Connect With Me
Search For Cabins
Join My Email
Listing Slideshow
My Listing Manager
Featured Listings
Featured Video
Search Blog
iPhone-iPad Enabled
My Information
Event Calendar
Categories
- Georgia Mountain Foreclosure reVIEWS
- Family reVIEWS
- Front Porch VIEWS
- Real Estate Made Simple
- Georgia Mountain Community reVIEWS
- Georgia Mountain Real Estate VIEWS
- Georgia Mountain Home Buyer's reVIEWS
- Georgia Mountain Home Seller's reVIEWS
- Realtor reVIEWS
- Georgia Mountain Got-To-Do reVIEWS
- Georgia Mountain Dining reVIEWS
- Professional Associate reVIEWS
- Georgia Mountain Cabin Rental reVIEWS
- Georgia Mountain Market reVIEWS
- Mortgage & Finance reVIEWS
- Georgia Mountain Sightseeing
- Georgia Mountain Slang
- Clients reVIEWS
- Georgia Mountain Golf & Resort reVIEWS
- Featured Listing reVIEWS
- Georgia Mountain Home Tips
- Outdoor Adventure reVIEWS
- Georgia Mountain Shopping reVIEWS
Blue Ridge Searches
Blairsville Searches
Ellijay Searches
Hiawassee Searches
Area Information
Porch Posts
Porch Library
RE Radio Today
NAR Message
Market Trends
Touch A Life!
Foreclosure filings are fewer these days, according to foreclosure-tracking firm RealtyTrac.
In December 2011, the number of foreclosure filings nationwide fell 9 percent from the month prior. Not since November 2007 has foreclosure activity been this sparse across the country. The drop does not appear to be seasonal, either.
Last month’s foreclosure filings were down 20 percent from December 2010 with “foreclosure filing” defined to include any one of the following foreclosure-related events : (1) The serving of a default notice, (2) A scheduled home auction, or (3) A bank repossession. As a result of a unexpectedly strong year-end, 2011’s annual foreclosure rate was the lowest in 4 years.
Here in the North Georgia Mountain Real Estate Market, Foreclosures at one time was nearly 50% of our market share. Over the period of the last 6 months covering Gilmer, Fannin, Union and Towns Counties, Foreclosures only made up 34% of our market share. They may not sound all that great, however the good news is that number continued to go down each month through the end of the year. Read the rest of this entry »
Subscribe to Blog Contact Me Search for Homes Daily List Alert
Will your North Georgia Mountain Home gain value over the next 12 months? Nobody can know for sure of course, but should recent housing trends continue, there’s concrete cause for optimism.
The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide and an average of almost 35% here in the North Georgia Mountain Real Estate Market. And while some areas have fared better as compared to others but, in general, home values are down.
Mortgage rates are down, too, and that’s good news for buyers in Blairsville and Blue Ridge, GA. The combination of low rates and low prices has led home affordability to an all-time high. As you’ll hear in this 4-minute interview with NBC’s The Today Show, carrying a mortgage costs 25% less per month as compared to just 3 years ago.
Some other notes from the interview include :
- There are more buyers out looking for homes today, which leads to more sales
- The housing market is expected to get gradually better, month-by-month, in 2012
- Foreclosures will continue to be a big part of the housing market
With housing supplies shrinking, buyers throughout North Georgia may find their best “deals” today — before the Spring Buying Season begins in February.
However, we can’t forget that housing markets are local — not national. Each town and neighborhood has its own market drivers and prices where you live may have already started to climb.
For accurate, up-to-date data on the housing market, Contact Us or give us a call today at 877.633.8186.
Subscribe to Blog Contact Me Search for Homes Daily List Alert
Foreclosure activity continues to concentrate over just a few states.
According to foreclosure-tracker RealtyTrac, November’s foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010.
“Foreclosure filing” is a catch-all term for the various “action steps” throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.
As in most months, though, foreclosure activity remains concentrated by state. More than half of last month’s bank repossessions can be traced to just 6 states.
- California : 14.8% of all bank repossessions
- Florida : 12.7% of all bank repossessions
- Texas : 7.0% of all bank repossessions
- Georgia : 6.9% of all bank repossessions
- Arizona : 6.7% of all bank repossessions
- Michigan : 6.3% of all bank repossessions
Meanwhile, with just 5 repossessions, South Dakota topped the list of states with the fewest bank repossessions in November. The Mount Rushmore State accounted for just 0.009% of REO nationwide in a month in which bank repossessions dropped to a 44-month low point across the United States.
The drop in REO is coming at a tough time for today’s Blue Ridge Home Buyers. Distressed properties are in high demand — mostly because they sell at steep discounts. Read the rest of this entry »
Subscribe to Blog Contact Me Search for Homes Daily List Alert
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)
Subscribe to Blog Contact Me Search for Homes Daily List Alert
For the 9th straight month last month, Foreclosure activity slowed.
According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings dropped 29 percent nationwide on an annual basis in June. The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
June marked the ninth consecutive month of sub-300,000 filings after 20 months above it – a promising signal for the housing market in Georgia and nationwide.
