Posts Tagged ‘atlanta’

Coweta Foreclosures Tower above USA Average

Thursday, August 21st, 2008

While foreclosures across the nation are skyrocketing, foreclosures in Coweta are towering above the USA average. Going by advertisements inserted in Times-Herald the tendency of staggering increases is noticeable. From 70 in July 2007 it jumped to 136 in July 2008 marking a hike of 94%. During this period the national increase was by 55%. It calculated to a national foreclosure rate of 1:464 in July.

Coweta figures show that since May 2008 the foreclosure rate is 1:332 – far above the national rate. The insertions in the Times-Herald about foreclosed houses have been steadily but surely increasing. From July to August 2007 the numbers shot up from 70 to 112 respectively. It touched a high peak of 156 in January 2008. For August 2008 there have been 137 advertisements as against 112 in August 2007.

Dr. William Joey Smith of West Georgia University said that hitherto the predictions that the housing market would ‘bottom out’ months ago were wrong. None will deny that the banks are in good shape. This has led to rethinking that it might take a much longer time for the foreclosure crisis to stabilize. Contrary to anticipations the situation has worsened in many places than before.

Coweta County is not alone in its suffering. In Troup County the foreclosure rate is 1:915. In Merewether and Fayette it is 1:205 and 1:532 respectively. It is worse in Carroll County where the foreclosure rate is 1:270. In Fulton County it is higher still with the foreclosure rate being 1:156.

Mark Manis of Wheeler’s Building Supply remarks that the housing market is very tough. Recently Wheeler’s Building slipped into bankruptcy earlier in 2008 but since then it has undergone a change and resurfaced keeping the same name. Foreclosures so far have concentrated in certain pockets of metro Atlanta. There are indications that it is spreading to other parts of North Georgia and that is not good news at all. The road ahead is “fraught with peril.”

Realtor Frank Barron of Lindsey’s Inc in Newnan admits that he made a mistake by saying at one stage that the market had “hit the bottom”. He does not think that the bottom has been reached as yet but perhaps the tendency is that the market is slowly edging towards it. The sales figure of July makes him optimistic. It is much better than what it was previously. By late 2009 and 2010 it seems the situation will take a positive turn.

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Despite Foreclosures Atlanta’s Economy Is Expected To Shine

Friday, July 11th, 2008

Economist Brian Beaulieu, of Trend Research, is of the opinion that despite foreclosures the economy of Atlanta is expected to shine during the forthcoming years as compared to other parts of the nation. This prediction has taken into account that 2009 will see recession in the country.

Beaulieu thinks that the economy of US will slightly improve from the second half of the current year in comparison to the first six months. At the moment the country is not in recession, although it is being badly mauled by foreclosures, but during the years from 2009-20010 recession seems to be inevitable. He was talking at the annual meeting of Rockbridge Commercial Bank, Atlanta. The current year is preparing the ground for the recession – “the warm-up”. It will peak in 2010 and then start tapering off from the beginning of 2011 allowing for gradual recovery.

Georgia has recently been bettering its performance compared to the national economy as well as the southeast although foreclosures continue to rage and fume. The gross state product of Georgia was improved upon that of the entire southeaster region as well as USA. The interest rates of Georgian are better than the national median.

This trend will continue despite the foreclosure tsunami gripping the entire nation. The impact of the sub-prime foreclosure crisis is not so strong as it was initially. A lot of the shock has been absorbed. However other debt problems are looming large. Inflation is increasing, price of energy and fuel is spiraling while the housing market continues to slow down with the onrush of foreclosed houses. This combination will be pushing the country towards recession. It will hold sway till 2010 and then a long period of slow growth will begin from 2011.

The current year will appear comparatively flat. The recession from 2009 to 2010 will take on the complexion of the early 80’s. During that latter period fuel price, interest rates and unemployment numbers had increased. Another prediction is that if Democrats conquer White House taxes will rise and further hasten the economic slump.

The main factor however that is dragging down the economy is the foreclosure numbers that is telling on the real estate negatively. The building permits in Georgia have fallen to record low levels from the early part of the 1990-decade. Since the Civil War there has not been such a percentage decline in the housing market.

