Economy Looking Better, Or Worse

When they get married they say, 'for better or for worse.' Well, now we have concluded that we have an economy that is 'for better or for worse.' What do we mean? Well, let's look at the news. In general, outside of the real estate market, the economic news has not been that bad. We had positive employment growth by the private sector last month and initial claims for unemployment are at their lowest levels in the past two months. Though each number was not particularly strong. Retail sales were a surprise on the strong side as it looks as though consumers have returned to the stores. The stock market has rallied during the first third of September, albeit through light Holiday trading.

On the other hand, if we look at the Fed's assessment of the economy known as the beige book, we can pull out this quote for some perspective: 'The economy grew at a sluggish pace through the summer months, and there are now ‘widespread signs' that activity is slowing, the Federal Reserve said in its latest snapshot of regional economic conditions.' So what are we saying: is the economy better or worse? The answer is, some of both. Real estate is actually the key. The real estate slowdown we experienced as the summer progressed is a hangover brought on by the end of the tax credit. The question is: will real estate sales start to grow in the 4th quarter as these residual affects wear off? If not, analysts expect real estate to drag the economy back down. If the real estate market is resilient, the answer will be 'for better,' not 'for worse.' Like marriages, the economy is a tough one to predict.

Not an Ice Cream Cone

They keep talking about the 'double dip' in the news and we just found out that a double dip is not what you do to an ice cream cone! Well, these days, it is always good to introduce some humor when the news is not always great. However, there is some really good news right now. Rates are the lowest they have been all year. That is really saying something, because rates have been very low all year. As a matter of fact, rates on home loans are the lowest they have been in our generation. That is pretty low. Why is that good news? If someone is thinking about purchasing a home or a car or refinancing, it is a great time to move now. Prices are low and rates are ridiculously low. So the time is right. We need more people to buy homes and cars over the next few months so we can avoid a double dip recession. And that would be a very good thing.

What is the bad news? Rates as low as these are indicative of a slow economy. We just need to see one number from this week to demonstrate how slow things are: first-time claims for unemployment insurance went over the 500,000 mark in the past week. While still lower than the heights of the recession, it was the first time we had crossed the 500,000 barrier since late last year. Once people step up their purchases of homes and cars, this will prompt companies to hire more employees. In turn, this will make consumers more confident to purchase more homes and cars. Then the cycle of economic growth will start back up and talk of a double dip will quiet down. And when that happens, we promise rates will go up. We just can't say when. So, for those who are waiting for the economy to get better, it will be costing more for you to spend if you are behind this curve. The trend setters will just buy their ice cream now while there are enough sprinkles to double dip.

POTENTIAL SHORT SALE IN A FABULOUS NEIGHBORHOOD! INGROUND HEATED POOL 3-6FT DEPTH W/ PEBBLETECH, AND SALT WATER CLEANSING SYSTEM, HUGE, FENCED BACKYARD, NATURAL GAS LINE RAN TO THE GRILL AREA, SCREENED-IN PORCH, SPACIOUS MASTER ON THE MAIN W/GORGEOUS MASTER BATH, DOUBLE VANITY, OVERSIZED WALK-IN SHOWER, LEADED GLASS WINDOW, GOURMET KITCHEN W/FRENCH COUNTRY CABINETRY, JENNAIRE DOUBLE OVENS, GE MICROWAVE, GAS COOKTOP, HUGE WALK-IN HIDDEN PANTRY, VAULTED KEEPING RM W/FPLC, 2-STORY VAULTED GREAT RM, OFFICE/DEN ON MAIN, LG SECONDARY BDRMS, HUGE BONUS RM, 3-CAR GARAGE, PLUS

Features

Bedroom: Master On Main, Split Bdrm Plan	Master Bath: Double Vanity, Sep Tub/Shower, Whirlpool Tub
Kitchen: Breakfast Area, Breakfast Bar, Cabinets Other, Counter Top - Stone, Keeping Room, Pantry - Walk-in	Dining: Separate Dng Rm	Setting: Other
Const: Brick & Frame, Cedar	House Faces: Unknown	Tennis on Prop: No	Pool: Heated Pool, In Ground
Parking: 3 Car Garage, Attached, Auto Garage Door	Road: Paved	# FP: 1
Rooms: Bonus Room, Family Room, Great Room, Screened Porch
Basement: Slab/None	Home Warranty: Yes
Lot Size: 1/2 To 3/4 Acres	Lot Desc: Corner, Level, Private Backyard	Lot Dimensions: .62
Green Building Certification:	HERS Index:

