Take the Distress Out of Distressed Properties

Foreclosure filings have decreased slightly for the past three months in a row, according to RealtyTrac. While that’s certainly welcome news from a short-term perspective, the larger picture concerning distressed properties remains grim. October 2009 marked the 45th straight month of year-over-year increases in foreclosure activity. In the third quarter of this year alone, there were still more foreclosures than in all of 2006.

At the RISMedia Power Broker Perspective Panel on Distressed Properties, RealtyTrac’s Rick Sharga noted that the year will end with about 3.3 million households having gone into foreclosure. And because of rising “shadow inventory” another 4 million properties are expected to hit foreclosure status in 2010.

The Obama Administration’s recent push to accelerate the pace of loan modifications to keep struggling borrowers in their homes also has a dark side. Some 50-60% of those whose loans are modified are expected to redefault eventually nonetheless.

This massive inventory of distressed properties continues to put significant downward pressure on home prices nationally, and makes it tempting for real estate practitioners to slip into a state of powerlessness and discouragement. That’s a huge mistake.
Just ask Mark Stark, CEO of the Prudential Americana Group. He could be forgiven for a fair degree of despondency about these seemingly horrific events in the real estate world. He’s based in the foreclosure epicenter of Las Vegas, where homes that a year and a half ago listed for $444,000 are now on the market for $150,000, and still barely moving.

But appearing as RISMedia panelist he was positively evangelical in his remarks to real estate pros about coping with a changed market:

■Don’t label your market. Take “good” and “bad” out of your vocabulary. What’s happening now is an event, and it’s your challenge to be informed, work through the problems and find answers.
■You need to live in the truth. Don’t confuse the facts with what you’d like the facts to be.
■Question your limiting beliefs. Ask yourself tough questions and acknowledge that sometimes you will be wrong.
■Be part of the solutions and the opportunities. There will be more opportunities from this debacle than there were before. A lot of good will come out of this–eventually.
By Wendy Cole, Senior Editor, REALTOR® Magazine


Milicki & Associates, Inc.
110 Evans Mill Dr. Suite 103
Dallas, GA 30157
770*874*2022
866*966*3022
information@milicki.com
www.Milicki.com

Featured Properties

284 Jennifer Lane, Temple, GA

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Milicki & Associates

Real Estate Specialists

110 Evans Mill Drive

Suite 103

Dallas, GA 30157

Main: 770-874-2022

Fax: 770-874-2027

Email: info@milicki.com

http://www.milicki.com/

Featured Properties

3978 Lullwater Main, Kennesaw

This lovely two story home encases 3 bedrooms and 2.5 baths. Perfect for entertaining, this home sits on a level, shaded lot. With goregous hardwood floors and a perfect flowing houseplan, this home is ready to move in. With a bonus room on the main level, you can add an office, playroom, or additional bedroom. Currently, this home is listed at $194,000.

2257 Salt Springs Place, Austell
For those seeking the feeling of community without the hassle of renting an yard upkeep, this home is perfect. Located in Austell, this unit has 2 bedrooms and 1.5 bathrooms. With a price tag of $30,210, this is a perfect spot for college students, first time homebuyers, empty nesters, and retirees.

5720 Macland Road, Powder Springs
This lovely ranch home sits on over 8 acres in the Cobb county area. It includes stables, a riding arena, and trails. The home even has an outdoor rock fireplace. This home is an equestrian's dream, especially with the newly reduced priced of $489,950.

Milicki and Associates
770-874-2022
http://www.milicki.com/

Featured properties

If you see a property you would like to view or get more information on, please contact our office at:

770-874-2022

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545 Rangeley Meadows Court, Hampton

This 5 bed, 4 bath home is located in the Hampton Estates. With almost three acres, this home has a great deal of space. Inside, this European, traditional style home has lots of closet space, large bedrooms, custom trim work, and trey ceilings. As a well kept home, it is ready to move in after closing. A formal dining room, large family room, and great floor plan make this home an amazing deal! Currently listed at $243,000, this home will not be on the market long!

1080 New Hope Road, Atlanta

With recent renovations, this two story, traditional home includes hardwood floors on the main level, a new entrance foyer, and a finished basement with built-in bookshelves. To add to the appeal, it has 3 bedrooms and 2.5 bathrooms. The exterior is a stucco finish. Along with cathedral ceilings, an inviting entrance, and exterior out building, this property also has almost half an acre of land with it. The current asking price is $134,900.

52 Garner Farm Court, Dallas

Located in the East Paulding school system, this home has a great deal to offer any buyer. A fenced yard, lovely deck, flowering trees and shrubs, and Victorian look create a home environment like no other. A home like this is very rare. The dining room even has bay windows so you can admire the lovely, flowering plants. Trey ceilings and wall-to-wall carpet make this home extremely inviting and cozy. Currently listed at $139,900, this adorable, Victorian home will fly off the market!