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Atlanta Foreclosures On The Rise

A record number of Atlanta foreclosures were on the chopping block at county auctions across Metro Atlanta on Tuesday. Estimates report over 10,000 homes were up for grabs.  This number includes a record 2,500 homes in Gwinnett County -- one of the hardest hit areas during this economic recession.

What Does this mean for Atlanta Real Estate?

Well...there's good news and there's bad news.  Good news first.  Because of the sheer volume of foreclosures hitting the market this summer, it's a great time to take be a buyer.  Prices will continue to remain at their 2001/2002 levels and with historically low interest rates, affordability is the name of the game.

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Back To The Future

You may have read my blog post on Forbes ranking Atlanta Real Estate #13 on the list of best cities to buy a home.  After reading the article...I did a little poking around other news sites to see what they have to say about the Atlanta housing market.  A few google searches later...I found an article over at CNN Money written in 2007 titled "How to Play The Real Estate Bounce Back." 

An interesting subject for an article written in 2007, for sure. But it's the "sub heading" that really got me curious.  Here's what it said:

The housing market may be melting down, but Business 2.0 worked with Moody's Economy.com to identify 10 cities that have just about hit rock bottom...
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