Foreclosures show year-over-year fall
by Marcus E. Howard
May 11, 2012 12:32 AM | 3371 views | 1 1 comments | 11 11 recommendations | email to a friend | print
MARIETTA — Following a dip, the number of foreclosures in Cobb County have risen to their highest amount so far this year.

For the June foreclosure sale, 1,173 foreclosure notices have been submitted to the Journal.

Monthly numbers are down 8 percent from this time last year — there were 1,277 notices submitted for the June 2011 sale — and year-to-date numbers continue to show a decrease in foreclosures.

The number of foreclosures submitted to the Journal so far in 2012 is down 20 percent during the same time period last year.

To date this year, 4,943 foreclosures have been submitted to the Journal. During the same time period in 2011, there were 6,182 notices submitted.

Legal notices must be published on four consecutive Fridays before a property can be sold at auction. Not all properties advertised necessarily end up at auction.

Foreclosure sales begin at 10 a.m. the first Tuesday of each month, on the steps of the Cobb County Superior Courthouse in Marietta. The next sale is June 5.

“It’s really hard to put your finger on what’s going on with foreclosures because you don’t know the timing of banks, when they’re putting these things on the market,” said Dr. Don Sabbarese, an economist at Kennesaw State University.

He said that while the number of people having difficulty paying their mortgages is declining, banks may be holding onto foreclosures.

“They might be waiting on a more opportune time when maybe prices strengthen a bit,” he said

On Tuesday, Bank of America announced that it had begun notifying about 200,000 customers that they may qualify to have the principal balance on their mortgages reduced as part of a $25 billion multistate settlement among large banks over alleged foreclosure abuses.

In the wake of the bank foreclosure scandal in 2010, in which some homeowners may have wrongfully lost their homes, federal bank regulators required the establishment of a free, Independent Foreclosure Review to help borrowers determine whether they were affected and should receive compensation.

However, fewer than 4 percent of eligible borrowers, roughly 165,000 people, have applied for a review, according to National Public Radio.

The original April 30 deadline has been extended to July 31.

If your primary residence was involved in a foreclosure process between Jan. 1, 2009, and Dec. 31, 2010, you may qualify for a free Independent Foreclosure Review. For more information about the review and claim process, visit www. Assistance with the form is available at 1.888.952.9105
Comments-icon Post a Comment
Mike O. Bedenbaugh
May 11, 2012
I do not doubt that foreclosures are down; could it be that all of the poor out of work homeowners are coming to an end of the of this group of people? When you do not have anyone left that can not make their house payments who are you going to have to foreclose on. The number of homeowners is down so much that we will have a whole class of people known as "poor street people" with no place to find shelter or food !!!! How about the government just paying off the mortgage when it is HUD insured; which they do anyway to the banks; and give the people a chance to pay back the government when they get another job???
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, and spam will also be rejected. Please read our terms of service for full guides