Georgia Housing & Real Estate

Atlanta Commercial Real Estate: Five More Years to Recovery?

2011-07-16T13:59:00.002-04:00

New Report Explores Effects of White House Mandate to Reduce Government Real Estate Costs

/PRNewswire/ -- The Atlanta office market freefall has slowed despite the fact that the office space vacancy rate for Atlanta's metropolitan area is at 20.28%, a 20-year high. Hope of recovery for this market rests on one thing: jobs creation. However, there is a dark cloud hovering overhead that could significantly impact the Atlanta region's ability to recover in the short term.

In May, the White House mandated reduction of real estate-related costs to the government across the country, and legislation has been introduced that would liquidate certain owned assets and consolidate or renegotiate leased assets.

The U.S. government owns or leases at least 8 million square feet of office space in the Atlanta region. With about 2.2 million square feet in leases expiring from 2011 through 2015, and the potential for the government to sell the owned property and lease it back at or below market rates, this legislation could have a significant impact on Atlanta's office real estate market.

Excluding government-controlled space in the Washington, D.C. region, the state of Georgia contains the fifth largest amount of government real estate of the 56 states and territories. The impact of the governmental mandate to Georgia, and the Atlanta region, will be one of the highest in the country. The Atlanta "domino" could be one of the first, and the hardest, to fall.

These realities have been detailed in the just-published report, Cloud on the Horizon: Government Debt Reduction and the Atlanta Commercial Real Estate Market. Compiled by Anderson Bauman Tourtellot Vos, a leading turnaround management firm, the report is based on research conducted over the past two months.

According to John Connor, Principal of Anderson Bauman Tourtellot Vos, the government should sell a significant portion, if not all, of its owned portfolio to reduce costs and generate revenue. In addition, he said, the government should consolidate leases that are expiring in the next few years and consolidate the space that is leased into fewer buildings. The weak lease market makes it an opportune time to negotiate for office space.

"The government cannot continue to do business as usual and will be forced to take substantial measures to reduce debt, increase revenue, and cut costs," said Connor. "If the government reduces its footprint in metro Atlanta by 25% over the next three years, it will take 1.2 million square feet of occupied space from the market. Any way you spin it, this will exert downward pressure on lease rates and further depress sale prices, likely pushing back recovery for up to five more years."

The report can be downloaded at http://abtv.com/commercialrealestatereport0711.pdf.

Colorado and Georgia Lead Highest U.S. Foreclosure Listings Increase

2011-05-25T14:54:00.000-04:00

/PRNewswire/ -- ForeclosureDataOnline.com reports that Colorado and Georgia had the highest increase in foreclosure listings, considered the most in the United States from April to May of 2011, reflecting more accurate statistics and reasons challenging the overall appearance of a downward trend over the previous year.

Colorado foreclosed homes were 6,825 in March and 7,277 listings in April, a 6.62% increase.

Georgia had a bit more at 3,575 foreclosure listings in March and 3,828 listings in April, a 7.08% increase.

Only Georgia, Colorado, New Jersey, Wyoming, Alabama, and Alaska had increases from March to April 2011. Experts suggest that the slight rise in the preceding month has to do with the continuous flow of foreclosures that have been stuck in limbo while courts and lenders wade through the many filings to ensure that all paperwork was correctly and accurately completed. Last year's scrutiny of so-called "robo-signing" of documents by inexperienced personnel hired to help process the many loans in default or in modification, temporarily slowed the process.

As more foreclosure paperwork continues to be processed, more of these homes will appear on the market. In Colorado, the consensus is that the tourism industry has been affected by the lack of spendable income and that has affected jobs in the mountain state. In Georgia, jobs were added in several industry sectors for the second straight month. Yet data reveals a slight relief of the immense backlog of foreclosure listings that have been held up for months by the tight scrutiny of the foreclosure processes that have slowed the process in previous months, and now shows the increase in listings.

Completing the information, ForeclosureDataOnline.com also calculated the percentage of Colorado and Georgia foreclosed homes of the top cities of these states:

COLORADO
Denver: -1.0%
Aurora: +5.4%
Arvada: +7.0%
Colorado Springs: +7.7%
Brighton: +10.4%

GEORGIA
Atlanta: +28.9%
Lawrenceville: +5.4%
Marietta: +23.6%
Douglasville: +129.3%
Savannah: -5.6%

High unemployment, a soft real estate market, and underwater borrowers--all key factors that create foreclosures--are contributing to the long duration of the housing and financial crisis.

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Albert Burney Auction Company Manages Bank Ordered Auction of Savannah River Preserve

2011-05-19T09:01:00.000-04:00

(BUSINESS WIRE)--The Savannah River Preserve is comprised of 1,217± acres of land with almost 250 riverfront acres in Sylvania, GA. The property includes 180± acres of bird and deer food plots and provides an ideal location for hunting and other outdoor recreation. Savannah River Preserve will be selling in three tracts or as an entirety.

Parcel one of Savannah River Preserve is 524.22± acres and includes a 2,533± sq. ft. main lodge with a kitchen, meeting room, game room and a master suite. Additional lodging includes four one-bedroom, one-bathroom cabins, each with its own kitchenette. This parcel also includes an assortment of outbuildings and recreational fields.

“It’s a sportsman’s dream,” said Warren A. Ward, President of Albert Burney, Inc. “It is one of the most inclusive recreational properties we have offered - from world class wing shooting, deer and turkey hunting to fishing. From sporting clay range to indoor archery, this property has it all. It is a world-class hunting preserve and it’s located just minutes from Savannah.”

Parcel two includes 444± acres of ideal hunting property in the Georgia woods. Parcel three includes 248.49± acres of river front property ideal for fishing; this parcel will be sold regardless of price.

This bank ordered auction will take place on June 18th at the Savannah River Preserve Lodge. Registration begins at 9:00 a.m. with the auction following at 10:00 a.m.

Albert Burney representatives will be available to answer questions and offer site inspections two weeks prior to auction dates and continuing through auction day. Individuals seeking additional information may call (800) 434-1654 or visit www.albertburney.com.

Albert Burney Auction Company, headquartered in Huntsville, Ala., is one of the nation’s leading auction companies specializing in land, home sites, homes and other high end real estate.

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Bankrate: Mortgage Rates Show Slight Increase

2011-03-24T09:49:00.000-04:00

/PRNewswire/ -- Mortgage rates marked a slight increase, with the benchmark conforming 30-year fixed mortgage rate rising to 4.96 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.41 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage inched to 4.16 percent, and the larger jumbo 30-year fixed rate retreated to 5.45 percent. Adjustable rate mortgages were mostly higher, with the average 5-year ARM moving up to 3.78 percent and the 7-year ARM moving to 4.11 percent.

Mortgage rates increased, but only slightly, as investors digest world events and assess the potential impact on global economic recovery. The outlook for economic growth, inflation, and a desire to avoid market volatility are the key drivers of bond yields and mortgage rates on a day-to-day basis. Mortgage rates are closely related to yields on long-term government bonds.

The last time mortgage rates were above 6 percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.96 percent, the monthly payment for the same size loan would be $1,068.76, a difference of $173 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 4.96% -- up from 4.91% last week (avg. points: 0.41)

15-year fixed: 4.16% -- up from 4.12% last week (avg. points: 0.38)

5/1 ARM: 3.78% -- up from 3.74% last week (avg. points: 0.37)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/finance/mortgages/mortgages-rise-as-treasury-signals-sell-off.aspx?ic_id=tsThumb1.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Slightly less than half of the panelists, 47 percent, predict rates to increase further. An equal amount of panelists, 47 percent, think the rates will remain more or less unchanged. The remaining 6 percent forecast a decline in mortgage rates over the next seven days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI.

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Federal Home Loan Bank of Atlanta to Award $6.9 Million for Affordable Housing in Georgia

2011-02-17T12:26:00.002-05:00

Funding to Create, Preserve 724 Affordable Rental and Homeownership Units

(GLOBE NEWSWIRE) -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $6.9 million to assist in the funding of 15 affordable housing developments in Georgia. The funding is part of $42.7 million FHLBank Atlanta awarded in 2010 in 11 states and the District of Columbia to create or preserve 4,841 units of affordable rental and ownership housing.

FHLBank Atlanta will award the funds as part of its 2010 Affordable Housing Program (AHP) offering. Local community developers, in partnership with FHLBank Atlanta member institutions, will use the funding to build or repair 724 affordable housing units in Cherokee, DeKalb, Douglas, Forsyth, and Fulton counties, as well as the cities of Atlanta, Cumming, Forsyth, Jefferson, Tennille, Tifton, Valdosta, and Waynesboro.

"FHLBank Atlanta continues to provide unique funding options that help members serve their communities," said Arthur Fleming, senior vice president and director of Community Investment Services, FHLBank Atlanta. "Through the participation of member institutions, AHP acts as a catalyst to revitalize neighborhoods, create jobs, and support economic development."

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-, low-, and moderate-income families. FHLBank Atlanta awards funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development, and down-payment assistance initiatives. For the complete list of AHP winners, visit www.fhlbatl.com/ahp.

Over 250 Foreclosed Atlanta Homes Head to the Auction Block, Tempting Buyers With Deals

2011-01-12T18:26:00.000-05:00

/PRNewswire -- As home sales edge upward, buyers continue to gravitate toward foreclosed properties because they remain some of the best buys in today's real estate market. On average bank-owned homes sell at a discounted price compared to similar homes in a neighborhood. Hudson &Marshall will auction over 250 Atlanta area foreclosed homes January 22nd-23rd at the Atlanta Marriott Century Center at 1:00 p.m.

Prospective buyers will be required to make a $2,500 cash or certified check deposit for each property, for which they are the winning bidder. There is a wide array of homes from which investors and owner-occupant buyers can choose. Homes come with an insurable title, and all sales will close within 30-45 days. Buyers may secure financing with the lender of their choice prior to closing; however, closing is not contingent upon financing.

"The downturn in the housing market has made buyers more educated and savvy about the homebuying process. With the high levels of foreclosures flooding the market, consumers have realized that foreclosures don't necessarily mean run-down property anymore. They can be purchased at a reduced price and in move-in ready condition," remarked Dave Webb, principal, Hudson & Marshall.

All properties auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Homes can be viewed during the open house scheduled Saturday, January 15th and Sunday, January 16th from 1:00 p.m.-3:00 p.m. or by contacting listing agents to schedule appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Realtytrac® reported during the third quarter of 2010, foreclosures accounted for 25% of all U.S. home sales, and average sales price of properties sold while in some stage of foreclosure was more than 32% below the average sales price of homes not in the foreclosure process. In Georgia, foreclosure sales accounted for 29% of all residential home sales in the third quarter of 2010.

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

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Having sold over 80,000 homes for sellers in the past ten years, Hudson & Marshall, Inc. is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $3.5 billion, and the company anticipates selling another 15,000 homes in 2011.

Southeastern Realty Group Becomes Real Estate Brokerage

2011-01-06T22:43:00.002-05:00

As 2010 gave way to 2011, The Southeastern Home Team became the Southeastern Realty Group, Georgia's newest full-service real estate brokerage. With the brokerage comes a renewed commitment to providing a real estate experience that goes well beyond the expectations of buyers, sellers and agents.

“We will provide an environment where those agents that want to be successful will have the opportunity to do so. We know the market is difficult right now, but with the focused training and opportunities we provide, an agent willing to work WILL be successful,” said Mary Colson, Broker in Charge.

The company was founded in 2002 as the Southeastern Home Team when Amy Ransdell, an avid Realtor and investor, discovered the need in the Atlanta market for a real estate company that could go beyond the offerings of a typical real estate office. At the time, there was no company equipped to readily handle the needs of a short sale, as well as provide strategies to help homeowners avoid foreclosure. Distressed properties were also frowned upon throughout the industry due to the amount of time it took to effect a sale, the usual condition of the property and the low success rate in completing a short sale.

"We were all about the short sale and foreclosure market, and saw the opportunities in rehabbing and flipping houses before it became the trend it is now. It seems like everyone is attempting to do them now. Even today, our success rate in bringing a short sale to the closing table is three times better than the national average,” said Ransdell.

The company's team concept proved to be successful from the onset. Ransdell's undying belief in the "Power of Team" has provided clients the best possible experience in specialized services. In addition to traditional real estate transactions, its team of professionals have over a century of combined experience, and are well-versed in Atlanta short sales, foreclosures, avoiding foreclosure and loss mitigation. The company, based just off I-575 in Woodstock, serves buyers and sellers throughout metro Atlanta.

Southeastern Realty Group's areas of expertise include:

Buyer’s agent
Seller’s agent
Short sales
Foreclosures
Avoiding foreclosure and loss mitigation
Quick sales
Strategic investments
Residential and commercial property sales
REOs and foreclosed bank assets

The brokerage is looking for a handful of top notch, tech-savvy agents to accommodate the growth it has experienced over the past few years. Southeastern Realty Group offers three different and affordable agent participation levels, excellent technology resources and a paperless transaction system. To learn more, please visit http://www.southeasternrealtygroup.com. Then click on the blue "Join Our Team" button.

Hard Hit Construction Industry May Find Assistance with New Communication Platform.

2010-11-20T09:36:00.000-05:00

Contractors will find assistance with their return on investment by utilizing a new asset communication platform now available on the web; ContractorAssets.com

ContractorAssets.com concentrates on four key areas in the construction industry; construction equipment, building materials, construction jobs and project opportunity. Their goal is to provide advertising and marketing for contractors in relation to these four key areas with little to no out of pocket cost. Currently ContractorAssets.com provides free listings for all project opportunities and construction Jobs. Their short term objective is to make all listings free; they are currently working with several industry organizations and advertisers to accomplish that task.

“Our overall goal is simple; we want to be the go to site for the construction industry in our specialties,” explains Doug Wattenburger, ContractorAssets.com project manager. “We will accomplish this by offering a superior product at little to no cost to the contractor.”

Understanding the specialties of Contractorassets.com is simple. The construction equipment category allows contractors to advertise and search surplus construction equipment and tools. Building materials offers contractors to list or locate excess or reclaimed building materials. Construction jobs are an outlet for construction companies to list employment opportunities. Project opportunities bring about new business partners through project awareness.

“We are excited for construction professionals to register and participate, we have already made the venue cost effective, but the more participation will allow us to pass additional value back to the contracting community,” Wattenburger said. “Our first full marketing campaign begins in December so we encourage contractors to get registered and listed early to take advantage of the upcoming increase in awareness.”

The Platform will be marketed through web based advertisement efforts such as Google Adwords, banner ads, direct marketing and traditional print advertisement in construction related publications

About ContractorAssets.com:
ContractorAssets.com is an entity of ICC Services. ICCS Services specializes in integrating creative communication in web based applications. The project was a collaboration of contracting experience, technical expertise and marketing history. The overriding intent is to harness technology and a new age business model to pass the production saving to our end users; the contracting community.
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FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams

2010-11-19T11:06:00.000-05:00

/PRNewswire/ -- Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable.

"At a time when many Americans are struggling to pay their mortgages, peddlers of so-called mortgage relief services have taken hundreds of millions of dollars from hundreds of thousands of homeowners without ever delivering results," FTC Chairman Jon Leibowitz said. "By banning providers of these services from collecting fees until the customer is satisfied with the results, this rule will protect consumers from being victimized by these scams."

The FTC is issuing the Mortgage Assistance Relief Services (MARS) Rule to protect distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. Bogus operations falsely claim that, for a fee, they will negotiate with the consumer's mortgage lender or servicer to obtain a loan modification, a short sale, or other relief from foreclosure. Many of these operations pretend to be affiliated with the government and government housing assistance programs. The FTC has brought more than 30 cases against operations like these, and state and federal law enforcement partners have brought hundreds more.

Advance fee ban

The most significant consumer protection under the FTC's new rule is the advance fee ban. Under this provision, mortgage relief companies may not collect any fees until they have provided consumers with a written offer from their lender or servicer that the consumer decides is acceptable, and a written document from the lender or servicer describing the key changes to the mortgage that would result if the consumer accepts the offer. The companies also must remind consumers of their right to reject the offer without any charge.

Disclosures

The Rule requires mortgage relief companies to disclose key information to consumers to protect them from being misled and to help them make better informed purchasing decisions. In their advertising and in communications directed at individual consumers (such as telemarketing calls), the companies must disclose that:

* they are not associated with the government, and their services have not been approved by the government or the consumer's lender;
* the lender may not agree to change the consumer's loan; and
* if companies tell consumers to stop paying their mortgage, they must also tell them that they could lose their home and damage their credit rating.

Companies also must explain in their communications to consumers that they can stop doing business with the company at any time, can accept or reject any offer the company obtains from the lender or servicer, and, if they reject the offer, they don't have to pay the company's fee. The companies also must disclose the amount of the fee.

Prohibited claims

The MARS Rule prohibits mortgage relief companies from making any false or misleading claims about their services, including claims about:

* the likelihood of consumers getting the results they seek;
* the company's affiliation with government or private entities;
* the consumer's payment and other mortgage obligations;
* the company's refund and cancellation policies;
* whether the company has performed the services it promised;
* whether the company will provide legal representation to consumers;
* the availability or cost of any alternative to for-profit mortgage assistance relief services;
* the amount of money a consumer will save by using their services; or
* the cost of the services.

In addition, the rule bars mortgage relief companies from telling consumers to stop communicating with their lenders or servicers. Companies also must have reliable evidence to back up any claims they make about the benefits, performance, or effectiveness of the services they provide.

Attorney exemption

Attorneys are generally exempt from the rule if they meet three conditions: they are engaged in the practice of law, they are licensed in the state where the consumer or the dwelling is located, and they are complying with state laws and regulations governing attorney conduct related to the rule. To be exempt from the advance fee ban, attorneys must meet a fourth requirement – they must place any fees they collect in a client trust account and abide by state laws and regulations covering such accounts.

All provisions of the rule except the advance-fee ban will become effective December 29, 2010. The advance-fee ban provisions will become effective January 31, 2011.

The FTC rulemaking proceeding was conducted pursuant to Congressional legislation sponsored in 2009 by Senators Jay Rockefeller and Byron Dorgan. The Final Rule applies only to entities within the FTC's jurisdiction under the Federal Trade Commission Act, which excludes, among others, banks, savings and loans, federal credit unions, common carriers, and entities engaged in the business of insurance. In June 2009, the FTC issued an Advance Notice of Proposed Rulemaking seeking comment on the practices of for-profit mortgage relief companies. In February 2010, the FTC announced a Notice of Proposed Rulemaking and sought comments from interested persons, including advocates for consumers, the business community, and the legal profession.

Click here for facts about mortgage consumers' rights.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC's online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,800 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC's Web site provides free information on a variety of consumer topics .

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Three Day Auction of 400 Atlanta Foreclosures Offers Buyers Bonanza of Deals

2010-11-16T19:31:00.000-05:00

/PRNewswire/ -- Bargain hungry buyers, combing the housing market for deals, are scooping up foreclosed homes like hotcakes because of their discounted prices. Hudson & Marshall will auction 400 bank-owned homes in Atlanta November 19th-21st.

Valued from $18,000 to about $375,000, there is a wide selection of homes for every type of buyer to choose from and each property comes with an insurable title. Buyers will be required to make a cash or certified check deposit of $2,500 for each property for which they are the winning bidder. All sales will close within 30-45 days and buyers may secure financing with the lender of their choice prior to closing; however, closing is not contingent upon financing.

"Auctions are attracting crowds of buyers because people have learned this is a convenient, fun and easy way to purchase a home. From bidding to closing, the process moves swiftly, lengthy negotiations are eliminated and the auction process allows a property's true market value to emerge," said Dave Webb, principal, Hudson & Marshall.

According to the National Association of Realtors (NAR), in the third quarter of 2010, distressed homes, which typically sell at discounted prices, accounted for 34% of homes sold in the third quarter, an increase of 30% from a year ago. The median price of a home in the South fell 1.9% to $157,000 in the third quarter from the same period in 2009.

All properties auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties thoroughly before placing any bids. Properties can be viewed by contacting listing agents to schedule appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Homes will be auctioned on the following dates:

November 19th –Atlanta (120 homes) at 1:00pm- Atlanta Marriott Northwest

November 20th –Atlanta (160 homes) at 1:00pm- Atlanta Marriott Northwest

November 21st –Atlanta (120 homes) at 1:00pm- Atlanta Marriott Northwest

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 80,000 homes for sellers in the past ten years, Hudson & Marshall, Inc. is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $2.2 billion and the company anticipates selling another 15,000 homes in 2010.

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GEHC To Host Sustainable Gingerbread House Competition

2010-11-06T22:05:00.000-04:00

Green Gingerbread Houses - is there such a thing? Who doesn’t love making adorable gingerbread houses with the family or looking at the intricate works of professional gingerbread house architects?

“Imagine building your dream house with all the sustainable features possible. Only, instead of standard building materials, it would be made out of gingerbread,” said Jason West, Director of Development at the Gwinnett Environmental & Heritage Center (GEHC).

As part of its December Green Holiday Program, the GEHC will host a Sustainable Gingerbread House Contest and Exhibit. Designers will create environmentally-friendly houses out of edible materials that highlight sustainability and green building design.

“This is a great opportunity for families, businesses, civic groups, students, and/or individuals to get into the holiday spirit, show off their gingerbread building talents and green building ingenuity,” said West. “The gingerbread house can be as creative and imaginative as you like!”

At least three sustainable building elements must be included in the design of the gingerbread house, such as solar panels, rain barrels, green roof, windmills, etc. Participants may use a traditional gingerbread recipe, a recipe for dog biscuits, bird seed cakes, or any other edible product. (Suggested recipes can be found on www.gwinnettEHC.org.) The structure can also include birdseed, pinecones, leaves, twigs… anything from nature.

There are multiple categories for entry including: Pre K – 2nd Grade (group and individual), 3rd – 6th Grade (group and individual), Teen (group and individual), Adult (group and individual), Family (group), and Professional (group and individual).

Entry forms are due no later than November 29, 2010. Forms can be accessed on-line at www.gwinnettEHC.org or in person at the GEHC. Contestants are asked to deliver gingerbread houses to the GEHC between 9am and 4pm on one of the following dates: November 30, 2010, December 1, 2010, or December 2, 2010. Judging will take place the week of December 6, 2010, and the awards will be presented during the GEHC’s Green Holiday event on December 11, 2010 at 1pm.

