Statewide Unemployment Rate Rises in August

According to a report by GSA Business, the unemployment rate in South Carolina rose o 11 percent in August, up .3 percent from July. However, the August 2010 unemployment rate is 1.1 percent lower than the same month last year. The unemployment rate for Greenville County was 9.9 percent and 10.8 percent for Pickens County.

Read the entire article at GSABusiness.com.

NAHB Reaches Out to Federal Reserve, Fannie Mae

NAHB's Senior Officers and a cross-section of our members seized the opportunity this week to bring the builder's viewpoint regarding ongoing challenges in the housing market to two of the nation's most important policy-making organizations.

In a meeting on September 16with Fed Chairman Ben Bernanke and other top officials at the Federal Reserve Board, our members shared their first-hand accounts of the experiences they have had in trying to obtain financing for viable projects. They also voiced concerns about the impact that this problem continues to have on the fragile housing and economic recovery. The discussion was solely an information opportunity in which no promises were expected or received, but was nonetheless an important part of NAHB's outreach to every possible regulator, bank agency, and legislator who has the ability to help restore the flow of credit to our industry.

On the same day, NAHB Senior Officers met with leadership and staff of Fannie Mae to discuss a variety of topics, including appraisals, NAHB’s position on GSE reform, single- and multi-family mortgage credit availability, the housing outlook, and builder problems in obtaining AD&C financing. Fannie Mae's representatives expressed interest in working further with NAHB to develop improved appraisal and financing treatment for green building, and in hearing from NAHB multi-family members about financing challenges in different housing markets. Fannie Mae and NAHB agreed to continue to share information on emerging housing and housing finance issues.

NAHB members who attend this week's Fall Board of Directors meeting in New York will get an update on these important discussions, as well as on upcoming meetings with other key stakeholders in housing finance.

Time Magazine Publishes Report Critical of Homeowership

In its Sept. 6 cover story, Time magazine launches an assault on homeownership, claiming that it "may have triggered the financial crisis," "contributed to the hollowing out of cities," and "fed America's overuse of energy and oil." The Case Against Homeownership appears only in excerpted form on the magazine's website, but should be hitting subscriber mailboxes this week.

NAHB responded to this inaccurate and misleading story with a blistering letter to the editor from Chairman Bob Jones that defends homeownership as the largest creator of wealth for American families and a critical source of stability for both home owners and the surrounding community. Meanwhile, NAHB continues to aggressively challenge this anti-homeownership message, which has already generated similar stories in other national and local media outlets. We are coordinating with the National Association of Realtors, which also reacted immediately with its own response to the Time story.

In addition, NAHB Public Affairs has developed numerous reports, articles and studies on the benefits of homeownership that are available to all of our members on www.NAHB.org. The Opportunity Knocks brochure also provides excellent arguments to help deliver the message that homeownership is still a great choice for many Americans.

Read excerpts of the report in Time by clicking here.

Read information at NAHB.org supporting homeownership.

S.C. State Housing Authority Lowers Rates for First-Time Homebuyers

For the second time this year, the South Carolina State Housing Finance and Development Authority has announced lower interest rates for its popular First Time Home Buyer Program. Effective immediately the State Housing Authority has lowered rates to 4.875 percent for borrowers in Categories I and II, which include borrowers earning 50 percent and above median income household income for the state. In addition, the authority has lowered rates to 4.750 percent for Category III borrowers who early less than 50 percent of the median household income and borrowers who are disabled. All categories offer up to $5000 down payment assistance.

Read the entire report at midlandsbiz.com by clicking here.

New Flood Insurance Maps Announced

The S.C. Department of Natural Resources has announced its schedule for updating Flood Insurance Maps in Greenville County:

• Preliminary map date: December 30, 2010
• Final determination date: 10/17/2011
• Effective date of new maps: 4/17/2012

Pickens County maps were updated on April 16, 2008. Oconee County maps were updated September 11, 2009.

Other neighboring counties are on different timelines. The effective dates for other Upstate counties are:

• Abbeville: 3/3/2011
• Cherokee: 6/16/2011
• Greenwood: 5/3/2011
• Laurens: 9/29/2011
• McCormick: 3/17/2011
• Spartanburg: 1/2/2011
• Union: 8/1/2011

SCDNR is the state agency that administers the National Flood Insurance Program, and its associated maps and insurance rating systems, in South Carolina.

Group Calls Upstate a Strong Market for Real Estate Investors

According to Local Market Monitor, a real estate forecasting firm based in Cary, NC, the Upstate is one of the best markets in the country to invest in real estate. The firm ranked the Upstate 9th in its list of top ten markets "suitable for conservative investors."

Deadline to Apply for Lead Paint Certification is September 30

Remodelers and other contractors have until September 30 to apply to get their companies certified and to also sign up for the training required to comply with the U.S. Environmental Protection Agency’s Lead: Renovation, Repair and Painting rule.

Read more about the deadline in Nations Building News by clicking here.