The Number of Georgia Foreclosures Has Fallen in Many Cities
The wave of new Georgia foreclosures has dealt a substantial blow to this state. It is second in the southeastern U.S. only to the numbers in Florida. With over 78,000 homes currently in a state of foreclosure, there is a wide variety of homes for potential homebuyers to consider.
The underlying problems in Georgia relates, in part, to banking problems that have been more severe there than in surrounding states. A large number of small banks have also failed, contributing to the current real estate problems in Georgia.
There are also various towns and cities across Georgia where the number of foreclosures have risen drastically. One of these towns is Jonesboro, where the number of Jonesboro foreclosures grew by 3.2 percent during the last month. There are currently 1,069 foreclosures on the market in Jonesboro and the average selling price at $170,000.
On the other hand, the prices and number of foreclosures have fallen in a number of cities, particularly in and around the greater Atlanta area:
* The price of Atlanta foreclosures fell by 4.8 percent last month. There are currently 9,300 foreclosed homes available on the market with the average foreclosure home being valued at $96,600.
* The price of Macon foreclosures fell by a substantial 25.8 percent last month. There are currently 1,145 foreclosed homes available on the market with the average price for a foreclosed home in that area at $80,000.
* The number of Marietta foreclosures fell by 6.9 percent last month. There are currently 1,900 foreclosed homes available on the market with the average foreclosure home being valued at $222,700.
* The number of Stone Mountain foreclosures fell by 1.2 percent last month. There are currently 1,570 foreclosed homes available on the market with an average selling price of $73,500.
* The number of Dallas foreclosures fell by 2.0 percent last month. There are currently 1,055 foreclosed homes available on the market with an average selling price of $102,300.
The landscape of Georgia is very diverse. The state’s coastal area features a large number of coastal islands while the north is very mountainous. The port city of Savannah has all of the characteristics of the antebellum South, as well as the Victorian period, with its large historic district highlighting the city’s pre-Civil War architecture.
Despite all the foreclosures that have been cropping up in Georgia, Atlanta is a modern city that is at the center of the U.S.’s southeast region. Major sports teams, well-regarded colleges, universities, cultural attractions, and one of the world’s busiest airports have made Atlanta a hub of activity and entertainment.
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