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The Subprime Mortgage Crisis – explained in Simple Stickfigures

Signage of the Timeage

We've all seen the signs around Intown Atlanta and Decatur - we all know that lots of houses are not selling. Here's two things to think about: 1. Personal Responsibility 2. Corporate Greed Ever heard of a "Special purpose vehicle?"     No, I'm not talking about a paramilitary transport. I'm talking about how the Wall Street salesboys, and a compliant SEC (The Federal Government's Securities Exchange Commission) neglected the best interests of consumers with a hoodwinking flim flam job. Credit salesboys packaged good loans with bad loans and sold "Special Purpose Vehicles" to "institutions" like small and large pension funds and to municipalities, like small towns in Norway…Here's how they did it:     The sales pitch is based on the idea that "housing always goes up in value and people can always refinance an adjustable mortgage."   The products sold are financial market commodities known as collateralized debt obligations (CDOs) which are a type of … [Read more...]

55 days in Intown Atlanta Real Estate – Leaning Into “The Dip”

Atlanta's next generation of Trump style

I just got Steve Palm's Smart Numbers letter for January, and he reports some telling statistics when he surveyed the 14 metropolitan Atlanta counties. Read on... A nearly 40% year over year decline from last January. A Nearly 50% decline for condo sales. When demand declines, prices soon follow. Condo prices are down nearly 10% and are expected to go down even further - there is nearly 12 months supply for resale condos and a very high 16 months of supply for new condos. Thanks Ivanka Trump (the so-called "next generation of Trump style" - I hope that doesn't mean she has a comb-over hairdo in her future). Until then, lets digress from the bad news and let a photo of Ivanka take our breath away... Lets keep talking about what Ivanka hath wrought: the 16 months supply is only the supply that is listed! The actual floor plans available that are not up and ready for sale is - GULP - 4 years worth of inventory. Lets keep an eye on luxury condos - we need Buyers, sexy, … [Read more...]

Dude, Fonzworth Bentley is at Ebenezer tomorrow

Mr. Fonzworth Bentley

Do you know Fonzworth Bentley? Remember the guy who held Sean "P Diddy" Combs umbrella a few years back? Puff Daddy's right hand man? He's a cool fellow. Multi-talented, dapper and smooth. He has advanced well past his post-collegiate work as a stylish valet. He's also a class act, and he's in town, his hometown, for Youth Day at Historic Ebenezer Baptist Church on Sunday the 24th. I drove up Jackson yesterday, and the sign said Fonzworth Bentley would be in the house on Sunday. I immediately called my friend John and told him to be there to represent. I can not attend - the newborn will probably not be ready for church tomorrow. However, you should. He's cool. Our children need good role models, and he is someone that many of Atlanta's youngsters should emulate. Style. Manners. A flair for business. He just wrote a book - Advance Your Swagger: How to Use Manners, Confidence, and Style to Get Ahead. Here's a link to his My Space page... Here's link to the church's … [Read more...]

RAD – The Rail Arts District Studio Cruise tonight!

Rail Arts District studio collage

Alcove Gallery... Mudfire Clayworks... Bart Webb / Duckbill Studios... Amalgam Arts... Avondale Estates is where it's happening in the Intown Atlanta and Decatur art world. Get a date, gather with some friends, and join the innovative business owners who have transformed a sleepy railroad corridor into a vibrant arts district -the "studio cruise" is tonight! Here's the 411. … [Read more...]

Don’t buy a foreclosure just because it’s a foreclosure

Just because lots of houses are in pre-foreclosure, just because lots of houses are in short sale status with written mortgagee approval (or not), or just because lots of houses already are in REO foreclosure deed status with clear title and ready sellers ... just because we have a high inventory "foreclosure market" ... that doesn't mean that any and all Buyers should even consider buying a foreclosure. This is food for thought for any potential Georgia buyer. Did you know that the new Georgia Purchase and Sale Agreement says that "at closing, Buyer agrees to pay Seller the purchase price of the property in cash, cashier's check, certified check or wire transfer of IMMEDIATELY AVAILABLE funds?" Did you know that in Georgia in 2008, unless you stipulate otherwise, Sellers only work with Buyers who can buy under the terms I just stated? That means, line up the financing first. Be 100% sure about your financial status before you pursue any purchase. That means, the bank that is … [Read more...]

Sweet Modernism in Reynoldstown

Concourse E and their remarkable designs in Reynoldstown The folks at Concourse E are working on 2 really cool projects in the shadow of the CSX Hulsey railroad in Reynoldstown. One house is on Manigault and the other is on Weatherby. We find it refreshing to see innovative design done well, and we are glad to see more and more of it, in lieu of the ubiquitous newly built craftsman house with Hardi Plank siding. Somebody come down to Reynoldstown and get your real estate on! … [Read more...]