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Are Foreclosures Becoming a Thing of the Past in Atlanta?

by Chip Bell

New report from CoreLogic details the slow, but steady recovery of the nation’s housing market as states plow through pending foreclosures – how did your city do?

As one of 26 non-judicial states, which allow foreclosures to be completed without the oversight of a judge, Georgia’s housing recovery has been on the fast track with hundreds of foreclosures being pushed to completion monthly – and Atlanta has been no exception.

In April of last year, as agencies and brokerage firms were battling their way through a thick, murky sea of impending foreclosures, Atlanta’s foreclosure inventory hovered around two percent, according to a new report from CoreLogic. For many metro areas, it’s been a slow process, working through each separate property, but over the last 12 months more than 19,000 foreclosures have been completed in the city, bringing the remaining inventory down to a very manageable one percent.

Serious delinquencies in Atlanta remain a looming issue at 4.5 percent, but if the city holds on to its pace from 2013 and the beginning of this year, growth and further recovery should be expected.

A National Look

CoreLogic’s report, while breaking the data down state-to-state, and in some instances metro-to-metro, also included broader figures to help paint a national picture:

  • Since March, foreclosure inventory has shrunk by 4.7 percent, down 35 percent since April 2013.
  • For the first time since Sept. 2013, serious delinquencies in the country are at 4.5 percent.
  • The national foreclosure rate is now back to Nov. 2008 levels.
  • 46,000 foreclosures were completed nationwide in April.

Though Slow, the Recovery Is Underway

Though some may be recovering more quickly than others, it seems that across the board states are working through foreclosures faster than they come up.

“Over the past 12 months, completed foreclosures fell to 599,000, the lowest level since the Great Recession began in 2007,” said Sam Khater, deputy chief economist at CoreLogic. “At the current pace of completed foreclosures, and given the current foreclosure inventory, it will take 14 months to move all of the foreclosed inventory through the pipeline.”

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