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Archive for November, 2011
Standard & Poor’s released its September 2011 Case-Shiller Index this week. The index tracks home price changes in select cities between months, quarters, and years.
The Case-Shiller Index for September showed drastic devaluations nationwide.
As compared to August, home values fell throughout 17 of the index’s 20 tracked markets, led by Atlanta’s 5.9% drop. On an annual basis, home values have now returned to early-2003 levels.
That said, home buyers and sellers in the North Georgia Mountains should be cautious when referencing the Case-Shiller Index. The index is a flawed metric and, as such, can lead to improper conclusions about the housing market overall.
The Case-Shiller Index’s first flaw is its most obvious — its limited sample set. Read the rest of this entry »
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If you plan to buy of new construction in North Georgia sometime in 2012, don’t expect today’s low prices. Like everything in housing of late, the market for newly-built homes appears to be stabilizing and, in some markets, improving.
As foreshadowed by this month’s strong Homebuilder Confidence survey, the Census Bureau reports that the number of new homes sold rose to a 6-month high in October, climbing to 307,000 units on a seasonally-adjusted, annualized basis.
A “new home” is a home that is considered new construction. It’s the opposite of an “existing home”.
Home buyers are comparing new construction to home resales and liking what they see. At the current sales pace, the nation’s complete new home inventory would now be depleted in just 6.3 months. This marks the lowest home supply since April 2010 — the last month of the last year’s federal homebuyer tax credit.
Here in the North Georgia Mountain Real Estate Market however, the picture is much different. Below is a break down of each county we serve and how the “new home” sales are stacking up. This data was taken from the Northeast Georgia Board of Realtors® MLS. You will see below the the number of new homes being sold in each county since June 1st of this year. The numbers are very low due mostly in part to the number of Foreclosures For Sale that continue to somewhat dominate the market.
- Fannin County – 24 New Homes of 237 Homes Sold or 10% of the Market
- Gilmer County – 7 New Homes of 222 Homes Sold or 3% of the Market.
- Towns County – 6 New Homes of 83 Homes Sold or 7% of the Market.
- Union County – 13 New Homes of 221 Sold or 6% of the Market.
Of the 1,921 Homes currently For Sale in these 4 counties, only 99 are New Construction. That is only 5% of the market share.
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Home improvement projects are booming, expected to cross $110 billion in total volume this quarter. Unlike in recent years, however, the projects aren’t helping to create much new home equity.
According to Remodeling Magazine’s Cost vs Value Report 2011-2012, for each home improvement dollar spent in 2012, homeowners can expect to recoup just 58 cents in home equity.
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“Holiday On The Square”
When: Saturday December 3rd, 2011 @ 2:00 P.M.
Where: Downtown Blairsville on the Square
Festivities begin around 11:00 A.M. Saturday morning at the Old Historical Courthouse on the Square in Blairsville, GA.
Face Painting at Historic Court House 11:00 – 1:00pm
UCHS Band will perform on the square before the parade.
Christmas Parade & Tree Lighting at 2:00pm.
Open House by the Historical Society 11:00am to 4:00pm.
There will by an Open House in the Restored 1906 Butt Mock House of the
Mountain Life Museum.
The 1861 Payne Cabin will also be open to visitors.
A highlight of Christmas on the Square, the parade starts at 2:00pm Floats, horses, antique cars, and Santa’s sleigh provide many photo opportunities as it travels along the streets of Blairsville.
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A conforming mortgage is one that, literally, conforms to the mortgage guidelines as set forth by Fannie Mae and Freddie Mac.
Conforming mortgage guidelines are Fannie’s and Freddie’s eligibility standards; an underwriter’s series of check-boxes to determine whether a given loan should be approved.
Among the many traits of a conforming mortgage is “loan size”.
Each year, the government re-assesses its maximum allowable loan size based on “typical” housing costs nationwide. Loans that fall at, or below, this amount meet conforming mortgage guidelines. Loans in excess of this limit are known as “jumbo” loans.
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Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government’s revamped HARP program, kick-starting a potential refinance frenzy across Georgia and nationwide.
HARP stands for Home Affordable Refinance Program. The updated program is meant to give “underwater homeowners” an opportunity to refinance at today’s low mortgage rates.
In the two-plus years since its launch, HARP’s first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is expected to reach millions.
Lenders begin taking HARP II loan applications December 1, 2011.
