Atlanta area foreclosures see a huge decline in 2013

Atlanta area foreclosures see a huge 60% decline in 2013. 

A article in this afternoons Atlanta Journal-Constitution online edition was welcome news to the previously distressed Atlanta housing market. 

According to the artile, foreclosure notices in metro Atlanta fell 44 percent in 2013, this small a number has not been seen since before the financial crisis began.

There were 51,003 foreclosure notices filed this year in Metro Atlanta and this represent the lowest annual total since 2006, when only 44,971 notices were filed, according to data from Kennesaw’s Equity Depot.

This year’s total is a massive 60 percent decrease from the 127,140 foreclosure notices filed during 2010 which was the peak of the housing crisis here in Atlanta. Since that time, foreclosure notices have seen a large decrease but to get below levels not seen in 7 years is another sign that Atlanta, for now, has come through the most challenging time in years.

Along with fewer foreclosures and lower than average inventory of homes to sell this has led to rising housing prices in metro Atlanta, and encouraged more people to sell their homes. While inventory levels are well below where a healthy market would be, Spring of 2014 promises to bring a influx of resale inventory into the market. 

With a dramatic increase in inventory will also come flattening prices as the market shifts to a more neutral market. This means while there are a large number of available homes to purchase, both sellers and buyers will have a even playing field. In early 2013, Atlanta moved quickly from a buyers market to a sellers market. We should see a even market in 2014. 

Do you want more information on what your homes value is? Check here for a FREE no obligation evaluation of your homes value and feel free to reach out to us for more information. 

Matt Hermes, Hermes Realty Group, Keller Williams Realty, 678-775-2787, www.AtlantaHomesGuru.com

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