Ruth Sprinkle
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The Atlanta atmosphere is probably worse than in Texas, I suspect;You can drive street after street in almost any neighborhood and see nothing but ‘for sale’ signs everywhere. One of my lender buddies said that in Midtown Atlanta, where 60,000 new condominium units are under construction, he fully expects 60% of those to go under, either thru bankruptcy or foreclosure. I personally know of two local builders (who have been building for 20years here in the area) who’ve lost their personal homes and their businesses–yikes! these folks weren’t novices.
I’m thinking this is ‘our generations’ depression, and it’s going to take minimum of two years to work thru all the inventory, and we’ll be lucky if the entire banking systems doesn’t collapse during that time.
Ironically enough, land,(subdividable land) is selling to people with pockets deep enough to weather this storm.
Sellers of single family houses still ‘don’t get it’ however, and prices have remained steady, not huge drops yet, but that will come, I expect, in the near future for those folks who HAVE to sell.
And, those sellers who can be creative, either lease purchase or straight seller finance, definitely have an edge for getting their property sold.Am looking forward to tonight’s call!
