Georgia Foreclosures Rise 63% in March 2008 | 11,047 New Foreclosure Filings

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Real Estate Agent with Crye-Leike REALTORS® 165062

Atlanta ForeclosuresWhat, even more Atlanta foreclosures? Just when you thought it was safe to go back in the water!  Not so fast!   GA foreclosure filings seem to be breaking new ground a lot lately!  In January the new filings was around 7000, in February Georgia hit  10,700, and in March the new numbers just came out and the new number is 11,047 new foreclosure filings (notices, auction sale notices and bank repossessions) according to RealtyTrac's March Foreclosure Report.  Georgia is 4th highest in the number of foreclosures and the 6th highest in foreclosure rates. According to RealtyTrac that represents 1 filing out of every 361 households! New Foreclosure filings represents a 44.8 percent jump from Feb 2008 and a 63.2 percent YTD increase over March 2007.  Atlanta foreclosures  are a great opportunity to purchase Atlanta real estate at a great price!

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James Crawford ABR, Broker Associate

 

 

 

 

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Rainmaker
46,093
Sarah Nopp
South Sound, WA
1 of 361 is really sad statistics. I am sad for your area. I am also amazed at the geographic range you have to cover to be effective your market. I have a large area that I choose to cover, but it is not necessary, like it seems you have to be.
Apr 15, 2008 04:24 PM #1
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Sarah Nopp, REALTOR(R), CRS. RE/MAX Four Seasons, Olympia WA   We have no choice for the area we have to cover!  The Atlanta real estate market is saturated with 300% more agents than just 3 years ago!  We went from about 12000 agents to a peak of 46000 in 3 years!  I would guess more than 80% of Atlanta agents never even sold more than 1 or 2 homes a year.  For most the answer is none sold!  It is part of the reason that homes are overpriced, and sitting there.  I assume most of the sales into a sub-prime products were also from new agents.  Most professionals like myself would never dream of advising a home buyer to be so foolish to go into one of those products!

Apr 15, 2008 04:56 PM #2
Rainer
150,370
Steve Homer
The HBH Group (Keller Williams affiliate) - Round Rock, TX
Atlanta has it much worse than the Austin area, Jim.  You have however inspired me to keep an eye on our market more closely as it relates to foreclosures.  I suspect that we are worse off than this time last year; I just have not taken the time to check the stats.
Apr 15, 2008 11:44 PM #3
Rainmaker
593,807
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Jim,

In my blog post yesterday I linked a report from Yahoo news that reported a 52% increase...did it just jump overnight?

Apr 16, 2008 12:16 AM #4
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
Steve Homer  I never really paid too much attention to foreclosures, but in the Atlanta area they have been a growing problem since the early part of the decade.  This is totally off the charts though!
Apr 16, 2008 12:34 AM #5
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Neal Bloom-Realtor ® Assoc.-CRS-Weston FL  No I don't think so.  There is a Major reset of sub-prime payments taking place right now.  If you combine fewer sales due to eligibility to obtain financing, and the inability to pay...we have a "Perfect storm!"

Apr 16, 2008 12:37 AM #6
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