Georgia foreclosures jump 99%; rate is nation's 3rd highest

Atlanta Journal-Constitution ^ | December 6, 2006 | MICHAEL E. KANELL

[GodGunsGuts]

Hundreds of Georgians lost their homes Tuesday.

The houses, taken from debt-laden homeowners, were sold to bidders on courthouse steps statewide.

The increasingly busy monthly auctions show that not all of the residential market is in decline.

Foreclosures are rising.

More than 115,000 properties across the country were in the foreclosure process in October — up 42 percent from the same month a year earlier, according to RealtyTrac, a California company that tracks foreclosures.

Foreclosures in Georgia are up a stunning 99 percent in the past year...

[goldstategop]

A foreclosure is risky. You might be getting a house whose true value is undervalued precisely as its often in need of expensive and extensive repairs to make it livable. It might not be that bargain dream home that at first glance you thought was right up your alley.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus

[RavenATB]

"I had no idea. How did you guys let that get through???"

Let? You think we had a choice in it? Our property assessor had all the cards. This wasn't a vote of the people, and the county board lowered the mill rate by a tiny bit, to appease the numb skulls who were happy with a 60 percent property tax increase.

No, our "Okaloosa" County board spends like a bunch of drunken sailors, and the voters are catching it between the cheeks. This used to be something of a conservative area, but conservatives are getting hard to find no matter where you look, anymore.

[org.whodat]

and all.....so help a dummy...if a home is on the foreclosure list that means the owner is seriously in arrears. Typically,probably to the point of action or sale or closure. So say a 150 k home is involved in one of these foreclosures and this auction is held and this very 150 k house in included, what are the next buyer benefits ? Can the home be bought for 100 k if that is the highest bid ? Why of the original owners down payment or the money down as it applies to the balance? TIA

I have read the answer given so far some of them are really funny. So I will tell you. In most cases the first bid on a piece of foreclosed property is made by the lender or is representative they bid the loan payoff. If someone bids above this they are the new owners. Remember, at foreclosure payment is due then, not thirty days from then. The only thing that would change the bid figure is if there was a real auctioneer used, in which case who paid his fees would be announced. That's is the way it works, from a person who has bought and sold lots of this type of property.

[peggybac]

I'll be buying my first home in a few months. I'd like to pay it in full but heard this wasn't a good idea. I have to by Real Estate for Dummies soon!

[org.whodat]

If the real estate market was so bad, why would anyone want to buy a foreclosed home?

They bought one of those how to get rich in real estate ripoffs. What they don't understand is the guy got rich selling his plan.

[dennisw]

How many illegals got home loans in the last several years?

One can only hope that every single illegal alien homeowner in Georgia gets foreclosed and they scamper back to Messico and points south

[TheLion]

Actually, investors are going to get rich buying reduced cost foreclosed homes. The market works wonders.

[antiunion person]

How many of these top 10 states are red and how many are blue states??

[sergeantdave]

"The cut and dry is, there are too many people moving out of the state and not enough moving in," said Keith O'Con, operations manager for Morse Moving & Storage Inc., which uses Allied Van Lines.

by David Coates / The Detroit News

Here's the answer. If you can't find the article at Detroit News, I'll freepmail it to you. Let me know...

[antiunion person]

have to disagree. I live in northern michigan. we have no illegals. Yet forclosures are EVERYWHERE!!!

There is no where in the country where there are NO illegals. I don't care where you are, there are illegals, whether you know it or not.

[calljack]

Give me a freaking break


1. Colorado 1 out of 337 homes (117 % increase)
(less than 1/3 of 1%)

2. Nevada 1 out of 389 homes (557 % increase)
(just over 1/4 of 1%)


3. Georgia 1 out of 449 homes (99 % increase)
(just under 1/4 of 1%)

4. Michigan 1 out of 623 homes (88 % increase)
1/6 of 1%

5. Illinois 1 out of 632 homes (144 % increase)
ect

6. Florida 1 out of 640 homes (49 % increase)
ect

7. Ohio 1 out of 654 homes (55 % increase)
ect

8. Tennessee 1 out of 668 homes ( 99 % increase)
ect

9. New Jersey 1 out of 675 homes (37 % decrease)
ect

10. Utah 1 out of 718 homes (13 % increase)

And to finish off this list of horrors is a devastating
1/8 of 1%

[TheLion]

I get letters from companies all the time wanting to buy my house sight unseen, and as is, all the time. At aprice well below market I know.

The point is that there is a lot of money in realestate, especially when the forclosed price represents a 20% gain or more on the money invested.

[calljack]

Hundreds of Georgians lost their homes Tuesday.

Couldn't you also say that hundreds who couldn't previously afford a home just got one???

Doom Despair and agony. It's a hee haw show.

[Shion]

Eh. I have it on good authority that Georgia is the capital of the real estate and mortgage fraud universe.

[Shion]

I think we're seeing the result of a number of people who were under the impression that a rate of change will remain constant, that home values would always go up with no down-turns, and they could just sell the property if their neg-am loans every got to be too much for them. People don't look at a house as a long-term investment anymore either, apparantly.

I'm constantly amazed at the utterly stupid financial situations people get themselves into with real estate.

[Shion]

That said, foreclosure buying is not especially for the faint of heart. Your money has to be in cash on the barrelhead, which IS possible if you can arrange a purchase loan in advance.

I'm waiting for the REO sales to increase to personally look for a home.

[fatez]

Yeah, but never try to catch a falling knife. Wait until it bottoms out and bumps along for a little bit.

[Pukin Dog]

Hey dufus, more product = cheaper prices.

Cheaper prices = more buyers.

Maybe you should try a bit of Econ yourself? I do this for a living, you?

The housing market will NEVER be overbuilt, because of the above. Cheaper housing means more people can qualify. I suggest you educate yourself.

[raftguide]

99% from what to what? 10 to 19 is a 90% increase!

[TheLion]

"Wait until it bottoms out and bumps along for a little bit."

By then you missed the opportunity.