Jmroig, Home Buyer in Stone Mountain, GA

Why are there so many foreclosures and homes for sale at Stone Mtn, GA? I've never seen anything like this.

Asked by Jmroig, Stone Mountain, GA Tue Dec 15, 2009

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Hank said it best.

Fraud, unqualified buyers, investors, speculators and lenders/agents/appraisers that didn't care - you can move the order around as you like.

Everyone was in a feeding frenzy when it came to real estate.

I hope we learn for history and stop putting ourselves in this situation
0 votes Thank Flag Link Sat Jan 16, 2010
The City of Stone Mountain is just another victim of the declining economy. There is nothing functionally wrong with the infrastructure of Stone Mountain or the surrounding area.

After years of rising home prices, low interest rates, favorable terms on loans, and a historically profitable stock market (Dow Jones Average was above 14,000 before the fall of 2007), many families had great amounts of disposable income.

Real Estate was the New Fad!!!
Everyone wanted to have Rental Property or a Larger Home!!!

If you were an investor looking to buy property that would bring a promising rental income, you would first have to know what areas people are moving into.

U.S. Census Bureau News RELEASED: 12:01 A.M. EDT, THURSDAY, MARCH 22, 2007
“Among the 10 counties that added the largest number of residents between 2000 and 2006, three were in Texas (Harris, Tarrant and Collin), three in California (Riverside, Los Angeles and San Bernardino), one in Illinois (Will), and one in Georgia (Gwinnett).”

The City of Stone Mountain sits on the Gwinnett County line

Thus, Stone Mountain is a pick for those who want to live or work near one the top 10 fastest growing counties.

Stone Mountain does not have a high foreclosure rate because it is a bad place to live. It has a high foreclosure rate because many of the homes were either owned by investors or primary homeowners that bought overpriced homes. When the market made a turn for the worst, investors and primary homeowners found themselves with few options.

Banks do not give concessions to owners of investment property.
Moreover, banks can not work with primary owners if they have had a sharp reduction in their income and can no longer afford their homes. Foreclosure has been the end result.

The Real Estate market will rebound. In a few years, primary homeowners will buy up the foreclosures on the market. Just give it time.

The City of Stone Mountain knows how to survive.

Bryce Hill
Managing Broker
Linear Realty, LLC
770-601-0770 office

http://www.census.gov/Press-Release/www/releases/archives/po…
0 votes Thank Flag Link Thu Jan 14, 2010
In a word, greed. It is unfortunate that so many in the business saw fit in the past to bend rules and break laws and this is part of the fallout. What you don't see in the numbers is the pain and suffering the one time home owners are now experiencing. However, there is good news. This is a great time to become part of the economic recovery in this area. Opportunities abound and for the last several months I have helped people buy and sell in the Stone Mountain area. I would be glad to help you. 404-663-7371.
0 votes Thank Flag Link Wed Dec 30, 2009
Fraud, unqualified buyers, investors, speculators and lenders/agents/appraisers that didn't care - you can move the order around as you like. Don't expect any changes anytime soon, most of the area is in free fall.

Hank
0 votes Thank Flag Link Wed Dec 23, 2009
Dear Jmroig,

Part of the reason which has contributed to the excess inventory of homes which include foreclosures were the lending practices of the past years, purchasers buying homes that did not fit their budgets, and home owners over extending themselves by taking the equity out of their homes to live a better lifestyle than their income dictated. As Michael stated Stone Mountain is not the only community where this has occured.
Web Reference: http://chuckgreen.com
0 votes Thank Flag Link Wed Dec 16, 2009
Stone Mountain real estate has seen the same problems as many other metro areas, Jm. Over supplied and under demanded properties along with more difficult qualification standards for lenders has created one of the most interesting markets for pre-approved buyers in years. Let me know if I can help and Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499
0 votes Thank Flag Link Tue Dec 15, 2009
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