• For all FMLS counties, the report shows 4481 pending versus 4853 last month and 4410 in July of 2008.  Therefore, pending sales are up on a year-to-year basis but down from last month. 
• Closed sales were 3734 versus 4413 last month and 4378 in July of 2008.  Therefore, actual closed sales are down on a year-to-year basis and down from last month.  Closed sales have been running 10-20% less than pending sales in the last 4 months.  This is due to the longer timeframes for closing short sales & foreclosures which represent over 50% of the transactions in the market.  The new Truth in Lending disclosure rules will also have an impact on closing timeframes.  See our post and audio podcast for details.  
• Inventory for all FMLS counties continues to drop to 42,521 homes for sale.  Inventory is down 3% from last month and down 35% from July of 2008.  We expect to see inventories rise as more short sales and foreclosures come on the market in the next few months.
• Equity Depot announced 14,000 new “notices of foreclosure” for the September auction.  Last fall, these pre-foreclosure notices were running aroun 7,000-8,000 per month.  In August, there were 12,000 and July 16,000 pre-foreclosure notices.      

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 If you have additional questions about the local real estate market, please contact your Prudential Georgia Realty agent.  They have access to many market reporting tools plus foreclosure information, short sale information, tax records, liens, mortgage balances and more.  You may also contact us directly by submitting a question below.