Number of Georgia Foreclosures Continues to Grow

Georgia once again came in near the top of the charts among states with the highest rates of foreclosure in 2007. Georgia foreclosures and filings numbered over 9,950 in the month of November alone, which was one of the high points of the year. Georgia foreclosure homes numbered 1 for every 420 houses in the state during that period. While this number was a decrease from October of more than 20%, it is still 28% higher than it was in November of 2006. Georgia has been a model of the nationwide foreclosure trend, as Atlanta foreclosures, Macon foreclosures and Savannah foreclosures have all seen huge increases over the years since the housing boom sparked intense investment in real estate. The future of the foreclosure market in Georgia has yet to be seen however. The drop in the rate between October and November is a good sign, but many experts still predict that more adjustable rate mortgages will reset in the next year, making it hard for owners to keep up with payments. In terms of foreclosure investing, Roswell foreclosures and other suburban Atlanta foreclosed properties have been seen to be excellent investments. These desirable areas for middle to high income families are seen as being some of the places with the biggest chance for stable home value, and thus the discount offered by bank foreclosures and other real estate foreclosures has a greater chance to lead to potential profits in the future.