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Home values rose in March, according to the Federal Home Finance Agency’s most recent Home Price Index. Values were reported higher by 0.3 percent, on average, from February.
We use the phrase “on average” because the Home Price Index is broad-reaching, national housing statistic. It ignores the dynamics of neighborhood real estate markets such as The North Georgia Mountains as well as citywide markets like Ellijay, Blue Ridge, and Blairsville too.
Instead, the Home Price Index focuses on state and regional statistics.
For example, in March 2010 as compared to February:
- Values in the East South Central region rose 2.5%
- Values in the Mountain states rose 1.1%
- Values in the Middle Atlantic states fell 1.0%
Of course, none of this data is especially helpful for today’s home buyers and sellers.
Real estate is a local phenomenon that can’t be summarized by state or region. What matters most to buyers and sellers is the economics of a neighborhood and that level of granularity can’t be served up by a national housing report like the Home Price Index.
The Home Price Index data is additionally unhelpful to buyers and sellers in that it reports on a 2-month delay.
In other words, Home Price Index is not even a fair reflection of today’s market — it highlights the real estate market as it existed 60 days ago.
So why is the Home Price Index even published? Because government, business and banks rely on the reports. As a national indicator, the Home Price Index helps governments make policy, businesses make decisions, and banks make guidelines. This, in turn, trickles down to Main Street where it impacts every one of us — and eventually influences real estate.
Since peaking in April 2007, the Home Price Index is off 13.44 percent.
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Cane Creek Vineyards Annual Spring Festival
When: Saturday May 29th, 2010
Where: Cane Creek Vineyards
Celebrate the welcoming of Spring by spending your afternoon with the Crane Creek Family! Local artists will be featuring their work and we will be serving lunch and having wine tastings. Bring the whole family and let the kids enjoy the Kiddie Craft Tent and take their chance trying to catch a fish from the pond! Tickets will be sold at the door: 21 & over – $20, under 21 – $10
Please Click Here for more information.
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When: May 29th-30th 10:00 a.m. to 5:00 p.m.
Where: Downtown Blue Ridge City Park
We wish to welcome your participation in the Annual Arts in the Park Festival in the beautiful, Historic Blue Ridge City Park. This festival has grown over the years and boasts some of the finest arts and crafts in the southeast. As in the past, all applicants for the festival will be juried in order to maintain our tradition as a premier show. The quality and diversity of the arts and crafts presented improve each year.
We hope that you will join us this weekend in The North Georgia Mountains.
Sponsored By:
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When: May 22nd -23rd, 2010
Where: Downtown Blairsville On The Square
Join us in celebration of the arts! The Downtown Blairsville Spring Arts and Crafts Festival is scheduled in late Spring to take advantage of North Georgia’s excellent weather.
Mark your calendars for two days of art exhibits, crafts, entertainment, and good food. Over 50 artists and craftsmen set up exhibits around the square. Everything from paintings to jewelry to pottery is available for purchase. Food vendors include hamburgers and festival type goodies.
The entertainment lineup includes performances by the Blairsville School of Dance, classical musicians, bluegrass musicians, and barbershop quartets. Who knows? You might even hear some jazz, blues, and rock!
For more information please contact Janet Hartman at 706- 994-4837.
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There is nothing like feeling you are out in the “Boonies,” but you can walk to “Civilization!” You can get the Full Experience of Mountain Living just a few short blocks away from Downtown Blue Ridge Georgia in the Mineral Springs Ridge Community.
Mineral Springs Ridge is located near Great Food, Shopping, City Parks and even one of 4 Drive-In Theaters still operating in Georgia. Enjoy Long Range Mountain Views across Country and Town. There are many Great Outdoor Adventures here in the North Georgia Mountains, and the Aska Adventure Area in just down the road from Mineral Springs Ridge. From there you can do any number of activities, such as Biking, Mountain Biking, Hiking, Fishing, Hunting, Kayaking, and so much more! You can also Catch A Show or Hop On The Train, and take a ride along the Toccoa River and view the Indian Fish Traps along the way. There is always something going on in Blue Ridge, GA.
Mineral Springs Ridge is currently offering some really Good Deals! For a limited time, ALL Remaining Lots For Sale in Mineral Springs Ridge are priced at ONLY $25,000. That is right, Fantastic Mountain View Lots For Sale for ONLY $25,000. There is currently One Home For Sale in Mineral Springs Ridge. There are 2 New Homes that have recently began construction, and should be completed by the end of Summer 2010. There were also 2 Homes that SOLD in the community last year.
The Community is protected by Covenants and Restrictions, and there is a Home Owner’s Association. The property is served by Blue Ridge City Water, Sewer is provided by Private Septic Systems on each individual lot that the new owner(s) will be responsible for, and all Utilities are underground.
If you are looking for a place “Close To Town,” look no further than Mineral Springs Ridge. I can get you in touch with a Reputable Local Builder that will help you build the Home of Your Dreams. If you have any further questions or concerns, I would be grateful for the opportunity to answer those for you. If you would like any additional information, you can Contact Me, or simply pick up the phone and give me a call at 706.994.8686. I look forward to hearing from you soon.
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Mortgage markets improved yesterday after the Federal Reserve released its March 16, 2010 meeting minutes. It’s good news for Blue Ridge, Blairsville and Ellijay home buyers and rate shoppers — rates could have just as easily gone the other way.
The Fed Minutes is a detailed recap of the debate and discussion that shapes the nation’s monetary policy. The notes are dense; it takes 3 weeks to compile them for publication.
As compared to the more well-known, post-meeting press release, the Fed Minutes are extremely lengthy. For example:
- March 16 press release : 451 words
- March 16 meeting minutes : 6,152 words
If the press release is the executive summary, the Fed Minutes are the novel.
The extra words matter.The minutes recount what the Fed did, how the Fed did it, and what the Fed plans to do next. And, in the minutes, Wall Street looks for clues.
This is why the report is important to every rate shopper in the country.
When the Federal Reserve publishes the minutes from its meetings, it leave clues about the groups next policy-making steps. For example, in March’s Fed Minutes, it’s clear that the Fed’s concern about inflation is hugely diminished and that’s a major plus for the mortgage bond market.
Inflation causes mortgage rates to rise. The absence of inflation, therefore, helps them to fall. This improves home affordability, among other things.
Similarly, the Fed Minutes note that real estate sales may have been worse throughout the winter months if not for low mortgage rates and the sense among Americans that home prices were troughing. We may infer, therefore, that rising rates may suppress home sales later this year.
Markets are always looking for clues from inside the Fed and the last meeting’s minute signal that the economy is on its way up. If you’re looking for a bargain in the housing market, your window to act may be closing.
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