Atlanta Foreclosures Hit Record High

From the AJC: Metro Atlanta foreclosure notices in January hit a record 6,992 according to Equity Depot, up 45% from a last year.

One of the main culprits? Resetting interest rates of adjustable rate mortgages. And as subprime mortgage resets don’t peak until later in the year, the number of foreclosures, already at an all-time high, should increase.

This is not anything really new; we’ve been saying for months that the number of foreclosures is going to keep increasing.

For investors, as with much of the housing news these days, this is mixed news. On one hand, investors looking to sell houses are competing with these foreclosures, and as we know, prices are being driven down and it is becoming increasingly harder to sell property.

On the other hand, the opportunities for buying houses are unprecedented. Almost every property these days presents a short sale possibility. Hudson and Marshall is conducting cut-rate REO auctions. And with an unprecedented wave of REO properties coming, the number of opportunities presenting themselves to investors is only going to increase.