Real Estate is Local, Don't put your foreclosure sign in my front yard!

 

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.

lender foreclosure home for saleOver 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.

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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

http://BransonLee.com

http://AvoidGeorgiaForeclosure.com

http://BestAtlantaShortSales.com 

http://AtlantaGoldRealEstate.com

 

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.

_____________________________________________________________________

Let me help you find your next home!
Start looking right now: http://www.cthomesforsale.info/
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Please be green and recycle.  When you are done reading this post, please recycle it by forwarding it to someone you think who will enjoy reading it as well. Thank you!

 

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"

 

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Comment balloon 5 commentsJon Sigler • March 05 2010 06:57AM

Comments

Foreclosures continue to dominate the real estate market in Phoenix. Plenty of opportunities

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 8 years ago

Harry, Arizona is a hot bed of foreclosures.  Are the foreclosures concentrated to certain areas or statewide?

Posted by Jon Sigler, South Windsor Homes for Sale 860-306-8029 (Keller Williams - Greater Hartford) over 8 years ago

Elkhart Indiana still is struggling with unemployment, legitimate unemployment due to companies that either closed for good or moved to another state.  We have our share now and in the foreseeable future...

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 8 years ago

That is an awesome map on foreclosure information.  Thanks for posting it for us.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 8 years ago

Evelyn, we used to stay in South Bend when we drove out to visit family in Nebraska.  The Wikipedia article on Elkhart said unemployment is at 18% wow!  What is being done to "reinvent" or bring jobs to the area?

Posted by Jon Sigler, South Windsor Homes for Sale 860-306-8029 (Keller Williams - Greater Hartford) over 8 years ago

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