Georgia Foreclosure Activity Down in First Quarter

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 37,509 Georgia properties during the first quarter of 2011, down 4 percent from the fourth quarter of 2010 and 8 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state posted the sixth highest foreclosure rate in the nation, with one in every 108 Georgia housing units receiving a foreclosure filing during the quarter.

 

Foreclosure filings were reported on 13,052 Georgia properties in March, a 2 percent increase from February but down almost 27 percent from March 2010. One in every 311 Georgia housing units received a foreclosure filing in March, the sixth highest state foreclosure rate in the nation for the month.

 

Following California (168,543), Florida (58,322) and Arizona (46,047), the Peach State narrowly beat out Michigan for the fourth highest total in the nation. Michigan came in fifth highest, reporting 37,506 properties with foreclosure filings for the period.

 

The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included Texas (34,646), Illinois (33,092), Nevada (32,066), Ohio (24,697) and Colorado (13,847). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.

 

Newton County tops state in foreclosure rate for the first quarter

One in every 47 housing units in Newton County received a foreclosure filing during the first quarter of 2011 — four times the national average and 2.3 times the state average — the highest foreclosure rate in the state for the first quarter. Walton County reported the second highest foreclosure rate with 52 properties with a foreclosure filing — 3.7 times the national average and 2.1 times the state average. One in every 55 housing units in Douglas County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 3.4 times the national average and two times the state average.

 

Fulton County leads state in foreclosure activity during the first quarter

Fulton County led all counties in total foreclosure activity, reporting 4,689 properties with foreclosure filings for the quarter. Gwinnett County was second highest, reporting 4,410 properties with foreclosure filings. Third highest total was tallied in Dekalb County, where 3,656 properties with foreclosure filings were reported. Reporting 2,790 properties with foreclosure filings for the quarter, Cobb County registered the fourth highest total in the state. Fifth highest was Clayton County, where 1,631 properties with foreclosure filings were reported for the quarter.

 

State a large contributor to nation’s foreclosure total in the first quarter

Georgia accounted for 6 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Georgia

1

0

25,605

0

11,903

37,509

108

1.76

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

493

0

305

798

47

4.02

2.28

Walton

0

0

412

0

216

628

52

3.70

2.10

Douglas

0

0

584

0

315

899

55

3.45

1.96

Henry

0

0

971

0

359

1,330

56

3.43

1.95

Barrow

0

0

326

0

147

473

56

3.38

1.92

 

 

Georgia Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Georgia

1

0

25,605

0

11,903

37,509

108

-3.59

-6.02

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

3,244

0

1,445

4,689

95

-6.01

-13.21

Gwinnett

0

0

3,021

0

1,389

4,410

66

-3.75

0.09

Dekalb

0

0

2,474

0

1,182

3,656

86

-4.24

-9.17

Cobb

0

0

1,878

0

912

2,790

101

-9.42

-5.81

Clayton

0

0

1,116

0

515

1,631

66

-8.37

-5.50

 

 

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