New Listing in Myrtle Beach, SC
Outer Banks Realty - Mike Lancsek said: Looks like a nice property. Best of luck and happy New Year from the Outer Banks!
[More]
Owning a house remains central to Americans’ sense of well-being, even as many doubt their home is a good investment after a punishing recession.
Nearly nine in 10 Americans say homeownership is an important part of the American dream, according to the latest New York Times/CBS News poll. And they are keen on making sure it stays that way, for themselves and everyone else.
Support for helping people in financial distress over housing is higher than support for helping those without a job for many months.
Forty-five percent of the respondents say the government should be doing more to improve the housing market, while 16 percent say it should be doing less. On the politically contentious issue of direct financial assistance to those having trouble paying their mortgages, slightly more than half of those polled, 53 percent, say the government should help. And almost no one favors discontinuing the mortgage tax deduction, a prized middle-class benefit that has been featured on some budget-cutting proposals.
President Obama, who has been criticized for both doing too much to help the housing market and for not doing enough, was given poor marks. Only 36 percent of those polled approve of what Mr. Obama has done, while 45 percent disapprove.
In assessing blame for the housing crash, people are increasingly seeing financial institutions as the central culprit. Amid the swirl of recent disclosures about banks following improper and illegal procedures in pursuing foreclosures, 42 percent blame lenders, while 29 percent blame regulators. When the question was asked in early 2008, as the crisis was still building, the numbers were reversed, with 40 percent blaming regulators and 28 percent blaming lenders. Only a handful of respondents at either moment blamed the borrowers themselves for taking loans they could not afford.
“I believe the financial institutions willingly and knowingly allowed people to apply and receive credit at a rate higher than they could afford and this has degraded our economy,” said Steven Goode, an environmental health manager in Las Vegas, in a follow-up interview.
Making an offer for a house, something often done in past generations with little apprehension, is now riddled with worry. Only 49 percent call it a safe investment, while 45 percent feel it is risky. In a market where prices are consistently dropping, there is no easy exit.
“For the average person, it might not be a good idea today to buy,” said another respondent, Beth Lovcy of Troutdale, Ore., who bought a year ago. The value has already shrunk, but Mrs. Lovcy is unfazed. “It works out better financially than renting now because we can claim the interest on the mortgage.”
As the housing market slumped over the last few years with a speed and magnitude not seen since the Great Depression, aspects of homeownership have been debated as never before. There are tough questions about the role the government should take. These include how much of a down payment lenders should demand, whether lenders should be restrictive or expansive in granting new loans, how much assistance to give those on the verge of foreclosure, and whether real estate will ever again be the retirement savings vehicle it once was.
While the debate has been loud, there was little evidence of people’s views that went beyond the anecdotal. This poll offers a window onto widespread opinions at a critical juncture.
Before the crash, housing was widely deemed one of the safest possible investments. Few experts thought there was the possibility of a nationwide downturn. But after it happened, the effects were widespread and painful.
Diane Sherrell, a substitute teacher in North Carolina who retired on disability, traded up to a bigger house four years ago to accommodate an adopted son. “It’s been very difficult since then and we’re barely making it,” she said.
Half of those surveyed say the market’s continuing downward spiral has affected their long-term plans. One in five people say the crisis has prevented them from moving to another city or taking a different job. Nearly one-quarter of homeowners say their home is now worth less than what they owe on their mortgage, a condition known as being underwater. Families in this predicament are much more prone to foreclosure if they suffer job losses or other setbacks.
Over all, people are bleaker about the economic outlook than those surveyed in October. While most still think the current downturn is temporary, those saying it is permanent rose to 39 percent, up from 28 percent.
In the last two years, the stock market has recovered strongly while house prices have gone sideways at best. Yet those polled dismissed stocks as a long-term savings vehicle in favor of a savings or money market account (22 percent), a house (26 percent) or a 401(k) or individual retirement account (41 percent).
Who should be helped to buy is another contentious issue. Whether buyers need to come up with a 20 percent down payment — the standard for decades, but beyond the reach of many families now — is hotly debated. Fifty-eight percent of respondents say lenders should require this, while 36 percent say they should not.
People who cannot pay their mortgage are foreclosed upon. If they can pay but feel that doing so is pointless on a property that has lost so much of its value, it is called strategic default. While two-thirds of Americans say strategic default is not justified, 28 percent think that it is.
When houses are abandoned for any reason, it causes trouble for the neighbors. Three-quarters of those surveyed say foreclosures are a problem in their communities.
“Our home is worth much less now because houses are foreclosing around us,” said William Mack, an assembly line worker in Taylor, Mich.
Beyond all these ills, however, a persistent belief endures that the market will eventually improve and housing will regain its traditional importance.
Donna Boyd, a transportation supervisor in Cuyahoga Falls, Ohio, acknowledged “it might take a long time” for property values to go back up.
