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Georgia Foreclosures Rise 63% in March 2008 | 11,047 New Foreclosure Filings

What, even more Atlanta foreclosures? Just when you thought it was safe to go back in the water! Not so fast! GA foreclosure filings seem to be breaking new ground a lot lately! In January the new filings was around 7000, in February Georgia hit 10,700, and in March the new numbers just came out and the new number is 11,047 new foreclosure filings (notices, auction sale notices and bank repossessions) according to RealtyTrac's March Foreclosure Report. Georgia is 4th highest in the number of foreclosures and the 6th highest in foreclosure rates. According to RealtyTrac that represents 1 filing out of every 361 households! New Foreclosure filings represents a 44.8 percent jump from Feb 2008 and a 63.2 percent YTD increase over March 2007. Atlanta foreclosures are a great opportunity to purchase Atlanta real estate at a great price!

Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 04/15/2008 10:26 PM

Comments (6)

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Georgia Foreclosures Rise 63% in March 2008 | 11,047 New Foreclosure Filings

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6 Comments on Georgia Foreclosures Rise 63% in March 2008 | 11,047 New Foreclosure Filings

APR

2008

1 of 361 is really sad statistics. I am sad for your area. I am also amazed at the geographic range you have to cover to be effective your market. I have a large area that I choose to cover, but it is not necessary, like it seems you have to be.

Sarah Nopp, REALTOR(R), CRS. RE/MAX Four Seasons, Olympia WA We have no choice for the area we have to cover! The Atlanta real estate market is saturated with 300% more agents than just 3 years ago! We went from about 12000 agents to a peak of 46000 in 3 years! I would guess more than 80% of Atlanta agents never even sold more than 1 or 2 homes a year. For most the answer is none sold! It is part of the reason that homes are overpriced, and sitting there. I assume most of the sales into a sub-prime products were also from new agents. Most professionals like myself would never dream of advising a home buyer to be so foolish to go into one of those products!

APR

2008

Atlanta has it much worse than the Austin area, Jim. You have however inspired me to keep an eye on our market more closely as it relates to foreclosures. I suspect that we are worse off than this time last year; I just have not taken the time to check the stats.

Jim,

In my blog post yesterday I linked a report from Yahoo news that reported a 52% increase...did it just jump overnight?

Steve Homer I never really paid too much attention to foreclosures, but in the Atlanta area they have been a growing problem since the early part of the decade. This is totally off the charts though!

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL No I don't think so. There is a Major reset of sub-prime payments taking place right now. If you combine fewer sales due to eligibility to obtain financing, and the inability to pay...we have a "Perfect storm!"

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