This is a good article from the Atlanta Journal-Constitution HomeFinder by John Adams. It will give you a good prospective on the RE Market without all the statistical numbers and complicated text you will see on most other real estate publications. Hope you enjoy it.
TODAY's topic:
Signs of a Housing Recovery -
But Will it Last?
by John Adams
from the Atlanta Journal-Constitution HomeFinder
There have been several hopeful signs on the housing horizon recently, signs that the recession may have already ended, and possible signs that a housing recovery is, indeed, on the horizon. But it may be too soon to break out the champagne and caviar.
At its most recent open market committee meeting, the Federal Reserve issued a statement saying:
* the Fed believes that "economic activity is leveling out," which is Fed-ese for a belief that the worst of the recession is behind us, and that more normal economic growth lies ahead.
* In addition, the committee reports "conditions in financial markets have improved further in recent weeks." In other words, the stock market is showing a level of confidence not seen in the past two years, and that the central bank sees that as a positive sign going forward.
* "Household spending has continued to show signs of stabilizing" means that you and I are not as worried about everything as we were earlier in the year. In fact, the Bureau of Labor Statistics collects tons of data on what the average household spends on everything from food and housing to transportation and health care. The more we spend, the healthier the economy.
* Finally, Dr. Bernanke and the boys said they are anticipating "a gradual resumption of sustainable economic growth" and that they expect inflation to remain subdued "for some time." In English, that means they think interest rates will be low for a while and that cheap money will help the economy recover faster.
While it's hard to draw joy from any Federal Reserve announcement, this most recent communication was about as upbeat as one can expect from the typically conservative Open Market Committee. Couple that with the recent news of an upturn in new home construction, and we may have the makings of a recovery.
Why, you may ask, is the new home market so important? Here's your answer:
According to a 2008 study by the National Association of Home Builders, each new home built represents about three new jobs, and adds about $90,000 to local, state and federal coffers in the form of taxes, permits and fees. In contrast, the resale of an existing home adds far less to the economy. And according to government statistics, new home sales were up in July for the fifth straight month in a row.
Builders in metro Atlanta say that one important part of that recovery has been the Federal Tax Credit for First Time Homebuyers. It provides a direct cash credit of ten percent of a home's purchase price, up to a maximum of $8,000. But that program is currently slated to end on the last day of November, and no one knows how buyers will react.
Until then, let's keep the cork in the bottle.
This article first appeared in the Atlanta Journal-Constitution.
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OUCH!!!!!!! The 'Governor's Tax Credit' for homestead property was NOT funded by the State legislature for 2009 which will result in an increase on your 2009 tax bill between $77.04 and $228.24 (depending on other exemptions you have or whether your Property is located within the city limits). If your taxes are paid from an escrow account through your mortgage lender, you may want to notify them so the escrow payment amount can be adjusted accordingly. Click on the following link for video of Gail Downing, Cobb County Tax Commissioner |
Kris Zugloff www.zugloff.com
Well, just started my account on Twitter. Here is the link: http://twitter.com/zugloff
Feel free to check it out an add me up
See you all there!
Kris
This is just one of the many programs available to home buyers looking to buy Fannie Mae Foreclosure properties. The challenge is that many foreclosures will not qualify for FHA financing. Bellow is a way around that.
HomePath Program
Property must be a Fannie Mae foreclosure 
3% down on owner occupied
10% down on investment or second home
No appraisal required
No mortgage insurance (PMI) required
Low credit score requirements
Up to 6% seller contribution
If you have any questions or would like to file an application call us at 404-579-5889 or email us at kznet@comcast.net
Even that no down payment programs were removed from most if not all bank institutions there is still a way to do it here in Georgia. Its a government down payment assistance program that is available from your county officials. Unfortunately not all lenders are able/certified to offer it. Here is a quick look at what you need to be able to qualify:
Georgia Dream Program
Must be a first time buyer or have not owned a home in the past 3 years
30 year fixed low interest rate mortgage
Purchase prices up to $250,000
Total household income can not exceed $68,000
Low closing costs
$5,000 provided by the state to be used toward downpayment and/or closing costs
580 minimum credit score
Buyer must contribute $500 of their funds
Buyer must complete Home Buyer Education
For more details or to file an application call our office at 404-579-5889 or email us at kznet@comcast.net
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Foreclosures, Estate Sales and deals which you WON'T find on MLS let me know and I will schedule a time to meet with you at my office. We will have some coffee and talk about your goals.
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