The increase in foreclosure notices in mainly a prediction of the total distressed asset inventory we are going to see not just foreclosures. The metro Atlanta market is absorbing the inventory nicely though as multiple offer frenzy continues third month in a row.
Foreclosure notices in metro Atlanta during May held steady, avoiding both the longed-for decline and a feared second wave of rising numbers.
“Things are very consistent right now,” said Barry Bramlett, the CEO of Equity Depot, the Kennesaw-based real-estate analysis firm that gathers the data.
The raw numbers of foreclosures were up -- 9,539 to April’s 7,036 -- but May was one of the five-week counting periods that fall once a quarter, rather than a four-week count, so the rise was expected.
Foreclosure notices do not necessarily end in repossessions; they are an initial legal step in the process. Lenders may fail to proceed or move quickly, as some overwhelmed banks have slowed the process. Also, lenders can work with borrowers to find a settlement or write down loans.
County May 2012 Monthly Avg. 2012
Bartow 174 149
Cherokee 385 343
Clayton 839 735
Cobb 1,059 933
DeKalb 1,483 1,298
Douglas 367 308
Fayette 142 127
Forsyth 252 223
Fulton 1,631 1,488
Gwinnett 2,058 1,704
Henry 569 503
For full article, please go to The Atlanta Journal-Constitution