According to the U.S. Treasury this figure is 11 percent higher than for May of 2012, but the federal budget is expected to come in with less than a -$1 trillion deficit for the 2013 fiscal year, which runs from October to September.

The Treasury estimates that the 2013 budget deficit will come in at approximately -$642 billion, well below fiscal 2012’s deficit of -$1.1 trillion. The federal budget has been running deficits over -$1 trillion since 2008.

Employment Market Continues To Strengthen

On Thursday, the Weekly Jobless Claims report brought good news; jobless claims fell from the prior week’s 346,000 jobless claims to 334,000 jobless claims. This was also less than expectations of 350,000 jobless claims. As more workers gain steady employment, this will enable more would-be home buyers to become active buyers.

May Retail sales also showed slight improvement as they moved from 0.60 percent from April’s 0.10 percent.

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the average mortgage rate for a 30year fixed rate mortgage rose from last week’s 3.91 percent to 3.98 percent with discount points unchanged at 0.70 percent. The average rate for a 15-year fixed rate mortgage rose from last week’s 3.03 percent to 3.10 percent with discount points holding at 0.70 percent.

What‘s Coming Up This Week

Next week’s economic news schedule has a number of reports due including Wednesday’s FOMC statement and Fed Chair Ben Bernanke’s press conference. This meeting and press conference are significant as any move by the Fed to reduce or cease its current quantitative easing (QE) program could cause mortgage rates to rise further.

Monday’s news includes the Home Builders Index for June. Tuesday brings the Consumer Price Index (CPI) for May and the Core CPI, also for May. The indices measure prices paid by consumers for goods and services; the Core CPI eliminates the volatile food and energy sectors included in the CPI. Rising or falling consumer costs influence how much discretionary income consumers have for saving toward buying a home.

No news is scheduled for Wednesday other than the FOMC statement and press conference.

Thursday brings the Existing Home Sales Report, Weekly Jobs Report, Freddie Mac PMMS and Leading Indicators. These reports are expected to provide news about U.S. housing markets, mortgage rates and economic influences impacting consumers.

There is no economic news scheduled for Friday.

The post What’s Ahead For Mortgage Rates This Week – June 17, 2013 appeared first on Horizon Financial.

What if you had a home security camera that you could monitor from anywhere and a motion sensor that would send you an email when your kids come home from school? What if you could open your blinds or unlock your home for a visitor, even from halfway around the world?

The technology that powers our home security systems is getting more and more sophisticated and in the future, our homes will be more responsive than we could ever imagine.

Rather than a simple line of defense that keeps out burglars, it will be a completely integrated and custom designed automated system that responds intelligently to your needs.

Here are a few of the upcoming technology innovations:

Smart Home Technology

At the moment, prototypes are being developed for integrated home security systems that have individual Internet protocols that can address everything from a fridge to a window to a door.  Even your home appliances, like your refrigerator, air conditioning systems and lighting systems may be able to be managed remotely through a smart phone.

This connectivity essentially gives everything in your house an Internet address, so that you can control them and monitor them digitally. Once the system is linked up it can be controlled remotely by Blackberry, Apple or Android.

The 2013 Consumer Electronics Show in Las Vegas this year showcased a number of smart phone apps and devices designed to control everything within your home so that you can master the household with the click of a button.

The Future Is Still On Its Way

Although the technology is being developed, there is still a long way to go until we all live in automated houses like on The Jetsons. One underlying and yet unsolved issue is the security systems inability to function in a power outage or with bandwidth and connectivity challenges.

There are also many different conflicting operating systems, setups, standards and approaches that will need to be worked out before the dream of a fully automated Mauldin home can become a reality.

Even so, the technological advances being made in home security and management systems are impressive and exciting to learn more about.

The post What Does The Future Hold For The Security System In Your Home? appeared first on Horizon Financial.

Traditional excavation can often be a costly, messy option. Listed below are three other alternatives for drain repair that you should consider.

Drain Relining

Looking for a solution to your drain problems that won’t destroy your landscaping? Drain relining might be the perfect solution for your home. It repairs your pipes from the inside out. It can also be a very cost effective solution.

Over time, pipe corrosion can build up and lead to leaks, bad tasting or smelling water, and sewer backups. Pipe relining offers a permanent and fast solution to these problems. Most drains can be relined in a day or less.

