Hank Miller

Atlanta Real Estate Data – 4th Qtr ’11 Review

Over the last year, two sub markets in the City of Atlanta saw median home values increase over 10% and NE Cherokee County sales increased by 121.7%. Last quarter, Sandy Springs (inside 285) sat with the highest home inventory at 13.8 months (2x many areas) and saw only 35.5% of listings sell and Eastern Gwinnett County lead the region with 63.1% of all sales noted as distressed. Many surprises in the data, some with clear explanations, others result in head scratching. What's the story behind the charts below and the stats? The 4th Quarter ’11 Atlanta real estate market data review is out. A few surprises and a clear delineation between areas and markets showing stability and others continuing to be smothered by inventory, distressed homes and economic duress. As always – remember that this is data broken out by MLS section; this is good data but we can go deeper...Read More

Loans Still Due Despite Foreclosure – Deficiency Judgments

Sweating out a distressed sale or foreclosure may not absolve an owner from the long arm of those due money. Banks can employ what is called a deficiency judgment (the difference between the outstanding mortgage balance and the sale price) to collect the debt, requiring a defaulting borrower to pay the balance of a loan and any fees, minus what the bank recovers when it sells the home. In a worst-case scenario for borrowers, banks could garnishee wages to pay off the loan balance. Lenders traditionally have not pursued such debts because there has been little money to collect. But lenders are under pressure to minimize their foreclosure losses, especially from borrowers who walk away from the debt. In June 2010, the government mortgage giant Fannie Mae authorized servicers who handle their loans to pursue such collections. Fannie Mae spokeswoman Keosha Burns said the agency does not release data on how...Read More

Why Getting Married and Buying a Home are Alike

I often compare buying a home to getting married; there are many parallels if you take a second to think about it. This comment often raises eyebrows and once a few of the obvious one are pointed out, I get to the one that buyers miss. If buying a home is likely to be the single most financially important thing that you’ll do, getting married has to be the single most socially important thing you’ll do (with a big foot in the financial camp). A few of the more obvious similarities: - Both are significant social milestones - Both are significant financial milestones - Both require a connection that enhances your life, if not then what’s the point - Both require extensive forethought; due diligence if you will - Both have an option period; engagements and due diligence periods There are many others, but the one that I go right to has a “Godfather” connection; Both are...Read More

Atlanta Foreclosure Stripped Clean…including the wires in the walls

Here's a foreclosure home in the East Point area of Atlanta that has been picked clean - including into the walls. This is an example of one of the challenges faced by owners of vacant homes in Atlanta; vandalism is rampant and is costing owners - including lenders - big money. For years, vacant homes have sat minus appliances and HVAC systems as those would disappear almost as quickly as they arrived, in some cases within a day. It's common in this market to have a stipulation that these will be installed the day prior to closing...and the seller will sit with fingers crossed to make it to the table intact. Investors will always be drawn to the REO and foreclosure inventory but we're seeing a demonstrated shift away for the "primary residence buyer". These buyers expect a bargain because they keep hearing Case-Shiller or some other media outlet reporting on...Read More

Buyers Rapidly Losing Interest in Foreclosures

It took a while but it seems that home buyers are finally beginning to tire of the real estate owned (REO)/foreclosure nonsense. Here in Atlanta, lender or “corporate” owned (the industry desired more appealing term than foreclosure) homes are a major part of the inventory. Statistics on this issue can vary widely but suffice it to say that REO's and short sale properties will continue to impact metro Atlanta for years. Investors and speculators make up the majority of distressed property purchasers, focusing mainly on the under 200K price point - close to 50% of sales in 3rd quarter '11 were considered distressed. But the wise primary residence buyers are learning stop wasting time and to steer clear of distressed and foreclosure property.  We're seeing buyers finally understand that these REO properties are not usually worth the aggravation. The reasons are many and it’s taken a while for the realization to...Read More

