A lot of homebuyers are finding Georgia a great place to purchase properties under bank foreclosure and government home listings. Among the cities of Georgia, Atlanta is showing some of the highest numbers in terms of foreclosed properties getting purchased at auction.
Money spent on homes under Atlanta foreclosure listings has risen by $5.9 million for the year 2010. The recent surge has been aided in no small terms by the real estate auction firm, REDC. Homebuyers have so far spent around $70 million on REDC-auction sold foreclosure properties in Atlanta.
Foreclosure listings in Georgia remain high; with Atlanta accounting for a big percentage of the state's foreclosed properties. REDC recently auctioned off 128 foreclosures in the city. This auction is just the first of a four-series auction that will cover six cities in various states, including Georgia, South Carolina, North Carolina, Tennessee, Mississippi and Alabama.
The company will auction an estimated 550 properties included in its foreclosed houses listings. According to REDC officials, they are pleased with the response these auctions have gotten. The company reported that a lot of investors and first time homebuyers were able to get bargain deals from the auction series launched by the company.
With bank foreclosures and government home listings continuing to affect the city's housing market, local officials and residents are thankful for the home auctions which they claim helps improve Atlanta's economy. Local real estate analysts stated that the auctions help eliminate some of the properties that have been left vacant.
The vacant homes and buildings, analysts have explained, add to the burden of declining property taxes being experienced by the city and other counties in Georgia. REDC's auctions help bring properties back to the hands of people who will pay mortgages, utility bills and property taxes and contribute to the local economy. Such sales also add some jobs to the city, with landscapers, electricians and home painters being just some of the workers who are set to benefit from the home sales.
Although government home listings and foreclosed property listings remain a problem in the city of Atlanta, auction sales do help a lot in terms of lowering the number of unoccupied properties in the area. Residents and local officials are hopeful that the sales will continue throughout the year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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