Mike Fitzgerald

Georgia Dream NSP Program
$14,000 Interest Free 2nd Mortgage on foreclosed homes
"The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008." "The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance. This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010." More information available at Georgia Department of Community Affairs

Collected from Loopnet.com and AJC.com reports
So far ten banks have failed in Georgia and the FDIC is selling off their loans through two approved loan brokers. Debtx.com is the approved loan seller for east coast including Georgia. According to crenews.com, the FDIC has sold $1.2 billion in commercial mortgages at roughly 62 cents on the dollar. $702 million of those loans were classified as performing and sold for 79 cents on the dollar. While $304 million in non-performing loans sold for 33 cents on the dollar. The subperforming loans sold for 46 cents on the dollar.

The FDIC is also selling some assets directly through CB Richard Ellis and Prescient Assset Management. The banks that have failed so far in Georgia so far are: American Southern Bank (Kennesaw) April 24: $112 million Omin National Bank (Atlanta) March 27: $956 million FirstCityBank (Stockbridge) March 20: $297 million Freedom Bank of Georgia (Commerce) March 6: $173 million FirstBank Financial Services (McDonough) Feb 6: $337 million Haven Trust Bank (Duluth) Dec 12: 572 million First Georgia Community Bank (Jackson) Dec 5: $238 million The Community Bank (Loganville) Nov 21: $681 million Alpha Bank (Alpharetta) Oct 24: $354 million Integrity Bank (Alpharetta) Aug 29: $1.1 billion

United States of America (Press Release) April 29, 2009 -- Fitzgerald Realty, Inc. of Atlanta recently completed and released its initial Metro Atlanta Land Report which compiled and compared land sales from 2007-2008 in Cobb and Gwinnett Counties. The research was collected and analyzed by Mike Fitzgerald and Nicholas Pourhassan. The data presented shows that vacant land sales are a leading indicator of the direction new construction will take, and shows that the land sales began to decline a full quarter prior to the decline of new construction starts in the counties. The report also offers an optimistIc outlook for the remainder of 2009:

". . . look for an increase
in vacant land sales
beginning at the end of
the 3rd quarter and
running through the
end of the year."

source: FPR

visit: http://www.fitzgeraldland.com/dpage.php?docID=20 or Call 404-603-5460 x 9 for your own copy of the report.

Fitzgerald Realty Inc. is located at 1465 Northside Drive, Atlanta, GA 30318. They are a full service brokerage and are currently helping banks market property they have recently taken in as REO properties due to increase in foreclosures; and also providing Site Selection for retail outlets, and Broker Price Opinions for land owners seeking to sell their land.

About the company and authors:

Fitzgerald Realty Inc.was founded in 2004 by Mike Fitzgerald;a graduate of MIT, who saw the need for a land focused brokerage in the Atlanta Metro Area. Mr. Fitzgerald has always had ties to land in the state of Georgia as both his Father and Grandfather bought and sold land in the state for over fifty years.

Nick Pourhassan recently joined the Fitzgerald Realty team after spending some time in Retail Site Selection. He is a graduate of the University of Alabama.

In keeping with the needs of its clients, Fitzgerald Realty Inc. recently launched a new website to help consumers find affordable homes in an ever slowing economy. With thousands of new foreclosures hitting the market every month Fitzgerald Realty has made finding these properties easy for the casual homebuyer. The website allows users to browse the thousands of homes listed in the First Multiple Listing Service in order to find a potential bank owned property that they may be able to turn into a new home for themselves or even a rental property for the savy investor. Once on the site the user has many search criteria options such as minimum and maximum price, number of bedrooms and bathrooms, location by city or even zipcode. The website even recently added a mapping feature so that the user may enter basic criteria and then have the results displayed on a map to further help the potential buyer get an idea of where exactly a home is located without having to leave the comfort of their own home. When asked about the accesibilty of the site Managing Broker Mike Fitzgerald had the following comments:

"Our aim was to make this site as user friendly as possible. We understand that the needs of our clients are constantly changing and we feel that this site will help eliminate some of the stress put on a homebuyer by allowing them access to a lot of the information they might not know is out there. With everyone's busy schedules these days we understand that the last thing a homebuyer wants to do is to spend his or her weekend driving around, blindly looking at properties.We provide them the chance to preview the foreclosures before hand. Our overall goal is to bring as much information to the potential buyer as possible before they make a decision to go see a home in order to alleviate some of the stress of purchasing a new home or property."
source: FPR


To find out more visit: www.GAForeclosureSearch.com or call (404) 603-5460 to speak with a Realtor today to help you with your upcoming home needs.

Fitzgerald Realty Inc.was founded in 2004 by Mike Fitzgerald;a graduate of MIT, who saw the need for a customer focused brokerage in the Atlanta Metro Area. Mr. Fitzgerald has always had ties to real estate in the state of Georgia as both his Father and Grandfather bought and sold land in Georgia for over fifty years.

2009 Metro Atlanta Land Report After a steep drop during the first half of 2007, the number of land transactions has remained fairly steady for the last six quarters. However, the price per acre for residential land continued to decline through the end of 2008 while commercial acreage prices reached steady levels in 2008. A review of the list of transactions shows a larger number of banks taking title to land in each succeeding quarter. The land bottom will not be reached until the banks unload their inventory or demand returns for new construction.

Expect to see a slight uptick in land sales in the second and third quarters of 2009 as small pockets of demand develop for new construction. Also look for an increase in vacant land sales beginning . . .

http://www.fitzgeraldland.com/dpage.php?docID=20