Other Descriptive Information

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Nbrhd - Cable Tv Avail Nbrhd - Homeowners Assoc Nbrhd - Sidewalk Nbrhd - Street Lights Nbrhd - Undergrnd Utils Appl - Dishwasher Appl - Double Ovens Appl - Gas Ovn/Rng/Ctop Appl - Microwave	Appl - Self-Clean Oven Int - 2-Story Foyer Int - Double Vnty Other Int - Entrance Foyer Int - Hardwood Floors Int - His & Her Closets Int - Trey Ceilings Int - Walk-In Closet(s) Int - Wall/Wall Carpet	Ext - Fenced Yard Ext - Patio Ext - Prof Landscaping Hcap - None Fplc - Gas Starter Fplc - In Keeping Room Heat - Forced Air Heat - Gas Cool - Central Electric	Enrgy - High Eff System Water - Public Water Sewer - Septic Tank Laundry - Laundry Room

Legal, Financial & Tax Information

<!-- <tr> <td><b>Mgmt Co: </b></td> <td><b>Mgmt Phone: </b></td> </tr> -->

Tax ID: 15N26D-00000-023-000	LandLot: 467	District: 15	Section/GMD: 2	Lot: 23	Block: 0
Plat Book/Page: 85/5	Deed Book/Page: 8635/234	Tax/Tax Yr: $3760/2009	Sq Ft: 3,367	Sq Ft Source: Tax Record
Special: Potential Short Sale	Owner Finance: N	Owner Second: No	Assumable: No
CPHB:	Annl Master Assoc Fee Desc: $0	Assessment Due/Contemplated: No
Swim/Tennis: $ /	Annl Assoc Fee: $ /	Initiation Fee: $	HOA Phone:
Mgmt Co:	Mgmt Phone:	Mgmt Email:

Sold Information

Sale Price: $	Due Diligence Ends:	Closing Date:	Binding Agreement Date:
Original List Price: $ 299,900	Prop Closing Date:
SP/OLP %:   0%	Costs Paid by Seller:	Terms:
Sell Agent ID:	Sell Agent:	Lender Mediated:	Sell Office:

Sun, Aug 22, 2010 11:12 AM	The accuracy of all information, regardless of source, including but not limited to square footage, is deemed reliable but not guaranteed and should be verified through personal inspection by and/or with the appropriate professionals. © 2002-2010 FMLS	Requested By: JOHN REINHARDT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on their purchases if a Senate amendment unveiled Thursday makes it into law. As it stands now, homebuyers must have signed contracts by April 30 and must close the deal by June 30. They could be eligible for an $8,000 tax credit if they are first-time buyers or a $6,500 credit if they owned and lived in their previous home for five of the last eight years. The closing deadline, however, could be pushed back to Sept. 30 under an amendment offered by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. The senators said they want to make sure banks have time to process the transactions, especially short-sales, which is a more involved process. 'By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home, Reid said. It remains to be seen, however, whether the amendment will go anywhere. It's part of a controversial jobs and tax bill that may be radically changed before the Senate approves it. Lawmakers are not scheduled to vote on the bill until next week at the earliest

 

John Reinhardt

www.infrontmarketing.com

 

 

 

Stages of foreclosure

The foreclosure process begins when a financial distressed homeowner fails to make a loan payment and is served with a summons from his or her creditors. After service, papers will be filed with the county clerk's office and be made a matter of public record. This notice is usually known as Lis Pendens, which is Latin for "pending legal action." At this point, any attempts by the homeowner to borrow from public credit sources will be met with a negative response. On completion of the publication process, the foreclosure action will be permitted to proceed and the owners have a limited amount of time to pay up, sell, or make other deals with creditors. If none of these actions are taken, a foreclosure sale will take place. If no one bids the amount owed, the property reverts to the lender and becomes an REO (real estate owned) property held in inventory by the lender. Experienced foreclosure investors may work in all of these various stages, but the possibility of making a transaction with the homeowner is no longer possible after the property is an REO.

Real estate owned or REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank negative equity: the minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any costs associated with the foreclosure sale including attorneys' fees.

 

 

(Notes) What's & REO: After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a Realtor. Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.

FORECLOSURE FOR SALE

If you are in the market for a foreclosed home, you are at the right place to get the help you need in Georgia. Our experienced foreclosure specialist John Reinhardt will help you buy a foreclosed home in the Atlanta Metro Area, market place. HUD, VA, Fannie Mae, Freddie Mac and many banks offer excellent buys on foreclosed real estate in Fulton, Cobb, Gwinnett, Dekalb, Cherokee counties.

