Foreclosures increase 24% - Three Cobb communities named ‘best places for homeownership’
by Rachel Gray
May 05, 2014 12:00 PM | 1167 views | 0 0 comments | 1 1 recommendations | email to a friend | print

MARIETTA — Although home values have increased nationally and a consumer report lists three Cobb communities as “best places for homeownership” in the metro area, this month’s foreclosure rate had the largest jump so far in 2014.

According to legal notices published in the Marietta Daily Journal recently, 368 foreclosed properties are scheduled to be up for auction in May, an increase of 24 percent from the 296 properties listed for sale in April.

Compared to last year, the amount of foreclosed properties has dropped 42 percent from the 630 homes that were listed in April 2013.

In the first four months of 2014, 1,264 properties have been advertised for auction in Cobb. That is down 52 percent from the 2,625 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.

According to NerdWallet, a California-based, data-driven company that publishes user-friendly numbers, home values increased 10 percent nationally in the last year.

The consumer advocacy website crunched the numbers and listed the best places for homeownership in Georgia.

“NerdWallet analyzed the 68 cities in Georgia with more than 15,000 residents to determine which have characteristics most favorable to homebuyers,” said Deana Mitchell in the March 10 article “Best Cities for Homeownership in Georgia.”

For the March report, NerdWallet used metrics on ownership rates to determine availability, as well as median household incomes and home values to assess affordability.

“We measured population growth to ensure that the area is attracting new residents and showing signs of solid growth,” the report said.

Three Cobb communities — Mableton, Acworth and Kennesaw — made the top 20 list of best cities.

The report highlights Mableton’s 30,000 residents living in the 20 square miles, which is a 15-minute drive from Atlanta.

Mableton has a homeownership rate of 75 percent, the report said. Mableton homeowners spend 31 percent of their $4,684 monthly median household income on costs for the home.

Still, the report stated, “Mableton features the lowest median home value of our top 10 at just $159,500.” 

Acworth came in at number 11 on the list with a 71 percent homeownership rate. Acworth homeowners spend 33 percent of their $4,544 monthly median household income on costs for the home.

Kennesaw came in at number 13, with a 68 percent homeownership rate. Kennesaw homeowners spend 31 percent of their $5,176 monthly median household income on home costs. 

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