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 interest on a loan financing a sinking ship or simply stop making payments altogether. But what about the milliions of homeowners stuck in the same debt prison? A RECENT ...
Recent pending sale data taken from FMLS (FirstMLS) shows a sustained upward trend.
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...