Georgia Foreclosure Activity Increases in July

Statewide filings up 4 percent from June; rate No. 9 nationally

 

Foreclosure activity in Georgia increased 4 percent in July to 12,577 properties with foreclosure filings, 13 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 320 Georgia housing units received a foreclosure filing during the month, the ninth highest state foreclosure rate in the nation.

 

Georgia reported another uptick in foreclosure activity for both July and the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase in monthly activity was in bank-owned properties, which increased 107 percent for the month and 60 percent from July 2009. High unemployment is largely to blame for much of Georgia’s current foreclosure crisis, as roughly 10 percent of the state’s workforce remains jobless.”

 

California continues to lead the nation, reporting 66,910 properties with foreclosure filings in July. Florida posted the second highest foreclosure total, tallying 51,557 properties with foreclosure filings. Illinois moved up a notch to third highest, reporting 19,602 properties with foreclosure filings for the month. Reporting 18,833 properties with foreclosure filings, Michigan fell one spot to fourth place. Arizona maintained the fifth highest total, reporting 16,298 properties with foreclosure filings for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in July were Nevada (13,727), Ohio (13,511), Texas (11,727) and Maryland (6,961). In all, the top five accounted for 53 percent of all foreclosure filings in the nation for July.

 

Newton, Douglas counties post top county foreclosure rate in July

One in every 141 housing units in both Newton and Douglas counties received a foreclosure filing in July, tying the two counties for the top county foreclosure rate in the state for the month. Coming in third was Walton County, where one in every 165 housing units received a foreclosure filing in July.

 

Fulton County had top foreclosure total for July

Reporting 1,702 properties with foreclosure filings in July, Fulton County led the state in total foreclosure activity. Second highest was in Gwinnett County, reporting 1,374 properties with foreclosure filings. Dekalb County came in third highest, tallying 1,187 properties with foreclosure filings. Fourth highest was Cobb County, where 1,004 properties with foreclosure filings were reported. Clayton County was fifth, reporting 538 properties with foreclosure filings for the month.

 

State a moderate contributor to nation’s monthly foreclosure total

Georgia accounted for 4 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Georgia

0

0

6,957

0

5,620

12,577

320

1.24

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

156

0

113

269

141

2.82

2.28

Douglas

0

0

204

0

146

350

141

2.81

2.27

Walton

0

0

120

0

76

196

165

2.41

1.94

Henry

0

0

216

0

170

386

191

2.08

1.68

Rockdale

0

0

117

0

44

161

197

2.01

1.62

 

 

Georgia Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Georgia

0

0

6,957

0

5,620

12,577

320

4.49

12.94

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

961

0

741

1,702

260

6.38

-1.73

Gwinnett

0

0

755

0

619

1,374

210

-5.70

17.34

Dekalb

0

0

677

0

510

1,187

262

0.51

6.94

Cobb

0

0

503

0

501

1,004

279

9.85

13.57

Clayton

0

0

293

0

245

538

199

9.35

9.57

 

 

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