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County Program Aids Lawrenceville Foreclosure Investing

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By : John Cutts    99 or more times read
The local housing stimulus program launched by business and county leaders is a positive development for Lawrenceville foreclosure investing.

Any effort that rejuvenates the housing market increases opportunities for foreclosure investors to resell their properties at greater profits.

Gwinnett County, where Lawrenceville is the administrative city, has crafted its housing program as part of its overall drive called Letís Do Business Gwinnett. It offers up to $5,000 to homebuyers for their down payment and negotiates low mortgage rates for them.

The program is a timely initiative as the federal tax credit scheme has ended in April. Those planning to purchase foreclosed homes for sale or other lower-priced homes but missed the federal program can still get financial assistance through the county program.

The Gwinnett Chamber of Commerce said there are still a lot of unsold residential lots in the county and they are keeping prices depressed. Currently, a total of 17,250 undeveloped home lots remain vacant across the county.

In addition, based on recent reports, Gwinnett County posted the highest number of foreclosure filings in May among metro Atlanta counties. Although people in Lawrenceville foreclosure investing can benefit from an increased foreclosure inventory and depressed prices, huge numbers of distressed properties can slow market recovery substantially.

A total of 2,022 foreclosure filings were posted in Gwinnett in May, representing 21 percent of the 9,587 foreclosures filed in metro Atlanta. Total Greater Atlanta filings in May still marked an increase of 1 percent from April and a jump of 10 percent from May last year, but they marked a substantial improvement from the record 12,568 foreclosures filed in March.

With 1,852 filings, Fulton County was second to Gwinnett. DeKalb was third with 1,419 filings.

Meanwhile, the number of foreclosed homes for sale in Georgia dropped in April to 4,770, down by 11 percent from the 5,351 homes repossessed in March.

On the whole, the availability of low-priced foreclosure homes and housing programs in Gwinnett are all positive developments for Lawrenceville foreclosure investing.

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