Foreclosures on the Move

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.

The Equifax Finance Blog has more information about real estate, from foreclosure information to market predictions and more, in addition to personal finance advice. Explore their articles to learn more about taxes, retirement, investment, credit and more!