Georgia had the third-highest foreclosure rate in the nation during the first quarter, according to RealtyTrac's First-Quarter 2007 U.S. Foreclosure Market Report.
The analysis shows Georgia foreclosure activity in the first quarter fell on a year-over-year basis, but the state's first-quarter foreclosure rate of one foreclosure filing for every 138 households still ranked third-highest in the nation. The state reported 22,391 foreclosure filings during the quarter, the sixth most of any state and a 10 percent increase from the previous quarter.
Georgia ranked No. 2 for foreclosures in 2006.
In the first quarter, the nation had more than 430,000 foreclosure filings, up 27 percent from the previous quarter and up 35 percent from the first quarter of 2006. The United States' quarterly foreclosure rate of one foreclosure filing for every 264 households was the highest quarterly rate since RealtyTrac began issuing its report 27 months ago.
"The rise in foreclosure activity was quite dramatic and widespread in the first quarter, with 37 out of the 50 states reporting year-over-year increases," said James J. Saccacio, CEO of RealtyTrac. "Certainly the surge in subprime defaults has contributed to the overall rise in foreclosures; we estimate that more than 50 percent of the foreclosure activity we charted in the first quarter was from subprime loans. However, it's not just low-end homes that are going into foreclosure; we're seeing a rising percentage of foreclosures with an estimated market value of more than $750,000."
Source: http://www.bizjournals.com/atlanta/stories/2007/04/23/daily26.html?f=et50&hbx=e_du
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