2009 brings 126 Bank Failings Nationwide...23 in Georgia
December 4, 2009, First Security National Bank and Atlanta Buckhead Community Bank was added to the list of banks closed by the FDIC bringing the total of 23 banks failed in Georgia alone.
Hopefully 2010 will bring stability to our financial institutions. With inventory levels at an all time low and interest rates also low we hope that demand will begin to increase reducing our supply of properties.
Atlanta Buckhead Community Bank had several branches in the Metro Atlanta area. Forsyth Community Bank was one of their branches.
Sunday, December 06, 2009
Friday, November 20, 2009
Wishing You and Your Family a Happy Thanksgiving!
Family. That is what we work and live for. As we celebrate Thanksgiving this year, we have much to be thankful for. We survived 2009.
Housing prices in Metro Atlanta are beginning to stabilize. Our inventory levels are the lowest I have seen in almost 10 years. We now have normal inventory. In Forsyth it is 9 months of inventory of homes for sale. In Gwinnett it is as low as 5 months in the price point under $150K.
The first time home credit has been extended and expanded until April 10, 2010 allowing a tax credit for move up buyers.
The Joyner, Barnes wishes you the happiest Thanksgiving.
Kristin & Margo
Friday, November 13, 2009
Wednesday, November 11, 2009
Homebuilders Report Contract/Sales Increase...Stocks increase
Have we passed the bottom? I get that question all of the time. I am always asking people in my industry what they are seeing. Just this past Sunday I was talking to an agent in my office who submitted a bid on a HUD foreclosure home $15,000 over asking price. She felt good that her client bid higher on the home knowing that the home would sell for more than asking since it's condition was goodif not excellent for a HUD home. She recieved word on Friday that her bid was not high enough. There were 4 other contracts that were higher then her clients and the home sold for almost 61% over asking price.
Great news for those selling. Maybe the bottom of the housing mess is over. On the other hand I recently spoke to a friend who works for a lumber supply company and she said commercial is doing ok but residential is still flat.
Today the Dow closed the highest it has all year with a 6th day of trading on the upswing. We did see these gains in August and September only to watch them dissolve in October.
Fox Business reports:
Pulte Homes Inc. (PHM: 10.22, 0.75, 7.92%)The homebuilder saw its shares rise 8.1% after reporting a 42% rise in fourth-quarter net contracts. PHM shares last traded at $10.23, a gain of 77 cents on the day
KB Home (KBH: 15.63, 0.95, 6.47%)The homebuilder added 6.7% to its stock price Wednesday. KBH shares closed at $15.66, up 98 cents on the day.
Lennar Corp. (LEN: 15.12, 0.83, 5.81%)The homebuilder’s shares jumped 5.7% to close the session at $15.12, a gain of 82 cents on the day.
D.R. Horton Inc. (DHI: 12.34, 0.66, 5.65%)The homebuilder’s stock moved up by 5.7% to close Wednesday’s session at $12.36, a gain of 67 cents on the day.
We may have past the bottom of the market here in Atlanta and it loks like we are climbing out. I do believe it will be a tough climb.
Have we passed the bottom? I get that question all of the time. I am always asking people in my industry what they are seeing. Just this past Sunday I was talking to an agent in my office who submitted a bid on a HUD foreclosure home $15,000 over asking price. She felt good that her client bid higher on the home knowing that the home would sell for more than asking since it's condition was goodif not excellent for a HUD home. She recieved word on Friday that her bid was not high enough. There were 4 other contracts that were higher then her clients and the home sold for almost 61% over asking price.
Great news for those selling. Maybe the bottom of the housing mess is over. On the other hand I recently spoke to a friend who works for a lumber supply company and she said commercial is doing ok but residential is still flat.
Today the Dow closed the highest it has all year with a 6th day of trading on the upswing. We did see these gains in August and September only to watch them dissolve in October.
