Home arrow Resources arrow AJC Articles arrow Home Price Index Shows Prices Rise for Fourth Straight Month - 2009-12-06

Your Cart

Show Cart
Your Cart is currently empty.

Login

Home Price Index Shows Prices Rise for Fourth Straight Month - 2009-12-06
The widely watched S&P/Case-Schiller Index recently showed that home prices in the nation's largest cities continued to rise for the fifth straight month. And while the seasonally adjusted rate of increase was a modest one, it was a welcome relief from the seemingly endless price drops of 2008 and the first half of 2009.
                           
From an Atlanta perspective, this report shows the fourth straight month of improvement, even though the most recent monthly prices refused to budge from the previous reporting period. That's because economists adjust the data for the season, and that adjustment shows the Atlanta area actually experienced a modest increase in home values during the period.
   
By almost any measure, one can say that the real estate market is greatly improved from six months ago. Increases in home values help the local real estate scene in a number of ways:
       
* Those homeowners who are trying to sell their homes are more likely to meet with success, and when they do, they are more likely to get an offer near their asking price.
                                           
* The inventory of new homes, while still an area of concern, is less now than it has been in recent months. This helps both new home sales (as there is less competition) and resales (as buyers shop and compare there also).
           
* Current owners who are "upside-down" in their mortgage loans move closer to a "break-even" position as home values rise. This has the effect of encouraging owners to avoid default and maintain hope of future equity in their investments.           

And there is another area that benefits when values rise:

* Bank-owned home sales spark greater interest as investors see a possible return to real estate profits in this bloated subset of the Atlanta market. These cash investors largely sat on the sidelines in the first half of the year. But now any reasonably priced post-foreclosure property is likely to draw multiple full price offers. In a maddening response, banks routinely reject all offers, then allow bidders 24 hours to make their "final and best" cash offer.

The future of the Atlanta market looks promising, but as is the case with the larger economy, still uncertain. Perhaps our best hope for a full recovery lies in the reduction of the huge wave of foreclosures that has swamped many Atlanta neighborhoods.

Clearly, even modest increases in values will help that issue, but a return to stronger employment numbers is the key. People with jobs buy houses, while those without jobs may lose their homes to foreclosure. As we get ready to go into a new year, let's hope for a strong jobs market.

Find more information on home prices and the S&P/Case-Schiller Home Price Index, visit my website: money99.com.
 
< Prev   Next >

Upcoming Events

John Adams Presents


LANDLORD SURVIVAL TRAINING

with John Adams
Tuesday, February 28th

Being a landlord can be a rewarding experience. It can also be a difficult one if you don't have the knowledge and understanding of what the process requires.

Few schools offer degrees in property management, so most landlords learn "on-the-job" through acquired knowledge and on-the-job experience, essentially re-inventing the wheel. This is an expensive and depressing way to learn anything.

Whether you're a full-time landlord or just getting ready to purchase your first rental property, whether you are a licensed Georgia real estate professional or an accidental landlord, this seminar will help you improve your property's value, increase your cash flow and decrease your expenses, from attracting (and retaining) good tenants to maintaining your property to understanding your rights and obligations under the law.

For more details and to register click HERE

PROPERTY TAX REDUCTION WORKSHOP
with John Adams
Tuesday, March 27th

One of the significant annual expenses faced by any Georgia property owner is ad valorem property tax. Depending on where you live, it can be as high as three percent of the property's fair market value, and it must be paid year after year after year.

As a result, efforts to minimize this expense are not only worthwhile, they are encouraged by Georgia law. The phrase "ad valorem" means that each property is taxed based only on its value, and no one is required to pay a penny more than the minimum the law demands.

At the Property Tax Reduction Workshop, real estate expert John Adams will review the system he has used for over thirty years to reduce valuations and assessments in Georgia counties and municipalities, saving himself literally hundreds of thousands of dollars over the years.

In this 3 hour information packed seminar, John will teach you how to:

1. Understand the legal process of Property Tax Assessment
2. Meet the newly uniform Tax Deadlines
3. File your own Property Tax Return with a realistic valuation
4. Document your PT-50R with facts to support your case
5. Proactively meet with your Appraiser to reach an agreement
6. Protest your Notice of Assessment in an Intelligent manner
7. Give the Assessor an Opportunity to Save Face
8. Appeal to your Board of Equalization, in person or by mail
9. Make Your Case to the BOE
10. Take Your Case to Superior Court if necessary

If you are not doing all these steps now, you are likely costing yourself hundreds or thousands of dollars a year. If you own just one house, you could easily save over a thousand dollars over the next three years. If you own properties valued collectively over a million dollars, you are literally throwing away your profits year after year.

For more details and to register click HERE