Metro-Atlanta Foreclosures Up 50% Year-over-Year!!

[Mitch Messer]

https://www.attomdata.com/news/market-trends/u-s-foreclosure-activity-down-24-percent-in-august-2019-14th-consecutive-month-over-month-decline/

Ignore their very misleading headline and take a close look at paragraphs 4 and 5.

That looks like gathering storm clouds to me...

Proceed with caution.

[Mitch Messer]

@Matthew Nicklin I used to track Georgia foreclosures carefully, but I haven't done so in years. My big concern is that you're correct and that things are mostly normal in Cobb, because that means there have to be other counties that are on fire.

RealtyTrac is a subsidiary of ATTOM Data Solutions, the publisher of the report, so presumably their info is from the same data set. Looking at just a few Metro-Atlanta counties:

Cobb [https://www.realtytrac.com/sta...] - UP 9.7% Y-O-Y
DeKalb [https://www.realtytrac.com/sta...] - Up 13.5% Y-O-Y
Gwinnett [https://www.realtytrac.com/sta...] - UP 21.5% Y-O-Y
Clayton [https://www.realtytrac.com/sta...] - Up 51.6% Y-O-Y
Henry [https://www.realtytrac.com/sta...] - Up 92.9% Y-O-Y
Fulton [https://www.realtytrac.com/sta...] - Up 116.7% Y-O-Y

Also, yes, the issuing of a NOD doesn't always result in an actual foreclosure. But a 100+% increase in filings means more than twice as many folks are defaulting on their mortgages in the largest Metro-Atlanta county (Fulton) now than a year ago.

Something is going on, and it's not good!