Foreclosures in metro Atlanta decrease sharply in August

Foreclosure notices in metro Atlanta in the month of August were down to their lowest numbers since December of 2008, according to WSBTV Atlanta. Prospective buyers looking at houses for sale in Atlanta should consider the dipping number of foreclosed homes when making their decisions.

There were 6,426 foreclosures advertised in Atlanta for September. Additionally, the yearly foreclosure numbers through August are down 13 percent from the same time period in 2011, and down 21 percent from the height of the housing crisis in 2010.

These numbers were fairly in line with nationwide foreclosure rates. According to National Mortgage Professional Magazine, the foreclosure rate across the country in July showed a three percent decrease from the previous month, as well as a 10 percent dip from the same time period the previous year. Additionally, the entire state of Georgia witnessed a 25 percent decrease in foreclosure starts in July 2012, compared to July 2011.

Statistics like these are creating optimism among prospective home buyers and local real estate experts. Additionally, some local experts believe that there is a two-year supply of "shadow inventory" foreclosed homes in the Atlanta pipeline.