Georgia Ranked 10th for Foreclosure Filings in January

From the Atlanta Business Chronicle.

"The Peach State had 11,274 foreclosure filings -- default notices, scheduled foreclosure auctions and bank repossessions -- last month. This was down 13.1 percent from December 2009, but was 13.8 percent higher than January 2009. The state ranked 10th for foreclosures".

The report also says that 1 out of every 357 houses in Georgia got a foreclosure notice in January. This is in line with national numbers that have a decrease from December, but a year over year increase. Nationally, 1 in 409 homes received a foreclosure notice so we are performing worse than the total market. More from ABC:

“January foreclosure numbers are exhibiting a pattern very similar to a year ago -- a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, CEO of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”

I am still of the belief that banks will moderate the number of foreclosure homes entering the market. Every home they add to supply lowers the value of their REO assets so I believe that they will continue to manage the flow of listings to protect the values. It's in their best interest and it is in our best interest.

Discussion

#1 By Ashlee at 6/22/2017 4:12 AM

Here in TX we have seen a downturn in the new foreclosures that are coming on the market. Hopefully that doesnt mean that in the next months we have in influx of them. I am thinking that banks are taking it slower but the truth of the matter is, if its going to be a foreclsure, its going to be a forclosure. Cant hide from it forever.

#2 By Eddie Katz at 6/22/2017 4:12 AM

gohoming (dot) com will soon be having time limit bidding for REO properties in Georgia. Many foreclosed homes turn to bank owned listings and this blog post is a great indication of the supply coming on market.

#3 By Mike Giraldi at 6/22/2017 4:12 AM

That is still a bunch of foreclosures we need to deal with. Hopefully these numbers will start to shrink over the next two years so we can get things back to normal. With the banks allocating foreclosures it could stretch it out even longer.

#4 By Eddie Katz at 6/22/2017 4:12 AM

We are also seeing more short sales in Atlanta this year as well. However, we do expect more bank owned / REO properties for sale year over year.

#5 By Sandra Israelson at 6/22/2017 4:12 AM

In Southwest Florida, Sarasota specifically, we're seeing residential foreclosures slowing a bit. However, short sales seem to be picking up. The total of the two, which represents distressed sales, seems to be fairly flat from January 2009 to January 2010. Only time will tell whether we've passed the peak of foreclosures.

#6 By DJ Morris at 6/22/2017 4:12 AM

I live in Palm Beach County, Florida in a pretty affluent area where the median home price is $430k and right now about 30% of the listed properties are short sales...I would expect Georgia/Atlanta to be pretty high.

#7 By Jake Hamilton at 6/22/2017 4:12 AM

Short Sale can help you avoid foreclosure. However, a short sale is very difficult that is why it is important to seek a professional help and guidance regarding this.

#8 By Dylan Darling at 6/22/2017 4:12 AM

Ryan- I think its important to note that not all default notices will turn into REOs. Most of the default notices here in Bend are in short sale status. If the home sells as a short sale, it won't be foreclosed on.

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