Trenchless Repair

Occasionally, when drains do not work in a house, it may be more than just a clog. When pipes break, it can be a complicated problem, requiring lots of work, time and money to fix. At Corley, we’ve cut the work, time and money down by offering trenchless pipe repair services, the most advanced repair technique in the business.

With the use of cameras and our trenchless repair equipment, we are able to cut the workload in half by not digging continuous trenches looking for the break. We can then easily slip a new pipe into the ground without tearing up your yard.

Here is link to a video that explains how we do trenchless drain repair – Link to Youtube video https://www.youtube.com/watch?feature=player_embedded&v=LX1XbUSzbnw

Read a Case Study - Trenchless Process Brings Peace of Mind to Greenville homeowners.

Drain Jetting

When clogs become too hard to unclog with traditional methods, Jetting is one of the most advanced options for fixing the drain.

Jetting is a technique that uses special nozzles to force high pressured water through the pipes in your sewer system. When the water pressure is high enough, it can clear dirt, emulsify oil and soap, break clogs and even cut roots and other growths.

If your main sewer line stops up you don’t want to wait for drain cleaning service. Corley Plumbing, Air & Electric offers extended hours for all of our drain services. Contact us at 864-517-1251 or Schedule Service online.

The post Options for Repairing and Replacing Drain Pipes appeared first on Horizon Financial.

We think Greenville is a great place to live and work and listed below are a few reasons why we think the Quality of Life is truly exceptional.

Climate

Greenville offers a moderate climate with a full change of seasons, but not to the extreme.

• Average high in July 88 degrees
• Average low in January 32 degrees
• Average annual snowfall 2 inches

Greenville’s public school system is the largest in the state, and includes eight magnet academies for special study at the elementary, middle, and high school levels.

Over nine colleges and universities are located in and within close proximity of Greenville.

Recreation / Cultural Activites

Greenville offers recreational and cultural activities that rival many major metropolitan areas. With a number of theaters, art festivals, and musical performances, residents have a variety of choices any night of the week.  In fact, Southern Living recently named Greenville, SC its “City of the Arts.”

• Over 200 yearly events including weekly music series April through September on Wednesday, Thursday and Friday
• The Peace Center which offers Broadway productions as well as concerts
• The Bi-Lo Center Arena which is home to a wide range of sporting and concert events
• The Boston Red Sox Single-A Affiliate – The Greenville Drive – play in Downtown Greenville
• Greenville has over 51 golf courses
• More than 300 waterfalls within a two hour drive
• Bike Magazine rated Greenville as a “Top 5 Best Place To Live And Ride”
• 12 State Parks within an hour of Greenville
• Downtown Greenville is home to over 130 retail shops and 75 restaurants in a one square mile area
• One of the only downtown’s in the United States with natural waterfalls
• The $12 Million Reedy Falls Park with lush gardens and the most unique curved pedestrian suspension bridge overlooking Reedy River Falls

Healthcare

The Upstate prides itself on state-of-the-art healthcare systems that are setting standards across the country. Although the average number of physicians per capita across the U.S. is 170, the Upstate averages over 223 physicians per capita. That’s healthcare you can count on.

The Greenville Hospital System is the state’s most comprehensive health care provider and one the Southeast’s leading medical facilities. Learn more about healthcare in the Upstate at I was Blown Away.

Proximity to Popular Destinations

• Atlanta, GA:  2 hours
• Charleston, SC:  3.5 hours
• Asheville, NC:  45 minutes to 1 hour
• Charlotte, NC:  1.5 hours
• Myrtle Beach:  4 hours

The team at Horizon Financial feel privileged to live and work in such a special place. If you’re considering relocating, we would love to assist you with your home loan in Greenville.

The post Are you considering relocating to Greenville? appeared first on Horizon Financial.

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The Case-Shiller Index measures changes in home prices by tracking same-home sales using 10-City, 20-City and national housing markets; and the change in sales price from sale-to-sale. Detached, single-family residences are used in the Case-Shiller Index methodology and data is for closed purchase transactions only.

12 Of 20 Metro Markets Notch Double-Digit Annual Growth

Between March 2012 and March 2013, home values rose in all 20 Case-Shiller Index markets. Phoenix, Arizona (+22.5%) once again was leading the national price recovery, quite possibly due to its precipitous fall during the onset of the housing crisis.

