Year-end reports show Georgia foreclosures trending upward month-over-month... and downward year-over-year.
While the overall real estate market seems to be calming down in Georgia, the state is not out of the woods yet, as far as foreclosures are concerned. According to these charts and statistics from the latest RealtyTrac® U.S. Foreclosure Market Report, 4th quarter foreclosure filings in the state of Georgia were trending upward from the previous quarter, but downward from the previous year.
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,327 Georgia properties in November 2011. This represents a 23 percent increase from October 2011, but still 15 percent below the level reported for November 2010. By contrast, total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.
The Georgia foreclosure filing rate was the fifth highest in the nation, accounting for 5 percent of the 224,394 properties with filings reported nationwide in November. One in every 330 housing units received a foreclosure filing in November — 1.8 times the national average.
The five Georgia Counties posting the highest number of foreclosure fillings were Gwinnett, Fulton, Dekalb, Cobb, and Clayton.
The RealtyTrac report further speculates thatNovember’s numbers suggest that these markets might expect a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year.
What do these trends mean to you? It’s a great time to be a home buyer or real estate investor in Georgia right now, as bargains proliferate and more may soon hit the market. For home sellers who are on the fence about selling now or pricing to the market, these projected new foreclosures and short sales will put more downward pressure on prices. So, if you’re thinking if selling, it might be wise to price it right and get it sold…sooner, rather than later. In either case, you'd be wise to work with a knowlegeable real estate professional to help you get the most favorable results in a still challenging market.
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