A federal mortgage interest buy-down program would help spark the housing market, the NATIONAL ASSOCIATION OF REALTORS® said in a letter sent today to James B. Lockhart, chairman of the Oversight Board of the Federal Housing Finance Agency.

NAR seeks a 4.5 percent mortgage interest rate buy-down program financed through the U.S. Treasury Department’s Troubled Asset Relief Program.

In the letter to FHFA, NAR shared three potential implementation procedures for a federal buy-down plan:

1. TARP would fund the payment of points at the individual level.

2. The Federal Home Loan Banks would raise funds by selling below-market-rate loans to the Treasury Department for them to make the 4.5 percent interest rates available to lenders.

3. Fannie Mae and Freddie Mac would purchase mortgages at the 4.5 percent interest rate but pay lenders the market rate.

“The buy-down program would complement other initiatives and help stabilize, stimulate and revitalize the housing market,” says NAR President Charles McMillan. “We must address the foreclosure crisis and increase housing demand. Lower interest rates and foreclosure mitigation are two sides of the same coin. Together they represent the key ingredients to stabilizing the housing market and preserving communities and homeownership.”

NAR has calculated that a 1 percentage-point decrease in mortgage rates would result in an additional 500,000 home sales.

In addition to suggesting that TARP assets be used to buy-down mortgage interest rates, NAR has recommended other principles that would help create long-term stability by ensuring that safe and affordable mortgages are available throughout the nation.

The higher loan limits passed in the economic stimulus bill earlier this year should be made permanent.
The federal government should ensure sufficient capital to support mortgage lending in every type of market.
The temporary $7,500 tax credit for first-time home buyers should be extended to all home buyers and the repayment requirement eliminated.

—NAR

CHARLESTON – US News & World Report, in its annual ranking of “America’s Best High Schools,” has rated 19 schools in South Carolina among the best in the country.

Charleston County’s Academic Magnet High came in ninth place among the magazine’s top 100 “gold” schools. The list was posted on US News & World Report’s Web site Dec. 4 and appears in its Dec. 8 printed edition.

The North Charleston school improved from No. 27 last year — the magazine’s first list of top high schools. Academic Magnet High also landed in the No. 2 spot for magnet schools nationwide.

Eighteen other high schools in the state did not make the top 100, but earned a place in the silver or bronze medal categories in a comparison of more than 21,000 public high schools across the country.

Schools listed in the silver category for 2008 include:
Charleston School of the Arts, Charleston County
Chapin High School, Lexington/Richland District Five
Lexington High, Lexington District One
Mayo High, Darlington County
Riverside High, Greenville County

Lexington High and the Charleston School of the Arts also earned silver honors in 2007. Mayo High moved up after being ranked as a bronze medalist last year, when a total of 15 Palmetto State schools were recognized by the magazine.

Schools listed in the bronze category for 2008 include:
Aiken High, Aiken County
Bethune-Bowman Middle High, Orangeburg District Five
Broome High, Spartanburg District Three
Calhoun County High, Calhoun County
C.E. Murray High, Williamsburg County
Green Sea Floyds High, Horry County
Greenville Technical Charter High, Greenville County
Latta High, Dillon District Three
Ninety-Six High, Greenwood District 52
Ridge Spring-Monetta High, Aiken County
Walhalla Senior High, Oconee County
Wando High, Charleston County
Wren High, Anderson District One

Five of these high schools – Bethune-Bowman, Calhoun County, Greenville Technical Charter, Latta and Ninety-Six – made the bronze list last year, also. Wando High was in the silver medal category in 2007.

The magazine and its partner in the rankings project, School Evaluation Services, examined 21,069 public high schools in 48 states. The rankings are based on comparisons of students’ test scores to state averages and their participation in and performance on Advanced Placement tests.

The 100 high schools with the highest college readiness scores were ranked and awarded gold medals, and the next 504 top-performing high schools received silver medals. Bronze medals went to 1,321 schools.

SCBIZ Daily Staff, December 9, 2008

I know everyone is busy getting ready for the Holidays and decorating their homes. As the holidays approach, the Consumer Product Safety Commission (CPSC) is urging people to look for and eliminate potential dangers from holiday lights and decorations that could lead to fires and injuries. Each year, hospital emergency rooms treat about 10,800 people for injuries, such as falls, cuts and shocks, related to holiday lights, decorations and Christmas trees. In addition, there are 11,000 candle-related fires each year, resulting in 150 deaths and 1,200 injuries annually. Christmas trees are involved in about 400 fires annually, resulting in 20 deaths, 70 injuries and an average of more than $15 million in property loss and damage. Click on the link below for some CPSC tips to make your holiday a safe one.

http://www.homehintsenews.com/plainpage.asp?page_name=holidaydecorationsafety

I know that a lot of you will be traveling around the holidays and it is very important to protect your home. As with most things, a little common sense goes a long way. Burglars go through neighborhoods looking for uncut lawns and stuffed mailboxes. In the evening, they look for darkened houses or lights that have been left on too long. There are many easy and cheap ways to help reduce your chances of being burglarized. I liked the Memphis, Tennessee Police Department’s suggested burglary prevention tips to help make you and your family safer. Click on the link below to access these tips.

http://www.homehintsenews.com/plainpage.asp?page_name=burglaryprevention