What’s Going On in the Atlanta Foreclosures Market?
Last year was a tough time for many Atlanta homeowners. According to a RealtyTrac report, Atlanta foreclosures numbered second in the United States with around 63,737 homes entering some stage of foreclosure. This means that 1 out of 23 homeowners filed for foreclosure. In January 2007, the city posted almost 6,800 new foreclosure filings.
The high foreclosure rate experienced in the whole state of Georgia can be blamed on the high number of mortgage fraud reported in the past years. Atlanta, particularly, is considered to have the most cases of mortgage fraud. Because of the need to protect home buyers, Atlanta even passed a law that made mortgage fraud a criminal act. In fact, a story in the Atlanta Business Chronicle reported that an ex-closing attorney was found guilty by a federal jury for mortgage fraud amounting to a whopping $20 million.
The new law will actually help improve the city’s real estate buying market. As more and more Atlanta foreclosure Listings are put on the market, investors and first-time buyers are presented with many golden opportunities. The large inventory of Atlanta foreclosures means prices would be really going down for the thousands of foreclosed homes for sale. Buyers can even afford to very choosy because of this turn of events.
If you are interested in taking advantage of this great opportunity, getting a reliable real estate broker like MostlyForeclosures.com would make it more convenient for you. Their expertise on the Atlanta foreclosures real estate market would surely come in handy as you search for the perfect Atlanta foreclosure. To make it even easier, you can access their foreclosure listings that contain the most amazing Atlanta foreclosures for sale in the market, all at a fraction of their average market prices. You can choose from adorable single family-units, spacious town homes and sprawling estates.
Related Pages:
