Foreclosure Lis Pendens Real Estate Problem Continues in Georgia

by Donald Hanz on Foreclosure Crisis

The issue of foreclosure Lis Pendens real estate got worse in Georgia during the month of November 2010 as the state's foreclosure rate rose by almost 50% compared with year-ago levels. However, when compared with the previous month, foreclosure rate declined by over 2%.

The number of Decatur foreclosures and distressed properties in various markets of Georgia rose during the month, with the state ranking sixth among the 50 states in the U.S. in terms of foreclosure rate for November. The area recorded a total of 14,423 foreclosures for the month, which means that one household out of every 279 was under some form of foreclosure.

The figure includes Georgia foreclosed homes for sale, households that received default notices, properties scheduled for auctions and repossessed dwellings. The total also represents a 49.2% increase compared with November of last year. However, when compared with October 2010, the total represents a decline of 2.88%.

The burden of Lis Pendens real estate was also felt strongly in the metro area of Atlanta during November, with the city recording a total of 10,909 foreclosures for the month. This means that one household out of every 209 was under foreclosure in the metro region during the month. The total represents a 47% rise when compared with November 2009. However, just like statewide figures, foreclosures in Atlanta decreased when compared with October 2010 by around 6%.

The metro area of Atlanta and the whole state of Georgia performed poorly when compared with nationwide foreclosures for sale and foreclosure filings totals. In the whole U.S., a total of 262,339 foreclosures were recorded in November, representing a 21% decline compared with the previous month of October. When compared with November 2009, nationwide foreclosure numbers also recorded a decline, with the year-to-date difference pegged at 14%.

During the month, one residential property out of every 492 has received a foreclosure-related filing in the U.S. According to housing analysts, foreclosure activities declined considerably in November 2010 in the whole country and the month also marked the first time that the U.S. has gone below 300,000 in terms of Lis Pendens real estate total since February of last year. Analysts have added that the traditional decline occurring in November was at play, as well as the effect of the robo-signing controversy.

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