To apply for HARP, applicants must first meet 4 basic criteria :
- The existing mortgage must be guaranteed by Fannie Mae or by Freddie Mac
- The existing mortgage must have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009
- The mortgage payment history must be perfect going back 6 months
- The mortgage payment history may not include more than one 30-day late payment going back 12 months
If the above criteria are met, HARP applicants will like what they see.
For HARP applicants, loan-level pricing adjustments are waived in full for loans with terms of 20 years or fewer; and maxed at 0.75 for loans with terms in excess of 20 years.
This will result in dramatically lower mortgages rates for HARP applicants — especially those with credit scores below 740. Some applicants will find HARP mortgage rates lower than for a “traditional” conventional mortgage.
In addition, HARP applicants are exempted from the standard waiting period following a bankruptcy or foreclosure, which is 4 years and 7 years, respectively.
These two items are inclusionary and should help HARP reach a broader U.S. audience.
HARP contains exclusionary policies, too.
- The “unlimited LTV” feature only applies to fixed rate loans or 30 years or fewer. ARMs are capped at 105% loan-to-value.
- Applicants must be “requalified” if the proposed mortgage payment exceeds the current payment by 20%.
- Applicants must benefit from either a lower payment, or a “more stable” product to qualify
And, of course, HARP can only be used once.
Fannie Mae and Freddie Mac will adopt slight variations of the same HARP guidelines so make sure to check with your loan officer for the complete list of HARP eligibility requirements.
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Foreclosed homes are a hot market throughout Georgia — and supplies are ramping up.
According to foreclosure-tracking firm RealtyTrac, October’s foreclosure filings rose 7 percent to 231,000 filings nationwide.
A “foreclosure filing” is any one of the following foreclosure-related events : A default notice on a home; a scheduled auction for a home; or, a bank repossession of a home. Because of this definition, a single home can account for up to 3 foreclosure filings — one from each category.
Because of this, we may glean more relevant insight into the foreclosure market by separating RealtyTrac’s foreclosure report into “event types”.
- Default Notices : Up 10% from September 2011; Down 31% from October 2010.
- Scheduled Auctions : Up 8% from September 2011; Down 38% from October 2010.
- Bank Repossessions : Up 4% from September 2011; Down 27% from October 2010.
These breakdowns suggest that, although improved as compared to last year, the foreclosure market is growing. At least, it’s growing in some parts of the country. We can’t forget that — like everything real estate — foreclosures are a local phenomenon. Read the rest of this entry »
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Space heaters are popular among homeowners in Blue Ridge and Hiawassee, GA. because, as portable appliances, they can heat a small space quickly and inexpensively. It requires less energy to run a space heater than to raise the temperature of an entire home by a few degrees. However, space heaters can be dangerous, too.
In its November 2011 report, the National Fire Protection Association reveals that heating equipment was involved in an estimated 58,900 home structure fires, 480 civilian deaths, 1,520 civilian injuries and more than $1.1 billion in damage.
Space heaters caused a disproportionate percentage of the accidents :
- 79% of all home heating-related civilian deaths
- 66% of all home heating-related civilian injuries
- 52% of all home heating-related property damage
If you use space heaters, please remember to read (and follow) the manufacturer’s instructions for proper usage, and to obey basic safety standards.
First, never place anything flammable within three feet of a space heater. Space heaters get very hot, very quickly and can ignite rugs, paper and curtains.
Next, make sure your space heater is placed on the floor, on level ground. Do not rest it on books, or on furniture.
Also, make sure to turn space heaters off when leaving a room, or when going to bed. Space heaters are not meant to replace whole-home heating and should not be left unattended under any circumstance.
The Underwriters Laboratory makes a list of general safety tips available on its website. Considering how much damage space heaters can cause, the list is worth committing to memory.
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This Mountain Market Minute Edition is for Residential, Single Family Detached Sales covering Fannin, Gilmer, Towns, and Union Counties in the Mountains of North Georgia. The data compiled in this North Georgia Mountain Real Estate Market Report is taken from the Northeast Georgia Board of Realtors® MLS.
If you have any questions or concerns with any information in this Market Report, or if you would like any additional information on any property of interest in the North Georgia Mountains, please Contact Me or simply pick up the phone and call me at 706.994.8686 or email at [email protected]
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257 Sims Road Hiawassee, GA. 30546
MLS# 212967
Please Contact Chad Lariscy at 706-994-8686 or [email protected] for more detailed information regarding this Lake Chatuge Cottage For Sale in Hiawassee, GA.
Listing Courtesy of Mountain Realty
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