Foreclosure Rate in Georgia Drops 33 Percent from Last Year

Ready to hear more good news about Georgia’s housing market?

Georgia ranked sixth in the nation in foreclosure rates in September. How is that good news? It’s an improvement over the state’s former position as the #1 foreclosure state, a dubious honor that Georgia held as recently as May.

In other words: the picture seems bleak, but it’s improving.

Foreclosure filings in Georgia have dropped by 33 percent within the past year, from September 2011 to September 2012. The biggest gains have come recently: the one-month period from August to September 2012 saw a 20 percent month-over-month drop in foreclosure filings.

This means Georgia outpaces the nation in terms of improvement. National foreclosure filings have dropped only 16 percent within the past year, and 7 percent month-over-month from August to September.

While Georgia used to lead the nation in foreclosure rates, it now sits below Florida, California, Illinois, Arizona and Nevada, respectively.

One in every 532 housing units in Georgia has been affected by foreclosure, according to RealtyTrac’s U.S. Foreclosure Market Report.

Source: AJC

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