Zac Pasmanick - The Zac Team

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Missing Out on the Tax Credit May Bring Buyers Better Deals

by the zac team at Ponce Realty

Greetings neighbors,

Did you or someone you know miss out on the ever so popular $8000 tax credit for first time buyers? Well if so, no worries. Latest reports show that if you decide to purchase a home after the tax credit deadline, you may actually get even more deals than those who did take advantage.

Now I'm sure many of you are asking how? Well for starters, many home sellers have to drop their prices because home buyers have become scarce after the expiration of the tax credit. In addition, builders and real estate companies have began offering promotions that are in some cases worth more than the tax credit.

In addition, interest rates have dropped significantly after the expiration of the tax credit that a homeowner can easily save more than the $8000 offered over the life of the loan.

Other incentives being offered to those in the market for buying a house include builders offering free appliances, trade-in programs, rebates, and great equity discounts. Incentives such as these allow homeowners to drop the price by painting, landscaping, or helping to complete their home.

So again, missing out on the tax credit doesn't necessarily mean you've missed out on all the deals.

Mortgage Rates Drop to Record Lows

by the zac team at Ponce Realty

Greetings neighbors,

According to reports from Freddie Mac, mortgage rates hit record lows this week with an average of 4.69% being offered on 30-year fixed-rate loans. Last week's average rate on a 30-year loan was at 4.75%. Only a couple of months ago (April), the average rate for a 30-year loan was 5.21%.

This week's drop in numbers were somewhat expected after the drop of Treasury yields to their lowest levels in over a year.

In addition, Freddie reported an average of 0.7% of the amount borrowed for upfront fees on 30-year fixed-rate mortgages this week.

Rates also showed record lows for 15-year fixed-rate mortgages and 5-1 hybrids according to Freddie Mac.

In addition to recent drops in mortgage rates, the sales of existing homes showed a decrease of 2.2% last month.

Distressed Homeowners Look Outside the Obama Modification Program for Help

by the zac team at Ponce Realty

Greetings neighbors,

It looks like the Obama Administration's attempt to help distressed homeowners is dropping in the ranks.

According to a recent report, many distressed homeowners are beginning to drop out of the Home Affordable Modification Program and are starting to acquire private help from their mortgage companies.

Although recent data showed a 15% increase in permanently reduced payments last month to 340,459; the rate of temporary three month modifications increased by only 2.5% to 1,244,184.

In addition, recent data showed an increase in the cancellation of mortgage modifications. In comparison to April 2010, there was a 55% increase in cancellations for May 2010. Permanent modification cancellations also showed a great increase by rising 70% to 6,357 last month.

The report also included that distressed homeowners who experienced the cancellation of their temporary government modifications received alternative modifications from one of the eight mortgage servicer giants such as: Bank of America, CitiMortgage and JPMorgan Chase.

The overall goal of the Obama Administration's $75 billion Home Affordable Modification Program was to modify the mortgages of 3-4 million distressed homeowners by the year 2010.

Metro Atlanta Housing Shows an Increase in Pricing on Existing Single-Family Housing

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Brief overview of metro Atlanta Housing

Recent reports from the National Association of Realtors showed an increase in pricing on existing single-family housing in metro Atlanta to $124,900 last month.

This number showed a 3% increase in comparison to April 2010's median sales price of $120,800. In comparison to a year ago, May 2009's median sales price was $121,000 in metro Atlanta.

In addition, the number of metro Atlanta homes sold also showed an increase of 9.3% in comparison to May 2009.

Zac Pasmanick is excited to announce his brand new company - Ponce Realty!

by the zac team at Ponce Realty

Zac Pasmanick is excited to continue serving Atlanta's real estate needs under his new company, Ponce Realty!

VETERAN REALTOR® ZAC PASMANICK OPENS OWN REAL ESTATE COMPANY

ATLANTA –Zac Pasmanick is celebrating 31 years of helping over 4,000 families with their real estate needs by opening his own company – Ponce Realty – to serve metro Atlanta’s residential market from luxury homes to distressed properties.

