Atlanta Legacy Homes - Investment Division

4556 Fountainhead Dr, Stone Mountain, GA | Powered by Postlets

2013-06-18T13:13:00.001-07:00

OPEN HOUSE! Friday, June 21 from 11am to 2pm. Come See this amazing home.
4556 Fountainhead Dr, Stone Mountain, GA | Powered by Postlets

A House of a Different Color

2013-05-25T06:06:00.001-07:00

A House of a Different Color

4411 Roche St, College Park, GA | Great New Home For Rent | Only $995 a month!

2013-02-12T14:20:00.001-08:00

4411 Roche St, College Park, GA | Powered by Postlets

Distressed Real Estate Sold at 20 Percent Discount in November 2012

2013-01-03T10:44:00.001-08:00

Distressed Real Estate Sold at 20 Percent Discount in November 2012

4801 Fieldgreen Renovation - For Sale or Rent

2012-10-09T14:50:00.001-07:00

Another great renovation by Atlanta Legacy Homes, Inc. Just listed for rent or sale. Rental price at $1300 per month or sales price of $149,900. Four bedrooms, 2.5 bath, new kitchen cabinets, granite counter tops, stainless steel appliances, new hardwood floors, huge sun room off the family room. Family room with fireplace and built-in shelves. Updated light fixtures and all bath fixtures. A must see. Call Kelly with questions. 404-933-4885.

Thirty-Two Percent of Houses Sold in One Month

2012-10-01T09:26:00.001-07:00

I think this is great news. The time it takes to sell a house is going back to the pre-crash times. I hope this trend continues and improves.

Thirty-Two Percent of Houses Sold in One Month

Latest 2012 Economic and Housing Outlook

2012-10-01T09:24:00.001-07:00

I think these numbers are very optimistic, but for all of our sakes, I hope they are correct.

Latest 2012 Economic and Housing Outlook

Inflation and Rents Rising

2012-09-21T07:36:00.001-07:00

Inflation and Rents Rising

What’s Ahead for Home Prices? Using Multiple Data Sources to Find Out

2012-08-29T13:37:00.001-07:00

Slowly, but surely, home prices are edging back up. Maybe we are on a way to a more stabilized market. What do you think?

What’s Ahead for Home Prices? Using Multiple Data Sources to Find Out

Housing Inventories Back to Pre-Boom Levels

2012-08-29T13:35:00.001-07:00

Housing Inventories Back to Pre-Boom Levels

For Rent: 6BR/4BA Single Family House in Decatur, GA, $1,400/month

2012-08-28T12:47:00.001-07:00

Perfect Home with a fenced in back yard, storage shed, newly updated SIX bedrooms, newly updated kitchen with granite counter tops and much more.

For Rent: 6BR/4BA Single Family House in Decatur, GA, $1,400/month

Home prices up for fifth straight month

2012-08-28T08:29:00.001-07:00

It is official! We are on the way back to a more normalized housing market. Prices are rising, interest rates are low, the economy is hopefully on its way in the right direction (up that is); can people still buy homes? That really depends on their financial history. Don't get too excited to buy now, even the most credit worthy people are having hard time qualifying for mortgages, so what do you do in the mean time? I think if your credit is not up to par just yet, lease and enjoy some of the lowest lease prices in the country. Single family, 3bd/2ba homes are renting for less than 3bd apartments in Georgia. Read the article below and draw your own conclusions, however, I think rent-to-own is a great option in the mean time.

Home prices up for fifth straight month

For Rent: 4BR/2 1BA Single Family House in Decatur, GA, $1,100/month

2012-08-24T04:52:00.001-07:00

For Rent: 4BR/2 1BA Single Family House in Decatur, GA, $1,100/month

For Rent: 4BR/2BA Single Family House in Decatur, GA, $1,000/month

2012-08-24T04:26:00.001-07:00

A great home for rent in Decatur, GA
4 bedrooms, newly renovated with new floors,
updated kitchen, new appliances, new paint.
Great location. Close to good schools.
A must see! Watch this short video to see what it looks like.
For Rent: 4BR/2BA Single Family House in Decatur, GA, $1,000/month

Renovations by Atlanta Legacy Homes

2066 Ben Hill Rd Apt A, East Point, GA | Powered by Postlets

2012-08-22T16:48:00.001-07:00

Great home coming up for rent. Let us know if you know anyone who might be interested.

