Understanding Macon Foreclosures for Sale

Macon City is in Bibb County of Georgia State, USA. It is included in the biggest metropolitan zone of Georgia. A fraction of Macon extends into Jones County. The city is referred to as the Heart of Georgia because central position in the state. To understand the surge in Macon foreclosures for sale one needs to know a little about the past of the city and the background of the foreclosure crisis raging in the state and the country.

Before starting off as a city, a fort had been built on its site after the native Indians, the Creeks surrendered their land lying east of the Ocmulgee River. The fort was built in 1806. Later this fort changed its character from a military stronghold to a trading outpost. In 1823 Macon City was made the seat of Bibb County and came to be named after a statesman – Nathaniel Macon. The city was planned with care containing well spread out streets and many parks.

In 1994 Macon suffered a hammering from Tropical Storm Alberto. Again in May 2008 a tornado struck Macon (EF2) causing the city to be declared a danger zone. Today a similar, if not worse catastrophe has struck in the form of foreclosures for sale.

Macon foreclosures for sale are taking place in hundreds because of lenders pursuing borrowers for unpaid dues. The borrowers failed largely because of sharp increase in foreclosure rates together with general gloom in the national economic climate. Initially most of the Macon foreclosures for sale were residential units. But now commercial foreclosures are making their debut. One of the victims of Macon foreclosures for sale is the Macon Mall. Soon this icon of a shopping centre will become history thanks to Macon foreclosures for sale. Foreclosure action is being taken against the mall because of default on $141.2 million loan. The court has approved the taking over of the mall by a new management company. The mall stands on 1.4 million square feet. It is hoped that the mall will continue to function as before.

Another victim of foreclosures is Macon Hotel in the downtown area of the city. However the hotel will continue to run as usual. In fact the good news is that it is hiring more staff. The owners have defaulted on a loan worth $50 million.

According to RealtyTrac Georgia continued to rank 7th highest in foreclosure rates in May 2009.

We suggest you to read about:

• Macon foreclosure listings in Georgia
• Staten Island Foreclosure Homes
• Fort Myers – Foreclosure Properties
• Real Estate Cursed by the Blight of Vacant Apartments
• Fort Myers Reo Homes in High Rates