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Category Archives: news

Wayback Wednesday… A Foreclosure Mitigation Too Good to be True…

Wednesday, 06 July 2011 08:35
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Showing how the rapid rise in in mortgage cred...

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I don’t know about you, but I have heard the stores and even seen the occasional late night TV ad talking about getting out of your mortgage for free.  Two years ago, I wrote about how it was the latest scam being pulled on people facing foreclosure.  And be aware… it is nothing but a scam.

Here is the “meat” of the old post…

Here is the way it works (and it all sounds so legit…):

  • Mr. and Mrs. Consumer buy a house and get a mortgage from MonsterMegaMortgageCompany (MMMC).
  • MMMC sells their mortgage to Investor Pool #1.
  • Then it is bundled and sold to IP#2… and #3 and #4 over a span of a few years.
  • Mr. & Mrs. Consumer start having problems, and despite everything they are facing foreclosure.
  • To try to get help they contact a “Foreclosure Mitigation” Law Firm that fights the foreclosure by filing a “missing title” lawsuit.
  • The law firm (or other entity) charges an up-front fee (maybe $2000) and then monthly fees (maybe $1000 or $1500)… as well as a contingency fee upon settlement of either 50% of the reduction or 75% or 80% of the value if the mortgage were completely eliminated.
  • After stringing along Mr. & Mrs. Consumer for a few months or longer (collecting fees), they fail to actually prosecute the case.
  • Mr. & Mrs. Consumer lose their home…

According to a few of the sources I looked at, their are no recorded examples of any suit of this type EVER being resolved in the consumer’s favor.

There are also a couple of links.  As an update, there are a couple of stories over the last few years of judges setting aside mortgages because the holder could not produce the right paperwork.  But, you have a better chance of getting hit by lightning.  The lenders have gotten smart and are making sure their paperwork is better… and in the few cases that I have heard about mortgages being set aside, the lenders also committed fraud in ginning up the paperwork… and that isn’t likely to happen many more times.

Follow the link above and visit the old post…  It’s lonely.

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Sugar Hill, GA, Market Report, May 2011

Tuesday, 05 July 2011 08:16
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Market stats for Sugar Hill, GA , May, 2011indicate that there are 238 properties on the market. Overall, there is about an 9.9 month supply of properties.  There were 43 sales, compared to 20 last month and 25 last May.  The Absorption Rate (AR) dropped, but that is largely due to a weak month dropping off… and a strong month of sales for May.

For Sugar Hill homes priced under $200k, there are 164 listings, with under 6.9 months supply.  There were 39 sales this May, three time number last year for the same time.  Last month there were 17 sales.  Inventories have been rising fluid, rising and falling.  Normally, this time of year we see inventories ramping up.  Sales have been flat or slightly down until this month… BIG jump.

Sugar Hill Listings between $200k and $400k, there are 64 listings for sale, and about 12.8 months of supply.  Last May there was only a 6.75 month supply.  This segment really took a beating.  It is also one of the few price/area segments that had an increase in listings and an increase in the Absorption Rate (AR).  Last May there were 10 sales, this year there were 4.  Last month had 3.  This segment is acting opposite of the under $200k segment.

For listings in the $400k to $600k range, there are 6 homes on the market. The absorption rate is around 72 months, but with 1 sale last September, it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference.  There were only 3 sales in this segment last year.  In 2009, there were almost twice as many sales in this price range.  I hope to see some activity in this segment in June.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there are only 4 homes listed for sale in that price range.  No sales have been recorded in the last 2+ years.

Sugar Hill, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 11,399, but that only included the area inside the city limits.  The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford.  And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby.  That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.

I have a page dedicated to Sugar Hill Market Data.

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Photo Friday… Garage Sale Time…

Friday, 01 July 2011 06:15
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Garage sale

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We all do it from time to time…  We get rid of stuff.  Some of it we might donate to a shelter or some worthy cause, other stuff might just find its way to the trash.  And then there is that stuff which finds its way into a garage sale (I like to call the “Neighborhood Junk Re-Allocation Events).

For us, it seems like it is about once every other year that we have a sale and then donate the remnants, alnog with a few choice things that we would rather donate than sell.

We did one just before we moved (about two months ago)… and after moving, and diving into boxes we had just plain forgotten about, we are doing it again.

Part of the reason is the large amount of stuff my mom asked me to get rid of… Coca-Cola collectibles as well as some sports memorabilia and some other odds and ends.

We’ll be having our sale on Friday and Saturday, July 1st and 2nd, 2011, at a friend’s house.  If you are in the Suwanee/Sugar Hill/Buford area, look for our signs near Buford Highway and Old Suwanee Rd.  We’ll be running the sale from around 8am until 2pm each day… or so.

