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Housing supply dwindles as market shakes out
If you were shopping for homes in metro Atlanta a year ago, you might have had your pick of houses in any number of neighborhoods. Not anymore. There are barely enough homes for sale in metro Atlanta to meet the demand of the people who want to buy them. “It ...
Metro Atlanta home prices regain lost ground
Metro Atlanta home prices have climbed back to the highest point in 18 months, as inventory drops and more buyers hit the market. Prices rose 16.5 percent in February from a year earlier, according to the S&P/Case-Shiller home price index, a widely watched barometer. The latest report was released Tuesday. ...
Metro Atlanta housing prices rise steeply
Metro Atlanta home prices recovered three years of value in 12 months, rising steeply in a closely watched metric. The increase is a further sign that the housing market is improving in the region. But the area’s prices remain below 2000 levels. Local home prices were up 16.5 percent year-over-year ...
First Data’s new CEO: ‘I’m a builder’
The new CEO of First Data, the Atlanta payment processor, has a reputation as a man brought in to fix things.But Frank Bisignano sees himself a little differently.“I believe I’m a builder,” said Bisignano, who was previously co-chief operating officer for JP Morgan Chase and CEO of mortgage banking there. ...
Dismantled law could have cushioned recession’s fall
Atlanta’s housing market has been so bad for so long that the last boom (some would say, bubble) is like some feverish, half-remembered dream. Buried somewhere within that dream is an even more elusive memory: For a brief moment in 2002, Georgia had a very tough consumer lending act, designed ...
Douglas County Bank felled by real estate losses
A metro Atlanta bank on Friday became the second in Georgia to fail this year.Douglas County Bank, in Douglasville, was seized and sold to Hamilton State Bank, of Hoschton. The bank has four area branches, in Douglasville, Dallas and Lithia Springs.It was Douglas County’s largest bank, with 22 percent of ...
Doraville bank fined
A Doraville bank has been fined $25,000 for discriminating against some borrowers. First Intercontinental Bank agreed to the fine, from the Federal Deposit Insurance Corp. In a consent agreement, the FDIC said the bank had published all of its marketing materials in only Asian languages for more than two years, ...
SunTrust profit up 39 percent
With fewer soured loans and lower costs due in part to job cuts, SunTrust Banks’ profit rose 39 percent in the first three months of the year. The largest Atlanta-headquartered bank reported a net profit of $340 million for the first quarter, up from $245 million a year earlier. Nonperforming ...
FDIC settles claims over 11 Georgia bank failures for $27.3 million
Bank directors and officers, lawyers and insurers involved in the demise of 11 failed Georgia banks have paid the Federal Deposit Insurance Corp. $27.3 million in settlements. The FDIC, for the first time, has gathered the settlements on one public website. The details of many of the settlements in the ...
HD Supply files to go public
HD Supply Holdings, a company spun off from Home Depot in 2007, filed forms late last week with the U.S. Securities and Exchange Commission to take the company public. The now-private company would use the proceeds to repay or otherwise acquire HD Supply’s debt. HD Supply is an industrial distributor ...
More than 40% of Georgia homes underwater
In an arc that stretches from Cartersville to McDonough to Winder, dozens of metro Atlanta neighborhoods are drowning. There’s not another metro area in the United States with as many concentrated pockets of mortgage holders who are underwater on their loans. No place else comes close. The nationwide data, complied ...
Invesco sells wealth management business
An Atlanta money management business catering to wealthy clients and endowments is being sold to a Canadian financial company for $210 million. Atlantic Trust Private Wealth Management, owned by Atlanta-based Invesco, will be purchased by CIBC. In a statement, CIBC executives said the deal offers “an attractive entry” into the ...
Mortgage companies ordered to stop operating
Three Georgia companies that were brokering or originating residential mortgages without a license have been ordered to stop those practices.The orders, by the Georgia Department of Banking and Finance, apply to Housing Problem Solvers Co. in Atlanta, Home Service Realty in Lawrenceville and Citywide Financial Group in Woodstock.
Former bank exec sentenced to prison
The former vice president of Appalachian Community Bank was sentenced Friday to serve more than five years in federal prison for conspiring to defraud the institution. Adam Teague, the former executive of the failed Ellijay bank, arranged sham real estate transactions and caused the bank to make about $7 million ...
Georgia foreclosure processor in Chapter 11
A Sandy Springs company that processes foreclosure paperwork has filed for bankruptcy and plans to sell its businesses. Prommis Holdings, which spun off from the Atlanta real estate law firm McCalla Raymer in 2006, restructured outside of bankruptcy in mid-2012. Citing regulatory scrutiny of mortgage companies’ foreclosure practices and customer ...
Property firms merge
Two Atlanta property management firms are merging.Cocke Finkelstein is acquiring Lane Management in a deal that is expected to close later this month. The combined company will be called CFLane, and will employ more than 800 people.CFLane expects to keep all its current office locations and employees, the company said ...
Georgia banks improving amid fewer failures
When Frontier Bank in LaGrange failed March 8, 117 days had passed since Georgia’s last bank failure. That marked the longest period without a failure since banks began shutting down in earnest at the end of 2008. With 85 failures during that time, the state still has more than anywhere ...
Big-scale buyers drive housing sales
Deanna Cox arrived at her first foreclosure auction armed with a list of properties she had never seen, with plans to bid for a buyer she didn’t know. Like more than 20 other bidders at the Gwinnett Justice and Administration Center, Cox wore an orange band around her forearm to ...
Foreclosure notices continue to fall in metro Atlanta
Monthly foreclosure notices continued their fall in March, according to new data from Kennesaw-based Equity Depot. The notices are down nearly 47 percent from last March. Totals for the first three months of 2013 are 43 percent lower than for the same period last year. The Present The 4,240 new ...
Big buyers drive housing market
Deanna Cox arrived at her first foreclosure auction armed with a list of properties she had never seen, with plans to bid for a buyer she didn’t know. Like more than 20 other bidders at the Gwinnett Justice and Administration Center, Cox wore an orange band around her forearm to ...
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