For more information about this event, contest rules, and/or the Gwinnett Environmental & Heritage Center, visit www.gwinnettEHC.org.
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Home Prices Increases Slow Down in August According to the S&P/Case-Shiller Home Price Indices

2010-10-26T10:32:00.000-04:00

/PRNewswire/ -- Data through August 2010, released today by Standard &Poor's for its S&P/Case-Shiller (1) Home Price Indices, the leading measure of U.S. home prices, show a deceleration in the annual growth rates in 17 of the 20 MSAs and the 10- and 20-City Composites in August compared to what was reported for July 2010. The 10-City Composite was up 2.6% and the 20-City Composite was up 1.7% from their levels in August 2009. Home prices decreased in 15 of the 20 MSAs and both Composites in August from their July levels.

The annual returns of the 10-City and 20-City Composite Home Price Indices show increases of 2.6% and 1.7%, respectively, in August 2010 compared to the same month in 2009. In August, 12 of the 20 MSAs posted negative annual growth rates. This is two more than what was reported in July, as Detroit and Miami posted negative annual rates in August. While still negative, three of the 20 MSAs saw improvement in year-over-year growth rates in August as compared to July. They are Charlotte, Cleveland and Las Vegas with annual growth rates of -3.4%, -0.4% and -4.5%, respectively. Annual growth rates slowed down in the three California cities, with Los Angeles, San Diego and San Francisco posting annual gains of +5.4%, +6.9% and +7.8%, respectively – a significant drop from the +7.5%, +9.3% and +11.2% reported for July.

"A disappointing report. Home prices broadly declined in August. Seventeen of the 20 cities and both Composites saw a weakening in year-over-year figures, as compared to July, indicating that the housing market continues to bounce along the recent lows," says David M. Blitzer, Chairman of the Index Committee at Standard &Poor's. "Over the last four months both the 10- and 20-City Composites show slowing growth, after sustaining consistent gains since their April 2009 troughs.

"The month-over-month growth rates tell the same story. Fifteen of the 20 MSAs and the two Composites saw a decline in the month of August as compared to July levels. The 10- and 20-City Composites fell 0.1% and 0.2%, respectively. Indeed, the housing market appears to have stabilized at new lows. At this time, it does not seem that any of the markets are hanging on to the temporary momentum caused by the homebuyers' tax credits."

As of August 2010, average home prices across the United States are back to the levels where they were in late 2003 and early 2004. Measured from June/July 2006 through August 2010, the peak-to-current declines for the 10-City Composite and 20-City Composite are -28.4% and -28.1%, respectively. The improvements from their April 2009 trough are +7.8% and +6.7%, respectively.

With August data, we find that 15 of the 20 MSAs and both Composites saw prices fall from their July values. Chicago, Detroit, Las Vegas, New York and Washington DC were the only five cities that recorded marginal improvements in home prices over July. The 10- and 20-City Composites were down 0.1% and 0.2%, respectively, in August versus July.

Chicago, Detroit, New York and Washington DC have all posted at least four consecutive months of positive increases in home prices; but none of the MSAs had monthly increases of greater than 1% in August. San Diego, which had posted 15 consecutive months of positive monthly change, recorded a 0.6% drop in average home prices in August. The same is true of Atlanta, Boston, Los Angeles, Miami, Minneapolis, San Francisco, Seattle and the two Composites – they all broke their trend of several consecutive months of positive monthly gains with August's report.

The table below summarizes the results for August 2010. The S&P/Case-Shiller Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 23 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com.

	August 2010	August/July	July/June
Metropolitan Area	Level	Change (%)	Change (%)	1-Year Change (%)
Atlanta	109.09	-0.8%	0.3%	-2.0%
Boston	158.35	-0.3%	0.6%	1.5%
Charlotte	116.60	-0.4%	-0.2%	-3.4%
Chicago	126.70	0.4%	1.0%	-2.9%
Cleveland	107.00	-0.3%	0.0%	-0.4%
Dallas	119.41	-1.1%	-0.3%	-1.7%
Denver	128.57	-0.1%	-0.4%	-1.2%
Detroit	71.54	0.5%	1.6%	-0.1%
Las Vegas	101.03	0.1%	-0.8%	-4.5%
Los Angeles	175.55	-0.4%	0.3%	5.4%
Miami	147.47	-0.3%	0.7%	-1.0%
Minneapolis	126.53	-0.3%	0.7%	2.9%
New York	175.27	0.2%	1.2%	0.1%
Phoenix	108.84	-1.3%	-0.6%	0.4%
Portland	147.02	-0.9%	-0.3%	-2.3%
San Diego	163.99	-0.6%	0.7%	6.9%
San Francisco	142.83	-0.3%	0.5%	7.8%
Seattle	145.93	-0.8%	0.1%	-2.4%
Tampa	137.53	-0.5%	-0.2%	-4.1%
Washington	188.26	0.3%	1.0%	4.8%
Composite-10	162.13	-0.1%	0.8%	2.6%
Composite-20	148.59	-0.2%	0.6%	1.7%
Source: Standard & Poor's and Fiserv
Data through August 2010

Since its launch in early 2006, the S&P/Case-Shiller Home Price Indices have published, and the markets have followed and reported on, the non-seasonally adjusted data set used in the headline indices. For analytical purposes, Standard &Poor's does publish a seasonally adjusted data set covered in the headline indices, as well as for the 17 of 20 markets with tiered price indices and the five condo markets that are tracked. A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

A summary of the monthly changes using the seasonally adjusted (SA) and non-seasonally adjusted (NSA) data can be found in the table below.

	August/July Change (%)		July/June Change (%)
Metropolitan Area	NSA	SA	NSA	SA
Atlanta	-0.8%	-0.7%	0.3%	-1.0%
Boston	-0.3%	-0.1%	0.6%	0.0%
Charlotte	-0.4%	-0.4%	-0.2%	-0.5%
Chicago	0.4%	-0.4%	1.0%	-0.1%
Cleveland	-0.3%	-1.1%	0.0%	-0.6%
Dallas	-1.1%	-1.1%	-0.3%	-0.7%
Denver	-0.1%	-1.1%	-0.4%	-0.9%
Detroit	0.5%	-0.5%	1.6%	-0.1%
Las Vegas	0.1%	-0.5%	-0.8%	-1.5%
Los Angeles	-0.4%	-0.9%	0.3%	-0.4%
Miami	-0.3%	-0.7%	0.7%	-0.2%
Minneapolis	-0.3%	-0.7%	0.7%	-1.8%
New York	0.2%	0.0%	1.2%	0.9%
Phoenix	-1.3%	-2.2%	-0.6%	-1.5%
Portland	-0.9%	-0.8%	-0.3%	-0.9%
San Diego	-0.6%	-0.6%	0.7%	-0.2%
San Francisco	-0.3%	-0.8%	0.5%	-0.7%
Seattle	-0.8%	-1.0%	0.1%	-0.2%
Tampa	-0.5%	-0.4%	-0.2%	-1.4%
Washington	0.3%	0.0%	1.0%	0.5%
Composite-10	-0.1%	-0.2%	0.8%	0.0%
Composite-20	-0.2%	-0.3%	0.6%	-0.2%
Source: Standard & Poor's and Fiserv
Data through August 2010

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data. The S&P/Case-Shiller National U.S. Home Price Index tracks the value of single-family housing within the United States. The index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated quarterly. The S&P/Case-Shiller Composite of 10 Home Price Index is a value-weighted average of the 10 original metro area indices. The S&P/Case-Shiller Composite of 20 Home Price Index is a value-weighted average of the 20 metro area indices. The indices have a base value of 100 in January 2000; thus, for example, a current index value of 150 translates to a 50% appreciation rate since January 2000 for a typical home located within the subject market.

These indices are generated and published under agreements between Standard & Poor's and Fiserv, Inc. The S&;P/Case-Shiller Home Price Indices are produced by Fiserv, Inc. In addition to the S&;P/Case-Shiller Home Price Indices, Fiserv also offers home price index sets covering thousands of zip codes, counties, metro areas, and state markets. The indices, published by Standard &Poor's, represent just a small subset of the broader data available through Fiserv.

For more information about S&P Indices, please visit www.standardandpoors.com/indices.

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Fannie Mae Marks First Year of First Look™ Initiative

2010-09-20T11:49:00.000-04:00

/PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced that more than 29,000 owner occupants have purchased homes in neighborhoods across the country through its First Look™ initiative over the last year. Fannie Mae also worked with nearly 800 public entities under the Neighborhood Stabilization Program (NSP) to build stronger communities. Using NSP funds, public entities purchased nearly 5,000 Fannie Mae-owned foreclosure properties.

First Look is designed to promote owner occupancy and provide both owner occupants and public entities an advantage in submitting offers on Fannie Mae-owned foreclosed properties without competition from investors. Only offers from owner occupants and participants of the Neighborhood Stabilization Program are considered during the initial period a property is on the market. Offers from investors are considered after the First Look window has passed.

"While investors play an important role in the REO market, homebuyers who intend to occupy a home make an immediate and lasting commitment to the community and therefore merit priority consideration in the REO sales process," said Jay Ryan, Vice President for Alternative REO Dispositions at Fannie Mae. "Public entities under the Neighborhood Stabilization Program also benefit from inspecting eligible properties and making offers to purchase without pressure from open market competition. These entities are making considerable investments in rehabilitation and stabilization."

Prospective buyers can easily identify how many days remain to take advantage of the First Look initiative on a particular property by visiting www.HomePath.com. The First Look logo appears next to each qualifying property and there is a countdown identifying the number of days left for owner occupants and public entities to submit offers without investor competition.

Fannie Mae recently joined the Department of Housing and Urban Development (HUD) national First Look program as one more way the company collaborates with the industry to support community stabilization efforts.

For more information about Fannie Mae-owned properties for sale and the First Look initiative, including how many days are left before the First Look period passes, please visit www.homepath.com and look for the logo.

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Fannie Mae to Host Open House at New Atlanta Mortgage Help Center September 15

2010-09-13T09:42:00.000-04:00

Open House - Fannie Mae Mortgage Help Center, Atlanta
September 15, 2010
10:00 AM

950 East Paces Ferry Road NE
9th Floor
Atlanta, GA 30326

Ceasar Mitchell, Atlanta City Council President
Jeff Hayward, Senior Vice President, Fannie Mae
Carrie Harris, President and Founder, The D&E Group, A
Financial Education and Training Institute, Inc.

Fannie Mae will host a special open house event at its Atlanta Mortgage Help Center. The event will bring together counseling and mortgage industry partners to emphasize foreclosure prevention and highlight help that is available.

Fannie Mae's new facility provides greater metro homeowners, who have a Fannie Mae loan and may be at risk of foreclosure, the opportunity to meet directly with dedicated on-site staff and experienced housing advisors who speak English and Spanish to discuss their mortgage situation. These face-to-face meetings help borrowers better understand the entire range of foreclosure prevention options and provide an opportunity to work closely with servicers to achieve a prompt resolution.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

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HUD Awards $4.9 million in Funding to Ease the Impact of Foreclosures in Atlanta

2010-09-08T17:25:00.000-04:00

The State of Georgia received $50 million in HUD funding
Mayor Kasim Reed was joined today by HUD’s Southeast Regional Administrator Edward Jennings, Jr., Congressman Hank Johnson and other state and local leaders as U.S. Housing and Urban Development Secretary Shaun Donovan awarded an additional $50,421,988 in funding to Georgia communities struggling to reverse the effects of the foreclosure crisis. The grants announced today represent a third round of funding through HUD’s Neighborhood Stabilization Program (NSP) and will provide targeted emergency assistance to help local communities in Georgia acquire, redevelop or demolish foreclosed properties.

“The City of Atlanta is grateful for the support of the U.S. Department of Housing and Urban Development and the Georgia Department of Community Affairs,” said Mayor Kasim Reed. “The City of Atlanta is focused on continuing to do the work necessary to purchase, renovate and resale abandoned foreclosed homes and apartment complexes and make them livable once again. With additional NSP3 grant funds we will be able to reach deeper into our communities.”

“These grants will support local efforts to reverse the effects these foreclosed properties have on their surrounding neighborhoods,” said Donovan. “We want to make certain that we target these funds to those places with especially high foreclosure activity so we can help turn the tide in our battle against abandonment and blight. As a direct result of the leadership provided by Senator Chris Dodd and Congressman Barney Frank, who played key roles in winning approval for these funds, we will be able to make investments that will reduce blight, bolster neighboring home values, create jobs and produce affordable housing.”

“Targeting these funds to hard hit areas in the state will help local leaders and communities fight blight, abandonment and work towards improving home values and create jobs.” said, Edward Jennings, Jr., US Housing and Urban Development, Southeast Regional Administrator.

The funding announced today is provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act. To date, there have been two other rounds of NSP funding: the Housing and Economic Recovery Act of 2008 (HERA) provided $3.92 billion and the American Recovery and Reinvestment Act of 2009 (Recovery Act) appropriated an additional $2 billion. Like those earlier rounds of NSP grants, these targeted funds will be used to purchase foreclosed homes at a discount and to rehabilitate or redevelop them in order to respond to rising foreclosures and falling home values. Today, 92 cents of every dollar from the first round of NSP funding is obligated – and is in use by communities, buying up and renovating homes, and creating jobs.

State and local governments can use their neighborhood stabilization grants to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer down payment and closing cost assistance to low- to moderate-income homebuyers (household incomes not exceed 120 percent of area median income). In addition, these grantees can create “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of urban property.

NSP 3 will take full advantage of the historic First Look partnership Secretary Donovan announced with the National Community Stabilization Trust last week. First Look gives NSP grantees an exclusive 12-14 day window to evaluate and bid on properties before others can do so. By giving every NSP grantee the first crack at buying foreclosed and abandoned properties in these targeted neighborhoods, First Look will maximize the impact of NSP dollars in the hardest-hit neighborhoods – making it more likely the properties communities want to buy are strategically chosen and cutting the traditional 75-to-85 day process it takes to re-sell foreclosed properties in half. NSP also seeks to prevent future foreclosures by requiring housing counseling for families receiving homebuyer assistance. HUD seeks to protect future homebuyers by requiring States and local grantees to ensure that new homebuyers under this program receive homeownership counseling and obtain a mortgage loan from a lender who agrees to comply with sound lending practices.

In determining the allocations announced today, HUD, as it did with NSP1, followed key indicators for the distribution formula outlined by Congress. HUD is using the latest data to implement the Congressional formula. The formula weighs several factors to match funding to need in the 20 percent most distressed neighborhoods as determined based on the number and percentage of home foreclosures, the number and percentage of homes financed by a subprime mortgage related loan, and the number and percentage of homes in delinquency. To estimate the level of need down exactly what to the neighborhood level, HUD uses a model that takes into account causes of foreclosures and delinquencies, which include housing price declines from peak levels, and increases in unemployment, and rate of high cost and highly leveraged loans. HUD also considers vacancy problems in neighborhoods with severe foreclosure related problems.

In addition to a third round of NSP funding, the Dodd-Frank Wall Street Reform and Consumer Protection Act creates a $1 billion Emergency Homeowners Loan Program to be administered by HUD. This loan program will provide up to 24 months in mortgage assistance to homeowners who are at risk of foreclosure and have experienced a substantial reduction in income due to involuntary unemployment, underemployment, or a medical condition. HUD will announce additional details, including the targeted areas and other program specifics when the program is officially launched in the coming weeks.

About HUD

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.


Georgia	Atlanta	$4,906,758
	Augusta-Richmond County	$1,161,297
	Carroll County/Villa Rica City	$1,190,390
	Clayton County	$3,796,167
	Cobb County	$2,415,784
	Columbus-Muscogee Co	$1,128,174
	Dekalb County	$5,233,105
	Douglas County	$1,628,471
	Fulton County	$3,094,885
	State Of Georgia	$18,679,977
	Gwinnett County	$2,065,581
	Henry County	$1,217,736
	Macon	$1,503,897
	Paulding County	$1,372,214
	Savannah	$1,027,553
	Georgia Total	$50,421,988

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LPS' July Mortgage Monitor Report: Foreclosure Starts Increase; Late-Stage Delinquencies Lead Rise

2010-09-02T10:08:00.000-04:00

/PRNewswire/ -- The July Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE:LPS) shows that foreclosure starts are on the rise, with seriously delinquent loans - those six or more months delinquent - dominating new foreclosure actions.

The increase in foreclosure starts is consistent with the Department of Treasury's latest report that approximately half of all Home Affordable Modification Program (HAMP) trial modifications resulted in cancellation, though 45.4 percent of those have resulted in alternative (non-HAMP) modifications.

Delinquent and foreclosure inventories continue to stabilize but have yet to show annual declines. Continuing the trend from June, agency prime loans have seen the greatest month-over-month increase in foreclosure inventory and the second highest percentage increase since January 2009. Only non-agency jumbo prime loans have experienced a greater increase during the same period, but the month-over-month results indicate that this inventory has begun to decline.

The report also shows that approximately 895,000 loans that were current at the beginning of January are at least 60 days delinquent or in foreclosure as of the end of July - a month-over-month increase of 120,000 loans. Cure rates remain steady overall, but seriously delinquent cures have declined significantly, by approximately 25 percent, which is consistent with the decline in permanent modifications established during the month of July.

Other key results from LPS' latest Mortgage Monitor report include:

           Total U.S. loan delinquency
           rate:                           9.33 percent
           Total U.S. foreclosure
           inventory rate:                 3.75 percent
           Total U.S. non-current* loan
           rate:                           13.08 percent
           States with most non-current*    Florida, Nevada, Mississippi,
           loans:                           Georgia, Arizona
           States with the fewest non-      North Dakota, South Dakota,
           current* loans:                  Alaska, Wyoming, Montana

  *Non-current totals combine foreclosures and delinquencies as a
   percent of active loans in that state.
  Note: Totals based on LPS Applied Analytics' loan-level database of
   mortgage assets.

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Number of Foreclosures in August, 2010 Still Falling

2010-09-02T08:48:00.000-04:00

/PRNewswire/ -- Foreclosure Deals, an online leader in the foreclosed homes for sale listings and information industry, announced today that foreclosures increased by 4% nationwide during July and still have fall in the month of August. The month's total of 325,225 homes represents a 10% decrease from foreclosure totals in June 2009, and indicate that the trend of rising bank repossessions is continuing well into the summer.

Using statistics drawn from the Foreclosure Deals database of foreclosure properties, the company revealed that bank repossessions, also known as REO properties, totaled 94,500 during July with a drop of less than 1% in the month of August, nearly matching the single-month record. Bank repossessions represent the final stage of the foreclosure process, but are still sold for discounts as bank owned homes. Notices of default, which mark a new foreclosure, were up 1% in July, but down over 28% from July of 2009.

The trend of increasing bank repossessions and fewer Notice of Default has been the case for several months, but experts are careful to point out that it does not signal that the foreclosure market is flagging.

"Foreclosure totals are up over 300,000 for the month of August, and that's a huge number," remarked James Foxx, a business analyst with Foreclosure Deals. "A lot of bank repos are occurring because they're finally clearing out the huge log of properties that have been in foreclosure limbo due to moratoriums, loan negotiations and similar delays. Notices of default are down, but a lot of that has to do with foreclosure prevention programs. So we're cutting down on new foreclosures, but there are still plenty of bank-owned homes out there, keeping the foreclosure inventory high."

The top 5 states for foreclosure totals, California, Florida, Michigan, Illinois and Arizona, all saw foreclosures increase during August by at least 7%, except for California, which saw its totals decrease slightly by 3.1%. Illinois saw a staggering monthly increase of 33% mainly in Chicago.

The states with the highest rates of foreclosure however, Arizona, Florida and Nevada, all saw a dramatic decrease in foreclosures from August of 2009. Other states saw their foreclosure rate increase dramatically during the same time period, including Michigan, up 128%; Illinois, up 35%; Maryland, up 35%; and Georgia, up 13%.

"A lot of buyers are reporting great deals on bank repossessions," notes Foxx. "Banks are looking to get rid of that surplus inventory, and prices have been very competitive."

Foreclosure Deals is a leading source for detailed foreclosure listings, news and information for buyers and investors. For more information on foreclosures or to browse listings in your area, visit www.ForeclosureDeals.com.

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Couples Race to Atlanta Open Houses to Win Hidden $20,000 Down Payment Prize

2010-08-30T13:19:00.000-04:00

/PRNewswire/ -- HomeFinder.com (http://www.homefinder.com/), a popular home search site, today announced the upcoming HomeFinder.com Race for the Home event inviting Atlanta home buyers and sellers to participate in a one day, challenge-filled, location-based game on Saturday, September 25. HomeFinder.com, together with Prudential Georgia Realty and Google Ventures backed gaming company, SCVNGR, will offer a grand prize of $20,000 during a real estate-inspired version of "The Amazing Race." The home buyers who score the most points by successfully completing challenges in Atlanta open houses will win the $20,000 grand prize. The HomeFinder.com Race for the Home will also help to raise funds for breast cancer awareness through the Susan G. Komen For the Cure Greater Atlanta Foundation.

Atlanta homebuyers and sellers are all welcome to sign up! Any couple or team of two can participate and all ages 18 or over are welcome. Participants can register today at www.raceforthehome.com and tell their story why they should be chosen to play for the chance to WIN the $20,000 cash grand prize sponsored by Prudential Georgia Realty, SunTrust Mortgage and Weissman, Norwack, Curry & Wilco P.C. The spots are limited and registration will end on Friday, September 24th.

The HomeFinder.com Race for the Home will involve special challenges at featured listings from top Atlanta real estate broker Prudential Georgia Realty. Players will be tasked with individual challenges around each listing to accumulate points throughout the game. The team with the most points will earn bragging rights as well as $20,000, which can be used for a down payment for their dream home.

"Real estate is one of the most customer-driven industries," said Tim Fagan, president and CEO of HomeFinder.com. "We're thrilled to host this unique opportunity to not only serve our home buying audience by helping them find their dream homes, but also to connect them with one of our top local Atlanta partners, Prudential Georgia Realty, in a dynamic new way. The current housing market poses its challenges, but finding and buying your home is still a fun, fulfilling experience, and we're excited to bring that spirit to this action-packed event."

