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

July 21st, 2009 9:34 AM

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.

 

Posted by Mark Kimball on July 21st, 2009 9:34 AM
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