Another notable gainer was San Francisco (+22.2%), followed by Las Vegas, Nevada (+20.6%)  On the weaker end were Boston (+6.7%), Cleveland (+4.8%) and New York (+2.6%), but it is important to note that even these smaller numbers still represent significant gains across the board.

There were a total of 12 year-over-year double digit gainers in home value which included those mentioned above as well as Atlanta, Detroit, Los Angeles, Miami, Minneapolis, Portland, San Diego, Seattle and Tampa.

All 20 Metro Markets Show Positive Growth For 3 Consecutive Months

In another very strong supporting point for the housing recovery, all 20 metro markets measured showed positive home price growth for at least 3 consecutive months.  This consistency in growth contributes to an overall indication of strength in the housing sector rebound.

The only potential back-pedaling in the report came from noting that higher than normal multi-family housing numbers, large numbers of homes still in the foreclosure process, and significant investor activity may demonstrate that the housing recovery is not yet complete.

This latest S&P/Case-Shiller Home Price Indices report seems to indicate that the housing market continues to show positive growth.

Now may very likely be the best time to move forward with your next Simpsonville real estate transaction.  A positive next step is to call your local, trusted mortgage professional for advice today.

The post Case-Shiller Reports Energetic Annual Home Price Gains Nationally appeared first on Horizon Financial.

The National Association of REALTORS reported that sales of existing homes in April reached 4.97 million on a seasonally-adjusted annual basis.

Although this reading fell short of Wall Street’s expectations of 5.00 million existing homes sold, it surpassed the March 2013 upwardly revised reading of 4.94 million existing home sales. This represents a 0.60 percent increase from March to April, and a 9.70 increase year-over-year.

Low Mortgage Rates Contribute To High Sales Levels 

Low mortgage rates and pent-up demand for homes are driving sales of existing homes, which reached their highest level since November 2009. 

Lawrence Yun, chief economist for the National Association of REALTORS, indicated that housing market momentum is overcoming obstacles: “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing home sales would be well above the five million unit pace.”

Inventories of homes for sale are gradually increasing; at the end of April, the total inventory of existing homes had increased by 11.9 percent to 2.16 million existing homes for sale. This represents a 5.20 month supply of available homes in April as compared to a 4.7 month supply of homes in March 2013. Listed inventory is 13.60 percent below April 2012, when there was a 6.60 month supply of homes available.

Average Home Sales Prices Up 14 Months In A Row

The national average price for all housing types was $192,800, and increase of 11.0 percent over April 2012. This represents the fourteenth consecutive month of rising average home prices; the last time this occurred was between April 2005 and May 2006.

Homes sold through foreclosure or short sales fell by three percent to 18 percent of existing homes sold in April.  Of these sales, 11.0 percent were foreclosure sales and 7.0 percent were short sales. Foreclosure sales averaged 16.0 percent below market value and short sales averaged 14.0 percent below market value.

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, provided more positive news for U.S. housing markets as of March 2013. Average home prices for homes mortgaged by Fannie Mae and Freddie Mac increased by 7.20 percent year-over-year, and were up by 1.20 percent from February 2013. FHFA also reported that home prices had risen by 6.70 percent in the first quarter of 2013 as compared to the same period in 2012.

New Home Sales Show Rising Trend As Well

In related news, the Department of Commerce reports that New Home Sales are up by 2.30 percent from March to 454,000 units on a seasonally-adjusted annual basis.  This handily exceeds Wall Street’s consensus of 430,000 new homes sold in April, and is also higher than March’s reading of 444,000 new homes sold.

Buyers are turning to new homes due to pent-up demand in housing markets caused by low inventories of existing homes and low mortgage rates. It’s also likely that with home prices rising, would-be buyers are acting on indications that record low rates and home prices are expected to increase.

Rising home prices suggest that as demand increases, mortgage rates may not be far behind. Buyers in the Greenville  market today can still gain the advantage of historically low mortgage rates.

The post Existing Home Sales Numbers Highest Since 2009 appeared first on Horizon Financial.

Minutes of the April/May Federal Open Market Committee (FOMC) recently released may have a significant impact on mortgage rates going forward.  One significant development from the meeting suggests that the present quantitative easing (QE)  program may be modified in the near future. 

