I just received this months Atlanta foreclosure lists and it is almost too big the be believed!  I am looking at over 215 pages of foreclosures in Atlanta in mice type.  This months list contains over 7500 foreclosed properties in the greater Atlanta metro area.  This is some serious stuff and will impact the Atlanta area with declining home values and blighted areas for years to come.  We are now at the point that see this is no minior market correction!

The problem is that foreclosed homes in Atlanta are exceeding sales 2 to 1.  Do the math!  We are receiving 7500 new foreclosures every month in the Atlanta metro area, and we are selling less than 3200 homes a month.  The accumulation of this excess inventory has stalled new homes sales, and resales.  To get inventory moving again, home prices are reducing to become more competitive, commissions, and incentives are increasing, and in general real estate prices are now declining.  Eventually this sheer number of homes is going to translate into a collapse in prices in my opinion.  This will scare off regular buyers, and only would be investors will want to participate.  Listing inventory is now over 83170 Active Listings which is very high for this time of year, and sales have declined across the board dramatically in the last few months.  I wrote a recently Blog about Atlanta Foreclosures here on Active Rain that supports the increasing number of foreclosures and a 52%  increase!

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