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Foreclosed Homes for Sale in Georgia Helped Push Up Rate



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By : John Cutts    99 or more times read
The number of foreclosed homes for sale in Georgia increased in March from February, helping make Georgia post the highest rate of increase in foreclosure filings in March and in the first quarter of 2010 among all the ten most foreclosure-battered states.

A total of 5,351 bank owned foreclosures were posted in Georgia in March, representing 30.1 percent of the 17,779 total of foreclosure filings during the month.

Total filings in March marked a jump of 46 percent from the previous month of February and an increase of 33 percent from total filings in March last year. Among the top ten states in foreclosure rate in March, Georgia posted the highest rate of increase in postings month-over-month and quarter-over-quarter.

FNMA foreclosures contributed to the increase in REO count in Georgia in March as more homeowners who took out Fannie Mae home loans became distressed. One foreclosure firm reported that as of March this year, Fannie Mae was holding around 72,000 foreclosed homes in its books.

The number of real estate owned foreclosed homes for sale in Georgia in March marked an increase of 44.08 percent from the 3,714 REOs posted in February. In contrast, the REO count in February marked a drop of 18.4 percent from the 4,549 bank owned units recorded in January.

REOs in January represented 40.3 percent of total filings, February REOs represented 30.5 percent of total filings, and March REOs represented 30.1 percent of total filings. The decrease in percentages of REOs while total foreclosure filings increased could mean that lenders in Georgia continued to file foreclosure actions but gave more time for homeowners to remedy their delinquencies to comply with federal and state efforts to prevent waves of foreclosures.

The monthly numbers of REOs, nevertheless, from January to February this year marked monthly increases.

Nationwide, however, housing analysts cite the quarterly increase in number of REOs in the first quarter this year as an evidence of efforts by mortgage lenders to pursue delayed foreclosure actions in 2009. They reported that the 257,944 total number of REOs in the first three months of 2010 was the highest quarterly number on record. Total REOs nationwide represented almost 28 percent of total foreclosure postings in the first quarter.

The 13,607 units of bank owned foreclosed homes for sale in Georgia represented more than 34 percent of the nearly 40,000 foreclosure filings recorded in the first quarter in Georgia.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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