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        <title>Atlanta Real Estate Blog</title>
        <link>http://www.realsourcebrokers.com/blog/atlanta-foreclosures/</link>
        <description>Atlanta Real Estate Blog - a complete Atlanta Home Guide helping local buyers, sellers and investors make informed decisions through insightful market news and analysis.  Because we focus specifically on the eclectic Intown Neighborhoods (Candler Par</description>
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            <guid>http://www.realsourcebrokers.com/blog/atlanta-foreclosure-report-april-2011.html</guid>
            <link>http://www.realsourcebrokers.com/blog/atlanta-foreclosure-report-april-2011.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>Atlanta Foreclosure Report: April 2011</title>
            <description> <![CDATA[ 
Foreclosures notices for April 2011 in the Metro Atlanta market dropped by 28% from March 2011 and 18% from April 2010. What does this mean for the foreclosure market here in Atlanta? Well ... as much as we'd like this to mean foreclosures have seen their peak, it's more reasonable to assume the precipitous drop is due to recent changes in lender requirements.


Pervasive problems with improper paperwork led many lenders to slow down the filing process. They're now taking extra steps before advertising properties for foreclosure; making certain to dot all the "i's" and cross all the "t's". Those extra steps, though necessary to protect the legal interests of big banks, are causing homes to sit longer before hitting the market as REOs (real estate owned).


This months totals are the lowest since February 2009 ...


Here's a quick breakdown of the top 5 counties and their totals:


Gwinnett County led with 1,567 total filings. Right behind Gwinnett is Fulton County with 1,463. DeKalb posted 1,240, Cobb 958 and Clayton had just 631.
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            <pubDate>Sat, 14 May 2011 14:35:15 -0400</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/march-2011-atlanta-foreclosure-report.html</guid>
            <link>http://www.realsourcebrokers.com/blog/march-2011-atlanta-foreclosure-report.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>Atlanta Foreclosure Report: March 2011</title>
            <description> <![CDATA[ Is it possible we've seen the worst of the foreclosure crisis in Atlanta?&nbsp; We find out in this Atlanta Foreclosure Report for March, 2011.
Foreclosures notices for March 2011 in the Metro Atlanta market dipped slightly suggesting a possibly peak in the activity across the 13 county area and a  glimmer of hope for the struggling market.    The March total fell to 10,779 - a .6 percent drop from the February 2011 tally and a significant 14 percent dip from March 2010 numbers.



Foreclosure trend upward during the spring and summer months.  In fact March 2010 saw a 22 percent rise from February 2010 -- so this decline, though welcomes, comes unexpectedly.



Even with the surprise drop in notices file this past month ... we're still 2 percent ahead of last year, which set an annual record.



Here's a quick breakdown of the top 5 counties and their totals:



Gwinnett County led with 2,338 total filings. Right behind Gwinnett is Fulton County with 1,928, DeKalb  posted 1,688, Cobb 1,235 and Clayton lagged behind the more populous counties with 931.

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            <pubDate>Mon, 14 Mar 2011 21:33:16 -0400</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/did-you-know.html</guid>
            <link>http://www.realsourcebrokers.com/blog/did-you-know.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>Did You Know...</title>
            <description> <![CDATA[ 
1 in 7 mortgages are not being paid



25% of all U.S. properties are underwater (near 40% in the state of GA)



The current unemployment rate is 9.2%



1 in every 300 households in Georgia received a foreclosure notice in February 2011



As a professional real estate consultant in this market I have resources to help if you're faced with financial distress as a result of these tough economic times we've encountered.  Don't wait until it's too late to take action.  Contact me today at (404) 270 9374.


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            <pubDate>Sun, 20 Feb 2011 16:55:38 -0500</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/february-2011-atlanta-foreclosure-report.html</guid>
            <link>http://www.realsourcebrokers.com/blog/february-2011-atlanta-foreclosure-report.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>February 2011: Atlanta Foreclosure Report</title>
            <description> <![CDATA[ 
The recent news of an improving economy and a falling unemployment rate has&nbsp; little to do with the Atlanta housing market as foreclosure notices continue at a break neck pace.&nbsp; February was a record breaking month posting a 7 percent increase over January and a 5 percent increase from February 2010. 



Just two months into the year and it's clear 2011 is going to be one of the record books.&nbsp; According to Equity Depot (a foreclosure tracking firm) -- notices increased 13 percent 
from the same time in 2010, which was also a record year. 

Here's why this is still happening and isn't likely to change any time soon: The confluence of factors that cause an extremely high foreclosure rate still exist. &nbsp; Decreasing real estate values, low buyer demand, unemployment and underwater homeowners all contribute to the massive problem.&nbsp; And we're not likely to see changes anytime soon. 



Here's how the major counties stack up, as reported by Equity Depot: Gwinnett beat out Fulton 2,298 to 1,945.&nbsp; DeKalb County comes in a distant third with 1,621, followed by Cobb with 1,192 and Clayton with 956.
 ]]> </description>
            <pubDate>Tue, 15 Feb 2011 07:07:08 -0500</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/housing-crash-hits-atlanta-hardest.html</guid>
            <link>http://www.realsourcebrokers.com/blog/housing-crash-hits-atlanta-hardest.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>Housing Crash Hits Atlanta Hardest</title>
            <description> <![CDATA[ 
From David Leonhardt at the NY Times Economix: Seattles Foreseeable Housing Bust. This is a follow-up to David Streitfeld article: Housing Crash Is Hitting Cities Thought to Be Stable



Leonhardt writes:



When we last listed the price-to-rent ratios in major metropolitan areas, Seattles was near the top of the list. Only in the Bay Area of Northern California and in Honolulu were house prices higher, relative to rents.A sky-high price-to-rent ratio is perhaps the single best sign that an area is in a housing bubble. Real-estate agents, homeowners and even home buyers can tell a lot of stories to justify the bubble &mdash; stories about central cities or good school districts being immune to bubbles &mdash; but eventually people will realize that renting is a much better deal and more will do so.There is no such thing as a market price that cannot fall.

I agree completely with that last sentence - no place is immune.And price-to-rent is a great indicator, but some areas have high price-to-rent ratios because of the mix of housing units (rentals units are not perfect substitutes for buying). This is why it might be better to track price-to-rent over time for a particular city (as opposed to comparing cities), but a high price-to-rent ratio is definitely a warning flag for a bubble market.

On a more locally related note: this uber-cool interactive chart shows Atlanta as the hardest hit city in the Case-SHiller composite index&nbsp; -- with 7.9% year over year price decline.&nbsp; That's higher than the hardest areas of Phoenix, Las Vegas and Miami.&nbsp; 

Interestingly, a quick look at our local mls (FirstMLS) shows a more drastic shift for the Intown market.&nbsp; In fact, the Average Sales Price for the 12 months ending January 31, 2011 was $303,588 a .8% increase from last months (December 2010) number but down 16% from last Januarys number of $360,851. On January 31, 2009 the Average Sales Price was $409,158, almost 34% higher than todays average.

The Number of Units Sold during last 12 months was 1,491, while in the 
12 months ending January 31, 2010, 1,492 units sold. In 2008-09 1,889 
sold. The one year change was down by only one unit and over two years the number of sales was down 21%.

Annual Sales Volume for the last 12 months of 2010-11 was $452,649,643 
compared to $480,088,004 in 09-&lsquo;10 and $657,406,948 in 2008-09. The one year change was a negative 6% and the two year change was negative 31% 

Average Days on the Market for the small portion of the market selling was 82 days over the last 12 months. It was only 80 days in 2009-10. In 2008-09, the Average Number of Days on the Market was 77 days. Thus over one year average was up 3% and the two year change was an increase of 7%.The first month of 2011s data is in and 2011 sure looks a lot like 2010. Home prices in the Intown Atlanta market, on average, continue a double digit year over year decline. The Number of Days on the Market has drifted upward a bit and is still at a &ldquo;reasonable&rdquo; level. The number of transactions remained flat over the last two years and well below historic levels. Sales Volume declined slightly in the last 12 months and is only about 2/3s of what it was a couple of years ago. 


