Georgia Foreclosure Activity Falls in April

Statewide filings down 21 percent from March; rate #9 nationally

 

Monthly foreclosure activity in Georgia dropped 21 percent from the previous month to 13,963 properties with foreclosure filings. However, this latest state total also represents a 21 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state ranked ninth highest foreclosure rate in the nation with one in 288 Georgia housing units receiving a foreclosure filing during the month.

 

“Foreclosure activity in Georgia fell in April but was significantly up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in auction notices, which dropped 26 percent during the month. Even so, the state still remains among the top 10 in total foreclosures nationally. Its unemployment rate needs to come down and home sales need to pick up here before we see significant reductions in foreclosure numbers.”

 

California continued to lead the nation in highest level of foreclosure activity in April with 69,727 properties with foreclosure filings. Florida followed, reporting 48,385 properties with foreclosure filings for the month. Michigan rose to third highest, documenting 19,173 properties with foreclosure filings. Illinois came in at fourth highest, reporting 18,870 properties with foreclosure filings. Nevada rose two spots to fifth, tallying 16,217 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in April were Arizona (16,088), Texas (13,133), Ohio (11,936) and Virginia (7,065). In all, the top 10 accounted for 70 percent of all foreclosure filings in the nation for April.

 

Barrow County posts top foreclosure rate for April

With one in every 126 housing units receiving a foreclosure filing — 3.1 times the national average and 2.3 times the state average — Barrow County posted the highest county foreclosure rate in the state for the month. Newton County came in second, with one in every 133 housing units receiving a foreclosure filing — 2.9 times the national average and 2.2 times the state average. Walton County was third, with one in every 146 housing units receiving a foreclosure filing — 2.6 times the national average and twice the state average.

 

Highest foreclosure total in Fulton County for April

Fulton County led all counties in the state in total foreclosure activity once again, reporting 1,824 properties with foreclosure filings for the month. Gwinnett County remained second highest, documenting 1,593 properties with foreclosure filings. Reporting 1,351 properties with foreclosure filings for the month, Dekalb County ranked third. Cobb County was fourth, reporting 1,091 properties with foreclosure filings. A total 612 properties with foreclosure filings were reported in Clayton County, the fifth highest county total in April.

 

State a significant contributor to nation’s monthly foreclosure total

Georgia accounted for 4 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Georgia

1

0

9,192

0

4,770

13,963

288

1.34

n/a

 

 

 

 

 

 

 

 

 

 

Barrow

0

0

114

0

96

210

126

3.07

2.29

Newton

0

0

173

0

111

284

133

2.90

2.16

Walton

0

0

148

0

73

221

146

2.64

1.97

Douglas

0

0

211

0

120

331

149

2.59

1.93

Henry

0

0

316

0

174

490

150

2.58

1.92

 

 

Georgia Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Georgia

1

0

9,192

0

4,770

13,963

288

-21.46

21.20

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,212

0

612

1,824

243

-23.71

-1.19

Gwinnett

0

0

1,057

0

536

1,593

181

-16.03

12.42

Dekalb

0

0

936

0

415

1,351

230

-29.23

24.98

Cobb

0

0

732

0

359

1,091

257

-16.40

57.43

Clayton

0

0

399

0

213

612

175

-19.37

2.86

 

 

 

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