Metro Atlanta Foreclosures Reach a Record High in January According to Equity Depot
Equity Depot LLC reported that pending foreclosures hit a record high this month with 4,823 properties advertised for foreclosure sale in the 13 county metro Atlanta area. This represents a 25 % month to month increase from 3,842 in December 2006 to January, 2007. Overall in 2006, pending foreclosures increased from 37,605 properties advertised for foreclosure sale in 2005 to 44,971 in 2006.
Atlanta, GA, January 27, 2007 -- Equity Depot LLC reported that pending foreclosures hit a record high this month with 4,823 properties advertised for foreclosure sale in the 13 county metro Atlanta area. This represents a 25 % month to month increase from 3,842 in December 2006 to January, 2007. Overall in 2006, pending foreclosures increased from 37,605 properties advertised for foreclosure sale in 2005 to 44,971 in 2006.
It's been recently reported by many publications that pending foreclosures in Georgia have jumped anywhere from 60 to 90% in the last year. "The factual data is in, and while these claims have been proven false foreclosures are definitely on the increase", said Barry Bramlett, Vice President of Product Development at Equity Depot. The increase is attributed to several factors:
(1) Significant new real estate development and an ever-increasing population base.
(2) Availability of lending products designed to allow greater access to mortgages and home ownership as well as consumers willing to use their home's equity to consolidate debt. Therefore, home ownership is at an all time high and foreclosures are a bi-product of this activity."
Foreclosures often have a negative effect on lenders. The company reports that its customers are seeing an increased risk associated with the impact of a popular new lending product which allows simultaneous closing of 1st and 2nd mortgages on both refinances and new purchases. The lender's aim is to provide a benefit to the borrower by eliminating the expense the borrower incurs through PMI (private mortgage insurance), but the risk to the lender is great. "These 2nd mortgages are always at risk if the 1st forecloses them out. We see it every month", Mr. Bramlett added.
About Equity Depot
Equity Depot.NET, based in Alpharetta, GA, publishes The Atlanta Foreclosure Report® 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. Equity Depot also offers LoanGuard™, a monitoring and notification service designed to protect 2nd Mortgage and lien holders from pending foreclosure activity. Its 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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