Those who invest in foreclosed homes might be flocking to Cobb County, Georgia come January 2011 as the number of foreclosed properties scheduled for auction for the first month of next year has reached a total of 1,211. However, although the number for the January auction still topped the 1,000 mark, it is still fewer than the record total posted for the December auction.
Foreclosed homes in Marietta and in the rest of Cobb County continue to post high numbers, although the coming January seemed to be showing some improvement as total number of foreclosed properties for that month is lower than December and January 2010. In December of this year, a record-setting 1,758 foreclosures were offered at auction, while in January 2010, 1,292 foreclosed properties were up for auction.
The coming January 2011 auction period has a total number of foreclosed properties that is 6% lower than the figure recorded in January 2010. However, analysts believe that the decline was just due to seasonal trends and they predicted that foreclosure homes in Georgia will increase further in the succeeding months of next year. One thing is for sure, 2010 total foreclosures will be much higher than previous year's totals.
The current year had been a good time to invest in foreclosed homes as the area posted a total of 15,854 foreclosures offered at auction in 2010. This represents a 14.3% increase compared with 2009 when a total of 13,867 foreclosures were available at auctions. The second highest foreclosure number recorded during the year was in September, when 1,616 foreclosed properties were scheduled for auction.
People planning on buying a foreclosure property will likely have more opportunities by next year, analysts have predicted. According to them, 2011 will be much the same as the current year in terms of foreclosure activities. Majority of Americans agree with this forecast as surveys showed that 58% of U.S. residents believe that the housing market will not start recovering until 2012.
The coming 2011 though, might be the last opportunity for people who invest in foreclosed homes as foreclosure numbers are expected to decline by 2012. Housing experts predict that lenders will try to unload as much foreclosure as they can in the coming year in an effort to give the housing market a chance to recover by 2012.
For over 10 years, John Evan Miller has provided exceptional information on the foreclosure market.
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