Georgia Property Taxes Increase Due to Loss of The Homeowners Tax Relief Grant!

Hey Peachtree City have you taken the opportunity to open your tax bill yet!  Well if you haven’t you are probably one of those homeowners that will be filing late as typically taxes in Fayette County are due on November 15th.  By the way, if you plan on writing off those taxes for 2009, I hope that you get them paid before December 31st.

H.R. 3590: Service Members Home Ownership Tax Act of 2009 Passes in House!

Hey Peachtree City…The House just passed the bill introduced by Rep. Charles Rangel (D-NY) to extend the $8,000 First-Time Home Buyers credit to Members of the Armed Forces and certain other Federal employees until November 30, 2010.  The Bill passed unanimously and will now go to the Senate where it is also expected to pass with ease. 

The Bill also amends the Internal Revenue Code and exempts those service personnel from having to pay back the credit should they be deployed for extended duty service. 

No Property Tax Increase In Peachtree City for FY 2010!!

Hey Peachtree City…City Council recently voted by a margin of 3 to 2 not to increase property taxes for fiscal year 2010!  However, Council did agree to increase the millage rate to 5.711 mils.  The increase in the millage rate would prevent the usage of cash reserves for the FY 2010 budget.  Just in case you are wondering were the money is going….approximately 16.5% is headed to Peachtree City, 67.2% goes to Fayette County School Board, 15.5% goes to Fayette County and 0.7% goes to the State.  Three public hearing were scheduled (as required by law) to advertise the increases. 

Market Begins Stabilizing As Unit Sales Levels With 2008!

Hey Peachtree City….Following a month that saw the first year-over-year improvement in four years, August results in the REAL Trends Housing Market Report were level with August 2008.  While these results were not as good as the July results-where unit sales had been up marginally-it does show that the floor of housing unit sales may have been reached.  Nationally, unit sales were down 0.2% in August 2009 over August 2008. The Western region again showed the greatest strength with unit sales up 7% while the South region lagged other regions with unit sales down 3.3%.  On the pricing front, the South showed the best results with average prices for all homes sold down 9.5% while the Western region continued to suffer the largest price declines with a decrease of 18.2%.
 
Unit and price declines were mixed across the regions.  The Northeast region was down 1.5% in units a significant improvement over the prior months while the Midwest and South were down 2% and 3.3% respectively. The Midwest region saw average prices decline 10.4% while the Northeast was down 10.7%.
 
“The August 2009 results were not as good as July’s but were not off by much.  What we are seeing is evidence of a bottoming out in unit sales on a year over year comparison with prices continuing to decline from the year ago period.  The good news is that price declines do not appear to be accelerating but are staying similar on a month to month basis,” said Steve Murray, editor of REAL Trends.  
 
“With the economy continuing to shed jobs and incomes shrinking, this is likely the best result we can expect-that housing sales on a unit basis are flattening out and that price declines are at least not getting any worse for the moment.  While we know that there are substantial challenges ahead, with a predicted rise in foreclosures and continued downward pressure on prices as a result, it would appear that we are closer to the floor of this recession in housing than we have been at any time in the last four years.” 
 
 
Housing Market Report 
 
August 2009                        July 2009                      
(Versus same month a year ago)
 
Closed Sales   AVG Price      Closed Sales   AVG Price
 
National                     
-0.2%                 -12.1%              +2.8%             -10.4%
 
Regional Report
 
Northeast
-1.6%                 -10.7%              -1.2%              -13.9%
 
South   
-3.3%                   -9.5%              -1.7%               -8.7%
 
Midwest
-2.0%                  -10.4%             +3.7%             -10.9%
 
West
+7.0%                 -18.2%            +12.3%            -11.3%

The New American Dream…..Renting?

      Okay Peachtree City before things become as hostile as a town hall meeting on health care, let me explain the topic.  Recently, I read this article in the Wall Street Journal entitled “(Marxism) The New American Dream: Renting.”  The article stated that Americans might as well get used to the fact that home ownership is no longer a realistic goal for folks and further suggested that we curtail the enormous government subsidies that are fueling this endeavor. The Marxism connotation as identified in the article’s caption views Capitalism as a society in which a small minority of the population dominates and exploits the vast majority considered the working class.

Welcome to “The Chuck”!! Thomas Charles Hannon Memorial Field Opens in Peachtree City!!

Hey Peachtree City!  Just in case you didn’t hear the news….The Thomas Charles Hannon Memorial Field better know as “The Chuck” had its Grand Opening Ceremony on Saturday, August 8, 2009. 

Throwing out the first pitch together was Atlanta Braves pitching ace Tim Hudson and former CY Young award winner Steve Bedrosian.  Wow!!! What’s so exciting and makes the Chuck a stand out in the State of Georgia is that its the first all-synthetic baseball field! 

Is the Bank’s “Shadow Inventory” Casting a Cloud on the Real Estate Market?

Hey Peachtree City….has anyone noticed that a number of foreclosed homes seem to be just sitting for months on end with no visible effort going on by the banks to actually resell them?  It really did not hit me until a client expressed interest in a foreclosed home in my own neighborhood. When I approached the sales broker for the neighborhood he informed me that the builder had gone bankrupt and the house was going into foreclosure in a few days.  ”Call me back”, he said.  ”The house will probably a better buy once it comes out of receivership and is back on the market.” 

Stressed out about your Financial Situation? There May be More at Risk!

Hello Peachtree City and friends!  You know unless you are living in a bubble or related to Mork from Ork (remember Mork & Mindy) we are obliterated daily by the news and views on the current status of the economy.  For many families this  constant deluge of data on the economy coupled with the reality of our own personal financial problems provides the perfect scenario for a guest appearance by an unwanted visitor…..S-T-R-E-S-S!!!

If staying in your home has become the main source of your stress….have you at least talked to a professional or looked at your options?  Are you facing mounting credit card debt, car payments, insurance, gas, and other financial challenges?   Have you taken any action or just waiting on divine intervention?  Panic, worry and stress have some folks on the verge of……well doing something drastic.  That normally means something reactionary.  The result…more stress! 

Peachtree City, GA Voted As One of the Top 10 Places to Live in America In 2009!

Kudos to you Peachtree City…Again!  Money magazine has graciously awarded the city the recognition as being one of the best small towns to live in the US.  That’s some awesome bragging rights baby! 

Coming in at #8, Peachtree City and it 34,000 plus residents will all tell you that there is no better place to live and raise a family on this planet!  Personally, it would be pretty hard to disagree and not acknowledge their strong sense of community.  Besides…what’s not to love? 

Protecting Tenants At Foreclosure Act Of 2009

Greetings Peachtree City!  Is it just me or does it seem like the foreclosure situation mirrors an unwanted fever blister on your lip.  You know what I mean…it started kinda small then when you notice it you try and put everything on it to stop it from getting bigger and more noticeable.  Much to your chagrin, it seems like the more you do to it the bigger and more noticeable it seems to become until you just decide to ignore it and hope that it will eventually just go away!  Then in the meantime, you go about your business trying to pretend that it’s not there or at least just not that bad looking!  But the truth be told….it’s festering, unattractive, and more than likely nobody is gonna kiss you until it goes away….right! 

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