"In the last three years, our company has made significant investments to build a powerful marketing and technology infrastructure. While others have cut costs to survive the real estate downturn, these innovations have served our agents and clients well. During this period, we have grown market share more than any large brokerage. Today, our company is #1 in units sales, #1 in buyers and #1 in listing inventory for the Metro Atlanta and North Georgia markets," said Prudential Georgia Realty President and CEO Dan Forsman. "We're excited to team up with HomeFinder.com and SCVNGR to bring the Race for the Home event to Atlanta. SCVNGR brings a cool and fun mobile technology solution. More importantly, it will showcase our open houses and produce more results for our clients. Our company has also made a strategic commitment to position our listings as Featured Properties on HomeFinder.com. This exposure on such a high profile national Web site is an important part of this event and will drive substantial traffic to our listings."

Thanks to SCVNGR's cutting-edge mobile social technology, playing is easy and free in this high tech house hunt. All of the challenges will be delivered via text message right to a player's cell phone. SCVNGR's mobile platform is compatible with any cell phone, model and carrier.

Mark your calendars. The HomeFinder.com Race for the Home in Atlanta kicks off September 25 at Piedmont Park (Oak Hill) at 9 a.m. with an after party immediately following at Max Lager's at 2 p.m. For more info and to register for your chance to play, visit www.raceforthehome.com.

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HUD Shares Plans for New Reverse Mortgage Option

2010-08-27T11:02:00.000-04:00

/PRNewswire/ -- The Federal Housing Administration (FHA) announced today that it intends to make modifications to its Home Equity Conversion Mortgage (HECM) product, a reverse mortgage loan insured by the federal government, to make it more attractive and cost effective for older home owners seeking to tap their home equity to cover living expenses and health care costs, according to the National Reverse Mortgage Lenders Association.

A HECM is a reverse mortgage that is insured by the FHA. It is designed to enable elderly homeowners (62 years or older) to borrow against the equity in their home without having to make monthly payments as is required with a traditional "forward" mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. If the balance due upon settlement of the loan exceeds the value of the home, the FHA insurance covers the difference. HECM borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home. The FHA insurance guarantees HECM borrowers that the funds they expect to access from a reverse mortgage will be available to them, no matter what might happen to the lender from which they've obtained the loan.

HECMs are now primarily used by seniors to cover a monthly gap between income and living expenses, to pay for health care, cover home repair and maintenance costs, or to avoid foreclosures. Despite the obvious value of this financial product to America's senior population, the most frequently heard complaint among people who did not take a reverse mortgage has been that the upfront costs were high. So HUD has responded by creating a variant on the standard HECM product that substantially lowers those costs.

In a telephone briefing to prepare industry participants for upcoming changes to the HECM program, HUD Deputy Assistant Secretary Vicky Bott shared the Department's plans to implement a new variant of the product, referred to as the "HECM Saver," that will provide seniors with a reverse mortgage option that significantly lowers upfront costs by virtually eliminating the upfront Mortgage Insurance Premium that is required under the standard HECM option. Bott also reported accompanying changes intended for the existing HECM product, now referred to as a "HECM Standard." The introduction of the HECM Saver and changes to the HECM Standard are expected to be effective shortly after the new federal fiscal year begins this October.

The primary difference between the two HECM options will be in the cost of the upfront Mortgage Insurance Premium (MIP) and the amount of the funds, or "principal limit," available to borrowers. The upfront Mortgage Insurance Premium is charged by the Federal Housing Administration to support its insurance fund. Under the HECM Standard option, the upfront MIP will remain at 2% of the value of the property (or 2% of the maximum FHA loan limit of $625,500, if the property has a value greater than that.) HECM Saver will have an upfront MIP of only .01% of the property's value, significantly reducing upfront costs.

This cost saving in upfront fees is able to be achieved because the amount of money available to a borrower, an amount known as the "principal limit," under a HECM Saver will be reduced, substantially lowering the risk to the FHA insurance fund. Borrowers will receive approximately 10% to 18% less under the HECM saver option, than they would under the HECM Standard option.

These changes, Bott explained, are "enhancements to make the program sustainable."

"We applaud HUD for undertaking the analysis required and re-engineering the HECM program to create options that will make it a viable solution for more older homeowners," said Peter Bell, President of the National Reverse Mortgage Lenders Association. "The upfront mortgage insurance premium has been a deterrent to some prospective borrowers, particularly those needing less than the full amount available under the traditional HECM Standard program. This new variation, the HECM Saver, presents a sensitive response to their needs."

This new change comes about as HUD is also in the process of implementing a new, updated Counseling Protocol for prospective reverse mortgage borrowers, which takes effect on September 11, 2010. All prospective HECM borrowers are required to attend an individualized counseling session with an exam-qualified reverse mortgage counselor employed by a HUD-approved independent counseling agency prior to formally applying for a HECM reverse mortgage. Under the new Counseling Protocol, which governs what is to take place during a counseling session, the client and counselor will utilize a new Financial Interview Tool to assess whether or not the homeowner should be able to sustain themselves in their home and meet their financial obligation after obtaining the HECM. Additionally, an online tool, BenefitsCheckup.org, will be utilized to identify other sources of assistance that might help homeowners meet their needs.

"The revised counseling protocols, new HECM options and other enhanced consumer protections that are being implemented by HUD, housing counselors and reverse mortgage lenders who are members of NRMLA, should help homeowners understand that they can borrow with confidence, if they are considering a reverse mortgage," according to Bell.

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HUD Southeast Warns of Fraudulent Housing Voucher Sales

2010-08-21T11:55:00.000-04:00

The U.S. Department of Housing and Urban Development Southeast Regional Administrator Edward Jennings, Jr. warns that fraudulent efforts to sell housing vouchers in Atlanta are being reported. Housing vouchers are not for sale but rather are issued locally by public housing agencies (PHA). The PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program.

“Individuals, families and veterans need to be on the alert to this scam and ensure that they do not pay for these fraudulent housing vouchers,” said, Jennings. “Housing vouchers are issued by public housing authorities and if someone should attempt to sell you a voucher please contact US HUD Office of the Inspector General immediately at 1-800-347-3735.

The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments. The participant is free to choose any housing that meets the requirements of the program and is not limited to units located in subsidized housing projects.

Housing choice vouchers are administered locally by public housing agencies (PHAs). The PHAs receive federal funds from the U.S. Department of Housing and Urban Development (HUD) to administer the voucher program. A family that is issued a housing voucher is responsible for finding a suitable housing unit of the family's choice where the owner agrees to rent under the program. This unit may include the family's present residence. Rental units must meet minimum standards of health and safety, as determined by the PHA.

VA Reaches Out to Homeowners Affected by Gulf Oil Crisis

2010-08-21T08:20:00.000-04:00

(BUSINESS WIRE)--Veterans in the Gulf States impacted by the recent oil spill may qualify for delayed mortgage payments if their mortgages are already guaranteed by the Department of Veterans Affairs (VA).

“We must assist these Veterans in this difficult time, just as they have supported us in their sacrifice to the Nation.”

“We are strongly urging mortgage companies to extend every possible forbearance to Veterans whose livelihoods have been affected by the oil spill crisis,” said Secretary of Veterans Affairs Eric K. Shinseki.

Shinseki noted that several mortgage companies have already announced plans to waive late payment charges and suspend negative reporting to credit bureaus on affected borrowers. VA is asking all mortgage companies to follow this example.

“Through no fault of their own, many of our Veterans are out of work and are struggling to earn an income,” the Secretary added. “We must assist these Veterans in this difficult time, just as they have supported us in their sacrifice to the Nation.”

VA has information on its website, www.homeloans.va.gov, that provides basic guidance for Veterans affected by a major disaster. Veterans in need of mortgage counseling may also contact their nearest VA regional loan center at 1-877-827-3702 for help and information, regardless of whether or not they have a VA home loan.

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U.S. Census Bureau Releases Detailed Information on Nation's Housing; Monthly Housing Costs Reach $1,000 for Homeowners

2010-08-19T16:54:00.000-04:00

/PRNewswire/ -- The nation's homeowners paid a median of $1,000 in monthly housing costs in 2009, compared with $808 for renters, according to data released today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. However, renters usually paid a higher percentage of their household income on these costs than did owners (31 percent compared with 20 percent).

These new figures come from the 2009 American Housing Survey, the definitive source of information on the quality of housing in the United States. Statistics are provided for apartments, single-family homes, manufactured housing, new construction and vacant housing units.

Issued jointly every two years by the U.S. Census Bureau and the Department of Housing and Urban Development, this survey provides detailed information on the characteristics of the nation's housing stock.

A wide range of specific topics is covered, such as the presence of air conditioning, crowding, housing costs, special living services offered to older residents, safety equipment present, type of heating fuel used, satisfaction with the neighborhood, cost of utilities and size of the home. The survey also covers the demographic characteristics of the housing units' occupants.

"So many of these measures are really unique to this survey," notes Tamara Cole, chief of the Census Bureau's American Housing Survey Branch. "Together they provide a comprehensive view of the quality of the nation's housing stock. This survey is also a longitudinal one, meaning it follows the same unit over time. For example, you can track the remodeling done to a specific unit from one survey to the next."

The 2009 survey indicates that respondents are generally quite content with where they live: about 70 percent rate their homes an 8, 9, or 10 on a scale of 1 to 10 with 28 percent giving them the "best" rating of 10. Residents of new construction tend to rate their homes even more highly: 84 percent gave them between an 8 and 10, and 45 percent gave a perfect 10 rating. Likewise, more than two-thirds of residents (68 percent) rated their neighborhood highly with 25 percent giving it a "best" rating. People living in newly built homes rate their neighborhoods especially highly: 75 percent (rated highly) and 35 percent (rated best), respectively. (See Graphs 1 and 2.)

Other highlights for the nearly 112 million occupied housing units:
-- The median year housing units were built was in 1974, with
owner-occupied units being slightly newer (median of 1975 compared
with 1971 for renter-occupied units).
-- The median purchase price of homes was $107,500; for a newly
constructed home, it was $240,000.
-- Thirty-two percent of owner-occupied units were owned free and clear,
66 percent had a regular and/or home equity mortgage and 2 percent had
only a line-of-credit.
-- The most important consideration for recent movers in choosing their
homes was financial (28 percent), followed by room layout/design (15
percent) and size of home (10 percent). Furthermore, the most common
reasons recent movers had for choosing their neighborhoods were
convenience to job (20 percent), convenience to friends or relatives
(14 percent), look/design of neighborhood (10 percent) and the house
itself (10 percent).
-- About two-thirds (64 percent) of the units used a warm-air furnace for
heating; 12 percent used an electric heat pump; and 11 percent used a
steam or hot water system. The latter is increasingly falling out of
use as only 2 percent of new units use this system.
-- About half of homes (48 percent) had a separate dining room and three
in 10 (30 percent) reported two or more living rooms or recreation
rooms. About one-third (35 percent) had a usable fireplace.
-- About two-thirds of housing units (65 percent) had central air
conditioning and another 21 percent had window units; for new units,
the percentage with central air conditioning was even higher (89
percent).
-- About nine in 10 units (93 percent) reported the presence of a smoke
detector. Additionally, 36 percent reported having a working carbon
monoxide detector, 45 percent purchased or recharged a fire
extinguisher in the last two years and 5 percent had a sprinkler
system.
-- Most homes had three or more bedrooms (64 percent), with the
percentage even higher in new homes (80 percent). Additionally, about
half of homes (51 percent) had two or more bathrooms, with the
percentage even higher (89 percent) in new homes.
-- Ten percent of communities had secured entrances, with the likelihood
somewhat higher (15 percent) in new communities.

Data from this survey are available at the national and regional level, and for inside and outside metropolitan statistical areas, and urban and rural areas.

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Homeowner Confidence in Real Estate Market Dips; 1 in 3 Think Worst Is Yet to Come, While 38% Think Local Home Values Have Reached Bottom

2010-08-19T11:39:00.000-04:00

/PRNewswire/ -- Homeowners(i) are more pessimistic about the short-term future of home values in their local market than they have been in the past three quarters, according to the Zillow second quarter Homeowner Confidence Survey(ii). One-third (33 percent) believe home values in their local housing market have not yet reached a bottom, while 38 percent believe they have already reached a bottom.

More than one-quarter (28 percent) of U.S. homeowners said home values in their local real estate market will decrease in the next six months, up from 20 percent in the first quarter. Additionally, less than one-third (30 percent) believe home values in their local market will increase, down from 42 percent in the first quarter.

Despite the increasing pessimism, a large number of homeowners anxiously await the opportunity to sell. Five percent of U.S. homeowners say they are very likely to put their home on the market in the next six months if they see signs of a real estate market turnaround. This translates into 3.8 million homes with the potential to come into the market(iii). By comparison, 5.2 million existing homes were sold in all of 2009(iv).

Looking backward, homeowners also became slightly more pessimistic about the performance of their own homes' values in the past year. Less than a quarter (24 percent) of homeowners said their home had increased in value in the past year, compared to 27 percent in the first quarter. In reality, 34 percent of homes increased in value in the second quarter, according to the Zillow Q2 Real Estate Market Reports.

"As homeowners have been so inundated recently with news of declining home sales post-tax credit, it's no surprise that they would become more pessimistic about the future of home values," said Dr. Stan Humphries, chief economist at Zillow.com®. "Homeowners have become much more responsive to current market conditions than they were just two years ago, when a more typical reaction was denial.

"Given this sentiment, we're surprised so many homeowners believe their market has already bottomed. Although our Q2 reports indicated signs of stabilization in 30 percent of markets we cover, we're concerned that this was at least partly due to the homebuyer tax credits. We're already seeing payback for the credits in the form of declining home sales, and this trend will push up inventory levels and exert downward pressure on home values. Add in the inventory from the millions of sidelined sellers and we'll take more steps back. Our forecast remains largely unchanged: We're in for an L-shaped recovery that will likely keep annualized home value appreciation very low for the next three to five years."

Homeowner Perception by Region
  ------------------------------

  Homeowner Perception of Home Value       US Q2
   Change in Past Year by Region           2010    Northeast  Midwest
  ----------------------------------      ------   ---------  -------
  My Home's Value Has Decreased                49%        40%        50%
  ----------------------------------          ---        ---        ---
  My Home's Value Has Stayed the Same          27%        37%        30%
  -----------------------------------         ---        ---        ---
  My Home's Value Has Increased                24%        23%        20%
  -----------------------------               ---        ---        ---
  Market Reality: Homes Reporting Year-
   over-Year Value Changes in Q2,
   according to Zillow
  -------------------------------------
  Actual Percent of Homes that Decreased       61%        53%        70%
  --------------------------------------      ---        ---        ---
  Actual Percent of Homes that Stayed the
   Same (+/-1%)                                 7%         9%         7%
  ---------------------------------------     ---        ---        ---
  Actual Percent of Homes that Increased       32%        38%        23%
  --------------------------------------      ---        ---        ---
  Q2 2010 Home Value Misperception
   Index(v)                                    -2         -5          4
  --------------------------------            ---        ---        ---
  Q1 2010 Home Value Misperception Index        5         -2          4
  --------------------------------------      ---        ---        ---
  Q2 2009 Home Value Misperception Index       13         10         10
  --------------------------------------      ---        ---        ---
  Homeowner Perception of Local Market
   Value in Next Six Months
  ------------------------------------
  Home Values In Local Market Will
   Decrease                                    28%        24%        32%
  --------------------------------            ---        ---        ---
  Home Values In Local Market Will Stay
   the Same                                    42%        45%        46%
  -------------------------------------       ---        ---        ---
  Home Values In Local Market Will
   Increase                                    30%        31%        22%
  --------------------------------            ---        ---        ---
  Homeowner Appreciation Expectations
   over the Next 12 Months
  -----------------------------------
  How Much Own Home's Value will Increase       6%        10%        10%
  (Median number based on homeowners who
   expect their home to increase in value
   in next 12 months)                         ---        ---        ---
  ---------------------------------------
  How Much Own Home's Value will Decrease      10%        10%        20%
  (Median number based on homeowners who
   expect their home to decrease in value
   in next 12 months)                         ---        ---        ---
  ---------------------------------------
  Homeowner Perception of the Timing of
   the Real Estate Market Bottom
  -------------------------------------
  The Housing Market Has Already Hit
   Bottom                                      38%        39%        36%
  ----------------------------------          ---        ---        ---
  The Housing Market Has Not Yet Reached
   Bottom                                      33%        35%        32%
  --------------------------------------      ---        ---        ---
  I Don't Know When the Housing Market
   Will Reach Bottom                           29%        26%        32%
  ------------------------------------        ---        ---        ---





  Homeowner Perception of Home Value Change in
   Past Year by Region                           South   West
  --------------------------------------------   -----   ----
  My Home's Value Has Decreased                      47%     65%
  -----------------------------                     ---     ---
  My Home's Value Has Stayed the Same                25%     15%
  -----------------------------------               ---     ---
  My Home's Value Has Increased                      28%     20%
  -----------------------------                     ---     ---
  Market Reality: Homes Reporting Year-over-
   Year Value Changes in Q2, according to
   Zillow
  ------------------------------------------
  Actual Percent of Homes that Decreased             65%     58%
  --------------------------------------            ---     ---
  Actual Percent of Homes that Stayed the Same
   (+/-1%)                                            7%      7%
  --------------------------------------------      ---     ---
  Actual Percent of Homes that Increased             28%     35%
  --------------------------------------            ---     ---
  Q2 2010 Home Value Misperception Index(v)           8     -15
  -----------------------------------------         ---     ---
  Q1 2010 Home Value Misperception Index             14     -12
  --------------------------------------            ---     ---
  Q2 2009 Home Value Misperception Index             18       7
  --------------------------------------            ---     ---
  Homeowner Perception of Local Market Value in
   Next Six Months
  ---------------------------------------------
  Home Values In Local Market Will Decrease          28%     26%
  -----------------------------------------         ---     ---
  Home Values In Local Market Will Stay the
   Same                                              41%     36%
  -----------------------------------------         ---     ---
  Home Values In Local Market Will Increase          31%     38%
  -----------------------------------------         ---     ---
  Homeowner Appreciation Expectations over the
   Next 12 Months
  --------------------------------------------
  How Much Own Home's Value will Increase             5%     10%
  (Median number based on homeowners who expect
   their home to increase in value in next 12
   months)                                          ---     ---
  ---------------------------------------------
  How Much Own Home's Value will Decrease            10%     10%
  (Median number based on homeowners who expect
   their home to decrease in value in next 12
   months)                                          ---     ---
  ---------------------------------------------
  Homeowner Perception of the Timing of the
   Real Estate Market Bottom
  -----------------------------------------
  The Housing Market Has Already Hit Bottom          37%     40%
  -----------------------------------------         ---     ---
  The Housing Market Has Not Yet Reached Bottom      33%     32%
  ---------------------------------------------     ---     ---
  I Don't Know When the Housing Market Will
   Reach Bottom                                      30%     29%
  -----------------------------------------         ---     ---

  (NOTE: Column percentages may not total 100 percent due to rounding)

Long-term home value expectations vary by region

Looking further into the future, the majority of homeowners believe their own homes' values will either increase (27 percent) or stay the same (35 percent) in the next 12 months, while 12 percent expect a decrease and 26 percent don't know.

Of those who expect their home's value to increase, the median expectation is a rise of 6 percent, although that varies by geography. Northeastern and Western homeowners who expect an increase anticipate a median rise of 10 percent, while Southern and Midwestern homeowners expect a median increase of 5 percent. Those who expect their home's value to decrease in the next year anticipate a median decrease of 10 percent.

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LendingTree.com Weekly Mortgage Rate Pulse Reports Rates Fall to New Lows

2010-08-18T12:08:00.000-04:00

LendingTree lowest rates for Georgia - 3.88% (4.01% APR)

/PRNewswire/ -- Mortgage rates fell to new lows this week, according to the LendingTree Weekly Mortgage Rate Pulse, a snapshot of the lowest and average mortgage rates available within the LendingTree network of lenders.

On August 17, lenders on the LendingTree network offered mortgage rates as low as 4.00 percent (4.13% APR) for a 30-year fixed mortgage, 3.5 percent (3.85% APR) for a 15-year fixed mortgage and 2.875 percent (3.41% APR) for a 5/1 adjustable rate mortgage (ARM). Rates fell one eighth of a point week-over-week for all product types.

Average home loan rates offered by lenders on the LendingTree network were 4.52 percent (4.70% APR) for 30-year fixed mortgages, 4.14 percent (4.43% APR) for 15-year fixed mortgages and 3.48 percent (3.72% APR) for 5/1 ARMs.

"The current rate spread has widened to 108 basis points or 1.08%, approaching the high of 111 basis points we reached at the end of July," said Cameron Findlay, Chief Economist of LendingTree.com. "For perspective, the median spread this year has been 74 basis points. So consumers in the market for a home loan should really be doing their homework to ensure they're getting the best possible deal before locking in a rate. Spreads this wide provide an opportunity for borrowers to take control by using sites like LendingTree.com to negotiate with multiple lenders."

Below is a state-by-state comparison of mortgage data including a snapshot of the lowest 30-year fixed rates offered by lenders on the LendingTree network, average loan-to-value ratio and percentage of consumers with negative equity.

Additional refinance mortgage rates are available at http://www.lendingtree.com/mortgage-loans/rates/.

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Fannie Mae Clarifies Undisclosed Liabilities Policy

2010-08-13T15:48:00.000-04:00

/PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today issued Selling Guide Announcement SEL-2010-11, which clarifies that lenders are not required to obtain a second credit report just before loan closing. Rather, Fannie Mae is reminding lenders to have processes in place to facilitate borrower disclosure of changes in financial circumstances throughout the origination process.

"This is an important update, because every mortgage loan delivered to Fannie Mae has to be underwritten to establish that the borrower is able to repay the debt," said Deborah Slade-Horsey, Vice President for Single-Family Risk Policy. "Our primary objectives are to support borrowers' ability to sustain homeownership and to strike a reasonable balance between requirements that may reduce loan repurchases and requirements that might over-burden lenders' origination processes."

The updated policy reminds lenders that Fannie Mae expects them to have processes in place to facilitate borrower disclosure of changes in financial circumstances throughout the origination process. It also provides an expanded debt-to-income (DTI) ratio tolerance that will lead to fewer loans having to be re-underwritten.

Lenders will only be required to re-underwrite a loan after the initial underwriting decision has been made if the borrower discloses or the lender discovers changes that cause the debt-to-income (DTI) ratio to exceed 45% or to increase by 3 percentage points or more.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

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Bankrate: Mortgage Rates Hit 4th Record in a Row!

2010-08-12T09:04:00.000-04:00

/PRNewswire/ -- Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.57 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.48 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages.

