Market Report – Fayette County GA Foreclosures Lowest in South Metro Atlanta Area
While Georgia has long held the dubious distinction of being one of the hardest hit states for foreclosures, Fayette County has managed to retain more housing value than it’s surrounding south metro Atlanta neighbor counties.
The latest Realty Trac report shows that the Fayette County real estate market had 790 foreclosure filings in November 2011, and an average selling price of $165,664. That’s 1 in every 292 homes receiving a foreclosure notice in November, as compared to 1 in every 155 houses in neighboring Henry County, and 1 in every 579 houses nationally. The state of Georgia’s foreclosure activity spiked 23% in that same period, reflecting the 5th highest foreclosurer rate in the nation. And Clayton County is one of the hardest hit counties within the state.
Like the rest of the state and the nation, the Fayette County real estate market may be in for another big wave of new short sale and foreclosure sale inventory coming available in the near future.
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.
But 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.
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