Foreclosed Cheap Homes for Sale Still High in Atlanta

by on Foreclosures

The number of foreclosed cheap homes for sale in Atlanta, Georgia rose again in 2011 as the metro area starts the year with a foreclosure rate increase. The good news is that delinquency rates are down in the metro region, based on a report issued by CoreLogic.

For January 2011, the number of Atlanta foreclosures and foreclosure-related actions rose compared with one year ago. Data for the first month of the year showed that 3.12% of the metro region's outstanding mortgages are under some form of foreclosure. The rate represents a rise of 0.36% compared with January 2010 when the foreclosure rate was pegged at 2.76%.

Meanwhile, Georgia foreclosed homes for sale numbers and foreclosure-related filings also went up during the same period. Statewide, the rate of foreclosure for January 2011 was 2.71%, up from the January 2010 rate of 2.43%. Both statewide and metro-wide foreclosure rates however, have remained lower than the national average. The nationwide rate of foreclosure for January of this year was pegged at 3.63%. Delinquency rates, on the other hand, have declined in Atlanta and in the whole state of Georgia for the month.

Although foreclosed cheap homes for sale have remained a major concern for Atlanta's housing market, industry observers are optimistic that things will eventually get better as the number of delinquent homeowners diminish in the metro region. As of January of this year, 9.82% of mortgage borrowers in Atlanta are reportedly delayed in their payments by at least three months. The figure represents a decline compared with January 2010 when 10.68% of mortgage borrowers were deemed delinquent.

For Georgia, analysts are hoping that the pace of increase in the number of bank foreclosed properties in the coming months will somehow slow down as the state's delinquency rate fell by 0.66% in January 2011 compared with one year ago. The delinquency rate of Georgia for the first month of 2011 was 8.72%. However, this is still higher than the nationwide delinquency rate of 7.87%. Delinquency level for the whole U.S. declined in January 2011 by 0.62% compared with year-ago levels.

Although the region's housing market is still in a slump due to the oversupply of distressed cheap homes for sale, local analysts are optimistic that things will get better. They claimed that the fact that there are fewer delinquent borrowers at the start of the year showed that the housing sector is starting to get out of deep trouble.

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