Atlanta Real Estate Blog - Jim Crawford REMAX Greater Atlanta

Atlanta Mortgage & Real Estate Fraud - Jail is too good For Them!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 11 Oct 2008 22:27:30 -0500

For the past few days in the Atlanta news there are stories online about mortgage, real estate fraud in the Atlanta area. This one hits really close to home. I am familiar with a lot of the homes identified. Some were originally sold fraudulently in the 1 million plus range, and have sold for 550K in foreclosure. It seems 7 out of 21 involved in the scam have already pleaded guilty, and it is totally sickening to see the fraud that occurred. Someones bank somewhere got burned with these characters. It seems that several builders moved stale inventory though straw buyer sales. Not very creative. One builder / real estate agent was sentenced to 14 years in prison. I think he got off light. Another attorney participated in over 21 closings got 4 years. That isn't much when you consider that the homes sold, and flipped with straw buyers in amounts at over a million dollars on some of them. The straw buyer turned out to be an illegal alien on at least one sale. I am sure by the time it is over there will be a lot more in jail. Appraisers, loan processors, loanofficers, secretaries, builders, agents are all in the mix. I hope they throw the book at all participants!

Take a look at this Blog which has great information on the events.

Did You Know the FDIC Insurance Increase to $250,000 is Temporary?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 11 Oct 2008 21:47:17 -0500

A friend of mine was ranting today about the FDIC raising the coverage to $250K was only temporary. I told them they were crazy, and proceeded to scourt he Internet and even the FDIC site to find the answer. It is really easy to go around in circles and not find anything out. That was especially true from the FDIC site. So I decided to look again, and here is what I found in the foreign press. Remember last weeks Blog I wrote about foreign news? Well it was right! Look at what I found! For 700 Billion 850 Billion Dollar bailout, was this the best they could do?

FDIC approves $250,000 insurance limit.

"The FDIC board approved the temporary increase per account in a vote at a meeting. The new limits, which extend through the end of next year, also provide for an increase in the insurance ceiling on joint deposit accounts to $200,000 per co-owner of the account from the current $100,000. The limit for retirement accounts held in banks remains at $250,000."

Also check out the fact we are now underinsured by the goverments own standards.

Marietta Georgia Homes for Sale - Single Family Detached Homes for Sale - Marietta GA Real Estate Market Update October 11 2008

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 11 Oct 2008 21:19:46 -0500

Marietta Georgia Listings - Marietta Real Estate Update October 2008 - Marietta Real Estate for Sale - Single Family Detached Homes.

As of today 10/11/2008 these are the current statistics for Marietta FMLS listings entries. Marietta GA in Cobb County there are 2647 single family detached Marietta homes for sale. The Marietta GA MLS breakdown for single family detached homes for sale is below.

Marietta Georgia Real Estate - MLS SINGLE FAMILY LISTINGS

Active - 2647 Marietta homes for sale
Pending - 215 Marietta homes for sale
Contingency - Due Diligence - 11 Marietta homes for sale
Contingency w/Kickout - 8 Marietta homes for sale
Contingency - Other - 14 Marietta homes for sale

Roswell GA Homes - Roswell Georgia Real Estate Update - Single Family Detached Homes October 11 2008

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 11 Oct 2008 21:05:22 -0500

Roswell Georgia Listings - Roswell Real Estate Update October 2008 - Roswell Real Estate for Sale - Single Family Detached Homes.

As of today 10/11/2008 these are the current statistics for Roswell FMLS listings entries. Roswell GA in Fulton County there are 862 single family detached Roswell homes for sale. The Roswell GA MLS breakdown for single family detached homes for sale is below.

Roswell Georgia Real Estate - MLS SINGLE FAMILY LISTINGS

Active - 862 Roswell homes for sale
Pending - 71 Roswell homes for sale
Contingency - Due Diligence - 12 Roswell homes for sale
Contingency w/Kickout - 0 Roswell homes for sale
Contingency - Other - 4 Roswell homes for sale

Alpharetta GA Single Family Homes for Sale - Market Report October - Alpharetta Homes

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 11 Oct 2008 20:56:48 -0500

Alpharetta Listings - Alpharetta Real Estate Update October 2008 - Alpharetta Real Estate for Sale - Single Family Detached Homes.

As of today 10/11/2008 these are the current statistics for Alpharetta FMLS listings entries. Alpharetta GA in Fulton County there are 1516 single family detached Alpharetta homes for sale. The Alpharetta MLS breakdown for single family detached homes for sale is below.

Alpharetta Georgia Real Estate - MLS SINGLE FAMILY LISTINGS

Active - 1516 Alpharetta homes for sale
Pending - 136 Alpharetta homes for sale
Contingency - Due Diligence - 8 Alpharetta homes for sale
Contingency w/Kickout - 1 Alpharetta homes for sale
Contingency - Other - 4 Alpharetta homes for sale

Atlanta Listings - Atlanta Real Estate Update October 2008 - Atlanta Real Estate for Sale

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 11 Oct 2008 19:50:20 -0500

Atlanta Listings - Atlanta Real Estate Update October 2008 - Atlanta Real Estate for Sale

As of today 10/11/2008 these are the current statistics for Atlanta FMLS listings entries. Total active listing have come down slightly from summer peaks of over 89,000 active listings to 84,544. That is still extremely high number of listings for October. This amount includes Single family detached homes, condos and town homes, Multi - Family, Lots & Land, Developed Residential Lots, Rentals, and Commercial Real Estate. The Atlanta MLS breakdown is below.

