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

Enacted by the US Congress in July, 2008 as part of the Housing and Economic Act, the NSP seeks to reverse the decline of property values and quality of life in communities that are experiencing high rates of Foreclosed and abandoned homes. These homes negatively impact the surrounding area both by being eyesores and by acting as venues for illegal and undesirable activities.

This program is designed to assist qualified home buyers in purchasing a home that they can take pride in while making that home truly affordable and thus minimizing the risk of future foreclosures. It promotes affordability by loaning the needed amount of Down Payment assistance as determined by the primary lender. This loan bears no interest and requires no monthly payment. The loan is forgiven if the buyer remains in the house for the "period of affordability" (5-10 yrs depending on the loan).

If you would like more information on this and other programs contact me by email markkimball@mindspring.com or call my office at 678-792-7713

Look for interest rates to climb beginning in late spring as the Federal Reserve stops buying mortgage backed securities, the Fed committed about 18 months ago to purchase $1.25  TRILLION in Fannie Mae and Freddie Mac securities, a move aimed at keeping liquidity flowing so rates would stay low and Fannie and Fressie would continue guying conforming loans. This commitment ends March 31, 2010...and while the full impact will not be known for several months, it is certain to cause a rise in rates.

So if you are sill sitting on the fence....it is time to get off the fence and buy your home soon. Also remember the $8,000 Tax Credit is gone this month. There is little time to get those Tax credits but only a few days.

Have a great one...Let me know how I can help you call on email anytime. until next time...

New Tax Credit for current homeowners for $6,500.... That is a great deal!

In addition to extending the current tax credit for first homebuyers $8,000. the senators agree to this new bill. This new $6,500 Tax credit is now to include "move up buyers", in other words, people who already own a home. This is certainly going to be popular with a lot of homeowners that were holding of upgrading their home because they weren't included in the credit perviously.

So what criteria do current homeowners have to meet to get the $6,500 credit?

• The credit is available for homes that go under contract by April 30 2010 and close within 60 days after that.
• Current homeowners can claim a $6,500 credit as long as the property they are vacating has been their"primary" residence for at least five years.
• Income limits; $125,000 a year for indivduals, $225,000 a year for married couples (higher limits than before).
• Homes that cost more than $800,000 aren't eligible for the tax credit.

Hey...Buyer be aware... There is some shady deals going on out there. I have seen more and more so called real eatate agents pushing the line of ethics.... All I can say is ask a lot of questions and make sure that all is disclosed to you. Once you sign on the dotted line....It is hard to back out.... Have a great day!

go to the National Association of REALTORS to know your rights....

Many of you out there may already know about the ACT that the President signed in law... This ACT is designed to help families in bad mortagages and to reducing foreclosures.

It has been reported that over 62,000 reports of mortgage fraud to the Treasury department last year...That is over 5,000 each month.

To read all about this plan and the presidents remarks  go to the officical

website:

http://www.whitehouse.gov

On this site go to the Blog and look up the Housing Act. Have a great day.

Oh remember those first time homeowners can still take the $8,000 tax credit....it is planned to end November 31, 2009

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.

OMG...I have never seen anything like this. They are reporting that this had to be the 100 year flood... There are some many homes that are just gone. ...Lives that are destroyed and it will take months if not longer to dig ourselves out of this mess. My prays go out to all those that have been  hit by this act of nature. If you want to help I heard that you can go to any Publix market and donate or go to your local Red Cross and give  of your time or money to help those in need.

If you want to see more information you can go to

www.11alive.com

Take Care. Mark

As you all know it has been raining for the last week and yesterday was the Mother load!. I do live close to a lake and boy oh boy the damage I have seen from all this water is to much for words. With the housing market in the shape it is in now Just wait we are going to see the market take another blow that we just don't need right now.  Most of the homes that I saw did not have flood insurance.... Sad but true. My prays will be the many 100's of families that have lost their homes to this event. Hopefully they will be able to get Federal aid along with local and state funds to help them rebuild their homes and lives.

To see some pictures and detail information go to a web site that says it all

http://www.11alive.com

Take care...and my prays are with you.If I can help in any way contact me at my email  

After four LONG years of declines, home sales on a national basis finally appear to be turning around. Closed sales,which have risen three straight months, and pending contracts, up for five straight months, are at levels above normal spring and summer increases.

First time home buyers are stepping up to take advantage of the deeply discounted prices. low mortgage rates, and the buyer tax credit.

Whats more, home prices and mortgage payments in relation to income are comfortably below historical levels. That suggest home prices have overcorrected downward.

Still, the housing market is FAR from being out of the "doldrums". But because consumers view of home values is changing, the momentum raising home sales will likely continue in 2010 I do not see buyers  as hesitant about home purchases  on the fear of further price declines. This help sets the stage for a steady release of the pent-up housing demand.

If anyone is looking for help...call me today or email me at markkimball@mindspring.com

It has again been a week.....I have had been doing REO business for several years and it is been always a great  business....BUT lately what a crazy mess!

One of my clients is AGFS and they are owned by AIG....must I say more! They are driving me nuts....They keep changing contacts and they frankly do not have a clue what the REAL Market is like in every state. I have several of their product/ properties in my inventory and they are ALL OVER PRICED!.

I have also seen that buyers and investors are really out there LOW BALLING and I don't blame them but the other day ...I have a million dollar listing that is bank owned and we lowered the price from 1.2 million to $799,000 and some investor called me and wanted me to make an offer to the bank for $395,000....ARE you KIDDING me...Get real folks...I will help anyone that wants to really buy property....But you must be real.... Take care everyone...have a great  week talk again later.

Lawrence Yun, NAR Chief Economist and Jim Cramer of CNBC have predicted that we have "hit the bottom" of the real estate crisis..... REALLY? What does this mean? This means that they believe that the free-fall is over and that the housing sales are significantly increasing ... which is a good thing!

However, research indicates that brokerages are reporting that 30-50% of these sales are in fact "SHORT SALES?FORECLOSURE " transactions at a greatly reduced prices. There has been a 20.5% reduction in sales prices Nationally from April of last year. Some areas like Metro Atlanta have areas reporting up to 50%

1 in 78 homes in the United States are now in the foreclosure process.

With that said, I know that we will go forward. Until then, everyone is working on deleveraging and asset prices are decreasing as a result. Neither the stock market nor real estate market will go to zero. It is a great time to get out and make an offer. If you need any help finding the right property for you. give me a call or email me. markkimball@mindspring.com

Take Care.

The 2008 $7,500, repayable credit is increased to $8,000 and the repayment feature is ELIMINATED for 2009 purchases. Any home that is purchased for $80,000 or more qualifies for the full $8,000 amount. If the property (house) costs less than $80,000, the credit will be 10 percent of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7,500. It is available for the purchase of a principal residence on or after Jan, 1, 2009, and before December 1, 2009.

Only first time buyers are eligible.... A person is considered a first time buyer if he or she has not had any ownership intrest in a home in the three years previous to the day of the 2009 purchase.

for additional information visit:

www.garealtor.com

I bet you thought I was going to talk about the Hot real estate market....

Well it is a great time to be buying....but I am writing to tell you that it is just plan HOT outside... I was on my Father's Farm for the last few days helping to bushwack "cut" grass in the the area around his home and barn...and it got up to 105 degrees the days I was there... His land is in the low country of Georgia and boy I had a hard time just getting my breath. So I have been taking a break from the everyday grind of Real Estate.   I am back now and ready to get back to my job... Remember....there is a lot of property out there ready to be "gotten."...Let me know if I can be of service to any of you out there in cybor space.

Sunday June 7th.... I am taking the day off to enjoy the out doors ...I work 7 days a week and today I said ...Mark... take the day off!

I think that I needed to just chill... I hope you all do the same. Have a great day. and I will be writing again soon.

Hello:

I will be back soon and post some new information about the market. I have gone on a short trip to the Blue Ridge Mountains ...A small artist community called Blue Ridge , GA. it is a small town with only about 2,000 residents. This last weekend they had a wonderful art show and 1,000's of outsiders gathered in this little town and it was great. I also rode the Blue Ridge Train through the Mountains and along rivers . We ended up in a small town called Cooperhill Tenn. ... Walked around town a couple of hours and ate  lunch @ the "Nifty Fifty" cafe...All and all it was great day... I will write again soon... Remember it is time to buy.... If I can help you in any way....let me know.

Lawmakers throughout The US Congress have signaled that they don not favor the Obama administration's proposal to cap itemized mortgage- interest deductions for high income households.

The proposal's effect would HURT more the  wealthy; it would destabilize housing markets at all levels and disrupt economic recovery Write ,  email or telephone your congress member and voice your concern for this planed proposal...Learn more about it go to the NAR website. Don't let them RAISE TAXES ON HOMEOWNERS!

Hello:

It has been a few weeks since my last posting.....Sorry I have been busy Selling Real estate. It feels good to be out there and have Buyers who are making offers and the offers are being accepted. I think it will still take some time for all to turn around, however; it is looking up and I do think that it is time to get out there and make your offers. Have a good One . I will post again soon with some great information that I think you all can use... Until next time have a great week and if I can help in any way...let me know!