“This plan will not save every home, but it will give millions of families resigned to financial ruin a chance to rebuild. It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone.” – Pres. Obama.

The local Association of Realtors is optimistic about provisions available thanks to President Obama’s newly signed American Recovery and Reinvestment Act of 2009 (H.R. 1). It included a number of important housing provisions, including remedies for the housing crisis long supported by the National Association of REALTORS® (NAR).

Homebuyer Tax Credit

An $8000 tax credit will be available for qualified purchases of a principal residence by first-time home buyers between January 1, 2009 and December 1, 2009. The credit does not require repayment. Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit as well. NAR estimates that the home buyer tax provisions could stimulate up to 300,000 additional home sales, helping stabilize home values and potentially preventing some homeowners from falling into foreclosure.   Read more...

Congratulations Charleston, we’ve made another Forbes cream-of-the-crop list!

We came in #8 on the ‘America’s 25 Strongest Housing Markets’ list this year.

For all the flippers and investors out there, don’t jump in yet though; according to Forbes, you should wait until the end of ‘09 – maybe so they can buy everything up first. Of course, I don’t think the ‘blue blood’ S.O.B.* residents on the Charleston Battery will be going anywhere anytime soon!

Charleston stats qualifying it for the Forbes list this year

Any company that can get a firm grip on recycling something – especially when it comes to used oil products – has my full admiration and support going forward.

SouthEastern Petroleum Systems will be opening a new manufacturing facility over in Chester County. Their $30 million investment is expected to bring 24 new jobs to SC, which is great news for that area, but it also suggests that someone has finally figured out a business plan for recycling used oil – I mean, $30 million is no pocket change, I don’t care who you are!   Read more...