What About Foreclosures in the Atlanta Metro Area?

Atlanta Metro Area Foreclosure Activity Climbs in February
By RealtyTrac Staff
Metro area filings increase 12 percent from January

Foreclosure activity in the Atlanta metro area rose in February to 9,096 properties with foreclosure filings, up 12 percent from the previous month and 14 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

“The Atlanta metro area reported another hike in foreclosure activity in February, continuing the region’s trend toward an elevated level of activity compared to last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in Georgia continued its climb toward 11 percent, with an estimated two thirds of job losses attributed to the Atlanta area, causing concern for struggling homeowners hoping to hold onto their homes through this time of national recession.”

The Atlanta metro area had the seventh highest foreclosure total in the nation among the top 203 large metro areas with populations exceeding 200,000 surveyed every month by RealtyTrac. One in every 237 Atlanta metro area housing units received a foreclosure filing in February, ranking 33rd among the same 203 metro areas in terms of foreclosure rate.

Walton County posts top foreclosure rate in the metro area for February
With one in every 139 housing units receiving a foreclosure filing — three times the national average and 2.4 times the state average — Walton County posted the metro area’s highest county foreclosure rate in February. Newton County was second, with one in every 140 housing units receiving a foreclosure filing — three times the national average and 2.4 times the state average. Carroll County came in third highest, with one in every 148 housing units receiving a foreclosure filing — 2.8 times the national average and 2.2 times the state average.

Fulton County led the metro area in total foreclosures in February
Fulton County led all metro area counties in foreclosure activity for February, totaling 1,649 properties with foreclosure filings. Gwinnett County was second, documenting 1,452 properties with foreclosure filings for the month. Reporting 1,138 properties with foreclosure filings, Dekalb County ranked third. Cobb County came in fourth, reporting 994 properties with foreclosure filings. The fifth highest total was in Clayton County, where 508 properties with foreclosure filings were reported for the month.

State ranked high nationally in total foreclosure filings for February
Georgia reported 12,177 properties with foreclosure filings for the month, giving it the seventh highest state total in the nation. This latest total represents an 8 percent increase from the previous month and is 20 percent above of the level reported in February 2009. One in every 331 Georgia housing units received a foreclosure filing during the month, the ninth highest state foreclosure rate in the nation.

State a significant contributor to nation’s monthly foreclosure total
Georgia accounted for 4 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.