Atlanta Foreclosures Down in Q1/Q2 2013

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Sept. 2012 Foreclosures Decline

It looks like there were about 57,000 completed foreclosures in the United States in September 2012.  Please note the word “completed”, as many times some report on “foreclosures” when they really should report “foreclosure notices” shown in the paper.  Sometimes, these foreclosure notices don’t end up as a full foreclosure because the owner bring the property current, starts loan modification, starts a short sale or completes a short sale.

This national number represents a 31% decline from September 2011 and 3% down from August 2012.  Again, Georgia still ranks in the top five nationwide in foreclosures.  Here’s the numbers for the 12 months ending in September 2012 for the top five states for foreclosures:

  1. California (108,000)
  2. Florida (92,000)
  3. Texas (59,000)
  4. Georgia (55,000)
  5. Michigan (51,000)
On many of these foreclosures, the bank has a loss share agreement which uses taxpayer money to mitigate or lessen their loss on the loan.  These agreements expire normally in 4 years from the foreclosure date.  With prices rising slightly, the banks may decide to slowly release these foreclosures to keep prices stable and afford them to collect the highest sales price.  This makes it ever more critical, if you’re buying a foreclosure, to get  professional help in determining current and local market conditions in presenting a winning offer.  I’m here to help.  Michael Hickman – Keller Williams Realty Community Partners – 404-444-3446

Georgia 6th in Foreclosures

We’re ranking 6/50 in the United States for foreclosures.  That means prices will stay depressed yet deals will be available for buyers in certain areas where the market has started a slow crawl upwards.  Here’s the article:

Atlanta, Top 20 in Foreclosures in 2012

It’s a dubious honor, but Atlanta ranked in the Top 20 of foreclosure activity for the first half of 2012.  The top state was California, which is not surprising considering the burdensome tax structure that Californians must face every year.  California had 7 cities in the Top 20.  Florida had four cities.  Illinois had two.  Arizona, Colorado, Georgia and Nevada each had one.

The interesting thing about Atlanta is that we are very low on inventory right now, allowing for some less desirable homes to sell during this Spring and Summer.  It has also caused prices to rise a little in some specific areas of metro Atlanta.  Here’s the full article from World Property Channel.

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