Maxsell Grows Others Shrink 2008 was one of the worst real estate markets in the history of Metro Atlanta. The number of sales dropped, the value of real property dropped (although only slightly in Atlanta), and many builders, lenders, and realtors were forced to leave the business. However, the story was different for us at [...]
Archive | December, 2008
Atlanta Real Estate Recovery
Roger Tutterow Ph.D. and Dean of Economics at Mercer University gave his opinion to Sally’s Roundtable on the Recession of 08’ as it relates to Real Estate in my home state. This is Post #3 from the exchange.
Credit Markets
As far back as July 2007, Wall Street began to question the true value of Mortgage Backed Securities. Interesting how it really became a household word in recent months. Either way, banks are continuing to search for ways to loan money to the masses. The original bailout for Fannie Mae and Freddie Mac was probably the smartest move that Washington could have made. In essence, it allows lenders the ability to continue to bundle loans together and sell them to a company that is backed by the full faith and credit of the US government.
Banks, mortgage brokers, etc are in the business to originate loans. Most do not have a true mechanism to keep them in house and actually hold for 30 years. Therefore, without the ability to bundle and sell, loans would not be written.
Good News!
We are at or past the bottom of the Real Estate curve in GA. Home prices have stabilized and inventories are no longer increasing. With the ability to actually borrow money at still all time low rates, the expectation is that the best deals will sell first which would include Pristine foreclosures, New deeply discounted homes from builders, and resales where the owner can take a loss to get a better deal on a more expensive home.
In 6 months or so, those of us with little to no equity will see a more stabilized and active market. Today, there is no place to go but up and do not let the Evening talking Heads tell you differently. Our problems are nothing like so many others.
Atlanta Real Estate Recovery
In the metro Atlanta area, Existing home sales are down about 38% (units) and new sales are down 68%. In itself, these figures create an over inventory of homes which causes a longer time on market. However, this news is not all bad either.
Atlanta Real Estate Recovery
Roger Tutterow Ph.D. and Dean of Economics at Mercer University gave his opinion to Sally’s Roundtable on the Recession of 08’ as it relates to Real Estate in my home state. It was great to hear that it seems we are now at or past the bottom of the curve and the expectation is that in late 2nd Qtr and Early 3rd Qtr 2009, we will see a noticeable improvement in some key statistics.
Atlanta Real Estate & Business Attorney Advice, guest post by Justin Daniels
In the coming months, you may find your customers are having grave financial difficulty and may file for bankruptcy protection. It may shock you when you receive a letter from the bankruptcy court trustee demanding return of payments your customer had made to you within 90 days of their filing for bankruptcy. WHAT IS A [...]
Ten People every Realtor should Follow on Twitter
You’ve got a fancy new Twitter account, or perhaps a rusty old twitter account, and now you want to take it out for a spin. But who talks about real estate on Twitter? It’s not so much about talking real estate as it is about meeting cool people within the real estate industry. You’ll get [...]