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Georgia June Foreclosures Rise - Georgia 8th in Nation for Foreclosures | Georgia Foreclosures Rise

By
Real Estate Agent with Long & Foster 0225078705

In a story in the Atlanta Business Chronicle - In June, Georgia Foreclosures Rise 21% to leaving Georgia at the # 8 spot in the nation for foreclosures.  The news story pointed to somewhat better foreclosures numbers, but neglected to say that Georgia and many other states, had enacted legislation to slow the tide of rising foreclosures.  The legislation did just that, however postponement may not be the greatest idea in a market ready to face several more sub-prime resets later this year.  The state of Georgia had 8,714 foreclosure filings in June 2008 these were default notices, auction notices and bank repos.  1 out of ever 444 homes in the state of Georgia is in forelcosure.  Nationally bank repose or reposessions (REO) are up nationally 171 percent in JUne as compared to June 2007.  Bank reposessions are now outpacing default notices.

My own thoughts?  For those that are interested Atlanta foreclosures, or in short sales, with this amount of reposessions, the better deals and lower prices will be now bank owned.  The incredible amount of homes now being taken over by the banks will bare this out.  Since Georgia is a non judicial foreclosure state, a home can be foreclosed and on the block in less than 6 weeks.

Posted by

James Crawford Broker Associate

Long & Foster Fredericksburg Virginia

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Charlottesville Solutions
Charlottesville Solutions - Charlottesville, VA

Jim if I am reeading this correctly, by working these bank properties you will be getting a lot of business! nice wrok!

Your friend in Charlottesville!

Jul 10, 2008 11:37 PM
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Jim...

What surprises me the most is that people that would do anything to own one of these homes two years ago now balks at the prospect of paying $200,000 less! Go figure.

Jul 10, 2008 11:53 PM
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Jim - I was catching up on a ton of reading yesterday.  The National news talked about how the foreclosures had skyrocketed.  It even included Raleigh.  Then locally the Raleigh news put out an article talking how ours had dropped.  ???  I do agree with Richard - just a short time ago people were trying their best to get these properties and now they want them for even less!

Jul 11, 2008 12:30 AM
Patricia Beck
RE/MAX Properties, Inc., ABR, GRI, SRES - Colorado Springs, CO
Colorado Springs Realty

I would say bank owned properties are a much better deal Jim and less of a hassle than short sales.  Good info regarding foreclosures in your area. 

Jul 11, 2008 01:15 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Properties) They were hot on them, because it was with someone elses money.  Even a loan shark would not be as stupid to lend without a chance of repayment.

Jul 11, 2008 01:46 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Leesa L. Finley, REALTOR® (Circa Properties  There is a lot of purposeful disinformation or propaganda meant to calm the markets out there.  My 6th sense tells me it is probably worse than they are letting on.  Face it...if a bank approces a short sale for 200K....what if the sale does not take place?  It then rolls into forclosure and you have the possibility of picking it up for 160K.  Why would a person be so foolish to entertain a short sale?

Jul 11, 2008 01:50 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Colorado Springs Realty Patricia Beck (Prudential Professional Realtors, GRI) Thanks!  I am starting to see that a short term fix was the short sales, but better values exist in foreclosures.  The banks are hemorrhaging with them now.  They need to move them.

Jul 11, 2008 01:54 AM