Georgia Foreclosures rate among the highest

28 February 2008

Author: admin Posted under Foreclosure homes

2007 has seen a rise in the rate of Georgia foreclosures and this is definitely not the kind of news that Georgia homeowners would like to hear. Having been through a spate of foreclosures in 2006, which increased the number of Georgia foreclosure homes for auction, 2007 was no better. Now there are more bank foreclosures and repo homes for investors than ever before.

The sad part is that Georgia foreclosures was among the top 10 states that lead the nation in foreclosure filings as well as rates. There have been hectic foreclosure activities in different parts of the state including Atlanta, Dalton, Georgetown, Albany, Washington, and Brunswick. All Georgia bank foreclosures are available for investment purposes and one can find them in foreclosure lists issued by banks and other financial institutions.

Georgia recorded a foreclosure rate of one per 332 households and there were 11,352 foreclosed homes by October 2006. This clearly shows that the rate of foreclosure in Georgia went up to 64.6% in October as compared to 37.8% in September 2006. At this point Georgia was ranked 4th in the top 10 list sorted out on the highest rates in the nation.

This high a foreclosure rate took away whatever hope that were there with the homeowners of Georgia but there is also a sudden lull, the kind that can be seen before a storm. It is tough to guess if the situation is going to change for the worst or for the better. At this moment there are a high number of Georgia foreclosure homes for sale and it is a good opportunity for an investor. The question that most homeowners are asking right now is whether this housing crisis is here to stay or will it pass through?