Fox Business reports:
Pulte Homes Inc. (PHM: 10.22, 0.75, 7.92%)The homebuilder saw its shares rise 8.1% after reporting a 42% rise in fourth-quarter net contracts. PHM shares last traded at $10.23, a gain of 77 cents on the day
KB Home (KBH: 15.63, 0.95, 6.47%)The homebuilder added 6.7% to its stock price Wednesday. KBH shares closed at $15.66, up 98 cents on the day.
Lennar Corp. (LEN: 15.12, 0.83, 5.81%)The homebuilder’s shares jumped 5.7% to close the session at $15.12, a gain of 82 cents on the day.
D.R. Horton Inc. (DHI: 12.34, 0.66, 5.65%)The homebuilder’s stock moved up by 5.7% to close Wednesday’s session at $12.36, a gain of 67 cents on the day.
We may have past the bottom of the market here in Atlanta and it loks like we are climbing out. I do believe it will be a tough climb.
Monday, November 09, 2009
Homebuyer Tax Credit Extended and Expanded
Congress heard you on the need to both extend and expand the homebuyer tax credit to continue stimulating the housing sector of the economy. The Senate voted 98-0 on Wednesday and on Thursday the House voted 403-12 on legislation that includes the extension and expansion of the credit.
The President signed the legislation into law this weekend.
This is a great victory for the economy, for homebuyers, and for all of us in real estate!
More information on the tax credit and what it means to you:
Changes to the Homebuyer Tax Credit Law
Frequently Asked Questions About the New Bill
NAR President - Charles McMillan's Podcast About the Bill Passing
See How the House VotedIn Depth: 2009 First-Time Homebuyer Tax Credit
Congress heard you on the need to both extend and expand the homebuyer tax credit to continue stimulating the housing sector of the economy. The Senate voted 98-0 on Wednesday and on Thursday the House voted 403-12 on legislation that includes the extension and expansion of the credit.
The President signed the legislation into law this weekend.
This is a great victory for the economy, for homebuyers, and for all of us in real estate!
More information on the tax credit and what it means to you:
Changes to the Homebuyer Tax Credit Law
Frequently Asked Questions About the New Bill
NAR President - Charles McMillan's Podcast About the Bill Passing
See How the House VotedIn Depth: 2009 First-Time Homebuyer Tax Credit
Tuesday, October 27, 2009
TAX HOME CREDIT UP FOR SENATE VOTE
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit. The Extended and Expanded Tax Credit will contain the following provisions: Amount: $8,000Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filersTime Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010 *The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change.
The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit. The Extended and Expanded Tax Credit will contain the following provisions: Amount: $8,000Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)
Income Limits: $125,000 for single filers/$225,000 for joint filersTime Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010 *The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change.
The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
Saturday, October 24, 2009
HOUSE SALES UP 9.4% sales activity highest in 2 years!
Sales of existing homes jumped 9.4 percent, to a seasonally adjusted rate of 5.57 million units in September from 5.1 million units in August. Sales activity is at its highest level in more than two years, according to NAR figures. Cheaper homes, coupled with the first-time homebuyer credit, are behind the increase, NAR chief economist Lawrence Yun noted.
“We are hopeful the tax credit will be extended, and possibly expanded, to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery,” he said in a news release.
Unsold inventory totals are 15 percent below a year ago, according to NAR.
“The current housing supply is the lowest we’ve seen in two-and-a-half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.
Sales of existing homes jumped 9.4 percent, to a seasonally adjusted rate of 5.57 million units in September from 5.1 million units in August. Sales activity is at its highest level in more than two years, according to NAR figures. Cheaper homes, coupled with the first-time homebuyer credit, are behind the increase, NAR chief economist Lawrence Yun noted.
“We are hopeful the tax credit will be extended, and possibly expanded, to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery,” he said in a news release.
Unsold inventory totals are 15 percent below a year ago, according to NAR.
“The current housing supply is the lowest we’ve seen in two-and-a-half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.
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