Foreclosure Activity in Georgia Down for First Half of 2011

Statewide filings slide 18 percent from second half of 2010

State’s foreclosure rate nation’s 5th highest at midyear

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 60,870 Georgia properties during the first six months of 2011, an 18 percent drop from the second half of 2010 and 15 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®. The state remained fifth highest in foreclosure rate nationally, reporting 1.50 percent of its housing units received a foreclosure filing during the six-month period.

 

Foreclosure filings were reported on 9,715 Georgia properties in June, down 8 percent from May and down 20 percent from June 2010. One in every 418 Georgia housing units received a foreclosure filing in June, the eighth highest state foreclosure rate in the nation.

 

The Golden State continues to lead the nation in total foreclosures by a wide margin, reporting more than 263,500 properties with a foreclosure filing, double the state with the second highest foreclosure level, Florida, where 113,631 properties with foreclosure filings were tallied. Third highest semiannual total was in Arizona, where 77,525 properties with foreclosure filings were reported. Michigan barely beat out Georgia for fourth highest total, reporting 61,005 properties with foreclosure filings compared to the 60,870 properties with foreclosure filings reported by The Peach State.

 

The remaining states in the nation’s top 10 foreclosure totals during the first half of 2011 included Illinois (60,636), Texas (55,442), Nevada (53,217), Ohio (44,419) and Colorado (25,744). The nation’s top 10 accounted for 70 percent of the nation’s total for the first half of the year.

 

Newton and Walton counties posts top foreclosure rate at midyear

Newton and Walton counties posted the state’s top county foreclosure rate for the first half of 2011 each with one in every 32 housing units receiving a foreclosure filing — 3.5 times the national average and 2.1 times the state average. Henry and Barrow counties came in second highest for the six-month period, with one in every 34 housing units receiving a foreclosure filing — 3.3 times the national average and twice the state average.

 

Fulton County has state’s highest foreclosure total

Fulton County had the highest level of foreclosure activity in the state, reporting 7,762 properties with foreclosure filings for the period. 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 the year.

 

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.

 

 

Georgia 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

 

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

 

 

 

 

Georgia 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

 

 

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