GEORGIA FORECLOSURE ACTIVITY UP 44 PERCENT IN 2008

More than 85,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 85,254 Georgia properties in 2008, an increase of 44 percent from 2007 and a 117 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 2.20 percent of all Georgia housing units received at least one foreclosure filing during the year, up from 1.57 percent in 2007.

 

The Peach State reported 10,031 properties with foreclosure filings in December, up less than 1 percent from the previous month but still 30 percent above the activity level reported in December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity remained high for much of 2008 in Georgia, putting it among the top ten states most affected by foreclosures for the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Joss losses were a major contributor to this problem, as the state’s unemployment rate rose by 3.2 percent for the year. Other major factors included lower home sales and prices on an annual basis. Taken together these factors mean the wave of foreclosures in Georgia are not over yet.”

 

Fulton County reports highest foreclosure activity in 2008

Fulton County led the state in foreclosure activity for all of 2008, reporting 17,201 properties with foreclosure filings for the year. Dekalb County came in second, reporting 9,987 properties with foreclosure filings. Gwinnett County registered the third highest total, reporting 8,120 properties with foreclosure filings. Fourth highest total was in Cobb County, where 5,963 properties with foreclosure filings were reported. Clayton County came in fifth, documenting 4,875 properties with foreclosure filings.

 

Henry County posts state’s top foreclosure rate for 2008

With 5.59 percent of its housing units receiving at least one foreclosure filing during the year, Henry County led the state with the top foreclosure rate in 2008. Clayton County reported the state’s second highest rate, with 4.69 percent of its housing units receiving at least one foreclosure filing. Third highest rate was in Walton County, where 4.65 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a significant contributor to nation’s foreclosure total for 2008

Georgia accounted for 4 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Georgia

85,254

2.20

44.36

 

 

 

 

 

123

Appling

19

0.24

-24.00

145

Atkinson

3

0.09

200.00

111

Bacon

14

0.31

n/a

152

Baker

1

0.06

n/a

92

Baldwin

85

0.45

962.50

36

Banks

92

1.39

135.90

6

Barrow

1,018

4.16

111.64

22

Bartow

743

2.06

47.71

47

Ben Hill

89

1.12

154.29

114

Berrien

23

0.31

2,200.00

18

Bibb

1,648

2.32

28.05

149

Bleckley

4

0.08

300.00

150

Brantley

5

0.08

n/a

141

Brooks

8

0.11

700.00

50

Bryan

122

1.07

281.25

107

Bulloch

90

0.35

87.50

87

Burke

45

0.49

95.65

25

Butts

158

1.74

285.37

102

Calhoun

9

0.38

800.00

59

Camden

184

0.91

700.00

134

Candler

7

0.18

600.00

8

Carroll

1,503

3.39

63.73

49

Catoosa

282

1.10

149.56

93

Charlton

18

0.45

500.00

31

Chatham

1,588

1.44

72.98

132

Chattahoochee

6

0.18

500.00

57

Chattooga

101

0.93

1,920.00

13

Cherokee

2,035

2.70

39.86

58

Clarke

448

0.91

112.32

155

Clay

0

0.00

n/a

2

Clayton

4,875

4.69

17.47

108

Clinch

10

0.34

900.00

20

Cobb

5,963

2.18

35.77

76

Coffee

96

0.58

1,271.43

70

Colquitt

114

0.63

1,325.00

44

Columbia

501

1.20

49.55

129

Cook

13

0.19

1,200.00

12

Coweta

1,212

2.74

50.75

51

Crawford

58

1.03

87.10

83

Crisp

51

0.51

96.15

56

Dade

60

0.93

n/a

28

Dawson

156

1.64

246.67

99

Decatur

54

0.40

1,250.00

9

Dekalb

9,987

3.31

8.99

113

Dodge

26

0.31

n/a

118

Dooly

13

0.28

550.00

66

Dougherty

327

0.79

116.56

5

Douglas

2,049

4.39

24.48

146

Early

5

0.09

0.00

151

Echols

1

0.07

n/a

38

Effingham

247

1.37

201.22

64

Elbert

76

0.81

1,420.00

97

Emanuel

41

0.43

4,000.00

138

Evans

6

0.13

n/a

77

Fannin

96

0.58

1,820.00

23

Fayette

782

2.04

30.12

52

Floyd

405

1.02

58.20

30

Forsyth

835

1.50

72.88

53

Franklin

94

0.98

104.35

7

Fulton

17,201

4.09

31.57

34

Gilmer

221

1.40

391.11

122

Glascock

3

0.25

n/a

67

Glynn

277

0.74

1,746.67

29

Gordon

322

1.58

64.29

88

Grady

50

0.48

1,566.67

119

Greene

22

0.28

633.33

11

Gwinnett

8,120

2.95

45.91

45

Habersham

203

1.18

298.04

16

Hall

1,473

2.41

66.25

120

Hancock

12

0.26

n/a

37

Haralson

164

1.38

118.67

80

Harris

70

0.56

1,300.00

79

Hart

67

0.57

168.00

82

Heard

26

0.54

333.33

1

Henry

3,817

5.59

30.05

40

Houston

687

1.26

94.07

84

Irwin

21

0.50

n/a

17

Jackson

532

2.38

101.52

24

Jasper

121

2.02

61.33

89

Jeff Davis

26

0.46

550.00

110

Jefferson

23

0.31

2,200.00

105

Jenkins

14

0.36

40.00

148

Johnson

3

0.08

n/a

95

Jones

47

0.43

80.77

55

Lamar

67

0.94

318.75

147

Lanier

3

0.09

200.00

133

Laurens

36

0.18

350.00

96

Lee

48

0.43

71.43

72

Liberty

143

0.60

1,200.00

94

Lincoln

21

0.44

950.00

130

Long

8

0.18

700.00

78

Lowndes

242

0.58

17.48

43

Lumpkin

129

1.21

84.29

121

Macon

14

0.25

366.67

48

Madison

128

1.11

2,033.33

73

Marion

19

0.59

n/a

62

Mcduffie

78

0.84

11.43

125

McIntosh

15

0.23

1,400.00

41

Meriwether

128

1.25

1,500.00

128

Miller

6

0.21

n/a

81

Mitchell

50

0.54

n/a

61

Monroe

81

0.85

1,925.00

104

Montgomery

14

0.37

n/a

68

Morgan

53

0.72

1,225.00

86

Murray

77

0.49

2,466.67

39

Muscogee

1,040

1.27

41.50

10

Newton

1,114

3.15

89.13

60

Oconee

106

0.88

292.59

136

Oglethorpe

9

0.15

800.00

14

Paulding

1,207

2.56

44.03

21

Peach

222

2.15

722.22

35

Pickens

188

1.40

69.37

100

Pierce

29

0.40

123.08

33

Pike

92

1.42

73.58

19

Polk

378

2.26

75.81

112

Pulaski

13

0.31

333.33

75

Putnam

69

0.58

1,050.00

153

Quitman

1

0.06

n/a

103

Rabun

47

0.38

193.75

154

Randolph

1

0.03

n/a

26

Richmond

1,502

1.74

10.77

4

Rockdale

1,368

4.53

23.91

139

Schley

2

0.12

100.00

144

Screven

7

0.10

75.00

116

Seminole

14

0.29

n/a

15

Spalding

657

2.55

27.33

63

Stephens

100

0.82

122.22

155

Stewart

0

0.00

-100.00

98

Sumter

60

0.42

1,400.00

71

Talbot

19

0.62

1,800.00

155

Taliaferro

0

0.00

n/a

117

Tattnall

25

0.29

2,400.00

140

Taylor

5

0.12

400.00

109

Telfair

17

0.33

750.00

65

Terrell

37

0.79

3,600.00

54

Thomas

191

0.97

2,022.22

69

Tift

107

0.66

78.33

124

Toombs

28

0.24

2,700.00

135

Towns

13

0.16

550.00

143

Treutlen

3

0.10

n/a

46

Troup

302

1.14

319.44

126

Turner

9

0.23

350.00

115

Twiggs

13

0.29

1,200.00

91

Union

59

0.46

n/a

90

Upson

56

0.46

366.67

27

Walker

480

1.71

1,016.28

3

Walton

1,421

4.65

165.11

74

Ware

95

0.58

-4.04

142

Warren

3

0.11

200.00

137

Washington

12

0.14

1,100.00

85

Wayne

54

0.49

5,300.00

155

Webster

0

0.00

n/a

155

Wheeler

0

0.00

n/a

42

White

142

1.22

317.65

32

Whitfield

495

1.43

3,435.71

106

Wilcox

12

0.35

1,100.00

101

Wilkes

20

0.39

150.00

127

Wilkinson

10

0.22

233.33

131

Worth

17

0.18

1,600.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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