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.
The recent news of an improving economy and a falling unemployment rate has little to do with the Atlanta housing market as foreclosure notices continue at a break neck pace. 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. 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. Decreasing real estate values, low buyer demand, unemployment and underwater homeowners all contribute to the massive problem. And we're not likely to see changes anytime soon.
Here's how the major counties stack up, as reported by Equity Depot:...
From David Leonhardt at the NY Times Economix: Seattle’s Foreseeable Housing Bust. This is a follow-up to David Streitfeld article: Housing Crash Is Hitting Cities Thought to Be Stable
When we last listed the price-to-rent ratios in major metropolitan areas, Seattle’s 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 — stories about central cities or good school districts being immune to bubbles — but...
Or will you bag groceries at Publix?
Have you ever been in the check out line at your local grocery store and noticed a Senior Citizen bagging your groceries? I have. And it breaks my heart everytime.
Do you think that old man checking receipts at the exit of Wal-Mart
dreamed of a day when he'd use a yellow highlighter and a polite nod to earn some extra cash to help pay the bills?
Can you picture him in his 20’s, 30’s, 40’s or 50’s just waiting for the day when he can retire with dignity at the end of a check out lane in an apron asking whether you prefer paper or plastic?
Of course, I'm being funny ... but there's something serious for us to all consider. We're here enduring the worst economy since the Great Depression. Millions have lost their jobs, healthcare costs are skyrocketing and our "nest eggs" are worth a fraction of what they were valued at just a few short...
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 "Rent Versus Buy Calculator (http://www.nytimes.com/interactive/business/buy-rent-calculator.html)...
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). And in the current market many banks are looking to get the "inventory" off their books. 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 ... it's important to understand how to navigate the chaotic and fast paced market. Because if you don' move fast and with confidence, someone else will.
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....