According to the AJC article, Equity Depot reports that a record number of foreclosures are scheduled for February 2009.

In the 13 counties Equity Depot tracks, 8,425 properties are scheduled to be auctioned Feb. 3. The previous high was 7,967 properties from last September.  Fulton County is the leader, with 1,838 troubled properties, followed by Gwinnett and DeKalb counties. Fayette has the fewest foreclosed properties — 128.

On a (potentially) brighter note, according to the Atlanta Business Chronicle some builders believe that the housing industry is going to get better.

Metro Atlanta home builders believe the housing industry will improve in 2009, but differ on when and by how much. Among the most optimistic is Tom Justice, CEO of Legacy Communities LLC, who thinks the worst of the housing market may be over.Recessions historically last six to nine months and the United States has been in a recession since December 2007, he said. “This one is different because it is global,” Justice said. “But I think most of it is done, and blue skies are on the horizon.” …


Scott Riddle’s practice focuses on bankruptcy and litigation. Scott has represented Chapter 11 debtors, creditors, trustees and other interested parties in bankruptcy cases and bankruptcy litigation.  For more information, click here.