Georgia Foreclosure Homes on the Rise, Values to Drop

Last month, the number of Georgia foreclosure homes increased by almost 40 percent. The increase in foreclosure numbers prompted industry experts to predict another decline in home values in the state. They said that the value of a property will drop significantly if it is located near a foreclosure house.

Industry experts said that in the Metro Atlanta area, home values declined by another 10 to 15 percent in the past six months. Recent market data showed that Georgia is ranked as one of the top 10 states nationwide with the highest foreclosure rate.

Because the housing market is dominated by foreclosure properties, many homeowners are finding it difficult to sell their homes. Frustrated homeowners are finding it hard to compete with the very low market prices of foreclosure properties. They said that majority of prospective buyers would prefer buying bargain-priced Georgia foreclosure homes because they could save a lot of money.

By Cassiano Travareli