Georgia Foreclosures Jump 31% in May,
Posted by Michael Bang on Thursday, June 10th, 2010 at 7:36am.Georgia takes it's place as the sixth highest in foreclosure rates for the month of May. This marks a jump of 31% over May 2009 and a 1.3% decline from April 2010.
Foreclosures are defined as default notices, scheduled auctions and bank repossessions.
There were 322,920 foreclosure filings, or one for every 400 households, in the United States in May. This was a 0.45 percent rise over May 2009 and a 3.3 percent drop from April 2010.
“The numbers in May continued and confirmed the trends we noticed in April -- overall foreclosure activity leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” said James J. Saccacio, RealtyTrac CEO, in a statement. “Defaults and scheduled auctions combined increased by 28 percent from 2007 to 2008 and another 32 percent from 2008 to 2009, creating a build-up of delayed bank repossessions. Lenders appear to be ramping up the pace of completing those forestalled foreclosures even while the inflow of delinquencies into the foreclosure process has slowed.”
Michael R. Bang
CEO Georgia Forelosure, Inc.
404-246-3904 Voice
770-206-2233 Fax
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