Archive for the ‘Real Estate Market Update’ Category

Atlanta Section 8 Housing Demand – 30,000 Show Up to Apply for Waiting List

Wednesday, August 11th, 2010

When it was announced that the Rolling Stones were to play Atlanta in the Fox Theatre in the 70′s I spent the night in line to buy tickets with about a hundred folks.   Now, when they announce that there is housing available that someone else pays the rent for you 30,000 show up. Some spent days. Read the article below where riot police and water bottles were dispatched.

The Atlanta Journal-Constitution

Thirty thousand people showed up to receive Section 8 housing applications in East Point Wednesday, suffering through hours in the hot sun, angry flare-ups in the crowd and lots of frustration and confusion for a chance to receive a government-subsidized apartment.

The massive event sometimes descended into a chaotic mob scene filled with anger and impatience. Some 62 people needed medical attention and 20 of them were transported to a hospital, authorities said. A baby went into a seizure in the heat and was stabilized at a hospital. People were removed on stretchers and when a throng of people who had been waiting hours in a line were told to move to another line, people started pushing, shoving and cursing, witnesses said.

Still, officials of East Point declared the day a success. Nobody was arrested and nobody was seriously injured, they said. It was an assessment roundly challenged by many of the people who had to go through it.

Kim Lemish, executive director of the East Point Housing Authority, said the event marked the first time the city has offered Section 8 housing applications since 2002. The waiting list that lasted eight years had depleted, she said, and the agency was beginning a new one. So people braved all the physical difficulties just to get on a waiting list that could keep them waiting for years.

Lemish said the agency had expected about 10,000 people but three times as many showed up. Many were just accompanying those looking for an application. Some 13,000 applications were handed out.

Concern is rising that a similar scene could occur Thursday when the housing authority of this small city begins accepting the completed applications. Wednesday’s event was only to hand out the paperwork. The housing authority will begin accepting applications at 9 a.m.

Some of the crowd waited for two days at the Tri-Cities Plaza shopping center. As the temperature rose Wednesday, people fell ill.

Sgt. Cliff Chandler, spokesman for the East Point Police Department, said a toddler was treated earlier in the morning for “some type of seizure,” Chandler said.

“A lot of it was heat and some was health-related issues” such people not taking their medications, Chandler said.

By the time everyone had left around 2 p.m., the temperature had climbed into the low 90s.

East Point police, some wearing riot helmets, were patrolling the area. Firefighters and EMTs were attending to people who were overheating in the sun. Police from College Park, Hapeville, Fulton County and MARTA assisted in crowd control.

Chandler said there were no arrests.

Felecia McGhee told the AJC she arrived around 6:30 a.m. Wednesday. She said the major problem began when people started breaking into the line and then officials handing out applications started moving those areas and those line breakers. She said she saw at least two small children trampled when the crowd rushed the building where the applications were to be handed out.

“It’s a real mess out here,” she said.

Channel 2 Action News reporter Mike Petchenik said fights were breaking out and police had to stop people who were storming the door.

Channel 2 reporter Tom Jones said, “There are thousands, I mean, thousands of people here. I’ve seen people fall out from the heat.”

By late morning the crowd had thinned considerably and people were walking up and getting their applications without delay. But just before the 1 p.m. deadline, a line of about 200 people had formed. Shortly after 1 p.m., several people ran across the parking lot to get in line but were told by police that the line was closed.

Emergency personnel brought in a pickup truck full of bottled water and were handing it out to the crowd.

A sign on the door of the office explained that only applications were being handed out.

“The housing authority will be issuing applications Wednesday, August 11, starting at 9 a.m. Everyone in line by 1 p.m. on the 11th will receive an application. … No Section 8 vouchers are available at this time. There are no public housing units available at this time. You’re applying for the waiting list only.”

The Housing Choice Voucher Program, called Section 8, subsidized the rents of low-income families living in apartments and houses that are privately owned. The federal program makes up the difference in rent that the poor can afford and the fair market value for each area.

The federal government has specific standards for its subsidized properties but at the same time landlords are assured an income.

Only families with incomes no more than half the median income for the area qualify. The median income for the East Point area is less than $32,000, according to Census data. It is up to the renter to find a place that meets HUD standards, which includes being 90 percent to 110 percent of the “local fair market rent.”

– Reporters Mike Morris and Rhonda Cook contributed to this story.

Pending Home Sales Fall in all but South

Tuesday, August 3rd, 2010

The article by Reuters reports on the National Association of Realtors Survey. The South is the only region where pending sales are up. I am doing my part to help.  We  sold 4 homes in June to help the cause.

