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Home builders dogged by tougher lenders, foreclosures

Categories: Uncategorized | Posted: November 11, 2011

Midlands builder says regulators must ease up on banks to free money to stimulate the economy


Wade McGuinn says a Camden bank recently turned him down for a loan to build up to 30 homes in Kershaw County.

That is 90 jobs people don’t have, he said.

Those jobs are the reason homebuilding needs to grab more attention in the national debate on how to revive the battered economy, said Barry Rutenberg, chairman-elect of the National Association of Home Builders, who was in town this week to speak to Midlands-area builders.

“Every home that’s built is three jobs,” said Rutenberg, a builder and remodeler in Gainesville, Fla., adding jobs are critical to an economic recovery, as jobless rolls remain bloated nationwide.

But so far, even historically low interest rates that recently dipped below 4 percent for a 30-year fixed-rate mortgage have not been enough to motivate potential buyers. Home buying and home building rates are down at least 40 percent from the peak in 2007 in the Midlands.

Meanwhile, builders face competition from increasing numbers of home foreclosures and short sales, in which the bank accepts less money than is owed on a home.

“The ‘American Dream’ is not dead. It’s gotten dented,” Rutenberg said. “It will come back.”

New housing inventory nationwide is down as home builders have pulled back or been forced out of business because they can’t get loans, Rutenberg said.

McGuinn, a longtime Midlands builder, said it is time for regulators to ease up on banks so they can lend more money to help stimulate the economy. Otherwise, more builders are going to fail, he said, and eventually consumers will have fewer options.

At the height of the housing boom, credit was easy to come by for builders and buyers. But as the overheated real estate market crashed and plunged the country into the worst recession in a lifetime, banks that survived tightened lending standards and many builders were forced into bankruptcy.

Banks need to find a middle ground, Rutenberg said.

He has been pushing a bill in Congress – the Home Construction Lending Regulatory Improvement Act of 2011 – that his organization says would ease lending standards enough to get housing and the economy flowing again.

Mike Crapps, president and chief executive of First Community Bank in Lexington, said many community banks like his are lending to builders. But the hurdles banks have to jump to approve an application are higher than they were five years ago.

Crapps said his bank consistently has considered three criteria when lending to small businesses: the borrower’s ability to repay, backup collateral and the future of the line of business.

Home builders can be hurt when lenders consider the future success of their proposed projects if there is a big inventory of similar homes already in the area or they are building homes outside of the typical price range that sells in the area, he said.

“The regulatory environment is not going to lead all banks to make the same decision,” Crapps said. “Regulators aren’t saying to us, ‘Don’t make loans to a particular industry.’ ”

But reforms are needed, small business experts say.

At a Federal Reserve conference Wednesday designed to help small businesses, Fed chairman Ben Bernanke, a Dillon native, called on banks to ease overly tight lending standards.

The Fed has been holding training sessions to ensure that banks are meeting the needs of creditworthy business borrowers while maintaining appropriate lending standards, Bernanke said. Many small businesses have complained their banks have made it too hard to get loans.

“Small businesses have played an important role in fueling past economic recoveries,” Bernanke said. “We need to think carefully about how … our nation can best provide small businesses and entrepreneurs with the support they need to expand job opportunities.

The Associated Press contributed

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McGuinn Homes “Your Home Your Way”

Categories: Uncategorized | Posted: October 7, 2011

How many times have you seen a floor plan of new home and said if they could do this or if they could do that it would be perfect for me? Well at McGuinn Homes with the “Your Home Your Way” process that is what you will get.

McGuinn Homes a local builder located in the Midlands of South Carolina offering home buyers at truly unique experience when it comes to building their new home. Being a home builder that truly thrives on customer service McGuinn allows the purchaser to basically design the base plan to fit their wants and needs in their new home. Beginning with the selections, you choose from a gallery of included features, then the buyer can opt to choose from McGuinn’s various upgraded options to give their home the exact look they are looking for. One of the most exciting aspects of building with McGuinn Homes is the ability to tweak the floor plan the way you want it. Want to move that 1/2 bath to the other side of the house? No Problem. Want to have the kitchen on front of the house instead of the back of the home? No Problem. Does the plan you like only offer a 1 car garage lets make it a 2 car. Having the ability to build “Your Home Your Way” makes your new home the way you dreamed it would be, at the same time keeping it in the budget you set because the best part about “Your Home Your Way” is that some of these examples add no cost to the price

Looking to build the home you have been searching for then let the search stop! Contact us today and lets start working on your new home making it “Your Home Your Way”.


