Foreclosures hit new record in metro Atlanta

Home foreclosures hit another monthly record in metro Atlanta.

There were 12,207 foreclosure notices in September covering a 13-county region, according to Equity Depot data. That’s up from 9,930 in August. The notices published this month are for public auctions scheduled for October.

“It hasn’t leveled off yet,” said Barry Bramlett, president of Equity Depot. “We’re seeing older loans that typically tell you it’s related to the economy and joblessness.”

The previous record was 11,925 in June, according to Alpharetta-based Equity Depot. (www.equitydepot.net)

With three months remaining in the year, a new annual record already has been reached.

So far, there have been 87,679 foreclosure notices, Equity Depot said. For all of last year, the previous high, there were 79,484.

In September, Fulton led the pack with 2,666 notices, followed by Gwinnett with 2,304. DeKalb posted 1,770, followed by Cobb with 1,474 and Clayton with 994.

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71 comments Add your comment

MR164

September 16th, 2009
10:50 am

One man’s loss, another man’s gain.

Rick

September 16th, 2009
10:52 am

Is there a map where you can see where they are occuring?

woody

September 16th, 2009
10:53 am

How can find if the vacant house across the street is being foreclosed on? or is in the process?

Say what?

September 16th, 2009
11:02 am

How can I found out about ITP condo foreclosures? Or, possibly OTP foreclosures in Dunwoody/Sandy Springs?

IC Atlanta

September 16th, 2009
11:02 am

I thought the recession was over and the $800 billion dollar stimulus would solve these problems. That is what Presbo and the congress told us. Well maybe if we just give them health care all problems will be solved.

Linda

September 16th, 2009
11:07 am

Sure……… the recession is over………

Christina

September 16th, 2009
11:11 am

Unfortunately, there is so much red tape involved in the homeowner stability program sector of the stimulus package, that by the time a homeowner can qualify it’s practically too late. Despite our household taking a 25% income cut six months ago, and our applying for a mortgage modification (which we should qualify for, according to all published criteria), the bank continues to stall and find reasons why we don’t qualify . . . we aren’t the only ones seeing this cycle.

Eli

September 16th, 2009
11:12 am

I heard the recession is so bad that Exxon just laid of 12 Congressmen!

GimmeyoDolla

September 16th, 2009
11:17 am

IC- you’re stupid if you thought stimulus money would erase foreclosures

MissNat

September 16th, 2009
11:17 am

Whoever said one man’s loss is another man’s gain is the most insensitive person in the world. Thnak God I haven’t lost my home, but I could imagine what that would feel like. You wok so hard to have something as nice as a house, and then to loose it…I know that is hurting and devestating! To the person who said that: Try having a more compassionate heart because you obviously dont.

robert

September 16th, 2009
11:20 am

If consumer spending is supposed to the crux of the economic recovery, there will be no end in sight so long as workers are losing their jobs and homes.

blkshephered

September 16th, 2009
11:20 am

Whats even sadder is when folks purchase these homes larger than they budget knowing some where up ahead its all going to snowball. Living above your income. Many times when I went to purchase a car they will put you in That car with a huge car note. Then when you cant make the payment they want to repossess it. Yet they goaded you in to buying it. Same with these huge houses many folks couldnt afford before they lost they job or got behind. Not saying this is the case in all situations because people do get fired or layed off. Just saying people do need to try to live within their means. Stop trying to keep up with the Jones.
Just because they bought a new suv dont mean you got to run out there and get one KNOWing you just bought that new big house that you had built from the ground up pushing you further into debt.
Everyone likes nice things. I dont know anyone who dont. But it aint necessary to spend more than you are getting. I feel real bad to see folks lose their Home. But looking at some of those homes..the sheer size and Upscale. Then I look at their salarey and I think..They NEVER should have even been in that house from the beginning. If there is only 2 occupants YOU DONT NEED A FOUR BED ROOM 3 bath house! If its just you and your hubby, or one child or two..you dont need 5 bedrooms. If its just YOU, you dont need a 3 bed room house. If you just bought that House YOU can not afford to go get a brand new SUV and still have the same income unless you got one hell of a raise. Live within your means.