2066 Ben Hill Rd Apt A, East Point, GA | Powered by Postlets

Short Sales to Increase in 2012

2012-05-15T10:46:00.001-07:00

Good news for investors! Short Sales to Increase in 2012 is the latest economic prediction by the Board of Reactors. HUD and Bank of America are also promising to streamline the short sale process making it easier and Faster to hear back from the bank. As a matter of fact, Georgia is predicted to have +/-15,900 short sales this year.

Good luck to each and every one of you!

Investors buying homes by the dozen

2012-03-02T09:50:00.000-08:00

Ok, there have been rumors that Freddie Mac and Mannie May will be selling foreclosed homes in bulk, well it's happening. Read all about it.

Investors buying homes by the dozen

States with the Most Miserable Housing Markets

2012-03-02T09:38:00.000-08:00

February 29, 2012 by 247wallst

Home prices fell in December to the lowest levels since the housing crisis began in mid-2006, according to the Standard & Poor’s Case-Shiller Home Price Index. While other housing statistics certainly suggest that a recovery may be underway, home prices and foreclosures continue to point to a struggling market.

Trulia, an online real estate search and marketing site, recently published its Housing Misery Index. The index ranks each state’s housing market by the change in home price and the rate of delinquencies and foreclosures. Looking at housing and economic data from a number of sources, 24/7 Wall St.’s analysis of Trulia’s index finds that the states with worst scores suffer from many of the same problems.
The Housing Misery Index shows the clear impact of the housing market bust on local economies and individual homeowners. The drop in home prices captures the impact on household wealth and consumer spending, Trulia’s chief economist, Jed Kolko, told 24/7 Wall St. in an interview. Meanwhile, delinquencies and foreclosures reflect the number of residents struggling to keep their homes. “Bigger price declines plus more delinquencies and foreclosures equal greater misery,” Kolko says.

Most of the states with the worst housing misery scores are also ones that experienced some of the greatest home construction booms during the first half of the decade. When the market collapsed, states such as Arizona, Nevada, Florida and California became flooded with large inventories of unsold homes and high vacancy rates. According to Kolko, “These states had the most overbuilding during the bubble, and those empty homes have caused prices to fall and are still keeping prices low.”

Not all of the states with the highest housing scores are suffering from overbuilding during the housing boom. For some, the scores simply reflect permanently weakened home demand that is the result of decades-long industrial decline. In Michigan, for example, home prices have dropped as critical industries, including auto and chemicals, have substantially contracted their operations in the state. The persistent lack of demand for housing simply was made even worse by the nationwide recession.

In many of the worst-off states, demand is finally on the rise. States like Florida, Arizona and Nevada, which suffered during the housing bust, still appeal to many buyers. These states “are still top retirement destinations and are now more affordable than they have been in years. Low prices will attract people to these areas longer-term as those markets return to normal,” Trulia’s chief economist says.
Of course, for states where the housing collapse was not the result of overbuilding, as is the case for Michigan and Rhode Island, the long-term outlook is not as good. Although home prices are at bargain prices in these states, a meaningful increase in new home buyers is missing. These local economies are suffering from long-term problems that likely will continue after the national housing market has recovered.
These are the 10 states with the most miserable housing markets.

10. Maryland
> Housing misery index: 31.6
> Home price decline from peak: 23.7% (12th largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -2.4% (14th largest decrease)
> Unemployment (Dec. 2011): 6.7% (15th lowest)
Maryland is the wealthiest state in the country in terms of median household income. It also happens to have the third-lowest poverty rate in the country. Despite this relative wealth, the state’s housing market has suffered from a number of problems. Since their peak, home prices in Maryland have dropped 23.7% — the 12th largest decrease in the nation. Home prices are projected to continue to fall through the third quarter of this year. However, from that quarter through the third quarter of 2013, home prices are expected to turn around, increasing 4.4%.

9. Washington
> Housing misery index: 32.8
> Home price decline from peak: 26.6% (8th largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): +0.4% (16th smallest increase)
> Unemployment (Dec. 2011): 8.5% (17th highest)
Since their prerecession peak in the third quarter of 2007, home prices have fallen 26.6% in Washington. This is the eighth-largest drop from peak in the country. In 2011, relatively few homes were in foreclosure in the state, standing at 1.3% of the total market. By the third quarter of this year, home prices are projected to increase just 0.4%, one of the smallest increases in the country. However, the following year, the market will finally begin to rebound in the state. Fiserv estimates home values will increase by nearly 10% between Q3 2012 and Q3 2013.

