THOMASVILLE, GA (WALB) - Georgia ranks 5th in the nation in bank foreclosures.
Between May 2011 and April 2012, banks took back 56,000 properties that are now on the market.
But Georgia realtors say the market is looking up.
Everything is tied together.
The job market, housing market, and the economy.
"The economy greatly affects the housing market. The buying power of the buyer is based on their job, their qualifications, and their credit," said Remax Sales Associate Marcianne Benton.
And while folks are still being forced to price their homes lower than they'd like, realtors say things are looking up.
"The housing market has improved greatly in 2012. Mainly because buyers are out there buying houses because of the lower interests rate and because of the improvement in the economy," said Benton.
South Georgia realtors say foreclosures and short sales are driving the market.
"Foreclosures greatly impact this market. Agents have had to learn to work in this market full of foreclosures and short sales," said Benton.
But realtors say there has never been a better time to buy.
"Sellers are motivated to sell. Interest rates are absolutely fabulous. I've been in the real estate business for 34 years. This is the best I've ever seen the interest rates," said Benton.
Realtors say increased job growth and consumer confidence are the two things that will help turn things around.
Realtors say while now is great a time to buy, there are still obstacles buyers need to overcome.
With tighter loan restrictions, it's now tougher to qualify for a loan.
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Marcianne Benton
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