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
lol
August 15th, 2011
6:00 am
Everything is good people. Move along now, dont panic.
Typical Democrat
August 15th, 2011
6:32 am
Obama is doing a great job! He can turn water into wine and he has made America shine. Soon, unemployment will be below 2% and the Dow will hit 14,000.
Hope and Change in 2012!
This was/is avoidable
August 15th, 2011
6:39 am
Our government has failed us. Our Republican dominated House and Senate and yes, our Democratic president (Bush is also responsible) have allowed this disaster to go largely unmitigated.
Back in 2007/2008 when more than 1/2 million people were losing their jobs every month, Bush should have taken measures to put people back to work. Then when Obama took office he should have done it. If they had addressed the unemployment issue early, we wouldn’t have had nearly the number of foreclosures.
Secondly, they should also have implemented “cram-downs” on a case-by-case basis. That would have given judges the ability to adjust the value of a homeowner’s mortgage. In so doing, their mortgage would not have been so much greater than the value of their home. They would have been much more likley to stay in their home. But again, only if they still had employment.
Wall Street’s highly leveraged credit default swaps and derrivatives crashed our economy and instead of taking immediate action, we’ve suffered horribly for their profligate ways and congress’ inaction.
Gross
August 15th, 2011
7:49 am
Do you have to run Barry Bramlett’s chestacular photo every month?
Realist
August 15th, 2011
7:53 am
This was/is avoidable – you do realize the democrats control the Senate as well as the presidency?
Cynthia's Tucker to UGA, Oh My!
August 15th, 2011
7:54 am
It’s all whitey’s fault.
Buzz G
August 15th, 2011
7:56 am
It is all Bush’s fault.
It is all Bush’s fault.
It is all Bush’s fault.
Every Obama lover is trying to justify voting for this empty suit leftist teleprompter reader.
It is all Bush’s fault.
It is all Bush’s fault.
It is all Bush’s fault.
Bill McNally
August 15th, 2011
8:04 am
Mitt Romney and his dream team will ride in and fix everything overnight.
bob
August 15th, 2011
8:04 am
is there something in common about about;chicago,detroit, atlanta, clayton,dekalb, and south fulton???
Who my baby daddy?
August 15th, 2011
8:09 am
What culture has permeated the City of Atlanta, Atlanta Public School System, Fulton County, DeKalb County, Dekalb School Board…..just asking the question.
The Truth
August 15th, 2011
8:14 am
Neither the Republicans, Tea Paty, or Democrats have the average working class American’s best interest in mind. The majority of monetary issues that this country faces today is because of the greed and mismanagement of both parties. Don’t get hung up on party loyalty and do your homework and you’ll see that what i say is The Truth!
bob
August 15th, 2011
8:17 am
gwinnett and cobb soon to be on THE LIST!!!
bobisstupid
August 15th, 2011
8:17 am
Don’t worry Bob, Bachmann has all the answers to save this country and Perry will pray for her while Romney stays silent and jumps out when he thinks no one is watching.
You will be in great hands Bob.
Chuckster
August 15th, 2011
8:58 am
Obama 20012 FTW! Did you notice the wealth changing hands…lol…more to come. Reparations wihtout declaring it whitey. LOLOLOL!
My Two Cents
August 15th, 2011
9:03 am
This situation is just the tip of the iceberg. As long as folks can stay in their homes for a year without paying anything it just prolongs the inevitable. No one in Washington seems to care about the working class and no political candidate is a trailblazer for change in my humble opinion. Just the same old promises and rhetoric and when they get into office none of it is remembered. Vote carefully and know the candidates and “try” to hold their feet to the fire on their platform promises is the best we can do. How sad the crooked politicians got away with their evil doings. We need change we can believe in. Is there a candidate who can meet the challenges to turn this country around? I am not laying any money on it but in the meantime more and more people will be losing their homes. What is going to happen to them and where are they going to live? Does anyone really care?
