Georgia continues to see a significant decline in property foreclosures – but it still ranks 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 Thursday by RealtyTrac. That was the third-largest fall among all states, behind Hawaii and Florida.
But Georgia had the fifth most completed foreclosures in November, the California firm reported.
Georgia also had the eighth-highest rate of new foreclosure filings in the nation for the month, at 1,478 or one for every 1,083 mortgaged properties. There were 41,208 foreclosure filings nationally. Not all filings lead to actual auctions, however, because lenders and borrowers sometimes work out new terms.
The national foreclosure 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. “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.
California led the nation in foreclosure starts at 4,145. But proportionally, foreclosures were most common in Maryland, where one in every 516 properties was subject to a foreclosure filing.