These are staggering numbers for many hopeful families losing their homes across metro Atlanta.  I just listed a home  enrolled in this program now going short sale since she cant afford the new payments.  After supplying all requested information her restructured payment is now higher than the original note.  My seller is very confused and frustrated with good reason, her new second is financed at 13%.

I sell short sale homes in Suwanee, Duluth, Norcross, Lawrenceville, Roswell, Alpharetta, Johns Creek, East Cobb and surrounding communities across metro Atlanta.  If you are behind on home payments now is the time to list before foreclosure.  You have options as listed on my Short Sale – Deed-in-liu of foreclosure page.  Please call today for help with selling your house short sale.  Jeff Barnwell 770-990-0743     jeffbarnwell@remax.net

Nearly 50 percent leave Obama mortgage-aid program
Aug 20 04:55 PM US/Eastern
By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) – Nearly half of the 1.3 million homeowners who enrolled in the Obama administration’s flagship mortgage-relief program have fallen out.
The program is intended to help those at risk of foreclosure by lowering their monthly mortgage payments. Friday’s report from the Treasury Department suggests the $75 billion government effort is failing to slow the tide of foreclosures in the United States, economists say.

More than 2.3 million homes have fallen into foreclosure since the recession began in December 2007, according to foreclosure listing service RealtyTrac Inc. Economists expect the number of foreclosures to grow well into next year.

“The government program as currently structured is petering out. It is taking in fewer homeowners, more are dropping out and fewer people are ending up in permanent modifications,” said Mark Zandi, chief economist at Moody’s Analytics.

Besides forcing people from their homes, foreclosures and distressed home sales have pushed down on home values and crippled the broader housing industry. They have made it difficult for homebuilders to compete with the depressed prices and discouraged potential sellers from putting their homes on the market.

Approximately 630,000 people who had tried to get their monthly mortgage payments lowered through the government program have been cut loose through July, according to the Treasury report. That’s about 48 percent of the those who had enrolled since March 2009. And it is up from more than 40 percent through June.

Another 421,804, or roughly 32 percent of those who started the program, have received permanent loan modifications and are making their payments on time.

RealtyTrac reported that the number of U.S. homes lost to foreclosure surged in July to 92,858 properties, up 9 percent from June. The pace of repossessions has been increasing and the nation is now on track to having more than 1 million homes lost to foreclosure by the end of the year. That would eclipse the more than 900,000 homes repossessed in 2009, the firm says.

Lenders have historically taken over about 100,000 homes a year, according to RealtyTrac.

Zandi said the government effort will likely end up helping only about 500,000 homeowners lower their monthly payments on a permanent basis. That’s a small percentage of the number of people who have already lost their homes to foreclosure or distressed sales like short sales—when lenders let homeowners sell for less than they owe on their mortgages.

Zandi predicts another 1.5 million foreclosures or short sales in 2011.

“We still have a lot more foreclosures to come and further home price declines,” Zandi said. He said home prices, which have already fallen 30 percent since the peak of the housing boom, would drop by another 5 percent by next spring.

Many borrowers have complained that the government program is a bureaucratic nightmare. They say banks often lose their documents and then claim borrowers did not send back the necessary paperwork.

The banking industry said borrowers weren’t sending back their paperwork. They also have accused the Obama administration of initially pressuring them to sign up borrowers without insisting first on proof of their income. When banks later moved to collect the information, many troubled homeowners were disqualified or dropped out.

Obama officials dispute that they pressured banks. They have defended the program, saying lenders are making more significant cuts to borrowers’ monthly payments than before the program was launched. And some of the largest mortgage companies in the program have offered alternative programs to those who fell out.

Homeowners who qualify can receive an interest rate as low as 2 percent for five years and a longer repayment period. Those who have successfully navigated the program to reach permanent modifications have seen their monthly payments cut on average by about $500.

Homeowners first receive temporary modifications and those are supposed to become permanent after borrowers make three payments on time and complete all the required paperwork. That includes proof of income and a letter explaining the reason for their troubles. But in practice, the process has taken far longer.

The more than 100 participating mortgage companies get taxpayer incentives to reduce payments. As of mid-June only $490 million had been spent out of a potential $75 billion the government has made available to help stem the wave of foreclosures.