The average 15-year fixed mortgage retreated to 4.06 percent, and the larger jumbo 30-year fixed rate dropped to 5.27 percent, both record lows. Adjustable rate mortgages were mixed, with the average 3-year ARM nosing higher to 4.18 percent and the average 5-year ARM dipping to 3.92 percent.

The latest decline in mortgage rates followed a poor jobs report for July and the Federal Reserve's announcement about reinvesting bond proceeds in order to juice the economy. By reinvesting in more government bonds, the Fed aims to keep rates near these ultra-low levels. But low rates alone won't revive the housing market as would-be borrowers remain worried about job loss, don't have equity in their homes, or lack sufficient money for a downpayment.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.57 percent, the monthly payment for the same size loan would be $1,021.71, a savings of $220 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 4.57% -- down from 4.66% last week (avg. points: 0.48)
15-year fixed: 4.06% -- down from 4.11% last week (avg. points: 0.42)
5/1 ARM: 3.92% -- down from 3.95% last week (avg. points: 0.28)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Nearly half of the panelists, 47 percent, say mortgage rates aren't headed anywhere and will remain more or less unchanged. But 40 percent forecast still lower mortgage rates and just 13 percent predict mortgage rates will rise in the next week.

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Fannie Mae Mortgage Help Center Opens in Atlanta

2010-08-10T11:22:00.000-04:00

/PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced the opening of a new mortgage help center in Atlanta to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by Fannie Mae. The Atlanta Mortgage Help Center is the third facility and fourth announced partnership in a series of planned nationwide mortgage help centers. Fannie Mae is partnering on this initiative with Forest Park-based The D&;E Group, A Financial Education and Training Institute, Inc., major mortgage servicers, and civic and community leaders from across the region.

At the center, borrowers will meet directly with dedicated on-site English- and Spanish-speaking staff and experienced housing counselors to discuss their mortgage situation. These face-to-face meetings will help borrowers better understand the range of foreclosure prevention options available to them and help them to better manage their relationship with their servicer.

"A common misconception is that foreclosure is the only option, and in reality foreclosure doesn't have to be an option," said Jeff Hayward, Fannie Mae's Senior Vice President, National Servicing Organization. "We are opening the Fannie Mae Mortgage Help Center in Atlanta to provide distressed homeowners in the area the resources necessary to stay in their homes including free access to high quality counseling and in-person resolution of their particular mortgage circumstances. For those who do not qualify for a modification or other solution, our counselors will work with the servicer and homeowner to arrange a graceful exit from the property, which may include assistance with relocation costs. Homeowners who are struggling to make mortgage payments or who anticipate financial hardship should know that our doors are open for them."

Counselors will provide a full range of services, which include reviewing a borrower's loan, discussing foreclosure alternatives, collecting the required documents for the federal Making Home Affordable Program and providing help to finalize any pending loan workout efforts. Fannie Mae and The D&E Group will provide information and clarify expectations for the foreclosure prevention process. Efforts will be made to counteract local scams and groups that charge fees for modifications and foreclosure prevention services.

"The Fannie Mae Mortgage Help Center offers counseling, information and tools necessary to help homeowners avoid foreclosure," said Carrie Harris, President and Founder, The D&E Group. "Struggling homeowners should seek counseling through the center or a HUD-approved counseling agency and guard against scams by avoiding any individual or business who promises a modification for a fee."

The center is only for borrowers who have a mortgage held by Fannie Mae. Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae at 1-800-7FANNIE. Homeowners who do not have loans owned by Fannie Mae can contact the Homeowner's HOPE(TM) Hotline at 888-995-HOPE.

The center is available by appointment only and borrowers wishing to schedule a visit should call (866) 442-8573 or E-mail atlanta_mhc@fanniemae.com.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

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Negative Equity Falls in Second Quarter, But National Home Values Continue to Decline

2010-08-09T09:03:00.000-04:00

/PRNewswire/ -- Home values in the United States continued to decline in the second quarter of 2010, with the Zillow Home Value Index(1) falling 3.2 percent year-over-year and 0.6 percent from the first quarter to $182,500. The national rate of decline decelerated from the first quarter, marking the second consecutive quarter of slowing declines, and negative equity(2) fell to 21.5 percent, according to the second quarter Zillow Real Estate Market Reports(3).

Negative equity, which refers to the percentage of single-family homeowners with mortgages who are underwater, fell from 23.3 percent in the first quarter, and from 23 percent one year ago.

Conditions varied among individual markets across the country. In California, where both federal and state tax credits are available to some homebuyers, more than a quarter (27.8 percent) of markets tracked by Zillow saw increases in home values in the past year. Home values in five California markets have increased for the past five quarters, and four of those have increased by more than 5 percent since the second quarter of 2009. The Zillow Home Value Index was up 7.3 percent year-over-year in the San Diego metropolitan statistical area (MSA); up 5.9 percent in the San Francisco MSA; up 5.6 percent in the San Jose MSA; and up 5.5 percent in the Los Angeles MSA.

Meanwhile, home values in Florida and Arizona continued to show dramatic declines, with home values in the Miami-Fort Lauderdale MSA falling 15.2 percent year-over-year and home values in the Phoenix MSA falling 11.8 percent.

"As the national housing market limps toward stabilization, individual markets are a mixed bag," said Zillow Chief Economist Dr. Stan Humphries. "The double tax credits for some California homebuyers have certainly stimulated housing demand there and are partly responsible for the rapid - and likely unsustainable - rates of appreciation in many markets across the state. While there is some uncertainty about how home values will respond in those markets once all incentives are removed, it's certain they can't continue at their current rates of appreciation, but is unlikely they will re-test the low points reached in 2009.

"Markets in other parts of the country, like Miami and Phoenix, are not yet showing signs of reaching a bottom in home values. High supply continues to be a challenge in states like Florida and Arizona.

"Nationally, home values are moving in the right direction as rates of decline continue to slow. There is a large unknown on the horizon, however, as these second quarter numbers are still heavily influenced by the federal homebuyer tax credits, which were available for homes under contract by the end of April. Home sales are declining significantly in the post-tax credits environment, but the impact of falling home sales on already-declining home values is yet to be seen. Recent trends in home values suggest the nation could reach a bottom in the latter half of 2010, but we continue to be cautious about the impact of declining home sales."

Foreclosures(4) again reached a new peak in June, with more than one out of every 1,000 (0.11 percent) U.S. homes being foreclosed upon during the month.

Foreclosure re-sales(5) fell in June, making up 16.9 percent of all U.S. home sales during the month, down from a 2010 high of 19.8 percent in February. Foreclosure re-sales continued to be high in most markets hit hardest by value declines. For example, they made up 55.8 percent of June sales in the El Centro, Calif. MSA, 54.6 percent in the Madera, Calif. MSA and 53.6 percent in the Merced, Calif. MSA. Additionally, more than one-fourth (26 percent) of home sales nationwide sold for less than what the seller originally paid.

Metropolitan
        Statistical                Zillow Home Value Index
                                Areas
                                -----
                            June       QoQ       YoY     Change   Negative
                              2010   Change    Change     from    Equity*
                                                 ------     Peak      ----
                                                            ----
  United States           $182,460      -0.6%     -3.2%    -23.9%     21.5%
  Akron, OH               $117,213       0.4%     -2.7%    -14.1%     26.1%
  Albany, NY              $188,323       1.5%     -1.1%     -5.8%     10.7%
  Allentown, PA           $191,234      -0.3%     -1.7%    -16.0%     16.8%
  Anderson, SC             $99,300       1.5%      2.4%     -9.6%      n/a
  Ann Arbor, MI           $157,432      -1.2%    -10.6%    -32.2%     33.0%
  Atlanta, GA             $142,461      -1.9%     -6.0%    -22.2%     31.5%
  Atlantic City, NJ       $200,906      -0.3%     -5.0%    -27.2%     20.2%
  Augusta, GA             $107,414       1.1%     -6.4%     -8.3%     14.5%
  Bakersfield, CA         $136,554       1.9%     -1.4%    -50.5%     44.6%
  Baltimore, MD           $238,527      -1.1%     -5.1%    -19.2%     19.0%
  Bellingham, WA          $255,500       0.6%     -1.3%    -10.1%      n/a
  Bend, OR                $167,531      -2.7%    -21.8%    -52.6%     40.3%
  Boston, MA              $331,568       3.2%      3.4%    -16.8%      8.3%
  Boulder, CO             $312,583       2.1%     -0.4%     -1.9%      9.9%
  Bremerton, WA           $249,020      -1.0%     -4.3%    -19.0%     18.6%
  Canton, OH              $102,763      -0.2%     -1.7%    -13.6%     23.6%
  Cape Cod, MA            $318,026       0.4%     -2.8%    -22.7%      6.9%
  Champaign-Urbana, IL    $131,512       0.7%     -2.2%     -3.9%     11.1%
  Charleston, SC          $170,039       0.0%     -5.1%    -15.7%     22.0%
  Charlotte, NC           $148,985       0.1%     -4.0%    -10.4%     27.3%
  Chattanooga, TN         $126,967      -2.6%     -2.1%     -4.7%      n/a
  Chicago, IL             $196,987       1.6%     -4.4%    -27.2%     28.9%
  Chico, CA               $203,749       2.9%     -0.4%    -32.1%     24.7%
  Cleveland, OH           $119,716       1.5%     -1.3%    -16.4%     28.8%
  Cleveland, TN           $123,000       2.8%      0.5%     -6.0%      n/a
  Colorado Springs, CO    $189,793      -0.0%     -2.0%     -7.4%     28.4%
  Columbia, SC            $122,065       0.0%     -2.1%     -5.7%     17.3%
  Columbus, OH            $137,578      -0.3%     -2.8%     -8.4%     26.4%
  Corvallis, OR           $244,300       0.8%     -4.4%     -9.6%      n/a
  Cumberland, MD           $83,500      3.57%     2.10%      0.0%      n/a
  Dayton, OH              $102,713      -0.2%     -3.1%    -12.9%     22.6%
  Daytona Beach, FL       $108,300      -1.7%    -12.8%    -51.4%      n/a
  Denver, CO              $215,969       1.0%      2.5%     -7.4%     29.1%
  Des Moines, IA          $144,550       2.3%     -0.1%     -2.8%     18.6%
  Destin, FL              $159,290       0.3%     -3.8%    -37.3%     37.8%
  Detroit, MI              $87,147      -1.6%    -14.3%    -46.0%     31.4%
  Durham, NC              $180,886       2.3%      3.6%      0.0%      8.4%
  El Centro, CA           $112,086      -2.2%    -11.3%    -56.3%     57.5%
  Eugene, OR              $193,793      -1.8%     -6.3%    -16.8%     12.8%
  Fayetteville, NC        $114,036      -0.7%     -7.0%     -7.0%     11.5%
  Flagstaff, AZ           $254,385      -3.4%     -9.8%    -29.5%     19.9%
  Fort Collins, CO        $219,522       1.2%      1.2%     -3.1%     13.0%
  Fort Myers, FL          $120,479      -0.1%     -6.5%    -60.2%     51.9%
  Fresno, CA              $153,117      -0.4%     -4.7%    -47.8%     38.5%
  Gainesville, FL         $146,253       1.8%     -7.8%    -23.2%     22.6%
  Grand Junction, CO      $177,344      -4.2%    -12.6%    -20.8%     31.2%
  Grand Rapids, MI        $116,111      -0.6%     -0.4%    -18.3%     33.0%
  Green Bay, WI           $142,896       0.2%     -0.7%     -5.2%     15.7%
  Greensboro, NC          $125,125      -0.4%     -5.3%    -12.1%     11.7%
  Greenville, SC          $132,853       2.3%     -0.4%     -1.8%     11.6%
  Hanford, CA             $118,400       1.1%    -14.7%    -45.4%      n/a
  Hartford, CT            $224,393       2.2%      1.4%     -9.9%      8.3%
  Jackson, TN              $95,800       2.1%      0.7%     -3.4%      n/a
  Jacksonville, FL        $136,265      -3.2%    -10.7%    -34.6%     49.8%
  Jacksonville, NC        $140,700      -0.4%      0.5%     -0.5%      n/a
  Johnson City, TN        $110,100       2.6%     -3.6%    -14.3%      n/a
  Knoxville, TN           $134,741       1.7%     -4.4%     -6.3%      9.4%
  Lakeland, FL             $99,695      -5.3%    -13.9%    -47.1%     55.7%
  Lancaster, PA           $178,064       1.1%     -3.2%     -7.2%      8.0%
  Las Vegas, NV           $128,183      -0.4%    -12.4%    -58.1%     73.9%
  Lincoln, NE             $134,914      -0.4%     -0.1%     -5.5%     12.7%
  Little Rock, AR         $128,012       4.0%      4.4%      0.0%      9.6%
  Los Angeles, CA         $425,425       2.2%      5.5%    -29.7%     16.9%
  Madera, CA              $151,759       7.8%     -0.5%    -51.6%     38.4%
  Madison, WI             $203,332      -0.7%     -3.6%    -14.8%     12.2%
  Medford, OR             $179,433      -0.5%     -7.7%    -37.9%     37.4%
  Melbourne, FL           $112,654      -4.5%     -9.6%    -51.6%     43.0%
  Memphis, TN             $105,058      -0.7%     -4.2%    -14.3%     33.7%
  Merced, CA              $110,719       1.2%      1.4%    -67.9%     40.0%
  Miami-Fort
   Lauderdale, FL         $146,458      -6.6%    -15.2%    -52.4%     44.0%
  Milwaukee, WI           $178,517       1.9%     -6.0%    -13.0%     22.0%
  Minneapolis-St Paul,
   MN                     $185,783      -0.2%     -3.1%    -24.3%     36.6%
  Mobile, AL              $105,480      -4.1%    -11.7%    -20.2%     13.3%
  Modesto, CA             $146,391       2.2%      0.4%    -60.0%     57.5%
  Morristown, TN           $98,700       0.8%     -6.6%    -20.7%      n/a
  Mount Vernon, WA        $211,100      -2.7%    -13.4%    -23.4%      n/a
  Napa, CA                $360,562       0.9%     -5.1%    -41.1%     37.2%
  Naples, FL              $216,628       0.5%     -3.7%    -52.0%     38.5%
  Nashville, TN           $150,378      -1.6%     -6.2%     -9.6%     18.1%
  New Haven, CT           $231,106       2.1%      0.5%    -15.9%     10.5%
  New London, CT          $225,420       2.2%      1.8%    -13.1%     10.6%
  New York, NY            $363,239      -0.5%     -2.1%    -20.9%     13.5%
  Ocala, FL               $101,072      -4.1%    -15.2%    -42.8%     37.7%
  Oklahoma City, OK       $119,257       4.6%      5.0%      0.0%      6.1%
  Olympia, WA             $232,744       0.2%     -4.2%    -10.8%     20.8%
  Omaha, NE               $139,666      -4.8%     -7.0%     -8.2%     13.6%
  Orlando, FL             $124,483      -1.3%    -13.8%    -51.7%     64.6%
  Panama City, FL         $150,500      -0.3%     -4.9%    -42.5%     31.1%
  Pensacola, FL           $123,252      -2.2%     -3.7%    -24.5%     32.1%
  Philadelphia, PA        $208,639      -0.3%      0.0%    -11.0%     10.6%
  Phoenix, AZ             $137,113      -3.6%    -11.8%    -51.1%     66.8%
  Pittsburgh, PA          $107,164       1.1%     -2.8%     -5.1%      5.6%
  Pittsfield, MA          $194,900       2.5%      1.7%    -11.2%      n/a
  Port St. Lucie, FL      $111,812      -4.9%     -9.7%    -55.9%     55.0%
  Portland, OR            $230,165      -0.9%     -7.1%    -22.3%     22.6%
  Poughkeepsie, NY        $232,640      -2.2%     -8.6%    -26.1%     12.5%
  Prescott, AZ            $189,774      -1.7%     -6.7%    -38.6%     28.2%
  Providence, RI          $219,102      -1.2%     -4.3%    -28.0%      n/a
  Pueblo, CO              $108,010      -1.1%     -1.7%    -13.0%     29.3%
  Punta Gorda, FL         $121,989      -1.4%      1.4%    -48.2%     38.3%
  Raleigh, NC             $182,578       0.0%     -6.8%    -11.8%     20.1%
  Reading, PA             $163,441       0.9%      0.7%     -9.0%      9.4%
  Reno, NV                $181,576      -1.1%     -9.0%    -49.4%     61.9%
  Richmond, VA            $200,111       1.6%     -2.5%    -11.4%     17.4%
  Riverside, CA           $194,562       1.5%     -0.8%    -51.7%     49.0%
  Rochester, NY           $123,158       2.1%      2.8%      0.0%      9.3%
  Rockford, IL            $109,214       1.2%     -2.1%    -11.6%     16.3%
  Sacramento, CA          $234,655       1.0%     -2.0%    -43.2%     38.1%
  Salem, OR               $178,122       0.8%     -4.5%    -16.2%     20.4%
  Salinas, CA             $303,697      -0.1%      0.6%    -56.0%     33.6%
  Salisbury, MD           $143,900      -3.2%     -9.8%    -21.1%      n/a
  San Diego, CA           $378,798       2.9%      7.3%    -29.7%     20.4%
  San Francisco, CA       $528,861       2.0%      5.9%    -25.1%     19.6%
  San Jose, CA            $590,686       3.2%      5.6%    -20.7%     13.8%
  San Luis Obispo, CA     $400,845      -0.8%     -4.0%    -33.3%     17.7%
  Santa Barbara, CA       $449,368       1.0%      4.2%    -33.1%     22.9%
  Santa Cruz, CA          $507,115      -0.3%     -4.1%    -30.6%     16.9%
  Santa Rosa, CA          $374,313       3.6%      1.9%    -36.8%     15.8%
  Sarasota, FL            $150,175      -0.6%     -4.4%    -51.2%     45.4%
  Seattle, WA             $288,942      -1.3%     -5.9%    -24.3%     25.0%
  Spartanburg, SC         $105,521       0.6%     -2.7%     -2.9%     12.7%
  Spokane, WA             $158,933       1.4%     -2.6%    -15.5%     20.0%
  Springfield, OH          $91,800     -1.59%    -3.52%    -10.6%      n/a
  Springfield, MA         $190,256       0.7%     -2.3%    -12.0%      7.2%
  St. Louis, MO           $141,073       1.6%     -3.3%    -10.5%     18.3%
  Stamford, CT            $393,151       1.6%     -0.2%    -21.1%      9.6%
  Stockton, CA            $163,039       2.6%     -0.3%    -60.3%     53.5%
  Sumter, SC              $100,500       1.9%     -1.7%    -14.2%      n/a
  Tallahassee, FL         $149,118      -3.4%     -7.2%    -18.3%     32.9%
  Tampa, FL               $118,670      -0.1%     -8.2%    -45.1%     45.3%
  Toledo, OH               $93,489      -0.3%     -4.7%    -23.2%     26.5%
  Tucson, AZ              $160,341      -0.5%     -6.4%    -31.7%     41.4%
  Tulsa, OK               $117,135       0.9%      2.6%      0.0%      6.1%
  Utica, NY                $99,710       2.8%      1.7%     -5.0%      8.4%
  Vallejo, CA             $217,225       3.9%     -2.6%    -54.1%     49.7%
  Ventura, CA             $418,875       1.2%      3.7%    -33.3%     18.9%
  Vero Beach, FL          $121,439      -1.1%     -8.5%    -48.6%     42.5%
  Visalia, CA             $136,442      -1.7%     -6.7%    -44.1%     37.5%
  Washington, DC          $330,573       1.0%      1.8%    -24.2%     25.0%
  Winston-Salem, NC       $134,546       2.4%      1.6%     -2.9%     10.1%
  Worcester, MA           $214,437       1.2%     -0.8%    -24.6%     20.2%
  Yakima, WA              $137,586      -0.3%     -2.3%     -3.7%      7.2%
  York, PA                $154,688      -0.3%     -2.6%    -13.5%     15.1%
  Yuba City, CA           $153,200       1.4%     -5.2%    -51.3%      n/a
  Yuma, AZ                $124,500      -1.0%    -10.3%    -33.2%      n/a
  --------                --------      ----     -----     -----       ---
  *Negative equity refers to the percent of single-family
   homeowners with mortgages
  -------------------------------------------------------

(1) The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. The Home Value Index at the national level is calculated using a weighted average of the median home value for each county and includes data from 440 metropolitan statistical areas. It is expressed in dollars and is for a particular geographic region.

(2) Negative equity is calculated of all single-family homes with mortgages. Zillow began calculating negative equity with this methodology in the first quarter of 2009.

(3) The data in Zillow's Real Estate Market Reports is aggregated from public sources by a number of data providers for 124 Metropolitan Statistical Areas dating back to 1996. Mortgage and home loan data is typically recorded in each county and publicly available through a county recorder's office.

(4) Foreclosures are defined as a Trustee's Deed Upon Sale or equivalent transaction.

(5) Foreclosure re-sales capture mostly sales of bank-owned (REO) homes. It measures sales of homes that were foreclosed on in the previous 12 months.
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Lifestyles Directors Help Set Active Adult Community Apart from Competition

2010-08-06T09:48:00.000-04:00

With a 28,000 square-foot clubhouse equipped with two on-site lifestyle directors, Soleil Laurel Canyon can sometimes feel like year-round camp for grownups.

Lifestyle Director Sue Dean was brought on board in 2008 to help coordinate the community’s more than 50 social clubs and numerous events such as Jazz on the Lawn and happy hours that take place at the resort-inspired community throughout the course of a month.

“You can buy a home anywhere, but what sets this community apart is the diversity of events that are available for our residents,” said Dean, who is on-site Monday through Friday from 8 a.m. to 4 p.m. as well as after-hours for community events.

With tremendous growth in sales over the last few months Active Lifestyle Communities (ALC), the developer of Soleil Laurel Canyon, recently brought on its second lifestyle director, making the community one of few in the country that boasts two such directors.

“I absolutely love being here,” said Laura Mahoney, who began working in the community in April. “Not only are we appreciated by the residents of the community, but we are also appreciated by ALC for the work we do. It’s great that we can help our residents always feel like they are on vacation.”

Dean recommended Mahoney for the position when it became available. The two met while attending event planning school together at Kennesaw State University a few years back.

“We needed a person like Laura here,” said Dean. “She has the absolute right personality for the job and the residents just love her.”

With hospitality and real estate backgrounds, the two have a great understanding of how to not only work with existing residents, but also prospects as well.

