Atlanta Metro Area Foreclosure Activity Rises in First Quarter

Metro area foreclosure filings up from last year

March numbers up from a month earlier and a year ago

 

Foreclosure activity in Atlanta Metro Area rose 32 percent during the first quarter of 2010 and was up 33 percent from the same period last year. In all, the metro area reported 29,137 properties with foreclosure filings during the quarter.

 

In March the metro area reported 12,977 properties with foreclosure filings, a 43 percent increase from the previous month and 25 percent above the level reported in March 2009. One in every 166 Atlanta metro area housing units received a foreclosure filing during the month, the 26th highest metro area foreclosure rate among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.

 

“Foreclosure filings continued to mount in the Atlanta Metro Area on a monthly, quarterly and annual basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in Georgia recently dropped from 11 percent to 10.4 percent, but that is not enough, in itself, to help out struggling homeowners who are looking to stay in their homes.”

 

The Atlanta Metro Area had the sixth highest foreclosure total in the nation for the quarter among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 74 Atlanta metro area housing units received a foreclosure filing in the first quarter, ranking 31st among the same 203 metro areas.

 

Walton County tops metro area in foreclosure rate for the first quarter

Walton County had the highest county foreclosure rate in the metro area during the first quarter, with one in every 43 housing units receiving a foreclosure filing — 3.2 times the national average and 2.4 times the state average. With one in every 46 housing units receiving a foreclosure filing, Newton County had the second highest rate — three times the national average and 2.2 times the state average. Henry County came in third, with one in every 50 housing units receiving a foreclosure filing — 2.8 times the national average and twice the state average.

 

Fulton County led the metro area in total foreclosures for the first quarter

Fulton County led the metro area with 5,403 properties with foreclosure filings for the month. Gwinnett County had the second highest total, reporting 4,406 properties with foreclosure filings. Dekalb County was third, reporting 4,025 properties with foreclosure filings. Reporting 2,962 properties with foreclosure filings for the quarter, Cobb County came in fourth, followed by Clayton County, where 1,726 properties with foreclosure filings were reported for the quarter.

 

State in nation’s top 10 for total foreclosure filings during the first quarter

Georgia reported 39,911 properties with foreclosure filings for the quarter, giving it the sixth highest state total in the nation. This latest total represents a 31 percent increase from the previous quarter and is 40 percent above of the level reported in the first quarter 2009. One in every 101 Georgia housing units received a foreclosure filing during the quarter, the seventh highest state foreclosure rate in the nation.

 

State a moderate contributor to nation’s quarterly foreclosure total

Georgia accounted for 4 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Atlanta Metro Area Top Foreclosure Rates By County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Georgia

0

0

26,304

0

13,607

39,911

101

1.37

n/a

Atlanta Metro Area

0

0

18,984

0

10,153

29,137

74

1.87

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

513

0

240

753

43

3.23

2.35

Newton

0

0

521

0

307

828

46

3.03

2.21

Henry

0

0

933

0

544

1,477

50

2.78

2.03

Douglas

0

0

626

0

339

965

51

2.70

1.97

Barrow

0

0

304

0

198

502

53

2.62

1.91

 

 

Atlanta Metro Area Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Georgia

0

0

26,304

0

13,607

39,911

101

30.54

39.51

Atlanta Metro Area

0

0

18,984

0

10,153

29,137

74

32.28

33.17

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

3,453

0

1,950

5,403

82

35.55

23.84

Gwinnett

0

0

2,927

0

1,479

4,406

65

29.51

41.17

Dekalb

0

0

2,666

0

1,359

4,025

77

41.53

64.02

Cobb

0

0

1,993

0

969

2,962

95

36.81

47.07

Clayton

0

0

1,098

0

628

1,726

62

30.86

10.01

 

 

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