The number of foreclosures in Atlanta reached a record high in July, according to reporting service Equity Depot.

Pending foreclosures in the first six months of 2008 increased 47 percent over their 2007 levels, with 7,659 properties slated to be auctioned in the 13-county metropolitan Atlanta area in August.

Fulton County had the greatest number of pre-foreclosures, with 1,804 homes being advertised for sale. DeKalb was second with 1,414, and Gwinnett was third with 1,295.

With the number of foreclosures continuing to increase, Atlanta real estate investors are increasingly looking at purchasing REO properties at significant discounts. These properties may be rehabbed, held as rentals, or subsequently sold.

And as more and more properties get taken back by the lenders, investors can expect to see a greater selection of REO properties with sellers desperate to get them off their books.

Seen over at the Atlanta Investor Wire.