Updated Unit, Great Views, Black Teddy & Fishnets – $509K

How funny is this... Let's see...updated kitchen, new carpets, view of the river, black teddy worn extremely well, fresh paint.....Here's a twist on the obvious , quality photos sell homes. Trulia posted this attractive 2BR Pittsburgh condo with an asking price of $509,900 and it's likely that there may be adjustments to the pics very, very soon. And if this was indeed a mistake, there's no doubt some poor guy will be groveling in the doghouse until hell freezes over. But it certainly is getting views....where's the virtual tour?Read More

*hit Realtors Say Video – All Too Accurate

Here's a great look at the world of real estate agents and one of the "Sheeot ______ Say" You Tube series. This one is "Sheeot Real Estate Agents Say". This is funny but also alarming because while it's tongue in cheek, this is exactly the stuff robot agents are trained to spew. Talking points and scripts are very much alive in the current environment. If you think what is said in this video is all made up banter...think again. You might want to check for more agent nonsense with Selecting a Realtor. Keep a running tab on the lines you've heard....the only one missing is "I want to be your REEEEEL TOOOOOR for life". Is anything dumber than that? Read More

Real Estate Agents Sweating out the Slump

This really shouldn't come as a surprise...grab Smokey Robinson...."Now if there's a smile on my face, it's only there trying to fool the public..." Real estate agents keep smiling behind the tears generated by the depressed market. Housingwire magazine reports on the results of a recent agent survey, and the impact that the market is having on many. Some clients are also feeling the impact as agents invest less into client services. The next time you see a well-dressed, smiling real estate agent glaring at you from an advertising board, remember the carefree persona these days is likely only a mirage. Look deeper and you will find agents and brokers facing a tsunami of negative economic factors, including low housing demand, uncertainty over the regulatory landscape, reluctant young buyers, buyers who can't qualify for mortgages, homeowners who are underwater and a general sense that the housing bust left them bruised and...Read More

Atlanta Tops in National REO Inventory, Georgia #3

On Wednesday, the Federal Housing Finance Agency began taking investor applications to participate in their new bulk REO program. The agency is finally deciding who has the financial wherewithal to manage these properties and rent them out. Well that's been tried in the past and the results? uh...not good. So where exactly are these REO homes? Look around because metro Atlanta has the highest number of any national metro area and Georgia is in the top 3 states. But....as has been often repeated here, the Atlanta foreclosure mess is highly concentrated in certain parts of the city. Atlanta is also at the top of the mortgage fraud arena, but again, highly concentrated. Candidly speaking, take these areas out of the mix and the metro Atlanta market is no worse than many others. As noted in The Wall Street Journal: The goal is to help stabilize the troubled housing market by turning properties into...Read More

Atlanta Home Values are…a Mess

Atlanta can finally raise a championship banner, and it's one no one wants. But toss the challenge flag because the devil is in the data reviewed. In November, prices of single-family homes were down close to 12 percent compared with a year earlier, the largest decline among major metropolitan areas, according to data released on Tuesday in the Standard & Poor’s/Case-Shiller Home Price Index. Home prices regionally are now below their levels of 2000, making Atlanta one of only four metro areas to have experienced such a slide. The price of entry-level housing in the area — the lowest tier of the market, valued at just under $96,600 — fell by close to a third last year. So maybe just as that picture doesn't necessarily reflect the city, this data might not accurately reflect the market. It's a mess to be certain, but most don't understand that Atlanta is just a...Read More

DIY + Foreclosures = Trouble

Here's a video that illustrates a common problem. Trying to find a competent and trustworthy contractor in the Atlanta area, or most other areas for that matter, can be brutal. Georgia requires little in the way of "competence"; during the boom homes were being built by virtually anyone that had a desire to swing a hammer - or sub it out. Issues with construction quality are nothing new, but once again we're seeing a shift from new construction issues to rehab/renovation issues. Here's a home just waiting to bite someone. This project is in the Edgewood-Kirkwood area of metro Atlanta, the typical older home that's been expanded. I was here to complete the foreclosure appraisal - apparently management is as much of an issue as construction skill with this operation. I shot this because it clearly demonstrates many of the construction issues that get covered up with finishing work. This is...Read More

Federal Reserve to Keep Interest Rates Low Until 2014

During the past three years the Federal Government has attempted to boost the U.S. economy and has kept the interest rate at an all time low. This was done in an attempt to counter the effects of a financial crisis that has resulted in a painful recession.  As of January 25, 2012, the Feds have announced that it is unlikely they will raise their interest rates until late 2014 at the earliest.  Read a detailed article posted yesterday regarding how the government is trying to spur the economy.Read More

The High Tech Condo of New York Giant Eli Manning

Since we just posted on Tom Brady's sprawling new home, why not keep in the Super Bowl spirit and take a peak at New York Giant Eli Manning's high tech condo. Located in New Jersey with great views of Manhattan, Eli's home features high end electronics that were designed to be extremely user friendly.  Click here  to view Eli's New Jersey home.  Hopefully Eli will be sitting back in his study watching footage of  his 2012 Super Bowl victory!Read More

New England Patriot Tom Brady’s New $20 Million Dollar Mansion

Tom Brady, quarterback for the New England Patriots, is headed to yet another Super Bowl and also into his $20 million dollar Brentwood mansion.  Recently reported by the Huffington Post, Tom and Giselle will soon be, if not yet, moving into this 22,000 square foot estate  which includes eight bedrooms, a six car garage, a lagoon-shaped swimming pool, weight room and wine cellar. Perhaps Tom will be bringing in a new Super Bowl ring also?  Click here to check out Tom and Gisele's new digs. Hope he enjoys the house because he will not be enjoying a Super Bowl victory in a few weeks. Go Giants.....Read More

What Are The Twenty Least Expensive Homes In The U.S.?

While it seems we may always be fascinated by high end properties and what the most expensive homes in the nation look like, here is a glimpse at the least expensive properties in the U.S.    Prices range depending upon which state, with Atlanta topping the least expensive home at $1,200.   AGBeat posted the least expensive homes in America in an easy to review format with photos which can be seen here.  The above properties are obviously foreclosures in extremely poor condition and reinforces the idea of proceeding with caution regarding foreclosure properties in the Atlanta area.   Here is a narrated video glimpse into several Atlanta foreclosures before the clean out.  Some of this may be shocking!       Read More

What do Those Real Estate Designations Mean? Not Much

If there’s a better industry for obfuscation of a practitioner’s qualifications than the real estate industry, please let me know. Do you have any idea of what that alphabet following an agent's name means? Or that most of it is completely meaningless? A few of them, the more established ones, reflect experience and skill but the majority are as worthless as the paper they're written on. In most cases, a check that doesn't bounce and sitting in a class or online for a few hours is what it takes to add letters after your name. My specific bone is with the following asinine so called designations: AHWD - At Home with Diversity Sponsored by the National Association of Realtors, AHWD promises to increase agent awareness and sensitivity to people of different cultures. Agents can choose between in-class attendance or an online course. The certification can be used as credit toward other designations such...Read More

Home Values in High School Districts

Real estate in Atlanta is heavily influenced by schools; in many cases the academic track record of a high school dictates appeal and marketability of an area. Using RealValuator, we can now provide clients the real estate market trends for any metro Atlanta high school district. This snapshot will show the general trends by quarter and can be configured to show different price points. Here's an example of the chart showing home prices in Milton high school. This program can also zero in on the same data for elementary and middle schools as well. These pages will be updated monthly so be certain to bookmark the ones of interest. This information graphically shows the data, for even more of a narrow look we can use the SMART Data program and look at the area as an appraiser will. It's another tool we bring to the table for you to use when evaluating...Read More

What Kind of Area is That? Find Out

Our job is protect our clients with solid data, but someone buying a home is living there and needs to understand the demographics of areas that interest them. There are legal limits to what agents can say regarding demographics for good reason, every client is different and only that client knows what works for them. The most common question a Realtor is asked that they can’t legally answer for fear of violating Fair Housing laws is “What kind of people live here?” or requests like “don’t put me in a neighborhood with those kind of people.” Consumers are typically asking for advice in an effort to find a home that best matches their lifestyle, but when asked “are there other young single couples in this neighborhood?” the answer is some canned version of “this neighborhood has all types of homeowners, you could check the census for more demographic information which I do...Read More

DIY Bungalow Foreclosure in Atlanta Video

Here's a "do it yourself" bungalow in Atlanta, GA that was recently foreclosed upon. Good spot and was a decent home at one time but now it's a candidate for major repair. The cause is a frequent one - a Weekend Warrior homeowner that spends too much time in front of the TV watching HGTV or at one of the big box home improvement stores scarfing hot dogs, wearing a nailing apron and watching how easy it is to add tile to the bathroom. Like the other foreclosure videos show, this one brings a special surprise to the unsuspecting buyer or one that doesn't work with an agent experienced in evaluating the positives and negatives of foreclosures in the Atlanta area. Read More

Why GA Has So Many Foreclosures

If you own real estate in Georgia, your valuation likely has been rocked by the extreme number of foreclosures that have occurred in the past few years. It seems like every time our home market has tried to recover, along comes another 10,000 homes going to the auction block. For the most part, those homes go back to the first mortgage lender, who lists them for sale with a real estate agent. As the house sits vacant, it drags down property values because of its deteriorating condition. If it sells at all, the sale is often at a huge discount, further undermining values in the neighborhood. Why have foreclosures hit our state so hard while other states seem to be less impacted? Georgia has repeatedly topped the list of national foreclosure numbers, and there are several reasons. Georgia is a ‘title theory’ state That means we have one of the strongest foreclosure...Read More

Homeownership Survey – Please Help

  Please answer these 6 short questions about homeownership. Your comments are always welcome...    Read More

Spilling Tears Over Bad Appraisals – Stop Already

Can the real estate industry please stop spilling tears over bad appraisals - stop already! Katie Cosner of AGBeat posted a well done article about "bad appraisals", hitting the very same things I've been hammering for years. The disconnect between agents and appraisers (and now builders as well) inexplicably remains. To be sure, variables exist with any appraisal and they are subjective to a point - but one thing really is central to every appraisal - COMPARABLE DATA. If agents, builders, owners and whomever else is on the tearful whiner parade can't grasp the simple fact that COMPARABLE SALES drive appraisals then nothing will change. Understand as well - our friends in Washington MANDATE what data appraisers HAVE TO consider; yup - I mean distressed sales that are similar to the subject. Katie did a fantastic job of defining an appraisal -  An appraisal is an opinion of value, it determines how...Read More

Home Sellers Want Experienced and Honest Agents – 2011 Survey

Home seller trends for 2011 Home sellers want experienced and honest agents according to the  2011 National Association of Realtors® Profile of Home Buyers and Sellers. As noted in AGBeat,  Home sellers care more about integrity and an agent’s ability sell their home than what a Realtor looks like and whether or not they are tweeting about what they had for lunch. The surveyed 5,708 home buyers and sellers, discovering that the demographics among buyers and sellers have changed this year, both of which are older, have higher incomes and are more likely to be married. What hasn’t changed much is the relationship between Realtor and consumer, with word of mouth referral still topping the ways home buyers and sellers initially connect with their agents. Over the years, the Multiple Listing Service (MLS) has been a natural part of the real estate process, with 92 percent of sellers this year saying their home was listed...Read More

Milton, GA Ninth in the South for Quality of Life

Milton, GA is ninth in the south for quality of life and highest ranking in metro Atlanta, according to On Numbers’ quality-of-life standings for the Southern United States. The highest ranked metro area is West University Place, TX. Many streets in that Houston suburb are named after colleges, authors or poets. Rice University is located nearby and 85 percent of West University Place's adults hold bachelor's degrees, the highest percentage in any Southern community. This strong educational background is a key reason why West University Place ranks No. 1 in On Numbers' quality-of-life standings for the Southern United States. Joining West University Place in the regional top five are Wolf Trap, Va.; Southlake, Texas; Mountain Brook, Ala.; and McLean, Va. In GA, Milton was followed closely by it's neighbor, Johns Creek (15). Both areas have many of the state's top perfoming schools, good local amenities and a stong sense of community. Milton real estate and Johns Creek...Read More

Paying the Credit Card, Before the Mortgage

The Atlanta Journal Constitution reports that a new trend is apparent; homeowners are paying the credit card before the mortgage. Historically, Americans protected their house payment and were more apt to be delinquent on credit card payments, said Charlie Wise, the company's director of research and consulting. But crashing home values and desperation have caused that to flip since 2008. Consumers are making tough choices based on which asset gives them what they need in tough times. "Consumers are protecting their credit cards. It gives them financial flexibility," Wise said. The number of consumers current on credit card payments but delinquent on mortgages was 4.3 percent in 2008 but rose to 7.4 percent in 2010. Those delinquent on credit cards but current on mortgages fell from 4.1 percent in 2008 to 3 percent in 2010. The shift in consumer attitude is not surprising, said Dan Immergluck, a professor of city planning at Georgia...Read More

Atlanta Home Values & Sale to List Ratios – 3rd Qtr 2011

Interesting results when the 3rd quarter 2011 Atlanta homes sales data is reviewed. Chartmasters gives us a look at current Atlanta real estate trends, most noteworthy is that 65% of homes sold in Metro Atlanta (viewed overall) were below $200,000. Keep current by clicking on Atlanta Real Estate Market Conditions and sign up below for free weekly Altos Market Data reports for over 100 Atlanta zip codes. Make certain to review the post Influence of Distressed Sales in Atlanta - 3rd Qtr '11 to see how REO, foreclosures and short sales are impacting the Atlanta real estate market. We start with the an infographic from "The Onion"... Even though 3Q 2011 sales were higher, the overall median sales price dropped by -15.2% compared to 3Q 2010 A large increase in sales in the lower priced segment weighed the overall median sales price lower in 3Q 2011 as distressed sales continued to impact prices Median Sales...Read More

Atlanta Women – 104 & 83 Years Old – Not Evicted as Loan Defaults

A soon to be 104 year old Atlanta woman will not be evicted from her home as the lender "will seek to work something out" regarding a defaulting second mortgage. As noted in the Atlanta Journal Constitution: The bank administering a second mortgage on the northwest Atlanta house where Vinia Hall lives will work out an arrangement so that she and her 83-year-old daughter, Kathelyn Cornelius, don’t have to move. The bank, JPMorgan Chase, announced the decision Wednesday afternoon. “We will work out a resolution to keep them in the home,” Thomas Kelly, a spokesman for the bank, said in an emailed statement. "That's a blessing," Hall said. Vinia Hall doesn't appear to actually own the home, Fulton County has the owner as her grandson and she occupies it... In 2002, Ali Muhammad, the grandson of Vinia Hall, got a second mortgage on the house from Deutsche Bank National Trust, according to Fulton County Civil...Read More

Influence of Distressed Sales in Atlanta – 3rd Qtr ’11

Overall, Metro Atlanta home prices continue to slip. There are areas of stability, mainly certain zip codes, micro markets and school districts (parts of Roswell, Alpharetta, East Cobb are stabilizing...) but most metro markets remain in the funk. The influence of distressed sales is clear; short sales and foreclosures combined to account for 39.4% of all 3rd Qtr '11 sales in the greater Atlanta market. Several telling charts are below... Chartmasters completed their 3rd Quarter '11 review based upon FMLS data. Keep in mind, this is data for the combined "Metro Atlanta" market - a good general indicator but take it as that. For specific areas, consult the MARKET DATA pages which are updated weekly. For even deeper research and detail, we can use our appraisal data sources - drop us a line with any questions. When Short Sales are added to Foreclosure Sales they make up Distressed Sales, shown here...Read More

How a Financial Pro Lost His House

This is without a doubt, the best first hand account of a homeowner losing his home that I've read. This isn't just any homeowner, this is a professional in the finance field; an expert who makes a living advising folks how to preserve and make money in the market. This is someone who acknowledges the obvious; "I should have known better". But the question begs to be answered...would you trust your money to someone like this? One night a few years ago, when the value of our home had collapsed, our debt was out of control and my financial planning business was shaky, I went to take out the trash. There was this enormous window that looked right in on the kitchen table, and through it I could see my wife, Cori, and our four children eating dinner. It was dark outside, so they couldn’t see me, and I just stood...Read More

BoA Loves (to Foreclose on) Their Valued Customers

It's amazing how banks just run roughshod over everything in this nation, so much for this president getting them under control.They can adversely impact the lives of folks without penalty - and I'm not talking about folks legitimately on the hook; I'm talking about folks that really don't have reason to be hassled. From AG Beat - Bank of America is not new to wrongfully foreclosing on homes, but as seen in the video above, a Texas homeowner whose house was destroyed by Hurricane Ike in 2008 (yet continued to make his mortgage payments) recently discovered that Bank of America erroneously placed a homeowner’s policy on the non-existent property, mailed notices to his non-existent (read: destroyed by Ike) mailbox rather than the contact information he had provided them, and attempted to foreclose and auction the property. “It wasn’t until about 20 calls that someone said, ‘We had a homeowner’s policy on your...Read More

Increase Your Home’s Value $24K by Adding a Fireplace – yeah sure

Thanks NAHB for this heapin' helpin' of dumb; this "survey" they completed will only add to the disconnect between appraisers, agents and buyers/sellers. Everyone wants "numbers" when it comes to housing, but assigning a "value" to home differences based upon NATIONAL or even REGIONAL "surveys and studies" does no one any good. Considering this "study" with any degree of legitimacy is as wise as this officer inspecting weapons. I know the study is filled with disclaimers...and I'm certain as much attention will be paid to that as the one on a pack of cigarettes or about driving drunk. From the "study"... Take for example a standard new home in a suburb in the South - it costs on average $203,874. Put that home on the waterfront and the price jumps by $90,000. Put the home near public transportation and you add another $26,000. Add 500sf of living space which adds an average $13,000...Read More

“Occupy” Gang Occupies Foreclosure – Waits for Marshals to Evict Them

I wish I had the time to do nothing but look for a cause, because the "Occupy" cottage industry seems to be looking for a few good nuts. After setting up at the Fulton County GA courthouse for the Nov '11 foreclosure on 11/1, they have decided to take up residence at one of the homes set for eviction. Last week it was chants like "hell no we won't go", "blood sucking banks" and of the course the "what do we want? JUSTICE. When do we want it? NOW" Those 10 people had no effect on the process other than a few minutes on TV. Now they've decided to move into a home set for eviction. Let me say that what's going on with folks losing their homes is terrible and I'm an advocate for doing what is needed to keep owners LEGITIMATELY trying to makes ends meet in their homes. In...Read More

Buying an Investor Owned Property – Must Know Mortgage Changes

If there were any doubts about the constantly shifting mortgage market, consider the histrionics with many "normal" loans; qualification requirements, piles of required information, appraisal concerns and of course last minute underwriting issues. Most would agree that getting a mortgage can almost be considered "invasive"; dramatic to be sure but you get the point. Now consider buying a home from an investor and using an FHA loan. Most investor owned homes will have buyers using FHA loans, the requirements must be clearly understood - and there are very specific ones. Alan Christian is a mortgage planner that I've referred several clients to. He sent a very informative email yesterday concerning the purchase of homes from investors and the continually changing requirements for this type of loan.   When you have a client looking to buy a home from an investor, be sure you ask how long they have held title to the property. Do not let these...Read More

Buyers Over Optimistic on Home Value Appreciation

"More than 42% of prospective homebuyers polled by Zillow believe home values will appreciate by 7% annually in the years ahead." Seriously? Apparently so...this according to the recently conducted poll of 177 people who said they were planning to buy a home within the next three years. "It's troubling that we're still in the midst of one of the worst housing recessions in history, and yet prospective buyers continue to have such high expectations for home value appreciation," said Stan Humphries, chief economist at Zillow. The findings in their survey were most troubling because even in a normal market, home prices only appreciate between 2% and 5% per year, according a 2005 study completed by Robert Schiller, founder of the Standard & Poor's/Case-Shiller home price index. I think we all need to dispense with the idea of even 2%-5% appreciation - especially given that was determined in a study several years ago and before the collapse...Read More

