While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.
I am a lifelong Georgia fan, and I was born in March of 1981 shortly after the Bulldogs won their last national championship in the Sugar Bowl. Since then, the Bulldogs have had some close calls with another outright title in 1981, 1982, 1984, 2002, 2007, 2012 and the most recent heart break of the 2018 national championship game.
As you can see, there has been a drastic increase in property tax revenue over the last 5 years. In fact, that revenue stream has far out paced the other areas of revenue as demonstrated in the graph. This graph shows the real story of our local tax increase which has been $20,000,000 of increased revenue over 5 years
First, let me say how grateful I am that there was a college football season. It is one of the few sports that I am truly passionate about. Years ago, my wife told me I could either be a Bulldog fan or a Falcon fan, but I couldn’t be both. She said there was no way she could let me ruin a Saturday and a Sunday if both teams lost. I like the Braves, but I don’t love them. I don’t follow the NBA at all anymore, and as a Georgia fan college basketball just isn’t much fun. What I can’t believe is how hard so many people worked and sacrificed so that these kids could compete and have a chance to fulfill dreams while also entertaining us. That leads me to my overall thoughts on the Georgia Football Program which is overwhelming pride.
Thankfully, the Georgia Bulldogs have a game played and a “W” in the win column, but the first two quarters were hard to watch. Even so, I was grateful for them. I feel like I missed a lot during the game due to cooking ribs and parenting. But watching it again always helps to understand a little more. As I mentioned in my last post, upsets are likely to be abundant and offense may be hard to find and for the most part last weekend didn’t disappoint. Mississippi State wins over LSU with tons of offense and Oklahoma fell to Kansas State with almost no defense.
It is August 28th, I am sitting here at my desk waiting on some estimates to help work through some issues on a contract. It’s been a long week and long year. I really wish I was out doing something else, but I am grateful to have the work as many others do not. Many … Read More
Mortgage Rates Hit Record Lows for Three Consecutive Weeks Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below): What does this … Read More
This area of the market has performed very well as I noted above. May and June were ahead of 2019 by 30% in pending home sales, and overall values appreciated by an average of 4% from 2019. Most of this gain was seen in homes under $600,000. In some cases, properties over $700,000 have seen a small drop in listing price, but those reduced prices are still in line with values from 2019. We have seen a pent-up demand drive a lot of this activity. Home buyers came out of the gates strong in May and so far the activity remains strong.
The Bureau of Labor Statistics (BLS) released their latest Employment Situation Summary last Thursday, and it again beat analysts’ expectations in a big way. The consensus was for 3,074,000 jobs to be added in June. The report revealed that 4,800,000 jobs were added. The unemployment rate fell to 11.1% from 13.3% last month. Again, excellent news as the … Read More