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Georgia Foreclosures Rise | Georgia 8th in Nation for Foreclosed Homes

Georgia Foreclosures According to several news sources this week Georgia had 8th highest foreclosure rate in the nation this past February according to RealtyTrac's February 2009 Foreclosure Market Report that was just published. The report stated Georgia had 10,185 foreclosure filings (default notices, auction sale notices and bank repossessions) in February 2009. That is a very high number given the fact that so many banks and lenders are still observing a moratorium on new foreclosures. One in every 389 households in GA got a foreclosure notice. The metro Atlanta foreclosure rate is pretty saturated already.

In my own opinion, the new filings will have a cumulative effect depressing prices further since in our MLS systems new filings for Metro Atlanta foreclosures seem to be eclipsing sales 3 to 1 ratio. Unsold homes (expireds and withdrawn MLS listings) are also exceeding sales 3 -to -1.

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 03/12/2009 08:28 PM

Comments (18)

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Georgia Foreclosures Rise | Georgia 8th in Nation for Foreclosed Homes

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18 Comments on Georgia Foreclosures Rise | Georgia 8th in Nation for Foreclosed Homes

MAR

Does your MLS have good tools for foreclosures, Jim? Ours is not sophisticated at all.

Jeff Geoghan MBA - Lancaster PA Real Estate Expert (The Jeff Geoghan Realty Group, Coldwell Banker Lancaster PA) It identifies some, but many banks do not want he lable and prefer 'corporate owned' etc. It depends on agents and owner of record policy.

Jim, I check RealtyTrac all the time. I wonder where they get their information from? Only reason I'm asking, I find so many foreclosures on their site that have already sold and no longer available.

Kay Van Kampen, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) It sometimes in not the ones we see active in the sytem it is those that are coming into the pipeline. Filings are what they use.

MAR

I will be glad when we can start reporting a decline in this area. It looks like now we are dealing with folks who are losing their jobs not just bad loans.

It seems our area (Myrtle Beach, SC) has lagged behind in the foreclosure department but now they are accumulating very quickly. I hope they settle down just as quickly although I don't see that happening soon. We have buyers who only want to look at foreclosures even though in our area some sellers have enough equity to be competitive with bank-owned properties. I will have to go check our state/area's rating.

Vanessa V. Simmons~Realtor (Real Living HER) That is also the other news taking place here in Georgia. Layoffs are rising quickly.

Jenn Neumann Surfside Beach Real Estate (Coldwell Banker Chicora) I personally feel that if I had a choice, I would not buy a bank owned property...I would prefer as you said a home with equity.

Jim, many sellers are hurting due to competition and price comparisons with bank-owned. Unfortunately, it's a condition that will be with us for some time. There is a positive side; some buyers are getting great deals.

Not good for GA. Hopefully with good weather the prices will come up a bit.

Hopefully things will improve and there will be fewer foreclosures . Good luck in 2009.

John Mulkey, Housing Guru (TheHousingGuru.com) I think it is an excellent opportunity for buyers.

Kevin Robinson ~I buy short sales (Crownline Home Builders) From you lips to God's ears!

GITA BANTWAL, REALTOR BUCKS COUNTY, PA HOMES (ReMax Centre Realtors) Sooner or later it has to turn, but it is a process. Thanks!

It is almost eerie driving through some subdivisions with almost 50% vacant homes due to foreclosure. Some of the homes are crap construction built in the 80's/90's that cost so much to fix the home owners probably would have walked away even if they could make the payments! With unemployment increasing, the number of foreclosures will continue to increase. Just purchased a home for $14k that was worth over $100k two years ago! Hope I can find a renter as I think people are starting to double up in homes.

In Arkansas we are # 22 in foreclosures. Neither of us have anything to brag about, do we?

MAR

phil - I think many of the lower priced homes have also been hit harder.

Barbara S. Duncan ABR, CRS, GRI, e-PRO Searcy AR (RE/MAX Advantage) You are right. There are no bragging rights here. I hate to see the first 7 states.

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