Reading a couple new articles I’ve noticed rumbings of the current Administration moving out of the housing business.  This includes tax credits, loan subsidy and possible tax breaks from owning a home.  We can only hope additional stimulus packages continue to help average American families purchase new homes.

As printed in USA Today

Experts: U.S. can no longer afford housing tax breaks  
About $80 billion went toward the mortgage interest deduction last year, according to the Congressional Budget Office.

By Paul Wiseman, USA TODAY
WASHINGTON — Federal housing policy offers the wealthiest Americans billions in tax breaks without delivering much bang for the buck in increased homeownership, critics told government policymakers Tuesday. “We aren’t getting our money’s worth,” Mark Zandi, chief economist of Moody’s Analytics, said at a government conference on reforming housing policy.

The government spent $230 billion last year to promote homeownership through tax breaks and spending programs. The biggest chunk — $80 billion — went toward the mortgage interest deduction, according to the Congressional Budget Office.

Michael Stegman, housing policy specialist at the MacArthur Foundation, said the mortgage tax break goes primarily to the wealthiest households. A study this year by the Tax Policy Center of the Brookings Institution and the Urban Institute noted that the mortgage deduction was worth just $91 a year to families earning less than $40,000 — and $5,459 a year to those making more than $250,000.

The government, seeking to overhaul the housing market after the collapse of mortgage giants Fannie Mae and Freddie Mac, is unlikely to touch the politically sacrosanct deduction anytime soon. But analysts suggested that the government’s debt — $8.8 trillion and growing — meant that housing subsidies might one day face the knife. “We can’t afford it,” Zandi said.

The U.S. homeownership rate (66.9%) is about the same as Canada’s and is lower than Australia, Ireland, Spain and Britain’s even though “these countries provide far less government support for homeownership,” Michael Lea of San Diego State University wrote this year.

For now, the government is neck-deep in housing. Private money has fled the market in the wake of a housing-market meltdown. Fannie, Freddie and other government agencies have filled the gap, guaranteeing more than 90% of new mortgages.

“Without government guarantees, mortgage rates would be hundreds of basis points higher, resulting in a moribund housing market,” said William Gross, managing director of bond fund Pimco. “We don’t want government in the housing market, but it’s a necessity.”

Treasury Secretary Timothy Geithner told the conference “there’s no clear consensus yet” on reforming the way mortgages are financed. He promised “fundamental change” in the way Fannie and Freddie do business: They used an implicit government guarantee to borrow cheap money and make big bets in the housing market. When their gamble went bad, taxpayers picked up the tab.

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Tyler Perry new house

Originally listed for $13,900,000.00 and selling late July 2010 for $7,600,000.00 Dean Gardens in Johns Creek Georgia peaked the interest of many locals driving by on Old Alabama Road.  With 58 acres, two carriage houses, apartment, caretakers cottage, wedding chapel, Asian tea garden, grass tennis courts, amphitheater, conservatory ,lake,  18 hole golf course and equestrian use Tyler Perry should have plenty of room for work and  play.  Rumor on the streets indicate the main structure will be removed allowing for an updated house.

Working as a buyers agent in Johns Creek and surround markets many million dollar plus deals remain.  Country Club of the South, Saint Ives County Club, Laurel Springs, Saint Marlo and Sugar Loaf Country Club all have many fine homes available with gated lifestyles.  For buyers seeking to board a horse or enjoy the Lake Lanier lifestyle many premiere homes are available within 15 minutes of Johns Creek.  Call today for more information 770-990-0743 or JeffBarnwell@remax.net 

Tyler Perry new house

Tyler Perry new house

As printed in the AJC

Tyler Perry to build home in Johns Creek
The Atlanta Journal-Constitution
Johns Creek, meet Tyler Perry.

The actor and entertainment mogul who is the creative force behind TBS sitcoms “Meet the Browns” and “House of Payne,” may soon take up residence in north Fulton County. Perry is the new owner of Dean Gardens, a 58-acre estate on Old Alabama Road in Johns Creek, according to a person with direct knowledge of the deal.

The $7.6 million property sale was completed in late July, according to FMLS, the local real estate listing service, but the buyer was not named. The house, most recently assessed at $6.5 million, took more than four years to build. Off and on the market for 15 years, it was to have been the dream home of the former property owner Larry Dean and his former wife, Lynda, but they separated not long after construction was completed.

Perry’s publicist did not respond to e-mails for comment.

