Georgia Foreclosure Activity Level Decreases in April

Statewide filings down 35 percent; state ranks 8th highest rate in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 8,479 Georgia properties in April, down 35 percent from March and 39 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 479 Georgia housing units received a foreclosure filing in April, ranking the 8th highest state foreclosure rate in the nation.

 

California led the nation in total monthly foreclosure activity in April, reporting 55,869 properties with foreclosure filings for the month. Florida remained second highest, followed by third place Arizona, tallying 13,419 properties with foreclosure filings. Michigan stayed in fourth place, reporting 12,996 properties with foreclosure filings. Nevada moved up one notch to fifth highest foreclosure total reporting 11,761 properties with foreclosure filings for the month.

 

Georgia ranked 8th highest state foreclosure total in the nation for April. The rest of the states in the nation’s top 10 included Illinois (10,055), Texas (8,793), Ohio (7,962) and Colorado (4,379). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.

 

Newton County tops in foreclosure rate for April

One in every 231 housing units in Newton County received a foreclosure filing in April — 2.6 times the national average and 2.1 times the state average — the highest foreclosure rate of all Georgia counties. Second highest rate was reported in Barrow County, where one in every 232 housing units received a foreclosure filing during the month — 2.6 times the national average and 2.1 times the state average. Douglas County came in third, with one in every 236 housing units receiving a foreclosure filing during the month — 2.5 times the national average and two times the state average.

 

Fulton County dominates state foreclosure totals in April

Fulton County led all counties, reporting 1,062 properties with foreclosure filings for the month. Gwinnett County was second highest, reporting 835 properties with foreclosure filings. Third highest was Dekalb County, where 779 properties with foreclosure filings were reported. Fourth highest was Cobb County, tallying 645 properties with foreclosure filings. Fifth highest was Clayton County, where 396 properties with foreclosure filings were reported for the month.

 

State a significant contributor to nation’s foreclosure crisis in April

Georgia accounted for 4 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Georgia

0

0

6,178

0

2,301

8,479

479

1.24

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

132

0

32

164

231

2.57

2.08

Barrow

0

0

67

0

48

115

232

2.55

2.06

Douglas

0

0

143

0

68

211

236

2.51

2.03

Walton

0

0

104

0

28

132

246

2.41

1.95

Rockdale

0

0

102

0

26

128

248

2.39

1.93

 

 

Georgia Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Georgia

0

0

6,178

0

2,301

8,479

479

-35.04

-39.28

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

770

0

292

1,062

419

-37.97

-41.78

Gwinnett

0

0

668

0

167

835

346

-45.21

-47.58

Dekalb

0

0

624

0

155

779

403

-34.81

-42.34

Cobb

0

0

471

0

174

645

435

-30.35

-40.88

Clayton

0

0

272

0

124

396

271

-27.47

-35.29

 

 

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