According to legal notices published in Friday’s MDJ, 290 properties are scheduled to be up for auction in February, a decrease of more than 26 percent from the 393 properties that were listed for January.
The amount of foreclosed properties scheduled for February is a 62 percent drop from the 760 homes that were on the auction block a year ago in February 2013.
This month’s numbers will give a fresh start to 2014 with the year-to-date figures running from February to January. There were 11,065 properties advertised for foreclosure during 2012.
A foreclosure is the legal process by which an owner’s right to a property is terminated, usually because a default on loan payments. After a notice of sale is advertised, the property is auctioned off on the first Tuesday of each month.
Marsha Sell, who has been an associate with the Atlanta-based Coldwell Banker real estate brokerage company for 39 years, said she has seen the area really grow.
A four-bedroom brick home with a basement and bonus room in east Cobb’s Indian Hills would have been listed for $79,500 in 1975, Sell said.
On Thursday afternoon, ColdwellBankerAtlanta.com had 659 listings for townhomes and condominiums in Cobb, which were mostly two to three bedrooms. Sell said 62 of those listings were for east Cobb with an average asking price of $162,000.
Sell said the spike in foreclosure rates over the last few years has not driven down the listing prices of homes placed on the market.
When a buyer is interested in a property, their agent will research the area to consider any foreclosures when deciding on the amount for the first offer. But if the buyer is truly interested, a nearby foreclosure may not influence that initial offer.
“It certainly will affect the way a buyer looks at a property,” if there is more than one foreclosure, Sell said.