Where Are All The Atlanta Foreclosures?

Jon Real Estate Leave a Comment

The Atlanta housing market, by and large, is experiencing a strong recovery. Many pockets, however, are still in deep distress. Literally.

A “”distressed sale”” is when a property has been sold by a lender who has already foreclosed on it, or by an “”underwater“” homeowner that’s sold via short sale. When a particular submarket is overwhelmed by distressed sales, home values typically decline, and in many cases, the free fall call is devastating.

I was perusing some Q3 2012 Atlanta sub market data and came across this interesting chart, which measures total distressed sales as a percentage of total single family home sales, by FMLS area:

Somewhat confusing if you’re not familiar with the FMLS Areas. I’ll break down the highlights:

“”Healthiest”” Areas (aka lowest % distressed sales): 121,131,132,21,23,51 (Sandy Springs, Dunwoody, Buckhead, Brookhaven, Ansley Park, Virginia Highland, Morningside, Inman Park)

Most “”Distressed”” Areas (aka highest % distressed sales): 66,53,42,33 (Exurbian Gwinnett County, Southeast Dekalb County, South Fulton County). Note that Clayton County is not included on this chart.

This chart is, of course, just one way to evaluate a housing market and a very broad approach at that. FMLS Area 52 is a perfect example- it covers the area spanning east of Emory, Inside The Perimeter, north of I-20 and south of I-85. Not exactly what I’d refer to as a single submarket, and certainly one that has some very hot pockets (it doesn’t get much hotter than Decatur). Generalities aside, I think you get the picture.

As a Realtor, I’m thrilled to see such a strong recovery afoot in Atlanta’s healthier markets. As an Atlantan, I’m still troubled by such large pockets of real estate distress.

SOURCE: Chartmaster Services, LLC Exclusively For Keller Williams Realty

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Jon

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Jon Effron is widely regarded as one of the leading Realtors in Atlanta, working with both buyers and sellers throughout the metro area to maximize their real estate investments. In 2014, Jon was the #1 individual agent at Keller Williams Intown, one of the largest brokerages in Intown Atlanta. Prior to becoming a Realtor, Jon was the Vice President of Development at Tujay Group, an Atlanta real estate development firm. His career pre-real estate included stints at ABCNews.com, eGroups (now Yahoo! Groups) and Elite Traveler magazine, where he served as the Vice President of Marketing.