Primary theme – first time home buyers buying <$300,000 properties are the market of the moment. Nothing else is vibrant and healthy enough to validate, at least through December 2009. Macro – Metro – Micro is how we look at economics – the following are just highlights - I will deliver nifty charts and deeper stats in the coming weeks. Out of 39 FMLS areas (that’s like 14 metro counties), here’s the Metro Atlanta market of the moment… And, we take into account previous listing periods… * Only down in cumulative sales 5% since 2008 but down 23.1% since 2007. The market is behaving like a transitional market, even though it will remain a buyer’s market. * September, October and November 2009 were better than 2007. Supply is smaller, and the tax credit has had a remarkable effect. * Shadow inventory  - 52 Million mortgages nationwide – 8 million are in default (30 days behind up to foreclosure) – about 5 Million are 90 days past due or are … [Read more...]