8. Georgia
> Housing misery index: 34.0
> Home price decline from peak: 26.0% (10th largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -1.7% (16th largest decrease)
> Unemployment (Dec. 2011): 9.7% (8th highest)
Georgia had the fifth-highest rate of foreclosures at the end of 2011, and homes on which owners were delinquent 90 days or more on mortgage payments in the country at 8%. Georgia’s home prices also have fallen 26% since their peak — the 10th-largest drop. This, combined with the fact that home prices are expected to drop by another 1.7% by the third quarter of this year, has caused construction to remain particularly low in many areas. For example, in Atlanta, the state’s largest city, construction continued at less than one-fifth of prehousing bust levels in January of this year, according to Trulia.

7. Rhode Island
> Housing misery index: 34.5
> Home price decline from peak: 27.0% (7th largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -0.5% (23rd largest decrease)
> Unemployment (Dec. 2011): 10.8% (3rd highest)
Like Michigan, Rhode Island’s economy has continued to suffer from long-term problems, and residents seem to agree. According to Gallup’s Job Creation poll, fewer employers are hiring in the state than anywhere else in the country at the moment. According to a separate Economic Confidence Poll created by Gallup, just 5.4% of those polled in Rhode Island believe the U.S. economy is in good or excellent shape. From their peak in the second quarter of 2006, home values in the state have fallen 27%, the seventh-biggest decline from peak in the country. Median income is above-average in Rhode Island, but unemployment is at 10.8%, the third-highest rate in the country. According to Fiserv, home values in the state are expected to recover at a rate of just 2.5% per year by the end of 2016, the ninth-lowest rate in the country.

6. Idaho
> Housing misery index: 34.5
> Home price decline from peak: 29.3% (6th largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): +4.9% (the largest increase)
> Unemployment (Dec. 2011): 8.4% (18th highest)
Home prices in Idaho did not begin to significantly drop until 2008. From the third quarter of that year through the third quarter of 2011, home prices fell 29.3%, the third-largest peak-to-current decline in the country. From the third quarter of 2010, prices have dropped 8.3%, the second-largest amount. However, the state is forecast to make an exceptional turnaround. By the third quarter of 2012, home prices are projected to recover by 4.9%. Over the next five years, prices are expected to increase by 7% — the largest increase in the country.

5. Michigan
> Housing misery index: 36.6
> Home price decline from peak: 30.1% (5th largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -7.0% (4th largest decrease)
> Unemployment (Dec. 2011): 9.3% (10th highest)
During the housing boom, Michigan did not experience a period of rapid industrial growth and home construction. But instead of escaping the worst of the housing boom and bust, Michigan’s home prices and general economy continued to worsen during the second half of the decade along with the rest of the country. From peak value in the third quarter of 2005, home values in Michigan have fallen 30.1%. Additionally, unemployment is 9.3%, the 10th highest rate in the U.S.

4. California
> Housing misery index: 53.7
> Home price decline from peak: 46.7% (3rd largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -4.2% (6th largest decrease)
> Unemployment (Dec. 2011): 11.1% (2nd highest)
California continues to suffer greatly from the recession. The nation’s most populous state has the second-highest unemployment rate in the country at 11.1%. Home prices have dropped 46.7% since their peak, which occurred in the first quarter of 2006 — the third-largest drop in the country. This large decline is the result of the construction boom that took place in the state prior to the housing crisis. Home prices are expected to fall another 4.2% by the third quarter of this year due to an overabundance of cheap housing.

3. Arizona
> Housing misery index: 55.0
> Home price decline from peak: 47.9% (2nd largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -7.2% (3rd largest decrease)
> Unemployment (Dec. 2011): 8.7% (15th highest)
Arizona also went through a period of significant overbuilding that has left its housing market hurting. Since home prices peaked in the state, they have fallen by 47.9% — the second largest amount in the country. The excess inventory of inexpensive housing is expected to continue to depress prices for some time. Prices are projected to drop another 7.2% from the third quarter of 2011 to the third quarter of 2012 — the third largest decrease in the nation. According to Trulia, Phoenix, Arizona’s largest metropolitan area, has one of the highest vacancy rates in the country, at 10.1%.

2. Florida
> Housing misery index: 62.2
> Home price decline from peak: 44.8% (4th largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -8.6% (2nd largest decrease)
> Unemployment (Dec. 2011): 9.9% (6th highest)
Florida is among the states hurt worst by the housing crisis. Since the third quarter of 2006, when home prices in the state peaked, they have fallen 44.8% — the fourth-largest drop among all states since their respective peaks. The pain is not yet over for Floridians. From the third quarter of 2011 to the third quarter of 2012, home prices are projected to fall by another 8.6% — the second-largest drop over this period. At the end of 2011, Florida had the highest rate of homes in foreclosure or that have been delinquent in mortgage payments for at least 90 days in the country at 17.4%.

