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

Don't Miss the Mortgage Insurance deduction!

A provision that allows home-owners to treat mortgage insurance premiums the same as intrest has been extended past 2007 through 2010.

The deduction applies to premiums paid or accrued (including for prepaid mortgage insurance) on acquisition (not on refinancing) debt for mortgage insurance. The deduction is phased out for taxpayers (both single and married filing joint returns) with adjustable gross incomes over $100,000.

According to the latest forcast by the "National Association of REALTORS", over the next few months, existing home sales are expected to hold fairly steady as indicated by pending sales activity. I hope to see a rise in the year and a improvement into 2009. Across the region the pending homes sales index showed the following: South rose 2.3% in november to 100.7 but is still 19.8 % below a year ago. We still have 10-12 month of inventory out there. I still say people are "Locked up from the neck up" and are thinking that they can still get a better deal....The deals are out there now! If you are looking to purchase a home or real estate in general, now is the time. This will not stay a Buyers Market forever. Intrest rates are great and sellers are willing to look at offers. I am telling owners that are wanting to list teir homes...to do so , but they have to price the home right and have their product in top shape. have a great day, write again soon

MJK

The Bank of America which I also bank with announced today that it will buy Countrywide Finanical for Four Billon in stock

This purchase will make Bank of America the Nation's Largest Mortgage leander and loan servicer in the Nation.

This sale will place the big and I mean big responsibility of sorting out the payment issues surrounding many millions of dollars worth of troubled loans onto Bank of America.  Many already know that one of the states biggest Mortage companies Homebac has closed its doors....we will just have to sit this one out and see what else will happen in today's mortgage industry

"There still plenty of risk involved" say Bart Narter, senior analyst at Celent, a financial research and consulting firm based in Boston.He thinks that "this was a "brave" (riskey) move, but I think that it's very likely down the road to be profitable, not immediately, but long term"