Atlanta Metro Area Foreclosure Activity Decreases in April

 

Filings down from previous month and from year earlier

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,994 Atlanta metro area properties in April, down 37 percent from March and a 42 percent decrease from April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 361 metro area housing units received a foreclosure filing in April, the 32nd highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac.  Unemployment within the area has recently improved, dropping to 9.8 percent in March as Georgia‘s economy begins to recover.

 

Newton County tops in foreclosure rate for April

One in every 231 housing units in Newton County received a foreclosure filing in April — 2.6 times the national average and 2.1 times the state average — the highest foreclosure rate of all counties in the Atlanta metro area. Second highest rate was reported in Barrow County, where one in every 232 housing units received a foreclosure filing during the month — 2.6 times the national average and 2.1 times the state average. Douglas County came in third, with one in every 236 housing units receiving a foreclosure filing during the month — 2.5 times the national average and twice the state average.

 

Fulton County led the metro area in foreclosure activity in April

Fulton County tallied the highest foreclosure activity of all counties in the metro area for April, reporting 1,062 properties with foreclosure filings for the month. Gwinnett County was second highest, reporting 835 properties with foreclosure filings. Third highest in the metro area was Dekalb County, where 779 properties with foreclosure filings were reported. Cobb County was fourth, tallying 645 properties with foreclosure filings. Clayton County came in fifth, reporting 396 properties with foreclosure filings.

 

State in nation’s top 10 for foreclosure filings in April

Georgia reported 8,479 properties with foreclosure filings in April, giving it the eighth highest state foreclosure total in the nation. This latest total represents a 35 percent decrease from the previous month and is 39 percent below the level reported in April 2010. One in every 479 Georgia housing units received a foreclosure filing during the month, the eighth highest state foreclosure rate in the nation.

 

State a major contributor to nation’s foreclosure crisis in April

Georgia accounted for 4 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Georgia

0

0

6,178

0

2,301

8,479

479

1.24

n/a

Atlanta MSA

0

0

4,426

0

1,568

5,994

361

1.64

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

132

0

32

164

231

2.57

2.08

Barrow

0

0

67

0

48

115

232

2.55

2.06

Douglas

0

0

143

0

68

211

236

2.51

2.03

Walton

0

0

104

0

28

132

246

2.41

1.95

Rockdale

0

0

102

0

26

128

248

2.39

1.93

 

 

Atlanta Metro Area Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Georgia

0

0

6,178

0

2,301

8,479

479

-35.04

-39.28

Atlanta MSA

0

0

4,426

0

1,568

5,994

361

-37.18

-41.63

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

770

0

292

1,062

419

-37.97

-41.78

Gwinnett

0

0

668

0

167

835

346

-45.21

-47.58

Dekalb

0

0

624

0

155

779

403

-34.81

-42.34

Cobb

0

0

471

0

174

645

435

-30.35

-40.88

Clayton

0

0

272

0

124

396

271

-27.47

-35.29

 

 

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