We will have a better handle on the years outlook for the Intown residential market in a few months once the spring selling season arrives. One question is what effect will the upward trend in mortgage interest rates have on the market? Another question is what effect the proposed phase-out of Fannie Mae and Freddie Mac may have on the marketplace and will the proposed stricter underwriting and equity requirements drive buyers into the market before they take effect. The changes may make it more difficult to buy a house and may mean that transaction levels may never return to their &ldquo;historic&rdquo; levels. We will know more about the scope of these changes and their effect in the coming months.
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            <pubDate>Mon, 14 Feb 2011 13:47:34 -0500</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/buying-real-estate-is-a-smart-move-in-a-bad-economy.html</guid>
            <link>http://www.realsourcebrokers.com/blog/buying-real-estate-is-a-smart-move-in-a-bad-economy.html</link>
            <author>adam@realsourcebrokers.com (Adam Keen)</author>
            <title>Buying Real Estate is a Smart Move in a Bad Economy</title>
            <description> <![CDATA[ 
I've recently read a ton of news articles and heard a number of folks on news shows talking about why it may not be a good idea for you to buy a home right now. I say FALSE, and so do many who understand not just the financial gain found in home ownership but the quality of life and pride that can be gained as well.  A recent article written by Ron Lieber in the NY Times (http://www.nytimes.com/2010/08/28/your-money/mortgages/28money.html) mentions a few reasons why buying is still a great idea. I'll touch on his thoughts and then share a few of my own. Its worth noting that I bought my first home in March, 2010 at the age of 26. 
 


Record Low prices combined with Record Low Interest Rates 



Have you heard that is a buyers market? If you have a stable financial situation, there will NOT be a better time in your lifetime to buy a home. Its as simple as that. Try the NY times &quot;Rent Versus Buy Calculator (http://www.nytimes.com/interactive/business/buy-rent-calculator.html) to help decide if your financial situation is in the right place.  



Forced Savings 



Ron understands that buying a home is still, in a sense, &quot;forced savings.&quot;  The money you put towards principal can be seen as a way of putting that money back. No, you may not make a huge profit on your home when you resell, but unless the market hits another bust (which is highly unlikely in even the far off future), you will at least be able to gain back the principal payments on a &quot;break even&quot; sale.  He does point out that many say you will be more successful saving that money and investing it&hellip;but hey, who among us are that great of savers. Investing takes a lot of discipline - paying a mortgage takes only simple discipline.  



Bad Landlords 



When you buy, YOU own the home. You can do whatever you want to it, in it and around it. Who among us have not dealt with the bad or negligent landlord? Buy a home and make that annoyance a thing of the past. 



The Right Neighborhood  



Its common knowledge that in the very best of neighborhoods and school systems that there are not many &quot;family sized&quot; rentals. If you need to be in the safest or most prestigious neighborhood, that dream neighborhood, then you will likely find what you're looking for in a purchase rather than a rental. Many of the best schools are in areas that do not have many rentals, which might force you to buy. And, anyone who owns a home that came from a rental, and has kids, will likely agree that they are happier and have more space for their family in the home they purchased, just ask them.  



Roommates 



Are you a young, possible first time home buyer? Yes, one of the attractive reasons for buying your first home may be to get away from the roommate situation. But consider buying your first home and sticking with a roommate or two for a while. You can practically live for free. My fiance and I recently bought our first home in this down market. We were able to get a home for almost half of what it would have sold for just 4 years ago. After living on our own for the first 6 months, we had a friend that had her apartment lease ending. We all decided to be roommates and she moved into our home. Now imagine, on top of our record low interest rate- which provided us with a mortgage for a 5 bedroom house for just under what we rented a 1 bedroom apartment at - we now have a roommate supplementing our mortgage and utility cost. We now pay less for the two of us then most folks would pay for a single person's rent. And, we're considering another roommate - we'll live practically free.  




Not a young, first time home buyer? Consider this idea anyway and call it an adventure in living. Take on a roommate or two and supplement your living expenses greatly.  




Help your local economy and home prices 



&quot;Its a people driven economy, stupid.&quot;  - Erik Qualman



There will not be a recovery in home prices until folks get out there and start buying again. And guess what, you're the first step. Get out there and buy&hellip;tell your friends and coworkers to buy. The faster the available inventory is reduced, the faster home prices will start to recover.  




Now I've read articles that compare the financial situation of a current home owner to that of current renters and use that as a base to say its not a good time to buy. The logic here is incorrect. Of course, if you bought in the past during the peak of home prices, and need to sell now, you are not in a good position. That is not the same as buying now, at or near the bottom of your market, and selling in the future. Home prices will rebound. That is a fact. Maybe not to the levels they were before the recession, but they will rebound from current bottom to near bottom prices. This means that your home will gain in value from what you paid for it if you bought in 2009 or after.  And after is NOW.  



Want some expert advice on buying in this market? Contact The Keen Team at 404-270-9374 and tell us you're thinking about purchasing a home. Ask for our exclusive &quot;Buyer's Worksheet&quot; to help work out the details and put your thoughts around purchasing on paper.  



Logic Check: Are you waiting for your market to &quot;bottom out?&quot; DON'T. How can you? Not even the most expert of experts can exactly determine when a specific market will bottom out. Only when prices start to rebound do you realize just where the bottom lies, and then it may be too late.  Check out mint.com's (http://www.mint.com/blog/finance-core/should-you-buy-a-home-now/) factors that should not be considered when purchasing a home.  
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            <pubDate>Mon, 07 Feb 2011 20:52:09 -0500</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/40-off-yes-please.html</guid>
            <link>http://www.realsourcebrokers.com/blog/40-off-yes-please.html</link>
            <author>ben@realsourcebrokers.com (Ben Keen)</author>
            <title>40% OFF? - Yes Please!</title>
            <description> <![CDATA[ 
The majority of today's Home Buyers are well aware of the discounts available in the foreclosure market (bank owned homes for sale). Experience shows the best deals are bank owned homes (REOs).&nbsp; And in the current market many banks are looking to get the &quot;inventory&quot; off their books.&nbsp; In most cases, foreclosures and bank owned property represent the very best deals in the market with discounts of 20, 30, even 40 and 50% off the previous sales price. Here's the caveat: if you're a buyer wanting to take advantage of these once in a lifetime prices ...&nbsp; it's important to understand how to navigate the chaotic and fast paced market.&nbsp; Because if you don' move fast and with confidence, someone else will.&nbsp; 

Here are a few basics to get you started:



The ASKING PRICE takes into consideration the condition of the home.  Don't expect to negotiate deep discounts because the place is in rough shape.  In most cases, foreclosures are sold &quot;as is&quot; and priced accordingly.  It's true that you'll have an opportunity to have the property inspected before you are fully committed. But know your limitations and don't consider bank owned foreclosures that need more work than you are willing to take on.  The bank will not make those repairs for you.



Don't gamble with your offer.  Put your best offer on the table and do it quickly before someone else does.  I can't tell you how many foreclosure buyers are shocked to hear that the bank has 10 other offers on the home.  This is common and the best deals truly do fly off the shelves.  This means putting your absolute best offer on the the table the first time (*hint* this may mean more than asking price).  It doesn't matter if your offer was there first, second or last- the bank will accept the best over-all offer.  And remember, it's not just about the price.  Consider your closing date, earnest money deposit and loan type.  The bank will consider it and you should too.



