Wednesday, February 17, 2010

BLUE RIDGE, GA Real Estate Foreclosures Seem to be Slowing Down

People are constantly asking us for updates on the current real estate market and the overall economic climate in our area in general.

For the most part, this area has been suffering through the same economic downturn experienced by the rest of the country, but things may be changing for the better!

This article points to the first signs we've seen that the forelcosure crisis in our area may be on the mend.
This would be great news for the small local banks, the Realtors and the owners of "non-distressed" properties who have suffered as a result of the real estate market slide.

Below is a posting of a recent article from the News Observer (local Blue Ridge paper)

Real estate closings rise, foreclosures decline


Monday, February 15, 2010 1:28 PM CST

Real estate closings are up and foreclosures are down slightly, according Multiple Listing Service statistics for Fannin County and from a check of legal foreclosure advertising over the past six months in The News Observer.

June Slusser, past president of the Northeast Georgia Board of Realtors, said the number of closings reported to the board through MLS listings has increased each month since last July compared to the same period last year.

“This is a wonderful trend and we are excited to see increases,” Slusser said.

She said the closing statistics includes both land and housing units, and most of the closings are in Fannin County.

Meanwhile, a check of the legal ads shows that the number of foreclosures has been dropping since November.

In August, there were 62 foreclosure ads. That number increased to 86 in September. The number dropped to 41 in October.  In November, there were 66 foreclosure ads, 55 ads in December and 51 in January.   The foreclosure ads include those for property and housing units.

I hope that this is not an anomaly, but a sign of better things to come!  I'll keep you updated as the story progresses.

This North Georgia Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY Georgia Properties  located in the quaint mountain town of Blue Ridge, GA.

Please feel free to call (866-413-1781) or drop me an email if I can assist you with buying or selling your mountain home or property.

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