Foreclosures continue downward trend
by Sarah Fay Campbell
Coweta County foreclosures are continuing a trend begun two months ago of very low numbers.
In today's legal section of The Newnan Times-Herald there are a mere 62 foreclosure advertisements — the lowest number since July 2006. These aren't even the typical numbers for 2006. In that year, when housing was still booming, there were 98 foreclosure advertisements in October. During the entire year of 2006, there were only three months when numbers were under 70 — March, when there were 65, April, when there were 60, and June, when there were 61.
Most of the 62 advertisements are for single-family residential properties, but two are for industrial/commercial properties, and one is a multi-family development that never really got off the ground.
The hangar and office complex at Newnan-Coweta County Airport — Whitlock Field owned by developer Stan Thomas' Fourth Quarter Properties is the largest property listed in the foreclosures. It was previously listed in January and February. The property is located at 50 Ansley Drive.
A 40-acre property off Georgia Hwy. 16 East owned by PTV LLC was previously advertised for foreclosure in September, October, and November of 2012. The property, formerly Autumn's Gate Mobile Home Park, is now known as Peachtree Valley, a condo development.
A new listing is 2.8 acres owned by Grady & Pete LLC on Amlajack Way in the Shenandoah Industrial Park.
Coweta is in line with national trends showing a further decrease in foreclosures and a decrease in the "foreclosure inventory."
CoreLogic, a property information and analytics company, released its August National Foreclosure Report on Tuesday.
There were 48,000 completed foreclosures in August, down 34 percent over August of 2012, when there were 72,000. Foreclosures were up 1.3 percent from July of 2013.
The "residential shadow inventory" was 1.9 million homes in July, down 22 percent from a year ago and down 38 percent from the peak in 2010, when it was 3 million. The current inventory represents 3.7 months of housing supply.
In Coweta, the worst year for foreclosures, based on advertisement numbers, was 2010, when there were 2,663. The second worst was 2009, when there were 2,408, and 2012 was the third worst, with 2,045.
In 2006, there were 895 foreclosure advertisements. In 2007, there were 1,256; in 2008, there were 1,818; and in 2011, there were 1,671.
So far this year, with two months to go, there have been 1,136 foreclosures listed in Coweta.