3rd Quarter Foreclosure Activity By Metro Area In 2010
Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®.
But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking firm RealtyTrac shows that more than half of last quarter’s foreclosures came from just 19 metropolitan areas, with the Miami-Fort Lauderdale are accountable for the largest number of filings.
A “foreclosure filing” is defined as a default notice, scheduled auction, or bank repossession.
On a per-household basis last quarter, the Las Vegas area was hardest hit. 1 in every 25 households received some form of foreclosure notice.
The RealtyTrac report features other interesting figures, too:
- California, Florida, Arizona and Nevada account for the top 10, and19 of the top 20 metro areas for foreclosures
- Compared to Q3 2009, foreclosure activity dropped in 72 metro areas, including No. 2 Cape Coral/Fort Myers, FL
- Foreclosure activity dropped 1 percent from Q3 2009 in the nation’s 20 most-populated cities
And, despite a 27 percent increase in foreclosures from the second quarter, Utica/Rome, NY posted the lowest foreclosure rate in the nation — 1 for every 8,003 households. The next closest city, Charleston, WV, posted 1 for every 2,600 households, by comparison.
Foreclosures, like everything in real estate, are local. For instance here in the North Georgia Mountains, Foreclosures have made up 49% of the sales in Towns County, 41% in Union County, 39% in Gilmer County and 32% in Blue Ridge located in Fannin County. And buying them is “different” from buying a typical home resale. If you’re planning to buy a foreclosed home, Call Me at 877.633.8186 for specific experience with homes in foreclosure. Professional advice is helpful.
Blairsville Realty Fall 2010 Newsletter
Blairsville Realty Fall 2010 Newsletter
October 17th 2010 North Georgia Mountain Front Porch View
I took this picture while I was out showing Luxury Cabins For Sale in Blue Ridge, GA. this past Friday. This Incredible Front Porch View was taken from a Log Cabin For Sale in Overlook Blue Ridge. The view is Absolutely Amazing, and I am not sure which was more impressive…that or the Cabin itself!
If you would like more information on this Log Cabin For Sale or any other Home or Cabin that you have see online, I would be more than happy to offer my assistance. You can Call Me at 706.994.8686, or Contact Me and I will get back to you in a timely manner.
Make it a GREAT week!
October 2010 Union County Vacant Lot Market Report
Union County Vacant Lot October 2010 Market Report
The Union County Vacant Lot Market Report for the Blairsville Georgia area in October 2010 doesn’t look very good. Median Sold Price for the month is down 22% from this time last year. The Median Sold Price for Union County Vacant Lots is $15,500. The Median Sales Price is also down, but only 12%, down $5,900 from $49,900. There was not a change from the number of Lots Sold this month compared to that a year ago. However, there was a significant drop from August to September, down to only 7 Lots Sold from 16 last month.
October should bounce back however. With the number of Lots Under Contract rising to 10, there is a good chance that we will see an increase in closed transactions in October. The number of New Lots coming on the market is up 65%, up to 43 units from only 26 in September 2009. Now the problem with tracking this is that we simply do not know how many of those went off the market and came back on the market. It could be a combination of making a change of Listing Broker, or even a Foreclosure that has now re-entered the market with the Bank. The Total number of Lots For Sale is down 16%, to 1,299 Lots.
The Average Days On Market (DOM) experienced the largest increase. The DOM for Lots For Sale In Blairsville, GA. is 327 Days. That is an increase of 97% from the 170 a year ago. The Absorption Rate, or Months Supply of Inventory is 122.2 Months. That is actually down 50% from 244.5 in September of 2009.
If you have any questions or concerns about Lots For Sale In Union County, please Call Me at 706.994.8686, or you can Contact Me and I will get back to you promptly. Thank you so much for viewing this North Georgia Mountain Market Report. Please check back often to get Sound Advice on North Georgia Mountain Real Estate, and Upcoming Events within our communities.
The Front Porch View's 500th Post!
Whaoooooo! Who would have ever thought that I, Chad Lariscy would ever write 500 Blog Posts? Not me. Actually, now that I think about it, I didn’t, or haven’t yet. However either way you look at it, I have reached my 500th Post on The Front Porch View.
I can remember when I first began blogging back in the latter part of 2007 and beginning of 2008. I thought to myself after reaching Post #2….”now what in the world am I going to blog about?” Well, there maybe a lot of hog wash in some of my posts, but I got to say that most are relevant and pertain to the North Georgia Real Estate Market.
I have somehow managed to continue posting about Community Events, Market Reports and provide meaningful advice to thousands would be North Georgia Mountain Cabin Buyer’s and Seller’s in the Ellijay, Blue Ridge, Blairsville and Hiawassee Georgia Real Estate Markets.
I would like to Thank all of my “Porch Buddies” who continue to come back and visit. Thank You, and I look forward to number 1,000!
