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Georgia Foreclosures 2008 - Foreclosure Filings Increase Dramatically

Are you interested in Atlanta foreclosures? in a story just released by the Atlanta Business Chronicle on Thursday, January 15, 2009, entitled "Report: Ga. in top 10 for foreclosures in 2008" The article reported Georgia had 116,225 total foreclosure filings - last year a 44.3 percent increase from 2007 and a 117 percent jump over 2006. Metro Atlanta had a total of 67,007 Atlanta foreclosures filings in 2008, a 33.3 percent increase over 2007. That equates to approximatley 3.3 percent of the Atlanta Metro area's housing units receiving a foreclosure notice last year.

Metro Atlanta is comprised of about 28 counties in the Atlanta metro area. The state of Georgia has 159 counties. Over 50% of the Georgia's population lives in the Atlanta Metro area.

Now as of today Friday Jan. 16, 2009 there are:

Active - 74761 Atlanta Properties Found for sale in our FMLS. ( All Listing Classes)
Active - 45611 Atlanta Homes for sale ( Single Family Detached )
Sold - 45857 Properties Found* Atlanta homes for sale ( Single Family Detached )

Atlanta foreclosures filings are exceeding sales of single family Atlanta homes for sale at an incredible rate. This is not expected to change in the first half of 2009.

*FMLS Reports are issued @ the 20th of the month. December 2008 has not yet been posted.

RE/MAX Greater Atlanta 770-238-0122 Direct

Or 888-992-5546 Toll Free Office

Atlanta Real Estate & Atlanta Homes for Sale

Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 01/16/2009 08:08 PM

Comments (14)

Atalnta Foreclosures 2008 - Atlanta Foreclosures Increase in the ActiveRain Channel

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Georgia Foreclosures 2008 - Foreclosure Filings Increase Dramatically

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14 Comments on Georgia Foreclosures 2008 - Foreclosure Filings Increase Dramatically

JAN

Jim It's a disaster for someone who has to sell. The prices aren't going to stop falling until the foreclosures start drying up.

Jim,

Those are crazy numbers even for my area.

John Walters (7824 Real Estate of Louisiana) The foreclosures have to dissappear before there is a turnaround.

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL (RE/MAX Premier Associates) When you consider all the builder inventory that we also have in Atlanta it makes it almost beyond ones comprehension. I am seeing homes on the upper end I personally know have been on the market for years. New agents, new prices, new upgrades and no sale. They have to compete with resales, and shorts sales, and bank owned. Most of my market is distressed in one form or another, and it is compounded by inexperienced agents overpricing listings to try to recoups what he buyer paid for them in 2006. On a listing appointment, sellers will ask "What about appreciation?" My thooughts..."What about it?"

Hey, great post. Thanks for the information about your area.

Charlotte Real Estate Agent Brian Belcher (RE/MAX Metro Realty) Thanks Brian.

JAN

Ouch Jim! And, sadly, it does not look like it is going to slow down. It would be interesting to know how many are not listed that have been foreclosed.

Bo Hussung/ National Title Agent (Cogent Closing Title Associates /National Title Agency) I know they are playing games with the numbers.

Look on the bright side, Jim. Stockton, CA, had 9% of its homes in foreclosure, folllowed by Riverside / San Bernardino at 8%. In comparison, 3.3% isn't so terribly awful, no?

JAN

Elizabeth Weintraub, Sacramento Real Estate Broker, 916.233.6759 (Lyon Real Estate) I could not imagine it worse that this. I know may other areas of the nation are in very rough shape. Scary times.

So Jim, what are you doing to survive your market?

Alyce Martin in Albuquerque - THE Place To Be! (Keller Williams Realty) I have a referral business that is based upon my webs. I am nationally known for my lead generation via the web. I am licensed in 3 states.

Keep me in mind for your Albuquerque buyers. I'll do the same for you.

Alyce Martin in Albuquerque - THE Place To Be! (Keller Williams Realty) Will do. My webs are localized to the areas I am licensed in.

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