Foreclosure Activity in Atlanta Metro Area Down at Midyear

Filings slide 18 percent from second half of 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 44,160 Atlanta metro area properties during the first six months of 2011, an 18 percent drop from the second half of 2010 and 16 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.

 

One in every 49 metro area housing units received a foreclosure filing in the first half of 2011, the 16th highest foreclosure rate among the 206 metro areas with populations exceeding 200,000 surveyed regularly by RealtyTrac.

 

Foreclosure filings were reported on 7,114 Atlanta metro area properties in June, down 6 percent from May and down 18 percent from June 2010. One in every 305 housing units received a foreclosure filing in June, the 27th highest metro foreclosure rate in the nation.

 

Newton and Walton counties post top foreclosure rate at midyear

Newton and Walton counties each reported one in every 32 housing units with a foreclosure filing during the first six months of 2011 — 2.4 times the national average and 1.6 times the state average — the highest county foreclosure rate in the metro area. Henry and Barrow counties came in second highest for the period, reporting one in every 34 housing units with a foreclosure filing — 3.3 times the national average and twice the state average.

 

Metro’s highest six-month foreclosure total tallied in Fulton County

Fulton County had the highest total foreclosure activity in the Atlanta metro area, reporting 7,762 properties with foreclosure filings at midyear. Gwinnett County was second highest, reporting 6,947 properties with foreclosure filings. Dekalb County came in third, tallying 5,953 properties with foreclosure filings. Fourth highest was Cobb County, where 4,638 properties with foreclosure filings were reported. Clayton County was fifth, reporting 2,719 properties with foreclosure filings for the first half of 2011.

 

State a large contributor to nation’s midyear foreclosure total

Georgia reported 60,870 properties with foreclosure filings in the first half of 2011, giving it the seventh highest state total in the nation. This latest total represents an 18 percent decrease from the second half of 2010 and is 15 percent below the level reported in the first half of 2010. One in every 67 Georgia housing units received a foreclosure filing during the half, the fifth highest state foreclosure rate in the nation.

 

State a top contributor to nation’s foreclosure total in first half of 2011

Georgia accounted for 5 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.

 

“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.

 

“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”

 

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 Market Data By County – Midyear 2011

 

County

Total Properties with Filings

% Housing Units

1 every X HU

% Chg July-Dec 10

% Chg Jan-June 2010

 

United States

1,170,402

0.90

111

-25.49

-29.27

Georgia

60,870

1.50

67

-17.83

-15.40

Atlanta MSA

44,160

2.04

49

-18.02

-15.69

 

Fulton

7,762

1.74

57

-20.02

-19.70

Gwinnett

6,947

2.40

42

-18.22

-15.93

Dekalb

5,953

1.90

53

-15.55

-16.28

Cobb

4,638

1.65

61

-19.92

-14.10

Clayton

2,719

2.53

39

-18.59

-12.26

 


 

 

Atlanta Metro Area Market Data by County – June 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg May 11

% Chg June 10

 

 

United States

30,202

33,661

68,023

22,003

68,851

222,740

584

3.64

-29.03

Georgia

0

0

5,415

0

4,300

9,715

418

-7.50

-19.29

Atlanta MSA

0

0

4,008

0

3,106

7,114

305

-5.60

-18.05

 

 

Fulton

0

0

685

0

550

1,235

360

-10.83

-22.81

Gwinnett

0

0

638

0

491

1,129

256

-7.15

-22.51

Dekalb

0

0

534

0

402

936

335

-10.34

-20.75

Cobb

0

0

431

0

332

763

368

-2.80

-16.52

Clayton

0

0

250

0

187

437

246

-13.98

-11.18

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved