Georgia Foreclosures Head Back Upward in August

Georgia foreclosure activity rose in August, up to 11,947 properties with foreclosure filings for the month, a 7 percent increase from the previous month and 36 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 332 Georgia housing units received a foreclosure filing in August, moving the state down one notch to ninth highest foreclosure rate in the nation.

 

Georgia foreclosures are up both in August and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which were up 42 percent for the year. The state’s unemployment rate continues to remain above the national average and home prices continued to decline earlier this year. If these trends persist, it is likely that Georgia will remain in the nation’s top 10 foreclosure states for some time.”

 

Outdistanced by California (92,326), Florida (62,401), Michigan (19,359), Nevada (17,902), Arizona (17,807) and Illinois (13,078), Georgia reported the seventh highest total in August with 11,947 properties with foreclosure filings.

 

Rounding out the nation’s top 10 states for total foreclosure filings in August were Ohio (11,368), Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Newton County posts state’s top foreclosure rate in August

Newton County posted the highest county foreclosure rate in the state for August, with one in every 98 housing units receiving a foreclosure filing — 3.6 times the national average. Walton County had the second highest foreclosure rate, with one in every 123 housing units receiving a foreclosure filing during the month — 2.9 times the national average. Henry County posted the third highest rate, where one in every 127 housing units received a foreclosure filing — 2.8 times the national average.

 

Five counties accounted for 47 percent of state’s foreclosure activity for August

Fulton County led the way, tallying 1,490 properties with foreclosure filings for the month. Gwinnett County reported the second highest foreclosure total, documenting 1,459 properties with foreclosure filings. Reporting 1,278 properties with foreclosure filings for the month, DeKalb County posted the third highest total in the state. Cobb County was fourth highest, reporting 806 properties with foreclosure filings, while the fifth highest total was in Clayton County, where 620 properties with foreclosure filings were reported for the month.

 

State responsible 3 percent of nation’s foreclosure activity in August

Georgia accounted for 3 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Georgia

71

1

8,108

0

3,767

11,947

332

1.08

n/a

 

 

 

 

 

 

 

 

 

 

Newton

2

0

229

0

146

377

98

3.64

3.38

Walton

1

0

135

0

122

258

123

2.89

2.69

Henry

2

0

322

0

237

561

127

2.81

2.61

Barrow

1

0

110

0

73

184

139

2.57

2.39

Jackson

2

1

106

0

30

139

170

2.10

1.96

 

 

Georgia Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Georgia

71

1

8,108

0

3,767

11,947

332

7.28

36.46

 

 

 

 

 

 

 

 

 

 

Fulton

4

0

1,001

0

485

1,490

290

-13.97

-5.22

Gwinnett

6

0

993

0

460

1,459

194

24.59

48.42

DeKalb

4

0

860

0

414

1,278

240

15.14

0.00

Cobb

4

0

577

0

225

806

345

-8.82

16.14

Clayton

0

0

337

0

283

620

171

26.27

71.27

 

 

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