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In The News:

The Federal government has passed a bill that gives $8,000 in tax credit to first time home buyers.

The Fed bought $750 billion in mortgage-backed securities in an attempt to keep interest rates low.

Interest rates are currently at historic lows.

 
There is a glut of new high end condos currently on the market.  Such surplus is causing developers to sacrifice profit for sales.

Fulton County has and is expected to continue positive population growth throughout our economic downturn.  

Forsyth County is the 5^th fastest growing County in the nation with a growth rate of 6.3%.

Market Update:

Before I get started, remember that market statistics are released a month behind.  The most recent data released this month reflects September, not October.

Closings for all single family homes (attached & detached) were down over 16% from the previous year!  Why such a steep decline?  There are 3 factors that come to mind, first: floods in Metro Atlanta played a major role in reducing home closings, second: a few more major mortgage lenders were taken over by the FED, and lastly (& probably the most important): liquidity is still a major problem.  More homes went under contract but fewer were unable to close due to loans not being secured.  On the flip side, while the number of homes has declined, the average sales price for attached homes has increased by $1,800 to $142,940!  It will diffidently be exciting to see how the economy reacts in the fourth quarter as it will be a good indicator for what 2010 will bring!