Foreclosures up by 7% from Feb., down from 2013
by Rachel Gray
February 07, 2014 04:00 AM | 2024 views | 0 0 comments | 13 13 recommendations | email to a friend | print
MARIETTA — According to legal notices published in the Marietta Daily Journal today, 310 foreclosed properties are scheduled to be up for auction in March, an increase of 7 percent from the 290 properties that were listed for sale for February.

The amount of foreclosed properties is a more than 48 percent drop from the 605 homes that were listed in March 2013.

So far in 2014, 600 properties have been advertised for auction. That is down 56 percent from the 1,365 properties that were advertised during the same period a year ago.

In Cobb, the foreclosure process begins when a mortgage company issues a notice of default. After a notice of sale is advertised, the property is auctioned off to the highest bidder on the courthouse steps for cash on the first Tuesday of each month.

After a full year of a steady decline in the number of Cobb homes on the auction block, the president and founder of Crowder Realty LLC says the real estate market “has turned back around.”

Charlie Crowder, who has been a broker since 1972, said the focus of the industry has moved away from short sales and foreclosures.

“The saturation of foreclosures is gone,” Crowder said.

Crowder said banks are loaning again and new homeowners are able to get financing.

“The mortgage money is back,” Crowder said.

The uptick in the real estate market is not just for existing homes, but also for large land sales for new subdivisions.

Crowder said developers are looking for a good value on the best properties in metro Atlanta.

“The land prices are going back up, but we haven’t reached the prices of 2004, 2005, 2006,” Crowder said.

Developers are ready to pounce on the rebounding economy, but the real estate market is being driven by residents wanting to build new homes.

“They are purchasing smart,” said Crowder, who added that developers are offering smaller homes in lower price ranges. “You are not seeing the million dollar homes.”

Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, and spam will also be rejected. Please read our terms of service for full guides