Atlanta Foreclosures Hit All Time High; Cobb County Among The Lowest

According to Equity Depot, an Alpharetta based mortgage loan tracking firm, foreclosures for the 13 county metro-Atlanta area hit record high in January.  8,425 properties were scheduled to be auctioned compared to 6,992 in January 2008.  That represents a 21% increase.

This is the worst month on record for all but five of the 13 metro counties surveyed. Only DeKalb, Douglas, Fayette, Fulton and Henry counties had worse months on record — all in 2008. While these numbers are not encouraging, not every foreclosure represents a lost home.  In fact, many foreclosures are on vacant lots, new homes and condsos that were under construction but never sold.

Also, while many properties are scheduled to go to auction, some are paid up before the auction date and never go into foreclosure.  Another factr is that the same property can show up several times over the course of the year if the owner falls behind, catches up and then falls behind again.

FORECLOSURES BY COUNTY – source: Equity Depot

County                      Jan 2009              Jan 2008           Total 2008
COBB                                 890                       670 8,187
DEKALB                           1,299                    1,233                 13,677
FULTON                          1,838                    1,798                 18,465
GWINNETT                      1,639                    1,086                 13,332