AGENT MLS HOME FINDER

The Atlanta real estate market has been particularly disrupted by the nationwide recession. This is primarily because the city was growing so quickly and taking out so many unstable loans before the collapse of the sub-prime mortgage crisis. When this problem started taking serious root, it started a chain reaction, leading to weaknesses in many different portions of the Atlanta economy, not just real estate. Almost a year later, most sectors are still in the process of recovering, with some continuing to decline and weaken. One of the biggest problems for Atlanta has been foreclosures, which have continued to set monthly records even in the wake of a federal stimulus intended to boost the housing market throughout the country.

According to a September 16, 2009 article in the Atlanta Journal-Constitution, “Home foreclosures hit another monthly record in metro Atlanta. There were 12,207 foreclosure notices in September covering a 13-county region, according to Equity Depot data. That’s up from 9,930 in August. The notices published this month are for public auctions scheduled for October. ‘It hasn’t leveled off yet,’ said Barry Bramlett, president of Equity Depot. ‘We’re seeing older loans that typically tell you it’s related to the economy and joblessness.’ The previous record was 11,925 in June, according to Alpharetta-Based Equity Depot.” This was one of the reasons why Atlanta has begun to receive federal stimulus money to help with foreclosures. According to an October 7, 2009 article in the Atlanta Business Chronicle, “Atlanta got $1.1 million in stimulus money from the federal government to sell foreclosed homes in the city’s hardest hit neighborhoods.”

One of the largest lenders that deal with Atlanta homes for sale, Wells Fargo-Wachovia, recently put a temporary hold on foreclosures until October 28, 2009. Home prices, however, are a small ray of hope for real estate in Atlanta, according to a September 29,2009 article in the Atlanta Journal-Constitution’s Atlanta Business News section, which stated that “Metro Atlanta home prices continued a mild rebound in July, according to a widely watched national index, but remain well below year-ago levels. Prices in the region rose 2 percent from June to July…”