Atlanta Georgia Real Estate - MLS LISTINGS

Active - 84544 Total Properties Found
Pending - 6980 Properties Found
Contingency - Other - 203 Properties Found
Contingency w/Kickout - 120 Properties Found

Atlanta Homes for Sale - Single Family Detached

Active - 53417 Properties Found - Atlanta Homes for Sale
Pending - 5524 Properties Found
Contingency w/Kickout - 93 Properties Found
Contingency - Due Diligence - 222 Properties Found
Contingency - Other - 159 Properties Found

Atlanta Condos and Town Homes for Sale

Active - 10825 Properties Found
Pending - 1093 Properties Found
Contingency - Other - 35 Properties Found
Contingency w/Kickout - 23 Properties Found
Contingency - Due Diligence - 33 Properties Found

Land / Farm

Active - 3278 Properties Found
Pending - 76 Properties Found
Contingency - Other - 1 Properties Found
Contingency w/Kickout - 3 Properties Found
Contingency - Due Diligence - 10 Properties Found

Residential Developed Lots

Active - 8508 Properties Found
Pending - 110 Properties Found
Contingency - Other - 2 Properties Found
Contingency w/Kickout - 1 Propertie Found
Contingency - Due Diligence - 3 Properties Found

Atlanta Multi – Family Properties

Active - 838 Properties Found
Pending - 107 Properties Found
Contingency - Other - 2 Properties Found
Contingency - Due Diligence - 1 Properties Found

Rentals

Active - 5267 Properties Found

Atlanta Commercial Real Estate

Active - 2412 Properties Found
Pending - 70 Properties Found
Contingency - Other - 4 Properties Found
Contingency - Due Diligence - 5 Properties Found

Will Real Estate Ever Be the Same? When?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Fri, 10 Oct 2008 23:52:00 -0500

I was looking at the past week in the stock markets, and trying to find a point in my life that I could compare the epic events to. I couldn't. My life did not prepare me for the tumult in stock markets around the world, and the shock to my portfolio. I looked up some previous stock market corrections, and this one surely surpassed the one in 87. There really isn't much of a comparison. The interesting thing is what will come of the events. This was the impact of a rouge comet hitting the earth without a major warning. How will real estate change, and what will be the land scape in our business for the next few years.

If you study the events, there is no point of comparison in our lives for what we are currently living through. I can be as optimistic as I want, but I must allow for the external forces to set the stage for our industry. Demand for real estate, available credit to buy, layoffs, and impaired credit of many buyers will impact us for years to come.

Real estate as we've known it for the last few years will not return to that same level ever again in my life time. The reality is that I finally get the idea of the "Roaring 20's!" Excess, speculation, greed, and E-Z credit ruled the day. The pendulum is now swinging quickly to the other extreme. When the stock markets corrected in 87, residential real estate contracted first in 1988, and then commercial real estate stopped and started to wind down in 1989. Many agents left the business, real estate business disappeared, and sales generally died for a few years. In 1992 when I came to Atlanta, the market was dead. The average days on market was 145 days for a resale. New builds were a very sought after commodity. You could negotiate the price and terms of a new build with any builder. It was not uncommon to use standard GAR contracts instead of the builders contracts. There was resistance, but a closed sale was what the builder was after.

That was also a time when many of the agents, and builders had left the business. Some expired homes back then would have been on the market for several years. They were my specialty. We sold over 37 of them when we first moved to town. back then, it took until the mid 90's before we had a normal market and sales were steadily on the increase.

Here are some areas I would love to hear your thoughts on:

Numbers of sales
Numbers of Agents
Numbers of real estate offices
Days on market
Absorption rates
What price ranges will sell
Second homes
First time buyers
Investors - rental homes
What will the number of sales contract to?
How long before a solid turn around?
How will it change the way you do business?
How will you refocus your business
Will you stay for the change?
What will you modify in the way you run your business?
Cash buyers will call more of the shots - cash will be king.
Fewer banks making mortgage loans.
More money down
Better credit for buyers
Less no doc or no money down loans.

The Seller Should Know - Their Listing Agent is a Bum!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 09 Oct 2008 15:36:22 -0500

Recently I was on a looking at some real estate in different areas for myself. I feel this is a great time to buy a home. I came across several products and neighborhoods that really interested me. So here is what I found. The listing agents are completely asleep at the wheel. They have retired form the business, only they do not know it yet. Out of 15 agents I called on various properties, only 1 has called me back 4 hours after my initial call from outside the property. By that time I had moved on ans was several hours away. Now, under no circumstances am I saying it ever correct for an agent to contact the seller to bring this to their attention...that is unethical and illegal. That is solicitation.

Here is what I found:

There was no information in most of the flyer boxes.
The signs were faded, some had fallen, and weeds had grown up around signs.
Real estate signage had phone numbers that were disconnected.
Most agents did not respond to phone calls.
Some message even said the property was listed with the managing broker.
Many voice message boxes were filled and could not receive any new messages.

Sellers with Listed Properties Should:

Have friends or relatives occasionally call the numbers on your sign - ask questions about the property.
Have a friend or co-worker contact your agent from their Internet site - do they get a response?

