Tagged : atlanta foreclosures

Foreclosures notices for April 2011 in the Metro Atlanta market dropped by 28% from March 2011 and 18% from April 2010. What does this mean for the foreclosure market here in Atlanta? Well ... as much as we'd like this to mean foreclosures have seen their peak, it's more reasonable to assume the precipitous drop is due to recent changes in lender requirements.

Pervasive problems with improper paperwork led many lenders to slow down the filing process. They're now taking extra steps before advertising properties for foreclosure; making certain to dot all the "i's" and cross all the "t's". Those extra steps, though necessary to protect the legal interests of big banks, are causing homes to sit longer before hitting the market as REOs (real estate…

Foreclosures notices for March 2011 in the Metro Atlanta market dipped slightly suggesting a possibly peak in the activity across the 13 county area and a glimmer of hope for the struggling market. The March total fell to 10,779 - a .6 percent drop from the February 2011 tally and a significant 14 percent dip from March 2010 numbers.

Foreclosure trend upward during the spring and summer months. In fact March 2010 saw a 22 percent rise from February 2010 -- so this decline, though welcomes, comes unexpectedly.

Even with the surprise drop in notices file this past month ... we're still 2 percent ahead of last…

It's a testament to the quality of 60 Minutes that nearly 2 years after it was first recorded in December of 2008 this 12 minute prediction of what will come to pass has ... well ... come to pass.

We're entering the 4th quarter of 2010 and we are, without a doubt, heading right into the second wave of the Atlanta Foreclosure crisis.

David Streitfeld, columnist with the NY Times says Biggest Defaulters on Mortgages Are the Rich

First... what defines "rich"? Because as a witness to the luxury real estate market in Atlanta between 2001 and 2007 I can assure you that being rich was not a…

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.

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…

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. 

Why the…

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 estate…

Here, sipping my morning coffee and digesting the news of more Georgia Bank failiures.

What's striking isn't that more banks have failed.

Truth is, I've come to expect news like this. 

And that, to me, is the more compelling story.

It's there, in my approach, that work can be done and change happens.