The buried lede – at least as far as this state is concerned – in the new housing report by RealtyTrac:
Georgia leapfrogged past Arizona, Florida, California and Nevada to post the nation’s highest state foreclosure rate in May, the first time since February 2006 that Georgia’s foreclosure rate has ranked highest among the states.
Banks have opened foreclosure actions on one in every 300 homes here. If you’re looking for impact, cast your eyes no further than the DeKalb County school board, which is still struggling with plummeting property taxes. More context from the Associated Press:
LOS ANGELES — Lenders initiated foreclosure proceedings against more U.S. homeowners in May, setting the stage for increases in home repossessions and short sales – scenarios that could further weigh down home values in coming months.
Default or scheduled-home-auction notices were filed for the first time against 109,051 homes last month. That’s an increase of 12 percent from April