Why do I say this? Many agents in real estate today are depressed worrying about their own bills and mortgage, they do not have their mind on the job. They have thrown the towel in on real estate but they have not acknowledge it to themselves that they have already quit the business. Real estate as we know it, has never been this difficult to sell since the Great Depression, you may as well have someone working for you that has not abandoned the ship! As a seller, you should know what your agent is doing for you. You should also know how they are treating the callers. There is a story I am aware of in real estate where a relative of the seller called into the office and was speaking to the listing agent. He told the relative of the seller, this house was not a good buy, and that the one he had listed around the corner was a much better deal. That is not representing the seller. Neither is sleeping at the wheel!

Lemmings - Now We Know!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 09 Oct 2008 14:53:38 -0500

A lemming is a small hamster like animal that at some points will move in large masses together even if the leader takes them over a cliff! When they follow the crowd in front of them they will go to their certain death. So much for the individual achieving success on their own accord, if you follow the herd it may mean sure suicide. A definition of insanity is to do the same thing over and over again and look for a different results the next time. In real estate not only do real estate agents think like lemmings so do their clients.

In real estate marketing, "lemmings" may set the same list price as the house down the street that sold last month. So even though the home took a year to sell - how is that a strategy to sell your listing? Why is that listing you would want at a price that is non competitive? What are you thinking here? Do you want to wear the seller down? It may be a long game!

Those that cannot think for themselves are doomed to fail Have you ever noticed at a real estate seminar everyone rushes to buy the latest software or marketing tools, but they neglect to see they are one of a thousand in line. Everyone feels they are different. Theirs will be an easy success, while everyone else just does not get it!. That type of thinking is flawed. Lemmings may also advertise in places that do not yield a sale in this current market: newspapers, Realtor.Com, color flyers, buyer agent commission, newspaper classifieds, or online marketing. They do not even think of the money they are spending adn what they can expect as a return on their marketing investment. If no sales are taking place, where is the strategy?

We work in a profession where we are judge by our performance. A sale is all about having the right facts and information before you to make an informed decision. This applies whether you are buying or selling a home. Have you noticed that homes are still selling even in this market while other homes sit for an eternity? If you get the wrong advice from an inexperienced agent that is more interested in listing your home than selling it, you will lose equity, and perhaps lose your home as prices decline even further. Do not be a lemming.

Selling Lemmings think like this:

My home will sell, without improvements or updates.
I will offer a credit for carpet, paint and updates.
I have the best home in the neighborhood, I want to be priced higher.
I will not pay buyers closing costs.
I will not negotiate - I will sell "As Is!"
We do not have to sell.
I will only pay the same 'X' commission as everyone else.
My home is better.
My price is firm!
Perhaps I will rent my home until the market comes back.
I will try to sell my home next year when the market is better.
Think all agents are the same; I just need to be in the MLS.
I can do this myself without listing.
I want a 90 day listing.
I will put the home back on the market after the holidays.

Buyer Lemmings Think likes this:

It is OK that I do not have a buyers agent represent me.
It is perfectly OK to buy directly from a builder without buyer representation.
I will save the commission for not having buyer representation.
It is OK to deal directly with the listing agent.
I will buy the home from the owner agent.
I will use their inspector, their lender, their closing attorney.
I will not seek independent advice.
I will not have legal counsel go over the contract with me.
I do not need an appraisal.
Not to worry about zoning.
I do not need a survey.
I do not need a title policy.
I do not need a termite bond or termite inspection.
I do not need to shop mortgage rates and terms.
Location of the home does not matter - home is loaded with extras.

Has Your Market Slowed to A Crawl or Died?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sun, 05 Oct 2008 01:27:05 -0500

I noticed in the last few weeks Internet leads in real estate in several markets has slowed to a crawl. Actually it seems like it has died! I was wondering if the market is spooked, no pun intended for the upcoming Halloween! Each time the government announced a bailout, a bank failure or the "Fannie Mae and Freddie Mac Fix"....buyers became more scarce. I really think Congress has spooked the market along wiht the media in recent months. I know it isn't just me. I am hearing this from full time agents, brokers, inspectors, builders, closing attorneys, and mortgage professionals. The only exception that I am hearing about is that some high end builders are selling some custom homes - all cash. I suppose the rich feel the safest place to have their money is in real estate as opposed to the banks where no one knows what tomorrow will bring!

Since the mantra in real estate these days is "Real Estate is Local" what's happening in your markets? Are you getting real buyers? Tire kickers? Investors? Bottom Feeders? More listing calls? Foreclosure inquiries? Is anything productive occurring? Is your market improving or still declining?

Sales in Atlanta have slowed to pre - 2000 levels, inventory is still very high especially for this time of year, condos, and town home sales have fallen off the charts.

Atlanta Gas Crisis - Update October 4, 2008 - Atlanta Gasoline Crisis

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 04 Oct 2008 22:35:51 -0500

Atlanta is breathing a sigh of relief as our gas crisis seems to be ending. Over the last few days in Atlanta gasoline seems readily available almost anywhere. Yes some gas stations are still closed, but those that are opened they have no lines, and it is EZ to find gas. I have heard there are still some shortages in the Canton / Woodstock area from past clients. Gas prices have also dropped from an average of $4.09 last week for regular gas to under $4.00 a gallon. Today I filled up my vehicle and it was $3.89 a gallon. I might add, no waiting! There were several things that I personally attribute to the crisis ending. The first is that people came to their senses and stopped hoarding. It is not smart to keep topping off the tank. The second was the specially formulated gas for air pollution standards was temporarily waived. Gas stations also did an excellent job at directing traffic so that tempers did not flare. Kroger Supermarkets did an exceptional job in the John's Creek area at directing traffic, and keeping the lines moving!