Real Estate is expensive in the Atlanta Georgia & surrounding suburbs. John & his team always want to get the very best value for our buyers. One way to get good value is to buy a foreclosed home. John Reinhardt is specially trained and experienced selling VA, HUD, Fannie Mae, Freddie Mac foreclosures and we'll make sure that you get the very best house for your money.

HUD and VA homes are purchased through licensed real estate agents and their approved brokers. We have access to all homes. HUD and VA have a strict bidding procedure and the bids are opened on a specific day of the month. The highest bid will get the award. However, HUD does have a minimum amount that they will accept. So, extremely low bids will not succeed and will lead to disappointment. Bank foreclosures are negotiated by you, with our help, and the listing agents or bank.

FORECLOSED HOMES ARE PRICED TO SELL.

Most foreclosed homes are priced at fair market value. However, VA and HUD homes are often priced below area comparables. Furthermore, you may, through the bid process, be able to get a home at below market value if you shop carefully and use an experienced agent to help. We can help. We can also help you by giving you the comparable pricing information for the community to help you make a good pricing decision when you prepare your bid. You will need to get pre-qualified before making a bid and we'll help. We work with lenders who are familiar with the procedures and will prepare the pre-qualification document before you begin your home search. There is no fee for this service.

YOU CAN BUY A HUD HOME.

Anyone with the cash or ability to obtain a mortgage loan can buy a foreclosed home. You will have to qualify for the mortgage as with any home purchase, but we'll help you with the financing also. Often, the cash needed to buy a HUD or VA foreclosure is less than you would need to buy a home offered for sale by a non-foreclosure homeowner.

FORECLOSED HOMES ARE LOCATED EVERYWHERE.

All over and around the Metro Atlanta area. Fannie Mae and Freddie Mac foreclosed homes can be found in prices of up $150,000 to over $300,000. Other bank foreclosures can be found in the luxury priced homes. Foreclosures can be found in all geographical areas and in most communities. Not all areas all of the time, but, a wide search for homes will produce a variety of communities in which you can find foreclosed homes. HUD and VA foreclosed homes can be condominiums, town homes and single family homes and are located everywhere.

FORECLOSED HOMES CAN BE A BARGAIN!

HUD homes are sold "as is" and HUD does not make repairs or offer warranties. However, the HUD homes are usually the best priced and offer the best value. If you are willing to invest some elbow grease in your home, you can get a good buy and make repairs and redecorate to make the foreclosed property a real home. Most bank foreclosures are in "move in" condition. Many will need cleaning up or cosmetic upgrading, but your home will be worth a lot more than you paid for it when you have put your decorating touches to work. VA will make some repairs and VA foreclosures are generally in better condition than HUD homes.

WE'LL PREPARE ALL OF THE PAPERWORK.

John Reinhardt will prepare the bid for you if you select a HUD or VA foreclosure. Bank foreclosures, Fannie Mae and Freddie Mac foreclosures are purchased just like any real estate. We'll work with you to get the best buy for the home you select. Often the details of closing help and terms and conditions are as important to a buyers as the price. We'll consider all of these needs when we prepare your offer. If you are awarded a HUD or VA bid, we'll be notified within 48 hours. Settlement will be scheduled. Settlement will take place in 30-60 days during which your loan will be processed and you can begin making moving preparations.

NEVER A FEE TO MY BUYERS!

We are paid by HUD, VA or the selling banks. We do not charge buyers anything for the home search, document preparation, financing assistance, or settlement procedures. We are paid by the sellers at settlement.

 

