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Atlanta Market No Longer “Declining & Depressed” - 2009-07-26 |
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So Where Are We Now?
With all the bad news surrounding real estate over the past few years, one might think that Americans have largely abandoned the idea of home ownership as part of the American dream. Not so, according to the "2009 National Housing Pulse Survey," an annual telephone survey of 1,250 adults living in the 25 largest metro areas. Atlanta was included in the survey.
Even though we are in the midst of a serious economic slowdown and unemployment is at unusually high levels, 83 percent of Americans still believe that buying a home is a good financial decision. Three-fourths of those surveyed also believe that now is a good time to begin the process of buying a home. Importantly, that number has been rising steadily for the past two years and is up 16 points since 2007.
At the same time, the survey reveals that the majority of Americans remain deeply concerned about the economy and are aware of the challenges faced by potential home buyers.
Concerns about job security and possible unemployment have grown dramatically in the past year. Some 83 percent agreed that "having enough confidence in their job security" was an obstacle to owning, while 51 percent went on to say that it was a "huge" obstacle, an increase of 23 points since 2007.
Respondents cited having enough cash for a downpayment and closing costs as the second primary obstacle to buying now. More than four in five stated that coming up with the needed funds would be a huge or medium roadblock to a home purchase. That percentage has remained unchanged over the past two years.
One scary statistic this year is the level of anxiety about "people falling behind on their mortgages." More than four in five Americans say they have some level of concern, and more than half, 54 percent, say they are very concerned about it. However, 92 percent said that foreclosure was not an issue for them or their immediate family in the past year.
When it comes to blame for the foreclosure problem, Americans look in three directions:
* One-third believe that people simply bought more home than they could afford, and are now paying the price;
* Twenty seven percent blame the bad economy and unemployment as the root cause of foreclosures;
* But nearly one quarter (23 percent) point the finger at banks and mortgage companies, citing poor lending decisions.
Perhaps one positive conclusion from the survey is that Americans seem to believe that the housing market has stabilized.
That notion was reinforced last week, at least locally, by Genworth Mortgage Insurance, who removed the Atlanta MSA from its national list of "declining and distressed markets." That's important because mortgage insurance is used by many homebuyers to reduce the amount of cash needed at the closing table.
Questions or comments?
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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, July 30th 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, August 06th 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, August 13th 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, August 20th 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, August 27th 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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John Adams Presents
“The MetroVestAtlanta.com REO Bus Tour”
Get on the bus for a tour of South DeKalb County’s “Real Estate Owned”
homes. Each house you visit will be available that day for purchase at
a giveaway price, regardless of current condition. Financing is
available!
Throughout the day, we will hear from mortgage providers, people in the
construction business and property managers all discussing today’s
situation with Bank Owned REO properties.
Who Should Attend: Investors, Realtors, Lenders, Prospective Buyers, and
anyone who might want to buy a super-bargain house and either do the
rehab themselves or have all the work performed by the pros.
You will see abandoned dumps and finished products, and everything
in between. And Snap will be there to answer all your questions and
explain the rehab and rental strategies.
Saturday, August 21st, 9:30 AM to 4:00 PM
Your $49 fee includes the bus tour and lunch. You must make reservations. No walk-ups.
There is limited seating and the seats are filling fast. ACT NOW before you miss the bus.
We will be meeting at Suburban Plaza, 2643 N. Decatur Road and Church Street, Lower Level, Decatur 30033 (beneath Hancock Fabrics, in the arcade.)
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