1. Nevada
> Housing misery index: 73.4
> Home price decline from peak: 60.0% (the largest decrease)
> Projected home price change (Q3 2011 – Q3 2012): -13.9% (the largest decrease)
> Unemployment (Dec. 2011): 12.6% (the highest)
Leading up to the recession, Nevada was one of the fastest-growing economies in the country, largely fueled by booming real estate and construction industries. When the housing market collapsed, what had once been a boon became a burden. Home prices in the state have fallen a whopping 60% since their peak in the first quarter of 2006 — the largest drop in the country. Unemployment in the state is also the highest at 12.6%. And 13.4% of homes were in foreclosure or delinquency at the end of 2011 – again, more than anywhere in the country. Home prices are projected to continue to fall by an additional 13.9% through the third quarter of this year, but Fiserv estimates that they will begin to gradually recover over the next five years.

Note: the Index is the sum of peak-to-Q4-2011 price decline (FHFA) and Q4 2011 delinquency (90+ days) plus foreclosure rate (CoreLogic).
Michael B. Sauter, Charles B. Stockdale and Ashley C. Allen

Posted in Housing, Special Report |

Home prices fall more than expected

2012-01-31T12:32:00.000-08:00

Another news article regarding still yet declining home prices. This is good news for investors as it allows us to make even better deals on properties.

Home prices fall more than expected

Housing Crisis to End in 2012 as Banks Loosen Credit Standards

2012-01-31T04:25:00.001-08:00

By: Krista Franks

01/24/2012

Capital Economics expects the housing crisis to end this year, according to a report released Tuesday. One of the reasons: loosening credit.
The analytics firm notes the average credit score required to attain a mortgage loan is 700. While this is higher than scores required prior to the crisis, it is constant with requirements one year ago.
Additionally, a Fed Senior Loan Officer Survey found credit requirements in the fourth quarter were consistent with the past three quarters.
However, other market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.
Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.
Banks are also loosening loan-to-value ratios (LTV), which Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.”
In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.
While credit conditions may have loosened slightly, some potential homebuyers are still struggling with credit requirements. In fact, Capital Economics points out that in November 8 percent of contract cancellations were the result of a potential buyer not qualifying for a loan.
Additionally, Capital Economics says “any improvement in credit conditions won’t be significant enough to generation actual house price gains,” and potential ramifications from the euro-zone pose a threat to future credit availability.

Foreclosures keep pushing house prices lower

2012-01-27T11:05:00.000-08:00

"During the housing boom years of 2005 and 2006, less than 5 percent of all home sales were foreclosure-related. In the third quarter, the share reached 20 percent, down from 22 percent in the second quarter and 30 percent in the third quarter of 2010."

Georgia has a foreclosure rate of 34%, one of the highest in the country. Read the article. It gives great insight as to what is going on in the market right now.

Foreclosures keep pushing house prices lower

Existing Home Sales

2012-01-21T01:14:00.000-08:00

Well, I hope this is not wishful thinking on the part of the economists. I have heard the same prediction in the beginning of 2011 and that took us nowhere fast.
Yesterday morning on CNBC it was announced that the inventory of existing homes fell to about a six months inventory which is extremely encouraging. The goal is to have an inventory of about a four months supply. If home sales continue at the pace they are going, we might actually see increase in home prices by the second quarter of 2012.

I do want to add that the majority of home sales reported on CNBC was attributed to investor buying. Also, over 80 percent of regular home sales fell through due to mortgage difficulties. Banks are still not giving mortgages to people on a regular basis.

Hope you find this article interesting.

Existing Home Sales

'Uncertainty and danger': World Bank warns of downturn worse than 2008

2012-01-18T14:15:00.000-08:00

OMG, not any more bad news. It's an opinion though.

'Uncertainty and danger': World Bank warns of downturn worse than 2008

Economy struggling but growing, Atlanta Fed chief says | ajc.com

2012-01-17T09:25:00.000-08:00

It's been a while since I got excited about the Atlanta economic prognosis, however, if we are to believe the Atlanta Fed Chief, we might be finally seeing a slow improvement.

Economy struggling but growing, Atlanta Fed chief says | ajc.com

Fannie Mae sees 2012 home sales up 3.5% to 4.74 million

2012-01-17T02:23:00.000-08:00

Well, this article gives me hope that 2012 will be a better year for home sales.

Fannie Mae sees 2012 home sales up 3.5% to 4.74 million