Once upon a time, Atlanta was swamped with foreclosures. Five years ago they were everywhere, and it was hard to look for a home- regardless of price point or location- without running in to several of them.
Today, not so much. The chart below was part of the Atlanta Board of Realtor’s most recent Market Brief:
“”REO”” stands for bank owned real estate (“”real estate owned””, literally). If I’m reading the chart correctly, this means that in Q3 2011 just about one out of every four homes sold in the Atlanta metro area was sold by a bank. Today, that number has shrunk to 1 in 100.
While the decrease in foreclosure deals has become noticeable, 1% seems mind-blowingly low. A few factors to consider: the economy has improved, less homeowners are underwater and many of the most economically fragile homeowners have already lost their homes. Banks (and borrowers) seem to be getting better about heading off foreclosures by opting for short sales instead. But still, 1%?
If you’re currently in the housing market and you’re intent on buying a foreclosure, may the odds be ever in your favor.
Source: Atlanta Board of Realtors SmartBrief, Data Provided By Realvaluator