Leeann

September 16th, 2009
11:31 am

IC Atlanta – You are so right…If we Pass the Stimulus I promise unemployment won’t go over 8.0%…blah blah blah…They distroyed the auto industry, the housing industry and now it’s on to healthcare…but I’m sure the only problem is racism

SportysFan31313

September 16th, 2009
11:32 am

So much for the big boost in the economy. It’s all propaganda (B.S.) While in Ohio the media suggest that the auto industry is just booming, and the housing market is begun to soar again around the country. You had better look at the reality of all of this. Houses ares still being foreclosed upon, and jobs are still very hard to get even with post graduate degrees.

Impeach_Obama

September 16th, 2009
11:37 am

Atlanta had 12,000+ foreclosures in ONE MONTH. Thanks ACORN ! Nice work putting those liars in houses they knew they couldn’t afford. It’s OK though, I’m sure Jimmy Carter will say it because of racism.

Gator Nation

September 16th, 2009
11:37 am

Foreclosures continuing to rise and the ten biggest wallstreet banks (who all were bailed out in some form or fashion) are now steaming along making huge profits and giving out large bonus checks. This is ridiculous. Not only is it unjust, but it is detrimental to our national and state economies. The phrase, “To Big To Fail” should never be uttered or used to make policy! Here is my short take on how we should have handled this crisis:

Choice 1: Bail nobody out and let the system self correct. It would have been a painful 3 years….but we would have transitioned into a stronger country financially. In my opionion our economic system needs to evolve and be completely divested from government.

Choice 2: Refi everyone’s (not just those in trouble) mortgage at 4.25%. The federal government pays the banks the points on the loans to make this happen. People are still making their payments, property tax’s are still being paid to local and state goverments, home prices don’t fall as sharply, the banks are still getting paid and many folks who are doing OK or better, now have more money to pump into the economy.

Unfortunately we chose the option of socialism for the banks and free market for the rest of us……which will not have the desired affect of stimulating the economy, creating jobs, and making us a financially thrifty nation.

MR164's Conscience

September 16th, 2009
11:40 am

MR164,

I’m not judging you, but I’m very curious to know why you think the guy named “Vick=Dog killing thug” is an idiot. I also see you posted “another man’s loss is another man’s gain.” These two statements paint a picture of you, but I’m saying it’s good or bad. I’m just curious to know if you “idiot” comment at “Vick=dog killing thug” was due to his name?

Atlanta Lion

September 16th, 2009
11:41 am

Gator Nation is right on. We should be hammering our representatives about this idea about a national refi for mortgage holders. It makes sense. Way more sense then the ridiculous bailouts that have been ongoing.

JohnF

September 16th, 2009
11:43 am

What I would like to know is how many of these foreclosures involve homes that are actually occupied? The majority of foreclosures I am aware of are new construction by a builder that had to default on his construction loan..many of them aren’t even finished.

MR164's Conscience

September 16th, 2009
11:55 am

Impeach Obama – yeah, like he’s the cause of all this. Recession started at the of 2007 and the stock market tanked in Oct. of 2008 and the housing bubble blew up AND a war broke out all on Bush’s watch. Regardless if you’re Rep or Dem, just stop being a critic of this administration. If there was one underlying thing this adminsitration is doing is trying fix the mess they were handed and I don’t care if it’s a Rep or Dem. If McCain won I highly doubt things would be better. Personally, I’d rather take a Harvard Grad that earned his way versus some silver spoon rich kid with a daddy in high places. Any sense of superiority that a “critic” puts on someone actually trying to create something is a fraction of the value of person actually doing it, even it comes out as junk. Critics risk nothing, but feel they have the right. Yes, Free Speech is an awesome thing, but you voted and you are now in the minority just wait another 3.5 half years and you’ll have your chance to be in the minority again. P.S. I’m a white guy living in the suburbs of Atlanta, which may come as a suprise to you.

Francis

September 16th, 2009
11:57 am

I wonder where all these critics of the current POTUS were when the most recent POTUS got us involved in two costly wars (hmmm, I bet those funds could help right now), created the present state of the economy (those conservatives really know how to “reel” in spending), and simply created the climate where the Office of the Presidency no longer commands the domestic and international respect it once held (Bill Clinton contributed to that also, see I am fair).

To all of the critics of the current POTUS, go drink some tea (some of you looked downright foolish in Cumming last week)

kj

September 16th, 2009
12:01 pm

this is just saddd!!

