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Buying Bank Foreclosure Homes in Marietta at Pre-Boom Prices

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By : John Cutts    99 or more times read
Buyers can still buy bank foreclosure homes in Marietta at price levels in the pre-boom years of 2002 to 2003, according to local realtors.

Since foreclosure filings are still surging and the current foreclosure inventory is still high in Marietta and in other parts of Cobb County, price levels are still relatively low. In April, the median sales price for all types of homes was $165,189.

For the scheduled public auction in Cobb County in July, a total of 1,367 distressed homes were posted, the third highest monthly total, behind the totals for the April 2010 and October 2009 auctions.

On one real estate website, there are currently 3,664 foreclosed homes listed and 7,762 nondistressed existing homes. The lowest-priced foreclosure is a three-bedroom single-family house priced at $10,000. The average price for all types of homes is $219,540.

Another site has 849 foreclosed homes with $29,900 as the lowest price. The third site explored has 1,456 foreclosed homes for sale in Marietta, GA, with $10,000 as the lowest price.

Realtors and housing advocates said that bank foreclosure homes continued to increase in Cobb as the unemployment rate was still high despite falling to 9.3 percent in April from the March rate of 9.7 percent. Advocates said that a more significant level of improvement is needed before foreclosure activity slows down in the area.

Buying foreclosure homes for sale in areas outside Cobb County is also practicable as the number of Georgia foreclosed homes increased in May. Nearly 5,300 homes were repossessed by lenders in May, up by 11 percent from the 4,770 taken back by banks in April.

REO homes increased throughout Georgia as total foreclosure filings decreased from 13,963 in April to 13,778 in May. Just like what has been happening in other states, lenders have been completing the foreclosure process for homes that have been notified of repossession a good number of months before.

All in all, there were 23,676 units that became bank foreclosure homes in Georgia in the first five months of the year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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