February 2011: Atlanta Foreclosure Report
The recent news of an improving economy and a falling unemployment rate has little to do with the Atlanta housing market as foreclosure notices continue at a break neck pace. February was a record breaking month posting a 7 percent increase over January and a 5 percent increase from February 2010.
Just two months into the year and it's clear 2011 is going to be one of the record books. According to Equity Depot (a foreclosure tracking firm) -- notices increased 13 percent from the same time in 2010, which was also a record year.
Here's why this is still happening and isn't likely to change any time soon: The confluence of factors that cause an extremely high foreclosure rate still exist. Decreasing real estate values, low buyer demand, unemployment and underwater homeowners all contribute to the massive problem. And we're not likely to see changes anytime soon.
Here's how the major counties stack up, as reported by Equity Depot: Gwinnett beat out Fulton 2,298 to 1,945. DeKalb County comes in a distant third with 1,621, followed by Cobb with 1,192 and Clayton with 956.