RB

September 16th, 2009
12:01 pm

At least all those people on the street will have free health care. NOT!

Nativeson71

September 16th, 2009
12:05 pm

In a ‘normal’ housing market…what is a typical # of foreclosures for a 30day period?

Lee

September 16th, 2009
12:08 pm

If you have a lot of time and patience, not to mention the hurdles and red tape, then buying a foreclosure may be a plus. Some of the foreclosures are not in good condition so thats another consideration. I also understand that working with certain banks during the process can be a harrowing experience. Be careful … be very careful.

Talented 10th

September 16th, 2009
12:16 pm

To: MR164’s Conscience

you told the truth!

john

September 16th, 2009
12:21 pm

lord have mercy on us all !!!!!

Francis

September 16th, 2009
12:25 pm

Talented 10th, you expect people to actually just deal with truths, facts, and logic? That short circuit their brains because truth, facts, and logic is in direct conflict to propaganda heard on radio and news channels.
That is the funniest joke I heard all day, then the AJC blogs would no longer be entertaining if we just dealt in truths.

budman

September 16th, 2009
12:35 pm

It was so great to know the march in DC consisted of 50% people who don’t even bother to vote!!As they say in south Georgia”its 10 miles into the woods, its 10 miles out of the woods.” The people who thought with 2 car notes ,30k in unsecured debt and then let borrow not 200,000 dollars for the house..but were talked into buying that $350,000 house…who is the real fool. If you think we can solve in months which took years to create just get on the bus with the other morons and fantastic money planners. Yea I am sorry for some home owners..but others are like drunk drivers who kill somebody…sorry but you did it to yourself…oh wait this is America were not responsible for nothing. So get your cardboard box and move under a bridge.

moore

September 16th, 2009
12:38 pm

Impeach Obabma, this shit isnt his fault…blame GEORGE W BUSH and the terrible 8 years he was in office..thats who to blame you idiot

thatsme

September 16th, 2009
12:40 pm

Thank you, MR164’s Conscience. (”yeah, like he’s the cause of all this. Recession started at the of 2007 and the stock market tanked in Oct. of 2008 and the housing bubble blew up AND a war broke out all on Bush’s watch. Regardless if you’re Rep or Dem, just stop being a critic of this administration. If there was one underlying thing this adminsitration is doing is trying fix the mess they were handed”). How conveniently “they” forget.

shaggy

September 16th, 2009
12:43 pm

Greedy buyers & lenders got us into this mess.
I bought a house in 2005. The lender/broker tried and tried to shop me into chosing one of the popular, ridiculous loans that were just smokescreens for higher commissions. I told them exactly what type of “fixed” loan I would be buying, what kind of interest I would pay, and yes, I would be making a substantial down payment on it, money that had been saved for that purpose. If they couldn’t do that and stop trying to sell me garbage, I would walk.
Geez, I got exactlty what I wanted and today am not worried about forclosure. My equity is secure, and because I carefuly chose the house, location, & neighborhood, I have gained a little during the “stupidity crisis”.

BL

September 16th, 2009
12:44 pm

Wish they would Bernake’s picture and article titled “recession is over” next to this.

I love how the Fed talks in economic terms and the media just runs with it to the public like everything is A-ok under this guy.

Percy B

September 16th, 2009
12:45 pm

We have to get the right people with the right mindset at the table. This problem is larger than first envisioned. This housing recession in the Metro Atlanta area will continue through 2013, that’s a fact. Their is too much REO housing inventory that is still over priced in the marketplace. The creation of the short sale process is not answer to this housing recession. The Neighborhood Stabilization Program (NSP) created by HUD is a start, but more innovation is needed. If the Metro Atlanta area housing economy is averaging 10,000 foreclosures monthly, our local economy will continue

woody

September 16th, 2009
12:46 pm

ya know all your blabberin about whose fault it is doesnt help me figure out if the house across the street from me in being foreclosed on. You people are useless big mouths.

shaggy

September 16th, 2009
12:49 pm

woody, yes it is being forclosed on, and the thieved are already on the way to “collect” the scrap metal.

woody

September 16th, 2009
12:54 pm

paul

September 16th, 2009
12:56 pm

To 164 & Francis Bush might have screwed up on the war, but it was the democraps that let run wild and force banks to give loans via Fannie Mae to people that could not afford them. Besides the economy was fine until the democraps took over congress in 2006. Heathcare is another example of giving away money to someone just to get their vote. I have worked 40 years to pay my on way and don’t have a lot of sympathy to hand out freebies so able bodied people get something just because they breathe and take up space.

abby

September 16th, 2009
1:00 pm

it’s a no-brainer, you only have 30 days to be current on your mortage payment, after that your home is up for auction on the court house steps. who did this?

abby

September 16th, 2009
1:02 pm

that’s because you only get 30 days to make your house payment, after that, your house is up for auction. Who did this?

