Monday, July 11, 2011
On the Business Beat our focus is on bank executives pay; the state of the Atlanta real estate market and the region's best home mortgage rates.
Top bank executives of failed Georgia banks could soon be in for big pay cuts.
Under a new rule from the Federal Deposit Insurance Corporation, executives deemed "negligent" or "substantially responsible" for a bank failure could lose all pay for the two years leading up to the failure.
The rule has just been passed so it may be a few months before any definitive actions are taken.
And real estate sales in Metro Atlanta reported down by more than 14% for May--the latest reporting month.
That's the not so good news, but the good news is foreclosures are down more than 65%.
The Atlanta Board of Realtors reports that although sales are down slightly, the average price of a home is up 6% to $248,000.
At the same time, foreclosed homes are going for an average $127,000--that down 8% between March and May.
Busiest Metro County for home sales was Fulton, followed by Gwinnett and Cobb.
And for buyers, Metro mortgage rates continue at their lowest in years.
The best 30 year fixed rate is set at 4.50% and no points, while in the shorter term; the best 15 year rate is fixed at 3.75% and no points.
Be sure to go for a loan with no discount or origination points, each of those will cost you 1% of your loan.