Lost in the noise of the government bailout of Fannie Mae and Freddie Mac and the collapse of Lehman Brothers, but RealtyTrac released its foreclosure report for August last Friday.
Foreclosure filings, including delinquency notices, auction sale notices, and bank repossessions increased 12 percent from July, and were up 27 percent from a year ago. That's one foreclosure filing for every 416 homes.
The 27 percent year-to-year increase represents a more modest jump than last month, which saw a spike of over 50 percent over July 2007. This is primarily due to new legislation in several states which has had the effect of slowing the rate of foreclosure.
Massachusetts, for example, enacted a 90-day waiting period before commencing foreclosure - and the number of foreclosures dropped in the state by 46 percent compared with last year.
Nevada, once again, led the country in foreclosures, with one out of every 91 homes in some stage of foreclosure in August.
Georgia was again the state with the sixth-highest rate of foreclosures as one in every 442 homes was in foreclosure. Still, that represents an overall decrease in the number of foreclosures in the state: a decline of 12.98 percent from last month, and a decline of 10.98 percent from last year.
While the foreclosure problem that Georgia faces is still significant, any improvement is welcome indeed.
We'd love to be your Georgia Closing Attorneys. Want to know more? Contact us and we'll be happy to discuss how Harlan and Associates can be of service to you!
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