Georgia’s Foreclosure Activity Among Nation’s Highest in 2009

Statewide filings up 24 percent from 2008; rate ranks #7 nationally

Monthly activity up 34 percent from November; down 29 percent from year ago

 

Georgia tallied 106,110 properties with foreclosure filings in 2009, the seventh highest state total in the nation, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 24 percent increase from the total reported for 2008, and is 80 percent higher than the level reported for all of 2007. With one in every 37 housing units receiving a foreclosure filing, Georgia’s foreclosure rate ranked seventh highest in the nation for the year.

 

Georgia was seventh highest in monthly foreclosure activity in December, reporting 12,976 properties with foreclosure filings, a 34 percent increase over the previous month, and 29 percent above the level reported for December 2008. The state’s foreclosure rate — one in every 305 housing units received a foreclosure filing — was ninth highest in the nation for the month.

 

Georgia held one of the highest total foreclosures for 2009 and for December,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate grew nearly 3 percent throughout the year and is now above the national average. On the flip side, home sales throughout the state did start to pick up in the latter half of the year. If this trend continues, we may see the foreclosure level begin to decrease in 2010.”

 

California led the nation in foreclosure activity in 2009, reporting 632,573 properties with foreclosure filings. Second place Florida reported 516,711 properties with foreclosure filings, and Arizona came in a distant third, reporting 163,210 properties with foreclosure filings for the year. Illinois took fourth place, documenting 131,132 properties with foreclosure filings. Fifth place went to Michigan, which reported 118,302 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Nevada (112,097), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Newton County posted state’s highest foreclosure rate for 2009

With one in every 13 housing units receiving a foreclosure filing in 2009, Newton County posted the highest county foreclosure rate in the state for the year. Walton County had the second highest rate, with one in every 15 housing units receiving a foreclosure filing. Henry and Barrow counties tied for third, each with one in every 17 housing units receiving a foreclosure filing. Douglas County was fifth highest with one in every 19 housing units receiving a foreclosure filing.

 

Fulton County led state in total foreclosure filings for 2009

Reporting a total of 15,044 properties with foreclosure filings for the year, Fulton County led the state in total foreclosures in 2009. Gwinnett County came in second, documenting 11,939 properties with foreclosure filings. Reporting 10,104 properties with foreclosure filings, Dekalb County had the third highest yearly total in the state. Cobb County was fourth highest, reporting 7,503 properties with foreclosure filings, followed by Clayton County in fifth place, tallying 4,969 properties with foreclosure filings for all of 2009.

 

State a significant contributor to nation’s foreclosure total in 2009

Georgia accounted for 4 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Georgia

106,110

2.68

37

24.46

79.67

 

 

 

 

 

 

Newton

2,743

7.42

13

146.23

365.70

Walton

2,054

6.46

15

44.55

283.21

Henry

4,294

6.02

17

12.50

46.30

Barrow

1,477

5.78

17

45.09

207.07

Douglas

2,587

5.33

19

26.26

57.17

 

 

Georgia Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Georgia

106,110

2.68

37

24.46

79.67

 

 

 

 

 

 

Fulton

15,044

3.49

29

-12.54

15.07

Gwinnett

11,939

4.21

24

47.03

114.54

Dekalb

10,104

3.30

30

1.17

10.27

Cobb

7,503

2.70

37

25.83

70.83

Clayton

4,969

4.69

21

1.93

19.73

 

 

Georgia Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Georgia

0

0

8,671

0

4,305

12,976

305

1.20

n/a

 

 

 

 

 

 

 

 

 

 

Henry

0

0

347

0

186

533

134

2.74

2.28

Barrow

0

0

133

0

58

191

134

2.74

2.28

Walton

0

0

164

0

71

235

135

2.70

2.26

Newton

0

0

163

0

92

255

145

2.52

2.10

Jackson

0

0

101

0

41

142

166

2.20

1.84

 

 

Georgia Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Georgia

0

0

8,671

0

4,305

12,976

305

34.27

29.36

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,041

0

498

1,539

280

2.06

4.48

Gwinnett

0

0

902

0

489

1,391

204

37.31

 31.72

Dekalb

0

0

835

0

464

1,299

236

35.17

-1.22

Cobb

0

0

612

0

308

920

302

54.10

29.58

Clayton

0

0

381

0

247

628

169

39.87

-1.41

 

 

 

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