Atlanta Foreclosure Report -- An Atlanta Foreclosure Overview

The Atlanta Metro area has been near or at the top of the national foreclosure list for many years now. Foreclosures in the Atlanta area are coming on currently at over 10,665 foreclosure filings  this January (**a 28% increase over January 2007 and a 38.6%increase over December 2007).  Atlanta Foreclosures are exceeding sales almost 4 to 1! (** updated March 6, 2008)

There have always been a variety of reasons that foreclosures start to rise in our area.  Unemployment, job loss lack of job creation, and a stagnant economy can lead the parade in normal times.  Dead beat politicians that look out for their own interest rather than the betterment of the citizens they are supposed to be serving are also a big part of the problem!   Leaders that cannot and will not lead are the major reason an area declines!

Perhaps the closure of the GM and Ford plants had something to do with Atlanta's  softening!  The reorganization of Delta, the sales of Scientific Atlanta, Georgia Pacific and Bell South most probably contributed to some local softening.  In earlier times, the Dot.Com Bubble, mortgage fraud, investment schemes, fraud, would be investors, 100% financing, sub-prime have all been major contributors at one time or another to the ups and downs in our Atlanta market.  Well today Atlanta is #10 of cities with the greatest foreclosure rates in the nation!  I wish I could say that dropping to #10 from #2 or 3 was a sign that Atlanta foreclosures were actually abating, they aren't!  They are still rising and will for some time to come. 

What drives the rising Atlanta foreclosure rates?  Well there are many other contributors, and at the core greedseems to be a major factor in the fraud or phony investment schemes foreclosures.  Many of these get rich sales were aided by phony and inflated appraisals!  For those that have any values the path to success is never and easy road.   For the informed, get rich quick is only an illusion!  For others that may see things differently now...at the time it seemed like a great idea!  The problem now is it isn't working.  Payments, and reality are now setting in, but it is too late for "parking lot loss" and "buyers remorse!"  There is something called "personal responsibility."  This should apply on all purchases.  The best time to ask questions are before you buy!

• Never Buy a Home without reading all the documents.
• You always have the right to have your own buyers representation at no cost!  Use an expereinced agent!
• You have the right to use your own mortgage lender!
• Never buy a home without an inspection!
• No Money down and EZ terms are another warning that you should be very cautious!
• Buyer Bonuses, free trips, free furniture are more warning signs!
• Buyer concessions if you use our lender only are a major cause for concern!
• You cannot receive a loan that says it's your primary residence when it isn't!  It is loan fraud!
• Insist on a CMA prior to writing any offers.  Do not overpay for a home!
• If there is something you do not understand, have your attorney explain it.
• If someone in your deal is getting cash back at closing chances are you are involved in Loan Fraud!
• Make sure your truth in lending statement is the same loan you are getting at closing. 
• Federal Law saw you are to have a preliminary HUD to review 48 Hours prior to closing.
• In Georgia All terms must be in writing!  Never take a promise!  Everything promised must be in writing!

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