Foreclosed home information released by property tracking firm RealtyTrac for October 2008 show that Georgia remains as one of the states with high level of foreclosure. The state is at No. 6 in the list, closely following the lead of Nevada, Arizona, Florida, Colorado and California. There were 9,900 Georgia foreclosure listings in the period. Such foreclosures include default notices, lender repossessions and auction sale notices. The number was 12.8% lower than in October 2007 and 6.5% higher than in September. In average, there is a home foreclosed in the state for every 391 households, higher than the national average of a home for every 452.
Out of 159 counties in the state, six in the metropolitan area had foreclosures above a thousand in the month. There were 22 counties with monthly foreclosures reaching about 100. Overall, most Georgia foreclosure homes are concentrated in three counties, namely, Fulton, Gwinnett and DeKalb. As of October 2008, there were 11,500 foreclosure notices filed in Fulton for the first nine months of the year. There were 3,721 of such activities in DeKalb. Across more than 400 cities in the state, rates of foreclosures are also on the rise.
The continuous rise of Georgia foreclosure listings has been an effective cause of alarm for the state government. That is why through the support of the US Housing and Urban Development, there is a rescue package offered to households, which are at risk of undergoing foreclosures. The state is securing agreements from mortgage lenders about measures to relax default policies and mortgage foreclosures. Meanwhile, homebuyers and investors continue to enjoy their acquisition spree amid high Georgia foreclosure listings volume and rising price tags.