“But I don’t think I’m throwing my money away,” she said in a follow-up interview. “I rented for years when I was younger, and I just don’t like the idea of putting money in someone else’s pocket for something I will never own.”
The nationwide telephone poll was conducted June 24-28 with 979 adults and has a margin of sampling error of plus or minus three percentage points for all adults.
The ABR designation is the benchmark of excellence in buyer representation. It demonstrates to clients that the agent has taken steps to continue his or her education and has the proven experience and training to deliver ethical professional service to buyers.
Rogers completed a comprehensive course online at REALTOR® University, a service of the NAR, meeting educational requirements in buyer representation and an elective course focusing on a buyer representation specialty. In addition, he had to provide documentation of his professional experience.
Feel free to contact one of Weichert Realtors Southern Coast's Sales Associates to get directions, or information on the homes. You can reach Weichert at 843-280-4445 or 843-903-4443.
By Graeme Moore, WPDE
Wednesday, February 24, 2010 at 6:09 p.m.
The continuing foreclosure crisis has created a buyers market, and it is playing a large role in the recent upswing in home sales, market analysts say.
Sellers whose homes aren't in foreclosure are competing with low prices on the bank-owned properties.
"Buyers are able to get really good deals right now, and that's why we're seeing our sales increase," said Tom Maeser, a real estate analyst and director of continuing education at Horry Georgetown Tech.
Maeser said in January 2010, residential home sales on the Grand Strand hit 207. That's a 15 percent increase from January 2009 when 180 homes sold.
But as sales edge upward, prices are dropping. The average price for a residential home in January 2009 was $233,716, but this past January, it fell ten percent to $211,293, Maeser said.
Just as re-sale home prices drop, so do prices on new construction.
"We're almost able to compete with the foreclosure market, but not yet," said builder Bryan Slattery whose got five new home projects under contract since the beginning of the year.
One of those homes is a 3,500-square foot residential structure in Plantation Lakes. In 2005, it could have sold for $650,000 - $700,000, but now it will sell for $350,000 - $400,000, Slattery said.
Still, Slattery says any business is better than last year when he built just three homes.
"They're not great numbers for everybody but ... it's slow growth. There's not as much negativity as there was last year, that's for sure."
Foreclosures, meanwhile, continue to create some negativity, as the trend is now toward primary homes foreclosing, and not the second homes seen at the beginning of the recession.
"It's not slowing down at all," said Anne Lawson who works in Horry County's Master-in-Equity court. "We're foreclosing on real homes that people live in."
Lawson's office processed 3,641 foreclosures in 2009, and 2,846 in 2008. Since January of this year, she's already taken 467 cases.
"It's never ending. There's no way you can catch up," she said in an interview Wednesday afternoon.
Home prices will continue to drop, the real estate analyst said, until the that market segment clears out, and that could take months, possibly years. While it makes for a great buyer's market, for sellers, it can be a nightmare.
"Prices going down make it hard on the sellers because they're having to take less ... many times less than where their mortgage is at," Maeser said.
The real estate market continues to show improvement as mortgage rates remain at historic lows and consumers respond to the tax credits for first-time and repeat buyers. In fact, the National Association of Realtors (NAR) just announced that its Pending Home Sales Index rose 1 percent from November. A forward-looking indicator based on contracts signed in December, the index is now 10 percent above December 2008. What's more, December activity was the fifth highest monthly tally in two years. A sale is listed as pending when the contract has been signed but the transaction has not yet closed. Because sales usually are finalized within one or two months of signing the contract, this improvement should result in higher home sales in the coming months. According to Lawrence Yun, NAR chief economist, existing home sales are projected to rise to around 5.6 million in 2010, an 8.5 percent increase over 2009. As sales rise and inventory levels decline, housing wealth for many middle class families will stabilize.
Click herefor more information about buying a home in today's market.
Posted At : October 9, 2009 12:19 PM
| Posted By : The Weichert Team
Related Categories:
Myrtle Beach foreclosures
Myrtle Beach is located in sunny South Carolina. It's a beautiful area with wonderful hot summers and mild winters, which makes it a perfect place to live or vacation. Myrtle Beach property is very reasonably priced compared to other coastal communities. You can save a ton of money with Myrtle Beach foreclosures.
This is a great time to buy property anywhere, but especially in Myrtle Beach. Myrtle Beach foreclosures allow people to get prime real estate at a fraction of the cost. You can get great deals on property, such as oceanfront homes and condos, beach homes, condos, country homes, and much more! Don't miss this opportunity to own your own Myrtle Beach property, it wont last so get it now!
While your in the area, feel free to stop by the Market Common with your family and get pictures with Santa. Your kids will absolutely love it and they can get the pictures done every Saturday and Sunday in December. You could also enjoy a Christmas Parade on December 12th at 2pm on Ocean Boulevard.
