Foreclosure for sale

Georgia the Peach State of USA is also known as the Empire State of the South. It has the 10th highest per capita income in the country and the 28th largest economy in the world. It is surprising that Georgia foreclosures for sale should now be causing grave concern. Atlanta is the prosperous capital of Georgia. The landscape is breathtaking as it rises from the Atlantic coastline to the Appalachian Mountains from where rivers cascade down.

With Georgia foreclosures for sale on the increase few Georgians have time to pause and savour such beauty as they struggle with the problems of basic survival. The Georgia foreclosures for sale are those houses that are lying in various stages of foreclosure starting with the foreclosure notice, passing through auctions and then ending up as bank repossessed homes. The pre-foreclosure stage can also be included when the borrower defaults. Often before it goes into formal foreclosure the lenders and borrowers come to an agreement to short sale the house. In Georgia both judicial and non-judicial foreclosures are allowed. Generally it takes 90 days for the foreclosure process to run its course.

There was a slowdown of Georgia foreclosures for sale in January but nevertheless the state continued to rank among the top ten foreclosed states in the country according to RealtyTrc. In January 2009 there were 9,907 Georgia foreclosures for sale – the term referring to all the foreclosure stages of default and auction notices as well as bank repossession. The number of Georgia foreclosures for sale showed a decline of 7.11% from January 2008 and a drop of 1.24% from December 2008. The number of Georgia foreclosures for sale calculates to a foreclosure rate of 1:400 in January this year. In January the Georgia foreclosures for sale made the state rank 8th in foreclosure postings.

The houses that remain unsold and stand vacant are causing grave concern. With the market being flooded with foreclosed homes there are hardly any buyers. Many houses are lying vacant in ghostly sub-divisions. The banks are unable to see to the maintenance of so many houses. It is leading to fall of housing prices and to an increase of law and order problems. The administration is losing out on revenue with stagnation in property dealings. This is happening at a time when there is a pressure on the law enforcing and fire fighting bodies to attend to more calls. With tempers rising politicians are worried about vote banks.

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