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June 2010 - Posts

Wednesday, June 30, 2010 5:57 AM

HUD / Treasury introduces Monthly Housing Scorecard

A monthly recap of key data on the health of the housing market has been introduced by the administration called the Monthly Housing Scorecard . Hat tip to Jonathan Miller, Matrix . And look for the monthly Charleston real estate market report right here
Posted by Howard Arnoff | 0 Comments
Monday, June 28, 2010 6:16 AM

Life is good ... at the beach

Spending our usual Fourth of July week at the beach in HHI and doing as little as possible with my feet in the sand and a book in hand. Our thoughts and prayers go to the residents and beach visitors along the beleaguered Gulf Coast.
Posted by Howard Arnoff | 0 Comments
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Saturday, June 26, 2010 6:04 AM

[Surprise] Unscrupulous individuals made fraudulent claims for home buyer tax credit

We've all heard about the 4 year old child who claimed the $8k first time home buyer tax credit but a new government report was recently released showing just how much money was improperly paid out by the IRS. Apparently, the home buyer tax credit
Posted by Howard Arnoff | 4 Comments
Friday, June 25, 2010 5:50 AM

Charleston mortgage report, rates at record lows, June 25, 2010

So why is the media reporting that "nobody" is buying a home if rates are so attractive. With the end of the home buyer tax credit, everyone seems to be blaming the lack of the $8k tax credit as the reason for sales declines (Charleston home
Posted by Howard Arnoff | 2 Comments
Thursday, June 24, 2010 5:43 AM

New and existing home sales down nationally, Charleston home sales higher

There was lots of coverage in the past several days about new home sales plunging to a record low in May and purchases of existing homes unexpectedly fell but Charleston home sales were higher in May compared to both May 2009 and April 2010. Here are
Posted by Howard Arnoff | 0 Comments
Tuesday, June 22, 2010 7:50 AM

[buyers wanted] One Thousand Million Dollar Listings in Charleston

A client recently asked me why are there so many homes for sale in Charleston. Actually, there are always a lot of homes for sale in Charleston but back in the day, they simply sold faster than they are currently selling. And that is especially true when
Posted by Howard Arnoff | 0 Comments
Monday, June 21, 2010 7:12 AM

Good credit is good and cash is even better

... when you are buying Charleston real estate. Father's Day brought several inquiries from cash buyers looking for homes for sale in Charleston. Since lenders have tightened their lending standards, not everyone can obtain mortgage financing any
Posted by Howard Arnoff | 1 Comments
Sunday, June 20, 2010 6:40 AM

Father's Day means US Open Golf

... and a special day for me to remember my dad who absolutely loved the game.
Posted by Howard Arnoff | 0 Comments
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Friday, June 18, 2010 6:30 AM

Another home buyer tax credit extension [get over it]

Spreading like wildfire was the news that the Senate passed yet another extension to the home buyer tax credit yesterday. Here are the facts. The House has not yet passed it and it has not been signed by the President. And it is only an extension of the
Posted by Howard Arnoff | 0 Comments
Thursday, June 17, 2010 5:29 AM

Charleston relocation, where Americans are moving

Here is a fascinating interactive chart from Forbes on where Americans are moving. Relocation to and from the Charleston area has always been very active because there is a significant military population due to the Air Force and the Naval Weapons Station
Posted by Howard Arnoff | 0 Comments
Wednesday, June 16, 2010 8:36 AM

Trulia price reduction report released, what does it really mean

I like Trulia and I like Zillow for their sheer entertainment value. Each are trying to catch the eyeballs of the real estate space with their price reduction reports and zestimates respectively but what does the price reduction report really tell you
Posted by Howard Arnoff | 0 Comments
Tuesday, June 15, 2010 9:57 AM

Housing trends, small is the new big, seniors to play big factor

Two important trends in the post bubble housing market are predicted. First, home sizes have turned smaller for the first time in three decades. Secondly, the aging baby boomers will likely play a big factor in the future of housing. I just talked with
Posted by Howard Arnoff | 0 Comments
Monday, June 14, 2010 6:47 AM

Summer is here

... even though the calendar says it's a week away. Air conditioners across the Lowcountry struggled to keep up with the unusually hot temperatures over the weekend and continuing today. The end of the Spoleto Festival generally marks the end of Charleston's
Posted by Howard Arnoff | 0 Comments
Saturday, June 12, 2010 8:48 AM

Fraud, today's word of the day

With reports that the FBI is preparing to arrest hundreds of people for mortgage fraud, it seems like a good day to round up some other news and make fraud today's word of the day. More from the NY Times . Bloomberg reports on how some real estate
Posted by Howard Arnoff | 0 Comments
Friday, June 11, 2010 6:59 AM

Charleston real estate market update, continued good news

More good news is being reported by the Charleston MLS for Charleston home sales in May. Preliminary figures released show 878 sales in May 2010, a 29 percent increase over May 2009. And even better, monthly sales were the highest since September 2007.
Posted by Howard Arnoff | 0 Comments
Thursday, June 10, 2010 6:57 AM

Making a lowball offer [deal or no deal]

You hear almost every day about buyers are tossing out lowball offers throughout the Charleston real estate market and many are greeted with indifference by the seller. And although every buyer is interested in getting a bargain, there are lowball offers
Posted by Howard Arnoff | 0 Comments
Wednesday, June 09, 2010 8:17 AM

Bank of America to put short sales ahead of foreclosures

Bank of America, previously the most difficult bank to work with to get approval for a short sale, has taken a 180 degree turn and has now instituted a policy of liquidating as many assets as possible before foreclosure according to Matt Vernon, short
Posted by Howard Arnoff | 5 Comments
Tuesday, June 08, 2010 6:17 AM

Charleston mortgage loan standards tightening [as the pendulum swings]

So you think your mortgage loan approval is "good to go" and you can close on the home you plan to buy in Charleston. Not so fast. We all know that loan standards have tightened considerably since the days that fogging a mirror was good enough
Posted by Howard Arnoff | 0 Comments
Monday, June 07, 2010 6:51 AM

The seller says the price is firm

... but is it. A listing actually said this, "Will not last, price reduced, seller says the price is FRIM ". So I'm not sure whether the price is firm or frim, whatever frim means or if it's just a typo. One of the things that I do for
Posted by Howard Arnoff | 0 Comments
Saturday, June 05, 2010 7:29 AM

Choose your Charleston real estate team wisely

So you think you found the perfect home for sale in Charleston and now it's time to see it, confirm that you like it and buy it. It seems pretty simple ... but unfortunately it isn't. It's a very complicated transaction and most likely, the
Posted by Howard Arnoff | 3 Comments
Friday, June 04, 2010 6:00 AM

[Charleston homes for sale] It can't sell if it can't be seen

Always a favorite subject, it continues to amaze me how difficult a few homes always are to see. Whether the seller doesn't bother to respond to a call from either Centralized Showing Service (CSS) which handles most of the showing appointments for
Posted by Howard Arnoff | 0 Comments
Thursday, June 03, 2010 7:04 AM

Information deemed reliable but not guaranteed

... is a phrase you'll see associated with just about every piece of information that you find on the Charleston MLS. And for good reason because the Charleston MLS is a user reported system which means that Charleston Realtors ® enter their own
Posted by Howard Arnoff | 0 Comments
Tuesday, June 01, 2010 6:50 AM

Hurricane season begins today [Howard on list of named storms]

After several mild years, forecasters are predicting an active hurricane season. Just about everyone who is considering relocating to Charleston asks me about hurricanes and whether I am worried about living here. The short answer is no; all you have
Posted by Howard Arnoff | 0 Comments