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Atlanta Foreclosures

Atlanta Foreclosures for July 20th 2010

It's Tuesday, July 20th 2010, and we're looking back at everything that came on the market in the last 24 hours. Every Atlanta foreclosure and short sale, that is. We've got eight (8) new properties on the market ranging in price from $17,900 to $285,000.

A little something for everyone in today's episode ... from move in ready to complete rehab. If there is anything on today's list that you want more complete information or would like to arrange a time to see the interior of any home on the list - contact me today.

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Atlanta Foreclosures for July 12, 2010

We've got a short list today - just one new property in the past 24 hours to hit the Atlanta Foreclosure market. But I've got some other goodies for you - including a quick way to use our website to search for ALL atlanta homes for sale.

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Atlanta Foreclosures for July 11th 2010

Today we've got three (3) new short sale listings to come on the market. Take a look at the video where I walk you through each one and share my thoughts on whether these homes are worth their asking price.  My best buy of the day?  Check it out at: 1774 Ridge Valley Court, Atlanta GA 30327.

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The Poor Rich

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

More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic.
By contrast, homeowners with less lavish housing are much more likely to keep writing checks to their lender. About one in 12 mortgages below the million-dollar mark is delinquent.
The CoreLogic data measures serious delinquencies, which means the borrower has missed at least three payments in a row.

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 prerequisite for buying a home priced over $1 million. In fact, the Atlanta luxury home market...

You'll Always Remember Your First

This is my first blog post.  And it's the first of many where I'll give you a "behind the scenes" look at the fascinating world of Atlanta Real Estate from a unique (if somewhat cynical) perspective - mine!  I plan to cover a range a topics - some serious ... some not so serious ... all brilliant.   And I'm looking forward to maybe getting to hang out with you in the online world of bloggery and prodigiousness.  Or maybe we’ll get to meet “in real life”, as the kids say, if you do business with my two brothers. Or on Twitter (still trying to figure that place out) @adamkeenrsb — stop by, whenever....

Atlanta Foreclosure Report: February 2010

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.

Gwinnett topped the charts this month with 2,163 foreclosures, Fulton came in close second with 2,008 and DeKalb County rounded out the top 3 with 1,511.

February foreclosures notices are scheduled for auction the 1st Tuesday in March....

Atlanta Foreclosure Report: January 2010

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 a seasonal dip and the relentless pace of 2009 will continue as we head into the spring in summer season.

So how did the 8,000+ foreclosure notices fall county-to-county?  Fulton...

Taxation Without Representation

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 during the last 18 months ... you don't need an 8 Day investigative report to tell you your home has lost significant value and...

Failure

Our environment, the world in which we live and work, is a mirror of our attitudes and expectations.
Earl Nightingale

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.

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The If and When of Recovery (video)

It's worth taking a look at this recent Wall Street Journal interview with Real Estate expert John L. Burns.

Mr. Burns confirms a lot of what I've been predicting for months now for the 2010-2011 Atlanta real estate market.

In the video he explains why FHA loans and migth contribute to a prolonged recovery.

Here are a few reasons why 2010 will not be the year of recovery:

**We are likely to see what economists refer to as a ‘W’ shaped recovery…recent news and the surrounding economic environment supports us being in the first leg of the "W"… going up (only to come back down in 2010)

**FHA, with it's monstor growth (2% of the market in 2007 to over 23% right now), has become the new ’sub-prime’

**Without continued government intervention (tax credits, FED purchasing mortgage backed securities to keep interest rates artificially...

The Market Is What The Market Does

There are a number of ways to analyze exisiting homes sales.  Today I'm looking at comparative monthly homes sales not "seasonally adjusted".

So what you're looking at here is a graph that shows monthly existing homes sales from 2005 to 2009.  And what you're seeing is that for the 5th straight month, sales are higher in 2009 vs. 2008.   And for 2 consecutive months now we've seen sales higher in 2009 vs. 2007.

existing-home-sales_480

Why the improvement?  It goes without saying many of these sales can be directly attributed to first time home buyers storming the market to take advantage of the $8000 tax credit.  Though now extended through April 30th 2010, the original deadline was November 30th.  The mad dash to beat the expiration this month...

Walking Away

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 ...

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...

Credit Crisis Explained

Ok. So we all have some idea how we got here, right? We've all heard the terms at least. Credit crisis. Subprime mortgages. Foreclosure. Securitized debt. Bernanke. AIG. Leyman Brothers. Wall Street. Main Street. Greenspan. Federal Reserve. Treasury. Under water. Credit Default Swaps. Meltdown. Crisis. National Debt. GDP. Recession. Depression.

But just how did we get here?

And how why exactly has the entire economy suffered so much at the hands of this Credit Crisis?

Check out the Video below where it's all explained in just shy of 11 minutes:

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As Seen on TV

When the number of factors coming into play in a phenomenological complex is too large scientific method in most cases fails. One need only think of the weather, in which case the prediction even for a few days ahead is impossible.
- Albert Einstein

Predictions, Predictions, Predictions.  Isn't that what got us into this mess in the first place?

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Atlanta Real Estate Prices Down 15.7%

The most recent S&P/Case-Shiller Index (April) indicates a 19.1 percent decline in the average homes prices nationwide versus the same time last year.  Statistics led Standard and Poor's to report:

We see no evidence that a recovery in home prices has begun.

The Case-Shiller report included a survey of the 20 major metropolitan areas and show that Phoenix, Las Vegas and San Francisco suffered the most significant declines in housing prices over the past year —all posting losses over 30 percent in the last 12 months.

How's Altanta Real Estate Holding Up?

Well...there's good news and there's bad news. Bad news first: Atlanta experienced a 15.7% decline in average real estate prices since April 2008. The good news? On Tuesday I had the pleasure of doing an interview with Fox News and Fox Business Network...where I laid it on the line and predicted prices won’t drop much further from their current lows here in Atlanta. But I do think even...

How do you spell relief?

Ruth Simon of the RealEstateJournal.com (WallStreet Journal) had this to say on how the recent cooling in the real estate market effects home value:

As the housing market cools, one of the hardest decisions facing home sellers is how to price their properties.

Traditionally, brokers have set listing prices by reviewing how much comparable homes sold for in a neighborhood. Now, with prices edging lower in many places and the number of homes on the market climbing, checking comparable sales is becoming less useful. At the same time, many would-be buyers are sitting on the sidelines, waiting to see how far prices will fall. Bigger inventories of unsold homes also are making it harder for sellers to figure out how to make their house stand out amid the competition.

Amen. We've actually seen the absorption rates for Intown Atlanta (a primary indicator of the health of the marketplace) decrease significantly in the last 30 days. Almost by half. I've talked...

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