More than 6000 Atlanta foreclosures are being auctioned this week. This includes a long list of homes bought just several years ago when anyone who could breathe in and out was being qualified for a home loan. There's evidence that a lot of these homes are victims of the subprime mess. Another huge number of them are just people who made wrong financial decisions. One of such homes was actually on the ABC hit show "Extreme Makeover" just a few years ago. The home is located in Clayton County just south of downtown Atlanta. The owners went through several refinances and now probably owe far more than the home is worth. The Bank whcih lend them the money stands to lose several hundred thousand dollars as the house is probably not worth that much. The banks are bleeding and it will nit surprise me if some of the major Banks will soon go under as Indymac did a few weeks ago. This will have a very negative impact on the Atlanta Real Estate Market as many more Atlanta Houses go into foreclosure. Atlanta Investment Property Hunters have never had a better time.
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