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Despite national five-year low, Atlanta foreclosures increase (1) Atlanta, GA

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Despite national five-year low, Atlanta foreclosures increase (1)

Foreclosue Sign on Top of For Sale Sign in Front of House

U.S. foreclosures recently fell to their lowest level since July of 2007, hitting a nearly five-year low. However, this seemingly-positive announcement is not as straightforward as it seems, as shown by a closer examination of the data. While foreclosure rates declined in several of the “hardest-hit” states, Georgia is just one of many states that saw a year-over-year increase in foreclosures.

According to the data from real estate research firm RealtyTrac, the number of U.S. foreclosures fell in April both from the prior month and the previous year. From March 2012 to April 2012, the number of default notices, scheduled auctions and bank repossessions fell by 5 percent. From April 2011 to April 2012, the number of default notices fell by 14 percent, while the number of repossessions dropped by a whopping 26 percent.

However, Georgia and at least 20 other states saw an increase in year-over-year foreclosure filings, and 11 of the 20 largest metro areas in the United States, including Atlanta, posted annual increases. So why the nationwide fall in foreclosure filings? RealtyTrac says that many large states who had previously struggled with foreclosure saw significant declines in their rates, outweighing the increases that Georgia, Atlanta and many other states and metro areas experienced.

So is it incorrect or misleading to report that the foreclosure rate is falling in the U.S.? No, probably not. But we can only hope that, someday soon, Georgia residents see similarly positive foreclosure declines.

We will continue this discussion in a second bankruptcy blog post later this week.

Source: CBS MoneyWatch, “Foreclosures reach lowest level since 2007,” Ilyce Glink, May 17, 2012

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They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

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I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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