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Monthly Indicators Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have… Read more »

Hello REALTORS®, I know when you read about Flood Insurance, many of you are reminded of the movie Ground Hog Day starring Bill Murray.  I feel your pain, but unfortunately the National Federal Flood Insurance Program (NFIP) is set to expire, again, on September 20, 2023. The National Association of REALTORS® joined the CCIM Institute,… Read more »

Watchdog Report Hello REALTORS®, NIMBY: Not In My Backyard.  I am sure you have heard the term.  Most of us have been a NIMBY at some point.  It is understandable.  We like our neighborhood, and we don’t want it to change.  Sometimes we become concerned about our property value, although that hasn’t been a legitimate… Read more »

Hello REALTORS®, At this writing, almost all the filing periods for local city councils are closed.  The remaining filing periods close by August 25 at 12 noon.  I am not going to cover all the details of the elections this week, but some are interesting and worth highlighting.  But first, these city and town councils… Read more »

Housing Supply Overview Nationally, sales of new single-family homes fell 2.5% month-over month as of last measure, marking the first monthly decline since February, according to the U.S. Census Bureau. Despite the decrease, new-home sales are up 23.8% year-over-year, as a lack of existing home inventory has boosted demand for the new-home market in recent… Read more »

Hello REALTORS®, We have worked on three significant issues this month, all of which have received final readings and were adopted.  They include a new sign ordinance at the City of Anderson, updates to the Stormwater Design Manual at Anderson County, and a large overhaul to Easley’s zoning ordinance.  Anderson County’s Stormwater Design Manual Your… Read more »

Hello REALTORS®, Many local governments had lighter meeting schedules in July, but there is still a lot to report.  These are some of the important issues that we are following: Anderson County City of Anderson Pickens County Pickens County Council gave second reading in July to issuing $12,750,000 in general obligation bonds to fund the… Read more »

Housing Supply Overview Limited existing-home inventory continues to be a boon for homebuilders, who have ramped up production to meet the rising demand in the new-home market. Nationally, housing starts were up 21.7% month-over-month as of last measure, the fastest pace in more than a year, while housing permits climbed 5.2% month-over-month, according to the… Read more »

Hello REALTORS®, It has been a busy Spring in local government in the Western Upstate.  Nearly all local governments adopted budgets for their new fiscal years, but not all of them.  One neighboring county, Greenville County, showed why it is important that local governments have a budget at the start of their fiscal years on… Read more »

Hello REALTORS®, In the last two Watchdog Reports, I covered two elements of our government affairs program: I highlighted the importance of supply, or lack of it, and the impact of rising housing prices.  I also provided some case studies on how your association is working to overcome the challenge to housing supply: over regulation,… Read more »