The number of foreclosures across Georgia and the Metro Atlanta area continues to track upward. This is largely driven by the consistently high number of sub-prime mortgages in default as well as recent increases in prime mortgage and construction defaults
Atlanta, GA (PRWEB) January 21, 2009
Equity Depot reported today the number of Metro Atlanta foreclosures posted in the company's proprietary system in January for the February 3rd auction reached an all time high of 8,425 properties. This number eclipses the prior record of 7,967 set in September 2008. The total estimated value of these properties is $1,526,597,715 and the related lenders "at risk" mortgage values equaled $1,540,624,639. The statewide number of pending foreclosure properties posted in January reached 13,000, also a record amount.
The total number, which includes both existing residential and commercial properties, represents a 20% increase over January 2008 and a 75% increase over January 2007.
The 13 counties included in the Metro Atlanta statistical data are: Fulton, DeKalb, Cobb, Gwinnett, Clayton, Cherokee, Douglas, Fayette, Henry, Rockdale, Forsyth, Bartow and Hall.
"The number of foreclosures across Georgia and the Metro Atlanta area continues to track upward. This is largely driven by the consistently high number of sub-prime mortgages in default as well as recent increases in prime mortgage and construction defaults," said Barry Bramlett, President & CEO, Equity Depot.
Based on rising unemployment numbers and the continued slump in both resale and new home sales Equity Depot expects these trends to continue over the next 12 to 18 months.
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 20 years. The company provides on-line foreclosure listings and research that connects distressed properties with buyers and through its LoanGuard service alerts lenders, law firms and title companies of potential risks to their secured assets. To learn more about Equity Depot, visit the company's Web sites at http://www.equitydepot.net, http://www.notivus.com or http://www.loanguard.net.