Remember with Real Estate the old saying location location location is the key. In this market add an extra location to that wise truth prices are so closely tracked now that homes less than a mile apart can tell a completely different story. My advice listen to the national news but as a local Realtor for advise. 01/28/2010

Are we in recover mode or is all about the way we read the numbers did we really have growth and is the market starting to climb?? We will only know when we look back. In the meantime. 01/28/2010

Mortgage Applications Decrease  U.S. mortgage applications fell for the first time in four weeks, reflecting a dramatic drop in demand for home refinancing loans, data from an industry group showed today. The Mortgage Bankers Association's (MBA) Market Composite Index for the week ending January 22, 2010 decreased 10.9 percent on a seasonally adjusted basis from one week earlier and, on an unadjusted basis, decreased 10.1 percent compared with the previous week and decreased 19.8 percent compared with the same week one year earlier.  The Refinance Index decreased 15.1 percent from the previous week and the seasonally adjusted Purchase Index decreased 3.3 percent from one week earlier.  The unadjusted Purchase Index increased 2.8 percent compared with the previous week and was 4.5 percen... 01/27/2010

New Home Sales Drop  On the heels of the S&P/Case-Shiller report yesterday, the Commerce Department said sales fell 7.6 percent to a 342,000 unit annual rate from an upwardly revised 370,000 units in November. It was the second straight month that new home sales declined.  Analysts polled by Reuters had expected new home sales to increase to a 370,000 unit annual pace from November's previously reported 355,000 units.  New home sales for the whole of 2009 fell 22.9 percent to a record low 374,000 units, but despite the slump in sales there were a few bright spots in today's report. The median sale price for a new home rose 5.2 percent last month from November to $221,300, the highest in seven months and the biggest rise since April 2009. Compared to December 2008, the median sale price ... 01/27/2010

FILING FOR HOMESTEAD EXEMPTION IN 2010 Homeowners may need to provide their Warranty Deed book and page, proof of residence, social security numbers, driver's license and car tag info Fulton County - deadline is April 1, 2010 404-612-6440 http://www.fultonassessor.org/Forms/HtmlFrame.aspx?mode=content/Exemptions.htm&taxyear=2007&ownseq=1&jur=&LMparent=180 DeKalb County - deadline is March 1, 2010 404-298-4000 http://web.co.dekalb.ga.us/taxcommissioner/index.asp?pg=homestead Gwinnett County - deadline is March 1, 2010 770-822-8800 http://gwinnetttaxcommissioner.manatron.com/Tabs/Property/HomesteadExemption.aspx Cobb County - deadline is April 1, 2010 770-528-8600 http://www.cobbtax.org/Forms/HtmlFrame.aspx?mode=content/Exemptions.htm&LMparent=189 Clayton County - deadline is April 1, 201... 01/22/2010

Good News for Real Estate   Finally there is some good news for real estate. Contrary to what you hear on the popular media, all isn't as bleak as it initially appears - in fact, there is some downright good news when it comes to housing affordability. Let's take a few minutes to explore the current status of income, mortgage and interest rates to discover the silver lining brought about by the current recession.   Median Family Income According to the federal government, median family income actually rose in 2008 to just over $62,000; up from $61,335 during 2007. While not a substantial increase, it goes farther than ever when combined with lower interest rates and reduced sales prices.   Interest Rates By now everyone has become familiar with the up/down volatility of interest rates. ... 01/20/2010

Is reducing mortgage principal a good idea?  Many critics of the Obama administration's mortgage loan-modification program say it won't work because it doesn't do enough to address "negative equity," the plight of people who owe more on their home loans than the current value of those properties. According to this thesis, without equity in their homes, borrowers have little incentive to keep paying and are apt to walk away as soon as things get tough, if not before. There is even a new word to describe this approach: Lenders need to "re-equify" borrowers by chopping the loan balances to something less than their homes' values.  The trouble is that selectively reducing principal, mortgage paying behavior will be affected.  When he was asked about that in a news briefing Friday, Assistant... 01/20/2010

