Regardless of the area of the state of Georgia or the Peach State as it has come to be known, from the Atlanta to Columbus, from Macon to Savannah or anywhere in between no city or county of Georgia has been untouched by the economic down turn or the mortgage meltdown that preceded it. Foreclosure homes are available across the state in greater numbers today than in any other time in its history. Currently Georgia is the state with the 8th highest number of foreclosures per unit of housing.
With its high tech and industrial bases of the state being the leading contributors to the economic well being of Georgia the state also boasts one of the largest military presences in the nation with nearly 20 military installations representing every branch of the armed services. Combining these industries with agricultural output that rivals any other state it is no wonder Georgia has seen such an incredible increase in both its population and GDP. If Georgia were a country it would be have the 28th largest economy in the world, with a GDP of nearly 400 Billion dollars annually.
With great growth and a large migrating population seeking to improve their personal financial situation comes down turns that are equally tumultuous. Currently Georgia has an unemployment figure that is higher than the national average and rests at 10 percent. This is in no small measure affecting the real estate market as Georgia also has the dubious distinction of ranking in the Top 10 of all states regarding the number of foreclosures per housing unit.
The mortgage meltdown caused by sub-prime mortgage investing on a global scale has hit states like Georgia the hardest. States that have seen massive growth in recent years have also seen massive migration from other states and the construction industry was all too happy to build new homes for the new residents of the state.
Unfortunately when the economic bubble burst, the new homes occupied by new residents all with new jobs and new mortgages were left unoccupied by the owners that could no longer afford the mortgage. Compounding this was the adjusting of the rates on millions of home mortgages in Georgia and then the foreclosure notices were filed and the result is that Georgia now ranks #8 in Nation in the category of foreclosures.
All this bad news is in actuality good news for savvy real estate investors as the potential to buy low and sell high has never been better. Georgia's population growth has not diminished and still ranks as one of the highest in the country with an annual population growth of 1.4 percent.
This means that people will need more houses into the foreseeable future and while the sub-prime mortgages work their way out of the system more foreclosures will be available for purchase and resale.
What makes Georgia different from any other state goes back to the diversity of its economy. With its location Georgia offers the perfect location for international companies and companies that desire to exploit the logistical advantages of Georgia and in particular Atlanta. Companies such as Coca-Cola, Georgia Pacific, The Home Depot and countless others make their headquarters in Atlanta while textile and manufacturing companies also make their Head Quarters in cities such as Rome, Columbus, Augusta and Macon. All of these cities are now and will be hot beds for great foreclosure deals in the coming years.
Home-ownership in Georgia is yet another category where the state exceeds with a 67.5 home ownership percentage compared to the national average of 66.2 percent. This is an indicator that the citizens of Georgia put a great deal of stock in home ownership and consequently the real estate market should recover faster than the national average also. All these statistics and suppositions lead the reader to the conclusion that Georgia will continue to be what it has been for so long, a great place to invest in real estate.
Particular cities to look for the greatest return on investment are Atlanta, Augusta, Columbus, Savannah, Athens, Macon, Roswell, Sandy Springs, Albany, Marietta, Warner Robins, Johns Creek, Valdosta, Alpharetta and Smyrna.
Other cities show promise but these are high population density areas that help assure a quick turn over for either rental or resale. This list in no way is meant to indicate that smaller cities can not bring great rewards for the smart investor. For example the suburbs of most cities include additional cities that may be in the same or perhaps a different county but they should not be discounted, especially if the real estate or foreclosure investor is well acquainted with the particular area.
Regardless of the end result Georgia currently offers smart Real Estate investors the opportunity of a life time as the number of potential buyers has actually increased and there is an abundance of foreclosed real estate at reduced prices that can be taken advantage of.
As the ninth most populated state in the country and an area that ranks 24th in the nation, the population density is 18th overall and this means that there are a high number of potential buyers for any home that could be purchased as a foreclosure and then resold to that same highly dense population.
Population data is very important when it comes to making a purchase of a home, be it a foreclosure or not. You must have someone that wants to either buy it from you or rent it from you in the future. With a Real Estate investor the word future can mean later the same day as with an owner occupant "future" could mean 3 to 5 years. Either way, if you are buying a foreclosure in Georgia, anywhere in Georgia the population of the area must be taken into consideration. High population means a better chance for a quick and profitable sale. The more rural the home the lesser the chances of getting that quick sale that can mean all the difference, especially in a troubled economy.
