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According to statistics released by Alpharetta-based Equity Depot, there has been a 38% rise in the number of foreclosed homes in Atlanta for October 2007 as compared to September and a whopping 50% rise as compared to same time previous year. According to some estimates, the total value of foreclosure homes in Georgia Atlanta metro area was $1,076,975,783!
While the local economy remains buoyant, Atlanta homeowners are lagging behind on their mortgages and quickly losing their properties at one of the highest rates in America. Experts believe that this is only the tip of the iceberg and there may be worse in store for other states in the country. The real estate decline is real and most likely to get worse because of the many ARMs (adjustable rate mortgage) given to home buyers with bad credit scores across the country. Current estimates suggest that home loan borrowers are expected to pay back an estimated $800 billion in the coming 12-18 months. They will be forced to make heavier monthly payments or refinance, or sell of their homes. Filing for tax foreclosure homes is also on the rise with many people being able to keep up with their taxes.
A prime reason for this fallout is that the Georgian law allows lenders to foreclose on real estate much faster as compared to other states. High foreclosures by state mean more problems besides homeowners losing the roof on their head; it leads to a sharp decline in property prices, especially in lower-income and suburban neighborhoods. Buyers looking to purchase a 3-BR home near Turner Field area can buy it for $134,000 today, while 3 yrs ago the same home cost $330,000.
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