ATLANTA - A record number of properties around the Atlanta area are scheduled for courthouse auctions next month, according to Equity Depot, an Alpharetta company that keeps track of foreclosures.
In the 13-county metro area, 7,335 properties are scheduled for courthouse auctions, Equity Depot said. The previous record was 6,992 properties reported in January.
The numbers are further evidence that the area is in a real estate slump. ``The significance is we still have a lot of foreclosures going forward,'' said Joe Brannen, president and CEO of the Georgia Bankers Association, whose members make loans to builders and developers. ``That many people aren't able to make their payments.''
The foreclosures are a symptom of the subprime mortgage crisis that began being felt last year after many loans reset at higher rates, prompting an increase in defaults.
In the April numbers released Tuesday, Fulton County led the way with 1,844 problem properties, followed by DeKalb County with 1,284, and Gwinnett County with 1,145. The state ranked 23rd in number of foreclosures during the last quarter of 2007, according to the Mortgage Bankers Association.
Home buying activity has picked up in the last four weeks, said Van Johnson, president of the Georgia Association of Realtors.
``The potential buyers are definitely back,'' Johnson said. ``They're definitely out looking, although they are taking a bit more time than they've taken in the past.''
Friday
May 17th, 2024
6:25AM
