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Georgia foreclosure listings are nearing record numbers. According to the New York Times, Atlanta homeowners are defaulting on mortgages at one of the highest rates in the nation. Siting the fact that lenders are only refinancing at higher interest rates as the cause. Another factor in the rise in foreclosure listings and the higher numbers on the bank foreclosure listings is a Georgia law that permits the lenders to go to auction at a much faster rate than most other states. There was a three bedroom home auctioned for a mere $134,000 that when originally purchased cost the homeowner $330,000.
The bank foreclosure listings in Decatur have over 19,000 homes in them and 573 of those are headed straight to auction as of this month. Homes that sold for as much as $400,000 are being auctioned for a small fraction of the purchase price. Marietta is also feeling the heat of the housing foreclosure epidemic. For its size it has the same numbers in foreclosure listings as Decatur and Atlanta.
Dallas, Georgia has some of the most beautiful scenery in Georgia and the homes there range in the upper $400,000; yet just as elsewhere in the Georgia foreclosure listings of these fine homes are rising. One foreclosure listings site has over 2100 homes listed for 40% below market value.
Laurenceville is one of the oldest cities in the Atlanta area, and it is feeling the heat as well. Georgia peaches are appalled at the number of bank foreclosures in Georgia that are beginning to spring up. There are over 5,000 homes in this city of only a few thousand residents that have foreclosure listings and most of these are being auctioned at less than market value. Major metropolitan areas are not the only ones to see their housing markets going down the tubes.
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