The Atlanta Metro Area Foreclosure Activity Fell in Second Quarter

Activity level fell 5 percent from Q1

Filings increase 9 percent mid-year; down 12 percent in June

 

The Atlanta Metro Area reported 27,652 properties with foreclosure filings for the second quarter of 2010, down 5 percent from the first quarter, but still 17 percent above the level reported in the second quarter of 2009.

 

Activity level in the Atlanta metro area rose during the first half of 2010, but was down for the month of June. For the first six months of the year, the Atlanta metro area reported 52,381 properties with foreclosure filings, a 9 percent rise in activity from the second half of 2009 and 22 percent above the level reported mid-year 2009. In June the metro area tallied 8,681 properties with foreclosure filings, a decrease of 12 percent from the previous month and down 17 percent from June 2009.

 

“Foreclosure activity in the Atlanta metro area fell during the second quarter of this year, although it remained well above the level reported for the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of filings actually rose over the first half of the year as compared to the second half of 2009, as its unemployment rate hovered just below 10 percent — a valid concern for homeowners who are currently in financial distress.”

 

The metro area had the eighth highest foreclosure total in the nation for the quarter among the top 206 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 78 metro housing units received a foreclosure filing in the second quarter, ranking 28th among those 206 metro areas.

 

Walton County posts metro area’s top foreclosure rate for the quarter

Walton County posted the highest county foreclosure rate in the metro area during the second quarter, as one in every 51 housing units received a foreclosure filing — 2.8 times the national average and 2.1 times the state average. With one in every 51 housing units receiving a foreclosure filing — 2.8 times the national average and 2.1 times the state average — Newton County had the second highest rate in the metro area. Henry County had the third highest rate with one in every 54 housing units receiving a foreclosure filing — 2.7 times the national average and 1.9 times the state average.

 

Fulton County leads metro area in total foreclosures for the second quarter

Fulton County led the metro area in total foreclosures, reporting 5,006 properties with foreclosure filings for the quarter. Gwinnett County had the second highest total, reporting 4,540 properties with foreclosure filings. Reporting 3,658 properties with foreclosure filings for the quarter, Dekalb County came in third. Cobb County was fourth, reporting 2,888 properties with foreclosure filings. Fifth highest was Clayton County, where 1,643 properties with foreclosure filings were reported for the quarter.

 

State ranked high nationally in foreclosure filings

Georgia reported 38,072 properties with foreclosure filings for the quarter, giving it the seventh highest state total in the nation. This latest total represents a 5 percent decrease from the previous quarter, but is still 21 percent above of the level reported in the second quarter 2009. One in every 106 Georgia housing units received a foreclosure filing during the quarter, the eighth highest state foreclosure rate in the nation.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Georgia represented 4 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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.

 

Atlanta Metro Area Top Foreclosure Rates By County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Georgia

1

0

25,353

0

12,718

38,072

106

1.36

n/a

Atlanta MSA

0

0

18,593

0

9,059

27,652

78

1.85

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

390

0

245

635

51

2.83

2.08

Newton

0

0

493

0

245

738

51

2.81

2.06

Henry

0

0

882

0

469

1,351

54

2.65

1.94

Douglas

0

0

582

0

313

895

55

2.61

1.92

Barrow

0

0

309

0

170

479

55

2.61

1.91

 

 

Atlanta Metro Area Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Georgia

1

0

25,353

0

12,718

38,072

106

-4.61

21.67

Atlanta MSA

0

0

18,593

0

9,059

27,652

78

-5.10

17.00

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

3,371

0

1,635

5,006

88

-7.35

12.90

Gwinnett

0

0

3,080

0

1,460

4,540

63

3.04

22.11

Dekalb

0

0

2,504

0

1,154

3,658

85

-9.12

18.04

Cobb

0

0

2,017

0

871

2,888

97

-2.50

34.33

Clayton

0

0

1,126

0

517

1,643

65

-4.81

9.61

 

 

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