Foreclosures Rising in Georgia

Gainesville -- Georgia remains in the top ten nationally for home foreclosures.

In April, the number of repossessed homes in the state soared 28.5% - that’s one in every 422 households, according to RealtyTrac, a national realty company specializing in foreclosed properties.

In their U.S. Foreclosure Market Report, Georgia ranks seventh for foreclosed homes nationally.
Yet there are those in Georgia who see the troubled housing market as a financial opportunity.

Paul Truelove has never invested in any kind of property other than his own home. But with the rising cost of living, he’s looking into buying foreclosed properties as a way to keep his own head above the financial waters – even if it’s at the expense of someone else.

“I wanted to find out more information about how the foreclosure process works and how I might possibly be able to make some income off of people’s distress, I guess. It’s not a good way to look at it, but it’s going to have to be done somewhere along the way, Truelove explained.”

Like Truelove, most of the people who attended a recent foreclosure seminar in Gainesville are newcomers to the world of property investing.

Including Debra and Merlin Crandall from Flowery Branch. They hope to find a cheap house they can use for their retirement.

“We want to get more information. We own our home. We’re looking for maybe an investment or maybe something to retire in later on,” Debra Crandall said.

And the chances of them finding that well-priced home in northeast Georgia are very good.

According to the Web site, Foreclosure.com, over 3,300 repossessed homes are up for grabs in eight northeast Georgia counties. Over 1,600 are in Hall County alone and many of those are around Lake Lanier – a popular vacation home area.

Norton Realty in Gainesville sponsored this foreclosure seminar. They have tapped into the foreclosure market, having handled some 5,000 foreclosed properties throughout Northeast Georgia for banks and lenders.

The company offers pre-foreclosure services, such as providing a profile of the property, the market and neighborhood conditions that might affect resale values.

Norton sees these seminars as a win-win for all concerned.

The agency earns commission and fees on every repossessed property they help sell, the lenders zero in on potential buyers, and those attending the seminar find distressed properties at bargain basement prices.

Norton Realty vice president Tommy Howard taught the first class. He says foreclosure seminars are becoming very popular.

“This is the first seminar for our company but we do see them popping up around the metro Atlanta area,” Howard noted. “A lot more people want to learn more about foreclosures and what’s going on in today’s market. So it is a hot topic and a lot of people are interested, he said.”

Howard said Norton Realty plans more foreclosure seminars. And if the real estate market continues to sag, they should have no shortage of people eager to learn how to tap into the market.