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38 Percent Discount for Georgia Bank Foreclosure Properties

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By : John Cutts    99 or more times read
Buyers of bank foreclosure properties in Georgia for the period from January to March gained 38 percent in savings, as they bought their foreclosed residential units at a price lower by an average of 37.91 percent than the average price of nonforeclosed properties. A total of 8,382 short sale and foreclosure homes were sold during this period to investors and owner occupant buyers, excluding homes that changed ownership from homeowners to lenders through the repossession process.

The average price for all sales from Georgia foreclosure listings and short sales during the quarter was $126,300, lower by an average of 33.2 percent than the average price for nonforeclosures. The average price for short sales was lower by an average of 22.47 percent than the average price for nonforeclosed units.

Although the nearly 8,400 units that were sold at big discounts in the first quarter marked a drop of 14.54 percent from the preceding quarter and a plunge of more than 47 percent from one year earlier, total foreclosure filings in Georgia during the same quarter increased by 30.54 percent from the prior quarter and by 39.51 percent from the first quarter of 2009 to a total of 39,911 postings. Georgia even ranked seventh in a list of states with the biggest percentages of foreclosures.

Of the total statewide postings, 13,607 units entered bank owned foreclosed listings and 26,304 units were posted for trustee sales. Units that were not rescued by homeowners ultimately got into the hands of buyers and investors and into listings of bank foreclosure properties. As metro Atlanta is among the hardest hit areas in the state, a substantial portion of these distressed properties entered foreclosure listings in Atlanta. Greater Atlanta, however, was not among the list of top 20 metro areas with the highest rates of foreclosure.

In May, nearly 5,300 residential units in Georgia or 38.46 percent of all filings statewide became bank foreclosure properties, giving additional opportunities for buyers to acquire foreclosure homes at substantial discounts.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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