Georgia ranks in the top five states for foreclosure filings

Although the state saw a slight drop in foreclosure filings from January to February, Georgia currently has the fourth-highest rate of foreclosure filings in the country.

Specifically, about 12,350 homes and other properties had some foreclosure-related action in February, including default notices, bank repossessions and scheduled home auctions. That means that one in every 331 homes in Georgia was in some part of the foreclosure process last month. In comparison, just one in every 637 homes is in foreclosure nationally.

Foreclosure filings did drop by nearly 1 percent from January to February, and have fallen by more than 3 percent from February of 2011. However, foreclosure rates are expected to rise in Georgia and throughout the U.S. throughout 2010.

This is because mortgage lenders will likely continue to ramp up their foreclosure processes as the state and federal investigations into the robo-signing scandal, in which lenders were found to be filing forged or otherwise improper foreclosure paperwork, come to a close. Foreclosures significantly slowed during the end of 2010 and much of 2011, leaving many homeowners in limbo for an extended period of time.

Other states at the top of the foreclosure list include Nevada, which has had the highest foreclosure rate in the country for 62 months straight, California and Arizona.

Atlanta was also near the top of a list of metro areas with the highest foreclosure filing rates, with about one in every 244 Atlanta homes embroiled in the foreclosure process in February. Other metro areas on the list include Miami, Phoenix and Chicago.

Source: The Atlanta Journal-Constitution, “Georgia’s foreclosure rate remains among highest nationwide,” Misty Williams, Mar. 15, 2012