Is There Another Wave of Foreclosures Coming for Athens, GA?

Unfortunately, Georgia is still on the top 10 list for states with the highest foreclosure rates during June 2010 according to Realty Trac statistics.

According to their statistics, 1 home per 334 homes in Georgia is in foreclosure. In the first half of 2010 there were 71, 949 homes foreclosed upon in Georgia. In June of 2010 Georgia ranked number 8 of the top 10 states with highest foreclosure rates. For the first half of the year, Georgia is ranked #6.

What is worrisome is the percentage of homes in Georgia that are in deliquency and “non-current” status (usually defined as being over 30 days late on mortgage payments). Lender Processing Services shows 14.4% of Georgia homeowners are “non-current” and 11% as deliquent. Real estate industry gurus warn that signs of stabilizing markets in some areas could be “derailed” by “shadow inventory”. Some analyst report that 6 million more people are expected to lose their homes over the next 2 years due to foreclosures & strategic defaults (know as “walking away” when a home is in a reverse/no equity postion).

However, there is some good news…nationally, foreclosure filings are down 7% from a year ago and Georgia is ranked # 6 in the Best State to do Business In!

As for Athens, GA (Clarke County only) currently there are 66 active listings in Athens MLS identified as REO or post foreclosure listings (please note that actual numbers could be higher – it is not required that listings owners be identified). In June 2010, there were 18 identified sales of REO or post foreclosure properties in Athens MLS for Athens, Clarke County, Georgia.

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