The number of foreclosed homes in Georgia is declining, but the state still is at No. 6 in the list of states with the highest foreclosure rates, according to October 2008 data released by RealtyTrac. The news is sending a clear message to homebuyers and investors in the state: the volume of homes in Georgia foreclosure listings is set to deplete. Perhaps, homebuyers who intend to buy at cheap prices should take no time and snap up available assets while they are for sale.
Georgia had about 10,000 filings for foreclosures in the month, including bank repossessions, default notices and auction sale notices. The number is down 12.8% compared to the volume in October 2007. With that, it is estimated that a home in every 391 households is up for foreclosure; that is in comparison to one in 452 homes nationwide.
In Georgia, local governments are ramping up measures to stave off foreclosures. In fact, the counties of Atlanta, DeKalb, Fulton, Clayton, Cobb and Gwinnett are set to access $81 million in US federal aid via the Neighborhood Stabilization Program. For the whole state, some $153 million aid will be allotted to help prevent and curtail the rising number of foreclosure. The scheme is aimed at resolving the foreclosure crisis.
Soon, local governments in Georgia will be allowed and empowered to buyout problem foreclosures, repossess the assets and dispose or lease them to the displaced families, which were not able to prevent loan defaults, leading to foreclosures. The homes will intentionally be made more affordable so that original homeowners could already be able to buy them back. When this happens, homebuyers and investors from outside the state could have a hard time snapping up home investments in Georgia.
