Current status

Relief for (about 45,000) Under Water Borrowers – Some think this is a great idea, some think sends the wrong message or is unfair, what do you think? Click here to watch this video and weigh in on my blog or send me an e-mail at sprinkleruth@mindspring.com

Quicken Loans, Inc. CEO comments on Housing, Not at Bottom Yet? I though this interview with Bill Emerson was interesting. He thinks that we have hit the bottom in some areas, but not in others. When I look at our inventory in Atlanta as of this morning, we have 37,587 active homes and 1,104 of those active homes are under contract. In February 2010 we had 8,761 new listings come onto the market and 2,712 homes sold. When we compare that to last February we had more new listings coming on the market with 9,278 new listings, and less sold with a total of 2,607 sold in that month. It is this type of trend that we need to see consistently before we are in recovery. I think we are on our way now, but there will be ups and downs as we steadily correct this market.

The single-family market is stabilizing and despite this El Nino weather pattern building activity held firm. NAHB Chief Economist David Crowe is even predicting a 25% gain in new home construction.

“With the deadline for purchasers to take advantage of home buyer tax credits fast approaching at the end of April, improvement in single-family building activity was expected and may have continued into early March. Moreover, the very thin inventory of new homes now on the market, the pent-up demand from three-plus years of low household formations and good affordability conditions will provide the platform for a 25% gain in new-home construction in 2010 over 2009.”

The Federal Reserve has also promised to keep rates low with dissent from only one member who fears inflation; the low rates are good news for buyers. I don’t think (and I certainly hope we don’t) we will reach the levels we had a few years ago, but I know that I have felt a shift in sentiment recently. Our listings are getting shown - and sold - and there are buyers out there that need homes. While there are of course those that will wait for the bottom and perhaps miss these low rates, many others want a house for a pretty simple reason, to live in it. To have a place called home, to escape noisy upstairs neighbors, for a big basement for family gatherings, to make room for new little ones and to scale down on household responsibilities so you can fulfill that bucket list.

While in the long term a home is always a good monetary investment in the short term a home is an emotional investment that I see pay off when I hear how my clients love their home. Click here to watch the video. Read more here http://mizrealty01.wordpress.com

Buy it or Sell it? This is cool, see if you recognize these homes from popular movies. I wonder what the neighbors think? http://www.flickr.com/photos/hoffarth/sets/72157616316553286/

Don’t Forget! There are only 36 days left to take advantage of the first time homebuyer's tax credit of $8000--it expires April 30th--a house has to be under contract by then and close by June to take off taxes this year. Click Here for IRS.gov info on First Time Homebuyer Credit.

Let Us Know! Do you have a neighborhood event, charity drive, yard sale coming up? Let us know and we will share with our audience whenever possible. sprinkleruth@mindspring.com