Atlanta Foreclosures Hit New Record High

The number of Atlanta foreclosures hit a new record in September with 12,207 foreclosure notices filed in the 13-county area that is Metro Atlanta, according to Alpharetta-based Equity Depot. (www.equitydepot.net). 

That's an increase of 22% over August when 9,930 foreclosure notices were filed with the courts and 282 more foreclosures than the previous record of 11,925 set in June of this year.  

This moves the total number of foreclosures notices at 87,679 for the year - a new record for a 12 month period and we've still got 3 months to go.  The previous 12 month record was set in 2008 with 79,484 foreclosures notices.

Fulton County led the 13 county area with most foreclosures in September at 2,666; edging out Gwinnett County which followed with a close second at 2,304.  DeKalb County totals came in third at 1,770 followed by Cobb and Clayton with 1,474 and 994, respectively.

What does all this mean for the Atlanta real estate market and economy here in Atlanta?

Prices will continue to decline at the middle and high end of the market and the winter season will look much like it did in 2008.  

And what about all the talks of enomic recovery and the end of the recession?

Well ... I'm no economist, but if folks are losing jobs at a high rate and subsequently losing their homes at a record pace ... a recovery is aways off.