| Foreclosure homes filings in metro Atlanta, Georgia | | | | foreclosure filings will exaggerate the actual number of |
| dropped last month but surged by almost 50 percent | | | | foreclosures in Georgia. For October, Gwinnett posted |
| compared with the same period last year. | | | | 2,063 notices, Fulton with 1,900, Dekalb with 1,490 and |
| So far, over 9,500 foreclosure filings were posted this | | | | 1,049 in Cobb. Year-to-year figures are led by Fulton |
| month, representing a 22 percent drop from 12,318 | | | | with 20,531, 19,195 for Gwinnett, 14,780 for DeKalb and |
| reported in September. Industry experts said that | | | | 10,674 for Cobb. |
| these monthly variations are not unusual. What is | | | | Meanwhile, the number of foreclosure notices in |
| significant is the annual total. | | | | September rose dramatically compared with August. |
| Including the October foreclosure homes filings, the | | | | The spike was attributed to loan modification programs |
| 13-county metro Atlanta posted 97,339 notices for the | | | | and foreclosure moratoriums. Experts explained that |
| year, so far. The figures already surpassed the 79,484 | | | | moratoriums and modifications have delayed |
| total number of foreclosure notices for the whole of | | | | foreclosure proceedings. But once these programs |
| 2008. | | | | expired, the market can expect a dramatic surge in |
| Industry experts said that the real estate market will | | | | foreclosure filings. |
| continue to experience variations, decreases and | | | | For example, it is possible that there will be an unusual |
| increases. But they hope that the total foreclosure | | | | peak in the number of foreclosure notices in |
| numbers has peaked which would indicate market | | | | November because arrangements were not made |
| stabilization. | | | | between lenders and homeowners for properties that |
| Experts said that foreclosure filings do not mean that | | | | would have been placed in the October foreclosure |
| distressed properties will be auctioned off, adding that | | | | listings. |
| homeowners could find last-minute solutions or make | | | | Industry experts are not sure what to expect next |
| some payment arrangements with their lenders. In | | | | month. They are leaning on a slight increase in the |
| Georgia, the repossession procedures can be started, | | | | number of foreclosure homes filings due to the |
| stopped or postponed several times with only a | | | | continuous rise in unemployment rate and the declining |
| minimal cost to lenders. | | | | property values and prices. |
| Experts said that in comparison with other states, | | | | |