The current QE program involves the Fed purchasing $85 billion per month in mortgage backed securities (MBS) and Treasury bonds. The Fed’s goal with QE is keeping long-term interest rates, including mortgage rates, low.

Considerations mentioned in favor of slowing the current QE program include concerns over “buoyant” financial markets as evidence of a developing economic “bubble”. FOMC members in favor of continuing the current easing program cited fears of economic deflation resulting from cutbacks in QE.

Fed Chief Calls Current Bond Buying Program “Overheated”

In related news, Fed chairman Ben Bernanke, in testimony before Congress, characterized the current QE program as “overheating the economy,” but he also stated that slowing economic growth is a worse alternative than continuing the current QE program. Chairman Bernanke noted that QE is supporting financial markets and the economy and indicated that it is not time to reduce the Fed’s support.

Diverse opinions within the FOMC added to the impasse over QE, as one member advocated for immediate tapering of the QE program, while another proposed expanding QE purchases.

The FOMC noted a number of challenges including the national unemployment rate of 7.60 percent at the end of March, that private sector hiring plans were “subdued,” and that jobless claims had trended up during the inter-meeting period.  Among numerous economic positive statistics cited, the Fed noted that consumer spending improved and was driven by higher automotive sales and a drop in fuel prices.

The FOMC minutes reflect that some members had concerns about the ability of consumer spending to hold without notable improvement in hiring and business investment. Businesses contacts of FOMC members were reluctant to plan additional hiring and investing in their businesses based on reports of decreased manufacturing and lower international demand for products.

Good News Revealed About Low Future Inflation Expectations

The Fed predicted modest inflation over the medium term, and expected inflation to remain subdued until 2015. The Fed will maintain its benchmarks for adjusting the Federal Funds Rate and QE based on the national unemployment rate reaching 6.50 percent and the inflation rate reaching 2.00 percent.

The FOMC characterized the improving housing market as responsible for economic improvements for related businesses, but also acknowledged that increasing demand for housing was being caused by low inventories of available homes rather than buyer enthusiasm alone.

Improving home prices and easier consumer credit terms were viewed as contributing to improvement in overall economic conditions. These factors increase household cash flow and provide consumers with more discretionary income for spending.

While the FOMC members did not agree on how or if to revise their current QE policy, it seems likely that the next meeting will bring increased scrutiny of QE and its impact on current economic conditions.

The post Fed Meeting Minutes Expose Rising Interest Rate Risk appeared first on Horizon Financial.

It can be very difficult to determine what your property is worth in the current marketplace, because you are biased by what the property is worth to you. These emotions can get in the way of impartially evaluating a property and often cause sellers to overprice their home.

When pricing your property, you need to be objective and reasonable so you can come up with a selling price that will capture the interest of buyers.

Here are a few examples of common mistakes people make when pricing their house for sale.

Reading Too Much Into Online Comparable Properties

Avoid relying too much on online pricing information of sold houses. They can be a perfect place to start for getting a general idea of how much real estate is worth, but they are not always accurate. 

Overestimating The Market

Don’t assume that you can sell your house for the same price at which you purchased it. Unless you bought your house a few weeks ago, the real estate market may have changed — sometimes significantly — and the purchase price will not reflect the appropriate pricing for today.

Overpricing To Pad For Future Negotiation

Don’t overprice your Mauldin home in order to be able to negotiate to the price you want to settle on. Of course, you want to get an appropriate value from it, but many first-time buyers are on tight budgets and will rule out higher-priced houses. Your over-priced property may sit on the market longer and then the price will have to be reduced anyway.

Factoring In The Cost Of Your New Home

Don’t factor in the cost of your next house. Your listing price should not reflect how much money you’d need to purchase your next property. The price of the house should be the same whether you are wealthy or broke. Your financial situation is irrelevant to the potential buyer of the property.

These are just a few common mistakes you should avoid when determining the price of your home. Listed at the right price, you will get a fair amount from the sale of the house and the buyer will be getting a reasonable price too.

As always, your local real estate professional will have the best advice on getting your home ready for the market and selling for the best price.  Call them today to find out the details!

The post Avoid These Common Mistakes When Pricing Your Home To Sell appeared first on Horizon Financial.