“Sue and Laura both understand the importance of making our residents and prospects feel comfortable by including them in well planned activities and events,” said Jay Clark, a partner in ALC and president of Southeast Capital Companies. “Residents don’t necessarily have to participate in every club or event, but having two quality lifestyle directors like we do, definitely allows our residents to feel more welcomed.”

Unlike the traditional active adult community, Soleil Laurel Canyon includes activities and clubs for every lifestyle. Residents can often be found in the community’s clubhouse in its billiards parlor, gourmet teaching kitchen, library, card-playing room, media room, fitness center and arts or crafts studio complete with kilns. A heated indoor saline pool along with an outdoor lagoon-style pool also allows residents to swim all year long.

Nestled in Soleil Laurel Canyon’s expansive property are walking trails, bocce ball courts, six lighted clay tennis courts, a greenhouse and horticulture center and an outdoor amphitheatre.

Soleil Laurel Canyon’s 50 plus social clubs include “Les Marmitons” an international men’s gourmet cooking club, a garden club, quilting club and many more. Most recently, Soleil added a men’s breakfast group, various book clubs and chess club to name a few. For a full list of clubs, activities and classes, visit www.SoleilLaurelCanyon.com.

About Soleil and ALC:
Active Lifestyle Communities (ALC) is a partnership between Southeast Capital Companies (formerly Southeast Capital Partners) and Patrick Malloy Communities. The Company purchased Soleil Laurel Canton in an all-cash transaction with the plan to invest $28 million. Residents of the neighborhood’s 248 homes enjoy exceptional amenities including a 28,000 sq. ft. clubhouse with a heated indoor saline pool, billiards parlor, gourmet teaching kitchen, fitness center and aerobics studio, library, card rooms and an arts and crafts studio. A performing arts center, outdoor amphitheatre, outdoor lagoon-style pool, tennis courts, walking trails, greenhouse and neighboring golf course complete the resort-style environment. To learn more visit: www.soleilLaurelCanyon.com.

Bankrate: Mortgage Rates Continue to Drop

2010-08-05T08:56:00.000-04:00

/PRNewswire/ -- Mortgage rates moved even lower this week, with the average conforming 30-year fixed mortgage rate hitting a record low of 4.66 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

The average 15-year fixed mortgage dropped to 4.11 percent, and the larger jumbo 30-year fixed rate remained at 5.43 percent. Adjustable rate mortgages were mixed, with the average 5-year ARM sliding to 3.95 percent and the average 1-year ARM remaining at 4.80 percent.

Mortgage rates hit yet another record low as worries about weak economic growth just won't go away. Recent speculation that the Federal Reserve may resume measures such as purchasing mortgage-backed bonds or government debt - perhaps as soon as next week's FOMC meeting - helped bring rates lower. Whether or not the Fed pursues such a course likely hinges on the July jobs report to be released Aug. 6. Even without any action by the Fed, the next move in mortgage rates is also pegged to the employment report.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.66 percent, the monthly payment for the same size loan would be $1,032.47, a savings of $209 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 4.66% -- down from 4.71% last week (avg. points: 0.42)
15-year fixed: 4.11% -- down from 4.17% last week (avg. points: 0.40)
5/1 ARM: 3.95% -- down from 4.07% last week (avg. points: 0.30)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

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Near Majority Want Housing Tax Credit

2010-08-04T08:30:00.000-04:00

(PR.com)-- Close to a majority of those surveyed said they want the federal tax credit for home buyers to be re-established by Congress to re-stimulate the housing market. The finding was determined by a just released Housing Predictor opinion poll.

Nearly half of all respondents or 48% said they want the tax incentive to be re-started. Another 25% said it would be best to bulldoze a surplus number of mostly old and vacant homes to help markets recover from their record downturn. Get the full details on the opinion poll at Housing Predictor dot com.

Housing Predictor is an independent real estate research firm that’s been forecasting housing markets in all 50 states for five years, surveying visitors on the latest trends and hop topics in real estate and providing the latest in real estate news.

The website just also added a new feature, inviting visitors to express your views by writing an article to be published on the site. Submit your news to Housing Predictor.

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Operation HOPE Launches Mortgage HOPE Crisis Hotline and HOPE Consumer Credit Crisis Hotline at New Regional Offices in Downtown Atlanta

2010-08-04T08:23:00.000-04:00

(BUSINESS WIRE)--In response to the ongoing financial struggles of middle- and low-income Americans, John Hope Bryant, Founder, Chairman and Chief Executive Officer of the economic empowerment nonprofit Operation HOPE (HOPE) announced the regional launch of the Mortgage HOPE Crisis Hotline and the HOPE Consumer Credit Crisis Hotline in the Atlanta area. The toll-free hotline at 888-388-HOPE (4673) provides free financial counseling to those faced with mortgage and credit challenges.

“With the unemployment rates not getting any better, the effects of the sub-prime mortgage crisis not yet behind us and credit card interest rates soaring, the next financial crisis to hit this nation will be dealing with budgeting, credit and credit cards”

“With the unemployment rates not getting any better, the effects of the sub-prime mortgage crisis not yet behind us and credit card interest rates soaring, the next financial crisis to hit this nation will be dealing with budgeting, credit and credit cards,” said Bryant, the business bestselling author of LOVE LEADERSHIP: The New Way to Lead in a Fear-Based World.

According to Federal Reserve estimates, the total outstanding credit card debt carried by Americans surpassed a record $960 billion in 2009 and is increasing quickly as more people rely on credit cards to help them survive. What’s worse is that credit card defaults are estimated to be well over 10 percent.

The toll-free hotlines provide free support in the areas of consumer credit and mortgages. The Mortgage HOPE Crisis Hotline staff is certified in foreclosure intervention and default counseling and the HOPE Consumer Credit Crisis Hotline staff members are certified personal finance counselors. Counselors for the hotlines are experienced and trained to provide guidance on a variety of different financial topics including negotiating with your lender, applying for loan modifications, avoiding foreclosure, restructuring your existing debt and obligations, negotiating with your creditor and credit, debt and budgeting support. The Mortgage HOPE Crisis Hotline has already received 100,000 calls and assisted in over $360 million in modified loans.

Operation HOPE has had a presence in the Southeastern Region since 2004. Through their youth financial literacy educational program Banking on Our Future, HOPE has educated over 20,000 students in Atlanta area public schools in the “language of money” involving over 1250 HOPE Corps volunteers. In addition, HOPE Coalition America has provided emergency and disaster recovery support to the region, helping 130,000 survivors of Hurricane Katrina as well as victims from Hurricanes Ike, Gustav and the Georgia Floods of 2009.

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Many Spectacular Island Properties to be Sold at Absolute Auction on June 17

2010-06-10T10:11:00.000-04:00

/PRNewswire/ -- It's truly a rare day when you can purchase a spectacular Georgia coastal property at absolute auction. It's far more unusual when many such properties are auctioned on the same day, according to William Bone, President of National Auction Group (www.nationalauctiongroup.com).

That will be the case on Thursday, June 17 where bidders will have the chance to purchase a special lifestyle, either for recreational or investment purposes, on Sea Island, St. Simons Island, Tybee Island and St. Mary's.

Those properties to be sold include: two luxury condominiums with hardwood floors in the living room, kitchen and master bedroom, an elevator, gourmet kitchen with stainless steel appliances, and a double garage located a stone's throw from the beach; a five bedroom, five bathroom marsh front home in the exclusive Hawkins Island area of St. Simons Island with a swimming pool, hardwood floors, granite countertops and beautiful views of the marsh; two ocean-view condos with three bedrooms and three and a half bathrooms located on Ocean Boulevard; and two acres on the St. Mary's River that is zoned residential and features a 160ft. long pier with two floating docks attached.

Also up for auction is: a beautiful four bedroom, four bath home on Tybee Island with beach views, garage parking, hardwood floors and a widow walk; a vacant marsh front lot located at 102 Thomas Lane in the beautiful Hawkins Island area of Sea Island; a Hampton Club Golf course townhome which includes two bedrooms and two baths. It enjoys views of the golf course and is part of the gated Hampton Club community; and a very nice condotel unit with 24-hour concierge service located adjacent to the St. Simons Lighthouse and within walking distance of great restaurants.

"These are a truly wonderful and diverse collection of properties," said Bone. "And their wonderful locations make them even more special. This is a remarkable opportunity to bid on numerous spectacular properties and to enjoy a special coastal area lifestyle."

These properties are available for viewing daily from 10am to 6pm. To schedule an appointment, please call 877-547-5560 or 256-547-3434. The auction will take place at The King and Price Beach & Golf Resort located at 201 Arnold Road on St. Simons Island. For more information, visit www.nationalauctiongroup.com.

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Foreclosures Fall 9% Nationwide During April

2010-05-19T08:44:00.000-04:00

/PRNewswire/ -- Foreclosure Deals, a leader in providing listings of foreclosed homes for sale nationwide, reported today that foreclosure filings in April fell 9% from the previous month, and over 2% from April of 2009. The company also revealed that default notices, which mark the beginning of a new foreclosure, were down 12% from March and over 27% from the previous year, while bank repossessions (also known as REOs) of existing foreclosures hit a record high. These facts lead experts to believe the foreclosure market could be leveling off.

"Fewer foreclosure homes coming onto the market and more foreclosures being resolved by bank repossession is certainly a sign that the market is contracting," remarked James Foxx, a business analyst with Foreclosure Deals. "We have yet to see how this trend will play out, but if it continues it will lead to fast-growing foreclosure property values for foreclosure investors who act now."

The statistics show that the highest volume of foreclosures is concentrated in 5 states: Florida, California, Michigan, Illinois and Nevada. These states account for just over 50% of the national total. The Top 5 states for foreclosure rates remain Nevada, Arizona, Florida, California and relative newcomer Utah. Michigan saw the highest increase in foreclosures in the past year at 77%, while California saw the biggest drop, down 29%. California also saw the biggest monthly drop at 27%, with Georgia close behind, falling 21%.

Reno, NV was the only city among the Top 10 cities for foreclosure rates that saw an increase in foreclosures from April of 2009, another good sign for the national market. Other cities like Las Vegas, NV; Modesto, CA; Bakersfield, CA; Phoenix, AZ; Cape Coral, FL and Fort Myers, FL, all saw their foreclosure rates decrease over the past year.

Other states in the Top 10 for foreclosure rates were Idaho, at 1 in 226 homes; Georgia at 1 in 288 homes; and Colorado, at 1 in 337 homes. Despite being among the Top 10 states for foreclosure volume, Texas, Ohio and Virginia were not among the Top 10 states for rates of foreclosure.

Foreclosure Deals specializes in providing the most recent foreclosure news and information, as well as foreclosure listings from across the nation. Visit www.ForeclosureDeals.com to learn more.

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Bankrate: Mortgage Rates Decline Amid Market Volatility

2010-05-13T07:58:00.000-04:00

/PRNewswire/ -- Mortgage rates were down for the third week in a row, with the average conforming 30-year fixed mortgage rate falling to 5.07 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

The average 15-year fixed mortgage stepped down to 4.45 percent and the larger jumbo 30-year fixed rate sank to 5.85 percent. Adjustable rate mortgages were mostly lower, with the average 3-year ARM backpedalling to 4.44 percent while the 5-year ARM dropped to 4.27 percent.

Worries over European debt rattled financial markets and brought mortgage rates to the lowest level since St. Patrick's Day. Once again mortgage shoppers were direct beneficiaries as nervous investors equate to lower mortgage rates. Furthermore, this cloud of global economic uncertainty likely gives the Federal Reserve even more latitude to hold the line on interest rates, so mortgage rates will stay a little lower, a little longer, than what was forecast just a few weeks ago.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5.07 percent, the monthly payment for the same size loan would be $1,082.22, a savings of $159 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 5.07% -- down from 5.12% last week (avg. points: 0.42)
15-year fixed: 4.45% -- down from 4.49% last week (avg. points: 0.39)
5/1 ARM: 4.27% -- down from 4.31% last week (avg. points: 0.35)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Nearly two-thirds of the panelists, 64 percent, don't expect much change in mortgage rates and forecast that rates will be more or less unchanged over the next week. Count 29 percent as predicting an increase in mortgage rates, with just 7 percent foreseeing further declines over the next seven days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

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Above Atlanta Realtors Opens

2010-04-05T19:25:00.000-04:00

PRNewswire/ Above Atlanta LLC announced today the opening of its new real estate brokerage, Above Atlanta Realtors® at http://www.aboveatlanta.com/.

The new brokerage focuses on the sale and/or lease of high rise condominiums in Atlanta, GA. The real estate brokerage is wholly owned by Atlanta-native, Jeff Johnson, who also serves as the qualifying and managing broker for the firm. The brokerage uses the comprehensive web site AboveAtlanta.com to showcase most of the listed property in Atlanta through a data-feed from the First Multiple Listing Service, also known as FMLS. The web site has been noted as user-friendly with its list of high rise condominium buildings divided by area of town.

AboveAtlanta.com allows consumers to sign up for a Search Saver function that allows them to get emailed new listings that match what they are searching for on a daily basis. It features foreclosure listings, listings by popular subdivisions, Big Canoe listings and million dollar listings in Georgia.

"Atlanta's high rise real estate market currently offers many opportunities for buyers to purchase or lease at great values compared to two years ago," said Jeff Johnson, Owner of Above Atlanta LLC. "We want to create a brand synonymous with Atlanta's high rise real estate market by positioning AboveAtlanta.com as a source for consumers searching for Atlanta high rise condos either for sale or for rent."
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Homeowners Need to Consider Possible Legal Issues Before Deciding to 'Walk Away' from Mortgage Payment

2010-02-22T11:22:00.001-05:00

/PRNewswire/ -- Homeowners who are considering "walking away" from their home to avoid making their mortgage payment need to know that their mortgage company may try to file a lawsuit to recover the amount owed on the home.

In addition, homeowners who sell their home for less than the amount they owe - a process called a "short sale" -- may be sued for the unpaid balance, even after the sale of the home. Finally, homeowners with unpaid home equity loans or second mortgages may also face legal action if they "walk away" from an unpaid mortgage or conclude a short sale.

"My advice is that no homeowner should ever simply 'walk away' or 'turn in the keys' without receiving a document that absolves them of all liability," said Frank Alexander, professor of law at Emory University School of Law and a member of the board of directors of Consumer Credit Counseling Service (CCCS) of Greater Atlanta.

"A borrower facing a foreclosure should assume that a post-foreclosure lawsuit is possible," said Alexander. "In addition, no homeowner should ever participate in a short sale without receiving a signed agreement clarifying that all outstanding debt has been forgiven. The same is true for all deed-in-lieu of foreclosure resolutions."

Before the current mortgage crisis, mortgage companies usually did not sue homeowners after foreclosure or short sales because many borrowers had little income and few remaining assets, according to Alexander.

But the increase in homeowners deciding to "walk away" from their homes means mortgage companies may file more lawsuits to try and recoup their losses. In addition, Alexander says that mortgage companies are often selling promissory notes for the amount owed on the mortgage, at steep discounts, to collection agencies. The collection agencies will likely pursue the former homeowner to collect the amount owed.

Because some borrowers who decide to "walk away" from their homes still have good incomes, Alexander predicts an increase in the number of lawsuits filed by mortgage companies to obtain garnishment of a homeowner's wages. "Garnishment actions are going to become quite common in late 2010 and throughout 2011 and 2012," he says.

If a homeowner involved in a foreclosure, a short sale or deed-in-lieu of foreclosure has any questions about this issue, Alexander recommends that they hire an attorney to determine if their mortgage company has any basis for legal action.

Consumer Credit Counseling Service of Greater Atlanta is one of the nation's largest nonprofit foreclosure prevention counseling agencies. In 2009, the agency provided foreclosure prevention counseling to more than 105,000 homeowners across the nation.

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Bankrate: Mortgage Rates Mostly Lower

2010-02-11T07:55:00.000-05:00

/PRNewswire/ -- Rates for most mortgage products retreated this week, but not the average conforming 30-year fixed mortgage, which remained at 5.15 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.49 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

The average 15-year fixed mortgage slipped to 4.52 percent and the larger jumbo 30-year fixed rate fell below the 6 percent mark, to 5.95 percent. Adjustable rate mortgages were mixed, with the average 3-year ARM declining to 4.58 percent while the 5-year ARM held at 4.56 percent.

Mortgage rates were mostly lower this week. Economic and financial market jitters continue to hold mortgage rates in check, with little movement in recent weeks. The average 30-year fixed mortgage rate, in particular, has barely budged over the past month and has settled at 5.15 percent in three of the past four weeks. Should worries about Greece and other European markets abate, both Treasury yields and mortgage rates will rebound somewhat. Mortgage rates are closely related to yields on long-term government debt.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5.15 percent, the monthly payment for the same size loan would be $1,092.05, a savings of $150 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 5.15% -- unchanged from last week (avg. points: 0.44)
15-year fixed: 4.52% -- down from 4.55% last week (avg. points: 0.44)
5/1 ARM: 4.56% -- unchanged from last week (avg. points: 0.34)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next week. More than half of the panelists, 53 percent, expect mortgage rates to remain more or less unchanged over the next week. A slightly lower percentage - 40 percent - predict an increase, while just 7 percent forecast a decline in mortgage rates over the same time period.

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Federal Home Loan Bank of Atlanta Awards $40 Million for Affordable Housing Development

2010-01-21T16:11:00.001-05:00

/PRNewswire/ -- Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced today that it will award $40 million to fund 78 affordable housing projects in 10 states as part of its 2009 Affordable Housing Program (AHP) offering.

Local community developers, in partnership with FHLBank Atlanta member institutions, will use $35.8 million of the funds to buy, build, or preserve 3,384 affordable housing units in seven states within FHLBank Atlanta's district including Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, and Virginia. Partnerships in states outside of the Bank's district including California, Kentucky, and Tennessee will receive funds totaling $4.2 million to develop 513 housing units.

"For the past 20 years, FHLBank Atlanta has provided critical economic stimulus to communities through our Affordable Housing Program," said Richard A. Dorfman, FHLBank Atlanta President and Chief Executive Officer. "Our funding promotes growth and stability by revitalizing neighborhoods, creating jobs, and supporting economic development during these challenging times."

FHLBank Atlanta's AHP awards range from $50,000 to $1 million and will be made in the following states in the Bank's district:

-- Alabama $6,488,184 for 695 units
-- Florida $12,005,499 for 897 units
-- Georgia $7,856,404 for 693 units
-- Maryland $925,000 for 116 units
-- North Carolina $3,578,616 for 397 units
-- South Carolina $2,060,185 for 251 units
-- Virginia $2,855,383 for 335 units

The 2009 AHP funds will be combined with other funding sources to develop more than $514 million of affordable housing. In addition, a portion of this year's AHP is dedicated to alleviating the foreclosure crisis by supporting the reclamation and redevelopment of foreclosed properties.

AHP is a competitive funding program that helps develop owner-occupied and rental housing for very low-to-moderate income families. FHLBank Atlanta awards the funds annually to member financial institutions and their community housing partners. AHP is a component of FHLBank Atlanta's affordable housing, economic development and down-payment assistance initiatives. For the complete list of winners, visit www.fhlbatl.com/ahp.

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Murphy Named Dec Individual Agent for Newnan Coldwell Banker Bullard Realty

2010-01-19T15:19:00.000-05:00

Bette Murphy has been named December Individual Agent Leader for the Newnan office of Coldwell Banker Bullard Realty. Johnnica Portress was No. 2 and Linda Scott and Marian Hynson were No. 3.

Murphy obtained her real estate license in 1989 and joined Coldwell Banker Bullard Realty in 2003. Since that time she has accumulated many educational credentials that include, Graduate Realtor’s Institute, Cendant Mobility Relocation Specialist, Cendant Mobility Marketing Specialist and Certified Negotiation Specialist. Her awards include life membership in Million Dollar Club and Coldwell Banker’s Diamond Society.Murphy and her husband live in Coweta County and when not selling real estate, she enjoys her three grandsons, gardening and golf.
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Landmark Civil Rights Agreement Will Increase Housing Accessibility Across Country

2010-01-13T18:04:00.000-05:00

/PRNewswire/ -- Today, the National Fair Housing Alliance (NFHA) and its member fair housing organizations in Atlanta, Ga., Melbourne, Fla., and Napa and Marin, Calif., announced a landmark agreement with the A.G. Spanos Companies to increase housing accessibility for people with disabilities. Under the agreement, the nation's fifth largest builder of residential real estate will retrofit properties in Arizona, California, Colorado, Georgia, Florida, Kansas, Missouri, Nevada, New York, North Carolina, and Texas at an estimated cost of $7.4 million.

The agreement initiates a productive partnership between the Spanos Companies, NFHA, and its member fair housing agencies to make apartments accessible to individuals who use wheelchairs and people with limited mobility. It amicably resolves a lawsuit filed by NFHA and its members against the Spanos Companies under the federal Fair Housing Act's accessibility requirements, and covers 123 properties built since March 1991. The agreement also establishes a $4.2 million national fund to provide retrofitting grants to people with disabilities across the country.

"At our very first meeting, Michael Spanos, Executive Vice President, A.G. Spanos Companies, made it clear that he wanted to be in compliance with the Fair Housing Act," said Shanna L. Smith, President and CEO of NFHA. "Indeed, the wide-ranging relief described in this agreement is a testament to Mr. Spanos's commitment not only to comply with the Fair Housing Act but to provide comprehensive remedies guaranteed to increase the availability of accessible housing to thousands of people across the country, whether they live in Spanos-built properties or not."

The Fair Housing Act, as amended in 1988, has required since 1991 that builders, developers and architects design and construct multi-family buildings so that both apartments and common areas such as lobbies, community rooms and recreational areas are accessible to the growing number of Americans with disabilities.

During 2006, NFHA and its members examined Spanos Companies apartment units in California, Florida, and Georgia. In June 2007, NFHA, Metro Fair Housing Services of Atlanta, Ga., The Fair Housing Continuum of Melbourne, Fla., Fair Housing of Marin, Calif., and Fair Housing of Napa Valley, Calif., filed suit in federal district court in San Francisco. Michael Allen, Stephen Dane and Tom Keary of Relman & Dane, PLLC in Washington, D.C., represented the plaintiffs.

The agreement provides for the following:

Retrofit Requirements: The agreement calls for renovations in 82 buildings comprising approximately 12,300 units to make them accessible for people with disabilities. The retrofits will be completed within 36 months.

