Affordable Marietta Homes in HUD Foreclosure List- By: John Cutts
There are more opportunities to find affordable Marietta homes in the HUD foreclosure list as more distressed housing units in Cobb County entered foreclosure in May. Marietta is the county seat of Cobb.
For the July public foreclosure auctions, the number of homes posted increased. A total of 1,367 units were listed for the July public auction, up from the 1,354 units posted for the July 2009 auction. Notices for distressed properties in Georgia are required to be published for 4 consecutive weeks prior to the public auction.
Not all of these published homes eventually enter listings of bank owned homes, as a number of homeowners are able to restore their mortgage accounts to current status or are able to negotiate a deal with their lenders before the public auction date.
Since February this year, there were already 7,607 foreclosure sale notices published, up by 17.45 percent from 6,477 during the same 5-month period last year. Since not all distressed homeowners could not rescue their properties, a significant percentage enter listings of Marietta bank owned homes and the HUD foreclosure list.
The number of HUD homes has been rising throughout the country because the percentage of FHA home loans taken out and the percentage of FHA defaults have been climbing up. In the first quarter, the FHA has backed home purchase loans worth $52.5 billion. In 2008, FHA, Fannie and Freddie backed over 90 percent of all home loans after banks refused to provide loans on their own.
In April, the mortgage default rate in the Atlanta-Marietta metro area increased year-over-year to 3.06 percent, up from 2.1 percent in April last year.
During the same month, the number of bank owned properties in Georgia fell from 5,351 units in March to 4,770, but the number made a resurgence in May and rose to 5,299 units. Of the 23,676 units that became REO homes, a substantial number entered the HUD foreclosure list.
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