South Carolina House Passes Point of Sale Bill

The South Carolina House on Wednesday approved the "Point of Sale" bill. The vote was close, 64 to 51.

Current law, which was last changed in 2006, requires all homes that are sold to be reassessed immediately. The Point of Sale delays reassessment of existing homes to the next regular reassessment cycle. However, newly constructed homes will still be reassessed when they are sold.

The bill new heads to the Senate for consideration.

Legislature passes legislation that reverses ruling in Crossman Communities v. Harleysville Insurance

UPDATE: Governor Nikki Haley signed S.431, "the Crossman Bill," into law on Tuesday, May 17. The new law is meant to take away the ability of the South Carolina Supreme Court now, and insurers in the future, to read a fortuity requirement into the definition of occurrence in the 1986 CLG policy form.

The South Carolina General Assembly this week gave final approval to legislation that reverses the South Carolina Supreme Court decision in Crossman Communities v. Harleysville Insurance. The decision effectively rendered useless most Home Builders' general liability insurance policies.

Governor Nikki Haley took an active role in brokering a compromise between the insurance and construction industries.

The legislation now heads to the Governor's desk for her signature.

You can read more about the legislation at GSA Business by clicking here.

Cash in with the Remodeling Outlook Webinar

• Thursday, May 26, 2:00 p.m. – 3:00 p.m. (EDT) NAHB Remodelers presents a special webinar: “Remodeling Outlook Webinar”

NAHB will offer a webinar on the outlook for remodeling nationally. This program features experts David Crowe, NAHB chief economist, and Kermit Baker, director of the Remodeling Futures Program at Harvard University’s Joint Center for Housing Studies, for their presentation of the latest remodeling market forecast.

NAHB’s forecasting information is crucial to planning for any business. Educational opportunities like this help to make businesses more profitable and meet the changing needs of their clients. We hope you’ll join us for this revealing remodeling market webinar.

To register, visit www.NAHB.org.

Foreclosures up statewide, but down in Greenville and Spartanburg

Foreclosures increased slightly in April compared to March, and fell slightly compared to April 2010.

In Greenville and Spartanburg, foreclosures fell as much as 50 percent.

Click here to read the complete story at GSA Business.

Government spending reductions and a slow housing market hold economy back

Economic activity remains stuck in low gear, with real gross domestic product climbing at a 1.8% pace in the first quarter and expected to grow at a 2% pace in the current quarter, according to a report from Wells Fargo Securities.

Overall growth continues to be restrained by cutbacks in government spending as well as the ongoing struggles in the housing market.

Read the rest of the article at GSA Business by clicking here.

Greenville County Lands 700 New Jobs

Governor Nikki Haley, County Council Chairman Butch Kirven, and the S.C. Department of Commerce announced that Amy's Kitchen will invest $63 million in Greenville County and hire 700 workers over the next five years.

Read more at GSA Business by clicking here.

Yeargin Potter Shackelford Announces Promotions

Yeargin Potter Shackelford Construction announced three promotions:

• Bruce Smith, Vice President of Pre-Construction
• Ed West, Vice President of Construction
• Kirk Carter, Vice President of Operations

Read the entire article at GSA Business by clicking here.