Traders Cooperative

[Joe Stocks]

Foreclosures are concerning, but what they are doing to resale value is really scary. I don't know about other parts of the country but here in the Atlanta market there are really good deals appearing. That is, unless things get worse.

Here is a 5 Bd, 3Ba house on the market. Built in 2007, not sold until Sep 2008 for $387,000. Onee has to wonder if the owner ever made one payment on it as it has already cleared the foreclosure process. This is a new subdivision on McMansions that is only 3 years old. 3,864 building square ft. It is tax assessed at $369,900. There is only one other home listed in this subdivision and it is at $500,000.

FannieMae put it on the market recently at $189,900. After 10 days it is still unsold.

Now think about if you are a neighbor and need to sell. Everyone in this neighbor is probably way underwater as to their debt.