MARIETTA — The number of foreclosures in Cobb continues to plummet as the sale prices of homes on the market rise, with Marietta listed as one of the most affordable metro areas in the nation.
According to legal notices published in the Marietta Daily Journal, 267 foreclosed properties were scheduled for auction in June, a decrease of 27 percent from the 368 properties listed for sale in May.
In Cobb, the foreclosure process begins when a mortgage company issues a notice of default. After a notice of sale is advertised, the property is auctioned off to the highest bidder on the courthouse steps for cash on the first Tuesday of each month.
Compared to this time last year, the amount of foreclosed properties has dropped 57 percent from the 626 homes listed in June 2013.
In the first five months of 2014, 1,531 properties have been advertised for auction in Cobb. That is down 53 percent from the 3,251 properties advertised during the same period a year ago.
A national housing market trend report released April 17 by Re/Max, an international real estate company, surveyed 52 metro areas in Georgia.
“For the first time in 2014, March saw home sales increase over the previous month,” stated the “March Home Sales Rebound, Prices Rise Higher” report.
Due to the low inventory of homes available for sale, the report found “the median price of homes sold in March was 8.8 percent higher than the median price in March 2013.”
Even though home prices are rising, NerdWallet, a consumer advocacy site, listed the Atlanta-Sandy Springs-Marietta area as the second most affordable large metro area to purchase a home in the nation.
The report, “Most Affordable Metros for Homeownership” released on April 28, tracked 173 U.S. metro areas “to determine where homeownership is most feasible for the average consumer.”
The study divided the home sale price by the median household income in each area to determine a ratio of affordability.
The Atlanta-Sandy Springs-Marietta area came in after the first place slot given to Cleveland, Ohio.
“The least affordable metros line the East and West coasts,” the report stated.