Metro Atlanta foreclosures increase slightly, but below record

Foreclosure notices in metro Atlanta rose slightly in May — 1 percent — compared with April, and increased 10 percent when compared with May of last year, according to figures just released by Equity Depot.

But this May’s total — 9,587 notices — is a 24 percent improvement from March’s record of 12,568.

“I think it’s safe to say we’re no longer showing the sustained increases we’ve seen over the last few years,” Barry Bramlett, president of Alpharetta-based Equity Depot, said in an e-mail. “The question is still how long will these huge numbers continue? Don’t think anyone knows the answer to that.”

For the first five months of the year, 50,148 notices were published — which eclipses last year’s record pace, Equity Depot data shows.

The foreclosure notices published this month in the 13-county metro area are for auctions on the courthouse steps set for next month.

Over the past several months, Bramlett has been noticing a deterioration in the commercial real estate market, which is smaller than the residential sector. Equity Depot’s figures include both.

“Most commercial properties are secured by short term, 1-3 year balloon mortgages,” Bramlett wrote. “I’ve heard many sad tales of apartment complexes, retail space, storage units, you name it, that are occupied and performing. But the owners of these properties can no longer find funding when their note is due. You have properties that are not in default going under with no recourse available.”

In May, Gwinnett County lead the pack with 2,022 foreclosure notices, followed by Fulton with 1,852. DeKalb was third (1,419), followed by Cobb (1,115) and then Clayton (805).

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39 comments Add your comment

A CONSERVATIVE

May 10th, 2010
6:47 am

I REMEMBER…YES I DO..IN THE 90s….THE OBAMA-ATLANTA-URNAL PUSHED FOR AFFORDABLE HOUSING FOR EVERYONE…THE PAPER PUSHED THIS PRIME LENDING SCANDAL……

Andy Capp

May 10th, 2010
7:00 am

I remember in the 90’s that nobody knew who Obama was and the Bush boys were in charge.

Actually

May 10th, 2010
7:18 am

Actually, this was pushed by Clinton after the Reagan era left greed and more grred – lower income people could not get ahead – could not obtain the american dream – it was a good thing to get people in homes – Wall street took advantage of these people and these people, instead of buying an affordable home bought an unaffordable home. I qualified for 200K when I bought my house ten years ago – I purchased 120K – it was all I needed…..

Mike

May 10th, 2010
7:49 am

Wall Street greed? Is that any different from the greed of people who bought homes with loans they could not afford because they wanted it?

It’s always so easy to demonize some faceless entity like Wall Street or the Insurance Companies. Has absolutely nothing to do with our problems and solving them, but it sure seems to make folks feel a whole lot better (it must, so many folks do it). But it is a sure sign of ignorance.

I also remember the Democrats complaining bitterly about “red-lining”? Remember? There were a few voices at the time who cautioned about what would happen if banks were forced to change their policies, but they were called “racist” or “greedy” (sound familiar?). The along came the Community Reinvestment Act, which changed everything. Dems and their think tanks deny that was the cause, they blame “greedy Wall Street”, but the loans would never have been made had the Dems not pushed the banks to relax their credit criteria…all “greedy Wall Street” did was learn how to package the loans to try to pawn them off elsewhere. And remember, ALWAYS remember, it takes two to tango…somebody signed up for those loans. Either they were greedy also, or they were stupid. Take your pick.

And can one of you bright liberals explain to me what Fanny Mae and Freddie Mac are excluded from the DEMS Financial Reform package?

dj

May 10th, 2010
7:52 am

actually, it wasn’t only loans to low-income borrowers. it was bad loans to lots of people regardless of income. many people purchased more home than they could afford. also, homes became credit cards for many. as a result, second mortgages became another source to finance cars, vacations or pay off other credit cards.

Laurie

May 10th, 2010
7:53 am

Actually, Bush Senior was in charge for the 1st 2 years of the 90’s, then Clinton took the remaining 8. But Republicans had a majority rule in the House and Senate. I would say both Dems and Reps were responsible for this mess

Buzz G

May 10th, 2010
7:56 am

For years liberals complained about not enough “affordable housing.” They passed the Community Reconstruction Act requiring banks to lend to those not able to pay back. Then they created Fannie Mae and Freddie Mac to hide the bad loans created by the Community Reconstruction Act. And when the liberal Democrats house of cards came tumbling down, they blamed Wall Street greed. And the AJC has bought into the Wall Street greed thing. Sad.