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Foreclosures And Mortgage Frauds

Tuesday, December 25th, 2007

Organized mortgage frauds located in Atlanta seem to be a plausible explanation for the rising numbers of Atlanta foreclosures. The Wall Street Journal has reported how a fraud caucus managed to pocket $6.8 million in mortgages from Bear Stearns. A certain New York couple approached the bank with the story that they earned more than $50,000 per month as top ranking personnel of a marketing firm. They submitted statements showing assets worth $3million. In actual life the man was had an income of $105,000 per year with assets worth not more than $35,000! His wife did not have any outside income. Such a couple purchased a mansion and sold it in a foreclosure auction. Neighbours smelt a rat that led to the exposure of this foreclosure fraud ring.

According to the FBI, 28% of the mortgage agents and analysts are engaged in fraudulent activities. In 2003 the number was 7%. Lenders should know their rights and file Suspicious Activity Reports as soon as they suspect anything. Between 2000 and 2006 the reports have increased by 700%. There were 436 mortgage fraud cases in 2003. That has gone up to 1,210 this year – that is 2007.

The Prieston Group provides mortgage fraud insurance. According to their chairperson Arthur Prieston, losses from mortgage fraud in 2006 could be about $4.5 billion. It is a 100% rise from the 2005. The statistics for 2007 have not been released as yet. This organized racket is adding fuel to the fire of foreclosures. Prieston is of the opinion that in some regions more than half the foreclosures might stem from these frauds. He blames the sub-prime system of loans as ‘liar’s loans’ because no documentation was required about income statements. People merrily lied and got loans that were used in an organized manner for speculation leading to the foreclosure fiasco of today.

The Mortgage Asset Research Institute is another firm dealing with fraud protection. It said that 60% of the stated income amounts were exaggerated by more than 50%.

The net result is that with these exposures people who are self-employed and rely on stated-income loans will find it difficult in the near future to get loans to buy houses. The antics of few criminals make life hard for the many honest hardworking folks.

The main things that this fraud affair has exposed that where were the watchdogs when all this was going on?

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Atlanta Foreclosure Homes at Low Cost

Tuesday, December 18th, 2007

Atlanta foreclosure homes offer you a great deal of profit. You can save 20-50% of your money while buying them. There are certain legal processes involved while buying Atlanta foreclosure homes. These legal processes are very short term and you get hold of your property in a very short span of time. A majority of the Atlanta foreclosure homes dealings get finalized within a month or two which earlier used to take several months and even a year.
There is large number of foreclosure properties including residential and commercial ones that are available in Atlanta. Atlanta foreclosure homes are available in various sizes, shapes and even in the best locations of the zone.

Atlanta foreclosure process is very quick. As soon as the notice of trustee sales is passed, the property is put on foreclosure. It hardly makes a difference what was the real price of the real estate property was. Foreclosure pricing will be the amount of principal and interest that is still due. Properties are listed very quickly and the buyers do not even get time to research a lot for Atlanta foreclosure homes. So, if you are deciding to buy one of the Atlanta foreclosure homes you need to keep track of foreclosure proceedings all the time and grab the best deal available in Atlanta foreclosure homes.

Due to the quick listing of the foreclosure homes, you can also go to the court proceedings and do your own bidding instead of buying from the bidder who won the sale. According to the law, foreclosure listings for the Atlanta foreclosure homes are published in the newspaper, one month before the sale. You can also check out Atlanta foreclosure bulletins which will keep you updated about the Atlanta foreclosures.

Another convenient way of getting information regarding Atlanta foreclosures is via Internet. Some of the websites charge a certain amount of fees for giving you information and there are some to which you need not pay anything and you get the information for free. You need to sign in to the website’s account so that it can send you the latest news regarding Atlanta foreclosures on your email address. You have to notify the website when you successfully complete your deal with the help of the information provided it.

Atlanta foreclosures prove to be the best deals when it comes to buying foreclosure homes. You will get the opportunity of owning a home and that too at the lowest possible value. It’s really necessary to own a home since it ensures your security as well as the security of your family. Atlanta is the right place to own a home in America.

Atlanta is, at present, the center of major industries and information technology. Lots of companies have invested in Atlanta and set up their industries in the place. So, you will also have ample professional opportunities. There is a great metropolis culture in Atlanta, with shopping centers, schools, theatres, scenic beauty and above all, a healthy and calm environment. You will also get easy financial help for investing in Atlanta foreclosure homes.

You can also log on to www.foreclosurelistings.com for details regarding Atlanta foreclosures.