Subroto Sarkar
August 15th, 2011
9:06 am
Well brothers and sisters please keep calm. We hope situation will improve as administration learns a lesson. I am from India. I have a long 30 years experience in generating self employment in India. I visited US and stayed 2010-11 for one year. Scanned the market prepared a blue print painstakingly and submitted a report to the Fedaral Government. That plan has to be implemented to pull out the economy. Earlier it is heard the better it is. That time it was rubbished and I predicted second recession within 14 mths. But unfortunately it happened within 8 months. It is a tragedy. The economic advisor to Mr, president is still looking towards Jupiter. They need to look down on the mother earth. There are empty number of scopes and money with mother earth still in USA agricultural sector. It needs to be tapped. Industriaslisation is not the solution. So friends please be calm and give economists to understand this basic law of nature. Mother earth still loves her children only children should turn back to her.
Just a Georgia Peach
August 15th, 2011
9:28 am
I agree about the picture of Bramlett. How many age defying procedures has this man had. At least he thinks he’s good looking. Button your shirt and try to look your age. The only thing worse than growing older is trying to look 10 years younger. It ain’t workin bud.
Alphare
August 15th, 2011
9:33 am
The 2 wars cost $100billions a year. If we don’t have the wars for the past 10years, but spend the money on paying down the debt $50billion a year, and spend the other $50billion on economy or cut tax for the business, how would we look now?
Yes, it’s all republican’s fault if you ask me. Of course, according Dick Cheney (Reagon’s aide back then), debt is no problem for this country. Can you repubs ask him about the debt now? I am just wondering what his answer would be.
Country Living
August 15th, 2011
9:35 am
They go to Washington and then forget why they are there–except to take care of themselves.
Malibu's most wanted
August 15th, 2011
9:36 am
Stop crying and stop with the blame game, and stop with the race thing. U all know why the economy is the way it is. U got democrats using America’s money to trick off with prostitutes, inside jobs, ask yourself where is the money, and look at the people who is stealing the money. Stealing billions of dollars and they don’t even need to walk in the bank with a gun, they walk straight to there office….. Blow me off, with the nonsense..
Charles Corley
August 15th, 2011
9:53 am
Ronnie R.(the working man’s friend) took the deduction for interest on consumer loans away from us and gave us the Equity loan which started it all. Consumer loans include credit cards,car loans, and etc., and are like cash at tax time $$$.You didn’t care what the interest was on your credit card because you got it back at tax time.
oldtimer
August 15th, 2011
10:06 am
The governemnt is not entirely at fault..People wanting more than they can afford,failing to plan, and not reading their own loan information is a big problem. 100% morgages should have never happened. You do not always get what you want…
Kate
August 15th, 2011
10:11 am
Not that the headline on the AJC main page shows it, but if you read the article, this is actually an improvement.
There are a lot less foreclosures than the same time last year (a 24% decline).
By far, most of the foreclosures (68%) are on owners who have already been in trouble and put off the original filing another month or three or six. So a lot of this is old problems still being worked through, not new ones.
And lastly, foreclosures in August are up over July primarily because of the way the calendar days fall, NOT because of any genuine increase.
No, everything is not rosy. But it’s better than it was.
Note that I’m not giving credit to any one party, politician or policy. Just saying that this is a (relatively) good news story, buried under a headline that makes it seem like bad news.
Alphare
August 15th, 2011
10:14 am
One of the catch words for Repubs is: responsibilty (or accountability). They would utter it whenever they have a chance to attract voters attention.
Well, they were in control of this country for 8 years before Obama, and in this state in the past 10years.
Now this country is shamble, and this state is in bigger shamble than most other states.
Repubs now are saying, it’s all dem’s faults, or Obama’s fault, or we don’t play blame game.
Pandora
August 15th, 2011
10:22 am
Everybody that have 1/2 a brain knows that it’s Bush’s fault to a certain extent that the country is jacked up financially. I don’t care what you Republican lovers have to say, but you know darn well that President Bush jacked up the economy. Before he was President the budget was balanced. In fact we were in the black, but now it’s jacked up and all of you idiots want to blame Presiden Obama. He was left with trying to put this country back on track. He is not to blame for this travesty!
