Tuesday, April 25, 2006

Foreclosures Up Triple Digits In The South

The Memphis Business Journal has this report on defaults in that state. "Tennessee ranks among the top 10 foreclosure rates in the nation for the first quarter of 2006. Foreclosures in Tennessee were on the rise in the first quarter of 2006, with a 92 percent increase from the previous quarter and a 147 percent increase from the first quarter of 2005, according to RealyTrac."

"Tennessee ranks among the top 10 foreclosure rates in the nation for the first quarter of 2006. Nationwide leaders in the number of reported foreclosures during the first quarter are Texas, Florida and California, with 40,236; 29,636 and 29,537 respectively."

"Georgia was at the top of the nationwide foreclosure rate in the U.S. for the quarter, with one in every 127 households in some state of foreclosure. Regionally, Arkansas saw a 73 percent increase from the fourth quarter of 2005 for 3,706 total foreclosures, and a 105 percent increase in foreclosures compared with first quarter 2005."


At 7:23 PM, Blogger Chip said...

I'm interested in possibly buying in Georgia, for family reasons, after the bust hits bottom. Looks like there will be a lot of properties to choose from -- Georgia's been high on the list for as long as I have been reading this blog.

The part I know nothing about, but want to, is whether a prospective buyer can inspect (hopefully with a paid professional inspector alongside) a house that is up for foreclosure auction. If not, are there other stages of the repo process at which this is possible?

At 12:00 PM, Blogger Craz said...

I sold my home in Boston (lifelong resident), where I hung out w/ a bunch of RE investors and moved to GA recently. GA begins foreclosure after 3 months of mortgage non-payment. As far as I understand it, your only option for "inspecting" the house is in the pre-foreclosure state (before it hits the auction block), when you can: (a) drive by it to inspect the exterior and/or (b) get the owner to show it to you and offer them cash or contacting their lender and offer them a "short sale." There's some creative and fast talking involved with getting an owner to let you into the property. You have to be pretty darn good at dealing with stressed/frightened people -- kind of like a dentist. I'm not sure you can drag a home inspector along with you. You might want to do some reading and talking w/ Georgia Real Estate Investors Association(http://www.gareia.org/), but they've got their own hustle going on : )


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