North Atlanta Team "Where it's all about YOU and the Sell" Selling & Listing Resale Homes, New Homes, Bank Owned Homes, REO Properties and Foreclosures in the Atlanta North Metro Area. Our Mission Statement We believe that there are many qualities and skills that go into being an excellent real estate professional. Honesty Integrity Competence Completion of the Sale Outstanding client service Client relationships are our greatest asset In-depth community and market knowledge, Market exposure Successful negotiation skills High-quality professional networking These philosophies are the principles that make up the North Atlanta Team. “It’s all about You and the Sell” About Our Team Learn more about our full service team and the variety of useful information and resources designed to help you buy or sell a home in our beautiful City. From advice about your financing needs, or preparing your home to sell, it's all available here on our web site. You can also search for your ideal home by viewing current HOMES FOR SALE with detailed descriptions and photos. Or you can get help determining the value of your home by requesting a report that includes the prices of similar homes that have recently sold or are currently for sale in your neighborhood. Wondering what your home is worth click here Congress Extends Tax Credit Obama Signs Extended Tax Credit into Law
Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.
The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.
More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.
Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.
| Feature | Original Program | Extension | | Deadline | Must fund by Nov. 30, 2009 (WFHM deadline was Oct. 30) | The measure is written differently so that a sales contract must be in place by April 30, 2010 – but homeowners have an additional 60 days to close. | | Dollar Amount and Eligibility | Up to $8,000 for first-time home buyers (or 10 percent of the purchase price of the residence) if purchased Jan. 1 – Dec. 1, 2009 A FTHB was defined as someone who had not owned a home during the previous three years | Up to $8,000 for first-time home buyers
– OR – $6,500 for current homeowners who have lived in their current residence for 5 consecutive years and are purchasing their next property | | Income Cap | $75,000 (individual) $150,000 (married couples) | $125,000 (individual) $225,000 (married couples) Increases in the cap make the measure available to a broader group of customers. | | Purchase Price | N/A | $800,000 or less | | Repayment requirement | Must live in home for 3 years or be required to repay the credit | Same | | Documentation to be used | The actual form needed to request the tax credit | Documentation requirements and WFHM process still TBD. Watch My News for more details. |
Delinquent Mortgages Reach Record Levels
Almost 10 percent of all mortgages on one- to four-unit properties are in some stage of foreclosure, up from 2.65 percent a year ago on a seasonally adjusted basis, according to the Mortgage Bankers Association’s National Delinquency Survey released Thursday.
The combined percentage of loans in foreclosure or at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in an MBA delinquency survey.
The bankers blamed the high foreclosure levels on unemployment. “Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent,” says Jay Brinkmann, MBA’s chief economist.
Brinkmann points out that prime fixed-rate loans represent the largest share of foreclosures and are the biggest driver of the increase in foreclosures.
Home builders and housing analysts mostly shrugged at the high foreclosure-rate information.
“My prediction is we’ll probably recover on a seasonal basis,” Robert Toll, chairman and CEO of Toll Brothers, the largest builder of luxury houses, said yesterday at a conference in New York sponsored by Citigroup Inc. “It’s generally accepted that the homebuilding industry is off the mat and on the road to recovery.”
Josh Levin, a housing analyst at Citigroup Global Markets Inc. in New York, said he expects sales to continue to be slow until January or early February, followed by a surge as buyers try to beat the April 30 expiration of the tax credit.
“The bouncing along the bottom is distorted by government policies,” he said in an interview with Bloomberg News yesterday.
Source: Mortgage Bankers Association (11/19/2009) and Bloomberg, Kathleen M. Howley and John Gittelsohn (11/20/2009)
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