Metro foreclosure notices rise in August, but down from year ago
Foreclosure notices in metro Atlanta rose 16 percent in August from July, according to Equity Depot data released Monday. But notices in the 13-county metro area were down 24 percent from a year ago.
Barry Bramlett
A “remarkable percentage” of the August notices — 68 percent — affect repeat properties that were advertised previously, but then pulled back from foreclosure, said Barry Bramlett, president of Kennesaw-based Equity Depot. Sometimes, homeowners get a reprieve from lenders, but then become delinquent again.
Bramlett said that aside from the poor economy and job market, many properties in the process of foreclosure are worth less than the value of the outstanding mortgage. For example, of the 5,386 properties advertised for foreclosure this month in Clayton, Cobb, DeKalb and Fulton, the mortgage is greater than the tax appraised value on 65 percent of them, Bramlett said.
In such a situation, some homeowners apparently conclude it does not make sense for them to continue paying.
The rise in notices from July to August was expected because the calendar gave lenders a longer time this month to prepare ads for foreclosure. Notices published this month are for foreclosures on the courthouse steps set for next month.
For the first eight months of the year, notices are down 9 percent from the same time last year, which set a record. It is unclear how delays in mortgage processing stemming from the industry’s well-publicized problems with flawed documents are affecting the totals.
Among the core metro counties, Gwinnett led the pack for the 16th straight month with 2,108 notices. Fulton, traditionally in second place, had 1,765 notices, followed by DeKalb (1,560), Cobb (1,181) and Clayton (880).
- Henry Unger, The Biz Beat
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68 comments Add your comment
mrbill
August 15th, 2011
12:40 pm
The GOP controls the House and can’t get anything done let’s reward them. Morons
GregKennesaw
August 15th, 2011
12:46 pm
roughrider?
How did George Bush’s policy’s cause the mortgage meltdown? Be specific, which Bush policy contributed to the mortgage meltdown? how did it contribute to the meltdown? You gave 2 reason’s I believe – one was cutting taxes – how did this contribute to the mortgage meltdown? Next you stated it was the 2 wars, exactly how did this contribute to the mortgage meltdown? You also state that the economy was the worst ever under Bush’ admin. Again Bush was president from 2000-2008 – so that timeframe was worst since Hoover? I don’t think so.
Again, we have republicans on this blog blaming democrats and vice versa with neither really able to argue their case effectively because the truth is it was the fed resreve bank, the democratic house and senate, the replublican excutive branch, the rating agencies, the investment bankers, fannie and freddie who caused this mess, the the ultimate culprit without whom none of this would have happened is “you and me” those that signed on the dotted line… those who fed at the easy debt trough for so many years.
True Bailouts happened, banks failed etc. but which Bush’s policy led to this?
RGB
August 15th, 2011
12:47 pm
@Alphare:
Those who blame our multi-year economic crisis on President Bush are curious individuals indeed. Indeed, President Bush contributed greatly to our economic mess by amassing deficits greater than any of his predecessors. But President Barack Hussein Obama was sworn into office on January 19, 2009—nearly three years ago. Nobody expects overnight success when a new president takes office, but is the needle swinging in the right direction? On any front? Foreclosures? Home values? Debt? The deficit? Employment participation? GDP growth? Labor force participation? Government’s share of GDP? Percentage growth of government? Job creation? Consumer sentiment?
If we could transport ourselves back in time to the year 2000 and leverage that which we now know about President Bush, we could choose not to vote for him. In doing so—and assuming there would be a more fiscally responsible president (??)—we could avoid some of the pain we are now experiencing.
But I am at a loss to locate the technology to accomplish that. Can you help?
If not, may I suggest we look forward to see if we can solve the pressing problems that threaten our nation and her sovereignty? I, for one, am looking forward to November 2012 when we can begin to repair the damage accelerated and exacerbated by President Obama.
GregKennesaw
August 15th, 2011
12:48 pm
sorry for my typos, I don’t type very well
bob
August 15th, 2011
12:50 pm
ok– go to school, graduate,then go to college and graduate; get a job,get married,have children. then teach your children the GODLY character they will need during tuff times.
GregKennesaw
August 15th, 2011
12:55 pm
Guys blame democrats or republicans – I don’t care – just try and use facts and reason – cause and effect.
example: A lead to B which resulted in C. Following is not logical : Bush was president, meltdown happened so Bush is to blame is not logical or rational thinking. No matter how badly you want it to be the case.