5 Short Sale Questions to Ask Up Front

Short sales are enough of a headache when everything goes correctly, mix in an incompetent or ineffective agent and the problems multiple exponentially. As a buyer's agent, there are many things that need to be checked out to ensure that the buyer doesn't get sucked into a vortex of nonsense that never closes. The very first thing is to establish if the sale is even viable - many are not and many are merely scams and delaying tactics employed by sellers to extend their time in the home. However, assuming a buyer has interest in a short sale considered legitimate, there are five questions to ask right out of the gate. Melissa Zavala is an experienced short sale agent and recommends these: How many offers are you (the listing agent) sending to the bank? If the listing agent says the s/he is sending all of the offers to the bank and...Read More

Obama, the Homeowner’s Helper or Enabler?

At this time, we're in the process of trying to understand the objectives of Washington's latest plan to get the economy cranking again. This one centers on relaxing the refinance requirements for struggling homeowners in an attempt to reduce the number of pending foreclosures. The ultimate goal? Stabilize the real estate market and free up money for consumer spending; apparently the course out of this economic funk is via increased consumer spending. From the NY Times article: Republicans, including the presidential candidates, generally oppose federal aid for distressed homeowners as a bailout for people who made bad choices. The new program, and the emphasis on unilateral action, seem likely to inflame that opposition. The plan’s modesty, meanwhile, may not assuage Democrats’ anger at the administration for doing too little to help homeowners repair their shattered finances, particularly in the face of evidence that the housing crisis is a major impediment to...Read More

A Graphic Look at Mortgage Rates

Sometimes a picture is worth a thousand words...we're all used to hearing about  "historically low rates" but what does that mean to a generation of folks that don't really understand where rates were in the past? Even for folks that have been around, have past rates been completely forgotten about? Here are two charts that drive home what "historically low rates" mean - obviously rates fluctuate based upon about a billion influencing factors so get your credit in order and see what you quality for.   Read More

Atlanta Home Sales Up, Values Slide

A good news - bad news post. Homes sales in metro Atlanta were up about 25% from the same month last year, that's above the national average of about a 15% increase. Remember though, the government incentives intended to jump start things in '10 were ending about this time last year. Regardless, any positive move is very welcomed! The "but" centers around the median sale price for the Atlanta market - $94,000 which is down from the last year at this time figure of $111,500. The numbers are not great for Atlanta real estate however there's a "but" there as well. A total of 15 counties comprise the "metro Atlanta" real estate market - that's a significant area with significantly different demographics. Break that area down into submarkets and data shows conflicting results for each. Several areas are stable and even increasing; others continue to be awash in distressed and REO...Read More

Vacant Homes Less Harmful to Value Than Occupied Distressed Homes

Many areas of Atlanta are experiencing the same issues with foreclosures and distressed properties as others around the country. Distressed homes (foreclosures - short sales - loan mods) and bank owned homes obviously hurt neighborhood value and appeal. Now a study conducted in Cleveland seems to assign tangible impact levels; while far from definitive, it does show some evidence of a pattern.  The highlights: Living near an occupied property in foreclosure can bring down home prices nearly twice as much than just living next door to a vacant home, according to a new study by the Federal Reserve Bank of Cleveland, which analyzed sales data of nearly 10,000 homes in the Cleveland area. "The impacts of homes with multiple indicators of distress are larger than the impacts of homes that are only vacant, delinquent, or recently foreclosed," the researchers found. Some findings from the study: Homes within 500 feet of at least one vacancy...Read More

It’s Time to Buy That House

Those of you that have worked with me or read my posts over the years know I'm not a mouthpiece for the real estate community; I don't march in lockstep with what the various real estate industries put out. I don't think everyone should own a home; I don't (and never did) think a home should be regarded as a significant investment vehicle - a piece rather than the main vehicle; I don't think you should ever be house poor and I've never been shy to tell a client that a particular home may not be a wise choice. In short, I never consider myself to be in real estate "sales"; I'm in real estate consulting. All that said, I do believe that if done correctly and with the right expectations, now can be a good time to buy a home. The typical challenges exist as in any market but given...Read More