The flood of foreclosure notices that came through Rockdale in 2010 seemed to have leveled off significantly last year. But it may be premature to get your hopes up.
The number of advertised foreclosure listings dropped from a high of 3,050 in 2010 to 1,810 in 2011, according to a count kept by Rockdale County GIS office and Tax Commissioner. A notice doesn’t necessarily mean the process will end in foreclosure.
Last year’s number of notices dropped back to levels seen in 2008, which had about 1,997 notices.
However, the first two months of 2012 has already seen more than 600 foreclosure notices.
Last year, many banks and loan holders slowed foreclosures as they awaited the outcome of investigations into foreclosure fraud and abuse.
In February, the attorneys general of 49 states, including Georgia, announced a $25 billion settlement with the nation’s five largest mortgage lenders over relief for victims of foreclosure abuses.
The uptick in 2012 may be the result of foreclosures that were put on hold last year or during the holidays, when fewer evictions are carried out, now being processed again.
Denise Stanley, a realtor who had been with ReMax Agents for many years in Conyers, said “To us as agents it doesn’t feel like it’s dropped off. The buyers, the majority are buying foreclosures.”
Realtor Evelyn McCullers, also with ReMax Agents Realty in Conyers, said many of those buyers are investors.
“Investors are coming out of the woodwork right now,” McCullers said. “The rental market has picked up. People are being foreclosed on. Landlords are being foreclosed on. You have this mass of people that’s looking for homes.”
She also pointed out more people are turning to preforeclosures or shortsells, as a way of processing things more quickly and with less damage to the owner’s credit.
In Rockdale County the areas with the highest and lowest numbers of foreclosures remain about the same in 2009, 2010 and 2011.
The north and northwestern portion of the county, including the Lake Capri subdivision, the southwestern portion or the “toe” of the county were the areas with the lowest number of foreclosures.
The areas with the highest number of foreclosures in those years were in the midsection of the county, shifting between the eastern and western edge of the county, such as along the Salem Road corridor, and the north half of the city of Conyers.