Most areas of Georgia recorded increased number of foreclosed dwellings and FSBO homes during the January-June 2010 period. One example is Carroll County, where an almost 14% rise in foreclosure numbers had been recorded during the first half of the current year. Further increases for the rest of 2010 are predicted in the county and in the rest of the state by real estate market analysts.
Foreclosed homes for sale in Decatur, GA, as well as in other areas of the state, are expected to continue to post high numbers for the rest of the year. However, interest rates and prices of homes are expected to level off by the end of the year. Most analysts believe that the Federal Reserve will not make any significant changes on interest rates while unemployment is at an almost all time high.
Prices of foreclosure homes in Georgia, as well as new dwellings, are also expected to maintain a reasonable rate. Analysts believe that prices of properties will maintain stability and that buying dwellings will prove to be more attractive for most residents than renting.
On a more local focus, demand for dwellings in Carroll County, including FSBO homes, are expected to maintain a balanced and steady course, while supply is projected to increase just enough to provide for the demand but not so much that it will pull home values down. The second half will see the county's housing market proceeding much as the first half of the year.
For the January-June 2010 period, the number of properties under lists of foreclosure homes for sale and those facing some form of foreclosure in Carroll County reached a total of 1,837. These also include homes that were sold through short sales or properties already under bank ownership.
Analysts reveal that they are expecting county foreclosure inventories to rise, primarily because the tax credit will all be done and dusted by the second half of 2010 and because lending rules are tight, making it difficult for buyers of FSBO homes and other types of dwellings to secure financing for their residential purchases. Despite all this, reasonable interest rates will help maintain housing demands, analysts have added.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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