Caitlin Upton, Miss Teen South Carolina Learns Where Babies Come From

I'm not sure how I missed this especially since Miss South Carolina Teen 2007 Caitlin Upton is one of my favorite South Carolinians...

Remember Caitlin Upton? She was Miss South Carolina Teen USA in 2007 and became famous for her response to the question, "Recent polls have shown a fifth of Americans can't locate the U.S. on a world map. Why do you think this is?"

"I personally believe that U.S. Americans are unable to do so because, uh, some, people out there in our nation don't have maps and, uh, I believe that our, uh, education like such as, uh, South Africa and, uh, the Iraq, everywhere like such as, and, I believe that they should, our education over here in the U.S. should help the U.S., uh, or, uh, should help South Africa and should help the Iraq and the Asian countries, so we will be able to build up our future, for our children."

The good news? She has a sense of humor about herself. At the 2007 MTV Video Music Awards Upton performed a parody of her infamous pageant answer, and now the beauty queen turned model is learning where babies come from for the benefit of the "Jimmy Kimmel Live" audience. After doing her due diligence on natural child birth, Caitlin sits down with Octomom in the second video to talk about IVF. It's a pretty weird combo.

The October Local Market Report Video

Get the Skinny on what is happening in the local market with this video update from the Charleston Trident Association of REALTORS.

Tis' the Season in Columbia to Decorate the State House Tree and Impeach the Governor ...

Oh the things we worry about in South Carolina ... As published on Yahoo! this morning.

While the legislature worries with such pressing issues as impeaching Gov. Sanford and the residents of South Carolina worry about jobs and unemployeement benefits, those walking by the State House in Columbia worry about the pressing issue of the Christmas Tree.



It wasn’t long after the state Christmas tree was in place in front of the Statehouse in Columbia Monday that Benita Jacobs was walking by as she talked on her cell phone.

“Well, the bottom of it, everything’s coming off, all the green limbs are coming off of it. And it looks kinda shabby looking. Looks like Charlie Brown,“ she said, referring to the cartoon in which Charlie Brown picks a small, pitiful tree with very few branches or needles.

LaTina Morris also complained, shaking her head in disbelief that the tree is so much shorter than in previous years. It’s also missing a lot of branches at the bottom in back and on the sides. “I can’t believe they’re putting that up,“ she said.

It’s not the first time there have been complaints or problems with the state Christmas tree. In 2003, the Columbia Garden Club had just taken over the responsibility of decorating the tree and members wanted it to really sparkle. When a company donated 40,000 CDs, the club used those to decorate the tree.

They did sparkle, catching the sunlight as they spun in the breeze. But the wind also sent some of the CDs flying off the tree and smashing on the sidewalk. So the club pulled them off and redecorated.

The next year, the club wanted to use a South Carolina-grown tree. It found a beautiful one in Horry County, but it was a different kind of tree than what’s normally used. The limbs on this tree grew up instead of out, so when workers cut off the bottom branches so it would fit in the ground, all the greenery around the bottom of the tree was gone. The tree looked butchered, with some calling what happened the “Columbia Chainsaw Massacre”.

So what happened this year? The club had been buying the state tree from North Carolina, but found a less expensive grower in Pennsylvania. There aren’t many places that grow trees large enough, so there aren’t many choices.

They found a suitable tree, but the grower bundled it for shipment the same way he does smaller trees, with netting that surrounds the tree. That broke off some of the branches, leaving the bare spots that passersby were complaining about.
This tree is also shorter than previous ones. The state tree is usually taller than the Confederate Soldier Monument that it stands in front of, but not this year. Jane Suggs, with the Columbia Garden Club, calls it a “recession tree”, since it is smaller and was less expensive.

After the 2004 incident, the Columbia Garden Club brought in smaller trees and placed them around the base of the larger tree. Since they were the same kind of tree, they blended in, filling in the gaps and making the tree look full and symmetrical. They’ll do the same this year.

It should be noted that the Columbia Garden Club and the South Carolina Garden Club pay for the state Christmas tree, not taxpayers. The Columbia Garden Club decorates it, with members volunteering their time and energy. The club also spent $6,000 on an electrical box for the tree’s lights and $1,500 for a new stand that’s built to keep the tree in place in hurricane-force winds.

Residential Real Estate Sales Up 31% from October 2008

CHARLESTON, SC—(November 10, 2009) Preliminary data from the Charleston Trident Association of REALTORS® showed a 31% increase in closed sales year-over-year. 721 homes sold this October, as compared to 549 homes in October 2008.

The increase in sales is largely attributed to a more affordable market, as buyers take advantage of the robust inventory of fairly priced homes. In line with the national trend of an 11% decrease in median price, the Charleston area saw median home prices settle to just under $170,000 in October, a 13% variation in price from 2008.

Inventory dropped slightly again, with 10,631 homes currently listed for sale with the Charleston Trident Multiple Listing Service.

BERKELEY COUNTY
Berkeley County sales were up 25% from October of last year; 186 homes sold at a median price of $155,000. In October of 2008, 149 homes sold at a median price of $169,900.

CHARLESTON COUNTY
In the last 30 days, 339 homes sold at a median price of $205,000 in Charleston County. That reflects a 9% increase in sales, from last year’s 312 closings during the month of October.

DORCHESTER COUNTY
Sales in Dorchester County increased by 53% year-over-year; 177 homes sold at a median price of $152,700 compared to 116 sales at $167,663 in October 2008.

Should I Sell My House Now?

Do Market Opportunities and a New $6,500 Tax Credit Make it a Good Time To Sell?

A new revision to the recently extended Homeowner's Tax Credit may be a window of opportunity for some home owners who have been wanting to sell their home, whether to move up or to downsize, but have adopted a "hunkering down" mentality.


The new tax credit is for current homeowners: if you have owned and resided in your home for at least 5 consecutive years out of the past 8 years, you can qualify for up to a $6500 tax credit.

If you combine this new tax credit with historically low interest rates and great values in the market place, it might be a really opportune time to make your move. However, this tax credit is only for a limited time and waiting too long may cause you to miss out on market opportunities that could benefit you. Each person's situation is different. I will be happy to provide a no-obligation consultation to discuss your home's current value as well as the prices of homes in your target range and explain in more detail the stipulations on the tax credit. Don't look back and wish you had sold your home instead of waiting. There's no obligation to explore your options. Call me to schedule a meeting today.

JAMES ISLAND PRICE ADJUSTMENT

Just reduced on James Island to $380,000.

Sellers are also offering a $2,500 towards Buyer's Closing Costs or Decorating Allowance, with acceptable offer. This is a must see on James Island, call today to schedule a private showing!

FDIC Chair Sheila Bair: Big Banks Still Aren't Lending Enough

I was surprised that the story below didn't get much press.

I'm not sure if it is because everyone trying to get a loan, whether to buy a house or a car or expand a business or even start business already knows this so the media thought, "no need to report it, they already know."

But when you think about the fact that the nation's largest banks were posting record losses just a year ago and today they posting profits, one has to wonder how the turn around happened. If your deposits are not increasing because Americans are struggling to make ends meet then you must have stopped loaning money.

I am not advocating loaning money at previous levels to those without the ability to repay the loan unless they hit the lottery, but in today's current lending environment getting loan can is very difficult and can be a long drawn out task ...

FDIC Chair Sheila Bair: Big Banks Still Aren't Lending Enough

Wednesday November 11, 2009 8:17 a.m

By Associated Press

NEW YORK (AP) — The head of the Federal Deposit Insurance Corp. said Tuesday she's "very worried" that the nation's biggest banks aren't lending enough and warned the economy could take another turn for the worse without increased access to credit.

FDIC Chairman Sheila Bair said the FDIC's upcoming quarterly report would show that "not many large institutions are doing a very good job of lending." Instead, she said, some are taking advantage of near-zero interest rates by borrowing dollars cheaply to buy higher-yielding assets like stocks or commodities — a move known as the "carry trade."

"I don't see much money going out (from banks). I see a lot of carry trade," Bair told a banking conference in New York. "It used to be you take deposits and you lend out money. We'd like to see more of that."

Many banks have tightened lending standards following a wave of residential and commercial property defaults. Others say they want to lend but see little demand as consumers and businesses seek to pay off debt, not take on more.

The lack of lending by large banks is dangerous at a time when many small and midsize banks are teetering on the brink amid the economic downturn, Bair said.

"I'm very worried (that) the larger institutions don't seem like they're stepping up to the plate providing credit," Bair said. "Because if they don't do that, we're all in the soup."

Addressing the rash of bank failures, Bair said the FDIC had enough funds to shut down troubled banks and would tap its line of credit with the Treasury only as a last resort. There have been 120 bank failures this year, and Bair predicted "many more" ahead.

On the regulatory front, Bair reiterated her agency's bid to require banks to hold more capital as a buffer against rough times, even if it eventually reduces the amount of funds available to lend. She said the requirement would not only protect banks but could also help prevent asset bubbles by reducing excess credit in the financial system.

"I think we have the authority and hopefully the will to do that," she said.

HOMEBUYER TAX CREDIT EXPANDED; EXTENDED TO APRIL 2010

CHARLESTON, SC—(November 6, 2009) The deadline for buyers to take advantage of the first-time homebuyer tax credit has been extended to April 30, 2010 and new provisions have been added to include a credit for existing homeowners.

An $8,000 tax credit is available to first-time homebuyers. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years prior to purchase to meet first-time homebuyer definition. A $6,500 credit is available to homebuyers who have owned and lived in that home for 5 consecutive years of the last 8 years.

Any single family residence (including condos, co-ops and townhouses) that will be used as the principal residence and has a purchase price of less than $800,000.

The full amount of credit is available for individuals with adjusted gross income of no more than $125,000 or joint gross income of no more than $225,000. The credit is phased out to lower amounts for individuals and joint filers with higher gross incomes.

The previous agreement required that buyers close on their home by November 30 to qualify for the credit. The expanded agreement gives buyers until April 30, 2010 to ratify a contract and requires that the closing take place within 60 days. The existing home buyer tax credit takes effect immediately, which means all qualified buyers under the new law with an upcoming closing is eligible for the credit as well.

“The Charleston market has maintained a strong momentum coming out of the summer season—due in large part to the tax credit—and we cannot let this momentum lag. This crucial expansion allows all homebuyers to make an investment in a market that is more affordable than it’s been in years” said Ralph Wetherell, President of the Charleston Trident Association of REALTORS®.

The tax credit, in its original form, helped to establish more than one million families as new homeowners.

“The homebuyer tax credit has been a critical component to restoring the health of the Charleston real estate market. We’ve been showing signs of a recovering market since this summer—inventory is decreasing and prices continue to stabilize. Extending this credit, not just in timeframe, but to a new group of homeowners will certainly support the continued economic recovery of our area” said Wetherell.

Contact:
Meghan Weinreich
(o) 843.760.9400 x110 (c) 843.270.4393

With nearly 4,000 members, CTAR’s mission is to promote the highest standards of professionalism, ethics, education and technology, and to ensure that its members are the primary source for real estate services in the South Carolina Lowcountry. Only those who are members of the Association of REALTORS® and its parent organizations are called REALTORS®. To learn more, visit www.CharlestonRealtors.com



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UPDATE: Homebuyer Tax Credit Passes; Still Pending President Obama's Signature

Congress Passes Homebuyer Tax Credit Extension and Expansion.

Today the United States House of Representatives, by a vote of 430-12, joined the Senate in passing the Unemployment Insurance Bill, which contains the Homebuyer Tax Credit extension and expansion.

The bill now goes to the President for his signature, possibly tomorrow.

Homebuyer Tax Credit Extension Fact Sheet below:

SENATE CLEARS NEW HOMEBUYER TAX CREDIT

Homebuyer Tax Credit: Congress Gives New Buyers A $6,500 Break
STEPHEN OHLEMACHER 11/ 5/09 07:53 AM AP

WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers – $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers – or anyone who hasn't owned a home in the last three years – would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place."

