Real Estate Pro Articles

Foreclosed Homes for Sale in Atlanta Bucked Statewide Trend

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The drop in number of foreclosed homes for sale in Atlanta in April was in contrast to the surge in foreclosure activity statewide during the first quarter.

Foreclosure postings for the April public auctions declined in metro Atlanta to 9,494 postings, a decrease of 24 percent from total postings for the previous month and a drop of 4 percent from postings for the April auctions in 2009.

Local realtors said foreclosure activity involving residential properties seemed to be stabilizing while foreclosures on retail and office properties were still surging.

Realtors and analysts in the Atlanta metro area, which consists of 13 counties, expected the number of foreclosure postings for the April auctions to decrease as they hoped foreclosures have topped out in March.

For the March auctions, there were 12,568 foreclosure notices, a record number for metro Atlanta. For the first four months of this year, the total number of foreclosure postings marked around 10 percent of increase from the total last year.

The county with the most number of foreclosed homes for sale in Atlanta was in Fulton, as foreclosure postings in this county reached 1,863 for the April auctions. Following Fulton were Gwinnett, which posted 1,845 foreclosures; DeKalb, which posted 1,442; Cobb, which posted 1,196 filings; and Clayton, which posted 753.

The trend of foreclosure on types of properties based on price ranges in April was mixed. Foreclosures on properties priced $1 million and above increased from 71 in April last year to 90 properties for the April auctions this year while foreclosures on properties priced $500,000 and above dropped from 384 properties for the April auctions last year to 343 properties for the April auctions this year.

The growth of Georgia foreclosure listings on the other hand, continued in the first quarter. A total of 39,911 foreclosures were filed, an increase of 30.5 percent from the final quarter of 2009 and a jump of 39.5 percent from the same quarter in 2009.

Of these nearly 40,000 filings, a total of 13,607 units were already repossessed by banks while 26,304 units were notified of trustee sale. It can also be supposed that there are mobile home foreclosures among these filings since owners of all types of homes have been affected by the crisis.

On the whole, despite the decline in number of foreclosed homes for sale in Atlanta in April, metro Atlanta contributed significantly to the seventh-ranking of Georgia in the foreclosure rate charts in the first quarter.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles