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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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In-town real estate had a good year, though inventory an issue

In-town real estate had a good year, though inventory an issue

It’s been a good year for real estate in-town – all but two neighborhoods saw increases in average sales price.

Decatur led in-town neighborhoods in the past year in the number of homes sold, although the fastest price increases came elsewhere, according to a report this week from Adams Realtors.

There were 324 homes sold in Decatur, with an average price of $580,000 – 11 percent higher than the year before, according to the firm’s monthly intown market survey.

Decatur is seen in other reports as well as a hot ‘hood.

But that rise in Decatur prices was overshadowed by the acceleration in Hapeville and Midtown, each of which saw a jump of 38 percent in the average price of homes sold. Of course, that increase came from very different starting points.

The average price of a home sold in Hapeville last year was about $110,000. The average in Midtown was $806,000.

And when it comes to the bottom line, all of them pale next to Ansley Park, home to the highest-priced homes. The average sale last year in Ansley Park was a cool $1.25 million.

House on money

Morningside came in a solid, yet distant second with an average of $826,000 for home sales, according to the report.

Overall, the metro market has seen broad and consistent price increases,but parts of in-town have been especially strong.

The only in-town neighborhoods where the advance faltered were Inman Park, where the average sales price edged down 2 percent, and Poncey Highland, where the average slipped 9 percent last year.

But inventory – that is, the number of homes for sale – has been a point of concern for several years. And that often-limited supply of homes for sale can hold back the number of transactions, even while it supports ever-higher prices.

Ansley Park, for example, had 20 percent fewer homes sold, while that area-high average price climbed from $1.11 million to $1.25 million.

Among the roughly dozen neighborhoods that saw a drop in the number of sales were Poncey Highland where the number of units sold plunged 50 percent from the year before. Inman Park had 38 percent fewer sales.

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Fuqua Development puts prime Beltline property under contract

Fuqua Development has an agreement to buy a 17-acre site next to the Atlanta Beltline’s Eastside Trail — the largest contiguous piece of land along the rapidly changing Memorial Drive corridor.

Fuqua Development, led by Jeff Fuqua and partner Heather Correa, have the Leggett & Platt Inc. building under contract, with plans to rezone property and close on the transaction by this time next year.

Details of the agreement were not available, but the site was expected to fetch at least $1.5 million…

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Metro Atlanta home price growth slows in September

Metro Atlanta home price growth slows in September

Green graph with dollar signs showing home growth in Atlanta

Home prices in metro Atlanta continued to grow in September, but barely, according to the latest S&P/Case-Shiller Home Price Indices.

Home prices went up 0.1 percent from August to September, but rose 6.2 percent year over year.

“The general economy appeared to slow slightly earlier in the fall, but is now showing renewed strength,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “With unemployment at 5 percent and hints of higher inflation in the CPI, most analysts expect the Federal Reserve to raise its Fed Funds target range to 25 to 50 basis points, the first increase since 2006. While this will make news, it is not likely to push mortgage rates far above the recent level of 4 percent on 30-year conventional loans. In the last year, mortgage rates have moved in a narrow range as home prices have risen; it will take much more from the Fed to slow home price gains.”