Foreclosure homes filings in metro Atlanta, Georgia dropped last month but surged by almost 50 percent compared with the same period last year.So far, over 9,500 foreclosure filings were posted this month, representing a 22 percent drop from 12,318 reported in September. Industry experts said that these monthly variations are not unusual. What is significant is the annual total.Including the October foreclosure homes filings, the 13-county metro Atlanta posted 97,339 notices for the year, so far. The figures already surpassed the 79,484 total number of foreclosure notices for the whole of 2008.Industry experts said that the real estate market will continue to experience variations, decreases and increases. But they hope that the total foreclosure numbers has peaked which would indicate market stabilization.Experts said that foreclosure filings do not mean that distressed properties will be auctioned off, adding that homeowners could find last-minute solutions or make some payment arrangements with their lenders. In Georgia, the repossession procedures can be started, stopped or postponed several times with only a minimal cost to lenders.Experts said that in comparison with other states, foreclosure filings will exaggerate the actual number of foreclosures in Georgia. For October, Gwinnett posted 2,063 notices, Fulton with 1,900, Dekalb with 1,490 and 1,049 in Cobb. Year-to-year figures are led by Fulton with 20,531, 19,195 for Gwinnett, 14,780 for DeKalb and 10,674 for Cobb.Meanwhile, the number of foreclosure notices in September rose dramatically compared with August. The spike was attributed to loan modification programs and foreclosure moratoriums. Experts explained that moratoriums and modifications have delayed foreclosure proceedings. But once these programs expired, the market can expect a dramatic surge in foreclosure filings.For example, it i s possible that there will be an unusual peak in the number of foreclosure notices in November because arrangements were not made between lenders and homeowners for properties that would have been placed in the October foreclosure listings.Industry experts are not sure what to expect next month. They are leaning on a slight increase in the number of foreclosure homes filings due to the continuous rise in unemployment rate and the declining property values and prices.
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