Here's a follow-up to our November Market Watch...
The Associated Press reports today tha, as a part of our economy bailout, the Treasury department is considering steps to lower the mortgage interest rate in an effort to stabilize the housing market. Under consideration is a proposal to lower the rate on a 30-year fixed mortgage backed by Fannie, Freddie or the FHA to 4.5 percent. Keep your fingers crossed, buyers!
But in some less-than-good news, Okland, Calif.-based Foresight Analytics research company reports that the greater metro-Atlanta area is a national leader in deliquent construction and land loans. Out of 100 metro areas, only five others have higher deliquent rates than we do.
In the third quarter, Atlanta's deliquency rate was 15.2 percent. During late 2005 to early 2007, we were running between 1 and 2 percent!
Now, here's a summary of what is on the market currently in Newton County single-family homes:
$0 to $100,000: 256 homes
$100,000 to $125,000: 263 homes
$125,000 to $150,000: 273 homes
$150,000 to $175,000: 202 homes
$175,000 to $200,000: 147 homes
$200,000 to $225,000: 55 homes
$225,000 to $250,000: 82 homes
$250,000 to $275,000: 52 homes
$275,000 to $300,000: 46 homes
$300,000 to $350,000: 85 homes
$350,000 to $400,000: 61 homes
$400,000 to $450,000: 23 homes
$450,000 to $500,000: 30 homes
$500,000 to $600,000: 22 homes
%600,000 to $700,000: 9 homes
$700,000 to $850,000: 8 homes
$850,000 to $1MM: 5 homes
$1MM to $2MM: 2 homes
Over $2MM: 3 homes
Total active listing as of December 1: 1622 a 14.7 month supply!
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