City of Decatur

Mortgage Applications Bounce Back

Mortgage applications bounced back last week after nearly a month in the doldrums when the number of applications fell to a seven-month low.

The market index compiled by the Mortgage Bankers Association rose 6.6 percent on a seasonally adjusted basis to 548.2 points from 514.4 points the previous week.

On an unadjusted basis, the index increased 6 percent compared with the previous week and rose 17.2 percent compared with the same week a year ago.

Both purchases and refinances were up with the purchase share increasing 7.3 percent and refinances rising 5.9 percent.

Source: Mortgage Bankers Association (06/24/2009)

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

City of Decatur

Fed to Keep Short-Term Rates Low

The Federal Reserve announced Wednesday that it expects to keep short-term interest rates “exceptionally low” for the next few months. It also underscored its commitment to make $1.25 trillion in total purchases of mortgage-backed securities by the end of year.

Both actions are likely to keep mortgage rates low through the end of 2009.

The Fed failed to raise a cap of $300 billion in purchases of Treasury securities, which could lead indirectly to higher mortgage rates because mortgage rates tend to rise in conjunction with Treasurys.

In response to the possibility of rising mortgage rates, the Mortgage Bankers Association this week cut its forecast for total 2009 mortgage originations by 27 percent.

Source: Inman News (06/25/2009)

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

City of Decatur

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

City of Decatur

Great Lakes (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
2% increase from $505,418 in ‘07-’08 to $517,914 in ‘08-’09.

Average Number of Days on the Market
127% increase from 52 days to 118 days.

Number of Homes Sold
13% decrease from 8 in ’07-’08 to 7 in ’08-’09.

Overall Sales Volume
10% decrease from $4,043,344 in ’07-’08 to $3,625,398 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 4 bed/ 3.5 bath on Michigan Ave sold for $800,000. It was on the market for 153 days.

Lowest Price: A 5 bed/ 2.5 bath on Lucerne St. sold for $341,000. It was on the market for 196 days.

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

City of Decatur

Winnona Park (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
12% increase from $398,562 in ‘07-’08 to $448,033 in ‘08-’09.

Average Number of Days on the Market
57% increase from 60 days to 94 days.

Number of Homes Sold
7% decrease from 29 in ’07-’08 to 31 in ’08-’09.

Overall Sales Volume
20% increase from $11,558,298 in ’07-’08 to $13,889,023 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 5 bed/ 4 bath on Winnona Drive sold for $725,000. It was on the market for 42 days.

Lowest Price: A 3 bed/ 1 bath on Oldfield Road sold for $195,000. It was on the market for 100 days.

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

City of Decatur

Oakhurst (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
3% increase from $361,877 in ‘07-’08 to $371,837 in ‘08-’09.

Average Number of Days on the Market
20% decrease from 74 days to 59 days.

Number of Homes Sold
15% decrease from 85 in ’07-’08 to 72 in ’08-’09.

Overall Sales Volume
13% decrease from $30,756,545 in ’07-’08 to $26,722,264 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 5 bed/ 4.5 bath on W. Benson St. sold for $785,000. It was on the market for 49 days.

Lowest Price: A 3 bed/ 1 bath on 2nd Ave sold for $95,000. It was on the market for 26 days.

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

City of Decatur

Decatur Heights (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
5% drop from $373,247 in ‘07-’08 to $355,770 in ‘08-’09.

Average Number of Days on the Market
19% increase from 70 days to 83 days.

Number of Homes Sold
32% increase from 19 in ’07-’08 to 25 in ’08-’09.

Overall Sales Volume
25% increase from $7,091,693 in ’07-’08 to $8,894,250 in ’08-’09.

Milestone sales within the last 12 months
Most Expensive: A 5 bed/ 3.5 bath on Springdale St. sold for $645,168. It was on the market for 28 days.

Lowest Price: A 2 bed/ 1 bath on E. Ponce de Leon sold for $148,000. It was on the market for 6 days. This was a bank owned sale. The same property sold for $230,743 5 months later.

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

City of Decatur

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.

City of Decatur

DeKalb County 1st Time Homebuyer Program

DeKalb County 1st Time Homebuyer Program.  This program is being sponsored by DeKalb County Human and Community Development Department.

• First Time Homebuyer – Yes
• Funds Available – Up to $5,000
• Area Served – DeKalb County, outside the City of Atlanta
• Income Limits – 1-person household – $40,150; 2-person household – $45,900; 3-person household $51,600; 4-person household $57,350
• Borrower Contribution Amount – 1% of Sales Price
• Purchase Price Limit – $160,000

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

City of Decatur

First-Time Home Buyer Tax Credit

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

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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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