For the third consecutive month, the diffusion index for foot traffic held roughly steady. This plateau follows a sharp mid-summer decline in the wake of a 1% increase in mortgage rates. Rates eased in October, but crept upward in late November, which could weigh on future trends.

For the third consecutive month, the diffusion index for foot traffic held roughly steady. This plateau follows a sharp mid-summer decline in the wake of a 1% increase in mortgage rates. Rates eased in October, but crept upward in late November, which could weigh on future trends.



Every month SentriLock, LLC. provides NAR Research with data on the number of properties shown by a REALTOR®. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future. For the month of November, the diffusion index for foot traffic eased 2.5 points to 48.1.

Mortgage rates started the month low, but ticked upward in the later part of November on positive economic news and anticipation of a potential taper of asset purchases by the Federal Reserve. However, foot traffic held relatively steady for the 3rd consecutive month. Inventories remain tight in some markets like San Diego, which would constrain an increase in local foot traffic. But several markets across the Midwest have slowed relative to last year. Markets that continue to expand are doing so modestly.

The index eased just under the “50” mark in November which indicates that more than half of the markets in this panel had stronger foot traffic in November of 2013 than the same month a year earlier. This reading does not suggest how much of a decrease in traffic there was, just that the majority of markets experienced less foot traffic in November of 2013 compared to a year earlier.

The post-rate-spike recovery appears to have taken root. However, rates did ease in October and early November. Still, traffic remained strong despite the disruption of the government shutdown. Rates have since increased closer to 4.5% which could weigh on traffic in the coming months if the increases continue.

End in sight for Roswell's lost time capsule Spends decade forgotten

by Jonathan Copsey

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Roswell's time capsule, to be opened in 40 years, will finally be sealed and buried after nearly a decade of uncertainty. JONATHAN COPSEY/Staff. (click for larger version) A memorial plaque was made to mark the resting place of the time capsule. All that was left was to bury the box. Deciding a proper resting place proved difficult for the city. JONATHAN COPSEY/Staff. (click for larger version)

December 04, 2013

ROSWELL, Ga. – Sometimes things get lost in the hectic day-to-day shuffle. For Roswell, it turns out one of those things was a time capsule.

As part of the city's Sesquicentennial Celebration in 2004, a time capsule was created to be filled with items relative to the city's 150th year. The plan was to open it 50 years after the sesquicentennial, in 2054.

The capsule box was bought and filled with memorabilia from the celebrations – a poster, mugs, a baseball cap and newspaper articles were all placed inside. However, it was never sealed and buried. Instead, it sat in an office for these past nine years.

A nondescript metal box about 3 feet high, it almost looks like an old drinking fountain. Fitting, perhaps, for something designed to be buried for half a century.

After the festivities of the 150th year, Historic and Cultural Affairs Manager Morgan Timmis said the capsule was more-or-less forgotten about.

"A decision was never made on where to put it," she said. "It wasn't a high priority item for anybody."

And so the box sat in the corner of an office for the better part of a decade.

Finally, the end may be in sight for the capsule – Roswell approved Nov. 25 to bury the box at the foot of the steps of City Hall after Councilmember Betty Price helped resurrect the project.

"Elaine DeNiro, the city archivist, asked whatever happened to it," said Price. "So we went on a hunt to find it."

When they found it, Price said she was determined to wrap up that lose end and find a burial place.

"We decided to get that thing properly planted," she said.

The recommended location for the time capsule is to bury it at the bottom of the steps in front of City Hall. A plaque would be placed above it to mark the location.

Now that a resting place has been found, Timmis said the box must be sealed up – sent back to the manufacturer to do so – returned to the city and then buried. A memorial plaque has been made to place over top of it. No date has been set for the burying.

"For eight or nine years, it's been sitting waiting for a home," Price said. "Hopefully before too long we will be getting it in the ground

Construction begins on downtown Cumming parking facility Parking facility is first of two to be constructed downtown

by Aldo Nahed

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October 16, 2013

FORSYTH COUNTY, Ga. — Construction of the first of two new parking facilities to be built in downtown Cumming began Oct. 15.

The parking facilities are part of the new courthouse and jail project, funded by the voter-approved Special Purpose Local Option Sales Tax (SPLOST) VII program.

The first parking facility to be built will be located at the intersection of Castleberry Road and Maple Street.

Because of the construction, the number of available parking spaces in the lot on that site will be reduced.

Weekday, daytime public parking spaces are available at several locations near the County Administration Building.

