Saturday, May 25 2013 8:43 PM EDT2013-05-26 00:43:55 GMT
A Turner County man is now in custody after he had a standoff with deputies for about two hours Saturday evening. Sheriff Andy Hester says deputies were called to the home of Ricky Nelson on CoverdaleMore >>
A man had a standoff with Turner County deputies for about two hours Saturday evening.More >>
Saturday, May 25 2013 6:27 PM EDT2013-05-25 22:27:57 GMT
Supporters of a 6-year-old Albany boy battling a serious brain disorder are coming together once more to help with his medical bills. This time, with a Vegas style event. This may seem like a regularMore >>
Supporters of a 6-year-old Albany boy battling a serious brain disorder are coming together once more to help with his medical bills. This time, with a Vegas style event.More >>
Saturday, May 25 2013 4:52 PM EDT2013-05-25 20:52:02 GMT
A woman is recovering after her SUV was struck by another vehicle, flipping it several times. It happened around 3:15pm Saturday, near the 1500 block of U.S. Highway 19. Officials say John Earley wasMore >>
A woman is recovering after her SUV was struck by another vehicle, flipping it several times.More >>
Saturday, May 25 2013 7:30 AM EDT2013-05-25 11:30:07 GMT
Albany Engineer K. Bruce Maples, P. E. announced some road closures Thursday morning. Beginning at 6:00 A.M., Saturday, May 25, 2013, the following streets will be closed for the Spring Fest and SBMore >>
Albany Engineer K. Bruce Maples, announced some road closures beginning at 6:00 A.M., Saturday, May 25, 2013, in downtown Albany.More >>
Friday, May 24 2013 10:55 PM EDT2013-05-25 02:55:46 GMT
Not going out of town for Memorial Day? Don't worry, the Albany Panthers want to make sure you have a good weekend as they host their first ever beer fest. You can sample more than 20 types of beer SaturdayMore >>
Not going out of town for Memorial Day? Don't worry, the Albany Panthers want to make sure you have a good weekend as they host their first ever beer fest.More >>
Tighter lending rules could drive some potential buyers out of the housing market. South Georgia realtors say the inventory of "for sale" homes is up, but buyers who qualify are somewhat scarce.
If you think people aren't upside down in their mortgages here in south Georgia, think again. Realtor Patsy Martin has seen it this year. "When they had to sell they had to bring as much as $50,000 to closing to pay off the mortgage because they were upside down."
A former banker, she believes that doing away with some programs that offered no money down home loans or interest only loans with balloon payments and new requirements for 20% down are good.
"I can't really fault that a lot, I like for the home owner to have some investment be it closing costs or 3.5% down payment."
For low to moderate income buyers, they can get caught up in some of the tougher restrictions. Realtor Jackie Dixon recounted a story where a buyer initially qualified with a credit score above 620.
"Over the course of the 30 days processing the loan, the mortgage company would pull the credit score and every week the credit score would decrease slightly from having it pulled, no other changes in the credit, this person made no other purchases," she said.
They lost the loan. Digging deeper we learned in south Georgia home values have decreased as much as five percent as a result of foreclosure sales and inventory is up because many can't qualify. In Lee County higher priced homes are available
"65 homes for $200,000 to $230,000. Riverpointe, there's a couple of lovely homes in Riverpointe. I think there's 16 listings, soon to be 17," Martin said.
Realtors still contend it's a buyers market and if you've saved up the cash and can put 20% down, you're sitting in the catbird seat and can negotiate with lenders and owners to get a good deal on a home.
Realtors say banks are being strict and requiring appraisals for every sale. They say when area foreclosures are included in the appraisals, it drops the value of homes.