Good News For Distressed Property Owners!

Foreclosure Activity Drops to 5-Year Low in September

By RealtyTrac Staff

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 U.S. properties in September, a decrease of 7 percent from the previous month and down 16 percent from September 2011. September’s total was the lowest U.S. total since July 2007. The decrease in September helped drop the third quarter foreclosure numbers to the lowest level since the fourth quarter of 2007. Foreclosure filings were reported on 531,576 U.S. properties during the quarter, a decrease of 5 percent from the second quarter and a decrease of 13 percent from the third quarter of 2011. Complete Story

 

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Gwinnett County 2nd Quarter Transactions

Atlanta Business Chronicle – Home Quarterly
Gwinnett County Transactions

The following information is based on single family detached residential properties (see chart below).

During Second Quarter 2012 preforeclosures in Gwinnett totaled 3070 and foreclosures totaled 676. These event types represent potentially negative pricing pressure on a given market as eventually these properties can migrate into either short sales or bank owned sales.

On the demand side of the equation, during Q2-2012 their were a total of 2262 sales in Gwinnett. It is important to note the difference in seller types that make up this data component. 991 sales were bank/government owned properties while 1271 sales were Market Sales. For Q2-2012 in Gwinnett 53.67% of all sales were bank or government owned properties.

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5 Reasons To Buy A Home Now

Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:
Supply Is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.
Price Increases Are on the Horizon
Prices will bounce along the bottom this winter. However, projections call for appreciation after that. Several studies and surveys call for price increases over the next few years starting in 2013. One such survey shows that prices will increase over 10% by 2016.
Rents Are Skyrocketing
Rents historically increase by 3.2% on an annual basis. A study issued earlier this year projects rent increases of 4% for the next two years. Trulia recently reported that rents this year have actually shot up by 5.4%.
Interest Rates Are at Historic Lows
Federal Reserve Chairman Ben Bernanke has kept interest rates low in an effort to stimulate a lethargic economy. He understands that low rates will help housing and housing is a key to bringing back the economy. As the economy approves, the need to keep rates low will no longer exist. The 30-year-mortgage rate before the financial crisis was 6.57% (August 2007).
Buy Low, Sell High
We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’. It’s time to buy. This information is based on national studies, our market in metro Atlanta typically follows an amplified version of the national numbers.

 

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Housing on Mend, but Full Recovery Is Far Off

By NICK TIMIRAOS

Home prices during the first half of 2012 posted their strongest gains in six years, the clearest sign that more U.S. housing markets have hit bottom.

Home prices during the first half of 2012 posted their strongest gains in six years, the clearest sign that more U.S. housing markets have hit bottom. But don’t confuse that with a full-on recovery. WSJ’s Nick Timiraos reports. Photo: Getty Images.

But the housing market remains far from normal. Hitting a bottom shouldn’t be confused with a full-on recovery, which looks a ways off.

image

Today’s rising prices have less to do with surging demand—though hard-hit markets in Arizona, California, and Florida have seen significant investor appetite for distressed homes—than with declines in the number of properties for sale.

Inventories of “existing” homes—that is, ones that haven’t just been built—are at eight-year lows. New-home inventories are lower than at any time since the U.S. census began tracking them in 1963. In some cities, there are one-third fewer homes listed for sale than a year ago.

Here’s why prices are rising: There are more buyers chasing fewer homes, and—critically—fewer distressed homes, such as foreclosures. Low inventory is one sign that housing markets may have reached a turning point because many want to buy at the bottom but few want to sell.

There are several factors behind the low inventory. Banks have slowed their pace of foreclosures. Investors have snapped up discounted properties that they can convert into rentals. Home builders, struggling for several years to compete on price with foreclosed properties, have added little in the way of new supply.

For now, price gains are concentrated at the low end of the market, where inventory declines have been most dramatic. “The market is really drying up in these seemingly distressed markets really quickly,” said Michael Sklarz, president of research firm Collateral Analytics. “They really are scratching for properties to sell.”

Low inventory is benefiting home builders, as buyers grow frustrated by bidding wars sparked by a shortage of move-in-ready housing. “People can’t find inventory that they want, so they say, ‘I’m just going to buy the house down the block that’s brand new. I don’t have to go through the whole torture,’ ” Mr. Sklarz said.

For entire story go to: http://online.wsj.com/article/SB10000872396390444301704577631252266351074.html?mod=WSJ_RealEstate_LeftTopNews

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3632 Park Bluff Way Duluth, GA 30096

For Sale $87,120

JUST LISTED! ONLY $87,120

3 Bedrooms, 2.5 Baths, Vaulted Family Room, Separate Dining Room with 2 Car Garage, Fenced Yard on a quiet Cul-de-sac! Good size bedrooms, Master has separate tub & shower. Grove Park subdivision, Close to Pleasanthill Rd/Peachtree Industrial Blvd, Joan Glancy Hospital.

Call or email Vickie Hogan 770-826-6455 or hogansellshomes@gmail.com for more details.

 

 

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3632 PARK BLUFF WAY DULUTH, GA 30096

Coming Soon For Sale in Duluth, GA

NEW LISTING COMING SOON!

3 BEDROOM, 2.5 BATHS, 2 CAR GARAGE WITH LARGE FAMILY ROOM AND DINING ROOM.

Call Vickie Hogan for more details…770-826-6455

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RE/MAX National Housing Report

For the fourth month in a row, the RE/MAX National Housing Report is showing an increasing Median Home Price. In May, home prices were 6.1% higher than those in May 2011. Home sales also rose above the mark set last year by a signaficant 12.8%. With 42 surveyed metros showing increases in Both sales and prices, the recovery of 2012 appears to be taking hold in all regions of the country. For 11 months in a row, home sales exceeded the level of the same month a year ago. Inventory continues to fall significantly lower than the pevious year, with a 26.6% drop from May 2011. Click link below to view full report

REMAX%20National%20Housing%20Report_June%202012%20Final

 

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