Since August 2008, 72 US banks have closed their doors. Fourteen of those banks and that’s almost 20 percent, are in the Atlanta metro area.
How did this happen?
Well some feel Georgia banks concentrated too much of their loan business in commercial real estate, suburban housing projects, in town condos, strip malls and office buildings. Those loans produced so much profit during the boom that new banks were popping up all over Georgia to take advantage of the easy money. But once the market for those projects collapsed, developers were unable to repay the loans and bank failures soon followed.
Now post collapse what seems to be happening?
Foreclosures have become very popular recently especially in south west Atlanta. Surprisingly this area now has some new construction activity. Many high end builders have built some very attractive homes there. This would include the Cascade area and the Camp Creek area. It’s amazing to see all the new construction that has taken place since the development of the Camp Creek Market place. The Green briar mall has been revitalized and economic activity is booming there. Le Jardin has homes ranging from over $500K to Million Dollars.
As one of the largest cities in the South, Atlanta has a stable economy, beautiful places to live both in and outside the city, and all kinds of culture, entertainment and fun for all ages. And purchasing Atlanta GA foreclosures is the perfect way to make an investment that will retain value. Most foreclosures are selling at or below current market prices.Buyers often find discounts of anywhere from 10 to 50% off of Atlanta GA foreclosures, making this a great opportunity for long term investments.
The internet provides a wealth of information for anyone who wants to buy real estate. This is especially true for places like Georgia which has the 8th highest rate of foreclosures in the entire country, and where the foreclosure market is booming right now. 203k Renovation loans are available throughout the market and USDA Rural Development programs are available in some of the surrounding areas. The USDA program offer’s 100% home financing at a reduced interest rate and no private mortgage insurance which leads to a lower monthly payment when compared to conventional financing.
No doubt, Atlanta these days is considered one of the most thrilling cities to live in. it is a home to a thriving local economy and is a hub of not only commerce but also of travel and tourism. If you are thinking of buying or selling a home in or around Atlanta, GA contact local expert, someone familiar with the local market conditions and the ins and outs of financing options.
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[tags]Atlanta Georgia Real Estate, Atlanta Georgia Real Estate leads,[/tags]
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