The Economy

May 10th, 2010
8:07 am

Blame all and any, but the fact remains that when you point the finger, 4 other fingers are pointing back at you! I say this to you my greedy little Benedict Arnolds, Greece is just the begining and you better get youre own HOUSE in order. America’s financial history is changing for better or worse, and easy money and jobs are not coming back. Terrorist attacks are going to rise, the World has seen how vulnerable we have become. You are fat/lazy/ignorante Americans, and the creem will rise to the top. Get use to the NEW America, the old one where average is rewarded for failure and is on vacation. You have a Govt. that will tell you what to do now, isnt that what you want? really?. GLTA

William

May 10th, 2010
8:09 am

Does everything have to turn towards finger pointing? That is why is why our country is in the shape it is in today. It is time to move forward with shaping out country to make it the best in the world to live and stop the fighting within.

Morrus

May 10th, 2010
8:10 am

Curiously, in a supposed anti-incumbent year, most of the departing are not retiring but seeking higher office. We may recycle more than we replace. The bad news is that a frustrating 114 seats still have but one contestant. Two of them aren’t even incumbents, meaning they will affect state policy without being vetted by voters. And I have to think that we’d be better off if many had run instead for the Legislature — and cut down on the number running unopposed. Georgia’s problems are numerous. They aren’t going away. There’s too much stale thinking at the Capitol, on both sides of the aisle. New voices would be welcome.

dawgma

May 10th, 2010
8:22 am

Wouldn’t ever want to publish these numbers by race. It would show the majority of foreclosures are not in Dunwoody, North Fulton, Peachtree City but curiously South Dekalb, South Fulton, Clayton cty.

Dave from GT

May 10th, 2010
8:28 am

It will be interesting to see who ultimately eats this.

First, the borrowers don’t make the payments and the bank repos. Then economically disadvantaged youth strip the places for drug money. Then no one will buy the place for what the bank (really Fred and Fan aka your government) wants. Then the govt (see prev sentence) tries to sell it for back taxes.

I bet the last option prevails, since it is impossible to cut back government unions and congress people who get full retirement and medical after a couple years (sic. work).

What an incestuous system. But have no fear, the current youth (aka no money but a lot of future) are not going to fall for that “american dream” of “owning” (aka owing money to the govt) crap any more.

At last the cycle will be broken, and the hype of “owning” property will be dispelled.

If you want to know who really owns the property, try not paying taxes for a couple of years, then the government employees with guns and tasers will show up to make sure you remember.

Sieg H… !

truthtoall

May 10th, 2010
8:52 am

Yes it is true Obama can not make your house payment. What you should really do is go to the court house and see if Obama or Bush signed your loan papers. See you took out the loan Obama or Bush or even Al-Queda probably aren’t on your loan documents. After all who’s really to blame for the financial mess your in. Why your always being financially responsible. Is the governments fault. You might even be able to sue because they did not send you the right pamphlet. Explaining that you might not want to get into debt so deep. That even a monster sized back hoe couldn’t dig you out.

So blame Daffy Duck. Morris the cat. The Jeffersons. No one really cares about your loan payment. Maybe you will find out the economy signed your loan papers so you can have a good day.

Dave from GT

May 10th, 2010
9:02 am

Hey Henry, why don’t you go undercover and act unemployed? Then try to get a job somewhere ?

You need to be more like Geraldo and do some real reporting, instead of proving to the audience that you can read (other people’s) work.

Brad

May 10th, 2010
9:11 am

Funny how no one talks about gov’t greed. It is 100 x worse and growing.

killerJ

May 10th, 2010
9:17 am

Dumba$$es,they swindled every penny from you without a fight now they want you to invest in them again and like total idiots that the people are you are going to believe in them again.you get what you deserve if you play their game again,support your local tea party for real change,down with long term politicians.

Halliburton Billionaire

May 10th, 2010
9:22 am

Gwinnett: “Success USED TO live here.”
Vacant lots galore, entire plazas up for sale or lease, so it comes as no surprise to see them leading the way for foreclosures. And don’t be fooled, dawgma. Check the foreclosure listings for these esteemed country clubs of north metro. Gwinnett and Fulton’s rates almost triple that of lowly Clayton.

Halliburton Billionaire

May 10th, 2010
9:32 am

There were a lot of people living irresponsibly but there were even more who did the right thing, bought what they could afford but lost their jobs. The reasons for the high foreclosure rates are multifaceted, stop drinking the propaganda kool-aid.

songbird

May 10th, 2010
9:58 am

Not everyone bought a house they couldn’t afford. Some are walking away because the house they bought is worth less than half what they paid for it and the mortgage company won’t work with them to lower the mortgage. Can’t say that I blame them.

truthtoall

May 10th, 2010
10:03 am

Well I guess the government signed everyones loan document. Including commercial and residential. What they should have done is issued calculators with stickers on them saying: These payments are really insane. Take a look. Now what they really should have done is put an insert in the plastic jacket of all the calculators issued. WARNING MR ECONOMY CAN BE MOODY AND CYCLICAL. Or never really depend on economy to make your house payments. But they didn’t. So your in the mess of a lifetime, bailing water like a volunteer on the Mississippi river at flood stage. You could even blame God for this. But I don’t think he really cares. You reap what you sew.

