I was just catching up on some post holiday reading today when I looked up Atlanta foreclosures under Google news. There was an interesting story from the Biz Journal in Tampa. This really blows your mind if you know the facts. The story was about Synovus Bank setting aside loss loan provisions due to the Atlanta foreclosures. The story went on to say that in the last quarter in the Atlanta, Sandy Springs and Marietta area that there were 21,763 Atlanta foreclosures which was a slight decrease from the previous quarter which was 22,484. These numbers are extreme when you consider that combined in the 2 quarters almost match the total annual sales in metro Atlanta for single family detached homes sold. This years annual sales in Atlanta for single family detached homes were under 50,000 homes. Also the last quarter of 2008...foeclosures were running about 15% higher than same quarter last year.
With this sort of Atlanta foreclosures saturation one has to questions:
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How will this impact our market?
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How will this effect the local economy?
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How does this effect the banks?
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How long will the damage last?
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What price ranges are hit the hardest?
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What products were most impacted?
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What areas are impacted thme most?
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What real estate products and in what areas are best to buy?
;)
;)
I agree Jim that the sheer number of foreclosures in Atlanta is a staggering value "just for two quarters!!"