Foreclosures continue drop: Numbers down 45 percent from 2012
by Megan Thornton
June 07, 2013 11:56 PM | 1478 views | 0 0 comments | 9 9 recommendations | email to a friend | print
The number of foreclosures advertised in Cobb County in June have dropped by almost 100 over the previous month, continuing the trend over the last year of fewer properties being advertised for auction on the Cobb County courthouse steps.

According to legal notices run in the Marietta Daily Journal, there are 536 foreclosed homes advertised in June for the July sale, compared to 626 properties advertised in May for sale at June’s foreclosure auction.

That’s a 45 percent decrease from the July 2012 auction, which saw 973 homes listed on the auction block.

Cobb has seen 3,775 homes enter into foreclosure over the first six months of 2013. Last year, the county saw 5,916 homes enter into foreclosure over the same time frame.

Wendy Bunch, president of Cobb Association of Realtors, said she expects a continued downward trend.

“It took a little while for the banks to realize that when they let properties foreclose and they don’t work with a family, it takes them so much money to get that property marketable again,” Bunch said. “Now more and more banks are trying to work with people to keep them in their houses. Homeowners have been able to either modify their mortgage or do short sales to prevent them from going through foreclosure.”

A short sale is when the lender allows the homeowners to sell their home for less than what is owed.

Bunch, owner and broker of RE/MAX Pure, said fewer foreclosed homes each month is good news for Cobb.

“The decrease is helping because we’re seeing an increase in fair market value,” she said, adding many homeowners were struggling over the past several years to sell their homes while competing against the flood of foreclosures.

The next foreclosure auction is scheduled for 10 a.m. July 2 on the steps of the Cobb Justice Center, 32 Waddell St. in Marietta.

Foreclosure notices are posted in the county’s legal organ, the Marietta Daily Journal, for four consecutive Fridays leading up to the auction, which is almost always scheduled for the first Tuesday of the month.
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