Alpharetta Foreclosures40 Month Low

According to RealtyTrac national foreclosure activity is down 34% year-over-year last for month. It’s the seventh straight month that foreclosure activity has decreased on an annual basis. Down 9% from last month, we are at a 40 month low.

Georgia is Number 8

Georgia is number 8 on the list of the 10 states with the highest foreclosure rate, but the year-over-year foreclosure activity for our state is down 39.3% Keep in mind, in our area of North Fulton, foreclosures make up 23% of all single family homes – at least for the first quarter of this year. That number has been slowly declining.

Half of All Foreclosures Found in 5 States

  • California: 19.8%
  • Arizona: 9.5%
  • Michigan: 7.5%
  • Florida: 6.7%
  • Texas: 5.6%

Are We Over The Hump?

Not yet, but hopefully soon. A big reason why foreclosure activity has been declining has to do with the delays in processing them. Right now it takes, on average, 400 days to go from initial default notice to repossession. But there is some good news that indicates the corner has been turned. Delinquencies are trending down; we just need to work through the inventory.

 

 

 

 

 

 

 

 

 

 

 {courtesy of www.calculatedriskblog.com}

 
Get Your Bargain

According to the National Association of Realtors, foreclosures sell at a 20% discount over non-distressed homes. Now, that is a national average, but they represent a significant savings in our area, which is why they are competed for so often here. Only 58 bank-owned properties have sold so far this year in Alpharetta, out of 347 total sales for Alpharetta – less than 17%.