Atlanta

Cities With Most, Least Courteous Drivers

If you do a lot of driving, maybe you’ll identify with this study for AutoAdvantage, which identified the cities with the most and the least courteous drivers.

Drivers responding to the survey identified the two key characteristics of rude drivers as:

* Drivers who overreact and lose their tempers.
* Aggressive drivers who cut into lanes, tailgate, speed and honk.

The five cities with the largest numbers of these miserable drivers are:

1. New York City
2. Dallas/Fort Worth
3. Detroit
4. Atlanta
5. Minneapolis/St. Paul

The survey identified the five most courteous cities as:

1. Portland, Ore.
2. Cleveland
3. Baltimore
4. Sacramento
5. Pittsburgh

Source: AutoAdvantage (06/16/2009)

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Atlanta

Druid Hills – Market Survey June ‘09

This analysis compares residential single family sales activity from June2007-May 2008 to activity from June 2008-May 2009.

Average Sales Price
21% decrease from $696,664 in ‘07-’08 to $552,358 in ‘08-’09.

Average Number of Days on the Market
27% increase from 64 days to 81 days.

Number of Homes Sold
18% decrease from 76 in ’07-’08 to 62 in ’08-’09.

Overall Sales Volume
35% decrease from $52,946,464 in ’07-’08 to $34,246,196 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 6 bed/ 6.5 bath on Lullwater Road sold for $2,250000.  It  was on the market for 232 days.

Lowest Price: A 4 bed/ 2 bath on Briarcliff Road sold for $225,000. It was on the market for 67 days.  This house was a fixer upper.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Atlanta

Fannie Mae No Longer Counting Spouse Income in Job Transfers

Fannie Mae has changed the rules about how it considers income from a spouse or partner who moves without a job.

Under the old rules, when a company transferred someone or an employee accepted a new position that entailed a move and the spouse or partner quit his or her job to come along, Fannie Mae would count at least part of that person’s income when considering a mortgage application.

But now, Fannie will no longer count the income of what it calls the “trailing spouse” until that person actually finds a new job and has a paycheck in hand.

Brian Faith, a spokesman for Fannie Mae, says, “Given the current economic and job market instability, the company has opted to discontinue consideration of trailing secondary wage-earner income in the interest of safer underwriting, since this income would only be anticipated and undocumented.”

Jan Hatfield-Goldman, a vice president for Worldwide ERC, the international trade association representing the employee relocation industry, said Fannie’s decision “makes the current challenging relocation environment even more so. Some transfers will either have to qualify on the basis of one income.” This will force couples to “buy less house than they wanted,” or “they may be required to rent for an extended period of time until the spouse or couple is re-employed.”

Source: Washington Post Writers Group, Ken Harney (06/19/2009)

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222
Blog – http://elliott.featuredblog.com

Atlanta

Top 10 Places to Start Over

Some parts of the United States have been less affected than others by the economic downturn.

“If people are looking for a job and they’re in Detroit, they’re in the wrong place. They need to be considering geographic mobility,” says Ernie Goss, professor of economics at Creighton University in Omaha.

BusinessWeek magazine, with help from staffing firm Manpower, has examined job opportunities all across the country, ranking metropolitan areas based on the percentage of companies planning to hire in the third quarter.

Here are the top 10 places it identified as offering the best opportunities for anyone looking for a fresh start:

1. Anchorage, Alaska
2. Provo-Orem, Utah
3. Kennewick-Richland-Pasco, Wash.
4. Yakima, Wash.
5. Omaha, Neb.-Council Bluffs, Iowa
6. Richmond, Va.
7. Winston-Salem, N.C.
8. Colorado Springs
9. Amarillo, Texas
10. Washington, D.C., Arlington-Alexandria, Va., plus areas in Maryland and West Virginia

Source: BusinessWeek, Prashant Gopal (06/09/2009)

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222
Blog – http://elliott.featuredblog.com

Atlanta

Glenwood Estates (City of Decatur) – Market Survey June ‘09

This analysis compares residential single family sales activity from June2007-May 2008 to activity from June 2008-May 2009.

Average Sales Price
28% increase from $431,200 in ‘07-’08 to $552,142 in ‘08-’09.

Average Number of Days on the Market
64% decrease from 113 days to 41 days.

