More Opportunities for People Buying Atlanta Bank Foreclosures

by on Foreclosures

Now is probably a good time for people buying Atlanta bank foreclosures, seeing that the city and the whole state of Georgia posted increased supplies of foreclosed properties for the third quarter of 2010. The state ranked seventh nationwide in terms of foreclosure numbers based on July-September statistics.

Majority of the foreclosures are accounted for by bank-owned properties, with Chase foreclosure listings and other distressed property listings recording higher numbers compared with the previous year and the previous quarter. According to recent housing market reports, one household out of 98 in the state is in foreclosure.

Georgia foreclosed homes had a total of 41,231 for the third quarter, representing an 8.3% rise when compared with the 2010 second quarter for which the state was ranked eighth nationwide. Compared with the 2009 third quarter, the rise is at 23.5%. The numbers include notices of default, homes up for auction and repossessed properties.

In the point of view of buyers who are wondering how to find bank foreclosures, Georgia will be a good place. The rise in the state's foreclosure activities is largely attributed by housing market observers to the record number of bank repossessions posted for the quarter.

Experts have revealed that the July-September period was the time that lenders foreclosed on the most number of properties, effectively cutting down inventory levels and providing more supplies for people buying Atlanta bank foreclosures and distressed properties in other parts of the state.

Georgia's distressed property inventories have been inflated by foreclosure prevention programs launched by the government in the early part of the year and recent repossession activities were meant to lower these inventories, analysts have reported. For September, Georgia recorded a total of 14,305 filings, representing a 14.2% decrease compared with August 2010 and a 6.3% drop compared with September 2009.

Housing market analysts are predicting a drop in the number of foreclosures and bank repossessions for the fourth quarter of 2010, mainly because of the temporary halt on foreclosure processing implemented by major lenders. For now though, people buying Atlanta bank foreclosures will find a huge supply of such properties, along with other distressed properties in most areas of Georgia and the U.S.