National Accessibility Fund: Another 41 buildings could not be retrofitted because of structural or topographical complications. To compensate for the lost housing opportunities for people with disabilities, Spanos generously agreed to establish the NFHA Accessibility Fund, to which the company will contribute $4.2 million over five years. NFHA will use the Fund to make grants available to homeowners and renters who require modifications or other assistance in making their homes accessible. NFHA will work with local and national organizations to secure matching funds and donated labor to be able to provide grants to the maximum number of people possible nationwide.

Local Accessibility Funds: Spanos will contribute $750,000 over three years to be used by the five plaintiffs to establish local retrofit funds. Each fair housing center will establish a program to provide grants, directly or through support organizations, to people with disabilities. In addition to the national fund, NFHA will operate a local fund for Washington, D.C., residents.

Building Accessible Housing Coalition: The agreement provides $40,000 to support the creation of an accessibility coalition to be co-chaired by NFHA and Metro Fair Housing Services in Atlanta, Ga. The coalition, including builders, architects, social services providers, medical professionals, city/county planners, fair housing practitioners, and disability advocates, will identify new construction designs and modification needs to help increase the supply of accessible housing nationwide. A report with recommendations will be released by the coalition within 18 months.

National Media Campaign: Spanos generously agreed to support NFHA's A Richer Life multi-media campaign with a $100,000 contribution. NFHA created the first national media campaign to promote inclusive communities as a proactive step to encourage neighbors to welcome people who are different from themselves because of their race, color, religion, national origin, disability, or other personal characteristic. www.aricherlife.org

Damages and Attorney Fees: The agreement also includes $950,000 in compensatory damages to the plaintiffs and $1.325 million in attorneys' fees and litigation costs. The agreement will be monitored over a five year period.

"We are so pleased that Michael Spanos agreed to support a coalition to explore new ways to assist builders and others to meet the needs of people with disabilities. It is important that everyone involved in housing have a seat at the table for this ground-breaking project - including architects, developers, builders and fair housing practitioners as well as disability advocates and agencies providing services to people with disabilities. Most importantly, this project will assist people who need and use accessible housing. Any one of us might need accessible housing during our lifetime and this coalition will look to the future and make recommendations for builders, planners and governments to increase both housing accessibility and affordability for people with disabilities."

-- Foster Corbin, Executive Director of Metro Fair Housing Services of Atlanta, Ga.

"While Mr. Spanos could have relied solely on the National Accessibility Fund to address our needs, instead he thoughtfully agreed to support our local efforts. The local accessibility fund will allow Fair Housing Napa Valley to help disabled veterans, children, and adults overcome housing barriers. Our agency is delighted to collaborate with the Senior Services Program of the Volunteer Center of Napa Valley and Disability Services & Legal Center in Napa to help fund modifications to make housing accessible for their clients. One out of five households in Napa County has at least one person who is disabled. This fund has the potential to make an enormous difference in the lives of Napa County residents."

-- Kathryn Winter, Executive Director of Fair Housing Napa Valley, Calif.

"This agreement marks a major step forward for people with disabilities and we congratulate Michael Spanos on his forward looking attitude. Fair Housing of Marin will be able to help make housing accessible for Marin and Sonoma County residents with disabilities. FHOM will work with two well-regarded disability advocacy groups in our region, Marin Center for Independent Living (MCIL) in Marin County and Disability Services and Legal Center in Sonoma County (DSLC), to administer the accessibility fund. These two groups cover an area of one million residents."

-- Nancy Kenyon, Executive Director of Fair Housing of Marin, Calif.

"This valuable contribution by Mr. Spanos to the local accessibility fund provides the opportunity for The Continuum to partner with local disability organizations to increase accessible housing throughout Central Florida. We hope to double the impact of our partnership with Spanos by requesting matching funds from local organizations and governments. The Continuum hopes this agreement will remind permitting officials and builders across Florida of their Fair Housing Act responsibilities. Building accessible housing from the start will protect the civil rights of those with disabilities and ultimately save hundreds of thousands of dollars."

-- David Baade, Executive Director of Fair Housing Continuum, Inc. of Melbourne, FL

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Nearly 200 Foreclosed Homes Head to Auction Block Throughout Southern States

2010-01-07T14:51:00.001-05:00

/PRNewswire/ -- Foreclosures continue to dominate the nation's housing market and their discounted price tags are attracting strong interest from homebuyers. Buyers looking for great deals on homes will find them at Hudson & Marshall's auction of nearly 200 bank-owned homes January 11th-16th in cities throughout Alabama, Georgia, Tennessee, North Carolina and South Carolina.

Valued from about $14,000 to $969,000, all the homes come with insurable title, no back taxes or liens. Buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. Property #810 located in Braselton, Georgia is a six bedroom, six bath home in move-in ready condition valued at $969,000. Another stunning property being auctioned is property #253, a four bedroom, four bath home in Hilton Head, SC last listed at $479,900.

"As the nation's housing market slowly see-saws back toward recovery, homebuyers expect to purchase homes at significant discounts and are often bypassing traditional homes in favor of foreclosures," said Dave Webb, principal Hudson & Marshall. "Buyers particularly like purchasing bank-owned homes through auction because the process is quick and offers a wide selection of choices," added Webb.

According to the National Association of Realtors, both investors and first-time homebuyers are now competing for distressed properties. In November, NAR reported distressed sales increased to 33% of all home sales.

All homes being auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Properties can be viewed by contacting listing agents to schedule an appointment. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Hudson & Marshall will auction the homes on the following dates:

January 11th - Savannah (6 homes) at 7:00 pm -- Holiday Inn Savannah Airport

January 12th - Hilton Head, NC (4 homes) at 11:00 am -- Holiday Inn Hilton Head Island

January 12th - Goldsboro, NC (12 homes) at 7:00 pm -- Holiday Inn Express Goldsboro

January 12th - Wilmington, NC (5 homes) at 1:00 pm -- Hilton Garden Inn Wilmington Mayfaire Town Center

January 13th - Macon (6 homes) at 7:00 pm -- Homewood Suites-Macon North

January 13th - Charlotte (16 homes) at 7:00 pm -- Doubletree Hotel Charlotte Airport

January 13th - Greensboro (12 homes) at 1:00 pm -- Hilton Garden Inn Greensboro

January 13th - Myrtle Beach, SC (6 homes) at 11:00 am -- Hilton Garden Inn Myrtle Beach/Coastal Mall

January 13th - Nashville (8 homes) at 7:00 pm -- Holiday Inn Express-Nashville Airport

January 13th - Memphis (6 homes) at 11:00 am -- Hampton Inn & Suites Memphis Shady Grove

January 13th - Montgomery (8 homes) at 7:00 pm -- Hilton Garden Inn-Montgomery East

January 14th - Birmingham (9 homes) at 7:00 pm -- Hilton Garden Inn Birmingham/Lakeshore Drive

January 14th - Greenville (7 homes) at 7:00 pm -- Homewood Suites Greenville

January 14th - Asheville (9 homes) at 7:00 pm -- Four Points by Sheraton Asheville Downtown

January 14th - Knoxville (14 homes) at 7:00 pm -- Holiday Inn Knoxville-West

January 15th - Chattanooga (8 homes) at 1:00 pm -- Hampton Inn Chattanooga
January 16th - Atlanta (53 homes) at 1:00 pm -- Atlanta Marriott Northwest

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 80,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2010.

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US Department of Housing and Urban Development Releases Latest Version of Shopping For Your Home Loan

2010-01-01T12:57:00.000-05:00

/PRNewswire/ -- In its first revision in over 10 years, the US Department of Housing and Urban Development (HUD) advises home buyers that it is their responsibility to search for a real estate agent that will represent their interests. In Shopping for Your Home Loan - HUD's Settlement Cost Booklet, HUD states: "If you want someone to represent only your interests, consider hiring an 'exclusive buyer's agent,' who will be working for you."

The National Association of Exclusive Buyers Agents (NAEBA) views this as an important element of the new era of home buying.

"'We are pleased to see that the wisdom of having someone in your corner and on your side is being conveyed to Buyers by HUD. Because most real estate agents represent Sellers, HUD emphasizes, and the National Association of Exclusive Buyers Agents stresses, that it is a Buyer's responsibility to find an agent who will represent their best interests in their real estate transaction," said Benjamin Clark, 2010 President of NAEBA.

Exclusive Buyer Agents (EBA) represent buyers and their interests in real estate transactions. They not only work to get the best price and terms for their buyer clients, they also serve as diligent home buying guides, consultants, and often coaches to ensure that clients achieve their desired outcomes in an efficient way. They offer full buyer representation without the potential for the conflicts of interest that occur when the company representing the buyer also represents the seller. The concept of a buyer's agent arose in the mid-1990s as real estate buyers sought to have agents that would represent only their interests and level a playing field that previously favored sellers.

Working with an EBA offers more than a dedicated representative. Data validates that buyers actually get better results. An EBA promises to work toward a better price and terms for buyers. A study conducted by Chandler & Chandler confirms that property purchased through an alliance with an EBA shows a 67% greater appreciation in value. Additionally, a survey conducted by the National Association of Exclusive Buyers Agents (NAEBA) found that among survey respondents, there were only 15 foreclosures out of 1,849 closings. That represents a foreclosure rate of just 0.8%, compared to the nationwide rate of 1.84% in 2008.

NAEBA views HUD's advice to consider an exclusive buyer agent as very timely given current market conditions. Clark agrees, "We are encouraged by an increased movement among consumers to seek out Exclusive Buyer Agents. Working on behalf of buyers is extremely rewarding. Consumers who hire an Exclusive Buyer Agent find that the whole process is more enjoyable because of the incredible trust between the buyer and their agent that doesn't always exist in the traditional buyer/agent relationship."

You can download a free copy of the new HUD booklet at: http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20 December%2015%20REVISED.pdf

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HGTV’s FrontDoor.com Identifies Top 10 Real Estate Predictions for 2010

2009-12-30T07:48:00.002-05:00

(BUSINESS WIRE)--With some subtle signs of recovery in the housing market, the real estate industry is due to bounce back – but more challenges could lie ahead for buyers and sellers alike. HGTV’s FrontDoor.com identifies the top 10 must-know real estate trends for the coming year: (http://www.frontdoor.com/top10)

#10: Cash is king. All-cash offers will become even more popular for foreclosures and short sales, as banks would rather get less money than deal with the hassles of loan transactions.

#9: Smoother short sales. As lenders and real estate professionals become more accustomed to short sales (sales in which the proceeds are less than the outstanding debt), the process will become more streamlined and successful for all parties involved.

#8: Tricky appraisal rules. Due to the government’s Home Valuation Code of Conduct passed in May, property appraisals will be more expensive and take longer, sometimes hindering (or breaking) real estate deals.

#7: A conflicted construction market. Though lenders are still reluctant to finance new housing projects for builders, there’s a chance of double-digit increases in new construction next year (according to the McGraw-Hill Construction Outlook Report).

#6: Rising mortgage rates. The Fed’s effort to keep mortgage rates at historic lows is scheduled to end in March. Homebuyers should act now to capitalize on the lowest interest rates in years.

#5: Lending standards still tight. With the subprime mortgage debacle in recent memory, lenders will continue to require stellar credit and thorough documentation from borrowers.

#4: Some stabilizing home values. Nationally, the outlook for home values is good, with a rise in home prices during the last two quarters of 2009. Locally, however, many markets are a long way from full recovery.

#3: More foreclosures to come. Though more homes will go into foreclosure in 2010, some homeowners will be able to lease back their property at market rental rates for a year’s time, allowing more people to stay in their homes longer.

#2: More buyers entering the market. The government’s first-time homebuyer tax credit was extended to April 30 and to a broader range of buyers, which should bring even more buying activity to bear.

#1: Still a buyer’s market. As 2010 looks to be another year of low home prices and a robust inventory of homes for sale, it will still be the best opportunity for buyers to cash in on some great real estate deals.

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New Tax Credit Includes Current Homeowners

2009-12-28T09:03:00.001-05:00

(NAPSI)-Many current homeowners can now qualify for up to a $6,500 home buyer tax credit. The initial success of the $8,000 first-time home buyer tax credit convinced Washington to expand the program and extend it until April 30, 2010. This extension, however, will be the last.

Under the extended home buyer tax credit, current homeowners are eligible as long as they have lived in their present residence for five consecutive years within the past eight. First-time home buyers who haven't owned a home in the past three years are still eligible for up to an $8,000 tax credit. Singles who make up to $125,000 and married couples who make up to $225,000 can qualify for the full credit. Those who exceed those income limits may qualify for a reduced amount.

"The new provisions and modifications make an already enticing real estate market even more attractive and accessible. Interest rates are low and home prices are more affordable now than they have been in decades," said National Association of Realtors® (NAR) Chief Economist Lawrence Yun. "There's never been a better time for potential buyers to invest in their future through homeownership."

Many areas are already seeing a rise in home prices and demand, with multiple bids on properties becoming more common. According to the NAR Profile of Home Buyers and Sellers, first-time home buyers became homeowners in record numbers over the past year, comprising 47 percent of all home sales between July 2008 and June 2009. This flood of activity helped shrink housing inventory levels. Reduced inventory is a sign the market is returning to a more balanced state and helps sustain home values.

Yun said that while the housing crisis isn't over, the extended and expanded tax credit is a step in the right direction.

"The bottom line is that the housing market is doing much better now than one year ago, and the home purchases using the tax credit should continue to reduce inventory to acceptable levels. The extension is a big win for consumers, but to take advantage of this rare opportunity, would-be buyers need to get the ball rolling and contact a Realtor® who can help them on the path toward owning a home."

For more information about the tax credit, visit www.HouseLogic.com/homebuyertaxcredit.

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3344 Peachtree Nears 90 Percent Leased

2009-12-18T16:27:00.000-05:00

Luxury Atlanta Mixed-Use Tower nearing commercial capacity

Regent Partners, one of Atlanta’s leading real estate development firms and very recent winner of the Urban Land Institute’s prestigious “Project of the Year” for its development of the luxury high rise Sovereign, has leased close to 90-percent of its commercial real estate space at Sovereign. This success comes at a time when Buckhead faces historically high class A office vacancy rates.

The 50 story mixed used tower on Peachtree Road in Atlanta’s Buckhead district that includes more than one-half million square feet of Class A office and retail space, recently welcomed tenants, Asset Preservation Advisors, Crescent Wealth Management and the Law Firm of Weinberg, Wheeler, Hudgins, Gunn, & Dial. Together, these firms represent over 80,000 square feet of new occupancy which comes on the heels of the very successful November opening of Bistro Niko, Buckhead Life Groups’ newest restaurant which is located on Peachtree Road in the buildings retail area.

The luxury high-rise also continues to see success on the residential side, selling two luxury condos during the third quarter, including one of its Penthouse units, which will be the highest residence in Atlanta. The recent success at Sovereign, contradicts the current trend of struggling residential and commercial real estate developments across the Atlanta landscape.

“We are extremely pleased that we are continuing to experience such strong success on both our commercial and residential sides,” said Regents Partners Principal, David Tennery. “When you look at the current realities of the overall Atlanta real estate market, we are truly blessed to be in the position we are in. We worked hard and took considerable risks in order to deliver a project that could make a long-term difference in the community and it would appear that the strategy, combined with significant determination have indeed been well received by the market.”

The development concept for Sovereign began as early as the mid 1990’s, but design plans did not begin in earnest until the early 2000’s. The multi-use project was completed in mid 2008. Designed by architects, Stewart, Stewart & Associates the 635-foot building is Buckhead’s tallest building to date. It’s fluid and organic architecture that includes curved features has enabled Sovereign to quickly become a City landmark and the center piece for the Buckhead district.

Sovereign has consistently been acknowledged with several industry and community accolades over the last few years including the Best of the Best Award in McGraw-Hill Construction’s (MHC) national competition, which recognizes design and construction excellence in residential projects. Sovereign competed against winners from 11 regions in MHC publications’ Best of 2008 Awards to be recognized as the overall Best of the Best.

Their most recent accomplishments complement a series of awards and accolades that Sovereign has received since 2007, prior to its opening in 2008. The multiple achievements include Regent Partners, LLC being named as Development Firm of the Year by the Georgia Chapter of the National Association of Industrial and Office Properties and the 2008 Development of Excellence Award – Livable Center Initiative Achievement Award from the Atlanta Regional Commission and the Livable Communities Coalition. Also, The Atlanta Business Chronicle named 3344 Peachtree/Sovereign the 2007 Deal of the Year for Mixed-Use Development and the Development Authority of Fulton County awarded 3344 Peachtree/Sovereign with the 2007 Economic Development Award.

About 3344 Peachtree/Sovereign:
Developed by Atlanta-based Regent Partners, LLC, Sovereign, located at 3344 Peachtree Road in Buckhead is a 50 story mixed-use tower designed by architects, Smallwood, Reynolds, Stewart, Stewart & Associates. The 635-foot tower includes more than one-half million square feet of Class A office and retail space crowned by the 82 residences of Sovereign. Homes are offered from $1 million and begin on the building's 28th story affording penthouse-like views from all residences, which range from more than 1,700 square feet to more than 10,000 square feet. Sovereign, which was named Best in Atlanta Real Estate in 2007, includes fine dining at Bistro Niko, a Buckhead Life Signature French restaurant and the services of the distinguished Buckhead Club. As a mixed-use new urban design, Sovereign offers unparalleled private pedestrian and automobile access to major roadways, restaurants, services, shopping and recreation. Residential sales at Sovereign are handled by Atlanta Fine Homes Sotheby's International Realty. For more information about Sovereign, please call 404-266-3344 or visit www.sovereignbuckhead.com.

About Regent Partners:
Established in 1988, Regent Partners, LLC is a leading Atlanta-based real estate development, investment and services firm. Currently the partnership has more than one half billion dollars in development projects under way. Since its inception the company has acquired and developed more than 10 million square feet of office, residential and hotel space valued in excess of $2.0 billion. Regent Partners' diverse portfolio includes hotel, residential, office, retail, mixed-use and land holdings. The senior management team consists of executives with more than 150 years of combined experience in acquiring, re-positioning, developing, managing, leasing and constructing commercial real estate assets. For more information about Regent Partners, visit www.regentpartners.com.
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Lending Industry Still Fighting Mortgage Modification as Foreclosure Crisis Continues

2009-12-10T17:00:00.000-05:00

/PRNewswire/ -- As the House debates the Wall Street Reform and Consumer Protection Act of 2009 this week, the lending industry continues to fight a mortgage modification provision that would allow bankruptcy judges to adjust the terms of mortgages to help struggling families as part of a broader effort to stem the worsening foreclosure crisis.

Lending industry opponents of the measure, some of the biggest recipients of federal bailout money, have spent lavishly on lobbying and campaign contributions in 2009. An analysis by Common Cause and Public Campaign shows that the coalition of banks opposed to the mortgage modification provision - including Citigroup, Bank of America, Wells Fargo and JPMorgan Chase & Co -- have spent more than $80 million on lobbying and more than $6 million on campaign contributions this year, according to data from the Center for Responsive Politics.

"These Wall Street banks were rescued by the taxpayers after they almost collapsed under their own bad investments," said Common Cause President Bob Edgar. "They took that money and are spending millions lobbying and making campaign contributions to stop proposals that would help those same taxpayers keep their homes."

"From regulatory reform to health care, campaign cash from Wall Street interests is permeating every corner of debate in Washington, D.C.," said Nick Nyhart, president and CEO of Public Campaign. "Congress must create a political system that works for all of us, not just those with money to spare. It's time to pass the Fair Elections Now Act."

The House is currently debating the Wall Street Reform and Consumer Protection Act of 2009 (HR 4173), the most significant overhaul of the financial industry since the New Deal. It may take up the bankruptcy amendment offered by Judiciary Committee Chairman John Conyers Jr. (D-MI) and Rep. Zoe Lofgren (D-CA) as soon as today. The House passed identical language in March, but the effort ran aground in the Senate.

Some House members want the Senate to reconsider the proposal, as most major lenders have not responded to the voluntary initiatives adopted in place of the bankruptcy provision. The Treasury Department estimates that only one-in-five eligible households have received government assistance through these voluntary programs.

Common Cause and Public Campaign continue to work to pass the Fair Elections Now Act (H.R. 1826 / S.752) as the comprehensive solution to the pay-to-play culture in Washington, D.C. exposed by the debate over regulatory reform. The legislation, sponsored by Sen. Dick Durbin (D-Ill.) and Rep. John Larson (D-Conn.) would create a citizen-funded election system for Congress in which candidates could run for office on a blend of small donations and public funds.

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Fattah's Emergency Mortgage Assistance Plan for the Jobless Moves Close to House Passage

2009-12-09T19:40:00.002-05:00

/PRNewswire/ -- A $3 billion emergency mortgage assistance program for unemployed homeowners -- authored by Congressman Chaka Fattah (D-PA) and based on a successful Pennsylvania program that Fattah helped create as a young state legislator -- is on the verge of passage in the House of Representatives.

"There's broad agreement that a major threat to homeowners today is loss of their homes because of unemployment and job distress through no fault of their own," Fattah said. "Our program is a game changer, especially for struggling homeowners in our cities and rural areas and for minorities. It will provide $3 billion in TARP funds for mortgage payments that will keep these families in their homes.

"This has been a six year effort in the House since I first introduced mortgage assistance of the unemployed in 2003, and now we're on the verge of success," Fattah said. "The Obama Administration supports this effort, and I look forward to passage in the Senate followed by the President's signature in the near future."

In Pennsylvania, unemployed and financially distressed homeowners have received $236 million in emergency mortgage assistance since 1983, when the Homeowners' Emergency Mortgage Assistance Program (HEMAP) was enacted by the Legislature. (Most of those loans have been repaid.) Fattah, as a 26-year-old freshman state representative, took the lead in designing and winning approval for the HEMAP program.

"HEMAP has been a big winner for homeowners in Pennsylvania, especially in our most impoverished urban and rural areas," Fattah said. "The program has drawn praise from housing and mortgage advocates in Philadelphia and elsewhere, and now it becomes the model for this much needed national scale-up."

Fattah's HEMA proposal was incorporated into H.R. 3766, the Main Street TARP Act, introduced by Chairman Barney Frank (D-Mass) of the Financial Services Committee, with Subcommittee Chairwoman Maxine Waters (D-CA) and Rep. Fattah as original cosponsors.

H.R. 3766 proposes to use unspent TARP (Troubled Asset Relief Program) funds to provide relief for distressed homeowners who are unable to meet their mortgage obligations due to financial hardship, as well as providing assistance to renters seeking affordable housing. The mortgage assistance provisions have been included in the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173).