Pending Home Sales Sink 2.6 Percent in June
Published: Tuesday, 3 Aug 2010 | 11:05 AM ET

By: Reuters
Contracts for pending sales of previously owned U.S. homes fell to a record low in June as buyers sat on the sidelines, a survey from the National Association of Realtors showed on Tuesday.

The Realtors said its Pending Home Sales Index, based on contracts signed in June, fell to a record low 75.7 from a revised 77.7 in May. Economists polled by Reuters had expected a rise of 0.6 percent.
“We really need to see stronger job creation to have a meaningful recovery in the housing markets,” said NAR chief economist Lawrence Yun, adding “there could be a couple of additional months of slow home-sales activity before picking up later in the year” if the job market improves.
The June decline followed a 30 percent drop in May after a popular tax credit expired at the end of April.
The index was 18.6 percent lower than in June 2009 and fell in three of four regions compared to the prior month.
Contracts rose 3.7 percent in the South, the country’s largest region, but dropped by 0.2 percent in the West, by 12.2 percent in the Northeast and by 9.5 percent in the Midwest.
Copyright 2010 Reuters.

Your Gwinnett County Mark-It Report – June 2010

Monday, July 5th, 2010

At the end of the month, there were 6,181 single family residences actively for sale on the FMLS.   In the prior 30 days 607 homes had sold for an average sales price of $189,863.  The average sales price represents selling at 94.34% of the average listing price.  The average days the homes were on the market before they sold were 80 days.

Brought to you by Mark Lackey, Assoc Broker, EcoBroker with Atlanta Housing Source at Solid Source Realty – 404.886.8789 – mark@AtlantaHousingSource.com

Atlanta Real Estate Agent Shares about the Impact of The First Time Home Buyers $8,000 Credit

Sunday, April 25th, 2010

I have seen far more activity as the credit come to an end as I did when the last credit came to an end in November 2009.  At that point last November we had 5 pending closing and as of today we have 10 pending closings.

Has the credit made a difference?  Yes.  Would those individuals have purchased anyway, most likely.  What the credit has done was created a since of urgency and lowered the inventory levels quickly.

I have had a few buyers that have not gotten under contract to qualify for the credit and the clock is ticking.  Most of them early on made the choice to find a home that they love no matter how long it takes to find it rather than rush just to get the $8,000 credit.  These are the wise buyers.

The buyers trying to get under contract have been involved in multiple offer deals where there has been intense competition.  Banks and individuals have been holding firm on their offer price.  The ones that have won the bids have offered full list price or more.

Think about it, just months ago you could get a bank or individual to negotiate, and now they are holding strong.  I think this will continue until April 30, when demand will drop off.  At that point, then they will be more agreeable to negotiate.

Is the $8,000 credit held prices artificially high? I believe that sellers felt that could get $8,000 more for their home with the credit. Those who didn’t sell will see the reduced demand equate into price reductions.

I am glad that the credit was not considered for another extension so the market can get around to self correcting.  Selfishly I want a normal market, not artificially stimulated.   Myself and many of my colleagues agree that letting the free market find its balance will be the quickest way to get back to normal.

New buyers after April 30 will be in short supply, but we will be busy getting all the homes to closing by June 30.  During this time we will have to work hard since any issues found during inspections that could kill the deal may cost the buyer $8,000. Expect sellers to be tough about making repairs or concessions since they know every issue after April 30 is a $8,000 issue.

Keep focused on keeping the relationship of protecting your clients during the next two challenging months.  Remember, our partners are getting ready to get real busy. Our inspectors, lender, appraisers and closing attorneys all need our support and patience.

Atlanta Real Estate Agent Shares About Trends in Default Mortgages versus Credit Card Debt

Tuesday, March 16th, 2010

I stumbled upon an interesting news release by FICO – the company that establishes credit scores and evaluates risk for borrowers that they released in late February.

In short, they are finding that people who have high credit scores are still paying their credit card debt, but defaulting on their mortgages. Calling these defaults – Strategic Defaults, it is making the ability to establish risk more difficult in years past.

More interesting was the difference in default in the various regions of the country. Read the full article.

Atlanta Real Estate Market Looks Promising – Some Atlanta Statistics

Monday, February 1st, 2010

Atlanta is still growing, in spite of the lagging economy and rising unemployment figures throughout the country.  By 2020, Atlanta is expected to be the sixth-largest metro area in the country.

There are many opportunities for businesses and attractions throughout the Metro Atlanta Area.  Forbes magazine ranked Atlanta as top among the “Most Wired Cities,” and “Best Cities for Singles.”  Kiplinger magazine placed the city in the No. 1 spot for “Best Cities for Married with Kids.”

