Metro Atlanta Foreclosures Rise Sharply in 2006 Driven by Defaults in Adjustable Rate Mortgages
Metro Atlanta Foreclosures rise sharply in 2006 driven by defaults in Adjustable Rate Mortgages. Equity Depot reported today that the number of Metro Atlanta foreclosures has increased 20% over last year but a staggering 130% increase since 2001.
Atlanta, GA (PRWEB) September 1, 2006 -- Equity Depot reported today that the number of Metro Atlanta foreclosures has increased 20% over last year but a staggering 130% increase since 2001. According to historical data, the 13 metro counties had a total of 25,276 foreclosures year to date compared to 21,030 for the same time period in 2005. In 2001, that number was 10,956.
“The number of foreclosures in the Metro area continues to track steeply upward driven largely by the increased percentage of Adjustable Rate Mortgage defaults. For example, in June 2005, 21% of Dekalb’s foreclosures were ARMs. That number in 2006 was 38%,” said Mark Sulimirski, Chief Product Engineer, Equity Depot.
Indications from Equity Depot customers suggest that this trend will accelerate over the next few years as interests rates rise.
About Equity Depot
Equity Depot is a real estate information services company based in Alpharetta, GA, and has been providing critical information on foreclosures to real estate investors, real estate agents, law firms, mortgage lenders, U.S. government agencies and the media for over 15 years. The company mission is to use data and technology to allow customers involved in real estate to make more informed decisions. For more information about Equity Depot, visit the company’s Web site at www.equitydepot.NET
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