Experts: Rise in foreclosues nothing to get worried about
by Lindsay Field
November 04, 2013 12:00 AM | 536 views | 0 0 comments | 0 0 recommendations | email to a friend | print
MARIETTA - Despite the number of foreclosed properties jumping this month, a Cobb Realtor and mortgage loan originator say it's nothing to be alarmed about.

According to legal notices recently published in the Marietta Daily Journal, there were 533 properties up for auction in November, up by 58 properties from the number up for sale in October, which was 475. This month's figure is down 357 properties from 890 reported in November 2012.

So far in 2013, 5,265 properties have been published for auction. This number is about 650 less than the total of 5,916 in 2012.

"I don't think it's anything to worry about," said Reid Clark with Silverton Mortgage off Shallowford Road in east Cobb. His job entails handling financing for anyone looking to purchase a foreclosed home.

The mortgage loan originator said concerns may rise if the trend continues.

"But I think we are seeing a lot of people purchasing homes," Clark continued. "We are still seeing a little refinance activity, but home sales are surging."

He also said in a county as big as Cobb, there is probably a base line number of foreclosures that are reported in a "normal economic environment."

"If we looked at a 10-year median - taking out the last five or six years - to see a number like (533) is nothing major to worry about," he said.

Realtor Wendy Bunch, who owns RE/MAX Pure on the Marietta Square and is president of the Cobb Association of Realtors, said the numbers are still lower than last year at this time.

She said this is because banks are working closely with clients to help modify their home loans so residences are not foreclosed on.

"What was happening with all of these foreclosures, it was costing banks so much money," Bunch said. "There's been a huge campaign to keep people in these houses."

She said a majority of foreclosed homes were sold, many in bulk to investment firms, but not everyone was helped.

"You can't modify everyone's loans," Bunch continued. "I think we are still going to see foreclosures, but don't think we will ever go back where we were."

She said there was also a learning curve in the market.

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.

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