Georgia Foreclosure Rates Surge During July
Statistics released by RealtyTrac for the month of July showed staggering increases in foreclosures across the country. However, one state’s place in the list jumps out as particularly striking.
The state of Georgia experienced a 75 percent increase in foreclosures in the short period from June to July of this year. Within a single month, the rate of foreclosure increased to 1 foreclosure for every 299 households, a full 2.3 times the national average for the same period. With these numbers, the foreclosure rate throughout the state leapt from eighth highest in the United States during the previous month to second highest.
Georgia’s raw numbers did not match those of some larger states—a total of 12,602 foreclosure filings were reported, significantly less than California, for example, which reported 39,013 filings—but their numbers per household were significant enough to cause that striking rate jump.
As a whole, the United States continues to experience staggering increases in foreclosure, both in raw numbers and per household rates. A total of 179,599 foreclosures were reported in July; rates rose 9 percent from June to July, and an unbelievable 93 percent from the same month last year (July 2006).
During these vast increases, Georgia has become one of the nation’s major centers for foreclosure activity. The CEO of RealtyTrac, James J. Saccacio, released these comments with the report: "While 43 states experienced year-over-year increases in foreclosure activity, just five states -- California, Florida, Michigan, Ohio and Georgia -- accounted for more than half of the nation's total foreclosure filings."
If you’re facing foreclosure, get the information you need to protect your investment and possibly save your house. Talk to an attorney about how Chapter 13 bankruptcy may give you the breathing room you need to stop foreclosure, or find out whether you qualify for refinancing to save your house and make a fresh start with your mortgage payments.