Georgia no longer No. 1 in foreclosures

Georgia had the highest foreclosure rate in the nation in May: 1 of 300 housing units.

Things improved in June. A little.

The latest report from RealtyTrac had Georgia 4th in foreclosures, with one in 336 housing units with a filing.

California, Arizona and Nevada led the way, so to speak.

The best news: The June numbers represented a nearly 11 percent decrease from May.

The bad: the total number of Georgia properties with a foreclosure filing in June 2012 was still about 25 percent higher than what was reported a year ago, in June 2011.

Also, with one foreclosure per 63 housing units over the first six months of 2012, Georgia ranked 3rd in the nation, after Nevada and Arizona.

Foreclosure numbers come and go, and it can be easy to read too much into the short-term data. But they do provide an indicator of how the  economy is going, and analysts have been projecting better things ahead for the housing market.

22 comments Add your comment

GOD

July 12th, 2012
10:51 am

Yea the devil is winning!

Lousy Banks

July 12th, 2012
11:01 am

Georgia is 49th in education. So i guess *not* being last is something to be proud of.

Common Sense

July 12th, 2012
11:04 am

In Georgia, there is no requirement for a judicial hearing before a bank can foreclose. The banks love this. In true poetic justice, though, it has come back to haunt them, because now they have foreclosed on so many homes that they have brought the housing market to its knees. Of course, the banks lose some money, but you and me pay the real price while the bankers party it up at their fancy houses and swimming pools, and expensive boats on Lake Lanier.

Uncommon Sense

July 12th, 2012
11:08 am

So, you want to increase the cost of a foreclosure since you can’t pay your bills? What happens then? The banks pass those costs on to folks like ME, who do pay our bills. Thanks, but no thanks to more costs passed from those who don’t take care of their business, to those that do. And, I don’t care what kind of house my banker lives in. Ask some of those bankers at the 80 Georgia banks that failed what their house looks like.

Centrist

July 12th, 2012
11:20 am

“analysts have been projecting better things ahead for the housing market”. Analysts missed the housing and economy collapse – their predictions are no better than Madam Palm Reader.

Many banks and mortgage companies have been holding back foreclosures since the market is so glutted and if they were to have to declare such loans as non-performing, their bottom line and reserve requirements would go kabloey (insider banking term). There are LOTS more foreclosures to come.

no more QQ

July 12th, 2012
11:22 am

I wish people would spend 1/2 of their time fixing the problems instead of just talking about it. in the long run, if things don’t get balanced out… no one will be able to afford to live here or own their property… banks should realize it is better for them to have 20 people paying on their mortgage than 20 empty houses rotting to the point where they will be worthless. (yes, 20 is a low number but its an example)

FDIC

July 12th, 2012
11:29 am

Just wait until the FDIC starts confirming sales on all these foreclosed properties.
Homeowners who have their primary mortgage foreclosed by failed banks via the FDIC will face lawsuits for the deficiency balance. Big banks, like Wells Fargo and BoA, don’t do this. They just write off the difference between the sale price and the loan balance and send the borrower a 1099 for that amount.
But the FDIC is throwing around so much money to lawyers administering the assets of these failed banks (and yes, there are plenty in Georgia) that the foreclosure files get worked to death. The receiver banks end up collecting every last penny, even if it is an unprofitable strategy and ultimately hurts the local economy even more than writing it off, because the FDIC foots the bill for all the legal costs.
This is what you call a lose-lose for Georgia.
Should we hold the small failed banks’ board members accountable?
Nah. Let’s appoint them to powerful Senate banking committees instead. After all, they have been very loyal to Gov. Deal, and he knows better than anyone that you never know when you might need to have a banker in your pocket.

Saved

July 12th, 2012
11:37 am

We all know where most of the foreclosures come from.

