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Cobb County Foreclosures in August

Posted by Terry Burger on Saturday, August 8th, 2009 at 9:09pm.

According to the Marietta Daily Journal, there were 1,079 foreclosed homes for sale on the Cobb County Courthouse steps this past Tuesday. This represents an increase over the August 2008 auction of 861 foreclosures. Many of these homes will be listed and sold to the public over the next several weeks. 

Foreclosures continue to drive the market place to a slower recovery.  What does this mean for the Cobb County housing market? Let's consider this, in all of July there were 561 single family detached homes that sold, 84 attached condos/townhomes, and just a handful of land/lots. 

If 75% of the homes sold on the courthouse steps will be marketed publicly for sale, it will be slightly higher than an entire's month worth of sales in Cobb. Add short sales (pre-foreclosure) and regular listings to the pile and you can see that the inventory is still heavy. 

As of August 9th, there are 5,492 single family detached homes for sale in Cobb County in the multiple listing service.  1,189 homes have sold in May, June, and July. 666 homes are pending sale. If you work out the statistics based on the past 3 months worth of data, it would take approximately 12 months to sell off the current inventory if no other houses were listed.

It is still a good time to buy, and as winter approaches, prices may begin a steady decline after 5 straight months of increases. Some sellers become more motivated in the fall and winter. Feel free to give me a call if you have any questions on this post.

And don't forget to check out our ONE CLICK FORECLOSURE button on our website. Click the button below for a direct link. 

 

 

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