New home sector to remain weak  Fitch Ratings analysts say public builders will need to maintain tight controls over costs and expenses in 2010.  On the positive side are an ever-increasing pent-up demand for new homes coupled with affordability at record highs.  New home data showed spring 2009 sales were stronger than the previous winter months, and remain stable. Cancellation rates improved and are near normal levels and current builder inventory continues to decrease. Inventories of new homes are now 59% below the 2006 peak. And, depending on the market, some mortgage insurers and lenders are relaxing down payment requirements, allow loan-to-values (LTV) of up to 95%.  But uncertainties and dangers still remain for the sector.  Mortgage delinquencies are still increasing, and with f... 01/20/2010

I am writing this blog because of all the important changes that are coming this year from HUD as regards FHA insured mortgages. There are a number of important new changes - some will help buyers immediately and some may make it a little harder for some buyers to make a purchase.   I won't go into all the details here but here is a brief rundown of changes: 1.  seller contribution to closing cost is now capped at 3% 2.  Credit score requirements changed 3.  Upfront mortgage insurance premium raised to 2.25% (it can be rolled into the loan and was 1.75% before this change) 4.  the "seasoned" property rule on flipping has changed, making it easier for buyers to purchase investor owned properties as soon as they are ready for resale.   In the past investors couldn't sell to a buyer who re... 01/20/2010

  How many chances does one home get to make a first impression? No, that's not a trick question.  The answer is...ONE.  With housing inventory at record highs, your home won't get a second or third chance to make a good impression.  Curb appeal is an important starting place for your overall marketing efforts.  If prospective buyers drive by without stopping to tour the inside of your home, they'll never get to see the wonderful floor plan or beautiful granite countertops. From the internet, the "first impression" or single picture that the prospective buyer initially sees in a search result may be as far as it goes.   Your home needs to stand out - it makes sense doesn't it?   No one is going to have the time or desire to look at every single home in their price range.   Choices have ... 01/20/2010

No one will say that 2009 hasn't been an interesting year in real estate.  If you have been on the buyer side of the market, there have been amazing deals available, as well as difficulty in trying to buy in some segments... or if there were credit challenges.  If you have been on the selling side, the competition for buyers has been intense.  And the bank owned properties and short sales haven't helped.  Looking back over the last couple of months for Lawrenceville, GA, the market has moved... a lot.  The biggest thing has been the First Time Home Buyer Tax Credit.  It has had a GIANT pull on the market, and when it "expired" (it was renewed and expanded before it actually expired, but the effect seemed to expire) it altered the direction of the market... as it did when it was enacted.... 01/19/2010

If your asking your self - "Why didn't my short sale close it was a good offer" Maybe this is the ansewer. Eric Reid Managing Broker / Renaissance Realty Group Office 770-277-6652 eFax 404-795-1009 01/19/2010

What caused the housing bubble? In a monthly survey of business economists by the  Wall Street Journal, 42 said low interest rates were partly to blame for the housing boom while 12 sided with Mr. Bernanke, who said they weren't. Academic economists who specialize in monetary policy were split in a separate survey: 13 said low interest rates helped cause the housing bubble; 14 said they didn't.  Mr. Bernanke laid out his defense of Fed policy in a speech to the American Economic Association last week, acknowledging that interest rates were very low but adding that policy "does not appear to have been inappropriate." Other factors -- notably an explosion of exotic mortgages and a flood of cash coming into the U.S. from abroad -- were the crucial drivers of the housing bubble, he said. "R... 01/13/2010

Option ARMs feeding foreclosures  There are no specific numbers on how many option ARM loans there are. But analysts estimate that as many as 1.3 million borrowers took out $389 billion in option ARMs in 2004 and 2005 alone.  Many of those option ARM loans have already re-adjusted to higher payments, but more are on the way. Some 88 percent of Option ARMs originated between 2004 and 2007 are going to adjust higher between now and 2012. Those option ARM borrowers could see their housing bills go up as much as 63 percent, according to Fitch ratings.  "It's going to kill off housing," warns Patrick Pulatie, CEO of Loan Fraud Investigations, a predatory lending audit firm. "We have pretty close to 500,000 option ARM payments going higher in California over the next couple of years. The impa... 01/13/2010