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.

The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break – for companies with revenues of $15 million or less – in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.

The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.

"It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

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The bill is H.R. 3548.



Read more at: http://www.huffingtonpost.com/2009/11/05/homebuyer-tax-credit-cong_n_346632.html&cp

BAILED OUT BANKS DOUBLE CREDIT CARD RATES

A great video segment this morning on TODAY that gives an overview on why credit card rates are increasing so dramatically and what you can do about it.

Visit msnbc.com for Breaking News, World News, and News about the Economy

THE MYSTERY OF HOMEOWNER'S INSURANCE REVEALED, WELL NOT EXACTLY

Homeowner's Comparison Guide

Introduction
Homeowners insurance protects you from financial losses caused by storms, fire, theft, and other events outlined in the policy. South Carolina law does not require you to purchase homeowners insurance, but your lender may require you to have insurance if you are financing your home.

Understanding Rates
Insurance companies base your premium on factors such as the replacement cost of your home, its construction materials, the area where you live, your claims history, your credit score, and local fire protection class code.

Policy Type
Companies can sell several types of policies, each with a different level of coverage. Make sure you discuss with the agent or company, the options available to determine the policy that best fits your needs.

Before You Buy a Policy, Remember:
• In addition to cost, consider other factors, such as the company’s financial strength and complaint history.
• Coverages and limits can vary from policy to policy. Ask the agent or company for the exact coverages in the policy you are considering. Choose a policy with the coverages you need and with adequate limits to replace your house and property if they are destroyed. The amount of coverage you buy should be based on your home’s replacement (rebuilding) cost, which may be different from its market value.
• Don’t cancel a policy until you have a new policy in effect.
• Answer all questions on the application truthfully. Wrong information could result in an incorrect price quote or a denial or cancellation of coverage.

A.M. Best Rating
The South Carolina Department of Insurance requires companies to meet certain minimum financial requirements in order to be licensed to do business in South Carolina. The Department does not however provide ratings on companies. A.M. Best rates companies based upon the financial strength and operating performance of each company. Best’s ratings are subject to change and are current only as of the publication date. For current rating information, call A.M. Best at 1-908-439-2200 or visit its website at http://www.ambest.com/.

How to Find the Best Rate
• Get quotes from several companies before you buy. Include independent agents in your search. Some agents only represent a single company or company group. Independent agents may represent several companies.
• Consider higher deductibles. You can save money on your premiums by increasing your policy deductibles, but you will have to pay more out of pocket if you have a claim. You will need to have money readily available (personal savings, ability to borrow from relatives or friends, etc.) to pay your out-of-pocket expenses.
• Ask your agent about discounts. Discounts vary by company. Some companies may offer discounts if you have multiple policies with the company, an impactresistant roof, security or fire sprinkler system, a newer home, or good claims history. Other discounts may be available.

Unfair Discrimination
An insurance company cannot deny, refuse to renew, limit or charge more for coverage, or unfairly discriminate because of your race, color, religion, or national origin. A company also may not discriminate because of your age, gender, marital status, geographic location, or disability or partial disability, unless the refusal, limitation, or higher rate is based on sound underwriting or
actuarial principles. This means the company must have valid evidence that you present a greater risk for a loss than homeowners it is willing to insure. Companies may deny coverage because of the condition of the dwelling, including the plumbing, wiring, and heating and air conditioning systems.

Having Trouble Finding Insurance?
Don’t give up if a company turns you down. Continue to talk with agents in your area that represent other companies. If you are still unsuccessful in finding homeowners insurance, visit
www.doi.sc.gov/consumer or call our Consumer Services Division, a free service of the South Carolina Department of Insurance.

South Carolina Department of Insurance
1201 Main Street, Suite 1000
P. O. Box 100105 (29202)
Columbia, South Carolina 29201
803-737-6180 800-768-3467 (Toll Free Only in SC)
803-737-6231 - fax
www.doi.sc.gov
Monday through Friday
8:30a.m. to 5:00p.m.