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Many homeowners in Georgia are crumbled, as their property is approaching foreclosure at a rate faster than ever before. Recent reports say that the number of Georgia foreclosures has increased to a very high figure. This was expected with the financial recession almost getting the entire state in its grasp. Job loss and salary cuts have increased in the whole nation with Georgia and its cities being the most affected. As per the latest collected figures, the amount of foreclosed property in the state has increased by 16,292 in between the period of January and February 2009.
Problems that lead to increase of foreclosures
The whole economy of Georgia is struggling and people are facing tough situations. They are selling luxuries to cope up with the current scenario. Due to the increasing count of house foreclosures in the Georgia real estate market, the average price of general homes has been falling down continuously. As a result, the properties of the borrowers under mortgage have dipped down considerably. Even, the option of sub prime loans cannot be taken any more, as the homes do not have equity. Many times, people make little or no down payment after taking loans and this has led them to more debts. With the amount of loans going beyond the worth of the property, people are forced to foreclose their property for getting rid of their debts.
Why now is the right time to buy foreclosed homes?
Many people in Georgia are looking for mortgage consolidation and assistance. You can also come across people, who are unable to cope with their mortgage loans and they are looking for ways to settle down the mortgage loan. As the price of homes continues to fall, foreclosure auctions are held frequently. These properties are getting sold at lower rates by the day.
You can get adjustable rate mortgages from banks, using which you can buy foreclosures in Georgia at an affordable price. The average sales price of foreclosed properties in the state has been almost $186,500. This figure is 16 percent less than the ones in January 2009. It is expected that these average rates, which are only 25 percent of the actual average rates of the properties, are bound to give lucrative returns in the future.
HUD Fair Housing Equal Opportunity