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Sales of Fannie Mae Foreclosures and Other Residences Rose in December

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By : John Cutts    99 or more times read
Residential property sales figures, including those for Fannie Mae foreclosures, increased in Georgia in December 2010. Both actual and pending sales numbers were up in most areas of the state, causing some analysts to be more optimistic about the condition of the housing market in 2011.

Pending sales of residential properties increased during the month. Sales of new houses were also up, climbing by 12% compared with the same month of 2009. Sales of existing dwellings as well as properties under Marietta foreclosure list and under distressed property listings from various areas of the state also improved, recording a 15% jump for the month of December 2010. According to some analysts, this could mean better conditions for the region's housing markets in 2011.

However, economists and other housing market experts have warned that an increase in sales of properties under foreclosure list in Georgia and improved pending sales numbers should not be taken as absolute signs that the market is on its way towards a recovery. Although they did admit that these developments are very positive, particularly the increase in new housing sales, they stated that the region's residential property market will be climbing from a very deep bottom that a 15 to 20 percent increase will not be enough to balance the market.

Experts have explained that the huge supplies of bank and Fannie Mae foreclosures have resulted in Georgia's market declining by around 80% from normal levels. They stated that when a market recorded this kind of slump, even an 80% improvement will not be enough to bring the market up to normal level.

The argued that huge numbers of properties under foreclosures list should be unloaded by sellers and new housing activities should grow more than 80% before the market returns to normal. Even if housing sales improved by 50% this year, experts stated that it will not be enough to bring the industry into pre-crisis level.

For most housing industry experts in Georgia, high levels of bank and Fannie Mae foreclosures will remain a major concern during the next two years or so. They stated that the region's market will improve gradually beginning this year, but it will not return to normal until 2013 at the earliest.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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