Atlanta No. 2 most affordable housing market

Metro Atlanta hasn’t been the greatest place in the country to own a home, as everyone with a devalued house in these parts knows.

There is some good news, relatively speaking, though.

It doesn’t cost that much to buy here.

Atlanta ranks second in the U.S. among the top 25 metro areas in terms of home affordability, new research from Interest.com, a Bankrate company, shows.

The median household income in the Atlanta area exceeds the income required to purchase a median-priced home here by 40 percent. That’s better than every other  big market except for Detroit, where it’s 45.32 percent.

The rest of the top five most affordable metro areas are Minneapolis, Phoenix and St. Louis.

Of course, Detroit is hardly the symbol of economic success, and Phoenix has had major housing issues.

The least affordable markets: San Francisco, New York, San Diego, Miami and Los Angeles.

Housing affordability is key concern nationally, and nationwide a  median-income household can afford a median-priced home in only 14 of the 25 largest markets, the study found.

Mike Sante, managing editor of Interest.com, said, “Despite all the talk about how homes are more affordable than they have been in decades, buying a home is still a big challenge for many American households.”

Sante continued, “Dealing with rising expenses and stagnant wages is a struggle. Even after years of declining home prices and record-low mortgage rates, median-income households are unable to afford a median-priced home in nearly half of the metropolitan areas that we looked at.”

AJC 10:39 am October 17, 2012, by David Markiewicz

Attend a new and innovative homebuyer event!!

You may get the help you need to make home ownership a real possibility!!

Find information and support at every turn:
• Get help with your down payment — Apply for down payment assistance grants from local nonprofit organizations, available for a limited time to qualified homebuyers who purchase a home in selected neighborhoods
• Find out if you’re ready to buy a home — Meet one-on-one with professionals to understand the home financing options that may be available
• Prepare for sustainable homeownership —Learn more about finding and financing a home and managing the financial responsibilities of homeownership at Wells Fargo’s video homebuyer education center
• Picture yourself at home — Stop by Wells Fargo’s Affordable Home Tour(SM) viewing center to preview the features and prices of area homes for sale
• See for yourself — Board a neighborhood home tour bus for a free ride to and from homes you’d like to see first-hand

If you have a goal to become a homeowner, you won’t want to miss the Neighborhood LIFT(SM) event, sponsored by Wells Fargo in
collaboration with local non-profit organizations.

Date: February 10-11, 2012
Time: 10:00 a.m. – 7:00 p.m.
Location: Georgia World Congress Center, Exhibit Hall B1
285 Andrew Young International Blvd. NW
Atlanta, GA 30313
Free parking in designated lots, see web site for details.
Admission is free!

Plan to spend some worthwhile time discovering the possibilities of homeownership in Atlanta – and find out if it’s right for you.

Register today:
http://www.neighborhoodlift.com
or call 866-858-2151

Kelvin Goodwin

Home Mortgage Consultant, Phone: (404) 257-7988,Cell: (404) 454-7805 kelvin.goodwin@wellsfargo.com-NMLSR ID: 516216

1. The Neighborhood LIFT program is a collaborative program of Wells Fargo Bank, N.A., Wells Fargo Foundation, and NeighborWorks America,an independent nonprofit organization.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2011 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.

How much would my payment be on a loan of…..?

Thinking about buying a home?
I’m sure you’ve heard- “You can own for the same amount as rent!”…
See for yourself how much  monthly payments would be on a loan of $150,000, Check out this mortgage calculator.

Second Big Lender Stops Foreclosures

A second major mortgage lender, JPMorgan Chase, has stopped foreclosures so it can review loan documents for errors.

“It will probably slow things down for a couple of months while these documents are reviewed,” said Rick Sharga, senior vice president at foreclosure listing service RealtyTrac Inc. “It won’t stop things.”

But if Sharga is wrong and more problems surface, they are likely to slow the foreclosure crisis still more, making it drag on for several more years, other analysts say.

In any case, an increased number of lawsuits are likely. Christopher Immel, a Florida lawyer who represents foreclosed home owners, says many former home owners could sue their lenders, alleging errors in documents.

GMAC Mortgage was the first big lender to pause foreclosures while it reviews past files.

Source: The Associated Press, Janna Herron and Alan Zibel (09/29/2010)

Housing Tax Incentives Benefit Young Owners the Most

Housing tax incentives mostly benefit younger households, according to research from the National Association of Home Builders.

The average mortgage interest deduction peaks for taxpayers in the 35 to under-45 age group, followed by the 18 to 34 aged taxpayers, and declines as the taxpayer gets older, according to the research.

“Any tampering with this deduction would have a disproportionate impact, as a share of household income, on younger home owners who have relatively higher mortgage interest payments,” said Robert Dietz, assistant vice president for Tax and Policy Issues for NAHB.

Source: The National Association of Home Builders (09/28/2010)

It’s a Great Time for Housing Deals

Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.

“If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?” says Christopher J. Mayer, a Columbia Business School economist.

With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. “At this point,” says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., “if they don’t have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to.”

Source: The Wall Street Journal, M.P. McQueen 

GA Dream Programs…

Ga Dream Rates are at a Historic Low!!!! This is great news for our first-time homebuyers, with 2 different down payments assistance programs available.  I would be happy to tell you more about the standard Ga Dream program and the Rewards program, offering you $5-$7,500 in down payment funds!