Foreclosure Home Housing & Foreclosure Reports Georgia Foreclosure Activity Rises in January

Georgia Foreclosure Activity Rises in January

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Statewide filings up 17 percent from December; Rate fourth highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,467 Georgia properties in January, a 17 percent increase from December, but still 2 percent below the level reported for January 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Georgia had the fourth highest foreclosure rate, reporting one in every 328 Georgia housing units with a foreclosure filing in January.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 51,584 properties with foreclosure filings. Second ranked Florida reported 24,783 properties with foreclosure filings during the month. Third place was Illinois, where 14,349 properties with foreclosure filings were reported. Michigan had the fourth highest total, reporting 12,808 properties with foreclosure filings while Georgia took fifth place.

The remaining states that make up the nation’s top 10 in January include Texas (9,085), Arizona (8,749), Ohio (8,325), Nevada (5,931) and Indiana (5,039). The top 10 accounted for 73 percent of the nation’s total foreclosure activity for the month.

Walton County posts top foreclosure rate in the state for January
 One in every 116 housing units in Walton County had a foreclosure filing in January — 5.4 times the national average and 2.8 times the state average — the highest foreclosure rate of all Georgia counties for the month. Carroll County had the second highest rate of one in every 116 housing units with a foreclosure filing during the month — 5.4 times the national average and 2.8 times the state average. Newton County had the third highest rate of one in every 124 housing units with a foreclosure filing during the month — 5.1 times the national average and 2.7 times the state average.

Gwinnett County leads state in foreclosure activity in January
 Gwinnett County led all counties, reporting 1,493 properties with foreclosure filings for the month. Fulton County had the second highest total, reporting 1,330 properties with foreclosure filings. Dekalb County was third, reporting 902 properties with foreclosure filings. Fourth highest was Cobb County, recording 786 properties with foreclosure filings. Henry County was fifth highest, tallying 531 properties with foreclosure filings for the month.

State a major contributor to total foreclosure activity in January
 Georgia accounted for 6 percent of the 210,941 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by 3 percent from December, but was still down over 19 percent from the level reported in January 2011. One in every 624 U.S. housing units received a foreclosure filing during the month.

“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac. “Foreclosure activity increased on a year-over-year basis for the first time in more than 12 months in Florida, Michigan, Indiana and Pennsylvania, following a pattern we saw in late 2011 in states such as California, Arizona and Massachusetts.

“We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” Moore continued. “The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year. Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders. We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.”

 

Georgia Top Foreclosure Rates By County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

n/a

n/a

Georgia

0

0

7,061

0

5,406

12,467

328

1.90

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

128

0

151

279

116

5.37

2.82

Carroll

0

0

118

0

265

383

116

5.36

2.82

Newton

0

0

118

0

192

310

124

5.05

2.65

Butts

0

0

31

0

36

67

140

4.47

2.35

Henry

0

0

276

0

255

531

144

4.33

2.28

 Georgia Top Foreclosure Totals by County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg   Dec 11

% Chg   Jan 11

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

2.89

-19.28

Georgia

0

0

7,061

0

5,406

12,467

328

16.98

-2.39

 

 

 

 

 

 

 

 

 

 

Gwinnett

0

0

789

0

704

1,493

195

22.88

9.06

Fulton

0

0

883

0

447

1,330

329

-6.99

-17.65

Dekalb

0

0

706

0

196

902

338

-34.40

-31.92

Cobb

0

0

479

0

307

786

364

-9.97

-23.69

Henry

0

0

276

0

255

531

144

37.21

27.34

 


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