Georgia Foreclosure Activity Climbs in February

Statewide filings up 8 percent from January; rate #9 nationally

 

Foreclosure activity in Georgia rose in February to 12,177 properties with foreclosure filings, up 8 percent from the previous month and 20 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 331 Georgia housing units received a foreclosure filing in February, ranking it ninth highest state foreclosure rate in the nation.

 

“The level of foreclosure activity in Georgia took an upswing in February and is still considerably above the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase in monthly activity was reported in the number of auction notices, which climbed 26 percent. Additionally, the state’s unemployment rate remains above the national average while the number of home sales remains slow. These factors need to turn around before the state will begin to see any sustainable reduction in foreclosures.”

 

Georgia ranked seventh nationally for total foreclosure activity, well behind national leader California, which reported 68,562 properties with foreclosure filings in February. Florida maintained its number two status, reporting 54,032 properties with foreclosure filings for the month. Michigan took over third place, documenting 20,028 properties with foreclosure filings. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Walton County posts top foreclosure rate in the state for February

With one in every 139 housing units receiving a foreclosure filing — three times the national average and 2.4 the state average — Walton County posted the state’s highest county foreclosure rate in February. Newton County was second, with one in every 140 housing units receiving a foreclosure filing — three times the national average and 2.4 times the state average. Carroll County came in third highest, with one in every 148 housing units receiving a foreclosure filing — 2.8 times the national average and 2.2 times the state average.

 

Fulton County reports highest foreclosure total in February

Fulton County led the state in foreclosure activity, totaling 1,649 properties with foreclosure filings for February. Gwinnett County was second, documenting 1,452 properties with foreclosure filings. Reporting 1,138 properties with foreclosure filings for the month, Dekalb County ranked third highest. Cobb County came in fourth place, reporting 994 properties with foreclosure filings, while the fifth highest total was in Clayton County, where 508 properties with foreclosure filings were reported for the month.

 

State a significant contributor to nation’s monthly foreclosure total

Georgia accounted for 4 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

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: DefaultNotice 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.

 

 

Georgia Top Foreclosure Rates by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Georgia

0

0

8,463

0

3,714

12,177

331

1.27

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

183

0

50

233

139

3.02

2.38

Newton

0

0

181

0

90

271

140

3.00

2.37

Carroll

0

0

192

0

118

310

148

2.83

2.24

Barrow

0

0

118

0

60

178

149

2.81

2.22

Douglas

0

0

188

0

114

302

163

2.56

2.02

 

 

 

Georgia Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Georgia

0

0

8,463

0

3,714

12,177

331

8.01

19.56

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,084

0

565

1,649

268

6.87

20.89

Gwinnett

0

0

976

0

476

1,452

198

21.40

35.45

Dekalb

0

0

799

0

339

1,138

273

3.08

0.44

Cobb

0

0

689

0

305

994

282

30.79

45.32

Clayton

0

0

358

0

150

508

211

-5.58

-21.85

 

 

 

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