Housing may not be done so do not stick a fork in it yet…
With the Mortgage Bankers Association announcing refis up 4.2%, existing home sales up 5.1% according to NAR, and interest rates down, there may be light at the end of the tunnel. And that light may not be a freight train bearing down on us!
But we are not out of the woods yet. With the news that South Carolina has the highest jobless rate in 26 years, I have to be honest that not everything is perfect. The jobless rate in SC was reported last month at 11% compared to the national rate of 8.1%. I have no doubt that we all know someone without a job, and the outlook is grim. I was watching the various political shows this morning and the topic turned to the outrage the average American feels about the economy, bailouts, and executive bonuses. The question was “Should there be this much outrage?”
Consider the news about Oconee County‘s population growth rate, which was sprinting through most of this decade, is now prodding along at a turtle’s pace according to the final estimate put out recently by the U.S. Census before its big count next year. So the economic downturn that has hurt other parts of the country has affected us locally, at least that is what the article says. No matter how badly everyone wants to move here, if they cannot sell their home in other parts of the country, they can’t move here. Our housing market is generally stable, but we cannot help those people elsewhere in the US. If they can’t sell there, they cannot buy here.
But we all know as soon as those people elsewhere can sell their homes, they are coming to Upstate South Carolina. And we are ready to welcome them to the greatest place to call home!
More news regarding Oconee County was word that Johnson Controls Inc., which operates a plant in West Union, said Friday it will cut jobs and close 10 manufacturing plants as part of a restructuring effort that it said will cost between $200 million and $215 million. But of course they did not say which plants will be affected, so maybe the West Union plant will escape the axe.