John Reinhardt

Solid Source Realty

REALTOR

770.475.1130  Ext.  6806

www.infrontmarketing.com

 Foreclosures in metro Atlanta & surrounding suburbs

ECONOMIC SNAPSHOT 4Q 2009 Summary of Atlanta's Economy
Employment • Unemployment rates in the city averaged 11.1 percent in the fourth quarter of 2009, up from 8.1 percent in the fourth quarter of 2008. • Fourth quarter unemployment rates in the city held above the statewide rate of 10 percent and national rate of 9.5 percent.  • Over the last year, unemployment rates peaked in July 2009 at 11.9 percent, declining slightly for the remainder of the year. • The city's civilian labor force averaged 211,711 in the fourth quarter of 2009, down 6,026, or 2.8 percent, from one year earlier.
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Residential Building Permits • There were 304 additional residential units permitted in the fourth quarter, down 64 units or 17.4 percent from one year earlier. • The value of new residential building permits in the city equaled $22.1 million in the fourth quarter, down $5.8 million or 20.1 percent from one year earlier.
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Commercial Real Estate • Although new office supply is outpacing demand, overall average asking rents were relatively stable at $21.32 per square foot. • Job losses resulted in 2.3 million square feet of negative overall absorption in the Atlanta office market in 2009. • Commercial office leasing activity decreased by 20 percent in 2009.
Highlights   · Over the last year, unemployment rates peaked in July 2009 at 11.9 percent, declining slightly for the remainder of the year · Overall average asking commercial rents were relatively stable at $21.32 per square foot. • The number of one-person establishments in the city increased by 5,417 (112.1 percent) between 2005 and 2008.       · Cargo at the Hartsfield-Jackson Atlanta International Airport increased by 8,291 metric tons, or 5.5 percent in the fourth quarter. · Atlanta citywide hotel room nights booked for 2010 equals 1,063,869, up 314,425 room nights or 42 percent from 2009, a record number for the city. · The number of private business establishments in the city increased by 8,563 (79.5 percent) between 2005 and 2008.

 

Tourism, Travel and Transit • Cargo at the Hartsfield-Jackson Atlanta International Airport increased by 8,291 metric tons, or 5.5 percent in the fourth quarter from one year earlier to a total of 159,103 metric tons. • Total airport passengers equaled 21.4 million in the fourth quarter, down by about one-half million or 2.5 percent from one-year earlier. • Rental car transactions at the airport totaled 333,951 in the fourth quarter. • Retail sales at airport concessions equaled $22,907,716 in the fourth quarter. • MARTA total passenger boardings equaled 36.8 million in the fourth quarter, down 2.5 million or 6.5 percent from one year earlier. • Hotel occupancy dropped in three of the four areas covering the Atlanta City region. Occupancy increased 0.4 percent in Buckhead. • Atlanta citywide hotel room nights booked for 2010 equals 1,063,869, up 314,425 room nights or 42 percent from 2009, a record number for the city. • 2010 Atlanta bookings: • 19 citywide groups with more than 5,000 hotel rooms occupied on any given night, the highest number in the city's history. • Hosting 11 of the top 200 tradeshows. • More than 50 meetings that will fill 1,500 or more hotel rooms, equating to more than one million room nights.  Film & TV Production • $700 million in film and TV production shot in Atlanta in 2009. • Film and TV productions include: • Blindside • Real Housewives of Atlanta • Vampire Diaries • Movie and a Makeover • Killers • The Wronged Man • Meet the Browns • The Crazies • House of Payne • Get Low • Drop Dead Diva • Ben 10: Alien Swarm • Zombieland • Why Did I Get Married Too • Curb Appeal • Super Psycho Sweet Sixteen

Hartsfield-Jackson Atlanta International Airport Cargo (total metric tons)   2009 2008 Change Change (%) October 54,584 46,300 8,284 17.9% November 50,824 49,090 1,734 3.5% December 53,695 55,422 -1,727 -3.1% Fourth Quarter Total 159,103 150,812 8,291 5.5% Source: Hartsfield-Jackson Atlanta International Airport Passengers   2009 2008 Change Change (%) October 6,929,416 7,301,386 -371,970 -5.1% November 6,942,466 7,037,162 -94,696 -1.3% December 7,578,697 7,661,828 -83,131 -1.1% Fourth Quarter Total 21,450,579 22,000,376 -549,797 -2.5% Source: Hartsfield-Jackson Atlanta International Airport __________________________________________________ Metropolitan Atlanta Rapid Transit Authority Passengers (bus & rail)   2009 2008 Change Change (%) October 13,135,300 14,791,200 -1,655,900 -11.2% November 12,044,000 12,337,100 -293,100 -2.4% December 11,720,300 12,353,500 -633,200 -5.1% Fourth Quarter Total 36,899,600 39,481,800 -2,582,200 -6.5% Source: MARTA   __________________________________________________ Atlanta Convention & Visitors Bureau Hotel Occupancy (4Q Average)   2009 2008 Change Atlanta Downtown 48.6% 49.3% -0.7 Atlanta Midtown 54.4% 57.2% -2.8 Atlanta Airport 55.2% 57.5% -2.2 Atlanta Buckhead 58.7% 58.3% 0.4 Top 25 Markets 57.2% 58.6% -1.4 Total U.S. 50.6% 52.9% -2.3 Source: Smith Travel

