Foreclosures are slowly becoming a painful distant memory for the metro Atlanta real estate market. There were a mere 2,054 foreclosures in 13 counties stretching from Hall in the north to Rockdale in the south, and from Douglas in the west to Gwinnett County in the east. During June 2010, at the height of the housing crisis, there were 11,016 listed in the same counties, according to numbers from Kennesaw’s Equity Depot. Despite the drop in foreclosures, the Atlanta market isn’t exactly healed from the housing crisis of 2008. Current problems lie in the lack of available housing for prospective buyers. A normal market has a six- to seven-month supply of homes. At the end of April, there were 4.1 months’ worth of homes available.
Atlanta real estate is definitely tight, and people aren’t too willing to sell in the region. At the same time, this tight market is resulting in a spike in home prices, and hopefully as the price tags become more enticing for homeowners, there will be more existing homes available to buy. While Atlanta foreclosures are becoming a thing of the past, there is still plenty of work to do to make Atlanta a healthy housing market.