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Georgia rates as the second highest state for [tag-ice]foreclosures[/tag-ice] in July.
That’s up from the number eight spot Georgia held for [tag-tec]distressed properties[/tag-tec] facing [tag-self]foreclosure[/tag-self] in June.
In total, there were 179,599 foreclosures for the country in July which is up 9 percent from June.
But note, this is also a major jump of 93 percent from June, 2006, according RealtyTrac’s July 2007 U.S. Foreclosure Market Report.
Georgia’s foreclosure rate is about one for every 299 households while the national rate is one for every 693 households.
The five biggest foreclosure states are California, Florida, Michigan, Ohio and Georgia. Over half of foreclosures happen in these states which now take the lead in distressed properties.
Texas, South Carolina and Utah are steady while Massachusetts housing sales nudged up a little in July. Sales there were 6 percent higher in July, 2007, than they were in July, 2006.
But San Francisco showed lots of potential with rising prices in its luxury market. For the first time the “average” luxury home’s price went over $3 million.
What does this mean for the savvy real estate investor?
Real estate is still a tremendous safe investment as demonstrated by the luxury buyers in San Francisco.
And we still have a good supply of distressed properties coming. Many part-time flippers who were just speculating are getting out for the time being. That leaves plenty of foreclosures for the rest of us to work with.