 

City business license analysis reveals thriving private sector activity Key findings from an analysis of city business licenses between 2005 and 2008: Employment •  In 2008, there were 189,946 persons working at 344 different types of private establishments. •  The total number of workers increased by 43,281 (29 percent) between 2005 and 2008. •  Restaurants, Misc Business Service, Hotel/Motels, and Consultant/Management/Business Counselors account for 31.9 percent of all private jobs in 2008. Business Type •  In 2008, there were 19,329 firms at 344 different types of private establishments. The total number of establishments increased by 8,563 (79.5 percent) between 2005 and 2008. •  Misc. Business Services, Restaurants, Real Estate Agents, Consultant/Management/Business Counselors, and Retail-Apparel/Accessories firms account for 36.9 percent of all private establishments in 2008. Establishment Size •  In 2008, 10,250 private business establishments (53 percent of the total) employed only one person. 77.7 percent of all establishments have five or less employees. The number of one-person private business establishments increased by 5,417 (112.1 percent) between 2005 and 2008. •  Misc Business Services, Real Estate Agents, Consultant/Management/Business Counselors, and Retail-Apparel/Accessories firms account for 36.2 percent of all one-person private business establishments in 2008, and 40.4 percent of the growth of one-person firms between 2005 and 2008. Revenue •  In 2008, total revenue for all 19,329 private establishments equaled $23.2 billion. •  Total revenue increased by $6.2 billion (36.7 percent), unadjusted for inflation, between 2005 and 2008. •  Restaurants, Misc Business Services, Real Estate Agents, Hotel/Motels and Consultant/Management/Business Counselors account for 27.4 percent of total revenue in 2008.

Number of Jobs Does not include government and nonprofit jobs. __________________________________________________ Number of Establishments __________________________________________________ Number of One-Person Establishments   __________________________________________________Total Revenue ($Billion)

John Reinhardt

www.InFrontMarketing.com     770.475.1130 Ext. 6806

Contact John Reinhardt

            770.475.1130 Ext. 6806

 

 

Beautiful 3 Bedroom/3 Bath home in strong HOA community where you never have to cut grass again!	View of vaulted great room from upstairs loft. Carpet, upgraded ceiling fan, cozy fireplace and easy access to screened lanai.
Spacious kitchen w/plenty of stained cabinets, center island, and tile floor...refrig included.	Large breakfast area between kitchen and great room creates a total open atmoshpere to fron and rear of the property.
Large, elegant dining room with trey ceiling, hardwood floor and wainscoting...perfect for formal gatherings.	Master-on-the-main owner's suite with trey ceiling and view of private backyard.
Owner's suite bath with double vanity, tile floor, ample space, shower enclosure, private toilet and large walk-in closet	Large, spacious loft on 2nd floor the size of the great room which is perfect for roomate or in-law solutions. Additional storage area on this level as well.
3rd bedroom with 3rd bath adjacent to the loft is perfect as a full guest suite. Also has another walk-in closet.	Loft hallway to upstairs bedroom, bath and stairway to 1st floor. Double door closet at the end of the hallway.
2nd bedroom and 2nd bath located on main floor can be used as a study or office.	Hallway with beautiful hardwood floors leads from foyer to great room.
Vaulted foyer with tile floor and front door side lite.	Backyard view from inside the lanai.
Private, wooded backyard on premium lot.	Duvall Court Subdivision is well maintained and situated between historic Acworth and downtown Kennesaw close to shopping, eating and parks

$8,000 First-time Home Buyer Tax Credit at a Glance

•·   The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

•·   The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.

•·   The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

•·   The tax credit applies only to homes priced at $800,000 or less.

•·   The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

•·   For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

•·   For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

•·   To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

•·   The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.

•·   The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.

•·   The tax credit applies only to homes priced at $800,000 or less.

•·   The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

•·   Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

John Reinhardt

REALTOR

770.475.1130 Ext. 6806

 www.InFrontMarketing.com

This December, the Atlanta Development Authority will present A Day of Hope. This event, which is open to the public, will focus on educating citizens in the areas of homeownership and wealth building. The first Day of Hope will be held in the Historic Westside neighborhoods on December 5 from noon until 4 p.m .

 

John Reinhardt

REALTOR

770.475.1130 Ext. 6806

 www.InFrontMarketing.com