Wow, what a year it has been here in North Georgia. The biggest news stories for us was the Lake Lanier drought, the Real Estate Market decline and the rising unemployment.
The good news is that Georgia was not hit as hard as Florida, Californis, Nevada and MIchigan. But we have seen declines up to 20% or more depending upon the area. Fulton County, in someAtlanta metro areas, have seen even heavier hits, primarily due to the rampant mortgage fraud in these areas.
Lake Lanier is at 19.0 feet below full summer pool, it rose 1 foot from the rains this last week from a record low of 20.0 feet below full pool. The 1071 (named after the full pool number for Lake Lanier) Coalition was formed, we met in December and they plan to put the pressure on the congress and other goverment officials so that we can provide SCIENTIFIC proof as to why we need the water more than Florida and Alabama. This has been a 20 year political battle, 2 states against 1 (Georgia). Now they want to ague the point scientifically!
The coalition will have a financial expert provide to the powers that be an impact study on how business, real estate, recreation and ecology is affected by our drought, so stay tuned. I will keep you posted. The coalition meets the first Tuesday of every month and it is open to the public, so go to their website www.1071coalition.org to find out exactly where the meetings are held (at Lake Lanier Islands in Buford) and join in if you are concerned about our drought.
The 7.0+% unemployment rate is a huge concern and and could keep climbing until things stabalize sometime in 2009. This impacts everything and everyone.
Real estate sales are very slow, the market is flooded with inventory and people are having to reduce their prices if they want to sell. Some indications are that the end or the bottom of the market is close at hand. My prediction for what it is worth is that we will see things start to get out of the toilet by mid 2009. So hang on tight, do what you can to stay in your home and if you are having any problems CALL you lender TODAY!!! Don't let foreclosure knock on your door, by then it is too late to negotiate with your lender.
May you all have a blessed holiday season and here is wishing and hoping for a better 2008. Thanks for stopping by subscibe to my blog and I promise some fun posts for you in 2009!
Thank you, we'll be in touch!