Foreclosure notices in metro Atlanta dropped 42 percent in June from a year ago, as the local housing market continues to rebound. Notices for the 13-county metro area, which advertise properties slated for auction next month, have been at relatively low levels since the end of last year, according to Equity Depot data.
The 4,449 foreclosure notices filed this month are down 6.4 percent from May. June is the third consecutive month in which notices have fallen from the previous month. The number of notices has returned to about the levels of 2007, when the mortgage crisis began.
Why it matters
When foreclosures fall, home prices generally rise. A reduction in foreclosures means there are fewer inexpensive homes on the market to drag down prices in neighborhoods across the region.
Even in areas without many foreclosed homes, rising prices can be a boon to communities. Fewer homeowners will be underwater — owing more on their mortgages than their homes are worth. That makes it easier for them to sell if they want to. Rising home equity also increases consumer confidence, which can lead to more spending and a stronger economy.
Barry Bramlett, CEO of Kennesaw-based Equity Depot, expects foreclosure notices to stabilize over the next few months. If so, about 57,000 foreclosure notices would be filed this year — 37 percent fewer than last year and 55 percent below the 2010 peak.