Georgia Foreclosure Activity Lower in Second Quarter

Activity level drops 5 percent from Q1; rate eighth highest in nation

Foreclosure filings increase 28 percent mid-year; down 13 percent in June

 

Georgia reported 38,072 properties with foreclosure filings for the second quarter of 2010, a 5 percent drop from the first quarter of the year but is still nearly 22 percent above the level reported for the second quarter of 2009. One in every 106 Georgia housing units received a foreclosure filing during the quarter, giving the state the eighth highest foreclosure rate in the nation.

 

Activity level in the Peach State rose during the first half of 2010, but fell in June. For the first six months of the year, Georgia reported 71,949 properties with foreclosure filings, an 11 percent rise in activity from the second half of 2009, and 28 percent above the level reported mid-year 2009. In June the state tallied 12,037 properties with foreclosure filings, a decrease of 13 percent from the previous month and down 14 percent from June 2009.

 

Georgia foreclosures dropped during the second quarter and in June,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although still above the national average, the state’s unemployment rate has been dropping steadily for the past few months after hitting its historical high in March. We will need to see this number continue to decline before we see a significant reduction in foreclosures here.”

 

California led the nation in total foreclosure activity with 192,422 properties with foreclosure filings during the second quarter, followed by Florida, reporting 139,693 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Walton County posts state’s top foreclosure rate for the quarter

Walton County posted the highest county foreclosure rate in Georgia during the second quarter, with one in every 51 housing units receiving a foreclosure filing in the county — 2.8 times the national average. Newton County came in second highest foreclosure rate, with one in every 51 housing units receiving a foreclosure filing — 2.8 times the national average. Henry County reported the third highest foreclosure rate, with one in every 54 housing units receiving a foreclosure filing during the second quarter — 2.7 times the national average.

 

Fulton County leads state in total foreclosures for the second quarter

Fulton County led Georgia in foreclosure activity, reporting 5,006 properties with foreclosure filings for the quarter, while Gwinnett County documented the second highest foreclosure total, reporting 4,540 properties with foreclosure filings. Reporting 3,658 properties with foreclosure filings for the quarter, DeKalb County came in third. Cobb County was fourth, reporting 2,888 properties with foreclosure filings. Fifth highest total was Clayton County, where 1,643 properties with foreclosure filings were reported for the quarter.

 

State contributes 4 percent to nation’s quarterly total

Foreclosure activity in Georgia represented 4 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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.

 

Georgia Top Foreclosure Rates By County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Georgia

1

0

25,353

0

12,718

38,072

106

1.36

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

390

0

245

635

51

2.83

2.08

Newton

0

0

493

0

245

738

51

2.81

2.06

Henry

0

0

882

0

469

1,351

54

2.65

1.94

Douglas

0

0

582

0

313

895

55

2.61

1.92

Barrow

0

0

309

0

170

479

55

2.61

1.91

 

 

Georgia Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Georgia

1

0

25,353

0

12,718

38,072

106

-4.61

21.67

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

3,371

0

1,635

5,006

88

-7.35

12.90

Gwinnett

0

0

3,080

0

1,460

4,540

63

3.04

22.11

DeKalb

0

0

2,504

0

1,154

3,658

85

-9.12

18.04

Cobb

0

0

2,017

0

871

2,888

97

-2.50

34.33

Clayton

0

0

1,126

0

517

1,643

65

-4.81

9.61

 

 

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