As "they' say it not over till it's over,and this first week of 2010 we have heard more than a few perspectives of what to come in 2010. A few things that I heard that made me think is that is not over yet. 1) Arm Rates have reached the  3 -5  reset date, According to one business journalist:."The big wave of Option ARM resets has yet to come, and given the drop in home prices, refinancing won't be realistic.". 2) Municipal Defaults: yep, local towns and counties are feeling the pinch with foreclosures and tax defaults draining their coffers.  And when a town goes broke, it will put their resident's property even further underwater.  3) Loan modifications aren't working.  Unless and until there is meaningful principal reduction, most people getting a loan modification will stop making t... 01/06/2010

Biggest Buyers Market   When it comes to short sales, investors would do well to take a look at these major metropolitan areas presenting the largest peak-to-present value price drops. There are a variety of reasons each area has experienced larger than average price drops; from over building in Orlando to unemployment in Modesto, pressure on pricing has resulted in once in a lifetime bargains. Other areas such as Port St. Lucie or Lehigh Acres in Florida have been hit by a perfect storm of unemployment, over building and aggressive sub-prime lending practices combined with lax zoning standards to create a dramatic excess of inventory that could take years to absorb. Whatever the original reason, the result is clear...a big buyers market for those in the know.   Other hard hit cities th... 01/05/2010

   Experts from a range of political leanings, speaking at American Economic Association's annual gathering, were in agreement when it came to the chances for a robust and sustained expansion in 2010.  It won't happen.  Many predicted U.S. gross domestic product would expand less than 2% per year over the next 10 years. That stands in sharp contrast to the immediate aftermath of other steep economic downturns, which have usually elicited a growth surge in their wake.  Housing was at the heart of the nation's worst recession since the 1930s, with median home values falling over 30% from their 2005 peaks, and even more sharply in heavily affected states like California and Nevada.  The decline has sapped a principal source of wealth for U.S. consumers, whose spending is the key driver of ... 01/05/2010

Jobless claims down  The Labor Department says there were 432,000 initial jobless claims filed in the week ended Dec. 26, down 22,000 from the previous week's revised 454,000, and the lowest since July 19, 2008, when there were 413,000 claims filed.  A consensus estimate of economists surveyed by Briefing.com expected claims to jump to 460,000.  Jobless claims have been trending downward since the end of March, when they peaked at 674,000, the highest figure since 1982.  4,981,000 people filed continuing claims in the week ended Dec. 19, the most recent data available. That's 57,000 down from the preceding week's revised 5,038,000 claims.  The 4-week moving average for ongoing claims fell by 122,250 to 5,101,250 from the previous week's revised 5,223,250.  However, the fact that employe... 01/05/2010

Making Home Affordable a disaster  Critics of the Obama administration's $75 billion program to protect homeowners from foreclosure increasingly argue that the program, Making Home Affordable, has raised false hopes among people who simply cannot afford their homes, and some economists and real estate experts now contend it has done more harm than good.    They say many desperate homeowners have sent payments to banks in efforts to keep their homes, wasting dollars they could have saved in preparation for moving to cheaper rental residences.  Some experts argue the program has impeded economic recovery by delaying a wrenching yet cleansing process through which borrowers give up unaffordable homes and banks fully reckon with their disastrous bets on real estate, enabling money to flow m... 01/05/2010

About 1 in every 7 home loans was either past due or in foreclosure at the end of the third quarter. About one in every seven home loans in the country was either past due or in foreclosure at the end of the third quarter, according to the Mortgage Bankers Association's most recent National Delinquency Survey. That's the highest delinquency rate in the survey's history (the data begin in 1972).  It's important to note that mortgage delinquencies continue breaking records in the face of Uncle Sam's sweeping effort to keep struggling borrowers in their homes. Although the initiative has put more than 650,000 borrowers into trial loan modifications, there is growing concern that the Obama administration's initiative isn't well-suited for today's housing crisis. For example, although unemp... 12/29/2009