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| Foreclosures continue to spread |
The foreclosure
epidemic is on the move, heading into new markets and away from the historically
plagued areas. Steve Cook on the Equifax Finance Blog explains more about where
foreclosures are moving and why in the article, “Foreclosures Move North to Changing Markets.”
Unfortunately, it looks like personal financial problems,
as shown by foreclosures, are moving east and north. While Atlanta avoided
being one of the new top three (those honors went to Kansas City, Chicago and
New Jersey), Atlanta was in a couple of other prominent lists, most notably in
the top 20 of the nation’s largest metro areas where foreclosures are
increasing. Atlanta, with a 21 percent gain in foreclosures, was listed with 10
other northern and eastern markets where foreclosures are on the rise.
In addition to this growing problem, the backlog of
foreclosures that had been held off is now beginning to make its way into many
markets. While this means that they are showing up when buyers are most ready
to absorb them, the increase in competition will likely hurt homeowners who are
trying to sell their current residences.