Also those of you that foolishly used 2 and 3 incomes just to get a home should have not done that. When you search for a home you should NEVER use no more than 1 income. You should always sign a mortgage that has a fixed rate. NEVER get a ‘arm’ rate mortgage. Because that is adjustable and it always change. You should know what you can and can’t afford. So for those people that got a mortgage that they knew they couldn’t afford…I hope you learned your lesson. For those of you that got a mortgage that you could afford at the time and you became unemployed and it was no fault of your own and you lost your house… then my prayers goes out to you.
People need to STOP passing racist/ignorant comments. The color of a persons’ skin has absolutely nothing to do with what’s going on…
bob
August 15th, 2011
10:23 am
where does bobisstupid stay
Alphare
August 15th, 2011
10:48 am
Pandora,
the problem is most repub lovers don’t have half a brain. They keep repubs in power for more than 10 years in this state, and this state is in shamble than most others. You know what they will say, it’s all dem’s fault.
Yes, repubs are in control for 10years in this state, repub lovers would say it’s dem’s fault. They will blame dems even the state falls off a cliff.
Yes, it’s all dem’s fault our unemployment rate is 10% after 10year’s repub rule.
smfh
August 15th, 2011
10:51 am
((((DING DONG)))))….BUSH IS TO BLAME!!! WAKE UP PEOPLE!!!!
GaBoi
August 15th, 2011
10:58 am
BOB, you are ignorant, which explains why your name is so simple and includes no capitalization. The counties that you mentioned will soon be on the list actually are, and ahead of the counties you think seem to be the problem. Not sure if you read that John Smoltz a former big league pitcher, that made millions, and is still gainfully employed by the MLB Network, just had foreclosure dox filed against him for a property he owns. This a strategic move chosen by the well-off as well as the downtrodden. So before you go making baseless claims grounded on the amount of melanin one has or doesn’t, read a book, do some research, and leave forsyth county.
Signed
An Educated Colored Lad
Homer
August 15th, 2011
11:02 am
LOL! Barry has had way too much sun and his eyebrows make him look like the guy that would take you out on a deep sea fishing trip, but whatever.
GregKennesaw
August 15th, 2011
11:12 am
How is Bush to blame? how is Obama to blame? truth is neither is to blame for this housing mess.
Why can’t we allow this to work out in the wash, people who can’t or won’t pay their mortgage should lose their homes to foreclosure, eventually it will all work out. Those that lose their homes eventually become renters.
If you can pay your mortgage, but don’t, as the poster above calls a “strategic” move, you are behaving in an immoral and unethical manner. You signed on the line…. so pay up
GregKennesaw
August 15th, 2011
11:13 am
Pandora exactly how did Bush jack up the economy? How is it his fault?
bobisstupid
August 15th, 2011
11:14 am
Their new Queen Bachmann will supply the old lightbulbs to eveyone.
That’s her claim to fame other than begging for money for her husband’s “businesses”.
A lightbulb in every pot!
These dumba… are such jokers and their followers liker bob and Homer are clueless after drinking too much tea!!
GregKennesaw
August 15th, 2011
11:15 am
oldtimer is right
Terry Graham
August 15th, 2011
11:22 am
Too many people tried to afford homes, that they could not afford and thus when it was time to pay the piper, everything went to crap.
People need to take personal responsiblity for their own actions and stop blaming the government, etc.
