Cobb adds almost 100 foreclosures after losing same
by Megan Thornton
mthornton@mdjonline.com
July 13, 2013 11:19 PM | 2670 views | 0 0 comments | 53 53 recommendations | email to a friend | print
MARIETTA — After seeing a drop by almost 100 last month, Cobb County saw an upswing of about the same amount in the number of foreclosed homes headed to the auction block in August.

But the increase is a good sign, according to a Kennesaw State University professor.

Don Sabbarese, director of KSU’s econometric center, said the increase is logical as banks are beginning to have a greater incentive to repossess and process foreclosed homes. With the improved local market, it’s easier for banks to unload more homes at higher prices, he said.

“There has been a backlog for banks in terms of foreclosures,” he said. “With housing prices rising, banks are really starting to expedite the repossession process.”

These conditions are created by “good times” in the market, Sabbarese said.

According to legal notices published in the Marietta Daily Journal for July, there are 634 properties to be published for auction in August. There were 536 properties advertised for the July sale.

In August 2012, the month that saw the highest number of foreclosed homes for 2012 at 1,178, that’s a 46 percent decrease.

Cobb has seen 4,409 properties enter into foreclosure so far this year, compared to 7,094 homes published for foreclosure during the same period last year. The 38 percent decrease shows continued signs of improvement for the local housing market.

“The bottom line is it’s a good thing,” Sabbarese said.

Legal notices for foreclosures are posted for four consecutive Fridays before a property can be sold at auction on the Cobb Superior Courthouse steps in Marietta. Foreclosure sales begin at 10 a.m. on the first Tuesday of the month.

The next sale is scheduled for Aug. 6.



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