[BTW, the picture is NOT our garage sale…)

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Suwanee, GA, Market Report, May 2011

Thursday, 30 June 2011 08:42
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Market stats for Suwanee, GA, May, 2011 indicate that there are 640 properties on the market. Overall, there is about an 8.9 month supply of properties.  April sales were up (75), and May continued the trend, although with 88 sales, it was close to flat compared to 2010 (84).  inventory was down slightly compared to 2010.

In the Under $200k arena, there are 184 listings in Suwanee, GA, with about a 6.5 month supply.  In June, there was a 4.8 month supply.  May sales were ok, at 29.  Last month was VERY strong (37) and last May there were 28.  This might be the strongest current segment in Gwinnett County.

Between $200k and $400k, there are 310 listings for sale, and 9.0 months of supply.  Sales in May 2011 were 45, compared with 38 for the same period in 2010.  Pretty strong, and with the decrease in listings, the Absorption Rate (AR) got a good bit better.  So far this year, only February had posted better sales than 2010, and that was just barely.

From $400k to $600k, there are 87 homes on the market. The absorption rate is at 14.5 months.  There were 10 sales this year (May)… down from 11 last year.  Even looking at the three month average, there were 18 sales this year and 27 for the same period last year.  The only good part is that listings are down slightly, and would normally be rising at this time of the year.

In the $600k to $800k arena, there are 25 listings, with about a 15 month supply.  Sales at this level are not consistent, but there were 2 this month.  Looking at one month makes the numbers jump.  For the last three months, sales were 5…  For the same time last year, the sales were 14.  The segment is weak, but we can’t call a trend… three months ago it was looking stronger and it looks stronger again… largely because of the decline of listings.

The range from $800k to $1m, there are 12 homes listed and 3 years of inventory on the market.  There were only been 4 sales at this price level last year (1 each in January, April, May and December) and one for April this year.  This is a tough segment to try to sell in right now.

In Suwanee, GA, Above $1m, there are 22 properties listed. The current absorption rate indicated about 16.5 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales.  Again, we can thank reduced inventory for making the market look healthier (4 sales in Mar-May this year and 6 last year).  But, in this segment, we should be seeing reduced inventories…  There were 33 homes listed in this segment at this time last year. There were 2 sales for May.

Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census.  Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.

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Duluth, GA, Market Report, May 2011

Tuesday, 28 June 2011 08:23
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Preliminary stats for Duluth, May, 2011 indicated that there were 585 properties on the market. Overall, there is about an 8.5 month supply of properties.  Sales in May were 71, compared to 76 a year earlier.  While it is better, the change is mostly seasonal.  Duluth is trailing Gwinnett County as a whole.

In the Under $200k arena, there were 244 listings in Duluth, GA, with about a 7 month supply.  The Absorption Rate as recent as December, 2009, was in the low 5s.  Sales for May were up sharply this year v last year (37 v 29), but flat compared to April, 2011 (37).  This segment could do really well, but sales need to strengthen a little more…

Between $200k and $400k, there are 154 listings for sale, and about 8.3 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving the right way (down) since February.  Sales were way down compared to April, 2010 (18 v 29).  Duluth is a market that favors luxury, and this segment isn’t doing terrible…

From $400k to $600k, there were 60 homes on the market. The absorption rate was around 11.2 months.  Two months ago I wrote “Sales might not seem that strong, with only 5 units, especially compared to 8 last year, but I think the problem is with the inventory.  I’ll keep looking for an increase in sales.  Maybe April will show it.”  April did NOT show it.  Sales DIVED to just 1 unit.  May, on the other hand, brought in 10 sales.  There were 5 last year.  I really want to be over a dozen for June.

In the $600k to $800k arena, there were 52 listings, with about 10.4 months of supply.  Sales were 3 for May… 5 for May last year.  Month to month sales halved (3 v 8).  I was looking for somewhere around 10-12 sales for May to show me this segment was coming back… but I got less than half of that.  June will need to be stellar… 12-15.

In Duluth, GA, from $800k to $1m, there were 31 homes listed and approximately 11.6 months of inventory on the market.  The 2 sales recorded for May tied last year and dropped 1 from last month.  The AR actually looked better than it had in the last 18 months, but was one of the few to really increase for May.

Above $1m, there were 44 properties listed. The current absorption rate indicated about 18.9 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 7 sales in the Mar-May period this year, and 12 sales for the same time last year…  The whole summer was weak last year, but we should be posting half a dozen sales a month here.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently.  Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia.  It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.

I have a page dedicated to Duluth Market Information.

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