GregKennesaw
August 15th, 2011
11:24 am
Republicans vs democrats – what has that got to do with the housing mess? How did Republicans create this housing mess? How did democrats create this housing mess? Look to yourself – look in the mirror… the housing mess occurred because people lied on their mortgage forms, didn’t pay anything down, didn’t undertsand what they were doing or signing and didn’t care. Bought more house than they could afford even when they had jobs….. Americans live in debt: credit cards, car loans, and mortgages.. no wonder we allow our country to be so deep in debt… here’s a thought, get out of debt, then start demanding your gov do the same
Katz
August 15th, 2011
11:24 am
Things will not get better until the government quits intervening. Why should I invest in property when I don’t know what the government is going to do tomorrow? Don’t you get it law makers? Capricious intervention makes it impossible to plan. If I can’t plan, I won’t invest.I’m just a little guy, but there is over a $trillion tied up right now because larger businesses are not going to risk throwing their cash into a project, only to learn a year later that the social engineers in congress favor a competitor or don’t like the way the market is headed. When the government steps beyond it’s roll of enforcing contracts and begins dictating terms or even worse, changing terms of existing contracts….the only people who can safely invest are those who have the law makers in their pocket. The business in Vietnam and China is more predictable than it is in the USA. I can’t resist a bit of name calling….most of our legislature and our fearful(of his re-election chances) leader are clueless buffoons when it comes to the realities of business and the market place. For now, I’m sitting on my cash and hoping the next government is something I can make a quick buck off of.
GregKennesaw
August 15th, 2011
11:25 am
Amen Terry
Katz
August 15th, 2011
11:26 am
next government should read next government move….
Katz
August 15th, 2011
11:28 am
Here is is, plain and simple. Today, the government is propping up real estate values. Tomorrow they may be forced to stop. Invest? Why take the chance? Already own a house that you do not live in? Get out now for whatever you can get. What about the house you live in? If you believed that propaganda about it being an “investment”, I have a perpetual motion machine that may interest you.
GregKennesaw
August 15th, 2011
11:29 am
we are a country of debt addicts and it all came to a head in 2008, If governemnt is at fault, it is only because they didn’t save us from ourselves, and they wouldn’t do that because we vote.
killerj
August 15th, 2011
12:00 pm
Less Government puts more money in your pocket………………………..Go Tea Party.
Jakori
August 15th, 2011
12:17 pm
“Sometimes, homeowners get a reprieve from lenders, but then become delinquent again.”
It would be interesting to see the stats on how the reprieve thing is working for the banks. I’ll bet more than half of the reprieves lapse back into delinquency. Most of these defaulters are people who should’ve never gotten a mortgage loan in the first place.
The Reader
August 15th, 2011
12:22 pm
We can only blame ourselves. We reelected GWB while things were already going down. Only us, stupid Americans. We will never admit that the capitalism has failed (elsewhere too), and the system of 2 political parties is not working This country is going down, and the worst is yet to come. Can’t wait to retire elsewhere..
bob
August 15th, 2011
12:25 pm
i am voting for the philadelphia mayor. i think he knows the problem!
roughrider
August 15th, 2011
12:25 pm
@ GregKennesaw
: Wasn’t George Bush the President in 2008 , when our country had an economic meltdown? Didn’t he try to fight two wars and cut taxes ? Wasn’t he responsible for the financial policies that caused the meltdown, requiring trillions of dollars for the TARP and bailouts? Wasn’t his economy the worst since Herbert Hoover ?
roughrider
August 15th, 2011
12:27 pm
Gregg: Do you still have the plastic and duct tape over your doors and windows? Do you still check the color coded terror alert chart before you go out everyday?
Augusta
August 15th, 2011
12:30 pm
The Washington Post babbled again today about Obama inheriting a huge deficit from Bush. Amazingly enough, a lot of people swallow this nonsense. So once more, a short civics lesson.
Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democratic Party.
Furthermore, the Democrats controlled the budget process for FY 2008 and FY 2009 as well as FY 2010 and FY 2011.
In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.
For FY 2009 though, Nancy Pelosi and Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the FY 2009 budgets.
And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009.
Greg
August 15th, 2011
12:35 pm
So bob, just what is it that you are hinting at here ??
Come on bob, be a big boy and just say what your thinking.
N
August 15th, 2011
12:40 pm
sure is nice to see a 24% year over year drop but of course everyone will miss that part.
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!