Foreclosure notices jump, but trend is down

“That is normal with a ‘long’ period (of) five weeks between auctions,” he said. “The numbers are still down and we don’t have any indication that will change in the coming months.”

Many foreclosure notices do not result in foreclosure and the homeowner’s loss of a home. Lenders sometimes negotiate with homeowners and foreclosure proceedings can get postponed or withdrawn. July notices are for auctions on county courthouse steps next month.

Still, since the housing bubble burst in 2006 and 2007, an estimated 5 million Americans have lost their home to foreclosure.

Metro Atlanta had been among the leaders during the frenetic construction during the housing bubble and it was among the leaders in foreclosures after the bust. Foreclosures are generally bad for those who lose their home, of course, but also for their neighbors whose home values are affected. Moreover, foreclosures are often costly to lenders.

The damage caused by the housing bust rippled through the region’s entire economy, as tens of thousands of jobs disappeared. So the gradual decline of foreclosures holds the promise of a return to a more balanced and sustainable market expansion.

And that seems to be happening, Bramlett said.

“If anything, (things are) still trending down,” he said. “Our last long period was April and that total was 2635, compared to 2430 this month.”

In July a year ago, metro Atlanta recorded 5,200 foreclosure notices. In July of 2012, the region had 9,317 notices.

So far this year, the region has notched 16,322 notices, During the same period of last year, metro Atlanta had slightly more than twice as many: 33,771.