Georgia continues to see significant decline in the number of foreclosures – but still continues to rank high in that measure of economic distress.
First the good news: the number of foreclosure auctions in Georgia has dropped by 48 percent during the past year, according to a report released today by RealtyTrac. Among all the states, that is the third-largest fall, behind Hawaii and Florida.
But Georgia had the fifth largest number of completed foreclosures in November, reported California-based RealtyTrac.
Proportionally, Georgia had a greater frequency of foreclosure filings than Georgia in the month: one of every 1,083 in the state.
The national trend was down, said Daren Blomquist, RealtyTrac vice president.
“Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows,” he said. said Daren Blomquist, vice president of RealtyTrac. “This also means the share of active foreclosures tied to bubble-era loans is shrinking.”
Roughly 60 percent of all the loans in foreclosure originated between 2004 and 2008, he said.
Nationally, there were 41,208 foreclosure starts in November and 1,478 were in Georgia, reported RealtyTrac.
California led the nation in foreclosure starts last month: 4,145. But proportionally, foreclosures were most common in Maryland: one in every 516 properties had a foreclosure filing.
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