Georgia Foreclosure Activity Climbs Upward in January

 

State total up 16 percent; rate 7th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,772 Georgia properties in January, a 16 percent increase from December. On a year-over-year basis the state’s foreclosure total is 13 percent above the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

As the state’s unemployment rate rose into the double digits in December, one in every 318 Georgia housing units received a foreclosure filing in January, the seventh highest state foreclosure rate in the nation.

 

January was the 49th consecutive month that California maintained its status as the nation’s foreclosure leader, reporting 67,072 properties with a foreclosure filing. Remaining in the number two spot, Florida reported 21,671 properties with foreclosure filings for the month. Michigan came in a distant third, reporting 15,716 properties with foreclosure filings, followed by fourth place Arizona, where 15,757 properties with foreclosure filings were reported. Fifth highest foreclosure total was reported in Texas, where 14,897 properties with foreclosure filings were tallied.

 

The rest of January’s top 10 foreclosure states included Illinois (13,164), Georgia (12,772), Nevada (12,263), Ohio (8,924) and New Jersey (5,526). The nation’s top five states accounted for 52 percent of all foreclosure activity for the month.

 

Newton County posts state’s top foreclosure rate in January

With one in every 127 housing units receiving a foreclosure filing in January — 3.9 times the national average and 2.5 times the state average — Newton County posted the highest foreclosure rate of all Georgia counties. Barrow County had the second highest foreclosure rate, with one in every 148 housing units receiving a foreclosure filing during the month — 3.4 times the national average and 2.2 times the state average. One in every 155 housing units in Carroll County received a foreclosure filing during the month, the third highest foreclosure rate in the state — 3.2 times the national average and 2.1 times the state average.

 

Fulton County has top foreclosure total in January

Fulton County started off 2011 reporting 1,615 properties with foreclosure filings in January. Gwinnett County tallied the second highest total in the state, reporting 1,369 properties with foreclosure filings. Third highest was Dekalb County, where 1,325 properties with foreclosure filings were reported. Cobb came in fourth, reporting 1,030 properties with foreclosure filings, followed by Clayton County, where 550 properties with foreclosure filings were reported for the month.

 

State a significant contributor to the nation’s foreclosure total in January

Georgia accounted for 5 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Georgia

1

0

8,015

0

4,756

12,772

318

1.56

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

155

0

142

297

127

3.90

2.50

Barrow

0

0

121

0

60

181

148

3.37

2.16

Carroll

0

0

143

0

155

298

155

3.22

2.06

Walton

0

0

123

0

77

200

162

3.07

1.96

Douglas

0

0

177

0

114

291

171

2.91

1.86

 

 

Georgia Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Georgia

1

0

8,015

0

4,756

12,772

318

15.67

13.29

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

986

0

629

1,615

276

6.74

4.67

Gwinnett

0

0

899

0

470

1,369

211

3.01

14.46

Dekalb

0

0

782

0

543

1,325

237

12.19

20.02

Cobb

0

0

629

0

401

1,030

273

27.79

35.53

Clayton

0

0

306

0

244

550

195

22.22

2.23

 

 

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