Are You Following The International News? You Should.

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 04 Oct 2008 20:59:55 -0500

Are You Following The International News? You Should. You may learn some interesting things. I know in America we have been pre-occupied this last week or so with our own bailouts, bank failures and government interventions. Don't take it personal, but bad times are not limited to the United States. A lot of the time I do my research on the foreign and international news. It is good because I get more objective news, and a broader perspective than we see and hear on our news here. European news tends to be a lot more objective, more factual, less political and less sensational as the US press tends to be.

While we were pre-occupied with our own news this week, a banking crisis hit Ireland, and they ended up backing their banks investments with taxpayer monies. It was a major banking crisis in Europe that I never even heard about. I also found that Iceland has also needs an economic bailout for its banks. It seems that a few banks had also run up bad debt that totaled 3 X the countries GDP. So Iceland is currently experiencing interest rates of 15% and inflation is running as high as 14%. I personally did not know any of this. Britain is now seeing its own fall-outs in banking. The troubles in America are no longer a distant story across the pond. Now there are many other factors coming into play from the consumer that are adding to the problem. Postponement of purchase decisions, fear of the unknown, and consumers sticking to purchasing only essentials are further hurting their economy. Sounds like here! The heads of the G-4 are trying to come up with a plan to prop up confidence and liquidity in member banks.

The stories are wll written, and there is enough blame to go around for all. The interesting thing is that is is just not a US problem, and it is a global credit crunch for sure. Some overseas blamed us for taking too long for the US to act, and then not acting with enough money to turn it around. Gee, I thought it was way too much, but not according to the foreign news. The former chief economist of the International Monetary Fund IMF said our own bail out would not work. The 700 billion dollars would not cover the losses. He states that the amount needed would be almost 2 trillion. He referred to our debt as "toxic!"

A good place to search Foreign News is Google. On the bottom of the page you can search news from the UK, Canada, and globally.

The Bailout was A Sellout!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Fri, 03 Oct 2008 22:37:34 -0500

You thought they wre really fixing the country? LOL! The policitinas were just having some fun with us! Ge, they acted so sincere! Well they did it again!

There was an awful lot of pork in this government bailout bill, and if you check who sponsored most of it was Democrats. No this in not a political rant, this is a fact. Do your own research. It isn't a political rant. I guess they had to pay back all the political gifts and favors they have received. You thought they were doing the right thing, the fact is it is business as usual in DC. So we have been screwed, and get ready for more. Here are just some of the pork barrel items inserted into the bill. Go ahead, do your own reserach. Some of these programs go into the billions! Yes, BILLIONS!

Before you comment, do your own research and have some fun. Check out who sponsored what! Then remember it next time you vote! We've been sold out!

Increase in limit on rum excise tax to Puerto Rico and the Virgin Islands. For Rum Manufacturers.
Investors in the District of Columbia or on Indian reservations.
Exemption from excise tax for certain wooden arrows for children. - Save Arrow manufacturers $200K a Year!
Building and renovating restaurants.
7 year cost recovery period for motorsports racing track facilities. - save NASCAR track builders $109 million in 2008.
Extension and modification of research credit. (Tax Breaks for major Corportations!)
A $3.5 billion measure intended for health-insurance companies to cover mental illness. Provides extended coverage for addiction at employer expense.
Income averaging for amounts received with the Exxon Valdez litigation.
Secure rural schools and community self-determination programs
Deduction for state and local sales taxes.
Provisions related to film and television productions.
Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Extension of economic development credit for American Samoa. $192 million.
Inclusion of cellulosic biofuel in bonus depreciation for biomass ethanol plant property.
Transportation fringe benefit to bicycle commuters.
Enhanced charitable deductions for contributions of food inventory.
Extension of enhanced charitable deduction for contributions of book inventory to schools.
Transfer - abandoned mine reclamation fund - Abandondoned Funds given to United Mine Workers of America Combined Benefit Fund.
Doubles the subsidy for biodiesel production from 50 cents per gallon to $1.00 per gallon.
The bailout bill pays a marketing campaign for the Forestry Service or the Bureau of Land Management.

Bailout - They Fixed The Economy For Good!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Fri, 03 Oct 2008 15:05:30 -0500

It is amazing that it only took 140 more billion dollars in pork to keep the party going on the hill until after the elections. These beggers have no shame at all to come to us after they have squandered our hard earned tax dollars, gambled our future and all with out any oversight and wanted more. They got it. Details of the deal will follow in the coming weeks!

The good thing about the bill:

No more whining or pointing political fingers on Capitol Hill.
Bi-Partisan works when the bribe money is big enough!
No more tax monies needed ever from anybody.
You do not have to be worried about your jobs.
Don't ever worry about inflation again.
No need to raise taxes.
No more bankruptcies.
No more bank failures
No more foreclosures.
Good times ahead for all!
You'll be back selling 10 homes a month in no time.
Properties will automatically stop falling in values.
Appraisals will come in at full value.
Stocks will never again fall in value!
Give me Liberty, or Give me more money!

