The State of Georgia is in the southeastern part of USA and is third fastest growing state in the country as regards numeric gain and fifth in terms of percentage growth. In such a situation it seems strange that there should be high numbers of Georgia foreclosures. Foreclosures have always been there linked with the mortgage industry from early times but it is the increasing number of Georgia foreclosures that is causing concern.
It is not surprising that Georgia foreclosures should grab attention as the state lies to the north of one of the worst affected states of the country – Florida. Georgia is divided into five distinct geographical regions and the sixth division in society and economy is being caused by Georgia foreclosures. The state has a humid sub-tropical climate. The heat is getting worse with Georgia foreclosures.
The year 2007 saw an unprecedented rise in Georgia foreclosures. Already there were many Georgia foreclosures in 2006 but the following year saw the deluge of foreclosed house pouring in. Georgia foreclosures have resulted in the increase of a wide variety of houses at affordable rates for those who are new nest builders or investors. Georgia foreclosures are increasing at a hectic pace as the price of houses tumble fast with too many coming into the shops. Georgia foreclosures are mostly to be found in the cities like Atlanta, Dalton, Georgetown, Washington, Albany and also Brunswick. Thanks to Georgia foreclosures the state is now included in the list of top 10 worst affected states in the country. This is not only in numbers but also as rates.
Georgia has gone on record with a foreclosure rate of 1:332. Buyers can take their pick from about 11,400 houses. Georgia now ranks 4th. In March Georgia ranked third in delinquency rates according to Mortgage Bankers Association. In Georgia 8.37% of the outstanding loans were in delinquent and 1.84% were in foreclosure. In the first two months of the year metro Atlanta saw a rise of 45% in house foreclosures as compared to the same two months in 2007.. Rising fuel prices and fear of recession is having a negative effect that is worsening the situation. People are unable to keep to their monthly commitments.
In April Georgia foreclosures increased by 28.5% keeping Georgia among the top ten rankers. In foreclosure filings it ranked 7th – with 9,189 postings. The rate was 1:422. However foreclosure movement was down by 17% from March of this year.