GregKennesaw
August 15th, 2011
1:04 pm
what do I think led to the mortgage meltdown:
1) bundling of mortgages into tradable securities – meaning the originating bank wasn’t holding the mortgage – thereby lessening the incentive to ensure that the money could and would be repaid – I believe this started soemtime in the 80’s
2) fannie mae and freddie mac – gov agencies that were set up to basically “make a market’ in mortgages -
3) investment bankers – needed more and more mortages to bundle into securities so they could egt fat fees bundling and reselling -
4) rating agencies that rated garbage mortgages as AAA
5) dishonest mortgage brokers trying to feed more mortgages to the investment bankers
6) ignorant dishonest self indulgent over extended consumers… with sense of entitlement
GregKennesaw
August 15th, 2011
1:07 pm
someone please give me one Bush policy that contributed to the mortgage meltdown?
someone give me one democratic policy that contributed to the mortgage meltdown?
GregKennesaw
August 15th, 2011
1:10 pm
waiting roughrider? how did cutting taxes contribute to the mortgage meltdown?
how did 2 wars contribute to the mortgage meltdown?
anyone want to help him out?
Ivory
August 15th, 2011
1:32 pm
While it doesn’t do a thing for my property values here in Gwinnett, maybe we will lose some of the trash that generated the foreclosures, and I can be removed from the minority status!
Atlanta foreclosures higher than last month, but.. « Homes in Atlanta
August 15th, 2011
3:44 pm
[...] little evidence to decide if this is a trend, yet. Stay tuned. For more details on this report, check out the AJC link here. GA_googleAddAttr("AdOpt", "1"); GA_googleAddAttr("Origin", "other"); [...]
Alphare
August 15th, 2011
4:25 pm
RGB,
Obama did the things like all other presidents did before, and recommended by economic heads. FDR did and succeeded. Bush did right before he left office.
As we all know it didn’t work out as expected. The problem is, the country is too big of a hole after more than 10 years of wars, coincided with the rise of China. The wars suck $100billion a year out of our air, and China sucks jobs away while Bush slept on the wheel.
Coca Cola, GM, Caterpiller and other big American companies invested/hired more in China than in the US in the past few years. Actually GM now makes more money in China than in the US.
So the big picture is, the rise of China overlaps with the fall of Europe and the US in the past decade, while we went to 2 wars. Is that a coincidence? I don’t think so. All the western leaders fell sleep on the wheels.
Obama tried, but I am not convinced he pushed the right button. Let repubs try instead of Obama? But is Repubs’ do-nothing economic philosophy really the answer? I doubt it.
more money
August 15th, 2011
4:27 pm
Foreclosures up but “down” from a year ago? YES!!! That means the recession is over!!!! YES!!! The obama economic group—pure genius!!! YES!!! It’s over!!!! What should I do next to find a job????
FROM ATLANTA TO SEATTLE.2015
August 15th, 2011
5:27 pm
Atlanta the new big giant Detroit suburb down south!!!!!born and raised near Detroit and watched it turn from a vibrant city in the 1960,s to a blighted broke, crime infested,Bagdad looking rundown war torn lookin h$LL hole..and guess whose on that similiar path ???Atlanta !!!folks the handwrighting is on the wall get out or be stuck here in the metro area..like my kin folks in Detroit..Atlanta oversold itself in the 90,s didnt prepare for it both in infrustructure and planning and its paying the price as the metro area has stagnated as tons of folks from the slums of the north have moved here bringing crime,no skills,and a chip on thier shoulders..the metro are will be a poverty stricken dump in a few years just like who??Detroit!!!BEAUTIFUL EMERALD CITY OF SEATTLE ??4 MORE YRS I,M COMING!!so i can get out of this hot humid congested,poorly planned metro area called Atlanta!!!!
FROM ATLANTA TO SEATTLE.2015
August 15th, 2011
5:30 pm
reason for america,s mess ??george bush and the evil republicans..its a no brainer folks..this white male will vote again PRESIDENT OBAMA 2012..HANDS DOWN!!
FROM ATLANTA TO SEATTLE.2015
August 15th, 2011
7:17 pm
thanks for putting me in office twice making me and my friends richer while you working class that voted for me struggle I,M LIVING QUITE WELL IN MY TEXAS HOME….George W .BUSH
no money
August 15th, 2011
10:34 pm
The rich white people have caused all these problems ripping off people to get richer. All this greed is hurting African-Americans who can’t find jobs. I’m tired of this. I may move back to Chicago next year if things don’t get better.
Ivory
August 16th, 2011
6:10 am
NO MONEY; Take Obama and the rest transplants back with you, if you wouldn’t mind!