Foreclosures, Real Estate

After the flood

From the Atlanta Journal and Constitution:

Cobb County officials expect that some owners of flood-damaged homes will simply walk away from their residences because the losses are so great.

Cobb County Manager David Hankerson on Tuesday looks at a restriction notice placed on a home in Powder Springs that had suffered severe
About 1,200 homes in Cobb County were severely damaged in last month’s historic flood, Cobb County Commission Chairman Sam Olens said.

A lot of the homes severely damaged by the recent floods were already underwater - before the rains even started falling. Now that owners are facing huge repair costs, most of which will not be covered by insurance, many will choose to let their homes go back to the bank.

Look for a glut of rain-damaged, rotting REO to hit the Atlanta market in the future.

X Underwater portrait, originally uploaded by javiy.

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