Atlanta currently ranks in the top 10 nationally for foreclosures. And that statistic is glaring when you start to break down what the numbers actually represent.
DETACHED SINGLE FAMILY HOMES
- May, 2009 3,614 DETACHED single family houses sold in the metro Atlanta area. Of these 1,620 properties were corporate owned or foreclosures - 44.8% of all DETACHED single family houses sold were distressed properties.
- Compare this to May, 2008 with 4,526 DETACHED single family houses selling with 1,384 properties being corporate owned or foreclosures - 30.57% of all DETACHED single family houses sold in '08 were distress properties.
- Foreclosure and/or corporate owned DETACHED properties sold is UP 14.5% compared to one year ago same time.
ATTACHED SINGLE FAMILY HOMES
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May, 2009 551 ATTACHED single family houses sold in the metro Atlanta area. Of these, 227 properties were corporate owned or foreclosures - 41.2% of all ATTACHED single family houses sold were distressed properties.
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Compare this to May, 2008 with 792 ATTACHED single family houses selling with only 186 being corporate owned or foreclosures - 23.45% of all ATTACHED single family houses were distressed properties.
- Foreclosure and/or corporate owned ATTACHED single family properties sold is UP 18% compared to one year ago same time.
According to Steve Palm/Smart Numbers, inventory levels dropped in May 2009 reflecting 16,000 less listings compared to one year ago. I believe it is indicative of most home owners sitting on the side lines choosing not to compete against the foreclosure market.
The lower interest rates along with the First Time Home Buyer Tax Credit and Georgia's Home Buyer Tax Credit do seem to keep the Atlanta real estate market alive. However, it's my opinion that consumer confidence could really take a nose dive to the point nothing sells if the Federal deficit continues to climb as the House and Senate work diligently to pass the Cap and Trade bill along with the Health Care Reform Bill.
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