GEORGIA FORECLOSURES INCREASE 33 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 99 Percent From a Year Ago; Foreclosure Rate Nation’s Third Highest

 

IRVINE, Calif. – Nov. 10, 2006 – Georgia reported 6,895 properties entering some stage of the foreclosure process in October, a 33 percent increase from the 5,167 properties reported in September, and a 99 percent gain from the 3,458 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 700,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

Georgia’s foreclosure rate continues to rank among the nation’s highest,” said James J. Saccacio, chief executive officer of RealtyTrac. “The yearly trend is up by 99 percent.” 

 

Georgia posted the seventh highest foreclosure total in the country for October, well behind national leader California by more than 9,203 foreclosures, and behind second place Florida by more than 4,518 foreclosures. Other states posting higher foreclosure totals for the month included Texas, Michigan, Illinois and Ohio.

 

Atlanta real estate agent Ken McCall attributed much of the state’s high foreclosure rate to mortgage fraud, liberal lending practices, and inexperienced investors, along with corporate layoffs and slashed pension funds.

 

Top four counties account for half of state foreclosure activity

Fulton, DeKalb, Gwinnett and Clayton counties accounted for 51 percent of all new foreclosure filings recorded in Georgia for October. Fulton County led the way, reporting 1,147 properties entering some stage of the foreclosure process. DeKalb County had the second highest total, reporting 1,140 properties entering some stage of the foreclosure process. Reporting 764 properties entering some stage of the process, Gwinnett County had the third highest total for the month. Clayton County rounded out the top four, reporting 534 properties in the foreclosure pipeline. Cobb County also reported significant activity for the month, with 431 properties entering some stage of the foreclosure process.

 

Fulton, Henry and Paulding counties post state’s highest foreclosure rates

Reporting one new foreclosure filing for every 134 households — 3.3 times the state average and 7.5 times the national average — Fulton County posted the highest foreclosure rate in the state for October. Henry County had the second highest rate, reporting one new foreclosure filing for every 141 households — 3.2 times the state average and seven times the national average. Paulding County came in third, reporting one new filing for every 152 households — three times the state average and 6.6 times the national average.

 

State makes significant contribution to national total

Georgia’s foreclosure activity accounted for 6 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents an almost 3 percent increase from the 112,210 foreclosures reported in September. The national foreclosure rate increased to one new foreclosure filing for every 1,001 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                             Georgia Foreclosure Market by County – October 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Georgia

3

5,895

0

0

997

6,895

449

2.2 3

n/a

 

 

 

 

 

 

 

 

 

 