The Zac Team parties with the announcement of the new Ponce RealtyPonce Realty is in the same Poncey-Highland location at 1057 Ponce de Leon Avenue in Atlanta’s historic Plaza Shopping Center where Pasmanick has operated as the zac team @ RE/MAX®   Greater Atlanta, one of the top 100 RE/MAX® teams nationwide.   Managing Broker Mary Jane Parker is overseeing the day-to-day operations of Ponce Realty while Pasmanick continues to list and sell real estate and share his years of experience.

“We’ll be ‘selling metro Atlanta one yard at a time’ and training REALTORS® to provide full brokerage services to their clients while learning how to navigate the changing world of real estate,” said Pasmanick. “My goal for Ponce Realty is to have a company of over 50 REALTORS® by the end of this year and another hundred by next year.”

Known for his “Zac Did It Again” signage and online and multi-media marketing, Pasmanick was the first Atlanta REALTOR® to use just his first name on real estate signs beginning in the early 1980s.  He is a lifetime member of the Atlanta Board of REALTORS® Million Dollar Club, an international speaker, blogger (http://blog.zac.biz) and publisher of the awarding-winning Zac Report.

He got his start in real estate in 1978 when an uncle offered him a job, and then passed the exam a year later.  Pasmanick attributes his success to the example set by his now-deceased, hardworking parents who immigrated to this country and didn’t take life for granted.    

Pasmanick purchased his childhood home in Morningside from his parents and supports the Atlanta public schools he once attended in the Intown Atlanta neighborhood as well as other local schools and community groups such as the Morningside Lenox Park Neighborhood Association.

About Ponce Realty

Ponce Realty (www.PonceRealty.biz) is an independent, multi-million dollar firm based in Atlanta that provides a full range of brokerage services to buyers and sellers of residential property throughout metro Atlanta.  The company’s REALTORS® are some of the best trained in the industry and are certified to assist with everything from buying or selling luxury residential properties to helping Atlanta families who are facing foreclosure.             

Media contacts:

Phyllis Weiss, (404) 873-6095, weiss@weiss-communications.com
Jenny Pittam, (404) 564-7200, jenny@zac.biz           

FHFA Report Shows No Change in 30-Year Mortgage Rates Last Month

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

In a recent report released by the Federal Housing Finance Agency (FHFA), the average mortgage rate for conventional mortgages showed no change during the month of May. According to the report, the average interest rate for a 30-year fixed-rate purchase mortgage with a principal of $417,000 or less was 5.12%.

As for the 15-year fixed-rate purchase mortgages of $417,000 or less there was a rate of 4.58% which showed an increase from April's number of 4.52%.

For all mortgage types (fixed and adjustable rate mortgages) the report showed a rate of 4.99% during last month which was a decrease from 5.02% the previous month.

In addition, FHFA reported that the initial fees and charges of loan balances were 0.72% last month. This number was an increase from April's .063%.

The report also measured the average term for loans which showed 27.5 years for the month of May. This number is down from the previous month's number of 27.6 years. 74.1% was the average loan to value ratio last month which was a decrease of 0.2% from April's 74.3%.

Existing Home Sales Showed a Steady Pace throughout the Month of May

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Existing home sales, which are defined as completed transactions on single-family, townhomes, condominiums and co-ops, seem to have remained at a pretty steady level throughout the month of May according to the National Association of Realtors.

For the month of May, existing home sales came in with a seasonally adjusted annual rate of 5.66 million-units. This number was down 2.2% from an upwardly revised surge of 5.79 million-units during the month of April. In addition, May 2010's closings are 19.2% above May 2009's 4.75 million-unit level. Sales were revised to show an 8.0% monthly gain in April.

As for the national median existing-home price for all housing types last month, $179,600 came in as the magic number which was up 2.7% in comparison to May 2009. Distressed homes took up 31% of sales last month which was a decrease from April's 33% which was the same as May 2009.