Number of Homes Sold
40% increase from 5 in ’07-’08 to 7 in ’08-’09.

Overall Sales Volume
79% increase from $2,156,000 in ’07-’08 to $3,864,994 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 6 bed/ 3 bath on Mount Vernon Dr. sold for $785,000. It was on the market for 47 days.

Lowest Price: A 3 bed/ 2 bath on Pinecrest Ave sold for $410,000. It was on the market for 22 days.

Atlanta

City of Marietta, Cobb & Cherokee County 1st Time Homebuyer Programs

First Home Down Payment Assistance Program
The program has up to $7,500 of funds available through a 0% interest rate, with no amortization, due upon conveyance of the deed. Income limits are 80% of HUD Area Median Income Limits.  Borrower contribution is 1% – 3% of sales price.  Purchase price limit is between $170,000.

Individual Development Account Program
Grant from United Way. Provides first time homebuyer with pre-purchase counseling, economic literacy classes and down payment assistance.

Section 8 (Voucher Homeownership) Program
This program allows subsidies once applied to rental payments to be utilized for mortgage payments. This program is designed to increase wealth, build stronger communities and help renters realize the dream of homeownership. CHI provides credit counseling, life skills training, financial/literacy training, budget counseling and lending. We make second mortgage loans upto $25,000 for 10 years. Maximum purchase price is $160,000.

Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Atlanta

Pending Home Sales Rise, Housing Affordability Near Record

A Recent National Association of Realtors Update

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Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

NAR’s Housing Affordability Index remained near record highs. The affordability index was 166.7 in March – down from an upwardly revised record of 174.4 in February due to higher home prices in March. The index remains 30.8 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income; tracking began in 1970.

The Pending Home Sales Index in the South rose 8.5 percent to 93.2 in March and is 7.7 percent above a year ago. In the West the index increased 3.9 percent to 93.1 and is 1.7 percent higher than March 2008. The index in the Northeast fell 5.7 percent to 59.5 in March and is 24.1 percent below a year ago. In the Midwest the index slipped 1.0 percent to 82.3 but is 8.2 percent higher than March 2008.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the increase in buying power is quite remarkable. “Compared to a year ago, the typical family can pay much less in mortgage costs for the same home, or buy a better home without necessarily increasing their monthly payment,” he said. “For buyers who’ve been on the sidelines and have good jobs, the market has never looked more favorable. Homeownership has always offered immediate benefits and long-term value, but the advantages in today’s market are unique.”

A median-income family, earning $61,100, could afford a home costing $291,600 in March with a 20 percent downpayment, assuming 25 percent of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80 percent of that amount. The affordable price was notably higher than the median existing single-family home price in March, which was $174,900.

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Atlanta

Fed Gov’t Tax Credit Can Be Used for Housing Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today’s Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Atlanta

Atlanta Opportunity Downpayment Assistance Program

The Opportunity Downpayment Assistance Program (ODAP) is being sponsored by the Atlanta Development Authority.  It’s a City of Atlanta Downpayment Assistance Program.

• First Time Homebuyer – No
• Funds Available – 10% of Sales Price
• Area Served – City of Atlanta
• Income Limits – $71,200 – 1-2 person household; $81,880 3+ person household
• Type of Program – 10 yr. deferred, 0% interest 2nd mortgage
• Borrower Contribution Amount – $1,500
• Purchase Price Limit – $252,890

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

Atlanta

Beltline Affordable Housing Opportunity Program

The Beltline Affordable Housing Opportunity Program is being sponsored by the Atlanta Development Authority.  It’s a City of Atlanta downpayment assistance program.

• First Time Homebuyer – No
• Funds Available – Up to 20% of Sales Price
• Area Served – City of Atlanta – Beltline TAD
• Income Limits -
  1-2 person household: up to $56,360 – 20% assistance; $56,251 – $71,200 – 10% assistance
  3+ person household: up to $56,250 – 20% assistance; $56,251 – $81,880 – 10% assistance
• Type of Program – 15 yr. deferred; 0% interest 2nd mortgage
• Borrower Contribution Amount – $1,500
• Purchase Price Limit – $252,890

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Elliott Robinson, JD – Associate Broker
Adams Realtors
458 Cherokee Ave. SE
Atlanta, GA 30312
(o) 404-688-1222

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