AJC's Unger: Foreclosures Down 23 percent

Foreclosure notices in metro Atlanta fell 23 percent in June from May — to the lowest level since December 2008, according to new data released Monday by Equity Depot.

The 7,374 notices represent a 33 percent drop from June 2010, Kennesaw-based Equity Depot said.

For the first half of the year, notices in the 13-county metro area declined 8 percent compared to the same period last year, which set a metro record. June was the fourth consecutive month when the number of foreclosure notices was less than during the same month in 2010.

“The number of new listings are decreasing substantially, which can only be seen as good news,” Barry Bramlett, president of Equity Depot, said in a statement.

In fact, he said, about two-thirds of the foreclosure notices published this month were for properties that had been advertised for foreclosure previously. Notices printed this month are for auctions on the courthouse steps set for next month. But, as in past months, lenders and borrowers can negotiate a reprieve that postpones or eliminates a repossession.

Despite June’s decline, foreclosure notices still remain at a very high level.

“Until the glut of bank-owned properties clears out, I don’t see any improvement in home prices … as most studies still show them declining,” Bramlett said.

For the fourteenth straight month, Gwinnett led the pack with 1,477 notices. Fulton was in its traditional second spot with 1,363. It was followed by DeKalb (1,164), Cobb (895) and Clayton (603).

While residential foreclosures represent the overwhelming majority of notices, Bramlett said “commercial foreclosures are continuing at a high level and this, as much as anything, speaks to a slow economy.”

On a related note, help for metro homeowners trying to avoid foreclosure will be available later this week.

- Henry Unger, The Biz Beat