From the AJC:
A record number of metro Atlanta properties are scheduled to be auctioned on the courthouse steps next month, according to numbers released Tuesday by Equity Depot, an Alpharetta company that tallies foreclosures.
The data is further evidence that metro Atlanta is mired in a real estate slump. Homeowners, builders, developers and commercial property owners have stopped making payments on these properties, so lenders are repossessing them.
In the 13-county metro area, 7,335 properties are scheduled for courthouse auctions, Equity Depot said. The previous record was 6,992 properties reported in January.
After a two-month reprieve in foreclosure advertisements, metro Atlanta's foreclosure numbers have roared back with a vengeance.
While some of these properties may end up being reinstated, and others may be paid off before foreclosure, it's a safe bet that the bulk of these houses will go back to the lender at the foreclosure auction - contributing to the huge inventory of homes on the market once they reach the REO stage.
Because the foreclosure rate is a backwards-looking figure (today's foreclosures were yesterday's late-pays and defaults), buyers can expect that the foreclosure rates will continue to rise as people continue to fall behind in their mortgage payments. With more foreclosures, and more REOs flooding the market, buying opportunities abound, and the smart buyers will take advantage.
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