Atlanta Real Estate: Foreclosures Up, But So Are Home Prices

by on Foreclosure Rates

Homes in Atlanta

Atlanta is one of the jewel cities of the South, and as a result, this vibrant, in-demand city has real estate that is just as dynamic as the rest of the metropolis.

Atlanta real estate has made long strides in recovering from the recession and housing market crash. The latest housing statistics are evidence of this growth. According to the latest stats, housing prices in the metro Atlanta area were up by 16.8 percent year-over-year, which is a remarkable improvement. Prices did drop slightly by 0.1 percent from December 2013, but such a small variation is expected on a month-to-month basis.

The yearly gain outstripped the growth found in New York (6.7 percent) and Washington D.C. (9.2 percent) and was on par with the growth rate in Los Angeles (18.9 percent). This was the 14th-straight month of double-digit year-over-year increases.

But while prices are increasing – always good news for homeowners and for investors attracted to the ideal location Atlanta promises – foreclosures are also ticking up monthly. According to reports, foreclosures in the Atlanta metro area were up slightly. There were 2,635 foreclosures reported. The good news is that the amount of foreclosures reported lately are down dramatically from a year ago, when 5,008 foreclosures were filed.

Activity is increasing throughout Atlanta, but what are the best areas for real estate, both commercial and residential? Lately, investors have been flocking to the Central Perimeter submarket. Rents are rising for both residential and commercial tenants, creating more opportunities for profit.

The Buckhead area is also hot. The city’s premier high-end destination has witnessed retail expansion, which serves to help increase property values in the surrounding area.

Finally, Midtown continues to be active as far as real estate is concerned. Midtown is the hip, tech-savvy part of town, home to Georgia Tech and Atlanta’s high-tech industry. Those who seek real estate here hope to tap into a burgeoning center for tech-based innovation on par with the West Coast.

Atlanta real estate is heating up and recovering nicely from the recession lows. Those who are looking for affordable homes in ideal locations can search through Atlanta submarkets for opportunities, especially if you want properties with high growth potential. Check out listings for Atlanta bank foreclosures to find affordable properties that can turn into profitable investments.

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