“There is a buzz around town,” said Mike Bodker, mayor of Johns Creek. “I’ve not officially heard, but if it is true, I’m sure the citizens of Johns Creek will gladly and openly welcome Mr. Perry.”

The 32,000-square-foot mansion currently on the property will be torn down and it is believed Perry will build his own home. The gardens and location along the Chattahoochee River were two of Perry’s favorite features of the property, the source said.

Bodker said Perry’s desire to keep the land as a private residence will likely come as a relief to many in the area. He said there were mixed opinions on the best solutions for the property but that “this will be a great benefit to the citizens.”

“I haven’t had the opportunity to meet or speak with Mr. Perry, but it is my hope that he will become an active citizen of Johns Creek,” Bodker said.

Johns Creek, Suwanee, Duluth, Alpharetta, Cumming, Roswell, East Cobb homes for sale, Lawrenceville, Norcross, Atlanta. Million dollar homes for sale and gated communities

Lake Lanier home owners can expect a little more traffic on the water this weekend with professional anglers from around the country arriving for the FLW tournament.  For those with boats the next couple of days is a great time to follow the leaders and learn the latest fishing tactics.

When ready to purchase or sell a Lake Lanier property call Jeff Barnwell at 770-990-0743.

Click here for the latestLake Lanier homes for sale

Huge bass tournament takes over Lake Lanier By Scott Bernarde
For the AJC

This is the biggest week in Tom Mann Jr.’s 27 years as a professional bass fisherman.
The Forrest Wood Cup, which starts Thursday on Lake Lanier, is on Mann’s home lake, offers a life-changing winner’s prize of $500,000 (with as much as $100,000 more through incentives) and is without a doubt the most prestigious fishing event to ever come to metro Atlanta.

And if that’s not enough pressure on the 56-year-old Buford resident, he’s also the clear-cut favorite, so much so that even Wood, the tournament’s namesake and founder of legendary Ranger Boats, picked him to win.

“To have an event like this come to your home water and with that kind of payoff, I’m looking at it as a once-in-a-lifetime opportunity for me,” Mann said. “It would mean everything to me to win it.”

“It’s a pretty awesome deal, winning this tournament,” said Gainesville’s Luke Clausen, another favorite and winner of the 2004 Cup. “We spend so much time on the water daylight to dark. This is a reward for all that hard work.”

Seventy-eight of the top pros from the various FLW Outdoors tournament circuits will compete during the four-day event, beginning at 6:30 a.m. each day and culminating with weigh-ins inside the Gwinnett Center arena in Duluth daily at 5 p.m. Each day, anglers weigh-in their five biggest bass, which will be released back into the lake afterwards.

Organizers expect big crowds at the Gwinnett Center for the daily weigh-ins and to the FLW Outdoors Expo products show (noon-5 p.m. Friday; 10 a.m.-5 p.m. Saturday and Sunday). Parking and admission to all the events are free.

Fishing proponents in Georgia are hoping for big things from the tournament, too. The Forrest Wood Cup will put Gov. Sonny Perdue’s Go Fish Georgia program on its biggest stage.

The $30 million initiative, passed by the State Legislature in 2007, aims to elevate the profile of Georgia fishing by increasing economic development, improving access to state lakes and increasing angling participation. Part of the plan has included the construction of so-called mega-ramps, multi-laned access points that could also host big tournaments. The plan includes construction of a fishing-themed visitor’s center called the Go Fish Georgia Center in Perry, which is planned to open in October.

The Forrest Wood Cup will take off from and return to one of Go Fish’s recipients, Gainesville’s Laurel Park, where a $1 million renovation project using local and matching state funds expanded the facility with eight boat launches, 300 parking spaces and a weigh-in/amphitheater area.

Perdue, who lamented over the notion that anglers were traveling through Georgia to spend their bass-fishing dollars in neighboring states, said two years ago when Forrest Wood Cup deal was announced that it was “exactly what I envisioned for the mega-ramps … as part of Go Fish.”

The state estimates this week’s tournament could have an economic impact between $20 million and $30 million for Hall and Gwinnett counties. FLW Outdoors, which runs the Cup and other big tournaments, reported that the 2008 Forrest Wood Cup at Lake Murray near Columbia, S.C., pumped in $46 million to the local economy.

“As soon as the governor announced Go Fish, we started getting calls [from tournament organizations],” said John Biagi, the state’s chief of fisheries and the lead administrator for Go Fish Georgia.

The timing was right for FLW Outdoors, which sees Lanier and metro Atlanta as prime bass fishing areas to promote its sport. On the flip side, Lanier can use the national exposure to show it has fully recovered from the 2007 drought that had shrunk the 38,000-acre reservoir to historic low levels. Lanier is considered one of the world’s finest spotted bass fisheries and catching those deep-water fish will play a key role in who wins this week.

“I’ve got to give your governor a lot of credit for romancing us to come here. I’ve been blown away,” said FLW Outdoors chairman Irwin Jacobs, who added that he will make two major announcements “that will change the sport forever” during the weekend events. “To have your governor say, ‘Let’s go fishing, Georgia,’ I haven’t seen anything like that anywhere.

“We’ll bring other tournaments. There’s no doubt we’ll be back.”

Mann recognizes that he has an ambassador’s role in promoting the lake and the state.

“If you look at it geographically and look at where people go bass fishing, we’re at the center of it all,” he said. “This is the heart, the absolute heart, of bass fishing.”

Five anglers who stand the best chances to win the Forrest Wood Cup Thursday through Sunday at Lake Lanier:

Tom Mann, Jr.: The Buford veteran knows Lanier better than anyone else in the field. He’s on everyone’s list as the one to beat. Expect him to make the final cut to six for Sunday.

Luke Clausen: A part-time resident of Gainesville, he is adept at catching spotted bass, which he did better than anyone else to win the 2004 Cup at Logan Martin Lake, Ala.

Jason Meninger: The rookie also from Gainesville knows the lake and is a master at catching suspended spotted bass. Those fish are almost mandatory to win a late-summer tournament at Lanier.

Anthony Gagliardi: The 2006 FLW Angler of the Year from Prosperity, S.C., is well-regarded for his deep off-shore fishing abilities, which will be vital on Lanier.

Scott Suggs: The Bryant, Ark., angler won the 2007 Cup on Lake Ouachita, Ark., by catching suspended bass out of submerged treetops. That’s a Lanier pattern.

I am working  a couple buyers this week in the Suwanee-Johns Creek-Alpharetta housing market and can vouch for the overall continued decline in home prices.  The good news is many foreclosures are off the markets and  banks are starting to move on short sales.

Couple issues with some owner resales I’ve viewed this week…  Stage your house,  100 watt light bulbs, stretch the carpet, open the blinds, and when called for a showing appointment please don’t try and reschedule for 4:00 the next day.  My buyers are moving quick and viewing 12+ houses a day.  Please make sure your house stands out when we arrive.  If you need help selling a home please email today, my listings are selling.  jeffbarnwell@remax.net

As printed: www.ajc.com

Home prices were up in a majority of metro areas across the U.S. in the first quarter, but that piece of good news did not reach Atlanta. The median price of an existing single-family home here — half sold for more, half sold for less — sank 5 percent in the first three months of this year compared to the first three months of last year, according to a report by the National Association of Realtors, a trade organization.

Overall, the median price nationwide was down 1 percent for the first quarter of 2010 versus the first quarter of 2009, with 58 metro areas reporting price declines. Orlando was at the bottom, falling 15 percent.  But the median price rose in 91 of 152 metropolitan statistical areas measured in the latest survey conducted by the association. Of those, 29 posted double-digit increases. Metro Atlanta ranked 124th on the list, in company with Des Moines, Green Bay, Wisc., and Decatur, Ill.

The median price in metro Atlanta was $110,100 for the first quarter. Nationally the median existing single-family home price was $166,100.  Real estate industry observers cited the local employment picture as the main contributor for why metro Atlanta didn’t experience price increases seen elsewhere.  “The primary reason we’re seeing softness in [the metro Atlanta] market is that we’re still seeing a problem with job losses and that is weighing on demand,” said Walter Molony, spokesman for the National Association of Realtors.  Lower interest rates on borrowing, combined with federal tax credits for home buyers, helped stimulate the market, but employment concerns held down sales and prices in some areas.

“The  reality of it all is there are still tough times ahead,” said Jim Crawford, an associate broker with Re/Max Paramount Properties. “We’re not going to see much change until there are serious changes in the  job market.”  Lawrence Yun, chief economist for the NAR, said that nationally, “This flattening in home prices is something we’ve been seeing in all of the home price measures lately and quite clearly in this metro area price report

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Million dollar home sales in Atlanta Georgia are starting to show signs of the economy.  Banks now require a 720 or better credit score, 3 years of tax returns and 20-30 percent down for million dollar home purchases.  Million dollar home in Atlanta, Johns Creek, Alpharetta, East Cobb, Suwanee, Atlantic Station, Lake Lanier and Brookhaven call 770-990-0743.

As printed: www.usatoday.com

Heated pools, ocean views and media rooms are not what most people would expect to find in a foreclosed property, but more high-end homes — priced at more than a million dollars — have been falling into the hands of banks this year.
Foreclosures of homes worth more than $1 million began increasing at the end of 2009, according to data provided to CNBC.com by foreclosure tracking website RealtyTrac.

Foreclosures reached a high in February 2010, the last month data were available, when 4,169 high-end homes were somewhere in the foreclosure process; having received a foreclosure notice, had an auction scheduled or had ownership taken over by the lender. That’s a 121% increase from a year ago.

The deterioration comes just as housing experts say that foreclosures in the low and middle ends of the housing market are showing signs of stabilization.

Owners of expensive homes “were able to stave off foreclosure longer,” says independent real estate analyst Jack McCabe, CEO of McCabe Research and Consulting in South Florida. “Lower-end homeowners were the first ones to see the escalating foreclosures, because they generally do not have the cash reserves or credit available that the luxury homeowners do. They had the ability to take their credit cards and pull out thousands of dollars, while the lower-end buyers were already tapped out.”

McCabe expects foreclosures in the high-end market will increase into 2011.
DELINQUENCIES DROP: First time since 2006

Though the RealtyTrac data on high-end homes are not available on a regional or metropolitan basis, anecdotal evidence indicates the problem is cropping up across the country. High-end and luxury categories vary widely from market to market. In some suburban areas, in the Northeast and California, for instance, million-dollar homes are fairly common, but nationwide, they represent 1.1% of overall housing stock.

“We have seen an increase, in the million-plus range, of the number of foreclosures and short sales in the greater Chicago area,” says Jim Kinney, vice president of luxury home sales at Baird & Warner.

He says that of the 295 million-dollar, single-family properties sold in the first quarter this year, 37 were either a foreclosure or short sale, when a bank and homeowner agree to sell the home for less than the loan is worth. During the same period a year ago, 10 of 231 fell into those categories.

In the Fort Myers, Fla., area, Mike McMurray of McMurray and Nette and the VIP Realty Group says he has seen a few foreclosed high-end homes on the market compared with none last year. He’s currently showing a 4,800-square-foot, $3.65 million home on Captiva Island, where foreclosures are usually rare. The bank-owned home has five bedrooms and access to 150 feet of Gulf Coast beachfront.

“There are more we see coming down the pipeline,” McMurray says.

Data show that may be the case around the country. The 90-day delinquency rate on home loans worth more than a million dollars hit a high in February at 13.3%, above the overall rate of 8.6%, according to real estate data firm First American CoreLogic. Foreclosure proceedings generally start after a homeowner has been at least 90 days late on a mortgage payment, experts say.

One difference in the high-end market is that lenders are willing to do more to head off foreclosure by renegotiating the loan or accepting a short-sale transaction, which is essentially a last-ditch effort.

“Lenders are far more likely to go the short-sale route,” says Andrew LePage, an analyst at real estate research firm DataQuick. “There’s a lot more money at stake, and maintenance can be high if a foreclosure just sits there.”

A $1.15 million condominium in Chicago in the landmark Palmolive Building was initially offered as a short sale, but after a buyer did not materialize, it’s now owned by the bank, says Janice Corley, founder of Sudler Sotheby’s International Realty, which is currently listing it. The condo has lake views and a long list of luxury-building amenities, including a steam room, doorman and gym.

The rise in luxury foreclosures has one Las Vegas real estate agent flying prospective buyers into the city via private jet. Luxury Homes of Las Vegas and JetSuite Air teamed to offer the complimentary trip for buyers flying from Los Angeles to view three foreclosed homes priced between $4.9 million and $6.1 million.

Agent Ken Lowman says he gave three tours over a one-week period and hopes to expand the offer to buyers from other West Coast cities.

There’s just too much competition, Lowman says. “It takes an innovative approach like this to get results.”