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First-time home buyers' information session on Oct. 7

First-time home buyers' information session on Oct. 7

COLLEGE PARK, Ga. -- The Fulton County Housing and Community Development Department will host a first-time home buyer information session on Tuesday, Oct. 7 at 6:30 p.m.

The session will be held in the College Park Branch Library located at 3647 Main Street in College Park.  Participants will learn about the Fulton County Home Ownership Program and requirements that must be met to purchase a home.

For more information, contact Audra Pender at 404-612-3024 or email audra.pender@fultoncountyga.gov.

Citizens in need of reasonable accommodations due to a disability including communications in an alternative format, please contact the Disability Liaison in the Department of Housing and Community Development at (404) 613-7944 at least 48 hours in advance.  For Georgia Relay Access, dial 711.

For more information, call 404-613-7944.

Curbed.com names its Top 10 Atlanta Projects for 2014

Curbed.com names its Top 10 Atlanta Projects for 2014

ATLANTA -- Real estate website Curbed.com has released a list of Top 10 Atlanta Projects for 2014.

In introducing its list, curbed.com says, “Whether they're wrapping up, just starting or somewhere in between, major projects will be making mega progress all year long. Step back and think about it: Can any other city compete with a roster like this? Not just this year, but in any single year?”

Curbed.com's top 10 are:

Metro Atlanta neighborhoods hit hard by foreclosure

Metro Atlanta neighborhoods hit hard by foreclosure

LAWRENCEVILLE, Ga. -- Georgia is among the top three states for zip codes with the highest foreclosure rates, according to a new article published by CNNMoney.

The Peach State joins Florida and Illinois at the top of the list, displacing Arizona, California and Nevada.

RESOURCE GUIDE | Preventing foreclosure

And a Gwinnett County suburb has the zip code with the highest foreclosure rate in the U.S.

According to the CNNMoney article:

Fulton County to Host Information Workshop for Future Homeowners

Fulton County to Host Information Workshop for Future Homeowners

Fulton County residents with dreams of owning a home are invited to attend a “Do You Dream of Owning Your Own Home?” information session on Tuesday, June 26, 2012.  Future homebuyers can learn more about all eligibility requirements of the Home Ownership Program (HOP) and the Neighborhood Stabilization Program (NSP).  The workshop hosted by the Department of Housing and Human Services Office of Housing and Community Development will be held from 6:30 p.m. – 7:30 p.m. at the South Fulton Service Center.  The Service Center is located at 5600 Stonewall Tell Road in College Park, Georgia 30349.

SW Atlanta home prices nosedive, other areas increase

SW Atlanta home prices nosedive, other areas increase

ATLANTA -- Mixed signals are going out to customers in Metro Atlanta's housing market.

Home prices in the metro area have taken a nosedive, off more than 17 percent since last year, marking one of the biggest price drops in the nation.

However, some communities in surrounding areas have shown some growth in home prices.

In Southwest Atlanta, one of the hardest-hit areas, the situation is tied to foreclosures, sales of distressed properties and the upkeep of vacant homes.

"The driving force is definitely the way the banks are pricing the foreclosed properties that they list for sale," said Jean-Claude Martin, a broker with Palmer House Properties. "Everybody else suffers. Everybody else suffers."

Banks Offering Incentives to Sellers in Short Sales

Banks Offering Incentives to Sellers in Short Sales

If you or someone you know is facing the loss of their home you should know that lenders are now, more than ever, offering incentives to Sellers to complete a short sale. Homeowners should speak with their lender to see which programs they qualify for.The most common incentive program is HAFA. Sponsored by the government, HAFA will give eligable homeowners $3000 at closing to help with moving and other expenses. It also protects the Real Estate Professional's commission and forgives the Seller of the debt. The homeowner will receive a 1099-C for tax purposes.

For individuals not eligable for HAFA some lenders are offering alternatives. One example of this is Bank of America's co-op program for sellers. They will allow up to $2500 to the Seller at closing to help with expenses.

Real Estate has a Long Road to Recovery

 

The next years of real estate are not going to be positive for homeowners. In fact, it’s estimated that in 2012 over 60% of all home sales will be foreclosures or short sales. This means that the banks will control the pricing of more than half the real estate market and we can expect continued declining values. This idea may not sit well with many after the mortgage meltdown and moral hazard issues we had over the past five years.

Further, we at Sellect Realty believe that it will be another five to seven years before we see home values near their previous peaks and then we expect a plateau for several years to follow before growth. Currently our market is still declining. Despite month-over-month gains we have had another drastic decline in home values over the past 12 months. According to the recent statistics released by Realtor.com the average listing price decreased by 11.42% from June 2010 to $250,933.