Georgia Foreclosure Activity Rises in August

Filings increase 30 percent from July; foreclosure rate No. 7 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 16,366 Georgia properties in August, a 30 percent increase from the previous month and a 37 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  One in every 246 Georgia housing units received a foreclosure filing during the month, the seventh highest state foreclosure rate in the nation.

 

“Georgia foreclosure activity rose substantially in August to well above both the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state hit 10 percent in August, further adding to its foreclosure issues and leaving the state among the 10 worst affected by foreclosure activity in the nation.”

 

California continued as the state with the nation’s highest level of foreclosure activity, reporting 69,143 properties with foreclosure filings in August. Florida had the second highest total, tallying 56,877 properties with foreclosure filings for the month. Michigan was third highest, reporting 17,764 properties with foreclosure filings. Reporting 16,808 properties with foreclosure filings for the month, Illinois came in fourth place. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Newton County leads the state in foreclosure rate for August

Newton County, where one in every 88 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Georgia. One in every 113 housing units received a foreclosure filing in Walton County, for the second highest rate in the state. Coming in third was Union County, where one in every 114 housing units received a foreclosure filing in August. Fourth highest was Barrow County, where one in every 118 housing units received a foreclosure filing. Douglas County came in fifth, with one in every 123 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August posted in Fulton County

Fulton County led Georgia in total foreclosure activity for August, reporting 2,038 properties with foreclosure filings. Gwinnett County documented the second highest foreclosure activity, where 1,762 properties with foreclosure filings were reported. Dekalb County came in third, tallying 1,610 properties with foreclosure filings. Fourth highest was Cobb County, where 1,361 properties with foreclosure filings were reported. Clayton County came in fifth, reporting 796 properties with foreclosure filings for the month.

 

State the sixth largest contributor to nation’s monthly foreclosure total

Georgia accounted for 5 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Georgia

0

0

10,979

0

5,387

16,366

246

1.55

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

284

0

147

431

88

4.34

2.80

Walton

0

0

184

0

102

286

113

3.37

2.18

Union

0

0

38

0

81

119

114

3.33

2.15

Barrow

0

0

140

0

84

224

118

3.22

2.08

Douglas

0

0

272

0

130

402

123

3.10

2.00

 

 

Georgia Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Georgia

0

0

10,979

0

5,387

16,366

246

30.13

36.99

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,497

0

597

2,094

211

23.03

40.54

Gwinnett

0

0

1,297

0

465

1,762

164

28.24

20.77

Dekalb

0

0

1,101

0

509

1,610

193

35.64

25.98

Cobb

0

0

875

0

486

1,361

206

35.56

68.86

Clayton

0

0

510

0

286

796

135

47.96

28.39

 

 

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