The elevated foreclosure rate in Atlanta has continued to weigh heavily on home prices in the city during recent years. However, according to a report from Data Intelligence Corp., Atlanta's foreclosure rate saw a sharp drop throughout the course of 2011.
According to the real estate tracking firm, the foreclosure rate in Atlanta fell by 38.9 percent during 2011, accounting for 13,155 individual foreclosures throughout the year.
The foreclosure rate is now significantly lower than when it peaked at 16,711 in 2009.
Meanwhile, a recent report from CoreLogic indicates the price of homes for sale in Atlanta fell by 8.2 in November on a year-over-year basis, making homeownership more affordable for a growing number of entry-level buyers.
As the foreclosure rate in Atlanta slows, investing in a home in the city could prove to be a healthy investment. Home prices in the metro area have become consistently more affordable during recent years due to a high number of distressed properties. However, should the city's foreclosure backlog start to thin, home prices could soon rise again.