Georgia Foreclosure Activity Rises in October

Foreclosure filings up 6 percent from September; rate seventh highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 14,850 Georgia properties in October, a 6 percent increase from the previous month and up 19 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 271 Georgia housing units received a foreclosure filing in October, the seventh highest foreclosure rate in the nation.

 

“Georgia foreclosure activity dropped in October to a level below both the previous month and as compared to October 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “That said, Georgia remains one of the top ten hardest hit in the nation in terms of foreclosure activity, and unemployment within the state remains high at 10 percent, above the national average and a source of concern among struggling homeowners.”

 

California remained in first place, reporting 66,475 properties with foreclosure filings in October. Florida held on to the second highest total, tallying 56,858 properties with foreclosure filings. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings. Illinois was in fourth place, reporting 16,969 properties with foreclosure filings for the month. Arizona had the fifth highest total, tallying 16,538 properties with foreclosure filings.

 

The remaining states in the nation’s foreclosure top 10 for October were Nevada (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Douglas County posts state’s top foreclosure rate for October

Douglas County posted the highest county foreclosure rate in Georgia for the month, with one in every 123 housing units receiving a foreclosure filing during October — 3.2 times the national average. Walton County registered the second highest foreclosure rate, with one in every 130 housing units receiving a foreclosure filing during the month — three times the national average. Henry County was third highest, with one in every 135 housing units receiving a foreclosure filing — 2.9 times the national average.

 

Fulton County led the state in foreclosure activity in October

Fulton County had the top foreclosure total, reporting 1,872 properties with foreclosure filings for the month. Gwinnett County tallied the second highest foreclosure level, reporting 1,767 properties with foreclosure filings. Third highest total was in Dekalb County, where 1,432 properties with foreclosure filings were reported. Fourth highest was Cobb County, where 1,216 properties with foreclosure filings were reported. Clayton County had the fifth highest total, reporting 672 properties with foreclosure filings.

 

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

Georgia accounted for 4 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Georgia

0

0

9,542

0

5,308

14,850

271

1.43

n/a

 

 

 

 

 

 

 

 

 

 

Douglas

0

0

235

0

165

400

123

3.15

2.20

Walton

0

0

170

0

78

248

130

2.98

2.08

Henry

0

0

370

0

176

546

135

2.88

2.01

Barrow

0

0

125

0

68

193

137

2.83

1.98

Rockdale

0

0

158

0

73

231

137

2.83

1.97

 

 

Georgia Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Georgia

0

0

9,542

0

5,308

14,850

271

5.81

19.10

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,170

0

702

1,872

236

0.27

9.28

Gwinnett

0

0

1,161

0

606

1,767

163

4.74

21.19

Dekalb

0

0

1,032

0

400

1,432

217

23.88

15.02

Cobb

0

0

762

0

454

1,216

231

25.75

31.60

Clayton

0

0

429

0

243

672

159

7.87

16.06

 

 

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