Metro Atlanta Had over $1 Billion in Residential Properties Enter the Foreclosure Process in October
In October Metro Atlanta had over $1 Billion in residential properties enter the foreclosure process representing over $1.3 Billion in defaulted mortgages for the month.
Atlanta, GA (PRWEB) October 17, 2007 -- Equity Depot (www.equitydepot.net) reported today that the number of Metro Atlanta foreclosures in the company's proprietary system reached 6,809 in October. This is an all time monthly record for the metro area. The total estimated value of properties entering foreclosure in metro Atlanta was $1,076,975,783 and the related lenders "at risk" mortgage values exceeded $1,322,322,733 in October 2007.
The number of residential foreclosures entering foreclosure in October 2007 is up 38% over September 2007 (the largest one-month increase ever) and up 11% over the same period of 2006. The most recent 3-month total is also up 35% over the same 3-month period of 2006.
The counties that are included in these numbers are: Fulton, DeKalb, Cobb, Gwinnett, Clayton, Cherokee, Douglas, Fayette, Henry, Rockdale, Forsyth, Bartow and Hall.
"The number of foreclosures in the Metro area continues to track steeply upward driven largely by the increased percentage of Adjustable Rate Mortgage defaults and new construction loan defaults", said David Cook, President & CEO, Equity Depot.
Based on total mortgage amounts, the top 9 lenders initiating foreclosure in the Atlanta Metro in October were $480 million of the "at risk" mortgages.
Indications from Equity Depot customers suggest that this trend will accelerate over the 18 month horizon.
About Equity Depot:
Equity Depot a leader in real estate information services based in Alpharetta, GA, 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 provides an on-line foreclosure listing service which connects distressed properties with buyers and through its Loan Guard service alerts key stakeholders, such as lenders, law firms and title companies of a financial risk to a secured assets. To learn more about Equity Depot, visit the company's Web site at www.equitydepot.NET or www.loanguard.NET
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