Web Graphics - Hot Spotting Maps For Home Searches

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Fri, 03 Oct 2008 10:37:00 -0500

Most of you that know me personally...understand my real secret to success in real estate is the Web. I host, design, and do all my own web designs and do all my own SEO and web placement. I really do nothing fancy, but concentrate on being very effective. I am currently designing a new web for Maryland. Ellen and I are now licensed as brokers in 3 states. Georgia, Maryland and Virginia. So my current project is to redesign the way I build my sites and improve the way it drives web traffic at every level.

If I start at a state level, I can drill down to a county, city, zip code and even subdivision level. Since the Internet is a visual and text medium, I like to try various methods for the drill down for information. Graphics can be a part of this, and I've toyed with Google maps, but wanted something more personalized. So for the last few months I've been toying with a drawing program called Smart Draw. It isn't cheap, but I really like it. I can design state maps, local counties, and even zip codes for some area. I can then do a hot spot to drive a search with a link that goes from the map to the MLS search.

Please keep in mind this is just a work in progress. If you click on each county, it drives a search to that County. Let me know what you think! (Artwork is Copyright Jim Crawford 2008)

HOT SPOTTED MAP Please click map to check on site.****

Maryland Real Estate Information and Resources

Vice Presidential Debate - Taxes

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 02 Oct 2008 20:56:05 -0500

I find it interesting this evening that Joe Biden, when asked what policy he will not do at this time. He basically answered that he would not raise taxes... they would be postponed, but on those over $250K he would raise taxes. It isn't really negotiable. So that means that over 1 million self employed mom and pop business will be directly affected by allowing the taxes to rise. He did not talk about how Obama wants to raise the capital gain tax on the sale of a home. Is that not a tax? Or is it an equivocation of policy agenda?

I don't know about you, but I am a self employed person...and that does not sit well with me. Gross and net incomes are not the same thing as a person receiving over a 250K salery. I have expenses, dues, advertising to pay. Some small brokers have staff, rent, and other items to consider. Just because we work with bigger numbers does not make us rich. There has to be a difference the way government views mom and pop companies, and self employed than from the individual. Is Joe Biden blind to this fact? His position will devastate this country. Most of the business start ups in this nation come from these groups. It is not a class distinction of rich and poor.

Let the Good Time Roll!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Wed, 01 Oct 2008 12:42:48 -0500

I am sorry if you can feel a tone of sarcasm here, but with this bailout of Wall Street Fat cats looming, I cannot erase from my mind the thought that this is like a bunch of partygoers doing a conga line on the Titanic. If we can pay the bill - they can extend the Happy Hour a few more hours! The bill as I've read it and researched seems to be very self serving for the evil doers that caused most of this, and the passengers on the lower deck (US) are expected to pay for the party. It isn't a very comfortable feeling knowing thta we are being used. It is also the feeling of damned if you do, and damned if you don't. That is where the frustration lies. The one thing I can say is the only difference between the Titanic, and what is going on now is that at least they had a band playing background music as it went under the waves! The Senate wants to keep this Wall Street party going with no expense spared the taxpayer.

PASSED THIS EVENING! READ THE NEW BILL!

I am very Proud of The House of Representatives!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Wed, 01 Oct 2008 00:49:02 -0500

Everyone knows this bailout bill is really wearing on everyones' nerves these days, and we all want it to be over, but of course a lot of life is about doing the right thing. The right thing is never the easiest path to take, but it is the correct path. It is built on solid footing of honesty, truth, integrity, loyalty, faithfulness and many more great values which we all cherish. The failure to pass the bailout was seen by some as a failure, while a great majority of everyday folks saw it as a victory for the everyday hard working taxpayer. There are those in our society that want everything done for them, and others that just roll up their sleeves and go out and obtain the American dream with hard work, long hours away from home, sacrifice, sweat, and forgo small pleasures such as eating lunch out so they can buy a home, save a few dollars, and enjoy the opportunities that America offers. Other believe you should just provide it for them. The elite in our society.

Historically, many will lookback on the years that were just behind us and compare them to the "Roaring 20's" It seems we did not learn a lesson from that era, and dismissed the knowledge gained from those hardships as only fools could do! Like then, we have just emerged from a time of excess, great growth, fast expansion and unbridled risk with dire consequences. The sad thing...those that do not understand history, and doomed to repeat the lesson until it is learned.

Some took more risk than others, and a few went over the edge in persuit of all the excess that we can still only imagine. Many took high risks with others money, gambled and now they are realizing they lost all. They cannot give up that power an position easily and now want the taxpayers to bail them out so they can start it all over again. Maybe it will, and maybe it won't. But what I was most proud of was out house of representatives.

For the most part, they rallied a great battle against the heads of the parties, and cliques of power and said "No!" The senate lined up in support of those that brought us to our knees, and lined thier pockets for so many years! The senate for the most part ignored the pleas of hard working people that paid thier billson time and always tried to do the right thing. They listened to those that elected them, and liberals, conservatives, Republicans and Democrats in the house more or less said..."Enough, is enough!"

For me that embodies what America is all about. It is about representation in a Republic that does not want to hand over the powers of this great nation to financial despots that brought us to this point! It is all about fulfilling the American Dream on which this great nation was founded "Taxation without representation is Tyranny!" (James Otis)

Those that were less noble, tried to pull off the vote without a roll call so that no one would know how the voted! Again, both parties rallied in the house of Representatives and did what they felt was right.