There was a decrease of 3.4% in total housing inventory by the end of May giving a total of 3.89 million existing homes available for purchase. This number produces an 8.3-month supply at the current sales pace. The previous month of April produced an 8.4-month supply. In addition, there was a 1.1% increase in raw unsold inventory when compared to May 2009 however this number is still 14.9% below July 2008's record of 4.58 million.

In reference to single family homes, there was a decrease of 1.6% to a seasonally adjusted annual rate of 4.98 million last month from April's 5.06 million. Despite the decline, this number is still up by 17.5% in comparison to last year's number of 4.24 million during May 2009. Last month, the median existing single-family home price came in at $179,400 last month which was an increase of 2.7% in comparison to last year.

As for condos and co-ops, existing sales dropped 6.8% to a seasonally adjusted annual rate of 680,000 from April's 730,000. The median existing condo price for the month of May was $181,300 which is a 3.4% increase from last year's number.

Fannie Mae Launches 'Five Step' Guides to Help Home Owners and Future Homeowners

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Fannie Mae has recently released some very useful information for current home owners, those who are interested in purchasing a home, and those who have already purchased a home but may be experiencing some difficulties paying their current mortgage. The first three of a series of "Five Step" guides will educate owners and future owners on different topics and will provide five specific tips.

The first 3 guides launched will consist of subjects such as:

Actions to take before buying a home

As many may know, buying a home is just the beginning but actually keeping the home over a long period of time is another story. This is a very important part of homeownership. Fannie Mae can offer five important tips for those who are considering the purchase of a home and will provide information on how to choose the right home and improve understanding of affordable financing options.

How Housing Counselors Can Help

For current homeowners or future homeowners, Fannie Mae's second guide will highlight 5 key ways housing counselors can help you in becoming a successful homeowner. Housing Counselors can provide professional advice to owners and future owners on how to sustain your home over an extended period of time.

Protect Yourself from Mortgage Modification Scams

Normally, borrowers who are struggling to pay their mortgages are prone to these types of scams. Although these scammers promise to help those in distress they often times put in little to no work and charge outlandish fees. Within this guide, owners will find 5 key ways to protect themselves.

HAMP Permanent Modifications Reach 340,000

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

According to recent reports from the Treasury Department, servicers participating with the Home Affordable Modification Program (HAMP) handled a total of 340,459 permanent modifications through May 2010 since the launching of the program last March. This number is up from the total number of permanent modifications through April of 2010 which were 299,092.

For borrowers to officially receive permanent modifications a total of three payments must be paid on time during the trial period and all documentation must be submitted.

Last month, servicers transformed a total of 47,724 trial modifications into permanent status. This number was actually a 30.1% decrease from April's number of 68,291. In addition, the month of May consisted of a total of 6,357 canceled permanent modifications with 124 mortgages being paid off.

Set to expire towards the end of 2012, the Obama Administration set an early goal for HAMP to provide aid to approximately 3-4 million borrowers before its expiration. Within the past 14 months servicers have reached over 10% of that number.

RealtyTrac Report Shows a 3% Decrease in Foreclosure Activity for May 2010

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Signs of an improving economy are becoming more apparent with the latest news in foreclosure from RealtyTrac. According to their recent U.S. Foreclosure Market Report for May 2010, there was an 3% decrease from the previous month in foreclosure filings, default notices, and scheduled auctions/bank repossessions on a total of 322,920 properties. In comparison to May 2009, this number increased by 1%.

As for the breakdown of foreclosure activity in terms of default notices, there were a total of 96,462 U.S. properties reported last month. This was a 7% decrease in comparison to the previous month and a 22% decrease in comparison to May 2009.

The total number of scheduled foreclosure auctions came in at 132,681 for the first time which was a 4% decrease when compared to the previous month and a 1% decrease from last year's number.

For the second month in a row, the number of Bank repossessions (REO's) hit a record monthly high with a total of 93,777 U.S. properties that were repossessed. This number increased by 1% in comparison to the previous month and a 44% increase from last year.

Nevada, Arizona, Florida, California, Michigan, Georgia, Idaho, Illinois, Utah, and Maryland ranked among the top 10 in state foreclosure rates.

Displaying blog entries 1-10 of 18

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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