Even with the high amount of Cherokee Co GA foreclosures, county turns down national funds







The state of Georgia has been one of the hardest hit Real Estate markets. Since at least February 2010, the state has ranked in the top 10 states with the most foreclosures. Northern Georgia, near the capital city of Atlanta, has been struck with extremely high levels of foreclosures. For instance in Cherokee county, up to 1 out of every 168 homes is in foreclosure.

Despite the high level of Cherokee Co GA foreclosures, Cherokee county recently made an interesting choice. Due to Georgia’s high rate of foreclosures, the state was ear-marked to receive 50 million of the 1 billion US government funds to help stabilize communities in HUD’s National Stabilization Program.

In addition to the state receiving a portion of money, counties were also able to receive an allotment of the funds. Cherokee county choose to decline their portion due to the tremendous amount of government oversight involved. This part of the program aims to allow counties and the state to purchase, rehabilitate, and then sell properties. By doing this, HUD feels that it will bring stabilization to the communities to help them rebuild. One catch of the program is that the homes may only be sold to those who choose to live in the properties; they cannot be rented or resold for profit. Little has been revealed as to why Cherokee county choose to decline the funds. A representative for Fayette County, another nearby county that chose to decline the funds, stated that they felt there were too many strings attached and requirements and would prevent the county from making any progress at all.

It will be interesting to see what impact the funds have on the counties that chose to accept the money. Out of the $30 million distributed to Georgia counties, $12 million was distributed to the Atlanta metro area, just south of Cherokee county. If these communities see good results, surely Cherokee county will regret its decision to reject the funds; however, if the plan fails, it may be a sign that the federal government needs to take new steps to bolster the Real Estate market.

The best way to change our current Real Estate and financial markets is for those who can afford to purchase properties, to search free listings of foreclosed homes for sale and investigate the possibility of purchasing a foreclosure home for a primary residence or investment property. While there is no shortage of places that offer free foreclosure listings, only HomeForeclosuresSale.com offers the most complete listings with only the prime properties available.