Look for the parking spaces marked with a red dot in designated lots.

For those receiving a summons for jury duty, beginning with the Oct. 28 jury summons day, designated parking and shuttling will be available.

Parking will be available in a designated area of the Cumming Fairgrounds parking lot off of Castleberry Road across from the fairgrounds lot.

From this parking area, those summoned for jury duty may choose to ride a shuttle or walk to the County Administration Building.

The shuttle will be available from 7:30 a.m. to 5:30 p.m. on jury summons days only for travel between the designated parking area and the County Administration Building.

Those summoned for jury duty should allow extra time in the morning and be prepared to show their jury summons to board the shuttle.

Construction of the second parking facility, located near the County Administration Building, is expected to begin in the spring.

The shuttle service will run every 10 minutes during jury summons day and will cost the county about $1,300 per day. The service will be used five days this year and a potential of 10 days next year, according to Jodi Gardner, a county spokeswoman.

General questions about jury service should be directed to the Forsyth County Clerk of Courts' Office at jury@forsythco.com or 770-781-2120, ext. 3106.

Visit www.forsythclerk.com for updates.

Roswell approves large mixed-use development 82 homes, 25 townhomes planned

by Jonathan Copsey

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October 15, 2013

ROSWELL, Ga. – Roswell's City Council approved a new mixed-use development to be placed near Centennial High School. The approval came in a 5-0 vote during their Oct. 14 meeting. Councilmember Rich Dippolito recused himself from the discussion.

The development features 82 single-family homes and 25 townhomes with 17,500 square feet of retail space at the corner of Holcomb Bridge Road and Scott Road. It is a density of 3.9 units per acre on just shy of 28 acres of land.

It is currently unused woodland.

In 2006, the property was approved for a similar mixed-use development that never got off the ground. It contained nearly 160,000 square feet of retail and office use along with 167 residential units.

"This development is practically and substantially less than what was approved [in 2006]," said Don Rolader, attorney for John Wieland homes, the developer.

With more than 100 homes planned to be built across from two schools and along the city's busiest road, city staff decided the applicant should help pay for intersection and road improvements nearby to help with traffic.

In addition to the development, 10,000 square feet of land near the intersection of Holcomb Bridge and Eves roads will be set aside in anticipation for some form of pedestrian crossing across Holcomb Bridge Road. The city has yet to develop plans for any such structure, and staff said it could be more than 10 years before any project is begun.

Also at the meeting:

The city signed a contract with the Center for Priority-Based Budgeting in a 5-1 vote, with Councilmember Betty Price opposed.

Similar to zero-based budgeting, priority-based budgeting, said Budget Manager Ryan Luckett, seeks to "align city services and programs" with council priorities.

The Denver-based consulting group would send representatives out from their headquarters to train city staffers on how to implement the policies. They would look at all city programs and services by not only asking why the city offers such programs, but also providing a benchmark to compare programs against.

"It allows for comparison of programs across departments," Luckett said. "While that might be challenging in the past to compare the fire department to community development, you can now compare them on an equal playing field."

The contract will cost the city $35,500 plus expenses of the consultants. The money comes out of a budgeted account for city consultants.

Gwinnett Tech to begin construction on Alpharetta campus in 2014

by Caitlin Wagenseil

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	(click for larger version)

October 11, 2013

ALPHARETTA, Ga. – Gwinnett Technical College will soon begin construction on a campus in Alpharetta that officials say could accommodate up to 10,000 students when completely developed.

The 25-acre North Fulton campus will be at the intersection of Old Milton Parkway and Ga. 400, across from the Avalon development.

David McCulloch, vice president of economic development for Gwinnett Tech, said that while the construction schedule is still being decided, it's expected to begin in mid-2014.

McCulloch said that there's no doubt the addition of the new campus will generate positive impact and begin a ripple of positive effects for the community.

"The presence of a highly skilled workforce attracts new business and industry, and supports the expansion of current enterprises — an additional economic impact to the community and residents alike," McCulloch said.

The college's operations spending and payroll will also be a plus to the area, McCulloch added.

And the addition of a technical college campus in Alpharetta will bring many benefits to students in the area.

"For individual students, the new campus will make college and career education much more accessible in terms of a physical location," McCulloch said.

Gwinnett Tech also offers dual enrollment options for high school students, which McCulloch said has been eagerly embraced in North Fulton.

While initial course offerings for the new campus are still being determined, officials expect programs to include computer information systems, logistics, accounting, business management, marketing management, patient care technician, early childhood education and more.