Chairman Frank, sponsor of the overall Wall Street Reform bill, and Subcommittee Chairwoman Waters, have praised the Philadelphia Congressman's initiative on mortgage relief. Frank will include the Main Street TARP Act's key provisions into what's called the Manager's Amendment to the Wall Street Reform bill, which is scheduled for final action in the House this week.

Under Fattah's HEMA proposal, a lender must inform a homeowner in mortgage default about the HEMA program before the lender can begin foreclosure proceedings.

A homeowner found eligible to participate in the program then makes a partial mortgage payment to the U.S. Department of Housing and Urban Development instead of the lender. HUD subsequently pays the homeowner's entire monthly mortgage to the lender provided that the homeowner has a reasonable prospect of resuming mortgage payments within 24 months.

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Bankrate: Mortgage Rates Remain Near Record Lows

2009-12-03T09:00:00.002-05:00

/PRNewswire/ -- The average conforming 30-year fixed mortgage moved a touch higher from 5 percent to 5.01 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed mortgage set a new record low of 4.46 percent while the larger jumbo 30-year fixed rate inched lower to 6.02 percent. Adjustable rate mortgages posted mixed results, with the average 3-year ARM jumping to 4.77 percent and the 5-year ARM sinking to 4.52 percent.

Mortgage rates are at ultra-low levels because the Federal Reserve isn't showing any indication of raising interest rates soon and because investors around the globe maintain a healthy appetite for debt backed by the U.S. government. The demand for government debt and federally guaranteed mortgage-backed securities have kept bond prices elevated and held bond yields down. Mortgage rates are closely related to yields on government and mortgage-backed debt. However, there are no guarantees about how long mortgage rates will remain near record lows.

Mortgage rates are nearly one full percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 5.92 percent, meaning a $200,000 loan would have carried a monthly payment of $1,188.83. With the average rate now 5.01 percent, the monthly payment for the same size loan would be $1,074.87, a savings of $114 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 5.01% -- up from 5.00% last week (avg. points: 0.39)
15-year fixed: 4.46% -- down from 4.47% last week (avg. points: 0.32)
5/1 ARM: 4.52% -- down from 4.54% last week (avg. points: 0.30)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. The majority of panelists, 62 percent, expect mortgage rates to head higher and just 7 percent predict lower rates. Nearly one in three, or 31 percent, forecast that rates will remain more or less unchanged over the next 30 to 45 days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

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Tweaking Voluntary Measures Won't Stop Foreclosures

2009-11-30T20:44:00.002-05:00

/PRNewswire/ -- The following is a statement by Michael Calhoun, President, Center for Responsible Lending:

"The Obama administration's latest adjustments to its nine-month-old foreclosure prevention program do little but highlight the continued failure of lenders' voluntary efforts to stop the foreclosure crisis. The number of Americans in foreclosure continues to rise dramatically, with up to three million new foreclosure starts this year alone, a trend that undermines economic recovery.

To address the foreclosure crisis that's at the root of the current slump will require more comprehensive action. Specifically, Congress must:

-- Require loan companies stop foreclosure proceedings while loan
modifications are under consideration.
-- Require loan companies to work with homeowners in distress.
Recognizing that the current voluntary system has failed, the House
and Senate currently are considering bills to make loss mitigation
efforts mandatory.
-- Create a low-cost, short-term loan program for unemployed homeowners
who have no other option for keeping current on their mortgage.
-- Require Treasury to go beyond selectively publishing loan servicing
data and make all data available so the public - including taxpayers -
can better evaluate the program and the efforts of individual
companies.
-- Allow stressed homeowners the option of lowering their principal
mortgage balance, including through bankruptcy courts.

Lenders have insisted for almost three years now that they will voluntarily address the foreclosure crisis, but the record shows they've made too few long-term modifications. The HAMP program the administration introduced last spring was an improvement, but it was originally designed as just one part of the solution, along with allowing homeowners to seek loan modifications through the existing court system.

Without mandatory requirements and fully disclosed results, foreclosure prevention efforts--no matter how well-intentioned--will not succeed. And the cost of failure will be borne by not just struggling homeowners, but by their neighbors, communities, and the larger economy."

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Housing conference set for Dec. 17

2009-11-23T21:00:00.002-05:00

Real Estate Solutions: Best Practices for Today’s Housing Market—a daylong conference designed to help community leaders throughout Georgia return to the tax rolls abandoned, foreclosed and vacant homes, unfinished subdivisions, and abandoned developments—will be held Thursday, Dec. 17, at the Georgia Center for Continuing Education.

“Few communities in Georgia have been spared from the housing crisis,” according to Anne Sweaney, chair of the department of housing and consumer economics and director of the Housing and Demographics Research Center in the University of Georgia College of Family and Consumer Sciences. “Most communities have large numbers of unsold, unoccupied houses, and many have one or more partially developed subdivisions with vacant lots and vacant homes. In planning this conference, we have found some excellent strategies to deal with these challenges. Vacant homes and vacant lots take a toll on property tax revenue and can result in blight. Many communities, though they would not have chosen the crisis, are making it work for them.”

Among the speakers at the conference will be Dan Immergluck, associate professor of city and regional planning at Georgia Tech. Immergluck is the author of “Forclosed: High-Risk Lending, Deregulation and the Undermining of America’s Mortgage Market,” which was published this year. He has also conducted extensive research in the areas of housing and mortgage market finance; subprime lending, foreclosures and their community impacts; community reinvestment and fair lending; and the impacts of tax increment financing and related policies.

The conference will also include talks by Patricia Hoban-Moore, deputy regional director of the U.S. Housing and Urban Development department, and Shirley Sherrod, who is the state director of rural development for the U.S. Department of Agriculture. They will each provide their perspectives on housing issues following a video presentation by U.S. Sen. Johnny Isakson.

Several speakers from throughout Georgia will discuss how they are restoring properties to the tax rolls in their communities, Sweaney said, such as the city of Fitzgerald, which has taken advantage of the reduced price of foreclosed properties to improve housing affordability.

“Because Georgia benefited so greatly from the housing boom, we’re also in the top percentage nationwide in foreclosures,” she said. “However, leaders throughout the state have developed effective, sustainable strategies are addressing these issues and are eager to share their successes and discuss their challenges with their colleagues.”

In addition to local elected officials and government employees, the conference will also benefit real estate agents, mortgage bankers and lenders, homebuilders, developers, apartment property managers, non-profit housing organizations and others interested in housing and community development. Elected municipal officials attending the conference will receive a six-hour credit that can be applied toward certification from the Harold F. Holtz Municipal Training Institute.

Registration for the conference is $45 on or before Dec. 1 and $55 after Dec. 1. To register, call 1-800-884-1381 or 706-542-2134 or go to http://www.georgiacenter.uga.edu/conferences/2009/Dec/17/housing.phtml.

In addition to the College of Family and Consumer Sciences, the conference is sponsored by the UGA Office of the Vice President for Public Service and Outreach, the Association County Commissioners of Georgia, the Georgia Municipal Association, the Georgia Department of Community Affairs, and the Georgia Department of Labor. Additional partners include U.S. Department of Housing and Urban Development and the Georgia State Trade Association of Non Profit Developers.

For more information, call Karen Tinsley, 706-542-4949, or email her at klt@uga.edu.

By Denise Horton
University of Georgia

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Leslie Binion and Andy Rice Join Parks & Mottola Realty

2009-11-05T08:25:00.000-05:00

Local real estate brokerage adds experienced agents to its team

Parks & Mottola Realty welcomes two new REALTORS® to its ranks. Leslie Binion and Andy Rice recently joined the Newnan-based firm. Though new to the Parks & Mottola team, neither is new to real estate.

Newnan native Leslie Binion has been a licensed real estate agent since 2006. She holds a BA from Florida State University. Leslie also attended Southern College of Technology (now Southern Polytechnic Institute). Prior to real estate, Leslie worked at her family’s business, Brown Steel Contractors, owned and operated by her parents, Mrs. Pat Brown and the late Sam Brown. Leslie also worked in the technology field as a software engineer and a technical writer.

An equestrian enthusiast, Leslie has competed in eventing, dressage, and amateur Point-to-Points. For ten years she owned and operated Hidden Creek Farm, training and boarding horses. Leslie is a member of the Newnan Coweta Board of REALTORS®. She resides in Moreland with her two daughters, Kendal and Samantha.

Andy Rice is a life-long resident of Coweta County. He attended the University of Georgia and later earned degree in real estate from the State University of West Georgia. Andy has been an active Certified General Appraiser with over 12 years of experience appraising land, commercial, industrial, residential and special purpose properties. He is a MAI Designation Candidate. That professional designation is held by appraisers experienced in the valuation and evaluation of commercial, industrial, residential, and other properties, and who advise clients on real estate investment decisions.

Andy and his wife Rachel are active members of Newnan First United Methodist Church. They have two daughters and make their home in Newnan. In addition to real estate, Andy continues his work as an appraiser. He is a member of the Newnan Coweta Board of REALTORS®.

Parks & Mottola Realty, LLC, is a Newnan-based real estate company serving Coweta, Fayette, Heard, South Fulton, Meriwether, Troup and other counties for more than 24 years. Founded in 1985, Parks & Mottola employs more than 30 licensed salespeople specializing in residential, land, commercial and investment properties. The company has a full-time marketing and relocation director and is a member of Leading Real Estate Companies of the World®, a global network of 150,000 associates assisting individuals and corporations in the relocation process. Parks & Mottola also offers land-planning services through a Certified Land Planner and Registered Landscape Architect.

To contact Leslie or Andy or for more information on services or available properties, call 770.253.7005 or visit www.ParksandMottola.com.
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Isakson Praises Senate’s Unanimous Passage of Legislation to Extend, Expand Home Buyer Tax Credit

2009-11-04T22:03:00.001-05:00

‘This Bill in the End Is a Jobs Bill’

U.S. Senator Johnny Isakson, R-Ga., today praised the Senate’s unanimous passage of his legislation to extend and expand the first-time home buyer tax credit. The legislation passed by a vote of 98 to 0.

“The key to returning stability to the economy lies within the housing market, and we have crafted a meaningful credit that will create a strong foundation for future growth and make a measurable difference over the next seven months in our economy,” Isakson said. “Tax credits like this only work by creating the sense of urgency to take advantage of them. This is the last extension of the home buyer tax credit, and I urge all Americans whether they're first-time buyers who’ve always dreamed of having a home of their own or someone who's been gridlocked in the failure of our move-up market to take advantage of this opportunity.”

Isakson has worked with Senate leadership over the last two weeks to expand the home buyer tax credit to include buyers in the “trade-in” or “move-up” market, because he believes the real housing recession is with homeowners who are delaying purchasing their next home. The amendment would establish a new $6,500 tax credit for “move-up” buyers so long as the home they are leaving has been their principal residence for five years or more.

“We are about to do something very meaningful for the American economy,” Isakson said shortly before the vote. “This bill in the end is a jobs bill.”

Isakson added his extension and expansion of the home buyer tax credit to legislation to extend unemployment benefits. The bill now goes back to the House.

Both the $8,000 first-time home buyer tax credit as well as the $6,500 tax credit for “move-up” buyers would sunset on April 30, 2010. However, individuals who have contracts as of April 30, 2010, would still qualify for the credit so long as they complete the transaction within 60 days. The amendment establishes income limits of $125,000 for an individual or $225,000 for a couple for both credits. The cost of the home being purchased may not exceed $800,000 in order to be eligible for the credit.

For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return. Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date. However, this recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.

The amendment also includes anti-fraud language that gives the IRS the authority to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older, and requires a HUD-1 settlement statement to be attached when claiming the credit.

Isakson has pushed hard for a tax credit for home buyers since January 2008 because he knows that it will work. In the mid-1970s, America faced a similar housing crisis, and Congress responded by passing a $2,000 tax credit for anyone purchasing a new home for their principal residence. Isakson, who was in the real estate industry in Atlanta at the time, says the results were clear and swift as home values stabilized, housing inventory dropped and the market recovered.

Isakson spent more than three decades in the real estate business, beginning his business career in 1967 when he opened the first Cobb County, Ga., office of a small, family-owned real estate business, Northside Realty. Isakson later served as president of Northside for 20 years, presiding over the company’s growth into the largest independent residential real estate brokerage company in the Southeast and one of the largest in America.
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Coldwell Banker Bullard: Gordy Earns Agent Leader Status for Jackson Office

2009-10-27T21:19:00.000-04:00

Danielle Gordy has been named September Individual Agent Leader for the Jackson office of Coldwell Banker Bullard Realty. Julie Epperson was No. 2 and Debbie Ingram was No. 3.
Gordy attended Griffin Technical College’s real estate pre-license course in 2009 and upon passing the state licensing test joined Coldwell Banker Bullard Realty. Prior to entering real estate, Gordy received her Bachelor’s Degree in Criminal Justice from Clayton State College and University. She resides in Jackson with her husband and two year old son.

Avoidable Foreclosures Continue Despite Servicers' 'Loan Modifications'

2009-10-20T10:04:00.002-04:00

/PRNewswire/ -- Why have several recent programs designed to encourage loan modifications failed to slow America's still-worsening home mortgage foreclosure crisis? A new report from the National Consumer Law Center (NCLC) discloses that mortgage servicers - including many large banks - have found it cheaper to foreclose on homeowners than to offer loan modifications that would benefit homeowners and investors.

The result: Americans who might be able to stay in their homes under a loan modification plan are being moved right past that option and on to foreclosure.

The new NCLC report, "Why Servicers Foreclose, When They Should Modify, and Other Puzzles of Servicer Behavior," reveals that servicers, unlike investors or homeowners, generally don't risk losing money on foreclosures. In fact, servicers usually make money on foreclosures.

Report author Diane E. Thompson, an attorney with NCLC, said, "The country is in the midst of a foreclosure crisis of unprecedented proportions. Millions of families have lost their homes and millions more are expected to lose their homes in the next few years. With home values plummeting and layoffs common, homeowners are crumbling under the weight of mortgages that were at best only marginally affordable when made. One common sense solution to the foreclosure crisis is to modify the loan terms in more instances. Foreclosures are a costly ordeal for the homeowner, the lender, and the community. Yet they continue to outstrip loan modifications because servicers have no incentive to help borrowers stay in their homes."

Who are these servicers that profit from foreclosures? Servicers are the banks or financial companies that usually collect payments and administer mortgage loans. They play a key role in the current foreclosure crisis, since original lenders frequently sell loans to investment trusts that rely on servicers to carry out most day to day transactions. Homeowners seeking to save their homes by modifying unaffordable loans typically deal with servicers. That is why the financial interests of servicers have the potential to hurt homeowners.

And too many of those financial incentives encourage servicers to ignore the interests of homeowners. For example, the report found that servicers often deny homeowners principal and interest rate reductions because as servicers they find it profitable to offer repayment plans or forbearance agreements that do little to reduce homeowners' debt burdens.

The consequences of such choices can be grim for homeowners. As the NCLC report notes: "Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces the prospect of near certain loss if the loan is modified, and no penalty, but potential profit, if the home is foreclosed."

The NCLC report also found that the lack of third-party oversight allows servicers to pursue foreclosure instead of effective loan modifications that would benefit homeowners as well as investors. While credit rating agencies and bond insurers do monitor servicers, their oversight too often encourages servicers to foreclose.

The NCLC report includes a detailed examination of loans in foreclosure from 1995-2009 and how components of servicer compensation affected the likelihood and speed of foreclosure. It also looks at the rise of the servicer industry as a by-product of securitization; and the limited, but only effective oversight of servicers by credit rating agencies and bond insurers.

RECOMMENDED REFORMS

Thompson said: "The people who could change the way servicers are doing business - Congress, the Administration, and the Securities and Exchange Commission - and the market participants who set the terms of engagement - credit rating agencies and bond insurers - have failed to provide servicers with the necessary incentives to reduce foreclosures and increase loan modifications."

The NCLC report outlines the following action steps:

-- Avoid irresponsible lending through regulation of loan origination
-- Mandate loan modifications before a foreclosure
-- Fund quality mediation programs
-- Provide for principal reductions on existing loans in the
Administration's Home Affordable Modification Program (HAMP) and
through bankruptcy reform
-- Increase automated and standardized loan modifications for borrowers
in default and provide a safety net for borrowers for whom a
standardized modification is not affordable or who later default,
through no fault of their own, on a loan modification
-- Ease accounting rules for modifications to facilitate standardized
review, encourage long-term modifications, and enhance servicer
recovery of the expenses incurred in performing a modification
-- Require more transparency and uniformity in how servicers report loan
modifications to investors
-- Limit fees charged borrowers in default to reasonable and necessary
ones

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Cash for Clunker Mortgages Program Unveiled

2009-10-19T13:37:00.002-04:00

/PRNewswire/ -- The Cash for Clunker Cars program ended on August 24, but another stimulus program has recently been established. The Cash for Clunker Mortgages program begins October 19 and enables holders of nonperforming mortgages to trade them in for cash.

Holders of nonperforming First Mortgages are losing money each month as holding costs accrue and property values deteriorate. In an effort to allow lenders and servicers to focus their efforts on the loans more likely to qualify for the Home Affordable Mortgage Program (HAMP), Cash for Clunker Mortgages will pay competitive prices for nonperforming First Mortgages. Nonperforming loans, particularly those in bankruptcy or other litigation, demand a disproportionate amount of time and effort to service. Thus, loans eligible for Cash for Clunker Mortgages include charge offs, those secured by low-value homes and those owned by borrowers in bankruptcy or litigation, all of which are high maintenance for the servicing industry.

In an effort to provide prompt dispositions of these assets, Preliminary Indicative Bids will be furnished within 48-hours. Once the Preliminary Indicative Bid is approved by the seller, due diligence will be completed on the mortgages. Funding typically occurs within 3 to 4 weeks of receiving summary loan data. Cash for Clunker Mortgages is open to all holders of nonperforming mortgages secured by single family homes and 2 - 4 unit properties anywhere in the United States. Furthermore, both bulk pools and single assets are eligible.

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Freddie Mac CEO Charles E. 'Ed' Haldeman, Jr. Statement on New Initiative for State and Local Housing Finance Agencies

2009-10-19T13:32:00.002-04:00

/PRNewswire/ -- The following statement was released today by Charles E. "Ed" Haldeman, Jr., Chief Executive Officer, Freddie Mac (NYSE:FRE) :

"We are pleased that President Obama and Secretary Geithner are calling on Freddie Mac to play a central role in this new phase of the Homeowner Affordability and Stability Plan. This will give critical credit and liquidity support to our nation's state and local housing finance agencies when they need it most."

"Today's announcement marks a new and important way to reinvigorate the nation's housing markets and underscores Freddie Mac's vital role in the nation's economic recovery."

"We look forward to working with state and local housing finance agencies, the Administration and the Federal Housing Finance Agency over the coming months to implement this crucial initiative to deliver affordable housing credit to local markets across the nation."

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St. Simons Island, Georgia to Offer Oceanfront Estate, Villas, Lots at J. P. King Real Estate Auction

2009-10-17T08:21:00.001-04:00

(BUSINESS WIRE)--J. P. King Auction Company, the nation’s leading real estate auction company specializing in high-value properties, is managing the real estate auction of an oceanfront estate, ocean-view villas and beach-view lots on St. Simons Island. The real estate auction will take place on-site, Saturday, October 24, at 2:00 p.m.

“St. Simons Island provides the ultimate in coastal living,” said Craig King, president & CEO of J. P. King Auction Company. “It is one of Georgia's renowned Golden Isles and is well known as a resort community with top-tier golf courses, tennis courts, shopping, art galleries and a variety of restaurants.”

St. Simons Island properties include the following:

* The crown jewel of St. Simons Island, the Idea House is an oceanfront estate located in a gated community on the widest stretch of St. Simon’s beach. It contains three bedrooms and three bathrooms that are situated on 80+/- feet of beach frontage. The home was once designated as “Idea House” by Coastal Living. The most spectacular home site in Georgia, its upper-level master suite is designed with his-and-her baths and ocean views from the master suite. On the main level of the Idea House, two guest suites surround a state-of-the art kitchen and living area along with a wraparound deck that overlooks St. Simons beach. Below the home, the property features a cabana with a spa.
* Two ocean view Villas at Coast Cottages are selling absolute. The four-story villas contain four bedrooms and 4.5 baths. The entry-level floor features a dipping pool and parking garage while three bedrooms and three baths are on the next floor. On the main level is a large living and dining area with a state-of-the-art kitchen, a porch and a half bath. The oversize master suite is located on the top floor with a porch and large sleeping porch or office study. Each villa also features its own rooftop deck with expansive views of the ocean.

* Four ocean-view lots are selling absolute. Two lots with beach access are located within the Villas at Coast Cottages development. They were originally designed for two villas per lot or for a single family home. Additionally, two prime ocean-view residential lots are located on Bruce Drive, which is the prestigious East Beach area of St. Simons Island.

“We felt that the best way to market and sell these properties was through a high-end quality auction house such as J. P. King Auction Company,” said owner Denval Hamby. “We are working on another project that is nearby and decided the best way to move forward with these properties was by conducting an inventory close-out sale.”

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FDIC Real Estate Auction to Offer More Than 100 Properties in Atlanta and North Georgia

2009-10-16T07:21:00.002-04:00

(BUSINESS WIRE)--J.P. King Auction Company, the nation’s leading real estate auction firm, will manage the Federal Deposit Insurance Corporation’s (FDIC) auction of over 100 foreclosed properties throughout North Georgia and greater Atlanta. The sale will take place on October 27 and October 28, 10 a.m. daily at the Renaissance Waverly Hotel in Atlanta. A variety of assets are available, and many of each property type will sell absolute with no minimums and no reserves through J.P. King’s Asset Auctions Division.

The sale will offer single-family homes, townhomes and home lots. The residential properties range from one-bedroom condos to six-bedroom homes. Commercial properties include office condos, office buildings, warehouses and a convenience store with gas station and car wash. Land properties range from smaller commercial development land to 137+/- acre agricultural land.

“Whether you are a developer or investor looking for great opportunities in the Atlanta area or a first time buyer still seeking to take advantage of the $8,000 tax credit, the FDIC sale can accommodate every need,” said Craig King, president & CEO of J.P. King Auction Company.

Property locations include the Atlanta city limits and surrounding cities such as Hampton, Convington, Athens, Alpharetta, Greensboro, McDonough and other areas covering much of North Georgia.