Renter

May 10th, 2010
10:34 am

@dawgma Well I guess you don’t watch the news because you would have seen Peachtree City on it last week talking about how many forclosures have hit their area and how no one is doing upkeep on the empty houses. People from all walks of life are losing their homes. It’s not just the poor stupid people that you are trying to talk about in your statement. Some people are just fed up dealing with the banks and some can’t find a job working at McDonalds. This is going to get worse… especially when the teachers find out this week if they will have a job or not next year….

The Economy

May 10th, 2010
10:54 am

Renter, where was that story on PTC ? I have some co-workers who liver there, always telling everyone in the office how great it is and how its different, no foreclosures and values have increased. Fools all bought new homes last year, they gotta be upside down. PTC is in the middle of NO WERE, your like isolated on an island, nothing around but strip malls and golf carts. BOORING!

The Austrian Brotherhood

May 10th, 2010
10:56 am

Cmon folks. Let’s not forget the Federal Reserve’s underlying role as catalyst for this whole charade.

This banking cartel manipulates the price of money – kind of like those red devils in China – through interest rate policy. They are independent in theory but every bit politically motivated with KGB like secrecy.

Formed in Jekyll island, GA in 1913 they make sure the bankers get the money at it’s highest value, before it’s diluted via ongoing monetary inflation.

Were all pathetic good for nothing suckers to the Fed so…END THE FED…END THE FED…END THE FED.

Renter

May 10th, 2010
11:06 am

@TheEconomy These people are lying to you…. PTC is just like everyone else… too many empty homes and empty strip malls. The news story was on WSB TV. The video should still be up since it just aired last week. I grew up in Fayette County and it’s like day and night of what it use to be. So many empty strip malls and empty houses. Houses that use to go for 200k are now going for 115K. No one is left out of this foreclosure mess. I hate when people brag about how their value is going up and everything is great in their little Golfcart land!! Let’s get real people!!!!

You R Missing The Point

May 10th, 2010
11:10 am

Many people who are commenting are talking about Wall Street, Insurance Companies and other avenues. The bottom line NOW is people are loosing their homes because THEY HAVE LOST THEIR JOBS. Yes, in the beginning 2007-2008, the housing market started to fall because of adjustable mortgages, but now, many (thousands) of homeowners are loosing homes because of unemployment. Most of these unemployed people have “FIXED RATES” and DID NOT BUY more than they could afford. Many have lived in their homes for many, many years (paying on-time) with good salaries, but since the recession has lingered so long, they eventually fell into the unemployment line. Let’s stop talking about people buying more than they could afford. This is not the current problem.

The Economy

May 10th, 2010
11:13 am

I thought they were full of it, and they bought at the peak, paid like 460k for a newly built Waylen home. I even mentioned that they should look to pick up a foreclosure, they said there wasnt any in PTC, or the neighborhood they wanted to move into. I’ll look up the link and see if the video is still on there website, thanks for the info.

Blake

May 10th, 2010
11:23 am

Anyone who thinks CRA lending had anything to do with the current housing crises is truly being mislead. CRA does not and did not cause lenders to relax credit lending policy, in fact, CRA holds lenders to tighter lending policy guidelines, and those who use the CRA argument as a cause for the meltdown are way off base. If you drill down on the bad loans nation wide, you will find that less 10% of the none performing loans where actually CRA loans. There in lies the rub, 90+ percent of the Sub-prime lending was not even covered by the CRA act, and hence the lending which caused the mess we are in was “Not” regulated.

CDO’s and Credit Default Swaps which really where the culprits of the collapse still are not regulated at the level they should be. American consumers would be well served to be informed about what just occurred in our country. One thing is for sure, you can blame those who have the least all you want, any rational free thinking person who looks at the numbers, not the rhetoric will see that CRA lending had nothing to do with what just occurred, and anyone who suggest it did well they really should go back and look at the numbers and instruments used to get people in homes that should have never been in them in the first place.

This collapse was caused by unregulated activity and greed , are there flaws in Americas Affordable Housing system yes, but to make the argument that CRA/Affordable housing caused this meltdown in just insane, just looking at the area’s of concentration of the foreclosures and the price points of those properties those variables alone will knock the logic out that CRA/affordable housing argument being the cause of the housing meltdown. Think for yourself America think.

Renter

May 10th, 2010
11:28 am

@TheEconomy wow…. so they are stupid and crazy!!! No way would I pay 400k for a home in Peachtree City! I am looking at some foreclosures right now in PTC…. they just want you to be jealous for them… that is all…

Laura

May 10th, 2010
11:32 am

Agreed Austrian Brotherhood! Everyone should read “The Creature from Jekyll Island”…..

