While most of the country sees the real estate market revive, Georgia is still in a tough fight.
The best way to get an idea of the state of the real estate market in a certain place is to look at the foreclosure numbers.
Colorado and Texas have seen historic low numbers when it comes to foreclosures over the last year. Georgia, meanwhile, sees a foreclosure 1 in every 955 housing units, according to http://www.realtytrac.com/statsandtrends/foreclosuretrends/ga. In terms of counties, Butts County near Atlanta is the worst with 1 in every 301.
The website compares the number of foreclosures broken down by the type of filing, auction or bank-owned, with Georgia at .10 percent as of November. The national number is .09 percent.
The worst part of 2013 for foreclosures in Georgia was January. The positive sign is the rest of the year saw a steady decline, so the hope amongst realtors, economists and citizens of Georgia is the trend continues or at the best improves throughout 2014.
Numbers show signs of improvement
By November, foreclosures by auction were down 13 percent from October and 36 percent for the year. Bank-owned foreclosures were slightly up 9 percent from October but down significantly for the year at 61 percent.
For Atlanta, as of November there were 4,328 properties in some stage of foreclosure, according to Realty Trac. The number of properties that received a foreclosure filing was 2 percent higher than October but 46 percent lower the same time in 2012. That shows you how bad the real estate market in Atlanta has been.
Home sales for October in Atlanta were down 34 percent compared to the previous month, and down 38 percent compared with a year ago.
The thing with real estate and any form of the economy is that it’s cyclical. The one positive out of 2013 in the foreclosure numbers is it steadily got better as 2013 progressed. As mentioned above, the hope is that this continues through 2014. If you’re on the market to sell your home, consider www.homevestors.com.
The ebb and flow of real estate
To make your head spin a little more, and make the real estate news for Atlanta harder to understand, according to www.trulia.com/real_estate/Atlanta-Georgia/, the average price per square foot for an Atlanta home was $170, an increase of 27 percent compared the same period last year. The site adds that the median sales price for homes in Atlanta for Oct. 13 to Jan. 14 was $240,000 based on the 1,988 home sales. Compared to the same period last year, the median home sales price increased 20 percent or $40,000. To make those numbers look even better, the number of home sales decreased 8 percent.
When compared to the foreclosure numbers, you get an ebb and flow real estate market in Atlanta.
Strong year ahead?
What will help the market is to get the price of median homes to rise and to record levels. Do that and the foreclosure numbers will continue to drop. That’s one of the reasons the foreclosures in Texas and, specifically, Dallas/Fort Worth, are at the record numbers they are at as we speak.
The expected rise of the interest rates to 5.5 percent and the impact that will have remains to be seen. But as long as the foreclosure numbers in Atlanta and Georgia continue to drop, that’s a good sign to the real estate market as a whole.
Author Bio: Ian St. Clair is an award-winning writer who has close to 10 years of newspaper experience. He’s written about everything from the Denver Broncos and college football to community theater and romance novels. He’s now at We Buy Ugly Houses Atlanta. You can find him at Google-Plus,