Tomorrow, it is the Senates chance to vote. I am curious how they will act, and how it will go down in history. It will be interesting to see...who votes for the individual taxpayers or who votes to keep the party going and pay off their political favors. Time will tell! God Bless America, and all our elected officials. May they vote truly to fulfill the duties of their office in a manor most patriotic to the founders of this nations, and those that by their sweat, and taxes made this possible for all of us.

I Did Not Feel Like Posting A Blog Yesterday!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Tue, 30 Sep 2008 09:13:45 -0500

Yesterday was just one of those days I did not feel like Blogging! I had no ideas to write about, and total avoidance ruled the day. There is no gas in Atlanta, I feel house bound, and trapped. That is a strange place to be in the sunny south - there was no blizzard with 5 foot drifts to keep me in doors. I fretted all weekend over the banks having trouble, and I was afraid I could lose everything even though I am not a risk taker.

The day turned out better than I thought. I did get to my bank, the doors were still open, and I was reassured all is well. On the way home I was able to find a gas station that had a reasonablly short line and got to fill up my gas tank. For the most part I avoided listening to the news, and the spin - that made the day a lot more bearable. Yesterday was a mental health day - where I just took off! Attitude cannot be upbeat all the time, and we have to allow down time to process all the events. Yesterday was just what the doctor ordered!

Atlanta is Out of Gas!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Sat, 27 Sep 2008 19:44:40 -0500

For the last week or so, it has been tough living in Atlanta. Since Hurricane Ike, Atlanta has been running out of gas. Supposedly damage to the refinery and distribution of gasoline has been hard hit on our southern coast. Refined gas is then delivered to Atlanta and as far away as Virginia via the colonial pipeline. The refinement of oil to gasoline is impaired and output is probably in the range of only 45 -55% of pre-storm levels. So we have a shortage. That is tough when the town you live in runs on gas. You really need a car. First of all, Atlanta is a town where you must own a car. Our mass transit system has a limited reach and getting around town without a car is next to impossible. Unlike other cities, we have no major bus systems or light rail systems. There are no major medallion taxi fleets - so without wheels you are stranded.

Each day if you go out on the road to go to the office more and more gas stations are closed. Those that are open have lines, some are longer than others. Tempers are flaring and police are showing up to keep persons from losing their cool and breaking up fights. That s something I never thought I would see again since the end of the 1970's. Gasoline in Atlanta and suburbs is still running over $4 a gallon when you can find it. Many service stations will only have high test gas at over $4.49 a gallon, most stations have none. There have been reports of price gouging at almost $8 a gallon, and yet there seem no signs of this abating anytime soon.

The government has shown absolutely no leadership in this crisis. If they did, they would have instituted an ODD / EVEN plan with a 10 Gallon limit. Such a simple plan that has worked elsewhere in times of crisis should have been in place a few days ago to relieve the stress.

Since Atlanta is a car town, the vehicle is a life line to get to work, pick up kids from school, show homes in real estate, get groceries etc. Since the government is not involved - it is up to us to act responsible. We must realize that even supplies in grocery stores may be in short supply if products cannot be delivered to market. This the real thing. So lets see how we can affect change until this temporary crisis is over.

Here are Some Suggestions for Gas Crisis:

Government needs to get involved - show leadership!
Institute a 10 Gallon gasoline limit on odd / even days. (License ends in odd or even number) Vanity word plates would count as even numbers.
Cities and municipalities go to a temporary 4 day - 12 hour a day work week
Encourage working from home whenever possible.
Put kids on school buses.
Eat at home - suspend restaurant runs.
Suspend after school activities until crisis is over. (band, sports etc)
Suspend Grass cutting.
If you own more than one vehicle - park the boat and use the more economical vehicle when possible.
Encourage car pools
Consolidate trips and errands - coordinate shopping trips with neighbors.
Eliminate non essential trips.
Do not use air condition in car.
Do not top off gasoline in auto when above ½ a tank. Don't hoard gas!
Change driving patterns and habits - Accelerate slowly.
Slow down - speeding wastes gas!
Do not idle auto - shut off when standing.
Do not store gasoline - fire hazard

The Government Bailout Explained!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Fri, 26 Sep 2008 23:37:54 -0500

Has anyone really explained the government bailout to you? Me neither! Let me see if I got this right. I had to put this on paper to see where this is all going. The 700 Billion dollar bailout needs a more simple description to understand what the politicians do not want you to understand. Let's just say $700 Billion does not represent homes. It represents the bad home loans that have been securitized into paper instruments that are supposed to should like a good investment note. The problem is the cat is now out of the bag, and everyone knows they are not a good investment, in fact they are risk. That translates into institutions with bad paper that represents bad loans as hopelessly insolvent. No enters the government comes with a rescue plan.

Here is an overview. A 100% loan is made on a home that cost 250K. The home mortgage is sold to a new institution that turns it into a paper instrament. The note is packaged and sold off to a bank that can't get rid of it. Why? 6 months before the home was sold at 250K it was selling for 170K. There was a tremendous run up in appreciation due to the availability of 100% financing.

