Sunday, June 12, 2011

Dunwoody Legislator is Honored; Real Estate Update

Three members of the Georgia General Assembly have been recognized by the Georgia Chamber for their commitment to the state’s business community. House Speaker David Ralston (Blue Ridge) and State Sen. John Bulloch (Ochlocknee) were named the Chamber’s 2011 Legislators of the Year in the state House and Senate respectively. Earning the Chamber’s Freshman of the Year Award was first-year State Rep. Tom Taylor (Dunwoody).
Taylor earned an ‘A+’ grade on the Chamber scorecard in his first term representing Georgia’s 79th House district in DeKalb County. He was the only House member to vote with the Chamber 100 percent of the time in the 2011 session. He currently sits on the House Economic Development and Tourism, Regulated Industries, and MARTA Oversight committees. Taylor is a former Dunwoody city councilman which oversaw the new city’s startup organization and expanded services over its first 3 years without raising any taxes or fees. Taylor has previously held multiple leadership positions in Dunwoody and DeKalb County and enjoyed a successful career in the private sector. He also served a total of 21 years of active and reserve service with the U.S. Navy.

June Real Estate Update

The U.S. housing market continues its gradual and uneven progress, despite the expiration of the home buyer tax credit. The remarkable rebound in housing activities from the initial drop following the end of the home buyer tax credit this past July adds to the belief that the risk of a double-dip downturn in housing may be disappearing.
As the housing market continues to work through the excess supply overhang, a result from the glut of foreclosed properties which is keeping home prices below their long-term trend growth, economists anticipate mortgage rates at or above 6% by the end of 2012 and expect buying activity to continue its upward momentum.
Supporting this view is the rising concern about inflationary pressures sparked by political unrest in the Middle East. While surging gas and food prices could prove transitory and pose no major threats, these price increases may weigh down consumer spending, which accounts for two thirds of the economy. While, the Federal Reserve is committed to making necessary policy changes to address such risks. Meanwhile, core price gains, excluding food and fuel, were modest in April, offering some relief to consumers.
As the economy improves, stimulus efforts by the government and the Fed is expected to gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.
To read more click on Bob Fiscella's June Update.

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