Fewer county homes to hit auction block
by Geoff Folsom
January 11, 2013 12:28 AM | 1711 views | 0 0 comments | 5 5 recommendations | email to a friend | print

MARIETTA — Nearly a third fewer foreclosures in Cobb County were reported for the upcoming February auction than were made available a year ago.

For the Feb. 5 sale, 760 foreclosures will go on the auction block at the steps of the Cobb Justice Center, 32 Waddell St. in Marietta. That’s down 33 percent from the 1,127 reported in February 2012.

Legal notices must be published on four consecutive Fridays leading up to the sale before a foreclosed property may be auctioned.

In the east Cobb area where he sells, Andrew Morgan, associate broker with Keller Williams Atlanta North and partner in the Page Morgan Team, said foreclosures are not much of an issue anymore.

“There obviously are foreclosures on the market, but before the last five years, there were foreclosures on the market,” he said. “But they are now a very small percentage in the east Cobb area.”

Morgan said that foreclosure is a “buzz word” many people use when asking for a low-priced home, but it’s not always the best way to find value.

“What they’re really saying is they like to buy the best home in the best location at the lowest prices, and that’s not necessarily a foreclosure,” he said.

February’s foreclosure numbers are the first to be reported in 2013. The end of 2012 saw a strong improvement in foreclosures, with the 592 homes auctioned on Jan. 2 being the lowest monthly total since the financial slowdown in 2008.

In all, 11,065 foreclosures were reported in 2012, down 20 percent from 13,751 in 2011.

The February foreclosure numbers were an even bigger drop compared to those of the same month two years ago. For the February 2011 auction, 1,256 foreclosures were reported, 40 percent more than this February’s numbers.

The decrease in foreclosures comes at the same time the county is having an increase in the number of building permits for single-family homes.

In unincorporated Cobb and its six cities, 71 permits were issued in November 2012, the last month when figures were available. That was double the number of permits issues in November 2011.

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