Foreclosures continue to have a large impact on the metro Atlanta real estate market and Georgia in general. After steadily declining, October show a 16% increase from September?s filings. However local experts were quick to point that even as foreclosures may have risen slightly, there are numerous factors which show recovery is still under way.
Still Top 10
Georgia remains in the Top 10 states with the most homes in some form of foreclosure while Atlanta continues to have home prices lower than pre-2000 levels. But the region has been recovering slowly. Georgia was ranked 4th in the nation in July but has dropped to 6th in September and October. While October saw an increase in foreclosures relative to available housing units, the sale price of these properties has been rising steadily even as the national price has been dropping.
July????????????? September????? October
- Homes in Foreclosure ? GA?????????????? 1 per 386???????? 1 per 532???????? 1 per 439
- Homes in Foreclosure ? US?????????????? 1 per 686???????? 1 per 730???????? 1 per 706
- Foreclosure price ? GA??????????????????????? $105,491???????? $106,553???????? $113,589
- Foreclosure price ? US??????????????????????? $202,664???????? $194,681???????? $192,700
(1 per = 1 home out of all available housing units. Lower numbers = more foreclosures)
Foreclosure Trends
While the up-tick in foreclosures in October was disappointing, it still is 20% lower than 2011?s numbers. The higher sale price will help keep surrounding homes from dropping in value which will help bring home sale prices up. This in turn will bring more sellers into the market to further drive the housing recovery.
Call?Terry Swanson?today and his team will help you make the right decisions when dealing with houses in the metro Atlanta real estate market.
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