Atlanta foreclosures reach lowest level since recession
It’s easy to focus on the negative news about the housing market and the economic recovery here in Atlanta and around the country. Atlanta homeowners still have a long way to go before the city is out of the financial state that resulted from the recession, but the good news is that statistically speaking, the city has made a lot of progress.
In fact, recent numbers show that metro Atlanta had the lowest number of foreclosure notices this month since 2007. Foreclosure notices are advertised in the newspaper as required by law, and this month there were 4,531 foreclosure notices placed for the upcoming month. That figure is still high compared with historical averages, but in more recent years it is relatively low.
This is good news for several reasons, but mostly because fewer foreclosures means that there are fewer underpriced homes on the market that drag down prices for all homes. As housing prices have the opportunity to rise slightly, homes that have been underwater on their mortgages (mortgaged for more than they are worth) may be able to narrow the gap between value and debt, making it easier to sell and avoid foreclosures.
An expert and spokesperson for Equity Depot, a company that tracks month foreclosure notices, told reporters that the statistics do show that the housing market will recover, “Property values are going to start ticking up again. They have to,” he said.
Home prices did rise in the last quarter of 2012, increasing by about 10 percent overall according to the National Association of Realtors.
Source: Atlanta Journal Constitution, “Foreclosure notices at lowest level in years,” Arielle Kass, Feb. 11, 2013.
Information about the foreclosure process in Georgia is available on our website.