Lowest Foreclosure Filings In Almost 4 Years!
Foreclosure activity continues to drop nationwide.
Based on data from foreclosure-tracking firm RealtyTrac, foreclosure filings nationwide fell below 220,000 in April 2011, a 9 percent decrease from March.
A “Foreclosure Filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
April marks the seventh straight month in which foreclosure filings have dropped and total filings are down more than one-third year-over-year.
One reason why filings are down is that banks are letting more time pass between delinquency and foreclosure, exploring alternative courses of actions such as short sales and loan modifications. It now takes, on average, 400 days from an initial default notice to bank repossession.
That’s more than double the 151-day average of early-2007.
Another reason may be that job growth is returning to the U.S. and job creation is associated with fewer home loan defaults.
Regardless, in the states in which foreclosures are occurring, bank repossessions are concentrating among just a few.
5 states accounted for half of the country’s April REO:
- California : 19.8 percent
- Arizona : 9.5 percent
- Michigan : 7.5 percent
- Florida : 6.7 percent
- Texas : 5.6 percent
Collectively, these 5 states represent just 32 percent of the nation’s population.
On the other end of the chart, Vermont accounted for a measly 0.007% of April’s foreclosure filings.
If you’re a first-time home buyer considering foreclosed homes in Blairsville or Blue Ridge Georgia, or a seasoned investor adding to your portfolio, the good news is that foreclosures are selling at steep, 20 percent discounts relative to non-distressed homes. Just make you know what you’re buying. Foreclosure purchases carry different risks and follow different procedures than “traditional” sales.
Rely on a seasoned real estate agent to navigate the deal.
Absolute Auctions Happening NOW In The North Georgia Mountains
United Community Banks has obtained the services of Rowell Auctions to liquidate Bank Owned Properties.
Rowell Auctions, Inc.
Union County Residential Market Report March 2011
Union County Residential Real Estate Market Report – March 2011
The Residential Real Estate Market in the Blairsville area of the North Georgia Mountains are still be dominated by Bank Owned Properties For Sale. The Median Sold Price for Homes Sold in Union County was on a steady climb since September of last year according to the data that this report has been compiled from with help from the Northeast Georgia Board of Realtors® MLS. That all came to a screeching halt in February of 2011. Although there were over 2 times the number of units sold, the Median Sold Price dropped 27% from last month, but only 16% from a year ago. The Median For Sale Price has risen slightly from last month, but dropped about 3% from a year ago. Again, the number of Homes Sold in Blairsville, GA. was up 116% from last month, and 7% from a year ago. I believe that all the snow we had in December and January had a lot to do with why our sales were down so much in January.
But why the decrease so much in Median Sold Price? 27% in one month. Well one word…Foreclosures. Bank Owned Properties make up a very small percentage of the Market Share in Blairsville but dominate the sales. If you take a look at the homes sold in February, 20 of them were Bank Foreclosures. That is 57% of House Sales in Union County.
The number of Homes Under Contract has actually dropped a little from last month as well. There were 30 Homes Pending in Blairsville Georgia at the end of February, compared to the 41 that were Under Contract in January. Taking a look at the past year, we can see a somewhat steady climb and an overall 67% increase year over year.
New Real Estate Listings continue to decline mostly in part to New Construction Home starts being down so much. The total number of Residential MLS Listings is down 23% from February 2010. The Average Days On Market or commonly referred to as DOM, was down 13% overall, but was up just slightly to 155 days. Also the Absorption Rate for Union County is down overall 57%, but jumped from 12 months to almost 16 months in February 2011. The Absorption Rate tells us how many months under current market conditions it would take to sell all the Homes For Sale in Blairsville, GA.
Thank you so much for stopping by “The Porch” and visiting. you are welcomed back at anytime. If you have any questions or concerns with anything you have read in this report, or pertaining to the North Georgia Mountain Real Estate Market, please Contact Me and I will be grateful for the opportunity to address them for you.
Make it a GREAT day!
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Incredible Buy On A Bank Owned Home In Blairsville Georgia
159 Loftis Mountain Blairsville Georgia
Incredible Deal on a Foreclosed Home located in the upscale community of Loftis Mountain convenient to Lake Nottely and Downtown Blairsville, GA.
This Traditional Home has a total of 4,897 Square Feet according to the Union County Tax Assessors website, who also has a total assessed value of $409,978. You do the math, if this home is purchased at FULL PRICE, that is $52.89 a square Foot. Unbelievable!
Please Contact Me if you have any specific questions or concerns with this Home For Sale In Blairsville, GA. I would appreciate very much the opportunity to earn your business, providing you with more value in your North Georgia Mountain Real Estate transaction that you ever could have expected.
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Foreclosure Activity Slowing Throughout Heavy States
Foreclosure Activity is slowing. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010.
The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
January marked the third straight month of sub-300,000 filings after 20 straight months above it.
As compared to January 2010, six of the nation’s 10 most foreclosure-heavy states posted an annual foreclosure filing reduction. The remaining four showed modest worsening.
It’s noteworthy that states like California and Florida posted declines of 7 percent and 54 percent, respectively, and that Nevada posted a relatively-low 3 percent gain. These three states have been at the leading edge of foreclosure activity since 2007. Their subsequent recoveries, therefore, may foreshadow a better housing market ahead.
Or, this may be lasting effects from the “robo-signer” controversy.
Regardless, home buyers continue to clamor for distressed Homes For Sale in Ga.
According to the National Association of REALTORS®, properties in various stages of the Foreclosure and Short Sale process are selling at discounts in the range of 10-15 percent so it’s no wonder they now account for 36 percent of all home resales. Buying a foreclosure can be a great “deal”. They can also be more trouble and cost than they’re worth.
Therefore, If you’re in the market for a Foreclosed Home in the North Georgia Mountains, be sure to speak with someone who holds a Real Estate License. The process of buying a distressed home is different from buying a non-distressed home. An experienced professional can help make sure you negotiate your best possible price. Please Call Me at 706.994.8686 or contact me Here.
