Georgia Foreclosure Activity Falls Slightly in May

Statewide filings down 1 percent from April; rate ranks #6

 

Foreclosure activity in Georgia fell 1 percent in May to 13,778 properties with foreclosure filings. This latest state total still represents a 31 percent increase from the level reported in May 2009, however, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate ranked sixth in the nation, as one in every 292 Georgia housing units received a foreclosure filing during the month.

 

Georgia’s foreclosure activity dropped slightly in May, although it remained elevated from the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with a substantial number of jobs added, the state’s unemployment rate remained above 10 percent — higher than the national average, a factor that is helping keep the level of foreclosures as high as it is.”

 

California maintained the nation’s top foreclosure total, reporting 72,030 properties with foreclosure filings in May. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Texas (11,137), Ohio (10,379) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

Walton County posts top foreclosure rate for May

Walton County posted the highest county foreclosure rate in the state in May, with one in every 133 housing units receiving a foreclosure filing — three times the national average and 2.2 times the state average. Douglas County came in second, with one in every 137 housing units receiving a foreclosure filing — 2.9 times the national average and 2.1 times the state average. With one in every 142 housing units receiving a foreclosure filing — 2.8 times the national average and 2.1 times the state average — Newton County had the third highest foreclosure rate in the state.

 

Fulton County led state in foreclosure total for May

Fulton County had the highest foreclosure activity in the state, reporting 1,802 properties with foreclosure filings for May. Gwinnett County was second highest, documenting 1,680 properties with foreclosure filings. Reporting 1,275 properties with foreclosure filings for the month, Dekalb County held the third highest total. Cobb County was fourth highest, reporting 1,010 properties with foreclosure filings. Clayton County rounded out the top five, reporting 600 properties with foreclosure filings for the month.

 

State a major contributor to nation’s monthly foreclosure total in May

Georgia accounted for 4 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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: 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.

 

Georgia Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Georgia

0

0

8,479

0

5,299

13,778

292

1.37

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

125

0

118

243

133

3.01

2.20

Douglas

0

0

210

0

151

361

137

2.92

2.14

Newton

0

0

164

0

103

267

142

2.82

2.06

Henry

0

0

307

0

191

498

148

2.71

1.98

Rockdale

0

0

110

0

83

193

164

2.43

1.78

 

 

Georgia Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Georgia

0

0

8,479

0

5,299

13,778

292

-1.32

31.02

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,130

0

672

1,802

246

-1.21

26.90

Gwinnett

0

0

1,064

0

616

1,680

171

5.46

40.12

Dekalb

0

0

791

0

484

1,275

244

-5.63

-0.08

Cobb

0

0

661

0

349

1,010

278

-7.42

21.69

Clayton

0

0

371

0

229

600

179

-1.96

5.26

 

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