Gwinnett Foreclosures are a little better
I'm sure you all by now know that A short sale is when a homeowner and lender agree to sell a house for less than the owner owes. Lenders have filed foreclosure notices on fewer than 10,000 homes and businesses a month for several months in a row in Atlanta housing market which may be the time in more than two years the number has stayed that low. Barry Bramlett, the president of Equity Depot of Kennesa, said that the number of foreclosure notices through July was down 6 percent for the same period last year.
There is more bad news yet to come and will impact the number of Gwinnett homes for sale. July’s 8,579 foreclosure notices was up 16 percent from June and 4 percent above July 2010.
“It is going to be nasty for the rest of the year,” said Steve Palm of Smart Numbers in Marietta, which tracks Gwinnett homes for sale.
Even last June’s low count of 7,374 metro foreclosures is about double the monthly number compared to 2005, when the housing market was near its peak. Foreclosures and distress sales drag down home values and impact the Gwinnett new homes for sale too.
“There are more short sales going on these days than foreclosures,” Palm said. “They are not squeezing the trigger on forclosures as rapidly because they are more concerned about paperwork and trying to get it right,” We will keep you posted on the data as it trickles in regarding foreclosed homes for sale.
[...] But compared to a year ago, sales are up 13.5% on a National level. The fat glut of Gwinnett foreclosures for sale on the market has also sliced demand for new homes, as financially strapped consumers look for [...]