Tea Party Idiot

May 10th, 2010
12:18 pm

This is Obama’s fault.

DataViz

May 10th, 2010
12:28 pm

CausEffect

May 10th, 2010
12:41 pm

1st Off a couple things were at play..

- A lot of good and bad people were caught up in this… Its foolish to think either greed or stupidity had more influence over the other. People will make bad decisions when ill informed, and the motivations/payoff of greed are too great.. It human nature

- America was recovering from what we then thought was the worst economic issue of our time, which was the .com bust.. So people needed an industry and equity to dig out of losing there 401ks and investments… The simple idea was use the home as leverage, which isnt in theory bad, just its very bad when not completely followed and fraud takes place. Some people refi’d there homes with no intentions of reinvesting.. this s wrong.. Some banks gave money to people who didnt have to show proof of income, just to repackage and sell to China or some other 3rd party.. It’s a collassal situation

- The responsibility is shared.. We share this country.. I’m so tired of people blaiming the Rep’s or Dems.. They are us.. we are together in this and iff you dont take our fingers and stop pointing them and start using them to work, we will all suffer individually. The doors of commerece and politics are no doubt linked, but enough with the smoke and mirrors and lets get to work fixing this thing. The country needs sustainable jobs, new infrastructure, affordable education and medication, and the list goes on and on.. There is much work to do, unless comlaining is what we think the solution is.

Silverchief

May 10th, 2010
1:09 pm

“I think it’s safe to say we’re no longer showing the sustained increases” …. I don’t suppose so, there are not that many houses left to foreclose on, the number has to drop.

diddy

May 10th, 2010
1:39 pm

We are thinking about sending the keys to our home back to the bank and let them deal with it because they are certainly not working with me. I can’t even get a live person over the phone. My mortgage has been sold twice. All I want is a fixed 30 year rate on my existing mortgage. We have never been late on a payment and we have plenty of cash. We are happily paying the mortgage even though our home is worth only half.

CAN SOMEONE PEASE GIVE ME A REASON NOT TO JUST LET THE HOUSE GO?????

S

May 10th, 2010
1:41 pm

Compared to other Counties in the Atlanta Metro area, Fayette has very few foreclosures. I saw the WSB news clip on foreclosures in Fayette and they had pictures of an area in PTC where there has always been vacant homes and numerous rentals. Nothing new about that area in PTC. I believe it was mostly about the upkeep of those vacant homes and how they bring down the property values of others. Boring only for some..Peaceful is the way I look at it… Fayette is a wonderful place to live. And YES, I love to call it home…

from minus to plus

May 10th, 2010
1:58 pm

To anyone who think that most people bit off more than they could chew is out of touch with reality!!!! I purchased a home based on what I could afford nothing more, nothing less. And now I am facing foreclosure because I lost my job in 2008 and have been unable to find employment since. All I wanted was a piece of the “AMERICAN DREAM” to leave for my children.
The banks knew what was going on all along. The more debt, more power. It sickens me to my stomach to know that I live in a capitalist society. How much power and money does a person need? It doesn’t make you a big person, it only makes you a larger target for people to scam you.

Broke

May 10th, 2010
2:03 pm

America for the last 15 to 20 years has been given the ability to demand easy access to credit and Americans went for it; like dangling a piece of chocolate in front of a fat kid, we bit. We all indulged in some way but the excessiveness pushed us all over the top. You can not blame one person or group since all of this was the results of many persons and groups. The question is what do we do now? Whine and cry like a spoiled brat or get up and wipe off the blood and dirt and do better next time. Start by trying to help yourselves out of the hole by not repeating the past, then help friends and family, then community and this will help us get America back. There is not one answer to fix all of this but I do know that our Grandparents, Parents who settled in America all wanted us to have the lives that America can offer and we have let them down by not being responsible or active enough in what our ‘leaders’ do in corporate side as well as the political side. We, the People, are the moving force of this nation. If a company does us wrong and cheats the People then we stop doing business with them. If a candidate votes for the good of the lobbyist instead of the People, then we take them out of office. This again is how we take America back!

Matt

May 10th, 2010
2:24 pm

“CAN SOMEONE PEASE GIVE ME A REASON NOT TO JUST LET THE HOUSE GO?????”

diddy, talk to a lawyer and see if the bank could sue you for the balance of your mortgage…

Tea Party Idiot

May 10th, 2010
2:25 pm

Broke,

What do you suggest we do about the scammers? Enron? Madoff? Haliburton? WALL STREET?
WE have to do better but they get to continue ripping people off because hey, this is America! Capitalism rules! :-/