Mt. Pleasant (SC) Home Sales Update for August 2009

Mt. Pleasant (SC) had 73 single family detached homes sell during August with an average sales price of $418,317 and median price of $385,000. This was a 24% decrease from sales in July with a 6% increase in median price. The average number of days on market was 137 with a 94% sale to list price ratio. For every home sold, 2.12 homes were newly listed for sale. There is currently 14.97 months of home inventory; six months inventory is considered a balanced market.

Dunes West had the most sales of any Mt. Pleasant neighborhood with nine homes sold. There are currently 969 single family detached homes listed for sale in Mt. Pleasant.

Statistics from Charleston Trident Association of Realtors Multiple Listing Service. Numbers represent SINGLE FAMILY HOMES sold in August and are deemed reliable but not guaranteed. Median price indicates the point at which half the homes sold for more and half the homes sold for less.

For a detailed market analysis of your home or neighborhood, contact Debbie Donovan at 843-327-6099.

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The economic downturn of the last year has caused a great many heartaches. But, perhaps those most unfairly hit are our nation's military. They come and go not on a whim but rather by the orders of good ole Uncle Sam. That means that the average military member who was not fortunate enough to get on base housing a few years ago, and who went out and bought a home, probably is in a very difficult situation if they now have to sell because of PCS (permanent change of station) orders.

Many have had no recourse but to utilize the option of short sale or foreclosure. Short sale is an industry term which simply means that the market will not allow the person to sale their home for what they now owe the lender. The house is essentially upside down. If the lender allows for a short sale they will accept a fair market price and often forgive the home owner for the dept. This is not without consequence as this will be reported on the seller's credit report and could remain there from 2-7 years depending on the bank. For the military member who has little choice in when and where he is stationed, the short sale can be a horrible alternative.

The American Investment and Recovery Act of 2009 passed by Congress and signed by President Obama in February hopes to address this issue. This "stimulus package" has $555 million dedicated to expanding the Homeowners Assistance Program (HAP). HAP is a program administered by the US Army Corp of Engineers and was initially designed in 1966 to "provide some monetary relief to eligible service member (including Coast Guard) and federal employee (including non-appropriated fund) homeowners who suffer financial loss on the sale of their primary residences when a base closure or realignment announcement causes a decline in the residential real estate market and they are not able to sell their homes under reasonable terms or conditions."

The stimulus package will expand the HAP to "provide assistance to relocating military service members, civilian employees, and their families who face financial loss due to the ongoing housing crisis." The Corp of Engineers website has stated that "the Directorate of Real Estate is developing policy guidance for implementing new authorities provided in the recovery act."

The HAP website has stated on the website that the "American Recovery and Reinvestment Act funding policy has yet to be determined. While potential applicants are free to submit application paperwork, we will process the applications based on the implementation guidance, which we expect to receive in the next few weeks."

If you are a military member assigned to Charleston AFB, the Navy Weapons Station, or anywhere else in the Charleston SC Area and would like assistance selling or buying a home please contact me, a U.S. Air Force Veteran:

Michael J. Johnson, Realtor

843-817-5299

www.providingthelight.com

www.metrocharlestonhomes.com

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5. History of Charleston AFB

Charleston Air Force Base is a valuable member of the community of Charleston SC. Its history stretches back over 66 years from WWII, the Cold War, and into the 21st century.

The land that the base is currently located on was purchased by the city of Charleston in 1931 for the purposes of building a new airfield. By December of 1941, America was at War and Army Air Force units deployed to the Charleston area to establish coastal defense operations. By March of 1942 the city signed a lease with the federal government so that the Army Air Force gained full control of the facility. In late 1942 it was officially named the Charleston Army Air Base and in early 1943 it was renamed Charleston Army Air Field. During World War II the base was utilized to train the B-17 Flying Fortress and the B-24 Liberator.

By the end of the war, the US war department and the military began to reduce its enormous size as the global threat was perceived to be eliminated. Thus the airfield was returned to civilian control. But, by the late 1940's and early 1950's the threat of the Soviet Union and its communist influence caused the military to renew its commitment to Charleston's airfield. Agreements were made for joint use of the airstrip between military and civilian aircraft. In 1952 the Tactical Airlift Command (TAC) was reestablished in Charleston and in 1953 the name of the airfield was forever changed to Charleston Air Force Base. In 1956 TAC relinquished control of the base to the Military Airlift Transport Service (MATS) command. In 1966 MATS changed its name to MAC, Military Airlift Command, and the 437 Military Airlift Wing was activated and assumed host unit responsibility for the base. Charleston AFB was a major MAC base and home to several MAC cargo and passenger aircraft including the C-141 and the enormous C-5. In 1991 MAC was retired and renamed AMC or the Air Mobility Command.

In 1993 the new generation cargo and passenger military aircraft was introduced to the world at Charleston AFB. The C-17 Globemaster is currently the most versatile cargo aircraft in the world. This valuable weapon was made war ready by the blood, sweat, and tears, or the men and women assigned to Charleston AFB. It has since been used in countless campaigns all over the world to include the 90's Bosnia campaign, and in the post 9/11 war on terror campaigns in Afghanistan and Iraq.