Foreclosure activity continues to concentrate over just a few states.

According to foreclosure-tracker RealtyTrac, November’s foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010.

“Foreclosure filing” is a catch-all term for the various “action steps” throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.

As in most months, though, foreclosure activity remains concentrated by state. More than half of last month’s bank repossessions can be traced to just 6 states.

1. California : 14.8% of all bank repossessions
2. Florida : 12.7% of all bank repossessions
3. Texas : 7.0% of all bank repossessions
4. Georgia : 6.9% of all bank repossessions
5. Arizona : 6.7% of all bank repossessions
6. Michigan : 6.3% of all bank repossessions

Meanwhile, with just 5 repossessions, South Dakota topped the list of states with the fewest bank repossessions in November. The Mount Rushmore State accounted for just 0.009% of REO nationwide in a month in which bank repossessions dropped to a 44-month low point across the United States.

The drop in REO is coming at a tough time for today’s Blue Ridge Home Buyers. Distressed properties are in high demand — mostly because they sell at steep discounts.

According to the National Association of REALTORS®, distressed homes accounted for 28 percent of all home sales in October. As fewer bank-owned homes become available, though, there will be fewer “deals” to be had.

Especially as the broader housing market continues to signal its recovery.

If you plan to buy a bank-owned foreclosed property, do your research first. As supplies drop, the price for foreclosed homes throughout the North Georgia Mountains relative to non-distressed homes may rise, rendering REO properties less of a relative “value”.

Before you write a contract, therefore, talk with a licensed real estate agent. There’s plenty of foreclosure data available online but, when it’s time to buy, you should have an experienced agent on your side.

Click Here For Details on 6650 Greystone Trail, Blairsville, GA. 30512

Foreclosure Activity

Newton was the highest County in Georgia with Foreclosure Filings, followed by Walton County and then Barrow County.

The rest of the nation’s top 10 state  foreclosure totals for the third quarter of the year included Arizona  (29,701), Texas (27,860), Nevada  (25,900), Ohio (24,166) and Colorado (12,918). The top five states accounted  for 52 percent of the nation’s total quarterly foreclosure activity.

If you are facing Foreclosure here in the North Georgia Mountains, please Contact Us to see if you have options. We are eager to help and to earn your Real Estate business here in the Mountains of Georgia.

Click Here to See A Full List of Foreclosures For Sale in the North Georgia Mountains

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Foreclosed homes are a hot market throughout Georgia — and supplies are ramping up.

According to foreclosure-tracking firm RealtyTrac, October’s foreclosure filings rose 7 percent to 231,000 filings nationwide.

A “foreclosure filing” is any one of the following foreclosure-related events : A default notice on a home; a scheduled auction for a home; or, a bank repossession of a home. Because of this definition, a single home can account for up to 3 foreclosure filings — one from each category.

Because of this, we may glean more relevant insight into the foreclosure market by separating RealtyTrac’s foreclosure report into “event types”.

• Default Notices : Up 10% from September 2011; Down 31% from October 2010.
• Scheduled Auctions : Up 8% from September 2011; Down 38% from October 2010.
• Bank Repossessions : Up 4% from September 2011; Down 27% from October 2010.

These breakdowns suggest that, although improved as compared to last year, the foreclosure market is growing. At least, it’s growing in some parts of the country. We can’t forget that — like everything real estate — foreclosures are a local phenomenon. 

In October, just 4 states accounted for more than half of the country’s foreclosure filings. Those four states — California, Florida, Michigan and Illinois — represent just 26% of the U.S. population.

Even on a per household basis, the figures remain disproportionate :

• Top 10 Foreclosure States : 1 foreclosure per 341 households, on average
• Bottom 10 Foreclosure States : 1 foreclosure per 7,434 households, on average

The nationwide foreclosure rate was 1 foreclosure per 563 households.

As a Blairsville or Blue Ridge, Ga. home buyer, foreclosures are worth watching. They account for 18% of home resales nationwide and, in some markets, can be bought at steep discounts versus a comparable “non-distressed” home. That is part of their appeal, in fact.

But just because foreclosed properties can be a “deal”, it doesn’t mean you should rush to buy one. Buying a foreclosed home from a bank is different from buying a non-foreclosed home from a “person”. The contracts and negotiation process are different, and foreclosed homes are sometimes sold as-is.

“As-is” means “this home may have defects”.