The cost of living in Atlanta continues to be a draw.  Lower costs for major expenses such as housing, food, clothing and gasoline help keep the region’s cost of living below the U.S. average.  Housing remains more affordable here than in other metro areas, and property tax rates range from 1 percent to 2 percent of home value.

High-tech employment in metro Atlanta is credited for 5.2 percent of total employment, which is more than 130,000 workers.  Top technology employers include heavies like IBM Corp., Cox Enterprises Inc., AT&T Inc., and General Electric Co.  There is also the Centers for Disease Control and Prevention that employs more than 6,500 scientists and staff.

Real Estate Agent in Forsyth Shares Good News About New Construction

Saturday, January 23rd, 2010

A few years ago we bought a new home and every Saturday and Sunday when we wanted to sleep in we were awoken with the rhythmic music of the tapping of hammers. Well that music of tapping hammers died a couple of years ago, when new home construction came to a near halt.

Like the line in the Don McLean song American Pie “some thing touched me deep inside the day the music died”, we were all touched when the tapping of hammers almost came to a stop in the last few years. Well I’m here to tell you that the music has resumed as I witnessed it with my own ears this week.

While searching the MLS for a home for transferee I found those listings we use to find, ones without a picture and only a sketch or rendering of what the home would look like. Well, my buyer and I ventured to see the development where the four sketches were being built.

Like music to our ears we arrived in a beehive of activity and red mud. There was raw dirt just recently exposed for multiple basements and the heavy equipment was parked on an empty lot down the hill. Trucks full of concrete were there with their loads spinning, waiting to pour down the chute to the carefully prepared forms.

There were vans and trucks of all shapes and colors parked along one side of the road. Back when we moved into the new subdivision I remember the traffic jams all the construction vehicles would cause and remembered complaining when they parked on both sides of the road totally blocking access. Now instead of complaints of traffic jams we welcome the confusion and congestion because it represents recovery for us all.

I just stood back and took it all in. Twelve homes under construction in one subdivision and five in another. There must have been at least sixty construction workers of some sort there. Think of it, sixty jobs when we are a country starved for jobs. And think of the other jobs the construction was creating through the ripple down to suppliers and subsequent trades to be on site during the building process.

Here was a ‘manned’ sales office with an agent on duty. When was the last time you heard that one. The builder was in his office, managing schedules of labor and materials. Everyone had mud on their shoes. It was great!

How sweet the memories that this experience conjured up, with the smell of freshly turned dirt, sawdust and diesel, Memories from years ago during the housing boom. It is amazing what once was an inconvenience is now music to my ears.

Folks, the music has resumed! The music of the engine that turns our world, housing and the jobs it creates. So listen in the distance for that heavy equipment moving dirt, the sound of trucks loaded with construction supplies rumbling down our road, the buzz of saws and that rhythmic tapping out of the hammers. The music is not dead, and it is touching each and every one of you.

Real Estate Agent in Gwinnett Shares About the National Effect of Declining Values

Friday, January 22nd, 2010

In Gwinnett county and others around the metro Atlanta area, most of us have suffered a loss in home value from the real estate peak in 2005 & 2006. So we were not surprised to find out the White House has been effected too.   You will be surprised to read just how much Zillow valued the White House. Seems like no one is immune!

Read the full article: 

                                               CNBC Article - Value of White House Drops by More Than $15 Million 

Atlanta Real Estate Agent Shares About New FHA Rules

Thursday, January 21st, 2010

FHA has announced sweeping changes that range from increased down payment requirement from 3.5% to 10% in certain cases, increased Mortgage Insurance Premiums (MIP) by half a percent and cutting allowed sellers contributions by half.

Read More:

                                          Washington Post Article

Peachtree Forest Homes for Sale – Norcross, GA in Gwinnett County

Friday, January 1st, 2010

Peachtree Forest subdivision, located in the Peachtree Corners area of  Norcross in Gwinnett county, Ga.

Peachtree Forest subdivision, Norcross, GA.  is conveniently located in Gwinnett County near Jaybird Alley and Spalding Road.  The neighborhood is only minutes away from fine shopping and dining at the Forum.

Peachtree Forest is very close to outstanding amenities like activity/soccer field, playgrounds, tennis courts, Peachtree World of Tennis, and one of the newest of Gwinnett County’s Water Recreational Park. Peachtree Forest is one of Norcross’ most established and desirable neighborhoods.

The outstanding local schools that serve Peachtree Forest are Peachtree Elementary, Pinckneyville Middle, and Norcross High.  The school buses make stops throughout the neighborhood.

Homes in Peachtree Forest are typically priced from the mid $200′s to $400′s, so there really are homes in a choice of price ranges for any Norcross or Gwinnett County home buyer.

SEE ALL PEACHTREE FOREST HOMES FOR SALE