL THUNDER SHOWERS IN THE LATE EVENING..
Wednesday, June 3, 2009
Summer HERE!
hot humid days have started, get ready for Sun Fun in Myrtle Beach!
Schools out this Friday!!
Go to www.thesunnews.com for all the local information you may need to plan your vacation to MYRTLE..
Schools out this Friday!!
Go to www.thesunnews.com for all the local information you may need to plan your vacation to MYRTLE..
Thursday, May 21, 2009
Atlantic Biker Weekend, Myrtle Beach
2001 nite club on Lake Arrowhead hosting biker events today thru Saturday.
Go to www.thesunnews.com for information, dates & times
Also Freestyle Music Park opens this weekend, located on Hwy 501 & intracoastal waterway where Hard Rock Park began last year. Looking forward to this park opening and maintaining a great family atmosphere...
2001 nite club on Lake Arrowhead hosting biker events today thru Saturday.
Go to www.thesunnews.com for information, dates & times
Also Freestyle Music Park opens this weekend, located on Hwy 501 & intracoastal waterway where Hard Rock Park began last year. Looking forward to this park opening and maintaining a great family atmosphere...
Wednesday, May 20, 2009
Welcome to Myrtle Beach Memorial W/E
Memorial Day Weekend at the Beach! Myrtle Beach! Nice weather expected. Rooms available, Try travelocity.com or the sunnews.com
Sunny 75-80s
Sunrise on 5500 block Ocn Blvd (Cabana Row), Myrtle Beach
And for Bikers
Atlantic Beach hosting biker events too.
Atlantic Beach hosting biker events too.
Subscribe to:
Posts (Atom)
