The US Senate is poised to pass a huge foreclosure rescue bill as soon as today.  (see article) 

Basically the bill says the Federal Housing Administration would back $300 billion dollars in new loans for distressed borrowers that are currently considered too risky to qualify for a loan now.  

Hmmm… correct me if I am wrong but didn’t we get into this mess by lenders making loans to people who were bad risks? Read the rest of this entry »

In my market (North Fulton County, Georgia on the east side of HWY 400), May sales figures remain flat between April and May, which represents a 32.8% drop as compared to May of 2007 in the same market.

The most pronounced change since this time last year was seen in the mid-level homes, priced between $275-600K. This price range dropped a whopping 43.6% in total sales over last year. Inventory for this market increased 15%. Total inventory divided by pace of sales, offers a 12.88 month supply of homes in this price range now, which is a 127% increase in the supply over 2007.

Taking a preliminary look at the June figures, there is nothing to suggest that the market is breaking out of the current pattern. I’ll keep you updated as the month progresses.

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