In November, 141 foreclosures were advertised in the Cherokee Tribune, the county legal organ, marking a considerable slash in the numbers from November 2012 when 263 foreclosures were advertised.
Lewis Cline, senior vice president of Bank of North Georgia, said there is still work to be done in getting Cherokee County’s housing market back on track, but November’s number show the county might be on its way.
“There is still much room for improvement, but it appears to be slowly improving,” Cline said Friday. “Foreclosure numbers are showing signs of stabilization.”
Cline said he could see the numbers going down even further.
“Small decreases in the short term could still be realized as the ability of mortgage companies to work with customers is more likely,” he said.
Terry Moore, senior vice president at Prudential Georgia Realty-Towne Lake, agrees things are going better for homeowners in Cherokee County.
Moore said Friday she was not shocked when she heard the numbers from November. “There’s not an inventory (of available homes) out there. There’s just nothing,” she said.
Moore said the lack of foreclosures on the market has helped to drive sale prices up about 18 percent and has left some agents scratching their heads, looking for houses to sell.
But the prices are likely helping homeowners stay in their houses, she said.
“I do think it’s helping to avoid foreclosure,” she said. “They’re able to sell. Right now, the resales are going like crazy.”
Cline believes there also may be a connection between the low foreclosure numbers and the fact unemployment rates are improving.
“Unemployment numbers continue to fall slowly,” Cline said. “And national delinquency numbers have declined for people behind on mortgages.”