Georgia Foreclosure Total Retreats in October

Statewide filings down 17 percent from September; but up 26 percent from 2008

 

Georgia foreclosure filings declined in the month of October, down 17 percent from the previous month to 12,468 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The latest monthly total is still 26 percent ahead of the state’s foreclosure level reported one year ago, however. One in every 318 Georgia housing units received a foreclosure filing in October, the eighth highest state foreclosure rate in the nation.

 

“Foreclosure activity made a significant drop in October, but continues to waver in its level of activity as it has since RealtyTrac began keeping records back in January2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which were down 100 percent for the month. However, the state has the third fastest growing unemployment rate in the country which may lead to an increase in foreclosures in the near future.”

 

The Peach State posted the nation’s seventh highest foreclosure total, far below California, which continued to lead the nation in total foreclosure activity in October, reporting 85,420 properties with foreclosure filings. Florida was a distant second, reporting 51,911 properties with foreclosure filings for the month. Illinois came in third, reporting 19,946 properties with foreclosure filings. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Newton County posts state’s top foreclosure rate in October

With one in every 122 housing units receiving a foreclosure filing — 3.2 times the national average and 2.6 the state average — Newton County posted the highest county foreclosure rate in the state for October. Henry County ranked second highest, reporting one in every 150 housing units receiving a foreclosure filing — 2.6 times the national average and 2.1 times the state average. Douglas County had the third highest rate, with one in every 152 housing units receiving a foreclosure filing — 2.5 times the national average and 2.1 times the state average. Fourth highest foreclosure rate was in Walton County, where one in every 155 housing units received a foreclosure filing during the month — 2.5 times the national average and 2.1 times the state average. The fifth highest rate was reported in Carroll County, where one in every 161 housing units received a foreclosure filing during the month – 2.4 times the national average and twice the state average.

 

Five counties dominate state in foreclosure totals during October

The top five Georgia counties accounted for 47 percent of all foreclosure activity in the state for October. Fulton County led all counties, totaling 1,713 properties with foreclosure filings for the month. Gwinnett County was second highest, documenting 1,458 properties with foreclosure filings. Reporting 1,245 properties with foreclosure filings, Dekalb County was third highest. Cobb County came in fourth, reporting 924 properties with foreclosure filings, while the fifth highest total was in Clayton County, where 579 properties with foreclosure filings were reported for the month.

 

State a significant contributor to nation’s foreclosure total in October

Georgia accounted for 4 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Georgia

0

0

8,034

0

4,434

12,468

318

1.21

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

182

0

122

304

122

3.17

2.61

Henry

0

0

281

0

195

476

150

2.57

2.12

Douglas

0

0

203

0

116

319

152

2.53

2.09

Walton

0

0

125

0

80

205

155

2.48

2.05

Carroll

0

0

187

0

95

282

161

2.39

1.97

 

 

Georgia Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Georgia

0

0

8,034

0

4,434

12,468

318

-16.72

25.94

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,081

0

632

1,713

252

-22.71

-0.58

Gwinnett

0

0

968

0

490

1,458

195

-7.49

21.20

Dekalb

0

0

847

0

398

1,245

246

-15.59

-11.89

Cobb

0

0

576

0

348

924

301

-13.56

17.86

Clayton

0

0

370

0

209

579

183

-19.36

-25.39

 

 

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