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Georgia Real Estate

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Painter Recommendation [Sep. 8th, 2009|10:08 pm]
Georgia Real Estate

earendel
I'd like to give a recommendation to the Painting Pros for painting your house. Ron was very patient in dealing with my girlfriend even though bugged him with constant e-mails and changes and she dragged him out to the house a dozen times to pick out colors. And when Sherwin Williams screwed up the paint, the painting pros came out and repainted the house at no extra charge.

The painters were fast, courteous, professional and did a great job.

x-posted to ljatlantaatlanta
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Property purchases [Jun. 16th, 2009|03:21 pm]
Georgia Real Estate

earendel
I just brought a house the other day. It reminded me that you need to keep the other expenses in mind when calculating out a purchase. Closing costs should be under 6% of the loan. PMI is about 0.005% of the price of the property. Insurance, also 0.005% of the price of the property. Taxes range, from place to place, but a lot of local municipalities have that information available on their tax appraisors page on their web sites.

A quick and dirty way to estimate monthly mortgage payments is by multiplying the price of the property by 0.07.

Cheers
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Big Love [Mar. 18th, 2009|01:50 pm]
Georgia Real Estate

earendel
I've been watching big love since it started. First out of curiosity of the whole Mormon polygamy thing, but now its more the business aspects I find facinating. Bill expanding the stores. Then he moves to buying first the video poker company and now building a casino. Juniper Creek's various investments and the fact that Bill's father owns a KFC

Apparently they even have real estate, besides the three houses for the three wives. In this last episode Bill is planning to kick Nikki out and wants to put her in an apartment in an apartment complex that they own.
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Home prices drop. [Jan. 27th, 2009|11:58 am]
Georgia Real Estate

earendel
The Case-schiller index has Atlanta home prices down 11.2% from 2007.

19.1% for the entire nation.
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Experts: North Georgia housing market in depression [Dec. 11th, 2008|12:24 pm]
Georgia Real Estate

earendel
Banks starting to turn against builders, lawmakers told at hearing
By KEVIN DUFFY

The Atlanta Journal-Constitution Thursday, December 11, 2008

The housing market is so bad that some banks and builders that had been business partners are now adversaries, and experts are using the dreaded “D” word.

“In northeast Georgia we’re not in a housing recession, we’re in a housing depression,” Jim Williams, president of Southern Highlands Mortgage in Blairsville, told state lawmakers at a daylong hearing Wednesday. “The retiree market, the secondary market has all but dried up. There are no homes being built.”

Likewise, Eugene James, head of the Atlanta division of the research company Metrostudy, said the 22 metro counties it covers “are in a housing depression right now.”

James said sales closings were down 44 percent for the third quarter, compared to the same period last year, and housing starts had plunged 67 percent. The metro area also has about 148,000 lots with infrastructure but no homes — a 117-month supply, he said.

Legislators are trying to figure out what they can do to encourage home buying and rescue residential builders. The General Assembly convenes next month, and new bills might be introduced calling for tax incentives, expanded down payment assistance or reductions in home building regulations.

“A down payment assistance obviously would be very, very beneficial to citizens,” Lt. Gov. Casey Cagle said after speaking to the joint economic development committee.

A federal down payment assistance program ended last fall and the current state down payment assistance program, Georgia Dream, is limited.

Sen. Chip Pearson (R-Dawsonville), co-chairman of the meeting, was intrigued by a California rescue plan that Chuck Fuhr, Ryland Homes’ Atlanta division president, described.

In the 1990s, the California Public Employees’ Retirement System began making loans to home builders and investing in residential projects in order to turn around that state’s faltering housing market, Fuhr said. The CalPERS program was so successful, it expanded out of state, he said.

“Almost every small builder I know today has his bank knocking on the door, trying to collect his loan and put him out of business,” Fuhr said. If builders continue to fold, competition will lessen and home prices will escalate, he said.

Kurt Cannon, president of Rabun Builders and the Home Builders Association of Georgia, said at the hearing that worried bankers have turned on builders, even those with good credit, by calling in loans and threatening to sue.

Cannon presented several pages of e-mails he’s received. A Paulding County builder wrote: “The president of the bank replied back that five of the seven bank presidents in the county had lost their jobs and he was not going to lose his. ‘I am going to foreclose on the property you have here. Then I am going to come after you personally and sue you for the money you owe me and everything else you have.’”

The vast majority of metro Atlanta’s home builders are small companies dependent on small or regional banks to fund their projects. Many of those banks are staggering because of bad construction loans.

Elliot Eisenberg, economist with the National Association of Home Builders, said Atlanta should continue to build even though demand isn’t there.

“Yeah, we are robbing Peter to pay Paul,” he said. “But that’s OK because Paul is dead.”

