Nationally Foreclosures Are Down But What About North Georgia?

The Mountain Life Team Blogger December 16, 2009

Foreclosure Activity Falls For The 4th Straight Month

Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months.

On a month-to-month basis, November’s foreclosure activity fell another 8 percent.

However, national foreclosure activity continues to be dominated by a minority of states.

As reported by RealtyTrac.com, more than half of November’s foreclosure-related activity sourced from just 4 states:

1. California

2. Florida

3. Illinois

4. Michigan

These are the same 4 states that topped October’s foreclosure activity despite three of them posting month-to-month declines last month.

The remaining Top 10 states in terms of total foreclosure activity include Arizona, Texas, Ohio, Georgia, Nevada and New Jersey.

If you’ve been actively looking at REO lately, you’ve likely noticed that true bargains are harder to find.  This is because buyers of all types — first-timers, move-ups, and investors — are purchasing bank-owned homes aggressively and getting better at identifying the “best ones”.

But just because supplies are dwindling doesn’t mean you should just jump in.  Buying foreclosures isn’t for everyone for two very strong reasons:

1. Homes are often sold as-is and may have “issues”

2. The closing process can be unpredictable

Therefore, if you’re thinking of buying a foreclosed home, be sure to talk with your real estate agent about potential problems before going under contract.  Better too soon than too late.

There are still good deals in the foreclosure market, but based on November’s data, they may not last through the winter.  “Distressed home” sales now account for 30 percent of home resale activity.

What about here in the North Georgia Mountains? Currently in Union County we have 31 Active Foreclosure Listings, in Fannin County there are 30 Active Foreclosure Listings, in Gilmer County there are 43 Active Foreclosure Listings, and in Towns County there are only 23 Active Foreclosure Listings. These are all Residential Listings. All together in our Northeast Georgia Board MLS, we have 172 Active Residential Foreclosure Listings. Unlike what is happening on more of a National level, we are still experiencing a slight increase in the number of new foreclosures hitting the market. However, as we mentioned in our sales meeting just this morning, the banks are doing what they can with what they have been given. Overall, I feel that our local banks are doing a better job of trying really hard to uphold the value of these properties, but at the same time getting rid of an inventory that need depleting.

Thanks so much for taking the time to come up on “The Porch” today. I hope that you have been enlightened on what is going on in the market across the nation, as well as here in the North Georgia Mountains. If I can assist you or someone you know that may be looking to buy a cabin for sale in Blue Ridge, GA., or a home for sale in Blairsville Georgia, I would be grateful for the opportunity to help. Please call me at 877.633.8186, or you can contact me by email.

Make it a great day!

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