Metro Atlanta Third Quarter Foreclosures Up 14 Percent
A whopping 24,787 metro Atlanta properties were forceclosed on during the third quarter of 2009 according to Realty Trac. The Atlanta Business Chronicle reports this is 1 house out of every 85 in the metro Atlanta area.
What is Driving the Increase in Foreclosures?
"While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option ARMs are spreading the foreclosure flood to more metro areas in 2009" said James J. Saccacio, CEO of RealtyTrac, in a news release.
As unemployment creeps up and mortgages start to reset interest rates even more stable real estate markets are starting to get caught up in the foreclosure tidal wave.
What to Do If Your Property Is Caught Up IN the Foreclosure Tidal Wave?
Get help now. Call your lender and start renegotiating the terms of you loan. Start negotiating a short sale if you owe more than your home is worth. Confused by the process, see my post Tough Decision: Loan Modification, Short Sale or Foreclosure for tips and ideas.
Sally English is a Certified Distressed Property Expert (CDPE) and has a track record of success in working short sales for clients who need mortgage relief. Call Sally English at 770-939-3174 OR EMAIL Sally English and the English Team at sallyenglish@englishteam.com to start the short sale process for your property.
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All content copyright © 2009-2010 by Sally English RE/MAX Executives, Inc. Atlanta Georgia. This sale offering is made subject to errors, ommissions, change of price, prior sale and withdrawal without notice. Potential purchasers should make a physical inspection to verify all features independently. EQUAL HOUSING OPPORTUNITY. Each REMAX office is independently owned and operated. Sally English is not an attorney or CPA and ALL legal or tax advice should be rendered by a professional. Thanks for visiting my BLOG!
