Metro-Atlanta Foreclosures Up 50% Year-over-Year!!

13 Replies | Atlanta, Georgia

So I was actually just reading this same exact article. Does this match up with what you all are seeing? I have been monitoring Notice of Defaults in Cobb and Cherokee County for awhile. I haven't really seen this drastic up tick in those counties. Please also note this is talking about foreclosure starts meaning a notice of default has been issued but may not result in an actual foreclosure on the court house steps.

@Matthew Nicklin I used to track Georgia foreclosures carefully, but I haven't done so in years. My big concern is that you're correct and that things are mostly normal in Cobb, because that means there have to be other counties that are on fire.

RealtyTrac is a subsidiary of ATTOM Data Solutions, the publisher of the report, so presumably their info is from the same data set. Looking at just a few Metro-Atlanta counties:

      Also, yes, the issuing of a NOD doesn't always result in an actual foreclosure. But a 100+% increase in filings means more than twice as many folks are defaulting on their mortgages in the largest Metro-Atlanta county (Fulton) now than a year ago.

      Something is going on, and it's not good!

      I don't understand why people would be filing for foreclosure, when the market is still going up, and they could simply sell their house for a profit if they have held it a year or two.  Unless these are new buyers...

      Hi @Josh F. These are folks who are seriously behind on their mortgage payments. Like most folks who get into financial trouble, their first thought is often "This is a temporary problem; I can fix this." Rarely does the idea of selling even come to mind.

      And if, as you point out, the market is truly going up, where are they going to move to?

      Something is going on here...

      @JJ O. Given its size, Atlanta can really only be understood as a (large!) collection of diverse sub-markets. I don't propose waiting: Just be very specific and focus on understanding the sub-market you have chosen to invest in.

      For those investors in the know, an increase in foreclosure activity could be very good news...

      This recent blog post breaks down the August 2019 year-over-year foreclosure start data even further: https://www.biggerpockets.com/...

      @Mitch Messer As I read this it appears it's for the month of August only and not for the entire year. Only YOY for August, correct? If so, what are they showing for the entire year and for last quarter. 

      @Mitch Messer

      Real estate really comes down to personal circumstances.  Although this article may spell doom for some investors.  For me it might be an opportunity to buy a house for my daughter to live in while she attends Emory University.  I am paying for housing for her anyway, so buying a forclosed house or apartment might be a viable option if these foreclosed places come available.  Just a thought

      @Kevin Polite Since ATTOM Data Solutions makes their money selling this data, they limit the amount of free info they provide. So, unfortunately, I haven't found quarterly or annual numbers online.

      However, I am talking to a select few investors about purchasing a subscription via syndication. If you're interested, connect with me here on BiggerPockets.

      Good point @Damaso Bautista . Also, know the market that you are investing like the back of your hand. I know that investors like me will welcome foreclosed properties in specific neighborhoods where we invest, especially for a long-term play.

      Originally posted by @Damaso Bautista :

      @Mitch Messer

      Real estate really comes down to personal circumstances.  Although this article may spell doom for some investors.  For me it might be an opportunity to buy a house for my daughter to live in while she attends Emory University.  I am paying for housing for her anyway, so buying a forclosed house or apartment might be a viable option if these foreclosed places come available.  Just a thought

      I absolutely agree: One man's doom is always another's opportunity.

      I thought this statistic was particularly interesting, given the headline of the original article. I'm somewhat curious why this isn't front-page news for the Atlanta Journal-Constitution