HOUSINGNEWS REPORT
SPOTLIGHT: ATLANTA
ATLANTA FORECLOSURE ACTIVITY BELOW PRE-RECESSION LEVELS YOY PCT CHANGE TOTAL PROPERTIES WITH A FORECLOSURE FILING
If you’re an investor you have to find a
property that is not on the market. The values are going up like crazy. … We don’t have that many foreclosures. You just have to drive through a neighborhood and find properties that are vacant and not being taken care of.”
100%
14,000
80%
12,000
60%
10,000
40%
8,000
20%
0%
6,000
-20%
4,000
-40%
CRYSTAL CANADAY SALES ASSOCIATE WITH RE/MAX AROUND ATLANTA REALTY, ALPHARETTA, GEORGIA
2,000
-60%
0
-80%
the market collapsed back in 2006 and foreclosures were plentiful.
of bank-owned homes, short sales and foreclosure auction sales combined accounted for 17.3 percent of all home sales in the Atlanta metro area in Q2 2017, down from 19.2 percent a year ago. Flocking to Rentals For those investors who are able to find and put a property under contract, Canaday said lease option is a very popular strategy these days. “The thing is rent is so high. A person who does that won’t have a problem. He will have people flocking to the door to rent his property,” she said. Investor Heller, bases his business model is the lease-option strategy for single family homes in the suburbs of metro Atlanta.
But when it comes to tenants, he is looking for a caliber beyond the ordinary tenant.
“We don’t have that many foreclosures. You just have to drive through a neighborhood and find properties that are vacant and not being taken care of,” Canaday said. Foreclosure activity in the Atlanta metro was down 29 percent in August compared to a year ago, the seventh consecutive month with a year-over- year decrease in foreclosure activity. The 1,102 Atlanta-area properties with foreclosure filings in August was well below the pre-recession average of about 5,300 a month in 2006. The shrinking pipeline of new foreclosures is resulting in a decline in distressed sales in the region. Sales
“The prototype of the renter we want is they have an eye towards homeownership and more concern for the upkeep of the property,” he said. “There is much more attention given because they want to stay in that home for many years.”
20
JULY 2017 | ATTOM DATA SOLUTIONS
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