Atlanta Foreclosures 
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There are currently 19 blog entries related to this category.
Atlanta Foreclosure Report: February 2010
Thursday, February 11th, 2010 at 8:21am. 94 Views, 0 Comments.
In February foreclosure notices skyrocketed 27 percent erasing the memory of declines reported in January. A total of 10,357 notices were published this month compared with 8,181 last month.
The most recent report by Equity Depot also reveals a 34 percent year-over-year (YoY) increase with 7,701 published foreclosures notice in Februray 2009.
What's striking is there is no marked difference in foreclosure rates relative to price range or geography.
It's seems this recession doesn't discriminate.
Gwinnett topped the charts this month with 2,163 foreclosures, Fulton came in close second with 2,008 and DeKalb County rounded out the top 3 with 1,511.February foreclosures notices are scheduled for auction the 1st Tuesday in March.
FHA Changes the Investment Game
Friday, January 29th, 2010 at 1:08pm. 123 Views, 2 Comments.
In addition to residential sales, my team is heavily involved in helping investors profit by investing in foreclosure properties. Mainly by purchasing small single family homes in Atlanta foreclosure market at 60% to 70% of future value, rehabbing them, and quickly reselling them for a healthy profit. Most of these properties are in blue collar neighborhoods that we resell to first time buyers using FHA insured financing. Most of the foreclosed properties we purchase were also financed by FHA insured mortgages.
The one wrinkle in this buy, rehab, and resell process was the arcane Housing and Urban Development anti-flipping 90 day rule 24CCFR 203.37a(b)(2). This rule "provide that a rehabbed property would not be eligible for another FHA insured loan if…
Atlanta Foreclosure Report: January 2010
Sunday, January 17th, 2010 at 10:45am. 188 Views, 0 Comments.
2009 was a record setting year in Metro Atlanta with 117,107 published foreclosure notices.
And the 2010 outlook doesn't look promising as the economy and job market continues to show signs of weakness.
But with just 8,181 foreclosure notices filed in Janaury 2010 we're able to breathe a small sigh of relief. Surprisingly, we saw the first January-to-January decline in 10 years. So what is the can this decline be attributed to? Likely a combination of several factors, not the least of which being that we are finally seeing fall out from the "subprime" crisis getting cleaned up.
But it's far too early to predict how the year will go from here. With many banks slowing the pace of foreclosure through the Holiday season -- it's possible this is just…
Move Your Money
Tuesday, December 29th, 2009 at 10:19pm. 141 Views, 0 Comments.
Political tags - such as royalist, communist, democrat, populist, fascist, liberal, conservative, and so forth - are never basic criteria. The human race divides politically into those who want people to be controlled and those who have no such desire.
I urge you to read, watch and take action.
The Year In Atlanta Real Estate
Sunday, December 27th, 2009 at 9:12am. 153 Views, 1 Comments.
An optimist stays up until midnight to see the new year in. A pessimist stays up to make sure the old year leaves
Now that Christmas (and 2009) is behind us, it's time to look at "the year that was" for Intown Atlanta real estate. The vast Intown market requires we chunk this data down to more granular levels. It's only there, in the market-by-market comparisons, that information like this is of value.
But to keep things simple and to lay our foundation it makes sense to take a macro view of the entire market. From there, we can break out individual neighborhood markets in subsequent posts.
What are we looking at?
Today, we'll look at the how 2009 compared to 2008 for the overall Intown Atlanta marketplace - that's 34 zip codes.
We'll…
2009 Atlanta Foreclosure Report
Monday, December 14th, 2009 at 5:18pm. 111 Views, 0 Comments.
According to the most recent report from Equity Depot (an Alpharetta based firm), the Atlanta real estate market had a record setting 117,107 foreclosures notices filed in 2009. That's a near 50 percent increase over the previous record in 2008.
The report goes on to disclose a 10 percent increase in foreclosures compared to November (month over month) and ... get this ... a whopping 77 percent increase over December 2008 (year over year).
Gwinnett county led the pack with 2,074 foreclosure notices, close behind sits Fulton county at 2,006 notices. Dekalb county figures came in at 1,568, Cobb at 1,203 and Clayton lagging behind major metro counties with 866.
Fulton county ended the year with 24,609 total foreclosures.
Unbelievable. …
Taxation Without Representation
Sunday, December 6th, 2009 at 10:48am. 137 Views, 0 Comments.
In the wake of the 2008 real estate meltdown lies Georgia's property tax system - in shambles.
Atlanta Home Values have plummetted but, as the AJC reports today, county tax appraisals are not along for the ride down.
In examining 550,000 residential property tax records in 5 major Metro counties (Fulton, Dekalb, Gwinnett, Cobb and Clayton) it was determined county appraisals are higher - in some cases, much higher - than your property is now worth.
What Does This Mean For You?
In simple terms it means that you are, quite likely, being taxed on value your Atlanta Home no longer holds. I'm sure this comes as no surprise. Afterall, 2009 Atlanta property taxes have been due for some time now. And if you were alive and owning Atlanta real…
The If and When of Recovery (video)
Tuesday, November 24th, 2009 at 6:31am. 152 Views, 8 Comments.
It's worth taking a look at this recent Wall Street Journal interview with Real Estate expert John L. Burns.
Mr. Burns confirms a lot of what I've been predicting for months now for the 2010-2011 Atlanta real estate market.
In the video he explains why FHA loans and migth contribute to a prolonged recovery.
Here are a few reasons why 2010 will not be the year of recovery:
**We are likely to see what economists refer to as a ‘W’ shaped recovery…recent news and the surrounding economic environment supports us being in the first leg of the "W"… going up (only to come back down in 2010)
**FHA, with it's monstor growth (2% of the market in 2007 to over 23% right now), has become the new ’sub-prime’
**Without continued government intervention…
The Market Is What The Market Does
Monday, November 23rd, 2009 at 9:19pm. 120 Views, 0 Comments.
There are a number of ways to analyze exisiting homes sales. Today I'm looking at comparative monthly homes sales not "seasonally adjusted".
So what you're looking at here is a graph that shows monthly existing homes sales from 2005 to 2009. And what you're seeing is that for the 5th straight month, sales are higher in 2009 vs. 2008. And for 2 consecutive months now we've seen sales higher in 2009 vs. 2007.
Why the improvement? It goes without saying many of these sales can be directly attributed to first time home buyers storming the market to take advantage of the $8000 tax credit. Though now extended through April 30th 2010, the original deadline was November 30th. The mad dash to beat the expiration this month certainly played a role in…
Walking Away
Friday, October 30th, 2009 at 5:56am. 115 Views, 0 Comments.
I was talking with one of my top investor clients a couple days ago and he mentioned he "walked away" (aka foreclosed) from two investment properties last month. The two properties - both Atlanta condos - had lost a combined $250,000 in value over the last 18 months. Meanwhile, the bank holding the note refused to entertain 3 bonafied short sale offers, denied application to modify the adjustable rate mortgage and increased his monthly interest payment $600 a month.
Foreclosing on Your Atlanta Home: A Strategic Approach
For a professional real estate investor who makes his living creating profit in the homes he buys and sells, it was a smart decision. A strategic one, really. Either continue to hemhorage massive amounts of money every month paying…
