Georgia Foreclosure Activity Rises in First Quarter

Statewide filings up from last year; nation’s 7th highest foreclosure rate

March numbers up from previous month and a year ago

 

Foreclosure activity in Georgia rose 31 percent during the first quarter of 2010, and was up 40 percent from the same period last year. In all, the state reported 39,911 properties with foreclosure filings during the quarter, making it the state with the sixth highest foreclosure total in the nation for the first quarter. One in every 101 Georgia housing units received a foreclosure filing during the quarter, the seventh highest state foreclosure rate in the nation.

 

During the month of March, the state reported 17,779 properties with foreclosure filings, a 46 percent increase from the previous month, and 33 percent above the level reported in March 2009. One in every 226 Georgia housing units received a foreclosure filing during the month, the sixth highest state foreclosure rate.

 

“After a slight drop during the previous quarter, Georgia foreclosures spiked during the first quarter of this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 36 percent for the month. The state’s unemployment rate remains above the national average, and its home sales were slower than most states during the last few months of 2009. These trends need to turn around before we can see a decline in foreclosure activity.”

 

California continued to lead the nation, reporting the highest level of foreclosure activity at 216,263 properties with foreclosure filings. Florida was second, reporting 153,540 properties with foreclosure filings. Arizona came in third highest, documenting 55,686 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Texas (37,354), Nevada (34,557), Ohio (33,221), and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

Walton County posts top foreclosure rate for the first quarter

Walton County posted the highest county foreclosure rate in the state during the first quarter, as one in every 43 housing units received a foreclosure filing — 3.2 times the national average and 2.3 times the state average. Newton County came in second, with one in every 46 housing units receiving a foreclosure filing — three times the national average and 2.2 times the state average. With one in every 50 housing units receiving a foreclosure filing — 2.8 times the national average and twice the state average — Henry County came in third highest.

 

Fulton County led state in total foreclosures for the first quarter

Fulton County tallied the highest level of foreclosure activity of any county in the state during the first quarter, documenting 5,403 properties with foreclosure filings. Gwinnett County was second, reporting 4,406 properties with foreclosure filings. Reporting 4,025 properties with foreclosure filings for the month, Dekalb County came in third. Cobb County was fourth, reporting 2,962 properties with foreclosure filings. Fifth highest was Clayton County, where 1,726 properties with foreclosure filings were reported for the quarter.

 

State a significant contributor to nation’s quarterly foreclosure total

Georgia accounted for 4 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Georgia

0

0

26,304

0

13,607

39,911

101

1.37

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

513

0

240

753

43

3.23

2.35

Newton

0

0

521

0

307

828

46

3.03

2.21

Henry

0

0

933

0

544

1,477

50

2.78

2.03

Douglas

0

0

626

0

339

965

51

2.71

1.97

Barrow

0

0

304

0

198

502

53

2.62

1.91

 

 

 

Georgia Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Q4 2009

% Chg

Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Georgia

0

0

26304

0

13,607

39,911

101

30.54

39.51

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

3,453

0

1,950

5,403

82

35.55

23.84

Gwinnett

0

0

2,927

0

1,479

4,406

65

29.51

41.17

Dekalb

0

0

2,666

0

1,359

4,025

77

41.53

64.02

Cobb

0

0

1,993

0

969

2,962

95

36.81

47.07

Clayton

0

0

1,098

0

628

1,726

62

30.86

10.01

 

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved