ATLANTA, July 25, 2013 /PRNewswire/ -- Atlanta Hard Money Lender Lima One Capital has released its analysis of foreclosure data in Atlanta, Georgia. Georgia Hard Money Lender Lima One Capital finds the increase in foreclosure sales and the decrease in foreclosure inventory, filings, and the percentage of households in foreclosure as positive signs of economic recovery for the Atlanta real estate housing market.
Using market data compiled by RealtyTrac, Lima One Capital saw a 9.8% increase in foreclosure sales between 2011 and 2012. Foreclosure inventory in Atlanta is down 18.5% over the same time period. This is a 27.5% decrease in foreclosure inventory from peak levels in 2009. Foreclosure filings also saw a decrease of 5% between 2011 and 2012. The percentage of households in foreclosure saw a decrease of 11% during that same period. This is a 78% drop from the 2010 peak level. Taken as a whole, the increase in foreclosure sales and decrease in three key foreclosure metrics are significant measures of economic recovery in Atlanta.
RealtyTrac also reported an 8% increase in foreclosure home sale prices between December 2012 and May 2013 in Atlanta. Non-foreclosure home sale prices have remained static over the same time period. These numbers are consistent with the national average and show an encouraging but increasingly competitive environment for real estate investors. Foreclosure inventory may be decreasing but the market for investors to renovate and flip the properties is still available.
"Real estate investors have been essential to the resurgence of the neighborhoods hardest hit by the flood of foreclosures," states CEO and Founder of Lima One Capital, John Warren. "Even though the inventory numbers are decreasing, foreclosures made up 40% of all home sales in Atlanta in 2012. Real estate investors are leading the charge to revitalize our communities and provide quality homes for buyers."
The subprime mortgage crisis led to historic levels of foreclosure inventory and filings. Analyzing these trends as they change over time is a useful indicator of possible economic recovery. Even though home prices are far from their previous peak levels, the changes seen in multiple foreclosure trends are significant and encouraging for Atlanta going forward.
Lima One Capital, LLC:
Lima One Capital is a hard money lending company in Atlanta, GA, Greenville, SC, and Charlotte, NC. The company specializes in providing first mortgage loans to real estate investors for the purchase and renovation of residential investment homes. Lima One Capital offers loan lengths of 13 months, 5 years and 6 years. A typical loan is closed within seven days, providing clients with the ability to capitalize on unique opportunities in the real estate market, immediately. Lima One Capital also offers a national Transactional Funding program for investors looking to financing for a double closing. Lima One Capital is revolutionizing the industry standard for residential real estate investment lending.
For more information on Lima One Capital, LLC, visit www.limaonecapital.com or call 404-908-0080.
SOURCE Lima One Capital, LLC