It’s also noteworthy that each of the 10 most foreclosure-heavy states showed fewer foreclosures in June 2011 as compared to June 2010, led by Florida’s 54% decline. Florida is one of 4 states on the leading edge of foreclosure activity since 2007.
The other 3 states performed similarly well in June:
- California : -22% on an annual basis
- Arizona : -7% on an annual basis
- Michigan : -25% on an annual basis
The decrease in foreclosure filings comes at a time when buyer demand is highest. According to the National Association of REALTORS®, “distressed properties” account for more than 30 percent of all home resales and no wonder — homes in various stages of foreclosure or sold by short sale are selling with discounts of 20 percent versus comparable non-distressed homes.
For buyers in search of Foreclosures in the North Georgia Mountains area, talk with a licensed real estate. Buying homes in foreclosure follows a different process path as compared to buying a “traditional” home. Make sure you seek the help of a professional.
Related articles
- Monthly Foreclosure Count Continue To Drop (thefrontporchview.com)
- Lowest Foreclosure Filings In Almost 4 Years! (thefrontporchview.com)
Subscribe to Blog Contact Me Search for Homes Daily List Alert
Foreclosure rates are falling.
According to foreclosure-tracking firm RealtyTrac, monthly foreclosure filings fell 2 percent in May to just under 215,000 filings nationwide. A foreclosure filing is defined as any one of the following: a default notice, a scheduled auction, or a bank repossession.
On an annual basis, Foreclosure counts have dropped over 16 consecutive months, dating back to January 2010.
Like all things in real estate, though, Foreclosures are local. 6 states accounted for more than half of the country’s foreclosure filings in May. Those six states — California, Michigan, Arizona, Florida, Georgia and Texas — represent just 34% of the U.S. population.
But even on a per household basis, the figures remain disproportionate.
- Top 10 Foreclosure States : 1 foreclosure per 357 households, on average
- Bottom 10 Foreclosure States : 1 foreclosure per 8,764 households, on average
The nationwide foreclosure rate was 1 foreclosure per 605 households.
As a home buyer in Blue Ridge and Blairsville, GA., Foreclosures matter. Here in North Georgia Mountains, Foreclosure Sales account for at least 1 out of every 2 residential sales. Distressed homes account for close to 40% of home resales and that’s because distressed properties often sell at steep discounts; in some markets, up to 20 percent less than a comparable, non-distressed home. Foreclosed homes can be a great “deal”, therefore, but only if you’ve done your homework.
Buying a bank-repossessed home is different from buying from “people”. The contracts and negotiation process are different, and homes are sometimes sold with defects.
If you plan to purchase a North Georgia Foreclosure, therefore, speak with a real estate professional first. With foreclosures, there’s a lot you can learn online, but when it comes time to submit an actual bid, you’ll want an experienced agent on your side.
Subscribe to Blog Contact Me Search for Homes Daily List Alert
According to the National Association of REALTORS®, Foreclosures and other “Distressed Properties” sell at discounts of 20 percent of more. Discounts of that size affect pricing in the broader housing market, too. It’s among the reasons why median home prices are dropping.
Not all markets are affected equally, however. In a recent BusinessWeek analysis, it was shown that one-third of the nation’s 50 most expensive small towns experienced a median price increase between 2010 and 2011.
Topped by Sagaponack, New York — a town of only 582 residents — each of the cities carries a median home price of more than $1,000,000, and a total population of 10,000 or less.
The list is dominated by New York and California, with 22 and 13 entrants, respectively. The rest of the towns are spread throughout the country, including Chilmark, MA (#28), Yarrow Point, WA (#29) and Belle Meade, TN (#48).
The complete Top 10 follows:
- Sagaponack, N.Y.
- Jupiter Island, FL.
- Kings Point, N.Y.
- Los Altos Hills, CA.
- Water Mill, N.Y.
- Belvedere, CA.
- Rolling Hills, CA.
- Hidden HIlls, CA.
- Sands Point, N.Y.
- Woodside, CA.
See the complete list at the BusinessWeek website.
Subscribe to Blog Contact Me Search for Homes Daily List Alert
Foreclosure activity continues to drop nationwide.
Based on data from foreclosure-tracking firm RealtyTrac, foreclosure filings nationwide fell below 220,000 in April 2011, a 9 percent decrease from March.
A “Foreclosure Filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
April marks the seventh straight month in which foreclosure filings have dropped and total filings are down more than one-third year-over-year.
One reason why filings are down is that banks are letting more time pass between delinquency and foreclosure, exploring alternative courses of actions such as short sales and loan modifications. It now takes, on average, 400 days from an initial default notice to bank repossession.
That’s more than double the 151-day average of early-2007.
Another reason may be that job growth is returning to the U.S. and job creation is associated with fewer home loan defaults.
Regardless, in the states in which foreclosures are occurring, bank repossessions are concentrating among just a few.
5 states accounted for half of the country’s April REO:
- California : 19.8 percent
- Arizona : 9.5 percent
- Michigan : 7.5 percent
- Florida : 6.7 percent
- Texas : 5.6 percent
Collectively, these 5 states represent just 32 percent of the nation’s population.
On the other end of the chart, Vermont accounted for a measly 0.007% of April’s foreclosure filings.
If you’re a first-time home buyer considering foreclosed homes in Blairsville or Blue Ridge Georgia, or a seasoned investor adding to your portfolio, the good news is that foreclosures are selling at steep, 20 percent discounts relative to non-distressed homes. Just make you know what you’re buying. Foreclosure purchases carry different risks and follow different procedures than “traditional” sales.
Rely on a seasoned real estate agent to navigate the deal.
Subscribe to Blog Contact Me Search for Homes Daily List Alert
If you are searching our Real Estate Listings in the North Georgia Mountains, chances are you are paying particularly close attention to Bank Owned Properties. Foreclosures are somewhat dominating the North Georgia Real Estate Market, and to me that is not necessarily such a good thing. As a matter of fact it is not a good thing as it continues to drive down home values in the Blairsville, Blue Ridge, Hiawassee and Ellijay. In some counties in North GA, Foreclosed Homes are making up over 50% of the Real Estate Sales while making up less than 10% of the Market Share.
Dealing with the frustrations of a Foreclosure Transaction has been on the agenda of most Brokerages Sales Meetings for the past year or so. It seems very few transactions dealing with Bank Owned Real Estate go smoothly. However, there are a few things that you need to be aware of that will better prepare you for the experience. And speaking of experience, it is always a good idea to ask your Realtor® how much experience they have had recently in dealing with Foreclosed Homes In Georgia. If you are not currently working with a Realtor®, I would very much appreciate the opportunity to assist you with all your North Georgia Mountain Real Estate needs.
Below are 5 Things You Need To Know before beginning your search for Foreclosures In North GA.
1. Foreclosures Are Not Always The Best Deal On The Market.
I can’t tell you how many times I get calls on my cell phone or in the office from potential Home or Cabin Buyers, and they ask me to send them ONLY Foreclosures that meet their criteria. What is it about the word “Foreclosure” that makes a Home Buyer think that they are the only good deals in the market? Is the media? Do you have other Licensed Real Estate Agents telling you that they are the best deals? What about Financial Advisers, are they telling you to buy only Foreclosures?
There are a lot of homes that are being offered on the open market by home owners that are really good deals. What about the custom and speculation home builders? They are doing everything they can to make ends meet and in doing so are building cabins and homes that they are selling at exceptionally great deals. However, the Bank Owned Homes are making it next to impossible for these builders to sell their homes at a profit margin that I would consider to be “making a living!” But they are doing it, and sellers that truly want to sell their homes are doing it because they do not have a choice. They have to compete with the Banks and the “Big Guys” Fannie and Freddie, but they are doing. I can say one thing for sure, it isn’t always easy for Real Estate Agencies and it’s Agents to convince the sellers that they have to sell their homes in most cases less than what they may have paid for it only a few years earlier. As I mentioned earlier, Foreclosures are currently making up less than 10% of the total market share. That means that 90% of the Homes and Cabins For Sale in the North Georgia Mountains are NOT Foreclosures. That not only gives you more choices, but it also gives you the opportunity to purchase a home and actually sit across the table from the person or persons you are buying it from. Surely out of that 90% of Properties For Sale, there has got to be some sellers that have priced their properties aggressively enough that they are standing toe to toe with the Banks and “The Big Buys!”
Read the rest of this entry »
Subscribe to Blog Contact Me Search for Homes Daily List Alert
Union County Residential Real Estate Market Report – February 2011
Homes in Georgia continue to see a decline in Median Sold Prices. Houses For Sale in Georgia are being rocked by Bank Owned Real Estate For Sale. We are not immune to it here in the North Georgia Mountain Real Estate Market either.
The Media Sold Price for Homes Sold in Union County was down another 5% in January 2011. A drop of $7,600 to $144,900. The Median Sales Price for Homes For Sale in the Blairsville, GA. Market was also down 3% to $185,000. The number of Houses Sold in January was down 25%. Only 15 Homes Sold in Blairsville, down 5 from 20 that sold a year ago. Now are you ready for some Good News, there are currently 43 Homes Under Contract in Union County. That is a change of 19 from last year, and a 79% increase. January marks the second highest month for Pending Home Sales in Union County in the past year.
New Real Estate Listings are down 37%. I guess those would-be Seller’s that do not need to sell are listening to their Real Estate Agent. I tell my customers and clients that unless circumstances arise that cause you to sell, now is just simply not the time to Sell Your Ga Mountain Home. The total number of Properties For Sale is down 26% to only 577 Houses.
The Average Days on Market (DOM) is down 8% to 161 Days. This is the number of days on average that it takes to market and Sale Homes In Union County. The Months Supply of Inventory, or better known as the Absorption Rate was 11.2 in January 2011. That is down almost 60% year over year. This is due mostly in part to both the Supply and Demand each being down around 25%.
If you have any questions or concerns about anything that you have read in this report, please Call Me at 706-994-8686, or you can simply Contact Me Here.
Subscribe to Blog Contact Me Search for Homes Daily List Alert
