Over 10,000 Metro Atlanta Foreclosures Scheduled For April Auction

Posted by on Tuesday, March 17th, 2009 at 8:22am.

 

Atlanta Foreclosure Sign

Record Number of Metro Atlanta Foreclosures


Back on January 26th I wrote a blog about 8400 Metro Atlanta Foreclosures Set For Auction, and how that was an all-time record number. It surpassed the previous record of 7967 from September of 2008.

As reported in today's AJC, there are over 10,000 metro Atlanta foreclosed homes scheduled to be auctioned on county courthouse steps on April 7th. Foreclosure sales are held on metro Atlanta county courthouse steps on the first Tuesday of each month.

Of course, many of the 10,000 homes headed to the courthouse auctions are left over from earlier months, and have not sold in previous auctions. But, 10,000 foreclosure properties is hard to imagine, under any circumstance.

Banks are also selling many homes at a loss to avoid the entire foreclosure process. These transactions are known as short sales. Most banks are willing to accept a below value offer in lieu of foreclosure.

I've also written about how to find metro Atlanta foreclosures before they make it to the courthouse steps and how a buyer can capitalize on Atlanta foreclosures, both articles are listed below.

How to Find Atlanta Foreclosures and Short Sales
How To Capitalize on Atlanta Foreclosures

The entire article from today's AJC follows:

METRO ATLANTA

10,000 foreclosed properties up for sale in April

Fulton County at top of record-setting list

The Atlanta Journal-Constitution

Monday, March 16, 2009

The foreclosure problem in metro Atlanta appears to be worsening. More than 10,000 lender-owned properties are scheduled to be sold on courthouse steps next month, according to EquityDepot.net, which tracks foreclosures.

The 10,138 figure for 13 counties shatters the previous record of 8,425 properties scheduled for sale in February, Equity Depot.net says.

“The economic situation we’ve got is causing more and more people to have difficulty making their house payments," said Steve Bridges, president and CEO of the Community Bankers Association of Georgia. “It’s not that surprising given the state of the economy and the number of jobs that have been lost."

The jobless rate in metro Atlanta is 8.7 percent, the highest rate reported since the measurement was standardized in 1976, the Georgia Labor Department said. The local unemployment rate is up 65 percent in the past 12 months.

Foreclosures are a big reason why Atlanta is the third emptiest metro area in America, according to a Forbes.com analysis of Census data.

In the new foreclosure numbers, Fulton leads with 2,181 properties scheduled for sale, followed by Gwinnett, DeKalb and Cobb counties.

“Until we see some bottoming out, I think we can expect to see numbers like this," said Joe Brannen, president of the Georgia Bankers Association.

Foreclosure sales are held on courthouse steps the first Tuesday of each month. Many properties end up not selling because of settlements and bankruptcy filings. When properties generate little bidder interest, lenders end up taking them back for sale later.

Tina Fountain Realtors is an Atlanta Real Estate company, serving the entire metro Atlanta area.

4 Responses to "Over 10,000 Metro Atlanta Foreclosures Scheduled For April Auction"

Mike in Dallas wrote: That is alot of Foreclosures. Are people buying them up yet?

Posted on Tuesday, March 17th, 2009 at 5:32pm.

Tina Fountain wrote: Mike, buyers are picking up some great deals right now. We have 11 contracts pending to close this month and most are short sale related. It seems that the best deals are short sales and they never make it to the courthouse steps. Thanks for visiting and for your comments.
Tina

Posted on Tuesday, March 17th, 2009 at 5:36pm.

Aloha Tony wrote: In the last 12 months I've had 4 clients here in Hawaii who made multiple offers each on short sales, and not one of them has actually been approved by any of the lenders. Even though we waited for over 6 months on a few of them, the lenders never gave us an answer. On one deal, countrywide approved our offer verbally but then a month later they declined it!

I don't know if if this is unique in Hawaii because our market is not as bad as the mainland, but it is driving me nuts! I even had a listing in downtown Honolulu for an entire year that never got approved for the short sale, with 4 offers!

I'm so tired of short sales! Have you found any way to get them approved quickly?

Posted on Thursday, March 26th, 2009 at 6:49am.

panama property wrote: The wave of foreclosures certainly doesn't help our already depressed housing market. It's going to get worse before it gets better. I think at this point it is what it is, and we all need to hunker down and weather out the rest of the storm. Oh, and encourage everyone you know who can to buy a house!! Let's get some of these homes off the market!!! Every little bit helps…

Regards,
Alex,
Panama property.

Posted on Monday, May 18th, 2009 at 4:10pm.

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