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Georgia foreclosures up 25% in third quarter
Thursday, October 15, 2009, 9:51am EDT Modified: Thursday, October 15, 2009, 10:24am
Georgia foreclosures up 25% in third quarter
Atlanta Business Chronicle
Georgia had the seventh-highest foreclosure rate in the United States in the third quarter, according to RealtyTrac’s U.S. Foreclosure Market Report for the third quarter.
The Peach State had 33,385 foreclosure filings -- default notices, scheduled auctions and bank repossessions -- in the period. This marks a 25 percent jump over the third quarter of 2008 and a 6.7 percent rise over the second quarter of 2009. Georgia had one foreclosure filing for every 119 households.
Foreclosure filings were reported on 937,840 properties across the nation in the third quarter -- a 5 percent increase from the second quarter and an increase of nearly 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter -- the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005.
“Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” said James J. Saccacio, CEO of RealtyTrac, in a statement. “REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties.”
