Georgia Foreclosures Filings Continue to Rise

Statewide filings are up 23% from October 2011 and Georgia is ranked 5^th Highest Foreclosure Rate.

Foreclosure filings-default notices, scheduled auctions and bank repossessions-were reported on 12,327 Georgia properties in November, a 23% increase from October, but still 15% below the level reported for November 2010.  Georgia had the 5^th highest foreclosure rate in the nation, reporting one in every 330 housing units with a foreclosure filing in November—1.8 times the national average.

In Bartow County, one in every 143 housing units had a foreclosure filing in November—which is 4 times the national average and 2.3 times the state average.  Bartow County had the highest foreclosure rate of all Georgia counties for the month on November 2011.

Georgia accounted for 5 % of the 224,394 properties with filings reported nationwide in November.  Total U.S. activity decreased by 3% from October and was down over 14% from the level reported in November 2010.  One in every 579 U.S. housing units received a foreclosure filing during the month.  “Despite a seasonal slowdown similar to what we’ve seen in each the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founded or RealtyTrac.  “Overall foreclosure activity is down 14% from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Arizona and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices, that began back in August,” Saccacio continued.  “Many of the new defaults that’s started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

As a Certified Distressed Property Expert- Advanced, I can help you find a dignified solution.  As you can see from the aforementioned statistics, many Georgians face similar situations. You are not alone in this and there are solutions.  I can help you.  Please feel free to contact me for more information.

Rob Sales
Prudential Southeast Coastal Properties
Associate Broker, CDPE Advance,
DPP, REO Specialist, CIAS
912-655-7674

www.smartshortsales.net

*Statistics and Information from RealtyTrac, December 30, 2011