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

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