Market Report – Georgia 5th Highest for November Foreclosure
For the past several seasons I’ve noticed that foreclosure tend to slow down this time of year. This year seems to be following suit, and that is a good thing. No one wants to think about neighbors losing their homes during the holidays.
I’ve also notice that this slowdown has usually been temporary, with notices going out again early in the new year. This year will be no exception, according to industry predictors. In fact, the latest Realty Trac report projects that a new wave of foreclosures will be rolling onto the market in early 2012 as bank-owned property resales or short sales.
The Georgia real estate market is already one of the hardest hit for foreclosures. Nationally, the Realty Trac report shows that 1 in every 579 U. S. housing units had a foreclosure filing in November. Georgia foreclosure activity spiked 23% in that same period, reflecting the 5th highest foreclosure rate in the nation.
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