Last week was jam-packed with economic news; here are some highlights with emphasis on housing and mortgage related news:

Monday: Retail sales for April increased to -0.1 percent from the March reading of -0.5 percent and also surpassed Wall Street’s downward forecast of -0.6 percent. Retail sales are important to economic recovery as sales of goods and services represent approximately 70 percent of the U.S. economy.

Tuesday: The National Federation of Independent Business (NFIB) released its Small Business Optimism Index for April with encouraging results. April’s index rose by 2.6 points to 92.1. A reading of 90.7 indicates economic recovery. This index is based on a survey of 1873 NFIB member businesses.

Wednesday: The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for May matched investor expectations with a reading of 44. At three points above the March reading of 41, this report suggests that builders are slowly gaining confidence in national housing markets. 

Thursday: The U.S. Commerce Department reported that Housing Starts fell by 16.5 percent in April to a seasonally-adjusted annual level of 853,000 from 1.02 million housing starts in March. This reading fell short of investors’ consensus of 965,000 housing starts, however, this decrease was caused by the volatile apartment construction sector.

Friday: Consumer sentiment for May surpassed investor expectations of +0.3 percent and came in at +0.6 percent. As consumer sentiment improves, it’s likely that more consumers will buy homes.

Rising Interest Rates Show Strengthening Economy

Mortgage rates rose last week according to Freddie Mac. The average rate for a 30-year fixed rate mortgage rose from 3.42 percent to 3.51 percent with borrowers paying 0.70 in discount points and all of their closing costs.

15-year fixed rate mortgages rose from 2.61 percent last week to 2.69 percent this week with borrowers paying 0.70 in discount points and all of their closing costs.

This news is consistent with a strengthening economy, but is narrowing opportunities for home buyers seeking both affordable home prices and low mortgage rates.

Federal Open Market Committee Minutes To Be Released This Week

Looking ahead, economic news for this week includes the Existing Home Sales report for April with an expectation of 5.00 million homes sold on a seasonally-adjusted annual basis against the March tally of 4.93 million homes sold.

Also set for release on Wednesday are the Federal Open Market Committee (FOMC) Minutes for the meeting held April 30 and May 1. The FOMC meetings typically include discussions of the Federal Reserve’s current policy on quantitative easing (QE) which consists of the Fed buying $85 billion per month in MBS and treasury bonds.

When the QE program ends, mortgage rates will likely increase as bond prices decline due to lesser demand.

Thursday brings the weekly Jobless Claims Report along with New Home Sales for April. The consensus for new homes sold is 430,000 as compared to the March reading of 417,000 new homes sold.

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, will release its Home Price Index for March on Thursday. 

The post What’s Ahead For Mortgage Rates This Week – May 20, 2013 appeared first on Horizon Financial.

Going green is not just a new trend; it is a way of life that benefits not only the environment, but also your health — and your pocketbook.

Green living cuts down on carbon emissions and creates a healthier environment both inside and outside of a home. While green structures sometimes cost more initially, the money (and environment) saved in the long run is well worth the investment.

Health Benefits

Owning a green Mauldin home has significant health benefits. Many conventional buildings are not properly ventilated and indoor air quality is often more polluted than the air outside.

Poor air quality is bad for your health and can aggravate asthma and allergies. Certified green properties tend to have excellent airflow and ventilation. They also use toxin-free materials in building and may have fewer problems with mold and mildew.

Environmental Benefits

Homes are responsible for a significant portion of the carbon emissions on earth. A green home has a smaller carbon footprint since it is built with better insulation and fitted with energy-efficient appliances.

Green structures are built from sustainable or recycled materials that are meant to lower the impact on the environment. Proper green buildings also take advantage of natural lighting and airflow to reduce the use of electricity to light and to help warm and cool their interiors.

Financial Benefits

Green buildings are constructed to use less energy, which means you should pay less in energy costs. Ventilation systems in green structures are better insulated to reduce air leakage.

Builders also install fixtures that conserve water and are energy efficient. The initial cost might be slightly higher, but the monthly bills can be cut almost in half in many cases.

There are even more financial, environmental and health benefits to owning a green property. Living in a green home can allow you to save yourself money and help the earth, all while living in a healthy environment.

If you’re looking to purchase a new house, consider a green property. If you have any questions on current green properties available in the local market, please call your trusted real estate professional right away.

The post Benefits Of Owning A Green Home You May Not Have Considered appeared first on Horizon Financial.