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About 500,000 Atlanta houses underwater

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The headline sounds gloomy doesn’t it?

The good news is that we are only talking about distressed sales being 30% of the FOR SALE market.

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The venerable Atlanta Business Chronicle reported on the latest CoreLogic numbers in a recent article: “In metro Atlanta, 37.4 percent, or 456,242, of all residential properties with a mortgage were in negative equity in the fourth quarter of 2011. This compares with 34.5 percent, or 420,160 properties in the third quarter.

Another 6.8 percent, or 83,248 residential properties, were in near negative equity in the fourth quarter, compared with 7 percent, or 85,819, in the third quarter.”

Negative equity is another term for underwater. Underwater means that a homeowner owes more to a bank or to more than one bank, than their property is worth for sale.

These 456,242 homeowners are spread throuhout metro Atlanta.

Some neighborhoods have a higher concentration than others.

Mark Fleming, Chief Economist with CoreLogic states: “The high level of negative equity and the inability to pay is the ‘double trigger’ of default, and the reason we have such a significant foreclosure pipeline.”

What does this mean to you?

• Not only has the percentage of distressed property SALES increased during this market shift, the percentage of distressed property ACTIVE listings continues at a high percentage of listings, also
• When Buyers have a greater percentage of distressed property listings to choose from, the likelihood of finding a lower-priced acceptable one to buy increases, forcing non-distressed property Sellers to lower their listing prices in order to compete

If you are interested in selling an Intown Atlanta or Decatur property right now, then please call us and schedule a meeting  – underwater or not, market knowledge rules. I am a Certified Distressed Property Expert, and helping underwater sellers with a short sale is one of my daily duties.

Helping an equity seller plan a move up, a move out or a move away, is always one of my daily duties.

Please call us if we can help you…underwater or not.

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