Georgia's Foreclosure Scene Shows An Alarming Increase

Having a high rate of foreclosure homes is good as well as bad for a state. For a homebuyer who is looking for a cheap home to buy, the foreclosed homes found in a bank or a government auction could be a good source. But at the same time, the high rate of foreclosure in a state increases the chances of any new mortgage home buyer’s chances for a foreclosure too. That increases the skepticism. This is what is happening in Georgia right now. The rate of foreclosures in Georgia has now climbed to third in the nation. The upward swing has started emphatically since 2006 and now it has a very high number of homes that are going through bank foreclosures all over the state.

The whole of Georgia has a high concentration of foreclosed houses, but the rate is dangerously high in the regions of Albany, Atlanta, Brunswick, Dalton, Alpharetta and Augusta. On a statewide average, one in every 332 houses is getting foreclosed in Georgia, and the percentage is going on increasing at a very consistent rate.

These homes are constantly going under the auctioneer’s hammer for abysmally low prices which are used by buyers for investment purposes or simply for living in them. But it is only this section of people – the buyers – who may find this high rate of Georgia foreclosures to be advantageous. After all, they are able to get their houses at cheap rates, which they can sell when the prices rise again. However, for the common homebuyer, this is a scary situation. It is the dipping estate prices and the increasing rates of interest that are forcing most people to add to the already crowded scene of Georgia foreclosure homes. That is the reason banks have begun counseling applicants for home loans on how to manage their repayments.