There are all sorts of polls, rankings, experts' picks and predictions. No, I'm not talking about SEC football, or any other sport for that matter. I'm speaking of the latest foreclosure numbers out as of Friday.

You don't need to be a realtor to know it's a “soft market” yet it's much better here than most other places! So, with all the number spewing which numbers tell the most compelling story? Let's compare!

The latest home sales figures tracked in March through the Chattanooga Area Realtors Association (including North Georgia) showed 565 sales, compared to 753 in March/2007. The median price transacted was $138,500. While there's no figures to know foreclosure/bank sales to break down...let me also suggest that there's plenty of those around!

We do have those numbers, which are through May 2nd and updated continuously. You can also track the information through www.foreclosure.comwhich is a subscription site with a free trial offer but you actually don't need to pay to get listed areas and street locations! You can look through any state, county or city in the U.S.

Here's a snapshot of interesting statistics for today's area buyer:

Pre FC In FC In BK Sheriff FSBO's

Hamilton County 64 172 2,118 37 75
Chattanooga 46 133 2,018 34
Bradley County 5 43 94 2 33
Catoosa County (Ga.) 21 22 41 21 24
Walker County (Ga.) 31 46 105 31 19

Guide: Pre FC is the initial filing process; In FC is the period of time during legal and public notification of a foreclosure sale; In BK is included in either a Chapter 7 or 13 bankruptcy (Chapter 7 turns into a foreclosure); Sheriff is for property taken back by the county; FSBO's are “for sale by owner”.

So, what does this all mean? You can get some great deals as long as you know the territory! These numbers cross all demographics, genders, income levels and even many great credit consumers! There's likely a neighbor of yours or someone you know stuck in this dilemma. I saw a story on CNN this weekend about how angry homeowners trashed their beautiful homes in upscale areas on the way out the door...Roman columns torn out, fireplaces trashed, holes in walls or floors, swimming pools damaged, and even toilet commodes taken out of one house!

My point is that you probably will have to buy “as is” and fix some paramount issues on the way to moving in. The obvious attraction is price though and if you check around on foreclosure properties, you will find some great deals! Usually, the bank will pay half your closing costs too. Keep in mind it's not in the bank's interest to keep the house..they just want the monthly payment!

Let me give you a quick assessment of values and savings if you are good at house repair, or know the right people! As mentioned above, the median price of a realtor-listed home sold in Hamilton County and North Georgia is $138,500. The average sales price on an area foreclosure is $79,272. In many cases you will find 33%-50% reductions for quicker sales. Why? The latest foreclosure filings for Tennessee showed 2,315 brand new filings with 215 new foreclosure sales scheduled. It may be well into 2009 before we turn it around too.

The numbers will continue to change and likely will grow too. According to the Wall Street Journal, nationally we are going to hit the record spike of Adjustable Rate Mortgages (ARM's) re-setting in May and June. Those of you in one of these ARM's better check your mailboxes, emails and or last transaction papers or you could get burned! Call me soon!

As for those rankings I mentioned at the top of the column...As of February, the latest set of numbers available, your top six states with the highest foreclosure filings are: 1) Florida (chomp chomp for you Gator fans); 2) California (they're probably glad they got bumped out of first last month); 3) Texas (everything there is bigger including home losses); 4) Michigan; 5) Ohio (these last two are dealing with the highest unemployment rates) and 6) Georgia (1 in 194 homes surrounding Atlanta are in foreclosure). Tennessee is currently 11th with 1 home in 639 in foreclosure. For once, a poll the Volunteers don't want a Top 10 ranking!

TIP OF THE WEEK: There are programs I have that will allow you to do
repairs to a foreclosure purchase in your new loan!
Let's talk about that!

(Jammer is a managing senior loan officer for American First Mortgage LLC, and can be reached at 423 894-8388, ext. 239 or via email:
chattjammer@yahoo.com)