Foreclosure Trends: 1 of 6 Homes for Sale is a Foreclosure Listing in Rockdale County, Georgia

Dec. 29, 2010 - PRLog -- Santa Barbara, CA --- RealtyStore (www.realtystore.com) conducted a study of active foreclosure listings in Rockdale County, Georgia and found over 90% of all foreclosed homes in the county are being actively marketed for re-sale. RealtyStore, the nation's premier, consumer-focused provider of residential foreclosure listings, noted bank foreclosures dominate the Rockdale County inventory of foreclosures available for purchase. In terms of foreclosure saturation in the market, foreclosures are found as one in every six listings of the 1,396 homes for sale in the county currently.

According to RealtyStore's foreclosure database, in Rockdale County, foreclosures have been completed and recorded on 238 homes. Of the total of these foreclosed, or 'REO' homes, 216, or 91%, have been placed on the market for re-sale, leaving only 22 homes in the area's pending 'shadow inventory' of repossessed homes. This level of foreclosure listing activity is exceptionally high, compared to other recent market studies.

"The relatively high incidence of REO owners listing homes for sale in Rockdale County is exceptional, but has been seen before in another local market," commented Peter Ranck, Vice President with RealtyStore. "Earlier this month, in nearby Henry County, Georgia, we also noted foreclosure listing activity over 90%. Banks and the government enterprise owners of foreclosed homes in these counties near Atlanta appear willing and motivated to sell their foreclosure portfolios. This is counter to other parts of the country, such as Denton County, Texas, and Marion County, Florida where foreclosure listing activity was recently found to be as little as 40%."

Further analysis of local home prices found a considerable gap between market prices and foreclosure list prices. The median price for a foreclosure listing is $84,900, or 39% below the overall market median of $139,000 in Rockdale County. Foreclosure prices average $114,360, or 51% less than the market average of $235,000. Although various factors such as size, condition, features and location will influence home prices, foreclosures on average continue to offer considerable low cost options for home buyers in Rockdale County.

Prices for bank foreclosures in Rockdale County showed the broadest range, listing from $11,000 to $750,000. Bank foreclosures represent 87% of the foreclosures in the area. The balance of foreclosures in the area are owned and marketed by government sponsored entities, including Fannie Mae and HUD homes. Foreclosures from Fannie Mae or Freddie Mac range in price from $24,900 to $239,900, while HUD homes are listed for sale in Rockdale County from $35,000 up to $150,000.

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Glossary of foreclosure listings terms:
REO = Real Estate Owned. These are homes or land foreclosed upon and having title fully assumed by a lending institution, bank or a government sponsored enterprise such as HUD homes, Fannie Mae or Freddie Mac.

Foreclosure listing = An REO property with a posted for-sale price.

Median price = The mid point of all prices of homes listed for sale in the market. The point where half of homes for sale are priced above and half are listed below the reported median price.

About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010).

Reporting methodology
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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RealtyStore.com is the leading provider of foreclosure listings and discount property data nationwide. We empower our customers with listings, education and analysis required to identify and potentially maximize profits with undervalued real estate.