Our network

Real Estate

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:

Underwater on your mortgage?

Underwater on your mortgage?

HARP 2.0 CAN HELP!

What is HARP?  HARP is Home Affordable Refinance Program (HARP).  How does this affect you?  HARP is designed to help home owners that have been unable to get traditional refinancing due to the decrease in home value and may not have enough equity or no equity at all.  Home owners can actually be upside down on their mortgage and still be eligible.

Who is eligible?

  • The mortgage must be owned or guaranteed by Freddi mac or Fannie Mae
  • The mortgage must have been sold to Fannie Mae or Freddie mac on or before May 31, 2009.
  • The mortgage cannot have been refinanced under HARP previously
  • The current loan to value ratio needs to be greater than 80%
  • The borrower must be current on their mortgage at the time of the refinance with a good payment history in the past 12 months

As of January 9, 2012 HARP Guidelines have changed.  Prior t

Metro Atlanta foreclosure rate 16th highest in nation

Metro Atlanta foreclosure rate 16th highest in nation

ATLANTA -- Metro Atlanta's foreclosure rate slowed by the middle of 2011, but remains among the metros with the highest rates.

Atlanta had 44,1560 foreclosure filings from January through June, down about 16 percent from the first half of 2010. This gave Atlanta the 16th highest rate of foreclosures, according to RealtyTrac, which publishes the largest list of foreclosures in the country.

The company defines a foreclosure as default notices, scheduled auctions and bank repossessions. 

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.  

Riverdale most affordable, Dunwoody most expensive Ga. markets

Riverdale most affordable, Dunwoody most expensive Ga. markets

RIVERDALE, Ga. -- Georgia has three markets on Coldwell Banker Real Estate LLC's most affordable housing list.

Riverdale is the most affordable home market in the Peach State and the second-most affordable in the nation with an average price of $61,618, the report said.

College Park is the Peach State's second-most affordable market and nation's fourth-most with an average price of $72,477.

Lithonia comes in at third-most affordable in Georgia and the eighth-most in the nation with an average price of $77,385.

The most expensive market is Dunwoody, with an average price of $379,866.

Atlanta also is among the most expensive at $255,448.

Things to Avoid When Holding an Open House

This weekend was national open house weekend. I had the opportunity to see an open house go wrong in a million dollar neighborhood, so I'm going to share some pointers to help your open house go smoothly.

1. Ensure that there are no malfunctions with the home. A defective air conditioner ruins the experience for everyone including the agent. You do not want the agent to be in a bad mood!

2. Have an agent who will not push prizes, giveaways, or follow prospective buyers as they look at the house. The idea is to make everyone comfortable and the way to do that is by making all information readilly available and be available to answer questions.

3. Have drinks and/or snacks on hand, especially on a hot afternoon. At a minimum, bottles icewater and soda is a must.

Dekalb Foreclosure Registry Begins on October 27th

Atlanta, GA--  DeKalb County will launch its Foreclosure Registry, Wednesday, Oct. 27.  The DeKalb County Foreclosure Registry was established as a means to protect neighborhoods from becoming blighted as a result of the lack of adequate maintenance and security caused by the foreclosure crisis.

Creditors or mortgagees who foreclose on a property after Oct. 27 will have up to 30 days following the foreclosure sale to register the property with DeKalb County and pay a fee of $175.  Creditors or mortgagees located outside the geographical boundaries of Clayton, DeKalb, Fulton, Gwinnett, Henry, and Rockdale Counties are required to designate a local property agent located within these geographical boundaries to ensure security and maintenance of the property.