Buying short sales in Georgia is easier than in other places because of the still relatively high pre-foreclosure inventory in the state.
In May, there were nearly 8,500 homes in pre-foreclosure, almost 62 percent of all foreclosure filings in the state during the month. In the first quarter, there were 26,304 pre foreclosure homes, accounting for 66 percent of all filings. From January to May, there were 43,975 residential units in pre foreclosure, making up 65 percent of total filings in the five-month period.
With these relatively high numbers of housing units at risk of entering foreclosure auctions in Georgia, it is expected that many homeowners are trying to avoid foreclosure by doing short sales.
One indication that more distressed homeowners have been turning to pre foreclosure sales is the high percentage of people buying short sales and foreclosure sales in the first quarter this year, as studied by a major real estate research firm.
The research firm said that 35 percent of all house sales in Georgia from January to March this year or a total of 8,382 units were short sales or foreclosure sales. The percentage was higher than the nationwide foreclosure sale percentage, which was 31 percent, or 232,959 units sold while in default, trustee sale, foreclosure sale or real estate owned listing.
The pace of Atlanta foreclosure auctions also rose in May, as homeowners continue to struggle from job losses. More than 9,500 homes were hit with default and foreclosure notices during the month, a ten-percent jump from the May 2009 total.
Buying short sales in Georgia also mean taking advantage of lower prices. In the first three months this year, the more than 8,300 distressed housing units sold were purchased by buyers at an average of 33 percent below the average sales price of non-foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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