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Read this week's AJC article |
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As America Gets Ready to Take a Day Off, the Real Estate Market Has Little to Celebrate
Most real estate agents have had a dismal year - many have left the
industry. And now that the summer selling season has passed, the kids
are back in school and those few potential buyers are torn between
soccer games and band practice instead of bedrooms and baths.
Yet, the conditions are right for a real estate recovery. Interest
rates, while slightly up from recent weeks, are still in the low four
percent range. And prices of resale homes are as soft as they have been
in years. One would think that this is a great time to buy a house. And
it is.
But people who are worried about their jobs don't buy houses. And way
too many people are either out of work now or worried that they may face
problems in the months ahead.
I don't know which has to come first: confidence or a recovery. But it
seems even our friends at the Federal Reserve are divided over what to
do next.
Unfortunately, Atlanta home values continue to be undercut by wave after
wave of foreclosures. And I don't believe for a minute that these are
the people who bought more house than they could afford or got really
suicidal mortgages. No, these are prudent homeowners who have lost their
source of income or are simply upside down in their mortgage. Once they
exhaust their savings, it becomes easier to walk away.
To make matters worse, even if an owner can afford a reasonable monthly
payment, existing lenders are unwilling to modify or work with their
borrowers. So the owner tries to sell, finds a buyer, but is unable to
close when the appraisal comes back showing a dramatically lower value
due to recent foreclosures in the area. That's catch 22.
To put icing on the cake, business isn't hiring because of the
uncertainty of future labor costs in terms of taxes and health care. And
the banks aren't allowed to lend because the regulators want to see a
higher capital to asset ratio (translation: trim loans).
It's hard to wish a happy Labor Day to all the builders, carpenters,
brick masons, agents, electricians, HVAC installers, lumber and brick
manufacturers, roofers, landscapers, and carpet manufacturers, and
painters (and many others) who are out of work due to this recession.
When all these workers are fully employed, they pump huge amounts of
money into the economy. They buy everything from cars to appliances,
from milkshakes to clothing. They even buy houses and pay income taxes
(and property taxes and sales taxes and capital gains taxes and gas
taxes and transfer taxes and intangible taxes, et cetera, et cetera, et
cetera.
But it's just not happening.
Memo to the President: It's time to do something now.
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Upcoming Events
"EPA CERTIFIED RENOVATOR" TRAINING
Do You Work with Real Estate? You Must Be LEAD SAFE CERTIFIED as of April 22nd.
To all owners, realtors, investors, property managers, contractors, electricians, plumbers and painters. Do you ever engage in any level of renovation? If so, read this:
Any renovator, from owners to contractors, from plumbers to electricians to painters, who disturbs lead paint while working in a pre-1978 home, school or day care center, now must be Lead-Safe Certified. If you’re not, you can face tens of thousands of dollars in fines. Plus, you put the health of yourself, your workers and your customers at risk, which could result in lawsuits. One simple 8 hour class certifies you for five years. It’s that easy.
Since April 22, 2010, there are new Federal rules regarding how you perform any work that disturbs lead-based paint in homes, child-care facilities and schools built before 1978. You now must be EPA certified and follow specific work practices to prevent lead contamination.
Failure to follow the new rules can result in federal fines of up to $32,500 per day or up to 5 years in federal prison, or both. Don’t take a chance - it’s not worth it.
How To Become an EPA Certified Renovator:
In just one day, John Adams will teach you how to meet all EPA requirements and become an “EPA Certified Renovator.”
Don’t wait - register now! Click on “Seminars” and choose your day!
- Friday, September 10th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, September 17th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, September 24th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, October 1st at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
- Friday, October 8th at Suburban Plaza, 2643 North Decatur Road
and Church Street, Decatur , Lower Level, beneath Hancock Fabrics
8:30 A.M. to 5:30 P.M.
Total Course Cost: $295, includes exam and EPA-HUD 400 page manual
Space is limited to 20 participants.
Training services provided by Seagull Environmental Management Co, Inc.
Courses are approved for purposed of certification under Section 402 of TSCA for the Certified Renovator.
This course has been approved by the Georgia Real Estate Commission for 7 hours of Real Estate Continuing Education
For more information, call toll-free 888-373-0029
Click above on the "Seminars" button to register
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