This is not something to be proud of. i was reading the Atlanta journal on-line today when I noticed another article about foreclosures. Georgia is #4 on the list. The top 5 in order Nevada, California, Florida, Georgia, Ohio. The report is about foreclosure filings not actual foreclosures. The media again wants to point out doom & gloom. A total of 243,947 foreclosure filings were reported in August, up 115% from August 2006. The number of actual bank Repossessions were 42,789 in August compared to 20,116 in August 2006.
What is foreclosure filing? These include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages.
I believe the we will see some of these reports get worse before they get better. The larger numbers make everyone more nervous about our housing market. Lets hope this may spark some rate cuts, starting today. This may help all of us have a better market in the fall & winter of 08.
All numbers were from Realty Trac inc.For out of Irvine cal. as seen in the ajc.com
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