Georgia Not Included in Halt of Foreclosures

By
Real Estate Agent with PSH Real Estate, Inc.

Georgia is not included in the more than twenty states where many lenders have been required to halt foreclosures.  Although Bank of America has voluntarily halted foreclosures in all states temporarily, no lenders are required to halt foreclosures in the state of Georgia.  This is because Georgia is a non judicial foreclosure state. 

Because Bank of America is one of the nation's largest lenders, it does hold a significant percentage of the foreclosures in the state of Georgia.  Therefore, if they halt foreclosures for an extended period of time, it could have an effect on the Georgia real estate market.  However, as long as they remain the only lender that is halting foreclosures in our state, our market should not be significantly impacted.  We may have a slightly reduced inventory until Bank of America resumes foreclosures, but ultimately our market will remain largely unaffected.

So, if Georgia is not included, what does this mean for our market? 

We should still see an increase in housing inventory as many more foreclosures are listed on the market in the coming months.  Most experts agree that this will cause home prices to decline, although how much of a decline we can expect is unknown at this time.  Hmmmmmmmm..... more homes to choose from, lower prices and insanely low interest rates?  Sounds like an EXCELLENT time to buy, doesn't it? 

Whether you are buying your first home or an investment property, don't miss out on this opportunity!  The current real estate market conditions have made home ownership more affordable than ever.  I have helped numerous first time home buyers to purchase their first home.  Not only were they ecstatic to find that the goal of owning a home was no longer out of reach, but they couldn't believe their house payment was less than the rent they were previously paying!  I have also assisted several clients in purchasing their first investment properties.  They can't believe they had not gotten rental properties before now and are ready to purchase additional properties.  You, too, can take advantage of the current market conditions to build personal wealth for you and your family.

If you are in Gwinnett, Barrow, Walton, Jackson, Clarke or Oconee counties in Georgia, contact me directly to get more information on how you can take advantage of the current market conditions.  If you are in another area, you can still contact me and I will get you in touch with an experienced agent in your area.

For more information or for assistance with your real estate needs in the Northeast Metro Atlanta area, visit my web site at www.pshrealestate.com


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Rainmaker
829,138
Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Morning Christina, good input for the home buyer on the current market.

Oct 12, 2010 03:08 AM #1
Rainer
15,573
Jay Badru
Keller Williams Realty Cityside - Atlanta Naval Air Station, GA
Certified REO/Short Sale/Foreclosure Specialialist

That a very good news Christina for BOA to halt foreclosures in all state expecially in Georgia.  BOA hold most of the notes on many homes here in the peach state. If one can recollect back in the boom years Countrywide was one of the biggest player in the loan business in Georgia. Guess who bought all the notes when Countrywide tanks?

BOA

Thanks for the info

Oct 12, 2010 05:36 AM #2
Rainer
2,823
Wharton Smith
Southeast Mortgage of Georgia - Duluth, GA

Christina,

Well stated. I still contend that anything to reduce the inventory on the market at this time will be benificial for us. I believe that the Banks are getting through their inventory of homes to foreclose rather quickly.

The MetroBrokers sign on I-285, while maybe not exactly accurate, had 140,000+ homes for sale two summers ago. The other day, it was 68,000. It's all heading in the right direction to clear up our market. Less inventory on the market will give us the stability in prices we need (ala Supply/Demand).

I'm also seeing quite a few First Time Home Buyers coming out in the last couple of weeks even without a Tax Incentive. Thats just the beginning of a normal market.

Oct 12, 2010 06:57 AM #3
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Rainer
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Christina Warren

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