North Atlanta Now

Home Sales Leap in Johns Creek in November

November sales of residential homes in Johns Creek were up 17% over October as well as increaing in average sales price. In October, 46 homes were sold in Johns Creek with an average sales price of $313,328. But in November Johns Creek homes sold at a rate of 1.6 day to total 55 sales with an average sale price of $365,728. Alpharetta and Milton sales declined slightly and Roswell sales remained flat over the same period. This is clearly due to the about to expire New Home Buyers tax credit and the availability of first time buyers homes in sought after Johns Creek.

NAR Reports Pending Home Sales on the Upswing

Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and form a return of buyer demand as they see home values stabilizing.”

Regional Numbers
Northeast: The PHSI in the Northeast declined 3.3 percent to 75.1 in March, but remains 27.2 percent higher than March 2009.
Midwest: In the Midwest the index increased 1.2 percent to 98.9 and is 18.5 percent above a year ago.
South: Pending home sales in the South jumped 12.7 percent to an index of 121.2, which is 28.3 percent higher than March 2009.
West: In the West the index rose 1.9 percent to 99.9 and is 8.8 percent above a year ago.
“Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.”

Article sourced from NAR communications, May 4, 2010.

Market Update for Dec 28, 2009

Keeping you updated on the market!

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It hasn't officially been declared over, but it's becoming apparent the economy has emerged from its longest recession in decades. A string of stronger-than-expected data releases has prompted many economists to boost their fourth-quarter forecasts, with most estimates calling for annual economic growth in the 3.5% to 4.5% range. Sales of existing homes were among those stronger-than-expected data releases. Purchases increased 7.4% to a 6.54 million annual rate, in November, exceeding the upper range of nearly all estimates. It's a remarkable recovery from January 2009, when sales were running at an annual clip of 4.5 million. What's more, strong sales have dropped inventory to a 6.5-month supply while stabilizing prices, positioning the housing market to better absorb the foreclosure overhang that some pundits believe will threaten the market next year. Then again, the foreclosure overhang might not be as threatening as the pundits are suggesting. The unemployment rate has dropped to 10%, helping, not surprisingly, to increase income. On that front, Americans made the largest income gain in six months during November, with personal income increasing 4% over October. More income translates into a greater ability to service a mortgage.

November Home Sales Leap

By Les Christie, staff writerDecember 22, 2009: 12:40 PM ET

NEW YORK (CNNMoney.com) -- After surging 10% in October, sales of existing homes jumped again in November, growing 7.4% compared with October to an annualized rate of 6.54 million units, according to the National Association of Realtors.

"This clearly is a rush of first-time buyers not wanting to miss out on the tax credit," said NAR's chief economist, Lawrence Yun.

November was originally going to be the last month in which sales to first-time homebuyers would qualify for a federal tax credit of up to $8,000. However, that deadline was extended through June.

In addition, the tax credit was expanded to cover people who already own a home. They can qualify for a $6,500 tax credit if purchase a new house before the end of June. That should encourage "trade-up" buyers.

The strength of sales in November surprised the industry. A panel of experts compiled by Briefing.com had forecast month-over-month sales growth of just 2.5% to 6.25 million from 6.1 million a month earlier.

REAL ESTATE TAX CREDIT EXTENDED AND EXPANDED

President Obama re ups popular tax credit through June 2010 and expands it to include people with higher incomes and some who want to trade up into new homes.

By Les Christie, CNNMoney.com staff writer

November 6, 2009: 3:18 PM ET

NEW YORK (CNNMoney.com) -- President Obama signed an extension and expansion of the first-time homebuyers tax credit on Friday.

The $8,000 credit was scheduled to lapse on Dec. 1 but will now be in effect through the end of June. Homebuyers must sign a contract before April 30 and close by June 30. The income limits were also raised: Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more homeowners eligible to claim the credit on their taxes. First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate. But now people who want to trade up can also qualify. Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they close on a purchase by the end of June.

"The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules," said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers.

more...

http://money.cnn.com/2009/11/06/real_estate/tax_credit_extended/index.htm?section=money_realestate

Rebound in Home Prices May Take Awhile

Housing analysts say that while sales are picking up, home prices are likely to continue dropping at least through mid-2010, and some prognosticators say until 2013.

The pessimists point to a rising number of option ARMs and Alt-A mortgages that are likely to reset in the next 18 to 24 months, leading to still more foreclosures.

"We're about two-thirds of the way through the pricing correction on a percentage basis," says Joshua Shapiro, chief U.S. economist with MFR Inc., an economic consulting and analysis firm. He predicts that prices will fall another 20 percent over the next 18 months.

"This is clearly the worst housing crisis since the Depression," says John Burns, president of John Burns Real Estate Consulting. "I think that once prices bottom out, they're going to stay flat for several years."

Source: Fortune, Janet Morrissey (06/19/2009)

Mortgage Rates Dropped for the First Time in 4 Weeks

Atlanta

Business Chronicle - by Barton Eckert

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Freddie Mac says mortgage rates dropped this week for the first time in four weeks.

The McLean, Va.-based mortgage buyer says the average fixed 30-year loan fell to 5.38 percent for the week ending June 18, from 5.59 percent a week ago. A year ago, 30-year fixed mortgages averaged 6.42 percent, according to Freddie Mac's weekly surveys.

“Reports of benign inflation figures reversed the upward trend of mortgage rates this week," said Frank Nothaft, vice president and chief economist at Freddie Mac, in a statement.

Freddie Mac (NYSE: FRE) says the 15-year rate now averages 4.89 percent down from 5.06 percent last week. One-year treasury index adjustable rate mortgages are averaging 4.95 percent. That is down from 5.04 percent.

8 Free Webtools to Enhance Your Business and Life

Who says there’s no such thing as a free lunch – or tool?  Explore these free web tools below and find some terrific new FREE resources for your business or personal use:

Zenbe.com
Have multiple e-mail addresses? View all your mail in one inbox, and check in with Facebook and Twitter from the same screen.

Everyscape.com
This alternative to Google Earth lets you view three-dimensional images of streets and cities at eye level.

Inhabitat.com
Are you a homeowner who wants to go green? This eco-friendly design blog provides tips and inspiration.

Yelp.com
New to the area, visit here. Neighbors review local restaurants, spas, doctors, plumbers, and more.

Billshrink.com
Discover hidden fees in your credit card accounts and cell phone bills, and get recommendations for lower-cost alternatives.

GasBuddy.com
Do some comparison shopping before you fill up. Get a listing of what the gas stations in your area are charging per gallon.

FotoFlexer.com
Touch up your photographs, create effects, and adjust lighting to create high-quality images worthy for marketing materials.

Source: Katharine Tarbox for NAR Daily News.

Appraisers and Agents alike struggle to keep up with falling values

The AJC reported this Sunday that appraisers are finding it increasingly difficult to appraise homes due to lack of current sales data and stricter rules by lending institutions. (See full article...

http://www.ajc.com/business/content/business/stories/2009/04/05/home_appraise_atlanta.html

As further evidence, after April 1, 2009, appraisers are required to attach this form to their appraisals to assess Market Conditions within 3 time segments: prior 7 - 12 months, prior 4 -6 months, and current - 3 months. The affect of REO's and foreclosures and trend of seller concessions is also being evaluated within that neighborhood. This information is being used by the Fannie Mae and Freddie Mac lending institutions to evaluate loans for purchases as well as refinance. To view this form...

https://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/1004mc.pdf

They join the countless realtors and sellers struggling to find the optimum price that entices buyers to make an offer on their home. It is clear that the pricing in the next 90 days of this Spring Sell Cycle will be critical to making those home sales a reality.

South Forsyth County - Resale Absorbtion Report

South Forsyth - Area 221
Resale Absorbtion Report
Datas Source: FMLS
	$225,000 - $249,000	$250,000 - $299,000
Homes Sold -12 mo.	78	132
Current Inventory	78	98
Months of Inventory	12	9.0
Ave Days on Market	84	77
Currently Active Properties in Big Creek Elementary area			41
Average Price of Active homes in this area			$265,107
Contingent Properties 2009 in this area			3
Average Contingent List Price:			$241,250
Pending Properties in this area			2
Average Pending List Price:			$274,450
Properties sold in 2009			4
Average Sold Price:			$276,468
Robbye Noonan & Associates
Keller Williams Realty Atlanta Partners
404-664-7330

Forsyth County- Resale Absorbtion Report

Forsyth - Area 222
Absorbtion Report for Residential Attached Homes
Datas Source: FMLS
	NEW HOMES	NEW HOMES	RESALE	RESALE
	$160,000 - $179,999	$180,000 - $199,999	$160,000 - $179,999	$180,000 - $199,999
Homes Sold -12 mo.	23	22	9	10
Current Inventory	10	19	21	11
Months of Inventory	5.2	10.4	28	13
Ave Days on Market	164	240	63	126
Currently Active Properties in Shiloh Point Elementary District    25			18
Average Price of Active attached homes in this area			$175,630
Pending Properties in this area			4
Average Pending List Price:			$176,500
Properties sold in 2009			3
Average Sold Price:			$162,223
Average Sold Days on Market (DOM)			120
Robbye Noonan & Associates
Keller Williams Realty Atlanta Partners
404-664-7330