The first classes are anticipated to begin at the Alpharetta campus in January 2016, and in its first year, should serve approximately 1,500 students.

"This is great for our community because it offers opportunities for our young people to get certification and training in different fields to prepare them for quality, high paying jobs," said state Sen. Brandon Beach. "We need to constantly be on the cutting edge of technology, and this campus is going to do that for us."

For more information, visit www.gwinnetttech.edu or call 770-962-7580

Alpharetta High School Band!

ALPHARETTA, Ga. – In a period of just nine days, the Alpharetta Marching Raider Band, under the direction of Band Director Mike Walsh, Associate Director Ira Jenkins and Percussion Director Dean Giddens, has played at two Alpharetta football games, took honors in two competitions and clocked almost 20 hours of rehearsal.

On Saturday, Oct. 19, the band competed in the 36th annual Greater Atlanta Marching Band Competition in Conyers. The competition was hosted by Rockdale High School with 24 bands competing from across the state of Georgia. The Marching Raiders performed their 2013 show, "Legends of Rock" and received superior ratings in all categories. Additionally, the color guard placed third in their class. Drum majors, percussion, visuals and music all received second place. These ratings gave the Alpharetta Marching Raider Band second place overall in the 4A class.

On Saturday, Oct. 26, the Raider band traveled to Chattahoochee High School where they competed in the U.S. Bands Marine Corps Invitational, which attracted bands from across Georgia and South Carolina. The Alpharetta Marching Raider Band placed first in all categories they entered. These scores gave the band the overall first place in the 4 class.

The Alpharetta Marching Raider Band is now preparing for their performance in the Festival of Lights Parade in downtown Chicago, Ill., on Nov. 23.

Alpharetta approves new Rucker subdivision At corner of Rucker and Wills roads

October 30, 2013

ALPHARETTA, Ga. – A new 28-home subdivision was approved on Rucker Road Oct. 28 by the Alpharetta City Council at their weekly meeting.

The development is an 8.65 acre property at the corner of Rucker Road and Wills Road. It is across the street from Wills Park and the American Legion Post 201.

Council finally approved the development with some changes to the original plan. The biggest was removing one of the proposed entrances. Instead of one entrance on Rucker Road and one on Wills Road, council removed the Rucker access point. This was done for several reasons. Firstly, two entrances for 28 homes struck council as excessive. Secondly, planned improvements to Rucker Road might force the Rucker entrance to be a right-in, right-out access. Finally, by removing the Rucker entrance, the homes along the street can be placed further apart. Instead of 10 feet apart, they can be 20 feet apart, a desire council was interested to make happen.

"More access is better," said Councilmember Chris Owens, "but it's 28 homes."

The large tree on the corner of Rucker and Wills roads will be saved and land around it turned into a small park. However, three large pecan trees will likely be lost for construction.

On the property are two homes that are more than 100 years old. While the applicant initially approached the Alpharetta Historical Society about relocating the buildings, the society had no space to which they could relocate the homes. Instead, the developer proposed paying $10,000 to the society. The owner of the homes told council that while the exterior was a century old, a century of residents had gutted anything of historic significance.

This donation was ultimately removed from the motion to approve.

The development passed with a 4-3 vote, with Councilmembers Michael Cross, Owens and Mike Kennedy opposed.

Also at the meeting:

Council approved a change to the Parkway 400 master plan. This covers property across the street from Avalon, where two large office buildings are built. The plan calls for a third building, however the owners wished to increase the density of the development from 265,000 square feet to 630,000 square feet and add a 10,000 square foot restaurant.

There would also be two parking decks added.

Council approved the changes, noting that the area has seen significant density come to surrounding properties.

"This area is exploding and this is just the beginning of what will take place around Avalon," said Councilmember Jim Gilvin. The argument cuts both ways, held by both supporters and opponents of the change.

The development was approved 6-1, with Gilvin opposed.

17-year-old Chase Elliott chases NASCAR dream

17-year-old Chase Elliott chases NASCAR dream King's Ridge senior wins NASCAR Truck Series race

Chase Elliott celebrates his first NASCAR win taking first at Canadian Tire Motorsport Park in Ontario, Canada. He won in his Chevy Silverado in the last turn of the last lap. (click for larger version) Chase Elliott wants to pursue his dream to be a full-time NASCAR driver when he graduates from high school.