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Foreclosure Hotline Never Stops Ringing

Monday, December 10th, 2007

The foreclosure crisis has been slipping from bad to worse. It started off with the laudable aims of helping those who wanted to own a house but could not qualify for the prime loans. The sub-prime mortgage was tailor made for them. Unfortunately the scheme went awry with predatory lending and reckless borrowing. The borrowers were unaware of what they were walking into.

Only when interest rates began to rise that they woke up with a shudder to succumb to foreclosures. The sheer number of foreclosures raging across the country has made sociologists, economists, legal fraternities and even the politicians sit up. All were affected. Bush made an announcement on Thursday regarding help for foreclosure victims.

On an average day the number of calls was 1,500. But since the foreclosure crisis the number has shot up to 5,800 said Tracy Morgan, vice president of communications and business development for the Homeownership Preservation Foundation. This is the story ever since Bush announced plans to soften the foreclosure crisis. Borrowers were asked to call 888-995-HOPE. The calls on Thursday were three to five times higher than those received on Monday. There was a sense of high alert following the President’s declaration.

The Homeownership Preservation Foundation works in tandem wit six other credit counseling bodies across the country. One in Greater Atlanta, Consumer Credit Counseling Service took 920 calls within four hours. The average is 75 to 80. The pressure is compelling them to engage extra personnel to attend to the calls. Many are working overtime. Whatever the odds they have been able to manage the workload. Calls are kept on hold to talk to counselors.

In New Jersey Novadebt handles hotlines. They received 1,600 calls on Thursday. Through the year the number of calls have been steadily rising corresponding to the rise in foreclosures. It is also due to the publicity these hotlines are being given. The calls have increased by 100% from the first to the second quarter and 94% from the second to the third quarter.

Homeownership Preservation Foundation has increased its strength of counselors receiving the hotline calls. By the end of the year 70 more will be added to their team bringing the total to 250. It is a non-profit organization funded by the US Department of Housing and Urban Development in partnership with mortgage lenders and servicers as well as charitable bodies.

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Property Values: What You Get for … $400,000

Tuesday, April 24th, 2007

Homes on the market in Atlanta, Walker, Minn., and Florence, Ore.

More: continued here

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Home for Sale in Atlanta, Georgia

Sunday, April 15th, 2007

This fantastic home is located on one of the most private streets in this community. Truly move-in ready. Galley style kitchen with silestone tops, beautiful tile backsplash and stainless appliance package. Large breakfast area overlooks deck and great backyard. Separate dining room. Main level hardwoods. Master on main and guest suite on main. Three bedrooms and huge bonus room upstairs. Daylight terrace, stubbed for bath ready to finish with media room, bedroom and/or exercise room. Three car garage.

More: continued here

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Atlanta GA foreclosure homes

Sunday, April 8th, 2007

In the last decade, the Atlanta metropolitan area added over 1,150,000 residents which is the fourth-largest gain in absolute numbers in any metropolitan area in the United States. The capital of Georgia, Atlanta is, in fact, the ninth most populous city in the US. A city that is lauded for rising from the ashes and has phoenix as its symbol, faces a mammoth challenge of housing its millions of residents.

Real estate in the home of Coca-Cola is obviously a booming business. Properties sell here at a premium and it is only the very fortunate who get a property in Atlanta GA at a price that they could term as reasonable or below the market price.

It makes great business sense to invest in foreclosure homes in Atlanta GA. These are properties whose ownership was transferred to the lending bank when debtors could not repay the loan installments.

The Atlanta banks foreclose these homes and put them up for public auction. In such auctions in Atlanta GA, one can look forward to a very good deal, since chances are that a property would be sold off at a price much lower than the market price. The reason is that the bank is only interested in recovering the money it spent on the property and does not have the time to put it up for sale in the open market and negotiate a profitable deal.

An opportunity for buying the best in real estate comes in the form of Atlanta foreclosure homes that usually comprise the best deals. Whether you’re buying a new home for your family or you’re in the market for an investment property with good potential for future profit, you’re going to want to look for the best deals possible to get the most value for your money. At ForeclosureDeals.com, the website introduces the browser to a world of savings and huge potential discounts through the extensive selection of Atlanta foreclosure homes currently available to the public for purchase.

The homes are available for prospective buyers after a homeowner defaults on payment of home mortgage. The lender is under duress to sell it through public auction to collect the outstanding debt. Since the lender only needs to collect a portion of the home’s value, and not it’s full amount, many Atlanta foreclosure homes end up being undersold for anywhere from 10 to 50 per cent off their market value, depending on the property.

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