Percy B

September 16th, 2009
1:06 pm

(continued)to suffer at the expense of tax payer. It is time for the Atlanta Regional Commission (ARC) to create a Super Agency/Holding Company that can market REO single-family homes to potential homebuyers through a Employee Sponsored Homeownership Initiatives in the Metro Atlanta area. Government Sponsored Enterprises (GSE) such as Fannie Mae and Freddie Mac are working outside of their element and capacity. If we create a Cash for Clunkers program to sale cars we surely can create a REO homeownership Initiative to sale single-family homes in the marketplace. I believe that strongly in this national economy. It is time for the true leaders that understand bulk housing production, marketing and sales to re- create homeownership strategies for the sale of existing single-family homes. We FHA 203k mortgage financing in place, tax-exempt mortgage bonds and state and county government down payment assistance programs available. We just don’t have the right people at the table. Please respond

Tig

September 16th, 2009
1:07 pm

To the folks blaming people who bought outside their means and talking about a “stupidity crisis” –

Please remember that some of us bought a home well within our means at the time of purchase but now risk losing it because several years later we’re getting laid off from our jobs when offices/companies close. With the current wait-listing and delay tactics of banks regarding mortgage modification programs, there’s no guarantee if I’ll even still have my house by the time I find a new job with the current job market in the Atlanta area.

Warrior Woman

September 16th, 2009
1:17 pm

The builder homes (constructed and never sold) usually are not included in the foreclosure numbers. When you add those in, the number of homes on the market skyrockets.

Blessed

September 16th, 2009
1:22 pm

I agree with Shaggy. In 2003 after being laid off for a year, I had a so called friend trying to sell me a house, just because she could without me having a steady income. Since insist that I would get a job with steady income soon. Luckily, I had enough brain to stand my ground and not be greedy and go for this set up..Up until 2007, I could not find permanent employment in Atlanta, and had to re-locate to another state to get permanent employment with benefits.

IC Atlanta

September 16th, 2009
1:25 pm

I hope Barney Frank and Chris Dodd had an enjoyable lunch.

GatorNation I agree – why in the heck did we bail out Wall Street – most of them are big moneyed democrats. The rest of the nation is left to go at it on its own. I know two people who were foreclosed – both had an ARM paying interest only. They had no business in the homes they bought and they are now renting, but still doing okay.

Robert

September 16th, 2009
1:26 pm

Loosing your home isn’t like loosing your wallet. It is most commonly the result of an accumulation of poor financial decisions which extend one beyond their means. Most foreclosed properties aren’t even new purchases, but rather older purchases which have been refinanced multiple times so Joe and Jane can drive the newest SUV and spoil their kids. I’m sorry they had to loose their house but that’s what happens and yes it is likely that many financially responsible individuals will benefit from the down market.

catamount

September 16th, 2009
1:26 pm

If you think Obama’s policies and actions are helping the economy, keep drinking the kool aide. On the other hand, I am glad that foreclosed houses are so cheap. It makes wealth building that much easier. Thanks Barack, keep up the good work. I will be able to retire in a few years now.

blady

September 16th, 2009
1:34 pm

Leeann @ 11:31am:
Who is “they”? I hope you’re referring to the political party that got us into this mess. If I’m not mistaken, the Republicans have been in the majority in the U.S. Congress since 1994 (remember the “Contract with America”). Also, Republicans have controlled the executive branch since 2000. On the other hand, Democrats have been in the majority in the U.S. Congress since 2006 and in the White House since January 2009. You do the math.

John

September 16th, 2009
1:37 pm

Well this is what happens when you don’t get a fixed rate

Elizabeth

September 16th, 2009
1:38 pm

No one, not the bank nor the government can help you with your loan if you’ve lost your job. You have to have income coming in. Otherwise, you WILL lose your home.