October 29, 2013

ALPHARETTA, GA – Like most17-year-olds, Chase Elliott is anxious to get the car keys on the weekends, but the car keys he wants start up a NASCAR engine. He just won his first NASCAR Truck Series race Sept. 1 at Canadian Tire Motorsport Park in Ontario, Canada in just his sixth series start. Driving the No. 94 Dream Machine, he also became the youngest winner in the NASCAR Truck Series history.

The King's Ridge Christian School student signed a development deal with Hendrick Motorsports to run in NASCAR's K&N Pro Series East. If he keeps winning, he will certainly earn a ride at the big tracks one day.

So how does a teenager break into the NASCAR business the way Chase has? Well, you could say it is in his DNA. He is the son of NASCAR legend Bill Elliott so when Chase went to see his dad at work, it was at a race track.

But Chase realizes names don't win races.

"People say it should be easier because of who my dad is. But it is not his career. It is still up to me to learn from him and improve. Ultimately though, I have to make it on my own," Chase said.

Racing has changed a lot in the last five or six years as technology has revolutionized the sport. Just think of how the Smart Phone has changed in that time. The same is true of racing technology.

It has added to the racing team as well. You have to have people who can monitor the sensors and computers and an engineer to keep the engine purring.

None of that fazes Chase, however. This is going to be his career if he can make the grade.

"I've never really wanted to do anything else," he said.

He started racing go-karts at the age of 8. He graduated to quarter-midgets then got into Legends racing when he was older still. This is racing in 5/8 scale cars that look like racers from the 1930s and '40s. It keeps the costs and the speed down but teaches young drivers the ins and outs of winning races.

By the time he was13 he was racing full-sized cars. Now he is racing in the Truck Series, which is analogous to baseball's minor leagues. It's exciting because the next step is racing with the big-name drivers, big-time sponsors and the big-time tracks.

As the years have gone by, Chase realizes what it will take to pursue his dream.

"And you come to understand the commitment level it takes to it," Chase said. "There is so much time away from home. It's a lot of travel and hotels every Thursday, Friday and Saturday. But I enjoy being there."

But there is no question he wants to make racing his career. He hopes to find a sponsor because this is an expensive sport. A racing weekend will cost $70,000 to $100,000 now. There's a limited number of rides at the top, so only the best of the best make it.

"Your parents can only help so far. I know it is hard to break in, but racing is always what I wanted to do. If I don't get picked up, I'll apply to some colleges. But that is for later," he said.

In his first win at Canadian Tire Motorsport Park, it was a two-truck duel going into the last lap with Ty Dillon. He pulled even with Dillon, but Dillon had the inside track and Chase had to go wide in the next turn.

Drafting behind Dillon, in the final turn he shot around to the inside. There's a saying in NASCAR – "if you're not rubbin' you're not racin'." That means to win you have to be willing to let some paint fly and hold your position.

Dillon moved to cut off Chase and Chase did not hesitate. He hit Dillon's rear end and spun him into the tires and held on the capture the checkered flag. After the race, he told the ESPN announcer:

"That's not how I race and that's never been how I've raced before. I had a shot. I was up next to Ty and I knew he was going to try and chop me off. I tried to make up the difference. Sometimes you've got to do what you've got to do to get to Victory Lane."

 

Alpharetta to host songwriters at Wire and Wood

Alpharetta to host songwriters at Wire and Wood Songwriters festival comes to downtown Nov. 9

 

October 30, 2013

ALPHARETTA, Ga. – Downtown Alpharetta will have music flowing through the night Nov. 9 with the inaugural Wire and Wood Songwriters Festival. The first and only festival of its kind in the Atlanta area, the event will bring in over 20 artists from around the Southeast to perform their hits.

"Alpharetta is becoming known for its music scene and festivals filled with lively entertainment," said Alpharetta Mayor David Belle Isle. "People love music, and this new event brings together great musicians who not only wrote the songs they will perform but have stories to share about the song's history. Bring those elements together along with a variety of great food and the awesome community of Alpharetta and you have a don't-miss event."

Music will be flowing through the streets as the songwriters perform their soulful melodies from five different stages throughout downtown. The stage names include: Cotton House, Hop Alley, Smokejack and the grand Wire and Wood. A variety of street stages will also be set up along Milton Avenue.

The free event is from 4-7 p.m. Families can come for dinner, stroll through the stages and plan to stay for the big stage performances beginning at 7 p.m. There will also be interactive stages by Music Matters and the Guitar Center set up from 4-7 p.m.

Along with plenty of food trucks, the local restaurants will of course be on hand with food, beer and wine.

