Back from Thanksgiving with a cold, but all is well otherwise.
The S&P Case Shiller house price index dropped 3.6% for the year ended in September which was a larger drop than experts had predicted (3.0%). Of the 20 cities in the index 18 had a year ended September decline and Atlanta had the largest drop in house values at a whopping -9.8%. Much of the blame is being laid on lenders that have increased foreclosures recently and are adding to the inventory of available properties when there is already a glut and little demand.
Builders are on pace this year to sell the fewest new houses since record keeping began in 1963. 2010 was the slowest year ever for new house sales but it looks like 2011 will come in dead last. As noted above, builders are competing with a glut of existing inventory that is sitting, weighing on the market.
CoreLogic reported that over 1/4 of all mortgaged houses in the USA are underwater, or are close to owing more on their mortgage than their house is worth. Homeowners with negative equity are more likely to have above market interest rate mortgage loans. This makes perfect sense since most underwater homeowners cannot pony up additional funds to create 20% equity needed to refinance now. Those that are not upside down are more likely to have enough equity to refinance.
That was a quick autumn. December is here and the air has turned crisp here in Atlanta. The assessor's effective date of appraisal is just 31 days away. Gather your market data before it slips away and prepare for your 2012 appeal. For assistance with all of your property tax appeal needs contact fairassessments.com
The S&P Case Shiller house price index dropped 3.6% for the year ended in September which was a larger drop than experts had predicted (3.0%). Of the 20 cities in the index 18 had a year ended September decline and Atlanta had the largest drop in house values at a whopping -9.8%. Much of the blame is being laid on lenders that have increased foreclosures recently and are adding to the inventory of available properties when there is already a glut and little demand.
Builders are on pace this year to sell the fewest new houses since record keeping began in 1963. 2010 was the slowest year ever for new house sales but it looks like 2011 will come in dead last. As noted above, builders are competing with a glut of existing inventory that is sitting, weighing on the market.
CoreLogic reported that over 1/4 of all mortgaged houses in the USA are underwater, or are close to owing more on their mortgage than their house is worth. Homeowners with negative equity are more likely to have above market interest rate mortgage loans. This makes perfect sense since most underwater homeowners cannot pony up additional funds to create 20% equity needed to refinance now. Those that are not upside down are more likely to have enough equity to refinance.
That was a quick autumn. December is here and the air has turned crisp here in Atlanta. The assessor's effective date of appraisal is just 31 days away. Gather your market data before it slips away and prepare for your 2012 appeal. For assistance with all of your property tax appeal needs contact fairassessments.com