McGuinn Homes making a Splash in Lake Carolina

Categories: Uncategorized | Posted: September 20, 2011

McGuinn Homes is excited to announce their involvement  in Lake Carolina. Located in Northeast Columbia S.C. Lake Carolina is one of the premiere communities offering Shopping, Pool, Parks, Water Parks, Fishing and much more. Only minutes from the Villages at Sandhills shopping and dining and only a few miles from I-20 and I-77

McGuinn Homes is in the process of starting construction on their model home located in “The Ponds” in Centennial at Lake Carolina in the next few weeks. McGuinn will be offering a impressive line of single family homes that will fit the needs of just about anyone searching for their first home to the step up buyer all the way to family looking to downsize. With plans starting from $127,900 with 1347 square feet and going to 2914 square feet for only $169,900 there is sure to be a plan and price what you are looking for. McGuinn is also offering a select number of lots located on the water feature in “The Ponds” section of Centennial at Lake Carolina.


McGuinn Homes sets up shop in Northeast Columbia with The Villages At Lakeshore

Categories: Uncategorized | Posted: September 15, 2011

McGuinn Homes is excited about our newest community The Villages at Lakeshore. This is a new venture for McGuinn by expanding our footprint in Northeast Columbia S.C. as we continue to grow and expand throughout the Midlands of South Carolina. The Villages at Lakeshore is a wonderful community located just off Clemson Rd on Longstown Rd. It is situated between I-20 and I-77 for the convenience of getting around Columbia. The Shops at Sandhills shopping village is less than 10 minutes away which offers shopping, dining and entertainment.

The Villages at Lakeshore offers community amenities such as community pool, playground and that friendly neighborhood feel. McGuinn is offering many floor plans ranging from 1217 to 2914 and prices starting at $107,900. We are sure we will have the plan and design you are looking for while keeping it in the price range to fit your budget.

Visit us at and tour our community page or you can contact Eva Langston 803.603.1372

Home prices could stabilize in 2010

Categories: Uncategorized | Posted: August 15, 2011

Home prices dipped to a four-year low in the Columbia area this year as sellers – particularly in upper-end markets – struggled to sell their homes.

But with more people buying real estate in the last few months of the year, industry experts expect the demand to help home prices stabilize in 2010.

Home sales have skyrocketed in the last quarter of the year as first-time buyers have taken advantage of an $8,000 tax credit, historically low interest rates and lower prices.

    The rush has brought some optimism back to the local real estate market, which has been struggling for more than two years.

“It feels just like a normal year, instead of feeling depressed,” said Margaret Ann Ashburn, broker-in-charge of Russell & Jeffcoat Realtors Forest Acres office. “We’ll be back to a stable, normal year (in 2010). I don’t think we’ll get to a boom again for quite some time.”

For the year, through November, the median price in Columbia was $139,000, down nearly 3 percent from the same time period last year, according to the latest information available from the S.C. Realtors trade group. That’s down 5 percent from the peak of $146,000 in 2007 but up 5 percent from 2005’s $132,000.

Nationally, home prices were up 0.4 percent in October from September but still down 7.3 percent from last October, according to the Standard & Poor’s/Case-Shiller home price index released Tuesday.

Home prices remained relatively strong in the Columbia area even as home sales started to plummet in 2008.

But excess inventory and desperate sellers drove down prices this year, Ashburn said.

Now, with a stabilizing market, buyers are even starting to compete for homes again, she said.

“We’ve had a couple of multiple offers,” she said. “That had become unheard of.”

Ashburn expects the federal tax credit, which was extended through spring and expanded to include more buyers, to keep the market strong until the traditional home selling season. Then, she said, pent-up demand will help it stay steady.

“I would not be surprised if values started going back up again,” she said.


Price cut



Home prices in the Columbia area haven’t had drastic swings during the rise and fall of the real estate market. But the median price of homes sold this year is on track to finish at a four-year low. A look at year-end median prices for the past five years:


2005: $132,000


2006: $140,000


2007: $146,000


2008: $143,000


2009: $139,000 (through November)


SOURCE: S.C. Realtors trade group

“The State of Real Estate”

Categories: Uncategorized | Posted: July 15, 2011

In a recent issue of Columbia Business Monthly, Wade McGuinn commented on recent activity in today’s real estate market trends.

Wade McGuinns Video Blog ” Agents Web Presence”

Categories: Uncategorized | Posted: July 12, 2011

Wade McGuinn video blog about real estate agents managing their presence on the web. How are Columbia S.C. agents marketing themselves on the world wide web, do you have a website? Do you manage your website? Are you active on social media?

Wade McGuinn Blog “Know Who Your Team Is”

Categories: Uncategorized | Posted: July 7, 2011

Wade McGuinn goes over knowing who your team is in your business. Who helps you everyday with helping you complete the task that make you more successful. Lawyers, Inspectors, Admins, etc. Know Your Team…………….

McGuinn Homes Video Blog Know your Product

Categories: Uncategorized | Posted: June 10, 2011

Wade McGuinn covers the importance of knowing the product you are selling against

McGuinn Homes Video Blog 3

Categories: Uncategorized | Posted: May 24, 2011

Wade McGuinn and Fred Reichardt from Russell and Jeffcoat Real Estate have some tips for the agents in Columbia S.C.