Foreclosures

According to RealtyTrac’s Foreclosure Market Report, there were 358,171 foreclosure filings in the country for August. S.C.’s August increase was less than 2 percent over July foreclosures. Georgia’s was 7.3 percent over July. Richland County’s August foreclosures totaled 390, while in July there were 213, a gain in August of 83 percent.

Among the most innovative

The U. S. News & World Report 2010 “America’s Best Colleges” guide cites USC among 18 other national universities as having made “the most promising and innovative changes in academics, faculty, students, campus, or facilities.” USC was ranked #11, tied with Clemson, Rice and Emory. The Moore School’s undergraduate program in international business retained its #1 ranking for the 13th consecutive year.

Warning: November 30 is getting close

Time is running out on the $8,000 first–time home buyer tax credit. The home purchase must be completed on or before November 30.

Gas prices push inflation

According to the Bureau of Labor Statistics the national Consumer Price Index (CPI) for August rose 0.4 percent. Gas prices were more than 80 percent of the overall increase.

Broadband T

hanks to the American Recovery and Reinvestment Act, there is a national pool of funds for broadband grants totaling $7.2 billion. Gov. Mark Sanford recently announced an advisory committee that will handle applications for the federal broadband infrastructure stimulus funds. Both public and private groups are encouraged to apply for broadband grants.

If they can pay tuition, let ’em

The N.C. Board of Community Colleges voted 16–1 last week to allow undocumented immigrants to attend N.C. community colleges. The policy will likely take another year before it becomes law. In S.C., according to census figures, immigrants make up 4.3 percent of the population or 190,014 in 2007.

Unemployment

The national unemployment rate for August was 9.7 percent. In S.C., it was 11.5 percent; Georgia, 10.2 percent; and in N.C., 10.8 percent. For August, 42 states lost jobs. Michigan’s unemployment rose to 15.2 percent, the country’s highest. Nevada was second at 13.2 percent; Rhode Island, third at 12.8 percent; and California and Oregon were tied for fourth at 12.2 percent each.

Mortgage rates boost the country, but S.C. still sluggish

As jobless numbers increase, home buying decreases, and mortgage rates tend to fall with the falling demand. So, long–term mortgage rates, according to Freddie Mac, fell to 5.04 percent in the week ending Sept. 17, the lowest since late May. Meanwhile, due to falling interest rates, national housing starts and building permits rose in August to the highest levels for the past nine months, optimistically anticipating more demand in the near future. In S.C., according to the S.C. Employment Security Commission, the state’s construction industry has lost 25,500 jobs since its peak about two years ago.

Charleston cruise

Starting May 18, Carnival Cruise Lines will offer regular five–, six–, and seven–day cruises from the passenger terminal in downtown Charleston. Cruises will be aboard the 2,056–passenger Carnival Fantasy. The S.C. State Ports Authority has recently hired an urban design firm, Cooper Robertson, to update a plan for a nine–acre area in downtown Charleston including the passenger terminal. Cooper Robertson is one of the world’s best urban design firms with project histories such as Battery Park City in NYC, the new community Celebration by Disney in Florida, and the new town of Val d’Europe outside Paris, France. Robertson came to Columbia under Mayor Patton Adams’ invitation in the late ’80s to consider downtown Columbia, especially the Vista and the proposed convention center. Mayor Coble never arranged any more visits.

Good Lord

Leighton Lord III, managing partner of Nexsen Pruet law firm, career home of Columbia’s Mayor Bob Coble, has filed as a Republican candidate for attorney general. Hardly a week earlier, Mayor Coble, Lord’s law partner, declined to run for re–election. Since Coble has never commented on the matter, maybe this gives Columbia a chance to ask how Lord’s law firm avoided price competition and still scored the legal work on the mayor’s convention center project, fully funded by the City of Columbia for about $40 million. The mayor’s own law firm, of course, contributed to the mayor’s political campaigns.