Forget the Hype; Atlantans Are Still Buying Real Estate

Nerves are running on overload. Lenders are reporting massive losses and some are even
shutting down their doors. Worst of all, homeowners are losing their American Dream in
record numbers. The recent wave of foreclosures has been heart wrenching for everyone
whether you're buying, losing your home, lending, selling or merely considering it. Even the
recent interest rate cuts is not enough to soften up the blow. Some lenders have gone
through drastic measures just to save homeowners by refinancing some of their adjustable
loans that are due to reset soon. Of course, consumer confidence is sluggish overall, but
don't be fooled. People are sill buying and lenders are still lending.

Now is the best time to buy real estate. Savvy buyers are taking advantage of declining
prices and distressed sellers while the foreclosure market continues to put great
investments right at the fingertips of buyers. To put it in perspective, Atlanta is one of the
top foreclosure markets with this year's third quarter reporting 21,695 foreclosures, or one
filing for every 92 houses, according to RealtyTrac. On the other hand, imagine the huge
discounts that those foreclosed homes will be selling for, leaving the new buyer with
instant equity.

Besides the foreclosed homes, the overall metro Atlanta market is surviving although it's
still struggling. According to Smart Numbers, there were 4,017 single family units that closed in the month of September, a 39.6% decline from the same time last year. The average
price for single family homes was $255,011 in September and $257,692 year-to-date 2007.
Both of the averages are up 2.6% and 2.9%from 2006. The month of August fared a little better than September with 5,129 closings for single family homes, a 34.6% decrease from August 2006 and 6,043 closings for all single family homes in July, a 20.9% increase from
July 2006. The average sales price for single family closings in August was $278,871
compared to $264,510 for the same period a year ago and an average closing price of $278,797
in July.

Nevertheless, these numbers are encouraging given that the media and market reports have
done a tremendous job at scaring people from purchasing. It's still a frightening situation,
of course, but certainly not as horrifying as it's been portrayed. To best summarize the
current housing situation, the market is correcting itself from the excessive appreciation
experienced in certain markets, the overbuilding of homes and condos, record high mortgage
fraud cases, and the overzealous mortgage lending practices that destroyed the subprime
market. Many predict that the woes of the market will start to lighten up within a year. In
the meantime, it'll take a bit of optimism to keep the market going.

Contact:

Fabiola Fleuranvil, MBA
Re/Max Marketplace
(404) 437-0078
http://www.atlhomeforsale.com/
info@ATLHomeForSale.com