Housing Rally October 22
October 13, 2008
COLUMBIA, SC – October 13, 2008 – The housing market and its impact on South Carolina’s economy is the focus of a rally planned for Wednesday, October 22. The steps of the State House in Columbia will be the location of this rally sponsored by the Home Builders Association of South Carolina, Manufactured Housing Institute of South Carolina, SC Affordable Housing Coalition and the SC Mortgage Brokers Association. The event will be held at 11:30 am.
“The national news media have saturated our airwaves and headlines about the housing bubble, skyrocketing foreclosures and sub-prime mortgage crisis that have depreciated home values by double-digit losses,” says Mark Nix, executive director of the Home Builders Association of South Carolina.
“While South Carolina’s economy has been impacted by the current situation, it is not in the dire position as other parts of the country. We want to let the public and media know the positive impact our industry and home ownership have on the economy and citizens of South Carolina,” he adds.
Speakers at the rally will include:
- Dr. Doug Woodward, director of Division of Research and professor of economics at the Moore School of Business at the University of South Carolina,
- Lt. Governor Andre Bauer and Rep. Harold Mitchell representing the Task Force on Affordable Housing,
- Valarie M. Williams, executive director of the South Carolina State Housing Finance and Development Authority and
- Robert Dozier, chief operating officer and managing director of Homeowners Mortgage and former director of the Federal Home Loan Bank of Atlanta.
Plans are to also have a South Carolina Congressman/Senator talk about the recently passed housing stimulus bill. According to Nix, South Carolina is considered to be the 5th best housing market in the country.
“South Carolina has done a good job of avoiding sub-prime mortgages and the associated high foreclosure rates, one of the two major factors outside the market fundamentals that have been churning the housing markets in this downturn,” Nix says. “At the end of 2007, 4.2 percent of mortgages outstanding in South Carolina were in the sub-prime category compared to 6.1 percent nationally. Homes are where the jobs go to sleep at night and in South Carolina, construction jobs are almost 10 percent of the entire state workforce,” Nix says.
Other factors supporting the strong housing market in South Carolina are: Relocate America’s Top 100 Places to Live in 2008 include: Greenville, Aiken, Columbia, Rock Hill, Charleston. 15-20 percent of a house in South Carolina is regulatory costs such as county and local fees impact fees, zoning, etc. (Beaufort County is up to 40 percent.)
The estimated one-year metro area impact of building 100 single family homes in a typical U.S. metropolitan area include: $16.0 million in local income, $1.8 million in taxes and other revenue for local governments, and 284 local jobs. (NAHB, 2005)
The additional, annually recurring impacts of building 100 single family homes in the typical U.S. metropolitan area include: $3.2 million in local income, $648,000 in taxes and other revenue for local governments, and 63 local jobs. (NAHB, 2005)
“For aspiring home owners who find their goal stubbornly elusive, newly-enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime,” Nix adds.
The S.C. Housing Authority has had an Issuance of $140 Million (AAA) bonds to benefit potential homebuyers statewide. The public is invited to attend the rally which will be held regardless of weather.