Therefore, if you plan to buy a foreclosed home, talk with a real estate professional first. You can learn a lot about the housing market online, but with respect to writing an offer on a property, you’ll want an experienced agent on your side.

Price Has Not Been Determined

Please contact Chad Lariscy at 706-994-8686 / Chad@BuyMountains.com with any questions or concerns about this property or if you would like to schedule a Private Showing of this or any other property of interest here in the North Georgia Mountains.

This is a Brand New Foreclosure For Sale located in a Gated Cabin Community not too far from Blairsville, GA. Incredible North Georgia Mountain Views from this 3 Bedroom, 3 Full Bath Cabin featuring a Detached 2 Car + Garage, Covered Front Porch, which has been very well maintained. Cathedral Ceilings, Rock Fireplace, Open Loft Area, and a Full Finished Basement.

The Price Has NOT Been Determined On This Property.

Please call me, Chad Lariscy at 706-994-8686 or email me at Chad@BuyMountains.com for more detailed information or to be placed on a list to be notified as soon as this property hits the MLS and a price has been determined.

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Foreclosure activity continues to slow throughout the United States, as well as here in the North Georgia Mountains as well.

According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.

A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.

September marks the 12th straight month in which foreclosure filings fell year-over-year.

There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.

Some states work quicker than others, however, because of a combination of state law and personnel.

Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.

As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country’s REO last month:

• California : 16.6 percent
• Georgia : 8.5 percent
• Florida : 8.3 percent
• Texas : 6.2 percent
• Michigan : 6.1 percent
• Illinois : 5.2 percent

Collectively, these 6 states represent just 36 percent of the nation’s population.

By contrast, the bottom 6 states were home to just 192 repossessions last month — 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.

For Home Buyers in Blairsville GA, shopping for foreclosed properties can be an excellent way to get “a deal”. Foreclosed homes typically sell at discounts as compared to “non-foreclosed” homes, but are often sold “as-is”. This means that homes listed for sale may be defective or out-of-code.

Before placing a bid on a foreclosed home, make sure that you’re represented by an experienced real estate professional.

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Homebuilders are feeling worse about the market for new homes nationwide.

With construction credit tight and competition from foreclosures increasing, the National Association of Homebuilder’s Housing Market Index slipped 1 point in September, falling to levels just below the index’s 12-month average.

The HMI measures homebuilder confidence nationwide. It’s the result of 3 separate homebuilder surveys, each designed to measure a specific facet of the homebuilder’s business.

1. How are market conditions for the sale of new homes today?
2. How are market conditions for the sale of new homes in 6 months?
3. How is prospective buyer foot traffic?

Each component survey showed a drop-off from August. Responses fell 1 point, 2 points, and 2 points, respectively. Together, September’s composite reading was 14 out of a possible 100 points. Readings over 50 are considered favorable.

The HMI not been above 50 since April 2006.

With homebuilder confidence low — and stagnant — buyers of new homes Hiawassee and Blairsville should remain alert for “deals”. Builders are more likely to offer free upgrades and other concessions to incoming buyers. The availability of such deals may increase as the seasons change and as the year comes to a close.

Low mortgage rates are making new homes attractive, too. Last week, 30-year fixed rate mortgage rates fell to their lowest levels of all-time. As compared to just 8 weeks ago, 30-year fixed rate mortgage payments are lower by 5 percent at all loan sizes, down $27 per month per $100,000 borrowed.

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Surrounded by U.S.F.S, Convenient to downtown Blairsville Georgia, Deep Water and Mountain Views, not only does this one have it all on the outside, just wait until you see the inside! Old World Craftsman Styled Lake Cottage with all the bells and whistles!4 Bedroom 4.5 Bath Lake House with Bonus Room above Portico easily making for a 5th Bedroom if needed. Full Finished Basement, Covered Porches and Open Decks makes this home a near Perfect Georgia Mountain Vacation Home.

This Bank Owned Lake Nottely Home For Sale will not be available in the North Georgia Mountain Real Estate Market long.

Please CONTACT ME or Call Me at 706-994-8686 if you would like to schedule an appointment to see this Lake Nottely Home For Sale today. If you would like to see a Full Length Video with as a Virtual Showing, please let me know and I will be more than happy to send that to you. If you have any specific questions or concerns about the property, feel free to contact me with those as well. I hope to hear from you soon.

VIEW ALL HOMES FOR SALE ON LAKE NOTTELY

Listing Courtesy of Better Homes and Garden Metro Brokers

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