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Foreclosure Auctions in Atlanta to Sell Off More Homes

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By : John Cutts    99 or more times read
Public foreclosure auctions scheduled for the coming months in metro Atlanta are expected to sell off more homes, as shown in the sharp increase in number of properties listed for the February auction.

This month, a total of 10,357 foreclosure sale notices were published, a 27-percent increase from the 8,181 notices published for the January auction and a 34-percent increase from the 7,701 notices published for the auction in February last year.

In metro Atlanta, properties listed for the monthly public foreclosure auctions are published one month in advance.

This month, according to a Georgia-based real estate information provider, the foreclosure crisis in metro Atlanta has been affecting all residential properties in different price ranges. The number of commercial properties entering foreclosure has also been rising.

However, the number of foreclosure notices published typically decreases as the auction date nears. Many homeowners find ways to make the required payments and take off their homes from the auction list.

John McCosh, spokesperson for the Consumer Credit Counseling Service of Greater Atlanta, said that the number of troubled homeowners calling the center to ask for assistance in saving their homes from foreclosure auctions increased by about 12 percent compared to the first months of 2009.

Janice Mathis, vice president for the southern region section of Rainbow PUSH Coalition, also noted a sharp increase in Atlanta homeowners seeking help to save their homes.

According to research firm CEO Barry Bramlett, it is not easy making predictions on foreclosure activity because of the different factors contributing to the housing crisis.

Last year, almost 79,000 houses in metro Atlanta, which also covers Marietta and Sandy Springs, were notified of default or foreclosure, representing nearly 4 percent of all houses in the area. The number marked an increase of 18 percent from the 2008 foreclosure filings and a significant jump of 57 percent from the 2007 filings.

Statewide, 2.68 of all households or a total of 106,110 homes were given default and foreclosure notices in 2008, marking an increase of 25 percent from 2008 and a jump of 80 percent from 2007. Georgia was seventh in a ranking of states based on pace of foreclosures.

To help slow down foreclosures in Georgia, Representative Mike Jacobs chaired a hearing this week to revamp mortgage laws in the state. One of the proposals aimed to lengthen the foreclosure period in the state to 90 days in order to give more time to borrowers to save their homes from foreclosure auctions.

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