Be prepared to do more legwork to get to the closing table. Its in your best interest to have an expert real estate agent working on your side.  Your realtor (a good one) is your best advocate; trust what they share and work with them, not against them.  Likely they're looking to get you the property you want and they'll need your help to do it.  If they share you'll need to have the utilities turned on in your name for the inspection... get on the phone and get those utilities turned on in your name without delay.  Prepare yourself to be asked to perform tasks that may seem unconventional.  Unlike working with a traditional seller- you don't have a partner in the bank.  This means thinking outside the box and means working with your realtor to make it happen.



Leave the complaining for the other buyers.  You may get frustrated but it will pass.  Do yourself a favor and swallow it now - current conditions means not expecting old fashioned customer service from the banks or their representatives (aka- the listing agent).  Their approach will be coldly systematic, harshly automated, highly regulated, extremely back logged and bottlenecked.  Make it easy for them to work with YOU.  If you don't you'll probably find yourself back in the car looking for another home.



Buying a foreclosure can be a smart financial move for you and your family.  Knowing ahead how to position yourself and how to approach this new market is imperative. On that note, how do you know if you have the right realtor?  Simple.  Ask them about their foreclosure buying strategies.  If their reply sounds traditional, easy-going and non-aggressive or wishy-washy... find another realtor.
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            <pubDate>Mon, 07 Feb 2011 20:43:55 -0500</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/the-second-wave.html</guid>
            <link>http://www.realsourcebrokers.com/blog/the-second-wave.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>The Second Wave</title>
            <description> <![CDATA[ 
It's a testament to the quality of 60 Minutes that nearly 2 years after it was first recorded in December of 2008 this 12 minute prediction of what will come to pass has ... well ... come to pass.

We're entering the 4th quarter of 2010 and we are, without a doubt, heading right into the second wave of the Atlanta Foreclosure crisis.

  ]]> </description>
            <pubDate>Tue, 21 Sep 2010 11:01:25 -0400</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/the-poor-rich.html</guid>
            <link>http://www.realsourcebrokers.com/blog/the-poor-rich.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>The Poor Rich</title>
            <description> <![CDATA[ 
David Streitfeld, columnist with the NY Times says Biggest Defaulters on Mortgages Are the Rich

More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.The CoreLogic data measures serious delinquencies, which means the borrower has missed at least three payments in a row.

First... what defines &quot;rich&quot;? Because as a witness to the luxury real estate market in Atlanta between 2001 and 2007 I can assure you that being rich was not a prerequisite for buying a home priced over $1 million. In fact, the Atlanta luxury home market is mostly comprised of folks who simply bought more home than they could really afford. A classic case of Irrational Exuberance.&nbsp; 

And what will this &quot;movin' on up&quot; theme for the distressed market do to the under $1 million markets?&nbsp; Well...downward pressure on prices, of course. &nbsp; The rich get poor and the poor get poorer. 

Thoughts?
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            <pubDate>Fri, 09 Jul 2010 07:29:42 -0400</pubDate>
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            <guid>http://www.realsourcebrokers.com/blog/where-have-all-the-buyers-gone.html</guid>
            <link>http://www.realsourcebrokers.com/blog/where-have-all-the-buyers-gone.html</link>
            <author>joshua@thekeenteam.com (Joshua Keen)</author>
            <title>Atlanta Foreclosure Report: March 2010</title>
            <description> <![CDATA[ 
The Atlanta Foreclosure market is getting worse.

March 2010 sets a new record with 12,568 foreclosure notices being filed this month.&nbsp; This tops the previous record of 12,318 set in September of 2009.

Gwinnett topped the list of most foreclosure filings per county with 2,648.&nbsp; Fulton was a close second with 2,455 - followed by Deklab County in 3rd with 2,046, Cobb County with 1,430 and Clayton with 1,012.

Wow. 
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            <pubDate>Thu, 10 Jun 2010 21:28:43 -0400</pubDate>
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