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Foreclosures Make Up 29% Of All Georgia Home Sales Atlanta, GA

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Foreclosures Make Up 29% Of All Georgia Home Sales

Foreclosue Sign on Top of For Sale Sign in Front of House

Although the foreclosure controversies of recent months, including allegations of improper and illegal handling of home foreclosure documents, may have slowed down the foreclosure process for many homeowners in default, experts warn that it may also slow the housing market, preventing the recovery that it so sorely needs. “A quick but responsible resolution to that issue would be ideal to help the market continue to properly clear out foreclosure inventory,” said James J. Saccacio of RealtyTrac, “and get distressed properties into the hands of qualified buyers and investors who will likely add value to those properties and the neighborhoods they are in.”

According to recently released numbers, foreclosed home sales had already begun to decline before the allegations against mortgage lenders. In the third quarter of 2010, 188,748 homes in some stage of foreclosure were sold to third parties, accounting for one-fourth of all residential home sales in the United States. While this seems like a substantial number, it represents a 25 percent decline in foreclosure sales from the previous quarter, and a 31 percent drop from sales in the third quarter of 2009.

While the number of foreclosed homes dropped, so did their average prices. In the third quarter, the average property in some stage of foreclosure sold for 32 percent less than homes that were not in foreclosure. This discount amount has increased from the previous quarter’s 26 percent difference. In Georgia, the difference is larger: foreclosed homes are sold for over 40 percent less than non-foreclosed homes.

In many states, foreclosure sales represented over one-fourth of the state’s home sales during the third quarter. Georgia is also on par with this trend: foreclosures accounted for 29 percent of all home sales in recent months.

Source: Building Online News, “Foreclosure Homes Account for 25 Percent of All Q3 2010 Residential Sales”, 6 December 2010

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
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Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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