The State of Foreclosures in Georgia 2014

Research done at the end of last year shown that Georgia is among the States in America that has higher rates of foreclosures. Despite the recent decrease in the rates, many residents living in the state have had problems concerns the issue leading to court issues. Research has shown that 2 out of 60 houses within the state face disclosure by the end of the year 2013. This disturbing statistic has continued to trouble many residents counties such as Bartow County, Bibb County, Camden County, Carroll County, and Richmond County among many others. On residential properties, 3 out of 60 face foreclosure.

A Decrease in Foreclosures

After recording the highest rate of foreclosure in Georgia, the senate has made several legislation that will ensure that the rate is significantly reduced by the end of the year. From the beginning of the year, the number of files that has decrease by 15 percent at the same time the level of foreclosure activity has dropped by 20 percent. However, the rate of foreclosure activity has been low in the following counties Bartow County, Bibb County, Camden County, Carroll County, and Richmond County. Ultimately, this totals to about 18 percent in all the counties in Georgia.

At the same time, property experts have expressed optimism that the rates are likely to go even below 10 percent by the end of the year if the above trends continues at the end of the month. In addition, this is evidenced by an increased in the number of scheduled auctions by 24 percent at the same time bank repossessions going up to 25 percent from the previous 16 percent in the year 2012.

It is also important to note that Georgia has over 50,000 properties and the rate at which files are being closed have also increased by 20 percent in the last 6 months and this will for sure push the foreclosure rate downwards. The residents of Georgia have also witnessed a reduction in bank repossessions as well as new case filings in the last 6 months since the beginning of the year.

Despite all the changes, Georgia still rank out of top 10 by the end of midyear. However, with the trend, they are likely to pass the minimum of 10 percent at the end of the year. Many financial and real estate experts have also expressed satisfaction with the existing trends and they are certain that things will change come evaluation at the end of the year.

What Are The Common Problems of Foreclosure Activities in Georgia?

With the huge number of cases that were previously filed at the courts, judges has never been able to reduce the number to enable the foreclosure rates go down. Nevertheless, this is likely to change after the process of speeding up the cases has started. In the end, this will reduce the level of foreclose down to less than 10 percent at the end of the year when the measure taken are fully implemented at the end of the year. It is also important that the Georgia senate implement laws that will enable real estate sector of the economy to run smoothly thus lowering the rate to less than 10 percent.

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