Properties will be open for inspection at designated times during the weeks leading up to the auction, which will be posted on www.jpking.com. Individuals interested in information about the upcoming auction may contact J.P. King’s Asset Auctions Division at 800.558.5464 or visit the company’s Web site. Online bidding will be available and interested participants can visit the Web site for additional information. A $1,000 per property registration fee is required via cashier’s check.

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Consumer Credit Counseling Service of Greater Atlanta Receives $3.5 Million Grant to Support Foreclosure Prevention Counseling Efforts

2009-10-07T12:00:00.001-04:00

/PRNewswire/ -- Consumer Credit Counseling Service (CCCS) of Greater Atlanta today announced that it has received a $3.5 million grant to support its national foreclosure prevention counseling efforts in several metropolitan areas. The much-needed boost will enable CCCS of Greater Atlanta to provide more foreclosure counseling than ever before to homeowners in danger of foreclosure.

"This grant will enable us to help homeowners in metropolitan areas that have been hit hardest by the nation's foreclosure crisis," said Suzanne Boas, president of CCCS of Greater Atlanta. "At no cost to the homeowner, counseling provides people with information and resources to help them avoid foreclosure. This is most effective when they reach out for help shortly after they become delinquent on their mortgage payments. We hope people concerned about foreclosure will call us for assistance at 800-251-2227."

Funds from this grant will enable CCCS of Greater Atlanta to conduct 18,400 foreclosure prevention counseling sessions. Based on the agency's historic client distribution, the 10 largest Metropolitan Statistical Areas (MSAs) that will benefit most from the grant are: Atlanta, Miami/Fort Lauderdale, New York/Northern New Jersey, Los Angeles, Washington, D.C., Orlando, Chicago, Tampa/St. Petersburg, Riverside/San Bernardino, Calif., and Phoenix.

The grant to support CCCS of Greater Atlanta's foreclosure intervention efforts was provided by funds from the National Foreclosure Mitigation Counseling Program. The initial funding was provided by Congress in the fiscal 2008 Consolidated Appropriations Act. Additional funding was provided through the Housing and Economic Recovery Act of 2008 and the Omnibus Appropriations Act of 2009.

The National Foreclosure Mitigation Counseling Program is administered through a competitive application process by NeighborWorks® America, within guidelines defined by Congressional legislation. NeighborWorks America is an independent, Congressionally-chartered non-profit organization based in Washington, D.C., with a mission to provide access to sustainable homeownership and safe, affordable rental housing.

The $3.5 million grant is the highest amount awarded to any single organization by NeighborWorks America. Four other nonprofit housing organizations also received $3.5 million.

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Mortgage Programs Fall Short in Keeping Homeowners out of Foreclosure

2009-10-07T08:32:00.002-04:00

Economists debate whether or not the country is actually currently in a recession. Some say that there are positive signs that we have reached the bottom and the economy is turning around. Others, however, suggest that the country still has a long way to go and it may be years yet before we truly reach financial recovery. Regardless of who is right though, one thing is clear: many people are facing significant financial hardships and need help now.

For many, the place they need the most help is keeping their homes out of foreclosure. The sub-prime mortgage disaster has left many people unable to make their monthly payments and facing the prospect of losing their homes.

In an effort to prevent the national economy from worsening and help alleviate some of the suffering felt by homeowners, the Obama Administration introduced the "Making Homes Affordable" plan last March. So far, however, the plan has failed to have the effect the Administration claimed it would, reaching far fewer homeowners than the millions promised.

Federal Programs to Refinance and Restructure Mortgages

Making Homes Affordable created two programs meant to help homeowners keep their homes out of foreclosure by either refinancing or restructuring their home loan debt.

The first program, the Home Affordable Refinance Program(HARP), is meant to help those homeowners who want to refinance their mortgages, but are unable to secure traditional refinancing because their home has lost value in the depressed market. HARP is only open to homeowners who have their loans owned or guaranteed by the government-run Fannie Mae or Freddie Mac. Additionally, refinancing through HARP will not lower or otherwise impact the principal owed on the loan.

Other eligibility requirements of the refinancing program include:
-Homeowners must be current on their mortgage payments
-Homeowners cannot have been more than 30 days late on a payment within the last 12 months
-The amount owed on the first mortgage cannot be more than 125% of the current market value of the home
-The homeowner must be able to demonstrate a reasonable ability to pay the refinanced amount

The second program, the Home Affordable Modification Program(HAMP), applies to homeowners who are delinquent in the mortgage payments and either in foreclosure or facing the immediate threat of foreclosure. Once a homeowner's application is in review for the program, any foreclosure proceedings against him or her must be stayed until an eligibility decision is made.

To be eligible for HAMP, homeowners must demonstrate a financial hardship that makes it impossible for them to meet their mortgage obligations. This financial hardship may include things like unemployment and medical expenses. Some of the other qualifications homeowners must meet include:
-The unpaid principal balance on a single home cannot be more than $729,000
-The monthly mortgage payment must be more than 31% of the homeowner's monthly pre-tax income
-The first mortgage on the home must have originated on or after January 1, 2009
-The home must be the primary residence

If the homeowner has more than one mortgage lien on the property, only the first mortgage is eligible for modification under the program.

Criticisms of the Federal Programs

Even as the federal government continues to laud the successes of its Making Homes Affordable programs, those who have sought acceptance into either program are telling a different story. Some of the chief criticisms of the federal mortgage programs include:
- The programs are not helping as many people as the Administration claimed they would. According to reports, only 6% of the 4 million eligible homeowners are participating in the refinancing or restructuring programs. As of September, 88% of the 1 million ARM mortgages had not been modified or refinanced. Only 575,000 homeowners have been offered a trial program and of those, only 360,000 currently are underway.
- The programs only are mandatory for federal lenders and not private ones. Right now, private lenders like Bank of America and Citigroup are not required to participate in either program. Given that private lenders hold 85% of the 14 million mortgages in the country, their participation is necessary to offer any real relief.
- Voluntary involvement by private lenders is limited. Even though the federal government is pushing private lenders to become more involved - and giving them bail-out money as an incentive - the participation rates by private banks and other lenders are still low. Recent reports put JP Morgan Chase at the top of the list, having enrolled 20% of its eligible customers in the federal program. Wells Fargo and Bank of America round-out the bottom of the list with 6% and 4% respective enrollment.
- The process itself is difficult for homeowners. When homeowners are deemed eligible to participate in the program, they are buried under paperwork and may be forced to wait months before they obtain final approval. Many private lenders do not have the resources or personnel to handle the onslaught of requests, leading to lost documents, duplicate requests and long waits. The process is confusing at best, making it not worth the hassle for some frustrated homeowners.
- The programs do not offer relief to those who need it most.Arguably the biggest problem with the program is that it fails to help those in the worst financial straits. Homeowners behind in their payments are not eligible for the refinancing option. Those who qualify for the restructuring option must be able to make three payments on-time during the trial period in order to secure final approval for the restructured mortgage. If they fail to do so, they are dropped from the trial program and their home is subject to foreclosure. It stands to reason that an option should be made available for those in the worst financial conditions who cannot meet the eligibility requirements for either program.

Conclusion

People who have found themselves behind on their mortgages and facing foreclosure have other options besides seeking participation in one of the federally-sponsored Making Homes Affordable programs. Lenders have created their own refinancing and restructuring programs for many homeowners. If a bank program is not an option, homeowners may be able to keep their home out of foreclosure by negotiating a private settlement with the lender or filing for Chapter 13 bankruptcy protection.

Even though the unemployment and foreclosure numbers in Louisiana are considered moderate when compared to other states, this does not mean people in the state are not suffering from the economic downturn. According to the Louisiana Economic Vital statistics, foreclosures in Louisiana increased by 46% in August 2009 over the prior month. For more information on your legal options to reduce debt, contact an experienced attorney.

Article provided by Grand Law Firm
Visit us at www.grandlawfirm.com

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Valerie Levin Promoted to Recruiting Director at Prudential Georgia Realty

2009-10-03T20:55:00.003-04:00

Real estate professional Valerie Levin has just been promoted to senior recruiting director at Prudential Georgia Realty. With the firm since the start of 2007, she previously served as assistant broker and part-time recruiter at the firm’s Midtown office. Levin will continue to be based out of the Midtown location on Peachtree Street, but will oversee agent recruitment around metro Atlanta for Prudential’s nearly two dozen branch offices.

Possessing more than 20 years real estate sales and management experience, Valerie also has experience as a legal headhunter. She plans to put this experience and her knowledge of the Atlanta real estate market to good use in the continued expansion of Prudential Georgia Realty’s 1,200-agent sales team.

“My plan is to focus on seasoned talent who are serious about their business, but are not being given the numerous technology, training and agent support tools offered by Prudential,” said Valerie Levin. Her vision also includes creating enough need to add two additional recruiters under her by the end of 2010.

Valerie got her start in the real estate industry by making prospecting calls for a top producer in real estate while working her way through college. She quickly got the real estate bug and never looked back. “Real estate is and always will be a wonderful career for self-motivated individuals. Regardless, of what you may hear in the media, if you have good support as we do at Prudential and are willing to put in the time prospecting and networking, you will be a success!”

Valerie is a member of the Atlanta Board of Realtors, where she is a life member of the board’s Million Dollar Club for high annual sales production, the Georgia Association of Realtors and the National Association of Realtors. She earned her broker’s license in 1989, her Accredited Buyer Representative (ABR) designation and invested her time and money in a personal business coaching program with the well-known Mike Ferry organization. “Prudential has their own business coach for their agents and all it costs the agents is their willingness to be held accountable. Quite progressive thinking,” says Levin.

“Prudential is committed to maintaining and expanding its sales team with the best agents in metro Atlanta. Right now, we are probably one of very few real estate firms in the area, if not the only real estate company, to commit to having a full-time recruiting director,” said Prudential Georgia Realty President and CEO Dan Forsman.

For more information about becoming an agent at Prudential Georgia Realty, visit www.PrudentialGA.com to learn about the complete menu of agent services, the firm’s DreamBuilder and TeamBuilder programs and the numerous ways the firm is at the forefront of technology in the region. To contact Senior Recruiting Director Valerie Levin for a confidential career consultation, call her directly at 404-879-7009 or e-mail vlevin@PrudentialGeorgia.com.

Prudential Georgia Realty is an independently owned and operated member of Prudential Real Estate Affiliates, a full-service residential and commercial real estate network with offices throughout the U.S. and Canada. Ranked by Real Estate Magazine as one of the top 100 real estate companies in the U.S., Prudential Georgia Realty placed 43rd for most 2008 sales in the real estate trade magazine’s 2009 Power Broker Report. It is the 12th largest Prudential real estate affiliate in North America.

Prudential Georgia Realty recently became the first large brokerage company in the nation to win the Realtor.com Online Marketing Award of Excellence. For five consecutive years, the Atlanta-based firm has been honored with a Consumers’ Choice Award as Best in Class for Executive Home Sales in metro Atlanta. Prudential Georgia Realty annually has real estate sales well in excess of $1.5 billion and just completed its 45th year serving metro Atlanta. Search all available properties including Atlanta new homes and Atlanta foreclosures at PrudentialGA.com.

To learn more about the state of the Atlanta real estate market, visit www.atlantarealestate2009.com to view a quarterly-updated, information-filled video by Prudential Georgia Realty President and CEO Dan Forsman with local housing market outlook details.
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J. P. King Auction Company to Sell Historic Thomasville Georgia Plantation at Real Estate Auction

2009-10-01T08:58:00.002-04:00

(BUSINESS WIRE)--Historic Coalson Plantation in Thomasville, Ga., will sell at real estate auction on-site on Thursday, October 8 at 1 p.m. J. P. King Auction Company, the nation’s leading real estate auction company specializing in high-value properties, is managing the auction of the plantation. The Coalson Plantation will sell to the highest bidder.

“The Coalson Plantation has an authentic Southern Charm that truly takes its visitors back to an era gone by,” said Craig King, president & CEO of J. P. King Auction Company. “The historic plantation has 33 guest rooms with 35 full bathrooms and 13 half bathrooms, making it a prime candidate for a resort in renowned Thomasville.”

The historic mansion is located on 37+/- acres and was originally constructed in the 1800’s. The property features all of the luxury amenities of an elite resort including a fitness center, pool house, Showboat Theater, six brick cottages, honeymoon suite, equestrian facility, tennis court, private gardens and a commercial kitchen. The plantation will sell fully furnished including maintenance and workout equipment.

“This historical plantation is a true treasure with all of its different property themes throughout,” said majority owner Jim Steiner. “The property is perfect for entertaining family or corporate retreats. The numerous amenities including the main house, village and Showboat Theatre can easily accommodate a large party and still provide a feeling of quaint intimacy.”

The Plantation features include:

* Main house was originally built in 1825. It has 11 guest suites and includes a commercial kitchen.
* Honeymoon Suite has historic antique columns with 10-foot ceilings. It includes a bathroom with double sinks and double-jetted tub.
* Showboat Theatre was designed to resemble the stage of Broadway’s Showboat Theatre. The Theatre was built in 1934 and hosted the first private screening of Gone with the Wind.
* Village at Coalson is walking distance from the Main House. It is comprised of six brick cottages with Georgian Revival architecture and includes the Bowden Presidential Suite with wet bar, large-screen television and theatre surrounds system.

Thomasville is known as the City of Roses and famous for its quail hunting. Downtown Thomasville is located only minutes from Coalson Plantation and offers exceptional shopping and dining while remaining only a 30-minute drive to all the sporting and recreational events of Tallahassee, Fla.

For more information about the upcoming auction, individuals may contact J. P. King Auction Co. at 800.558.5464 or visit the company’s Web site at www.jpking.com.

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Rasmussen on First-Time Home Buyers Tax Credits

2009-09-23T13:09:00.000-04:00

Most Like Tax Credits for First-Time Home Buyers, But 47% Oppose Continuing Them

Most Americans favor the soon-to-expire program that provides first-time home buyers with tax credits of up to $8,000, at least until they hear how much it costs. A new Rasmussen Reports national telephone survey finds that 58% of adults support the tax-credit program passed by Congress to help the sluggish U.S. housing market. Just 24% oppose it, with 18% not sure.

Most Like Tax Credits for First-Time Home Buyers, But 47% Oppose Continuing Them

Bowen Family Homes’ Model Home at Stonehaven Terrace for Sale

2009-09-12T23:31:00.000-04:00

Fully furnished townhome move-in ready

Bowen Family Homes recently announced that its fully furnished model home at its Stonehaven Terrace community in Cumming is on the market. The beautifully designed, 1799 square-foot home includes three bedrooms, two full bathrooms and one half bathroom and is priced to sell at $174,900.

The furnished home is a highly sought after end unit and comes complete with window treatments, furniture and appliances. Homebuyers will be impressed by the townhome’s cozy center family room and corner fireplace that is welcoming not only for its owner, but guests and out of town relatives as well. A spacious kitchen and bright Morning Room, makes this an ideal location for homeowners who love to spend time in the kitchen.

“This is a wonderful opportunity for someone who is interested in a country club style lifestyle without the country club style prices,” said Kelly Fink, Bowen Family Homes’ marketing director. “The home comes beautifully furnished, which will lower the eventual homeowner’s cost dramatically.”

The unique master planned community that features150 townhomes, offers over 10 acres of recreational amenities, including an elegant clubhouse where families can gather and entertain. A junior Olympic pool with slide and an aquatic play park where young children can splash, to multipurpose fields where residents can go for a pick-up game of their favorite sport, also highlight this Forsyth County community. Six tennis courts are lighted for play into the late hours, and sidewalks and streetlights throughout the community connect everything for easy, safe access. The community also features a dog park where residents can take their four-legged friends for playtime and to meet with their neighbors.

Families residing at Stonehaven Terrace are served by Whitlow Elementary, Otwell Middle and Forsyth Central High schools. The community is located only 2 miles to The Avenue at Forsyth and is only minutes from GA 400. To visit, travel on Ga. 400 North to Exit 13 (141/Peachtree Parkway) and turn left onto 141. Turn right onto Highway 9, then left onto Piney Grove Road. Stonehaven Terrace is half of a mile on the right. For more information on Stonehaven Terrace call on-site sales agent David Kunis at (770) 844-0779 or 1-877 MY BOWEN.

Since 1969 the Bowen name has stood for excellence in new home construction and community development. Recognized as the 25th largest privately owned builder in the country by Builder Magazine for 2005, Bowen Family Homes is a dynamic homebuilder with operations in Georgia, Florida and Texas. The Atlanta Business Chronicle ranked Bowen Family Homes 5th among metro Atlanta builders in 2007 and 40th among Atlanta’s Top 100 Private Companies for 2007. Additionally, Bowen Family Homes was named the Georgia Family Business of the Year for medium sized companies by Georgia Trend and the Cox Family Enterprise Center at Kennesaw State University in 2006.

Bowen Family Homes was ranked 83rd on the 2007 Professional Builder Giant 400 largest homebuilders in the United States list. These successes have been achieved by simply offering the best new home value in all price ranges. Earlier this year Bowen Family Homes launched their social media marketing plan with a new company blog, www.bowenfamilyhomesblog.com and presence on several social media outlets such as Twitter, twitter.com/bowenfamilyhome, Facebook, www.facebook.com/bowenfamilyhomes and YouTube. For more information about Bowen Family Homes, please call their Atlanta region headquarters at 678-325-4554 or 1-877- MY BOWEN or visit online at www.bowenfamilyhomes.com.

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Prudential Georgia Realty Announces New Leadership Team for its Midtown Office

2009-09-12T10:55:00.001-04:00

Experienced real estate professionals Dale Modica and Anne Miller have joined Prudential Georgia Realty as the broker team for the Midtown office. The branch, located at 1409 Peachtree Street in Atlanta, has been an award-winning office within the company.

Formerly the broker team at the Harry Norman Realtors Intown office, Dale will serve as managing broker and Anne is the assistant broker. They will continue to expand the office’s team of real estate professionals and are actively interviewing experienced agents who wish to join a local real estate firm at the forefront of technology and agent training.

“We have watched Prudential grow and prosper inside the perimeter. Their technology and resources for agents are second to none in the area,” said Dale Modica. “And now, as part of the Prudential management team, we can’t wait to lead and grow the Midtown office.”

They each have nearly 25 years real estate experience, are members of the Atlanta Board of Realtors, the Georgia Association of Realtors and the National Association of Realtors. Dale is a life member of the Atlanta Board’s Million Dollar Club, earning its Phoenix Award in 1997, and serves on the Board’s Grievance Committee. Anne is an Atlanta native and Georgia State University graduate.

“Prudential is excited about the opportunity to continue to expand our presence in the Midtown, Intown, Decatur and Buckhead markets. Our company has made significant gains in market share over the past two years,” said Prudential Georgia Realty President and CEO Dan Forsman. “Our innovations in property marketing, agent skills development, technology and agent support are showing in real results for our associates.”

Among these innovations are adding a Job Loss Protection program for home buyers in June (details at www.getjoblossprotection.com); online property search options in several languages; ability to save these searches and receive e-mail notifications when new listings match search criteria; and online search capabilities at www.PrudentialGA.com for foreclosure and bank-owned (REO) properties.

For more information about the Midtown and Intown real estate market or foreclosure properties, call the Prudential Georgia Realty Midtown office at 404-266-8100 or visit www.Midtown.PrudentialGA.com.

Prudential Georgia Realty is an independently owned and operated member of Prudential Real Estate Affiliates, a full-service residential and commercial real estate network with offices throughout the U.S. and Canada. Ranked by Real Estate Magazine as one of the top 100 real estate companies in the U.S., Prudential Georgia Realty placed 43rd for most 2008 sales in the real estate trade magazine’s 2009 Power Broker Report. It is the 12th largest Prudential real estate affiliate in North America.

Prudential Georgia Realty recently became the first large brokerage company in the nation to win the Realtor.com Online Marketing Award of Excellence. For the last five consecutive years, the Atlanta-based firm has been honored with a Consumers’ Choice Award as Best in Class for Executive Home Sales in metro Atlanta. Prudential Georgia Realty annually has real estate sales well in excess of $1.5 billion and just completed its 45th year serving metro Atlanta. The company has some 23 locations in metro Atlanta and 1,200 Realtors. Search all available properties including Atlanta new homes and Atlanta foreclosures at PrudentialGA.com. To learn more about the state of the Atlanta real estate market, visit www.atlantarealestate2009.com to view a quarterly-updated, information-filled video by Prudential Georgia Realty President and CEO Dan Forsman with local housing market outlook details.
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Construction Resources Joins Elite Artisan Group

2009-09-08T16:08:00.000-04:00

Atlanta Kitchen is Georgia's only provider of premium Artisan Stone Collection countertops

Construction Resources, Inc. is proud to be selected as a member of the Artisan Group, a national organization of over 30 independent granite fabricators who have joined together to offer Artisan Stone Collection™, the first and only brand of granite wholly owned by Artisan Group, with a comprehensive lifetime warranty, Heritage Wood™ countertops and Kohler® sinks and faucets. The Artisan Stone Collection™ is the first and only natural stone countertop with a residential limited lifetime warranty, available in Georgia exclusively through Construction Resources' Atlanta Kitchen, Inc. The collection includes a choice of 25 unique stones from sources around the world, each with their own natural characteristics.

Artisan Group members are dedicated to the art and craft of working with natural stone to create countertops of lasting beauty. Members like Construction Resources offer the highest quality granite and wood surfaces from all over the globe and use proven and accredited manufacturing techniques to fabricate and install stunning countertops that will last a lifetime. All Artisan Group members must achieve accreditation from the Marble Institute of America further ensuring absolute perfect craftsmanship.

“We are excited about our partnership with the Artisan Group because with it, we are able to offer the industry’s first and most comprehensive lifetime warranty, ensuring that homeowners are making a wise investment that will bring years of satisfaction and tremendous value. We are certain that this is something that customers will embrace,” says Mitch Hires of Construction Resources. “The partnership also gives us the advantage of the Artisan Stone Collection, which is backed by the people who choose the slab, fabricate and install it and own the brand. Because we share best practices and buying power we are able to offer unbeatable prices and the best warranties in the industry.”

In addition to the Artisan Stone Collection, Artisan Group members offer Heritage Wood, a line of custom, high-end, solid wood countertops. The Heritage Wood line includes extensive choices from the world's finest domestic, exotic and reclaimed woods. When properly treated, solid wood surfaces are waterproof, heat- resistant, stain-resistant, sanitary, food safe and low maintenance.
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