Foreclosures in Cherokee down from April 2012
by Joshua Sharpe
April 21, 2013 12:00 AM | 2101 views | 0 0 comments | 7 7 recommendations | email to a friend | print
CANTON — Foreclosures in Cherokee County are up slightly this month from the numbers reported in March, but are considerably down from this time last year.

A total of 219 foreclosures were advertised in the month of April in the county’s legal organ, the Cherokee Tribune. This number is up from 207 advertised in March.

In April 2012, though, 286 foreclosure listings were advertised.

Lewis Cline, senior vice president of Bank of North Georgia, said Friday the numbers being down this month is part of a national trend.

Across the country, trends in foreclosures show a 30 percent drop this year, Cline said.

Georgia is no different, he said.

“Even though Georgia still is one of the top 10 foreclosure states. I predict the national and state trend will continue to show a slow decline in foreclosures,” throughout the year, Cline said.

This outlook is supported by the stabilizing housing market and mortgage companies and government programs “assisting more homeowners with ways to avoid foreclosure,” Cline said.

One of the ways mortgage companies have begun to help homeowners is the short sale option.

A short sale is when a lender accepts less than what is owed for a home.

Cline said short sales are similar to foreclosures in that many homeowners still are being displaced by them, but it’s often at least a better option.

“The advantage of a short sale is the ability for a family to have more notice and the ability for the family to repurchase that home for a lower amount,” he said.

Foreclosures dipped below 200 briefly in February, when the total number advertised was 196. That was the first time in four and a half years that the foreclosures in Cherokee County were below the 200 mark.

February’s numbers marked a sharp decline for the year. A total of 285 properties were listed the first Friday in January.

In February 2012, the Tribune’s legal listings included 337 foreclosures.
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