A Look At The Real Estate Market In Georgia

The Peach state of Georgia is a bit of an anomaly. A lot of the foreclosed homes for sale here are actually newer construction. In fact, some of the homes those were in foreclosure here are actually 100 percent new and unlived in. This happened because the construction boom took off and homes were being built faster than they could be sold. As a result when the mortgage crash hit, the builders went bankrupt and the new, unsold homes went into foreclosure without ever having anyone live in them. Some of them are entire developments of unsold homes waiting in foreclosure.

Home value in the state of Georgia has plummeted and it is not uncommon to find homes selling for less that 50 percent of the appraised value. In other words a home may have appraised at $121,000 but is being sold at foreclosure for $54,000. This is a real example of a home built in the year 2000 in a smaller town in rural Atlanta.

Foreclosures for sale are every where in this state and the Georgia foreclosed homes that you find will range from single wide mobile homes to multi million dollar mansions in the Northern Atlanta suburb of Buckhead. The outlook has improved somewhat since the government tax breaks were unveiled. More homes were sold. This had the effect of raising home prices somewhat if only for a while.

The unemployment rate is going to be a huge factor in determining whether or not the state recovers fully and how quickly that happens. For the most part the state is hurting badly in both the foreclosure area and the unemployment area so the experts agree that recovery here will be slow, most likely three years or more before the levels reach the point where they were before the start of the crisis.

Residents here are doing what they can to make ends meet and the actual foreclosure numbers have started to reverse and the overall price of homes is rising slowly so everyone is hoping that this signals the beginning of the end of the problems here.

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