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.
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