Not since the 1970s has the real estate market stood on such shaky ground and according to realtors, the number of foreclosures is set to reach historic numbers.

“Things seem to be a little better, but we still have a lot of foreclosures we need to overcome,” said Gene Vance realtor for Homestead Properties located in Cartersville. “For all the years I’ve been in business, among other slow markets, the last extremely bad time we had that I remember was in ‘74 and ‘75. This recession is a lot worse. The housing market will drive the whole economy. Housing causes everything else to sell.”

According to foreclosureresearch.com there are currently nearly 200 properties in foreclosure in Bartow County. The average list price hovers just above $60,000.

Vance said although The Georgia MLS and FMLS multiple listing sites have some available statistics on foreclosures, there’s no specific entity that tracks the number of foreclosures in Bartow County.

“To my knowledge there’s not any specific group that is tracking foreclosures,” Vance said. “The multiple listing services are attempting to keep up with it. But there are so many it’s erratic to keep up with them.”

Vance, who has more than 40 years of experience in the real estate sector, said foreclosures present an opportunity for buyers looking for a great bargain.

“In all the recessions that we have had, this is the best time I have ever seen to buy foreclosures,” Vance said. “People who buy now at the low times are going to make the most money. People have the opportunity to buy at unbelievable prices.”

Buyers interested in foreclosures may be getting a great deal, but Vance said it’s important to get good, solid advice before making a purchase.

The public is not really familiar with real estate,” Vance said. “In some cases, they think something is wrong with these [foreclosed] properties but they can overcome that if they get the right advice. Get good advice because once you close out there are no warranties. You get what you get.”

Vance said the housing market will remain unpredictable for the remainder of 2009, but things should look better by 2010.

“I feel like we will see quite an improvement by the end of next year,” Vance said. “Things will get better, but right now, you can get better value for your dollar by purchasing a foreclosed home rather than building a comparable house from the ground up. Your money is probably better spent now, for the return you’ll receive on your investment.”