Cobb continues to see decrease in foreclosures
by Megan Thornton
June 03, 2013 12:00 AM | 588 views | 0 0 comments | 13 13 recommendations | email to a friend | print

MARIETTA — As of May, Cobb County continued to see a decrease in the number of foreclosed homes. The numbers reflect a steady decline in the foreclosures, as the county has seen a 29 percent drop since May 2012, when 884 homes were listed to go on the auction block.

From January to May, the county has seen 3,251 homes enter into foreclosure. That’s a 16 percent decrease from 3,770 homes over the same period in 2012.

Don Lantier, owner of Lanier Realty in Smyrna, said there is a mix of factors that have contributed to the decrease, including more people having the financial capability to purchase a home, a decreasing unemployment rate and the potential for increasing interest rates with rising home prices, though rates remain low.

These conditions are making more people who may be on the fence about putting their homes up for sale quickly change their minds, he said. “Those who were undecided are now deciding, so it’s kind of a snowball effect,” he said. He also noted this time of year is considered “shopping season” to many Realtors, as families tend to relocate in the spring months and are looking for homes to buy.

The lowest numbers of foreclosures reported this year were in March at 605, which was also the lowest reported in the last three years. The foreclosure crisis hit its peak in 2009, with monthly numbers as high as 1,800.

The next foreclosure auction is scheduled for 10 a.m. June 3 on the steps of the Cobb Justice Center, 32 Waddell St. in Marietta. Notices of foreclosure are posted in the Marietta Daily Journal, the county’s legal organ, for four consecutive Fridays prior to the auction, which is typically scheduled for the first Tuesday of each month. Not all advertised properties necessarily end up at auction.

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