| Atlanta is in the Top Ten! So why isn't everyone smiling about it? |
| Written by Mack Hayden |
| Thursday, 29 July 2010 20:14 |
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Perhaps it's because that Top Ten list is of cities with the highest number of foreclosures in the country. The statistics, gathered by California-based realty marketing firm RealtyTrac, indicate that as of the second quarter 2010, Georgia had the sixth highest number of foreclosures in the US (71,949, up over 27% compared to the same period last year). Metropolitan Atlanta wasn't far behind, boasting the seventh highest number of foreclosures (52,381, up over 8% compared to the same period last year). Through the second quarter of 2010, there were a total of over one and a half million foreclosures in the United States, an increase of 8.3% over the second quarter of 2009. Despite some lenders' efforts to avert or delay foreclosure proceedings on delinquent properties, the pace of properties already being processed for foreclosure, but delayed by previous relief efforts, picked up significantly. Unfortunately, the trend is expected to continue until the "recovery" from the recession hits Main Street, in the form of significant jobs creation. There is a bright note in this sad song, however: long-term mortgage rates fell for the sixth straight week, to 4.54% on a 30-year fixed-rate mortgage, and 4.0% on a 15-year fixed-rate mortgage. What this means is that if you still have a job and haven't lost your home to foreclosure, it might be a good time to buy. Just don't tell your neighbor who has a sign in his yard, or you might find yourself in need of another kind of recovery program. Add this page to your favorite Social Bookmarking websites |
