Georgia Mountain Real Estate VIEWS Category
2822 Arrowood Pointe Blairsville Georgia 30512 – Lake Nottely Foreclosure
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Home Values Rose For the 4th Straight Month
The government is confirming what the private sector has already shown — home values are on the rise.
The Federal Home Finance Agency’s Home Price Index shows home values rose 0.8% in July.
July marks the fourth straight month that home values climbed and the FHFA’s Home Price Index is the latest in a series of “rising home values” reports — an encouraging trend for buyers and sellers in the North Georgia Mountains and nationwide.
Last week, the S&P Case-Shiller Index showed home value up nearly 1 percent in July. CoreLogic reached a similar conclusion.
Nationwide, values are back to their highest levels since November 2010. Clearly, the housing market in Georgia is moving in the right direction. Or is it?
Although the data from the government and from private firms such as CoreLogic is encouraging, it’s also flawed. As such, we have to be careful about the conclusions we draw from the data.
The flaws of Home Price Index are glaring :
- Only homes backed by Fannie Mae or Freddie Mac are included in the index. In today’s market, because of the FHA’s popularity, that leaves 1 of 3 homes “uncounted”.
- Only home resales are counted. New home sales are omitted entirely.
- The data comes with a 60-day delay. The October market is different from July’s.
Despite these shortcomings, however, the Home Price Index remains relevant. It’s among the most through home valuation models and it’s often used by economists and policy-makers.
When the Home Price Index is rising, Wall Street and Capitol Hill take notice. For residents of “Main Street”, however, the data may not be as important. To get local, up-to-date market statistics in North Georgia Mountains, for example , talk with a professional real estate agent.
Since peaking in April 2007, the FHFA’s Home Price Index is off 17.6 percent.
Homebuilder Confidence Stays Flat
Homebuilders are feeling worse about the market for new homes nationwide.
With construction credit tight and competition from foreclosures increasing, the National Association of Homebuilder’s Housing Market Index slipped 1 point in September, falling to levels just below the index’s 12-month average.
The HMI measures homebuilder confidence nationwide. It’s the result of 3 separate homebuilder surveys, each designed to measure a specific facet of the homebuilder’s business.
- How are market conditions for the sale of new homes today?
- How are market conditions for the sale of new homes in 6 months?
- How is prospective buyer foot traffic?
Each component survey showed a drop-off from August. Responses fell 1 point, 2 points, and 2 points, respectively. Together, September’s composite reading was 14 out of a possible 100 points. Readings over 50 are considered favorable.
The HMI not been above 50 since April 2006.
With homebuilder confidence low — and stagnant — buyers of new homes Hiawassee and Blairsville should remain alert for “deals”. Builders are more likely to offer free upgrades and other concessions to incoming buyers. The availability of such deals may increase as the seasons change and as the year comes to a close.
Low mortgage rates are making new homes attractive, too. Last week, 30-year fixed rate mortgage rates fell to their lowest levels of all-time. As compared to just 8 weeks ago, 30-year fixed rate mortgage payments are lower by 5 percent at all loan sizes, down $27 per month per $100,000 borrowed.
Related articles
- Homebuilders Expect A Soft Winter Housing Market (thefrontporchview.com)
Annual Foreclosure Filings Down For 11th Straight Month
On an annual basis, foreclosure filings fell last month. As compared to August 2010, last month’s Foreclosure filings dropped 33 percent. ”Foreclosure filing” is a catch-all term, comprising default notices; scheduled auctions; and bank repossessions.
The study was published by foreclosure-tracking firm RealtyTrac and this month’s report reveals a slowing rate of foreclosure within each of the Top 10 most foreclosure-heavy states.
All news is not good, however.
On a monthly basis, foreclosure filings spiked, led by a surge in default notices. Default notices made their biggest one-month jump since August 2007 on the way to a 9-month high last month. Default notices are the first step in the foreclosure process so this jump may foreshadow a large number of bank repossessions as foreclosures “make their way through the process“.
It’s also noteworthy that just 6 states housed half of the nation’s bank repossessions last month.
- California : 18 percent of bank repossessions
- Florida : 8 percent of bank repossessions
- Georgia : 7 percent of bank repossessions
- Michigan : 6 percent of bank repossessions
- Texas : 6 percent of bank repossessions
- Arizona : 6 percent of bank repossessions
As a home buyer in Hiawassee or Blairsville Georgia, Foreclosures can save you money. The National Association of REALTORS® reports that distressed homes sell with typical discounts of 20 percent versus comparable, non-distressed homes. However, buying a home from a bank is a different process from buying a home from a “person”. Contract negotiations are different and it can take months to finally close on a foreclosed home.
If you’re buying a Foreclosure in the North Georgia Mountains, seek the help of a professional real estate agent. Real Estate Agents can help you navigate the sometimes-complicated world of Foreclosures, and help you come out ahead.
Related articles
- Foreclosures Sink To 4-Year Low (thefrontporchview.com)
- For The 9th Straight Month, Foreclosure Filings Fall (thefrontporchview.com)
1485 Forest Drive Blairsville Georgia 30512
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Surrounded by U.S.F.S, Convenient to downtown Blairsville Georgia, Deep Water and Mountain Views, not only does this one have it all on the outside, just wait until you see the inside! Old World Craftsman Styled Lake Cottage with all the bells and whistles!4 Bedroom 4.5 Bath Lake House with Bonus Room above Portico easily making for a 5th Bedroom if needed. Full Finished Basement, Covered Porches and Open Decks makes this home a near Perfect Georgia Mountain Vacation Home.
This Bank Owned Lake Nottely Home For Sale will not be available in the North Georgia Mountain Real Estate Market long.
Please CONTACT ME or Call Me at 706-994-8686 if you would like to schedule an appointment to see this Lake Nottely Home For Sale today. If you would like to see a Full Length Video with as a Virtual Showing, please let me know and I will be more than happy to send that to you. If you have any specific questions or concerns about the property, feel free to contact me with those as well. I hope to hear from you soon.
VIEW ALL HOMES FOR SALE ON LAKE NOTTELY
Listing Courtesy of Better Homes and Garden Metro Brokers
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