Off late, Atlanta has enjoyed a vibrant economy but in spite of that there has been a surge in the number of Atlanta foreclosure homes. There are many homeowners across Atlanta and especially in Georgia and the Dekalb County who have fallen behind on their monthly mortgage payments. The result is as increasing number of Atlanta bank foreclosures.
Experts from the industry believe that the real estate slump is here to stay for sometime and hence the best buying option for investors and first time homebuyers is the Georgia foreclosure homes. In the given circumstances where the interest rate in the adjustable rate mortgages is increasing at an uneasy rate, there is no real comfort for the current homeowners in the Dekalb County. The adjustable rate mortgages that have been written over the last few years will see a major reset in their interest rates as pointed out by Christopher F. Thornberg, who is a leading economist with Beacon Economics, LA. This means that the borrowers will have to pay back as much as $800 billion in mortgages in the next 12 months, which might cause a surge in the number of Atlanta foreclosure homes.
One of the primary reasons for Georgia bank foreclosures apart from the adjustable rate mortgages is the law. According to the Georgia law a lender is permitted to foreclose any property much faster than in most of the other states or cities. This has also caused a decline in the value of many properties in Georgia and its counties. For example: a 3-bed/2-bath home in Turner Field listed as Atlanta bank foreclosures was sold to the highest bidder who paid $134,000 in the auction and the fact of the matter is that around three years back, the same property was bought at a price of $330,000. That’s a huge difference and this is what makes it a good deal for investors and home buyers who are unable to purchase real estate. Find more about foreclosed homes.
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Written by Alex Rolim.