"We are excited to be partnering and helping to bring this unique event to life, and we look forward to hosting music lovers from around the Southeast who come to town to enjoy the stories and songs of these awesome artists," said Janet Rodgers, president and CEO of the Alpharetta Convention and Visitors Bureau. "It will be a fantastic event filled with great food, awesome music and fun entertainment for the whole family."

This is a rain or shine event. Parking will be available at the Milton Center and downtown parking lots. For more information on the festival, visit www.awesomealpharetta.com.

THE WIRE AND WOOD MUSIC LINE UP

Christopher Alan Yates – www.reverbnation.com/christopheralanyates – Multi-instrumentalist and member of the Sweet Tea Project, which also includes Collective Soul's Ed Roland.

Riley – www.rileysmusic.com – 2012 Bill Lowery Horizon Award winner who is currently signed to Elton John's Rocket Management.

Brian Bisky – www.facebook.com/bbisky – Has performed at Eddie's Attic, Verizon Wireless Amphitheatre and the Roxy in Los Angeles. Currently touring with the Sweet Tea Project.

Kurt Scobie – www.kurtscobie.com – Tireless performer on the college circuit that has shared stages with the Civil Wars, Matthew Perryman Jones and Montell Jordan.

Joe West – www.joewestonline.com –Winner of the Gibson Songwriting Contest and finalist on the Charlie Daniels Roundup.

Sabrina – www.sabrinasongs.com – Winner of Sonic's Search for a Star Competition and frequent performer at Nashville's Bluebird Café and Tin Pan South.

Diane Durrett – www.dianedurrett.com – Has performed with Sting, Indigo Girls and Greg Allman and opened for Tina Turner, Faith Hill and many more.

Hope Sonam – www.hopesonam.com – A native of Rome, Ga., her song "Terrified" was featured on the hit ABC TV show "The Lying Game."

Roxie Randle – www.roxierandle.com – Has released three solo CDs and was voted Nashville's Female Demo Singer of the Year by DemoSinger.com.

Joel Bridges – www.joelbridgesmusic.com – Performed with BADHORSE, New Music Weekly's 2010 Country Group of the Year. His songs have reached Top 25 on Music Row's country chart in Nashville.

Ashley Harris – www.ashleyharris.com – Owner of Ragamuffin Music Hall in Roswell. Her single "Unfinished Woman" reached no. 1 on the Indie World Record Report.

John Allison – www.johnallison.com – A New York native that has performed all over the world and released two solo projects.

Bill Kahler – www.billkahler.com – A Kerrville Folk Festival and Plowshares Festival Songwriting finalist that has released five solo CDs.

Matthew Kahler – www.myspace.com/mathhewkahlermusic – Legendary Georgia singer/songwriter Shawn Mullins calls Matthew "one of the best songwriters of our time."

Chas Sandford – www.chassandford.com – Wrote the mega-hit "Missing You" by John Waite, "Talk to Me" by Stevie Nicks and "What Kind of Man Would I Be" by super-group Chicago.

Victoria Banks – www.victoriabanks.net – Penned the award-winning "Saints and Angels" recorded by Sara Evans and the Billboard record-breaking hit "Come On Over" by Jessica Simpson.

Pat Terry – www.patterryonline.com – Writer of Travis Tritt's no. 1 hit "Help Me Hold On" and Tanya Tucker's "It's a Little Too Late…to do the right thing now."

Matt Blanchard – www.mattblanchard.com – Saxophonist that has performed on the David Letterman Show, at Lincoln Center and internationally with NYC-based Jersey Band.

Jim Hettinger – Keyboardist that performed and recorded for Walt Disney World for eight years. He now serves as musical director for the HOME BY DARK Songwriters Show.

Tony Marvelli – Bassist that has performed with Mark Shultz, Point of Grace, the Drifters and the Platters and at Carnegie Hall and on Fox TV's "Next Great American Band."

AMC opens Oct. 31 at North Point Mall, in Alpharetta

October 25, 2013

ALPHARETTA, Ga. – AMC Theatres will open its new location at North Point Mall Oct. 31, its first new building in more than two years.

AMC North Point Mall 12 features approximately 1,100 seats in 12 auditoriums. Nearly every seat in the theatre is a plush, power recliner, which allows guests to lay back and put their feet up at the push of a button. This means guests can enjoy maximum comfort, with ample space to recline or stretch their legs, and plenty of armrest room for everyone. While AMC has retrofitted several of its locations throughout the country to accommodate power recliners, AMC North Point Mall 12 is the first AMC in the circuit specifically designed and built with recliners in mind. And with stadium seating, every seat has a perfect sightline to the screen.

