Atlanta foreclosures decline for month, but set annual record
The foreclosure picture in metro Atlanta improved significantly in October. But notices for the year continue at a record pace.
A total of 9,549 foreclosure notices were published in October in a 13-county metro area — down 22 percent from September, according to Equity Depot. The notices published this month are for public auctions scheduled for November.
Five other months this year had more notices than October, Equity Depot data shows.
Still, after 10 months this year, there were 97,339 notices — well above last year’s previous annual record of 79,484.
“Reasons for so many remain the same — the continuing sub-prime crisis, unemployment numbers continuing to rise,” said Barry Bramlett, president of Equity Depot.
Bramlett also said the September numbers were partially swelled by the calendar.
“We have a quarterly bump when the calendar creates an extra week for advertising [foreclosures],” he said. “This happens when the auction is a full week into the next month and falls on the 6th or 7 th .”
Foreclosure notices this October were 49.6 percent greater than last October, according to Alpharetta-based Equity Depot. (www.equitydepot.net)
Gwinnett led the metro pack this month with 2,063 notices, followed by Fulton with 1,900. DeKalb was third with 1,490, followed by Cobb with 1,049 and Clayton with 749.
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27 comments Add your comment
Truth
October 12th, 2009
5:53 am
Let’s see
. Wonder why the numbers are down. Hmmmmmm.
Maybe it is because several large banks have put a HOLD on Foreclosures for this month.
Come on guys. Report the REAL facts!
Consequences
October 12th, 2009
6:52 am
Truth -
And what, exactly, is wrong with that? Are you overjoyed when people are foreclosed on and forced to leave their house?
If putting a hold on foreclosures allows some people the extra time they need to get help and be able to afford (and keep) their house instead of being kicked out on the street, is that a BAD thing???
Many of these people made bad decisions, but some also just hit a rough patch. Show some compassion – sheesh!
Realty?!
October 12th, 2009
7:22 am
Report the REAL facts!
How is this for a fact full sentence: A total of 9,549 foreclosure notices were published in October in a 13-county metro area — down 22 percent from September, according to Equity Depot.
Truth, your last exclamation should read: Please report unsupported CONJECTURE.
jimbo
October 12th, 2009
8:06 am
This is a REAL fact: Foreclosure notices this October were 49.6 percent greater than last October.
Truth is correct, has nothing to do with compassion, etc.
It is simply a matter of your Gov’ment hi-lighting what THEY want you to believe about the economy – that they are doing such a great job things are looking up.
Kind of like how great the stimulus package is working, sooooo many jobs created!?!?
I do not want to see anyone lose their job or home – except of course about 535 in Washington D.C.
Come on guys. Report the REAL facts! Not the ones the gov tells you newsfolk to print.
Danny O
October 12th, 2009
9:03 am
Here’s a fact for you – despite a quarter of a trillion dollars of taxpayer money (TARP) being shifted to banks we have not had a single law pass to restrict them from making the same types of loans that got us into this mess. We need legislation that keeps banks from lending to just anyone. That way we won’t have to bail them out again.
Noah
October 12th, 2009
9:06 am
They did print the facts. They didn’t sugar coat it, they told you that Oct 09 is up big over Oct 08 but down from Sept 09. The only thing they didnt mention was at least one big bank has stopped foreclosing for a short time as the same newspaper reported within the last week. If they were trying to pull a quick one and only make it look good they would have only reported the sept to october change but they did not. Whats the problem.
Mr. J
October 12th, 2009
9:08 am
Come on now!!1 This is just another example of how teh media dies not tell thwe whole truth. The real reason the numbers are down in October is because the real estate market is so bad in metro Atlanta, the big Banks have decided to suspend their foreclosures. Did they not read the article they published earlier this week. These lenders have too much inventory on their books already. Not a good sign for the fouth quarter of the fiscal year. Truth be told the numbers should really be record breaking for the months of October, November, and December 2009!!
L
October 12th, 2009
9:19 am
More fuzzy math?
Truth
October 12th, 2009
9:40 am
My post was no pointed toward toward those being foreclosed on. It was that the AJC continuously reports only half truths and the REAL reason why OCT numbers were down. And Equity Depot also should state the obvious.
As a matter of fact, I have helped several families move after being foreclosed, have any of you “truth bashers”?
I seriously doubt it.
Rick
October 12th, 2009
9:44 am
This really shows how the economy is recovering. Good job Mr. President.
Justine
October 12th, 2009
10:13 am
Stories like this is why the AJC is an online paper only. In the past few years there has been absolutely no substance or fact breaking information contained in your stories. No depth. I remember good journalistic endeavors on things like finance corruption and the like. Now it appears your do none of this.
Make the banks pay us more interest on our CDs and savings accounts. We need a real Congress that has real people.
I AGREE WITH THE PERSON WHO SAID LETS LOOK AT THE FACTS. The facts are simply the banks have had pressure put on them and they are either holding off while deciding NOT TO DO promised mofidications or they are holding off because of a self imposed moritorium. In any case foreclosure numbers will increase because people are still loosing their jobs and banks are still the extortionist, lying backstabbing, greddy dogs they are become. By the way I belong to a credit union and no one has mentioned credit unions have experienced almost a 0 increase in foreclosures and default loans. Why because they are not greddy.
Joe Dirt
October 12th, 2009
10:36 am
If the banks managed to lend 500K to a busboy to buy a house, they can figure this modification stuff out. Banks are trashing their own assets. I saw a forclosure selling for 25% of the peak value this week. Talk about trashing everyones values and creating junk paper of everyones loans in my neighborhood. 2 years ago I thought people were stupid who mailed in their keys, now I am not so sure.
