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March 11th, 2010Categories: Georgia Mountain Real Estate VIEWS

According to foreclosure-tracking firm RealtyTrac, foreclosure filings topped 300,000 for the 12th straight month last month as 1 in every 418 U.S. homes received a foreclosure filing.

It’s a small improvement from January and a just 6 percent increase over February 2009.

On a per-capita basis, foreclosure density varied by state:

* Nevada : 1 foreclosure filing per 102 homes

* Florida : 1 foreclosure filing per 163 homes

* Arizona : 1 foreclosure filing per 163 homes

* California : 1 foreclosure filing per 195 homes

Also, as in January 2010, foreclosures across the country were concentrated. 10 states beat the national Foreclosure Per Capita average; 40 states fell below. Like everything else is real estate, it seems, foreclosures are local.

For today’s Home Buyer’s in Blairsville and Blue Ridge Georgia,  foreclosures represent an interesting opportunity.

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Tags: Distressed Property, Foreclosures, North Georgia, Real Estate, RealtyTrac

Written by Chad Lariscy//Discussion: Please leave a comment.

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February 11th, 2010Categories: Georgia Mountain Real Estate VIEWS

Foreclosures stories dominate the national housing news. It seems at least one foreclosure-related story makes its way to the front page or the nightly news every week.

But for as much as the foreclosure filing statistics can be astounding — over 300,000 homes were served last month alone — the prevalence of foreclosures depends on where you live.

As reported by RealtyTrac, just 4 states accounted for more than half of the country’s foreclosure-related activity last month.

1. California : 22.7 percent of all activity

2. Florida : 14.9 percent of all activity

3. Arizona : 6.7 percent of all activity

4. Illinois : 5.7 percent of all activity

The other 46 states (and Washington D.C.) claimed the remaining 49.9%.

However, just because foreclosures are concentrated geographically, that doesn’t make them less important to home buyers in Ellijay, cabin buyers in Blue Ridge,  and other places around the country.  There’s been more than 1.4 million foreclosure filings in the last 12 months and that’s a figure that can’t be ignored.

Distressed properties now play a role in one-third of all home resales.

Therefore, if you’re in the market for a foreclosed home, here’s a few things to keep in mind.

1. Properties are most always sold “as-is” and may not be up to living standards. Be sure to physically inspect the home before buying it.

2. Buying a home from a bank is rarely as streamlined as buying from an individual homeowner. Be prepared for delays and long closings.

3. Foreclosures aren’t always listed for sale publicly. Contact Me for access  to our complete foreclosure inventory here in the North Georgia Mountains.

In order to use the federal home buyer tax credit, you must be under contract for a home by April 30, 2010 and closed by June 30, 2010.  That doesn’t leave much time to find a bank-owned home and make it to closing.  If you’re serious about buying foreclosures, it’s probably best to start your search soon.

Tags: Distressed Sale, Foreclosure, Foreclosures, Real Estate, RealtyTrac

Written by Chad Lariscy//Discussion: Please leave a comment.

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January 15th, 2010Categories: Georgia Mountain Market reVIEWS, Georgia Mountain Real Estate VIEWS

Like real estate, it appears that foreclosure activity is a local phenomenon, too.

As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:

1. California

2. Florida

3. Arizona

4. Illinois

More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.

The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.

Versus 2008, foreclosures are up 21 percent nationwide and that’s a big number, but a deeper look at RealtyTrac’s annual reports reveals a more positive undertone on the housing market.

1. 40 states fell below the national Foreclosures Per Capita average in 2009

2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008

Foreclosures are still prevalent, though, and buying homes in foreclosure in Blairsville, Blue Ridge, and Ellijay Georgia continues to be big business.  First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.

Distressed homes account for one-third of home resale activity, according to an industry trade group.

That said, buying foreclosures can be tricky.

First, properties are often sold “as-is” and the cost of repairs may unwind the home’s status as a “value buy”.  Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.

Second, buying a foreclosed home in Georgia isn’t as streamlined as buying a “normal” home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.

And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.

Read the complete foreclosure report and take a peek at RealtyTrac’s foreclosure heat maps.  If you like what you see, Contact Me or give me a call at 706.994.8686.

There’s still good deals in the foreclosure market — you just have to know where to find them

Tags: Agent, Blairsville, Blue Ridge, Business, Chad Lariscy, Ellijay, Foreclosure, Foreclosures, Georgia, Investing, Real Estate, RealtyTrac

Written by Chad Lariscy//Discussion: Please leave a comment.

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December 16th, 2009Categories: Georgia Mountain Real Estate VIEWS

Foreclosure Activity Falls For The 4th Straight Month

Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months.

On a month-to-month basis, November’s foreclosure activity fell another 8 percent.

However, national foreclosure activity continues to be dominated by a minority of states.

As reported by RealtyTrac.com, more than half of November’s foreclosure-related activity sourced from just 4 states:

1. California

2. Florida

3. Illinois

4. Michigan

These are the same 4 states that topped October’s foreclosure activity despite three of them posting month-to-month declines last month.

The remaining Top 10 states in terms of total foreclosure activity include Arizona, Texas, Ohio, Georgia, Nevada and New Jersey.

If you’ve been actively looking at REO lately, you’ve likely noticed that true bargains are harder to find.  This is because buyers of all types — first-timers, move-ups, and investors — are purchasing bank-owned homes aggressively and getting better at identifying the “best ones”.

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Tags: Blairsville, Blue Ridge, Ellijay, Foreclosure, Foreclosures, GA, Georgia, Hiawassee, Home Sales, North Georgia Mountains, Real Estate, Real estate owned

Written by Chad Lariscy//Discussion: Please leave a comment.

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August 21st, 2009Categories: Georgia Mountain Home Buyer's reVIEWS, Georgia Mountain Home Seller's reVIEWS, Georgia Mountain Real Estate VIEWS

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Tags: Blairsville, Blue Ridge, Ellijay, Foreclosures, GA, Handy Man Special, Hiawassee, Motivated Seller, mountains, North Georgia, Real Estate, Short Sale

Written by Chad Lariscy//Discussion: 1 Comment »

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