Homeowners Need to Consider Possible Legal Issues Before Deciding to 'Walk Away' from Mortgage Payment

/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

/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

/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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Landmark Civil Rights Agreement Will Increase Housing Accessibility Across Country

/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

/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

/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

(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

(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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Lending Industry Still Fighting Mortgage Modification as Foreclosure Crisis Continues

/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

/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

/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

/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

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

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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Valerie Levin Promoted to Recruiting Director at Prudential Georgia Realty

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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Bowen Family Homes’ Model Home at Stonehaven Terrace for Sale

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

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

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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Veritas Homes Sees Exceptional Success at Water Stone Crossing

Georgia builder sells 29 new townhomes in six months at suburban Atlanta community

Ask this small home builder about Georgia's troubled housing market and you might not believe his response. Veritas Homes, a Georgia-based design/build home building company has seen phenomenal success at Hall County's Water Stone Crossing, selling 29 new townhomes there in the first seven months of 2009. Water Stone Crossing is a 200-unit Flowery Branch community with townhomes priced from $99,900.

“It is the affordability and value of the homes at Water Stone Crossing that has made the community such a success.” says John Gatlin, president of Veritas Homes.

“The homes at Water Stone are perfect for first time buyers, families and retirees looking for a quiet community of friendly neighbors, great amenities and a new home, at a price that competes with resale homes,” continues Randall Moore, director of sales and marketing of Veritas Homes. At Water Stone, buyers can get the quality and security of a new home built by Veritas Homes at or lower than resale home prices.”

Water Stone Crossing is located just off I-985 and offers 1,600 and up square foot townhomes with single-car garages. Homes are built with either three bedrooms or two master suites and include top of the line standard features such as tile backsplashes and crown molding. Hardwood floors, fireplaces, cultured marble vanities, 9-foot first-floor ceilings and vaulted ceilings are also available.

Amenities at Water Stone include a pool and cabana, park, fully equipped playground, basketball court and double sidewalks. The community has a homeowners association that covers lawn maintenance, as well as amenity and common area maintenance. Children at Water Stone attend Flowery Branch Elementary, West Hall Middle and West Hall High schools.

To visit Water Stone, take I-985 North to Exit 12 (Spout Springs Road) and turn left. Turn right on Thurman Tanner Road and left on Cantrell Road. Water Stone Crossing is on the right.

Georgia-based Veritas Homes is a family owned company founded on family and Christian morals. The knowledgeable staff at Veritas Homes averages over 20 years experience in the home building industry. Veritas Homes has four outstanding subdivisions destined to be reputable, quality living areas: Sycamore Glen, Lynnfield Park, Creekside at Pinecrest and Sandy Creek. The goal at Veritas Homes is to provide quality homes that will facilitate their client’s needs, making their dreams come true. For more information on Veritas Homes, call 770-614-4698 or visit www.veritashomes.net.
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Windsong Properties Introduces New Floorplan at Somerset

Active Adult Builder announces Worthington model

Windsong Properties, Atlanta’s premier active adult courtyard home builder, is proud to announce its newest floorplan, the Worthington Model at its Somerset community in Woodstock. The floorplan includes 2269 square feet of heated living space with an additional 271 square feet of attic space. Currently priced at $286,000, the model includes three bedrooms, two and one-half bathrooms with the option of adding a garden tub in the master bath. The floorplan expertly designed to suit the specific needs of active adults, features 9-foot ceilings with crown molding and hardwood floors in the main living areas.

“We offer active adults the opportunity to choose from five different floorplans at our Somerset community,” said Steve Romeyn, managing partner of Windsong Communities. “Recently, we have seen an increase of homebuyers interested in our Worthington Model site unseen. We have sold three in the last two and half weeks alone.”

Somerset previously offered four ranch-style floorplans: the Hamilton, the Lexington, the Hampton and the Drayton. The Hamilton floorplan features ten-foot ceilings, three bedrooms and two and one half baths while the Lexington is slightly larger with ten-foot ceilings, three bedrooms and three baths. The Hampton, similar to the Hamilton includes 9-foot ceilings, three bedrooms, three bathrooms with the option of either a study or dining room. The Drayton floorplan, similar to the Worthington includes ten-foot ceilings, three bedrooms, two and one-half bathrooms and the option of adding a sun room or upstairs bonus room.

Windsong distinguishes themselves from other active adult builders by offering buyers the opportunity to make structural modifications to their home plans. All of the homes at Somerset offer elegant details, such as private courtyards with garden retreats; rocking chair front porches; ten-foot ceilings with crown molding; and large master suites with baths that have separate vanities, garden tubs, tile showers with seats and ceramic tile floors.

Every home that Windsong Properties builds meets EasyLiving Homes© standards – no-step access, wide doorways, lever handles, and other amenities that facilitate changing life situations. All of the homes at Somerset are qualified by Southface as EarthCraft Home© and Energy Star certified. This assures that the homes have a lower cost to operate, are healthier and more comfortable and reduce the impact on the environment.

Somerset is located just two and a half miles west of I-575. Take I-75 North to I-575 North to Exit 8. Travel west on Towne Lake Parkway, staying straight on Eagle Drive. Turn left off Eagle Drive onto Putnam Ford Road. Somerset is half a mile on the left.

Locally owned, Windsong Properties was founded by Mark Carruth and Managing Partner, Steve Romeyn. The two bring more than 50 years of local building experience to Windsong Properties, “Where Life’s a Breeze.” As empty nesters themselves, Mark and Steve have first hand knowledge of the desires of active adults and are passionate about creating communities and homes for empty nesters. Every decision made at Windsong Properties, from the design of the community and its amenities to the award winning floor plans and the unique customer service approach, is targeted to the 50-plus, empty nester group.

Windsong Properties earned the highest honor from the Certified Professional Home Builders association in 2007 and 2008 when it was awarded the Customer Satisfaction Award. They were also recipients of four gold OBIE awards in 2008. The OBIE Awards are presented by the Greater Atlanta Home Builders Association’s Sales and Marketing Council to honor excellence in building in Greater Atlanta. It is the highest honor given in the Atlanta housing industry.

Windsong Properties invites you to visit one of its two communities and see for yourself just how easy living the Windsong Lifestyle can be. For more information, call 770-516-3409 or visit www.windsonglife.com.
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