Georgia Foreclosure Activity Falls in February

Statewide filings down 1 percent from January; Rate fourth highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 12,356 Georgia properties in February, a 1 percent decrease from January and 4 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Georgia had the fourth highest foreclosure rate, reporting one in every 331 housing units with a foreclosure filing in February.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 48,422 properties with foreclosure filings. Second ranked Florida reported 26,337 properties with foreclosure filings during the month. Third place was Illinois, where 13,298 properties with foreclosure filings were reported. Georgia moved up to the fourth highest total while Michigan dropped a spot to fifth place, tallying 10,467 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in February include Texas (9,554), Ohio (9,445), Arizona (9,131), Pennsylvania (4,494) and Wisconsin (4,403). The top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

Newton County posts top foreclosure rate in the state for February
 One in every 130 housing units in Newton County had a foreclosure filing in February — 4.9 times the national average and 2.5 times the state average — the highest foreclosure rate of all Georgia counties for the month. Douglas County had the second highest rate of one in every 142 housing units with a foreclosure filing during the month — 4.5 times the national average and 2.3 times the state average. Walton County had the third highest rate of one in every 158 housing units with a foreclosure filing during the month — four times the national average and 2.1 times the state average.

Fulton County has top foreclosure total in February
 Fulton County led the state by a large margin and had the highest foreclosure total, reporting 1,613 properties with foreclosure filings for the month. Gwinnett County was second highest, reporting 1,469 properties with foreclosure filings. Dekalb County was third, reporting 1,366 properties with foreclosure filings. Fourth highest was Cobb County, recording 789 properties with foreclosure filings. Henry County was fifth, tallying 444 properties with foreclosure filings for the month.

State the nation’s fourth largest contributor to total foreclosure activity in February
 Georgia accounted for 6 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

 Georgia Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Georgia

0

0

7,057

0

5,299

12,356

331

1.92

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

139

0

155

294

130

4.88

2.54

Douglas

0

0

164

0

200

364

142

4.48

2.33

Walton

0

0

127

0

78

205

158

4.02

2.09

Henry

0

0

293

0

151

444

172

3.69

1.92

Carroll

0

0

124

0

126

250

178

3.57

1.85

 Georgia Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Georgia

0

0

7,057

0

5,299

12,356

331

-0.89

-3.52

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

751

0

862

1,613

271

21.28

7.97

Gwinnett

0

0

854

0

615

1,469

198

-1.61

-11.72

Dekalb

0

0

673

0

693

1,366

223

51.44

10.70

Cobb

0

0

483

0

306

789

363

0.38

-14.52

Henry

0

0

293

0

151

444

172

-16.38

-15.59

 

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