The Atlanta Metro Area Foreclosure Activity Fell in May

Metro area filings down 3 percent from April; up 20 percent from year ago

 

Foreclosure activity in the Atlanta metro area fell 3 percent in May to 9,877 properties with foreclosure filings. However, this latest total still represents a 20 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“The Atlanta metro area’s foreclosure activity dropped slightly in May, although it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “One reason for this recent turnaround is an improving job market, with unemployment recently dropping from 10.9 percent to 9.8 percent. However, joblessness remains well above most of the nation and is a major concern among homeowners already in or approaching financial peril.”

 

The Atlanta metro area had the eighth highest foreclosure total in the nation among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 218 metro housing units received a foreclosure filing in May, ranking 28th among the same 203 metro areas.

 

Walton County led the metro area in foreclosure rate for May

Walton County posted the highest foreclosure rate among the counties in the Atlanta metro area, with one in every 133 housing units receiving a foreclosure filing — three times the national average and 2.2 times the state average. Douglas County came in second, with one in every 137 housing units receiving a foreclosure filing — 2.9 times the national average and 2.1 times the state average. With one in every 142 housing units receiving a foreclosure filing — 2.8 times the national average and 2.1 times the state average — Newton County had the third highest foreclosure rate in the state.

 

Fulton County tops in foreclosure total for May

Fulton County led the metro area in total foreclosure activity, reporting 1,802 properties with foreclosure filings for the month. Gwinnett County was in second, documenting 1,680 properties with foreclosure filings. Reporting 1,275 properties with foreclosure filings for the month, Dekalb County held the third highest total. Cobb County was fourth highest, reporting 1,010 properties with foreclosure filings, while Clayton County came in fifth, tallying 600 properties with foreclosure filings for the month.

 

State is high ranking nationally in total foreclosure filings

Georgia reported 13,778 properties with foreclosure filings for the month, giving it the seventh highest state total in the nation. This latest total represents a 1 percent decrease from the previous month, but is still 31 percent above of the level reported in May 2009. One in every 292 Georgia housing units received a foreclosure filing during the month, the sixth highest state foreclosure rate in the nation.

 

State a moderate contributor to nation’s monthly foreclosure total in May

Georgia accounted for 4 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

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.

 

 

The Atlanta Metro Area Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Georgia

0

0

8,479

0

5,299

13,778

292

1.37

n/a

Atlanta Metro Area

0

0

6,210

0

3,667

9,877

218

1.83

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

125

0

118

243

133

3.01

2.20

Douglas

0

0

210

0

151

361

137

2.92

2.14

Newton

0

0

164

0

103

267

142

2.82

2.06

Henry

0

0

307

0

191

498

148

2.71

1.98

Rockdale

0

0

110

0

83

193

164

2.43

1.78

 

 

The Atlanta Metro Area Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Georgia

0

0

8,479

0

5,299

13,778

292

-1.32

31.02

Atlanta Metro Area

0

0

6,210

0

3,667

9,877

218

-3.82

20.10

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,130

0

672

1,802

246

-1.21

26.90

Gwinnett

0

0

1,064

0

616

1,680

171

5.46

40.12

Dekalb

0

0

791

0

484

1,275

244

-5.63

-0.08

Cobb

0

0

661

0

349

1,010

278

-7.42

21.69

Clayton

0

0

371

0

229

600

179

-1.96

5.26

 

 

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