DW

July 12th, 2012
11:45 am

For now it has gone lower,3 folks have just upped and walked away in my street in the last month. I see more folks home all day guess now unemployed. One had her car repod last friday I have had more folks hit me up for money in the last few weeks than ever before in my life. Main street media is in on the cover up and lies about how bad things are. They better start jailing these crooked fraudulent failed thieving bankers NOW. If you work at a bank you are no etter than the ss officers who played their part in the holocost. Bankers all of you have done more destruction to this country than any terrorist organisation could of possibly dreamed of you are the real terrorists. Hang the bankers.

FDIC

July 12th, 2012
12:04 pm

DW: You weren’t blaming the bankers when you bought that truck-boat-truck with the loan they gave you in 2006 when you refinanced your house and got more than you knew you could reasonably afford. Why blame them now. Is it just easier than taking personal responsibility? Every greedy person in this country did his or her part to create this financial catastrophe.

Oh, and “Saved”: Your moniker and quasi-subtle remark say everything that needs to be said about hypocritical know-nothings who are too lazy to get the facts, and are quick to point the finger at the same old reliable victims. You have all the brain power and nuance necessary to be the Georgia Senate Majority Leader.

I said it first

July 12th, 2012
12:59 pm

We haven’t hit bottom yet. That’s how bad it is.

All of this is thanks to Reagan, pie in the sky Republicans and weak at the knees Democrats who listened to the gangster National Assn. of Realtors. 99% of the realtors are a bunch of crooks.

There. I said it first. : )

I said it first

July 12th, 2012
1:01 pm

Saved,

Yes we do. Gangster bankers, realtors, shady inspectors and pimp appraisors. Also greedy Counties who wanted those increased property taxes. Lots and lots of guilty people here.

Are you one of them?

Mr. Ali

July 12th, 2012
1:02 pm

Enter your comments here

Uncle

July 12th, 2012
1:13 pm

Yes, in Georgia we don’t have the requirement for a judicial review before foreclosure. It’s written in plain English in each and every Security Deed signed by a borrower in the state. What this also means is that we pay a lower interest rate than in states that have judicial review.

Two sides to every story. You don’t pay you don’t stay, period.

VCF

July 12th, 2012
1:23 pm

There are 7 houses empty on my street: one next door and one acrooss the street in my vacinity. My neighbors were hard working individuals but when one family is stricken with a terminal illness and the other with only one income. I can’t understand why the banks wouldn’t work with them !!! But they rather have a neighborhood with empty homes. It wiill look like a ghost town soon!!!

I said it first

July 12th, 2012
1:36 pm

Uncle,

Are you a broker? Because you sound like a broker or a realtor.

DW

July 12th, 2012
2:13 pm

Fdic I dont do loans I am a saver I paid cash for my 2 homes also my cars ay off my credit cards in full each month. You are a tyical thief bame everyone but yourself for your thieving treasonous behaviour. You will all be hanging from a sreet lampost real soon.

DW

July 12th, 2012
2:28 pm

Also fdic those who did apply for boat loans cashed out on their homes who was the prime enabler,who gave those loans out on pathetically high backend ratios. Who fraudulently changed the paperwork,I can debate crooks like you day and night,whilst you pathetically blame everyone but the GUILTY. Bankers are traitors all of YOU.

FDIC

July 12th, 2012
2:41 pm

Sorry, I know it’s not funny to laugh at mental illness, but I am just getting an image of DW putting on his bright red lipstick and then tacking one more photo of Robert Diamond up on his corkboard and drawing a bullseye around it.

manaii

July 13th, 2012
8:35 am

Georgia no longer #1 in foreclosures?? YES!!! That means the economy is improving, the recession is over in georgia!!! YeS!!! the economic plan must be working!!!! YES!!!

[...] Georgia No Longer No. 1 in Foreclosures [...]

BankerMan

July 17th, 2012
8:22 pm

If you fall behind we will foreclose on you even if your underwater. Why? Because you’ve been paying PMI. That is insurance for us. Basically we’ll sit on your house for a while, sell it when we feel like it and recoup any loss from the insurance that you payed for. We made the rules. Only stupid banks fail (i.e. the redneck Ga banks)