This is a great article about the fact real estate is a local business. Different in every area of the country, different in every state, county and town. Sure our foreclosure rate as a country is up, but many of those foreclosures are concentrated in just a few states. Sure foreclosures are up in almost every area, but here in Connecticut our foreclosure rate is much lower than some of the crisis states like Florida, California, Michigan, or Arizona. Our foreclosure rate is lower than Metro Atlanta. In fact according to RealtyTrac our foreclosure rate is declining.
Location, location, location. We've all heard it before with real estate. Metro Hartford isn't Metro Atlanta, nor is it Clark County Nevada. How is the foreclosure rate in your market? Check out this cool map.
Is metro Atlanta's foreclosure rate still among the highest? You betcha!
My state of Georgia has been especially hard-hit by the housing collapse.
Over the last few years, foreclosure numbers repeatedly have hit and then broken new records here. When will it end? Apparently, no time soon.
Just a few days ago First American CoreLogic Inc., a real estate information company, said Atlanta had about 385,100, or 31 percent, of all residential properties with mortgages in negative equity at the end of the fourth quarter 2009.
In the metro Atlanta area, subprime mortgages abounded during the real estate run-up, Now, they are nine times more likely to be delinquent or in some stage of foreclosure than comparable prime mortgages.
According to the Atlanta Journal Constitution review of federal mortgage data, a high-interest, subprime loan financed one in every four home purchases in metro Atlanta in 2005.
Our local papers also report that option ARM defaults, while much more rare than subprime loans, are on the rise. Option ARM defaults are afflicting higher priced neighborhoods and homes in the 22-county Metro Atlanta area.
More than 441,500, or 28 percent, of all residential properties with mortgages in Georgia, were in negative equity at the end of the fourth quarter, according to a new report.
But the fact is, metro Atlanta on the whole is experiencing a more bleak foreclosure outlook than the state of Georgia as a whole.
Georgians, don't let your neighborhood fall victim to the blight. Who do you know who might be having trouble making their mortgage payments? Anybody in danger of lender foreclosure? Please, please, please put them in touch with me.
Maybe I can help your community avoid more Georgia foreclosures through a short sale. Isn't it worth a conversation to find out?
Elva Branson-Lee -- Short Sale Specialist, Certified Distressed Property Expert (CDPE)
Soild Source Realty GA 770-475-1130 ext. 8988
Serving the South & East Metro Atlanta cities.
I sell real estate, property, houses and homes in:
Ellenwood, East Atlanta, Ormewood Park, Decatur, Stone Mountain, Conley, Rex, McDonough, Hampton, Jonesboro, Morrow, Locust Grove, Lake City, Forest Park and Stockbridge.
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"