Curious
October 12th, 2009
11:00 am
@Rick,
Please do tell how this mess is President Obama’s fault. Some people are so short sighted and racist it is laughable. Please tell me how anyone can expect an instant turn around to a mess that has been years in the making?
Maybe if people would start supporting the President instead of complaining and laying the blame at his feet, things can truly beging to change. The man is not GOD, but he is our President. Is it really so difficult to give him the same support you gave that dumbass G.W. Bush for 8 years. Didn’t you at the very least give him the opportunity to fail. Something many have yet to do with President Obama. The people of this country have spoken. There is absolutely nothing anyone can do about it for the next 2 1/2 yrs. That being said, why not support the man in his efforts to create a better country for you and me. Why is it that he has more love and support outside the United States than he does right here at home???
Rick
October 12th, 2009
11:14 am
Please explain how racism is related to my statement.
Atlanta foreclosures on the decline « Jsbsells Blog
October 12th, 2009
11:14 am
[...] October 12, 2009 by jsbsells The AJC write about Atlanta foreclosures posting an overall decline in numbers although still higher than last years record. Click on the link for more information. Atlanta foreclosures on the decline [...]
Curious
October 12th, 2009
11:51 am
I say racist because many don’t like/support the man because of the color of his skin.
President Obama didn’t get us in this mess, but the clean up is on his watch. Fair or unfair, a question for the ages.
Joe Dirt
October 12th, 2009
12:03 pm
I support president Obama. I think he does need to look at the consequences of all the foreclosures and the snowballing of this. I don’t think the banks or investors are that concerned about the consequences, and thats where Obama needs work. When he says for them to do something, he should not ask them again, and again. That just leads to big government and government intervention. Like legislation being introduced now to allow homeowners to fight their foreclosures when they asked for and were denied loan modifications. And congress is bringing back the bill to allow homowners to cram down their first mortgages in bankruptcy. Only then will banks and investors race to save many of these bad loans before they wind up in front of a judge to decide on. Obama is the president of the most powerful nation on earth, when he says to do something, it isn’t a suggestion, its as good as law. With the dismal modification results, it really looks like more power needs to be asserted by Obama and congress to perhaps overcorrect this problem.
BiteMe
October 12th, 2009
12:21 pm
I haven’t been in my condo that was supposed to go into foreclosure for over 7 months now and the bank still has not foreclosed on it. So don’t believe what you read, the banks are just dragging their feet.
BCATL
October 12th, 2009
12:46 pm
We were given the bum’s rush by former Treasury Sec. Paulson, who shoveled a lot of our tax money to the rich bankers and Wall Streeters. When Obama came in, it was basically business as usual. He didn’t clean up the TARP mess, he just put on an act.
Now, what did the average taxpayer get? Well, they talked for about a week about letting our Bankruptcy judges reform mortgages so that the loan did not exceed the value of the home. This would have truly helped consumers to pay a fair amount back on their mortgages. It went nowhere. This gives you some idea of how the average citizen is treated as compared to the rich.
Rick
October 12th, 2009
12:47 pm
@ curious,
Well i’m sure there are plenty of people who like/support the man because of the color of his skin, so do you consider them racist as well?
BCATL
October 12th, 2009
12:53 pm
Rick: I didn’t vote for Obama because of the color of his skin, or anything like that. I voted for Obama because George Bush ran our country straight into the ground.
How do I think Obama has been doing as President? He still favors the rich. There has been no real help for the average citizen from the Obama administration.
jimbo
October 12th, 2009
1:06 pm
@ Curious
Your statement/question:
Why is it that he has more love and support outside the United States than he does right here at home???
You haven’t figured it out yet have you? You will and one day you won’t be so racist yourownself.
Beezer Homes
October 12th, 2009
1:20 pm
There is a wave of foreclosures coming that nobody can stop, gonna make the subprime mess look small. Values will continue to drop well into 2011, then stay flat till 2015. Then maybe a 1-2% increase in value. Back to the old fashion 20% down, no FHA. If you cant put skin in the game, you dont deserve a home. Owning isnt a right, its a Fu@king perivlege. Stopping foreclosure only keeps this mess from bottoming out, prolonging this mess. Let free market rule, it willcorrect its self.
Martin
October 12th, 2009
2:03 pm
“The foreclosure picture in metro Atlanta improved significantly in October.”
Where is the reporting that backs up this hypothesis? We’re down 22% from a month that had 5 weeks of notices… in a month that has 4 weeks of notices. Um, going from 5 weeks to 4 weeks is about 20%.
So how is this significant? Can we have a little more explanation? Can I get a referral? A second opinion? I want my five minutes back. Come on!
Alright
October 12th, 2009
2:22 pm
Rick, You know why. aYou sound ridiculous by blaming the President for a situation that he walked into. To even imply that there is a quick fix or anyone out there who has all the answers is simply stupid. You guys supported a President that help to pass legislation that promoted the bank practices that have backfired on the people and left those in power richer than ever. You guys supported a President who promoted a senseless war that has bankrupt this Country. Get over that fact that your President looks different than the masses. That is the only issue that you can truly have with the man. Question the whole system from now on!
Rick
October 12th, 2009
4:19 pm
Are we talking about the same senseless war that our current president is supporting?
Atlanta foreclosures on the decline | Jeff Barnwell Real Estate Blog
October 18th, 2009
12:39 am
[...] although still higher than last years record. Click on the link for more information. Atlanta foreclosures on the decline Comment (RSS) | Trackback [...]