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Article Title

Real Property

Publication Date

12-2022

Document Type

Survey Article

Abstract

This Article surveys developments in Georgia real property law between June 1, 2021 and May 31, 2022. The 2021 Calendar year saw interest rates on a fixed-rate thirty-year mortgage hover at or around roughly 3%—oftentimes actually being below 3%. Since the beginning of 2022, those rates have continued on a nearly steady climb, with the average rate for a thirty-year fixed-rate mortgage for the week of May 26, 2022, clocking in at over 5%, a staggering difference from the year before. Rising interest rates have likely cooled demand for refinances. Nationally, while 2022 is showing a decline in new purchase mortgage originations, prices in Georgia still appear to be on the increase. In fact, the Georgia Association of Realtors’ Monthly Housing Indicators show a 22% increase in the median and an increase of the average sales price of over 15%. Moreover, the report indicates that houses in Georgia sat on the market for an average of just twenty-two days in the month of May. As the year moves into its second half, homebuyers, lenders, bankers, and closing attorneys will just have to watch and see where inflation, interest rates, and the housing market will head.

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