Metro Atlanta, Gerogia Real Estate Market, North Georgia, REO Sales

After a long periord in which it was very clear that housing was headed in one direction....down, some still doubt the housing market is truly in recovery mode. Nearly 7 million more homes are destined for foreclosure, making up a huge inventory of homes that have not yet made it to market.....It has been four steps forward and one step back. Homes sales falling off 2.9 percent from just a month ago. Sales should for this month be ahead of August, but wondering if they will halt or slow down after the $8,000 tax credit for first time buyers(read my other blog entry about the tax credit).

Foreclosures and other distressed sellers accounted for 30% of the market last month. Sales of homes priced over $250,000 were down nationally with the biggest drop of 40% coming among homes priced over $2 million.

However; mortgage rates are also helping more people afford a home. The average rate on a 30 year fixed-rate loan was 5.04 % this week, unchanged from a week ago.. The drop in sales last month may reflect delays in completing sales due to very tough lending standards and the new rules for appraisals.

Well that it for now. I would love have some feedback or commits on what you are thinking..until next time take care...call me or email me if you need any help buying or selling real estate.