The housing pain may get worse, Cagle said. “I don’t think we’ve found bottom yet,” he said. “Once we’ve reached there, I think we’re going to be there for an extended period of time.”
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Home loan troubles break records again [Dec. 5th, 2008|02:10 pm]
Georgia Real Estate

earendel
By Alan Zibel, Ap Real Estate Writer –

WASHINGTON – A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy.

The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier.

Distress in the home loan market started about two years ago as increasing numbers of adjustable-rate loans reset to higher interest rates. But the latest wave of delinquencies is coming from the surge in unemployment.

Employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, the Labor Department said Friday.

"Now it's a case of job losses hitting more across the board," Jay Brinkmann, chief economist of the Mortgage Bankers Association.

The U.S. tipped into recession last December, a panel of experts declared earlier this week. Since the start of the recession, the economy has lost 1.9 million jobs.

Job losses are already having an impact in rising delinquency rates for traditional 30-year fixed rate loans made to borrowers with strong credit. Total delinquencies on those loans rose to 3.35 percent in September from 3.07 percent at the end of June, the Mortgage Bankers Association said.

There were some modest signs of stabilization. The number of loans that entered the foreclosure process totaled 1.07 percent of all loans in the third quarter, flat from the second quarter.

Though that number likely reflects changes in state laws that delay or extend the foreclosure process and efforts to work out or modify loans that could still fall back into foreclosure.

__

AP Business Writer Jeannine Aversa contributed to this report.
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Home loan troubles break records again [Dec. 5th, 2008|02:07 pm]
Georgia Real Estate

earendel
WASHINGTON – A record one in 10 American homeowners with a mortgage were either at least a month behind on their payments or in foreclosure at the end of September as the source of housing market pressure shifted to the crumbling U.S. economy.

The Mortgage Bankers Association said Friday the percentage of loans at least a month overdue or in foreclosure was up from 9.2 percent in the April-June quarter, and up from 7.3 percent a year earlier.

Distress in the home loan market started about two years ago as increasing numbers of adjustable-rate loans reset to higher interest rates. But the latest wave of delinquencies is coming from the surge in unemployment.

Employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, the Labor Department said Friday.

"Now it's a case of job losses hitting more across the board," Jay Brinkmann, chief economist of the Mortgage Bankers Association.

The U.S. tipped into recession last December, a panel of experts declared earlier this week. Since the start of the recession, the economy has lost 1.9 million jobs.

Job losses are already having an impact in rising delinquency rates for traditional 30-year fixed rate loans made to borrowers with strong credit. Total delinquencies on those loans rose to 3.35 percent in September from 3.07 percent at the end of June, the Mortgage Bankers Association said.

There were some modest signs of stabilization. The number of loans that entered the foreclosure process totaled 1.07 percent of all loans in the third quarter, flat from the second quarter.

Though that number likely reflects changes in state laws that delay or extend the foreclosure process and efforts to work out or modify loans that could still fall back into foreclosure.

__

AP Business Writer Jeannine Aversa contributed to this report.
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Third quarter home values drop for 7th straight quarter [Nov. 12th, 2008|08:07 am]
Georgia Real Estate

earendel
Home values in the United States posted their seventh consecutive quarterly decline, with nearly one-third of Americans who sold in the past year losing money, real estate website Zillow.com said on Wednesday.
Read more...Collapse )
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Atlanta a poor choice for real estate investment [Nov. 12th, 2008|07:37 am]
Georgia Real Estate

earendel
report says City is overbuilt, ‘bloodbath coming’ in construction-crazy Buckhead, Urban Land Institute says
By KEVIN DUFFY
Read more...Collapse )
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U.S. House Price Decline Could Be Worse than Great Depression [Sep. 4th, 2008|02:03 pm]
Georgia Real Estate

earendel
Posted Sep 04, 2008 01:36pm EDT by Henry Blodget in Newsmakers, Recession
Related: ^gspc, fre, fnm

Eight years ago, Yale superstar professor and MacroMarkets chief economist Robert Shiller famously called the top of the stock market in his book Irrational Exuberance. Then, a year before the housing bubble peaked, he predicted the colossal bust we are now experiencing.

If you recognize Shiller's name, it’s because the Standard & Poor's/Case-Shiller home price indexes, which he developed with Wellesley College economist Karl Case, have become the nation's most authoritative source for home price trends.

In part one of my one-on-one with Shiller, we discuss the grim outlook for U.S. housing, which he tackles in-depth in his new book The Subprime Solution. Highlights of our first discussion include:

Home price declines are already approaching those in the Great Depression, when they plunged 30%t during the 1930s. With prices already down almost 20%, it's not a stretch to think we might exceed that drop this time around.
There are about 10 million homeowners whose debt is higher than their home value, which has broad implications for how Americans feel about their wealth and spending habits (read: more pressure on consumer spending).
The current hopeful consensus -- that house prices will bottom soon and then begin to recover -- is most likely a dream. Housing markets don't usually have "V-shaped" recoveries. And even if house prices stabilize in nominal terms, after adjusting for inflation, most homeowners will continue to lose money.
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