December foreclosures third lowest of the year

by Sarah Fay Campbell

Foreclosure numbers are up slightly for December, and all but one of the 73 foreclosure-related advertisements in today's legal section of The Newnan Times-Herald are for residential properties.

The only commercial foreclosure advertisement is a rerun — for a portion of the Ashley Park shopping center in Newnan.

The Ashley Park foreclosure advertisement first ran in November. Reruns are common in foreclosure advertisements.

The advertisement is for a portion of the shopping center owned by Fourth Quarter Properties 104.

According to Coweta County tax records, Fourth Quarter 104 owns the area that includes Georgian Cinemas, Best Buy, and three buildings labeled "shopping center."

If the foreclosure goes through, the property will be sold on the steps of the Coweta County Justice Center on Greenville Street on Jan. 7.

The sale would be to secure a debt of $17.5 million from a promissory note dated Oct. 10, 2006.

The higher foreclosure numbers for Coweta County in December buck a recent trend of dropping numbers, but is still the third lowest number of the year, with only October and November being lower.

While single-family homes are always the majority of the foreclosure advertisements, there are usually a handful of commercial and/or industrial properties. This month, there is just the portion of Ashley Park and a small apartment complex, which is a rerun from several months ago.

“In October, every state posted a year-over-year decline in completed foreclosures, which is positive news," said Anand Nallathambi, president and CEO of CoreLogic, a real estate information tracking service. "Additionally, the rate of serious delinquencies, which fell more than 25 percent year over year, is at the lowest level in nearly five years, which is great news as we head into a new year,” he said.

In addition to fewer homes going through foreclosure, home prices are rising.

Home prices, including distressed sales, are up 12.5 percent over a year ago, according to CoreLogic. In Georgia, home prices have risen 14.2 percent — that's the third highest home appreciation in the country, including distressed sales. When distressed sales, such as foreclosures and short sales, are excluded, Georgia doesn't rank among the top five, with a home price increase of 11.9 percent.

Nationally, home prices hit their low point in February of 2009. They rose sharply thereafter, then dipped slowly in early 2011, before making a steady climb, according to CoreLogic.



More Local

Poplar Road gas lines struck by lightning during storm

The Coweta County Fire Department responded to a pair of house fires on Poplar Road Tuesday afternoon and were able to control both fires be ... Read More


Behavioral hospital awaits opposition

Last week, Superior Court Judge Emory Palmer ordered the Georgia Department of Community Health to award a Certificate of Need to Vest Newna ... Read More


CVS suspects may be tied to multiple robberies

Coweta County authorities are working with other agencies around metro Atlanta to locate two men suspected of robbing a local 24/7 pharmacy ... Read More


Newnan Council

City divided on changes to code for demolishing structures

Newnan’s process for demolishing historical structures will not be changing yet, as members of the Newnan City Council disagreed on th ... Read More


Two injured in head-on collision

Two drivers were airlifted to an Atlanta hospital Tuesday after two vehicles collided head-on on Highway 154 near Hammock Road. The accident ... Read More

Federal court jury awards $2 million to electrician

A jury in U.S. District Court in Newnan has awarded more than $2 million in a case involving an electrician who was involved in an accident. ... Read More