"We've been aggressively improving the quality of moviegoing in our locations across the country through a number of different enhancements, like the incredibly comfortable power recliners, a full bar, improved concession areas and, of course, premiere sight and sound experiences like IMAX," said Mark McDonald, executive vice president of development at AMC. "As our first new building in more than two years, we took all of those things that guests are raving about at other AMCs and specifically design the theatre to include them at AMC North Point Mall 12. This theatre will not only be one of our signature locations in the AMC circuit, but one of the best in the entire country."

Guests will be able to enjoy an alcoholic beverage at MacGuffins, a full-service bar and lounge area inside the theater.

The theatre will eventually feature two large-screen format options. Beginning immediately, guests can experience blockbusters with a brand new IMAX theater. In addition to the IMAX theatre, AMC's own large-screen format will be installed at AMC North Point 12 in early 2014.

The New Downtown Alpharetta Georgia!

The council will consider awarding a bid to Glosson Enterprises, LLC to build the sidewalk for $196,436 during its meeting tonight at 7:30 p.m. at Alpharetta City Hall. The meeting was rescheduled due to the Labor Day holiday. 

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Glosson was the lowest of the nine bidders the city received for the project.

The project consist of building the sidewalk on the north side of Marietta Street between South Main Street and Roswell Street.

Along with the sidewalk, the project will include bulb-outs on the northeast and southeast corner of the Roswell and Marietta street intersection.

A new residential community in downtown Alpharetta is seeing success.

A new residential community in downtown Alpharetta is seeing success.

Victoria Square, located along Marietta Street, is selling its three-story, all brick brownstone-style town homes from the mid $300,000s.

Building Seven, which has six homes, has already been pre-sold and new residents will be closing in December. Building 10, which has eight homes, has already pre-sold one leaving only seven.

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Built by Peachtree Residential, the development is located blocks from shopping, dining, entertainment, Wills Park and the proposed 25-acre Alpharetta City Center. The city center, which will include a city hall building, municipal parking deck, Town Square, and a five acre park, is slated to open sometime in 2014.

Located just 1.6 miles west of Georgia 400, the neighborhood is also in the Alpharetta Elementary, Northwestern Middle and Cambridge High school district.

To visit Victoria Square, take GA 400 to Exit 10 (Old Milton Pkwy.).  Travel west 1.6 miles, cross over Highway9/Main Street and turn right on Roswell Street. Then drive a half-block and make a left onto Marietta Street.  Victoria Square is on the right.

Atlanta ABR Market Brief:

ABR Market Brief: July 2013

Single family residential sales in Metro Atlanta totaled 4,443 in July 2013.

• Annually, this is an increase of 3.3% compared to 4,220 total sales in July 2012.
• Monthly, this is an increase of 2.1% compared to 4,351 total sales in June 2013.

The Median sales price for July 2013 was $217,000.

• Annually, this is an increase of 47.1% from the median sales price of $149,000Â in July 2012.
• Monthly, median prices increased 2.3% in comparison to June 2013.

Bank-owned sales in July 2013 remained level at 2%, down from 16% of total sales in July 2012.

HUD Gets One Right with The Changes to FHA Program

HUD Gets One Right with The Changes to FHA Program

Just when I thought the FHA loan program was heading the way of the dinosaur, HUD decides to reduce the waiting period for FHA financing after an adverse credit event to one year.  This gives hope to people who had a recent foreclosure, bankruptcy or short sale and believed they were locked out of the real estate market for as many as two more years.  Of course there are several conditions that must be met for the buyer to qualify for this program, but any move to help those most impacted by the Great Recession is a step in the right direction. 

To qualify for this program a buyer must:  1) demonstrate that the adverse event (bankruptcy, foreclosure, short sale) was due to a reduction in income or job loss that was beyond their direct control. 2) That this income loss was at least 20% of their previous income and the loss lasted for a minimum of six months.  Finally, the buyer must demonstrate that they have fully recovered from this adverse financial event through the maintenance of good credit (no late payments) for the last twelve months. 

Obviously this is great news and I would encourage you to have your “sidelined” buyers call me for a complimentary evaluation of whether they would qualify for this novel program.    I am hopeful the relaxing of the FHA loan guidelines will be followed soon after by Fannie Mae and Freddie Mac adopting a similar policy for conventional financing programs.