The buyer then walked away from the home and stopped making anymore payments because his payments were unaffordable. Perhaps it was because he did not read any of the documents at closing, and now it is societies problem. He then mails his keys back to the bank because his neighborhood has now declined in price to 190K...and the clock on the home value is still dropping. New buyers cannot obtain financing, and they cannot sell their smaller property to buy this one. Everyone is in hte same boat. Other neighbors are now in trouble also. So here is where the government plan kicks in.

The government buys these bad notes off the institutions for lets say 220K, and with the borrowed money (700 Billion) they exchange the bad debt from the bank to fresh new cash to infuse into the institutions. Now the government sits on this paper (and the homes that are represented by this bad paper until the market comes back. Hell starts to freeze over.

Neighborhoods sit with vacant homes for years and are stripped of copper, siding, system mechanics, windows etc. Now here is the bit thrust of the plan when the markets recover... the government plans to sell back to the banks the same assets sorted or graded to current market. Now the value of the home has dropped to 110K in a blighted, crime ridden neighborhood that no one wants to live in. The homes are marked to current value and sold for 37K because they have been neglected for 5 years, and the crack parties have taken their toll on the property.

So a profit could be made, but it is very unlikely due to the fact they were on a 100%+ loans, and written on inflated assets, that have not been adjusted for current market value. Mr Bernake and Mr Paulson recommended the assets not be purchased at a rock bottom fire sale price from the institutions. What they are recommending is discounted. I interpret this is the government paying retail for over inflated assets. Not too smart for a Harvard man, but then again it is taxpayer's money.

So let's fast forward 5 years later - the assets will have continued a decline in value, and will slide in price precipitously because the properties will be unmaintained. Meanwhile the home that you are living in is worth 65K. You paid 265K for it, but since the government is dumping the shells of vacant homes for pennies on the dollar you're screwed. It took you 2 years to save up your down payment with 20% down. You made cash improvements in the property, and upgraded it and maintained it. Your investment is lost.

So for all that think a bailout is a good idea, it all depends if you are buying or selling.

This is a must read! Weiss Research Inc.

What's Next?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Fri, 26 Sep 2008 14:22:21 -0500

This will go down in my personal history books as the year I do not want to repeat. I get sick of turning on the news, or reading business news on the internet and learning of historic failures of banks, companies and yes bailouts. What bothers me most is the piece meal bailouts. This bank is too big to fail so we must buy them out. My fear? Cronyism. Maybe one bank gets bailed out because they play political favors with politicians and another doesn't. Sort of like Countrywide Mortgage. No indictments, no investigations. That bothers me a lot. Yesterday's big news was about sports figures lying to Congress on steroid abuse. WTF??? Congress has been lying to the public for years on steroids and no indictments there! But seriously...why no investigations into all the fraud? All you do is spend more money on a lot of our taxpayers' money to gain more political favors. You do noting to bring jobs back, nothing to close our borders. Our elected representatives want this buried too quickly, and no questions asked.

So here are my ten questions:

What is next that you have not told us about and what will that cost?
Are you expecting us to go on the hook, and then raise our taxes?
Are you going to conduct any investigations into losses and fraud?
Will you disclose your personal finances and your families so we can see where the bribe monies go?
What is the next failure in line? What will that cost?
Will you agree to line item vetos to cut the fat and do your part?
Will you agree to cut current pork projects in your state?
Will you agree to real campaign reform- and term limits?
Will you stop lying to those that elected you?
Will you put America first?

Democrats Propose Another Stimulus Package Today?

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 25 Sep 2008 22:59:30 -0500

True story folks! Today as banks fail, and the US Government begs for a 700 Billion dollar for their next junkie money fix...the Democrats proposed another bailout package today for an additional 58 Billion dollar stimulus for the economy. Have they no shame? Where do they think the US Taxpayers are getting the money for all their "Bucks for votes projects?" Some of the items are to increase unemployment benefits, but a provision for 55 million for upgraded radios for the U.S. Capitol Police raises my eyebrows. Why do they not just cut the pork out and cut out the government waste. Do you know the Federal government that is one of the largest employers in the US never really has a layoff? Programs are started with little or no value that get increased funding each year whether or not they are productive? There are redundancies in Federal agencies that can be totally eliminated, but will not be. When is Congress going to be accountable for what they have already squandered without coming back and asking for more? The Democratic caucus tried to straddle the 700 Billion bailout to include sub-prime (known fraud items) into the mix! It also included 25 Billion for new road projects, and bridge repair. I hope the roads go somewhere!

Maybe the economy would start to recover if they stopped playing the fear card!

Washington Mutual Seized! Federal Regualtors Takeover WAMU! LARGEST US BANK FAILURE!BREAKING NEWS!!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 25 Sep 2008 21:26:09 -0500

BREAKING NEWS!*

I was just checking the evening's business news on line and I read that Washington Mutual the nations largest savings bank was seized by Federal Regulators this evening. As I write this Blog the story has just broke in the last 45 minutes. J.P. Morgan Chase has agreed to buy their assets! It is the biggest bank failure in US History! The office of Thrift Supervision - OTS announced WAMU was seized because it had insufficient liquidity and was in an unsound condition. Washington Mutual was one of the nations largest lenders in Options ARMS!

BREAKING STORIES ON WASHINGTON MUTUAL.

Bail out - No Deal is A Good Thing!

Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta) — Thu, 25 Sep 2008 16:29:36 -0500

Who will we bail out next month? Commercial loans, insurance companies, airlines, auto manufacturers, local cities, states, local banks, or pension funds? The problem with writing a blank check is that in rushing for a fix, there is no guarantee that this is the end of the "Can't fail scenarios." There was a saying years ago that with high interest or rate of return came high risks. Companies that knowingly took on sub-prime, collateralized mortgage obligations CMO's, and derivatives were driven by raw greed only. Their risk should be their own. This proposed bailout plan only addresses the garbage that no one wants to buy. That is why those institutions stuck with the bad debt are frozen in place from making new loans. No one in their right mond wants it! That iliquidity problem is their problem, and not that of the American taxpayer.

This bailout plan does not address: Alt-A loans that will be readjusting for the next three years, the late pays in commercial loans that are just starting, this does not assist your local banks, homeowners falling into bankruptcies, auto manufacturers, airline industries and more that will also come knocking on the door of the US government in the coming months. Who will bail them out?

This is an election year ploy to sweep dead bodies under the carpet until after the elections are over! "Please do not ask any questions we are told. You'll only slow up the process!" We must not fall for it, and we must think through the consequences! The same idiots that allowed us to get to this dire point in the economy are the same ones that are now telling us they have the solution!

Atlanta Real Estate Blog - Jim Crawford REMAX Greater Atlanta

Atlanta Mortgage & Real Estate Fraud - Jail is too good For Them!

Take a look at this Blog which has great information on the events.

Did You Know the FDIC Insurance Increase to $250,000 is Temporary?

FDIC approves $250,000 insurance limit.

Marietta Georgia Homes for Sale - Single Family Detached Homes for Sale - Marietta GA Real Estate Market Update October 11 2008

Marietta Georgia Listings - Marietta Real Estate Update October 2008 - Marietta Real Estate for Sale - Single Family Detached Homes.

As of today 10/11/2008 these are the current statistics for Marietta FMLS listings entries. Marietta GA in Cobb County there are 2647 single family detached Marietta homes for sale. The Marietta GA MLS breakdown for single family detached homes for sale is below.

Marietta Georgia Real Estate - MLS SINGLE FAMILY LISTINGS

Roswell GA Homes - Roswell Georgia Real Estate Update - Single Family Detached Homes October 11 2008

Roswell Georgia Listings - Roswell Real Estate Update October 2008 - Roswell Real Estate for Sale - Single Family Detached Homes.

As of today 10/11/2008 these are the current statistics for Roswell FMLS listings entries. Roswell GA in Fulton County there are 862 single family detached Roswell homes for sale. The Roswell GA MLS breakdown for single family detached homes for sale is below.

Roswell Georgia Real Estate - MLS SINGLE FAMILY LISTINGS

Alpharetta GA Single Family Homes for Sale - Market Report October - Alpharetta Homes

Alpharetta Listings - Alpharetta Real Estate Update October 2008 - Alpharetta Real Estate for Sale - Single Family Detached Homes.

As of today 10/11/2008 these are the current statistics for Alpharetta FMLS listings entries. Alpharetta GA in Fulton County there are 1516 single family detached Alpharetta homes for sale. The Alpharetta MLS breakdown for single family detached homes for sale is below.

Alpharetta Georgia Real Estate - MLS SINGLE FAMILY LISTINGS

Atlanta Listings - Atlanta Real Estate Update October 2008 - Atlanta Real Estate for Sale

Atlanta Listings - Atlanta Real Estate Update October 2008 - Atlanta Real Estate for Sale

Atlanta Georgia Real Estate - MLS LISTINGS

Will Real Estate Ever Be the Same? When?

Here are some areas I would love to hear your thoughts on:

The Seller Should Know - Their Listing Agent is a Bum!

Here is what I found:

Sellers with Listed Properties Should:

Lemmings - Now We Know!

Selling Lemmings think like this:

Buyer Lemmings Think likes this:

Has Your Market Slowed to A Crawl or Died?

Atlanta Gas Crisis - Update October 4, 2008 - Atlanta Gasoline Crisis

Are You Following The International News? You Should.

The Bailout was A Sellout!

Before you comment, do your own research and have some fun. Check out who sponsored what! Then remember it next time you vote! We've been sold out!

Bailout - They Fixed The Economy For Good!

The good thing about the bill:

Web Graphics - Hot Spotting Maps For Home Searches

HOT SPOTTED MAP Please click map to check on site.****

Maryland Real Estate Information and Resources

Vice Presidential Debate - Taxes

Let the Good Time Roll!

****PASSED THIS EVENING! READ THE NEW BILL!****

I am very Proud of The House of Representatives!

I Did Not Feel Like Posting A Blog Yesterday!

Atlanta is Out of Gas!

The Government Bailout Explained!

This is a must read! Weiss Research Inc.

What's Next?

Democrats Propose Another Stimulus Package Today?

Washington Mutual Seized! Federal Regualtors Takeover WAMU! LARGEST US BANK FAILURE!**BREAKING NEWS!!**

****BREAKING NEWS!*****

Bail out - No Deal is A Good Thing!

Don't kid yourself! This is a trillion dollar bailout being spoon fed to us one crisis at a time!

PASSED THIS EVENING! READ THE NEW BILL!

Washington Mutual Seized! Federal Regualtors Takeover WAMU! LARGEST US BANK FAILURE!BREAKING NEWS!!

BREAKING NEWS!*