Georgia Foreclosures Up in 2010

Foreclosure filings rise 23 percent from 2009; foreclosure rate 6th highest in nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 130,966 Georgia properties for 2010, up 23 percent from a year ago and 54 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™. One in every 31 Georgia housing units received a foreclosure filing, the sixth highest state foreclosure rate in the nation for the year.

 

Foreclosure filings were reported on 11,042 Georgia properties in December 2010, a 23 percent decrease from November and 15 percent lower than the level reported in December 2009. One in every 365 Georgia housing units received a foreclosure filing during the month, 1.4 times the national average.

 

“Foreclosure activity in Georgia heated up considerably in 2010, with more filings than in 2009 or 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with a measurable dip in activity in the last quarter, foreclosure filings surged upward over the course of the year. High unemployment — currently at 10.2 percent — has played a major role in the state’s high rate of foreclosures and will likely continue to do so going into 2011.”

 

Georgia had the sixth highest total in the nation in 2010. California continues to be the top state, reporting 546,669 properties with foreclosure filings. Florida came in second, tallying 485,286 properties with foreclosure filings. Arizona came third, reporting 155,878 properties with foreclosure filings. Illinois had the fourth highest total, tallying 151,304 properties with foreclosure filings. Michigan rounded out the top five, reporting 135,874 properties with a foreclosure filing.

 

The remaining states in the nation’s Top 10 for 2010 were Texas (118,923), Ohio (108,160), Nevada (106,160) and New Jersey (64,808). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Newton and Walton counties post state’s top foreclosure rate in 2010

Newton and Walton counties posted the highest foreclosure rate in Georgia in 2010, with one in every 14 housing units receiving a foreclosure filing — 3.1 times the national average. Henry, Douglas and Barrow counties came in next, each reporting one in every 16 housing units receiving a foreclosure filing in 2010 — 2.9 times the national average.

 

Fulton County led the state in foreclosure activity in 2010

Fulton County led Georgia in foreclosure activity, reporting 17,415 properties with foreclosure filings. Next highest was Gwinnett County, where 15,017 properties with foreclosure filings were reported. Dekalb County was third highest, reporting 12,774 properties with foreclosure filings for the year. Cobb County came in fourth, tallying 9,998 properties with foreclosure filings. Fifth highest total for the year was in Clayton County, where 5,737 properties with foreclosure filings were reported.

 

State the nation’s sixth largest contributor to total foreclosure activity in 2010

Georgia accounted for 5 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Georgia

1

0

77,664

0

53,301

130,966

31

1.46

n/a

 

 

 

 

 

 

 

 

 

 

Newton

0

0

1,540

0

1,103

2,643

14

3.14

2.15

Walton

0

0

1,300

0

953

2,253

14

3.13

2.14

Henry

0

0

2,859

0

1,844

4,703

16

2.87

1.97

Douglas

0

0

1,814

0

1,331

3,145

16

2.86

1.96

Barrow

0

0

925

0

692

1,617

16

2.74

1.88

 

 

Georgia Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Georgia

1

0

77,664

0

53,301

130,966

31

23.42

53.62

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

10,279

0

7,136

17,415

25

15.76

1.24

Gwinnett

0

0

9,151

0

5,866

15,017

19

25.78

84.94

Dekalb

0

0

7,971

0

4,803

12,774

24

26.43

27.91

Cobb

0

0

6,037

0

3,961

9,998

28

33.25

67.67

Clayton

0

0

3,343

0

2,394

5,737

19

15.46

17.68

 

 

 

Georgia Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Georgia

0

0

8,295

0

2,747

11,042

365

1.37

n/a

 

 

 

 

 

 

 

 

 

 

Walton

0

0

133

0

53

186

174

2.88

2.10

Henry

0

0

363

0

59

422

174

2.87

2.09

Douglas

0

0

192

0

91

283

174

2.87

2.09

Barrow

0

0

119

0

24

143

185

2.70

1.97

Dawson

0

0

33

0

20

53

192

2.61

1.90

 

 

Georgia Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Georgia

0

0

8,295

0

2,747

11,042

365

-23.44

-14.90

 

 

 

 

 

 

 

 

 

 

Fulton

0

0

1,035

0

478

1,513

292

-14.03

-1.69

Gwinnett

0

0

918

0

411

1,329

217

-18.91

-4.46

Dekalb

0

0

830

0

351

1,181

263

-11.00

-9.08

Cobb

0

0

652

0

154

806

348

-31.29

-12.39

Clayton

0

0

364

0

86

450

238

-38.94

-28.34

 

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