Newton County, Georgia, about 30 miles southeast of Atlanta, has more foreclosures than any other county in the State. But, after several months of the foreclosure flood subsiding in the county, the waters are on the rise again.
For the first seven months of this year, foreclosures in Covington and Newton County were down by 29.3% over the same period in 2009. The number of pages of foreclosure notices in "The Covington News" each week were consistently running around 25 to 30 pages. But last week, there were over 50 pages of notices, and indication that our real estate market crisis is far from over.
Other indicators of the soft market here include:
- An 8.1-month supply of homes currently on the market
- Average time to sell is 143 days on the market
- Average Sales Price down 14.8% in July, and
- Of 775 homes sold in the county during the past six months, 528 (or 68%) sold for under $100,000.
If you're in the market for a home, it's a great time to buy. If you want to sell your present home... not so good.
Our market will improve, but it's not likely until unemployment rates go down and the national economy improves substantially. By my latest estimation, we're likely to continue with current market conditions for the next 1.5 to 2 years.
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