Appling

0

1

0

0

0

1

7,854

0.13

0.06

Baldwin

0

0

0

0

0

0

0.00

0.00

Banks

0

8

0

0

3

11

528

1.89

0.85

Barrow

0

62

0

0

22

84

206

4.86

2.18

Bartow

0

5

0

0

19

24

1,198

0.84

0.37

Ben Hill

0

9

0

0

0

9

847

1.18

0.53

Berrien

0

3

0

0

0

3

2,367

0.42

0.19

Bibb

0

151

0

0

0

151

445

2.25

1.01

Bleckley

0

0

0

0

0

0

0.00

0.00

Brantley

0

0

0

0

1

1

6,490

0.15

0.07

Brooks

0

0

0

0

0

0

0.00

0.00

Bryan

0

0

0

0

0

0

0.00

0.00

Bulloch

0

0

0

0

0

0

0.00

0.00

Burke

0

10

0

0

0

10

884

1.13

0.51

Butts

0

4

0

0

0

4

1,845

0.54

0.24

Calhoun

0

0

0

0

0

0

0.00

0.00

Camden

0

17

0

0

0

17

998

1.00

0.45

Candler

0

1

0

0

0

1

3,893

0.26

0.12

Carroll

0

66

0

0

29

95

359

2.79

1.25

Catoosa

0

36

0

0

6

42

519

1.93

0.87

Charlton

0

1

0

0

0

1

3,859

0.26

0.12

Chatham

0

100

0

0

24

124

804

1.25

0.56

Chattahoochee

0

1

0

0

0

1

3,316

0.30

0.14

Chattooga

0

8

0

0

0

8

1,335

0.75

0.34

Cherokee

0

143

0

0

5

148

351

2.85

1.28

Clarke

0

40

0

0

0

40

1,053

0.95

0.43

Clayton

0

443

0

0

91

534

162

6.18

2.77

Cobb

0

427

0

0

4

431

551

1.82

0.81

Coffee

0

1

0

0

0

1

15,610

0.06

0.03

Colquitt

0

6

0

0

0

6

2,926

0.34

0.15

Columbia

0

35

0

0

14

49

680

1.47

0.66

Cook

0

1

0

0

0

1

6,558

0.15

0.07

Coweta

0

88

0

0

18

106

313

3.19

1.43

Crawford

0

3

0

0

0

3

1,624

0.62

0.28

Crisp

0

4

0

0

0

4

2,390

0.42

0.19

Dade

0

7

0

0

0

7

889

1.13

0.51

Dawson

0

12

0

0

4

16

448

2.24

1.00

Decatur

0

6

0

0

0

6

1,995

0.50

0.23

Dekalb

2

965

0

0

173

1,140

229

4.37

1.96

Dodge

0

0

0

0

0

0

0.00

0.00

Dooly

0

0

0

0

0

0

0.00

0.00

Dougherty

0

4

0

0

0

4

9,914

0.10

0.05

Douglas

0

63

0

0

13

76

458

2.18

0.98

Early

0

1

0

0

0

1

5,338

0.19

0.08

Echols

0

0

0

0

0

0

0.00

0.00

Effingham

0

2

0

0

1

3

4,723

0.21

0.10

Elbert

0

4

0

0

0

4

2,284

0.44

0.20

Emanuel

0

8

0

0

0

8

1,177

0.85

0.38

Fannin

0

2

0

0

0

2

5,567

0.18

0.08

Fayette

0

54

0

0

24

78

420

2.39

1.07

Floyd

0

49

0

0

0

49

747

1.34

0.60

Forsyth

0

57

0

0

0

57

640

1.56

0.70

Franklin

0

5

0

0

2

7

1,329

0.75

0.34

Fulton

1

1,103

0

0

43

1,147

134

7.45

3.34

Gilmer

0

9

0

0

0

9

1,325

0.76

0.34

Glynn

0

1

0

0

0

1

32,636

0.03

0.01

Gordon

0

29

0

0

13

42

408

2.45

1.10

Grady

0

1

0

0

0

1

9,991

0.10

0.04

Greene

0

0

0

0

0

0

0.00

0.00

Gwinnett

0

576

0

0

188

764

274

3.65

1.64

Habersham

0

17

0

0

9

26

563

1.78

0.80

Hall

0

90

0

0

19

109

468

2.14

0.96

Hancock

0

0

0

0

0

0

0.00

0.00

Haralson

0

0

0

0

5

5

2,144

0.47

0.21

Harris

0

0

0

0

0

0

0.00

0.00

Hart

0

6

0

0

0

6

1,852

0.54

0.24

Heard

0

0

0

0

0

0

0.00

0.00

Henry

0

262

0

0

44

306

141

7.09

3.18

Houston

0

60

0

0

1

61

730

1.37

0.62

Irwin

0

4

0

0

0

4

1,037

0.97

0.43

Jackson

0

25

0

0

1

26

624

1.60

0.72

Jasper

0

9

0

0

0

9

534

1.87

0.84

Jeff Davis

0

1

0

0

0

1

5,581

0.18

0.08

Jefferson

0

0

0

0

0

0

0.00

0.00

Jenkins

0

0

0

0

0

0

0.00

0.00

Jones

0

16

0

0

0

16

580

1.73

0.77

Lamar

0

0

0

0

0

0

0.00

0.00

Lanier

0

0

0

0

0

0

0.00

0.00

Laurens

0

1

0

0

0

1

19,687

0.05

0.02

Lee

0

7

0

0

0

7

1,259

0.79

0.36

Liberty

0

22

0

0

0

22

999

1.00

0.45

Lowndes

0

0

0

0

0

0

0.00

0.00

Lumpkin

0

0

0

0

8

8

1,033

0.97

0.43

Macon

0

0

0

0

0

0

0.00

0.00

Madison

0

1

0

0

0

1

10,520

0.09

0.04

Marion

0

3

0

0

0

3

1,043

0.96

0.43

Mcduffie

0

1

0

0

3

4

2,229

0.45

0.20

McIntosh

0

0

0

0

0

0

0.00

0.00

Meriwether

0

2

0

0

1

3

3,070

0.33

0.15

Miller

0

0

0

0

0

0

0.00

0.00

Mitchell

0

0

0

0

0

0

0.00

0.00

Monroe

0

0

0

0

0

0

0.00

0.00

Morgan

0

1

0

0

0

1

6,128

0.16

0.07

Murray

0

1

0

0

0

1

14,320

0.07

0.03

Muscogee

0

104

0

0

0

104

733

1.37

0.61

Newton

0

2

0

0

37

39

591

1.69

0.76

Oconee

0

0

0

0

0

0

0.00

0.00

Oglethorpe

0

0

0

0

0

0

0.00

0.00

Paulding

0

144

0

0

49

193

152

6.59

2.96

Peach

0

2

0

0

0

2

4,547

0.22

0.10

Pickens

0

17

0

0

5

22

486

2.06

0.92

Pierce

0

0

0

0

0

0

0.00

0.00

Pike

0

7

0

0

0

7

724

1.38

0.62

Polk

0

33

0

0

11

44

342

2.92

1.31

Pulaski

0

0

0

0

0

0

0.00

0.00

Putnam

0

0

0

0

0

0

0.00

0.00

Rabun

0

2

0

0

0

2

5,105

0.19

0.09

Richmond

0

139

0

0

58

197

418

2.39

1.07

Rockdale

0

101

0

0

19

120

209

4.79

2.15

Schley

0

1

0

0

0

1

1,612

0.62

0.28

Screven

0

1

0

0

0

1

6,853

0.15

0.07

Seminole

0

0

0

0

0

0

0.00

0.00

Spalding

0

55

0

0

3

58

397

2.52

1.13

Stephens

0

8

0

0

2

10

1,165

0.86

0.39

Sumter

0

2

0

0

0

2

6,850

0.15

0.07

Talbot

0

0

0

0

0

0

0.00

0.00

Tattnall

0

3

0

0

0

3

2,859

0.35

0.16

Taylor

0

0

0

0

0

0

0.00

0.00

Telfair

0

0

0

0

0

0

0.00

0.00

Terrell

0

0

0

0

0

0

0.00

0.00

Thomas

0

3

0

0

0

3

6,095

0.16

0.07

Tift

0

5

0

0

0

5

3,082

0.33

0.15

Toombs

0

0

0

0

0

0

0.00

0.00

Towns

0

0

0

0

0

0

0.00

0.00

Troup

0

1

0

0

0

1

23,824

0.04

0.02

Turner

0

0

0

0

0

0

0.00

0.00

Twiggs

0

1

0

0

0

1

4,291

0.23

0.10

Union

0

0

0

0

0

0

0.00

0.00

Upson

0

0

0

0

0

0

0.00

0.00

Walker

0

51

0

0

0

51

502

1.99

0.90

Walton

0

10

0

0

23

33

682

1.47

0.66

Ware

0

4

0

0

0

4

3,958

0.25

0.11

Wayne

0

1

0

0

0

1

10,827

0.09

0.04

Webster

0

0

0

0

0

0

0.00

0.00

White

0

5

0

0

1

6

1,576

0.64

0.28

Whitfield

0

29

0

0

0

29

1,370

0.73

0.33

Wilkes

0

3

0

0

0

3

1,674

0.59

0.27

Worth

0

0

0

0

1

1

9,086

0.11

0.05

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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