Foreclosure Activity in Georgia Increases in July

Statewide filings up 18 percent from June; State’s foreclosure rate nation’s 4th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 11,461 Georgia properties in July, up 18 percent from June, but 9 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report. The state had the fourth highest foreclosure rate nationally, reporting one in every 355 housing units with a foreclosure filing.

 

California continues to lead the nation in total foreclosures by a wide margin, reporting 56,193 properties with foreclosure filings. Florida maintains the second highest total, with 22,377 properties with foreclosure filings. Third highest total was in Georgia. Michigan barely beat out Illinois for fourth highest total, reporting 10,894 properties with foreclosure filings compared to the 10,627 properties with foreclosure filings reported by Illinois.

 

The remaining states in the nation’s top 10 foreclosure totals during July included Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

 

Newton County posts state’s top foreclosure rate for July

Newton County posted the top county foreclosure rate in the state for July with one in every 142 housing units receiving a foreclosure filing — 4.3 times the national average and 2.5 times the state average. Walton County had the second highest rate, with one in every 149 housing units receiving a foreclosure filing — 4.1 times the national average and 2.4 times the state average. Barrow County was third highest for the month, with one in every 159 housing units receiving a foreclosure filing — 3.8 times the national average and 2.2 times the state average.

 

Fulton County has top foreclosure total in state for July

Fulton County remained the county with the highest level of foreclosure activity, reporting 1,434 properties with foreclosure filings for July. Gwinnett County was second highest, reporting 1,310 properties with foreclosure filings. Dekalb County came in third, tallying 1,089 properties with foreclosure filings. Fourth highest was Cobb County, where 782 properties with foreclosure filings were reported. Clayton County was fifth, reporting 519 properties with foreclosure filings for July.

 

State a large contributor to nation’s foreclosure total in July

Georgia accounted for 5 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

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 Top Foreclosure Rates By County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Georgia

0

0

6,088

0

5,373

11,461

355

1.72

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

111

0

155

266

142

4.29

2.49

Walton

0

0

105

0

112

217

149

4.09

2.37

Barrow

0

0

79

0

89

168

159

3.84

2.23

Rockdale

0

0

87

0

89

176

180

3.38

1.96

Henry

0

0

232

0

159

391

189

3.23

1.88

 

 

 

Georgia Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 11

% Chg July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Georgia

0

0

6,088

0

5,373

11,461

355

17.97

-8.87

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

802

0

632

1,434

310

16.11

-15.75

Gwinnett

0

0

721

0

589

1,310

221

16.03

-4.66

Dekalb

0

0

643

0

446

1,089

288

16.35

-8.26

Cobb

0

0

432

0

350

782

359

2.49

-22.11

Clayton

0

0

247

0

272

519

207

18.76

-3.53

 

 

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