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Georgia Foreclosure Homes for Sale Still Growing in Number

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By : John Cutts    99 or more times read
Georgia foreclosure homes for sale are still growing in number, based on a report of nationwide foreclosure filings released this week by a real estate research company.

In the third quarter, foreclosure actions filed by lenders in Georgia reached 33,385, marking a jump of 25 percent from the same quarter last year and a rise of nearly 7 percent from the April to June quarter this year.

With a foreclosure rate of one in 119, Georgia ranked seventh among all states based on foreclosure rates.

Just like any other place in the country affected by high unemployment rates, the continued increase in foreclosure activity in Georgia is also largely caused by continued job losses in the state.

Although the unemployment rate in August stayed the same in September, the 10.1 percent jobless level is still high, above the 9.8-percent national unemployment rate.

Based on data from the Georgia Department of Labor, September was the 23rd straight month that the state jobless rate surpassed the national rate.

Michael Thurmond, Labor Commissioner for Georgia, said payroll jobs across the state decreased by nearly 6 percent to 237,000, compared to September last year.

These job losses pushed more homeowners into foreclosure, adding more than 11,200 real estate-owned homes to lists of Georgia foreclosure homes for sale in the July to September quarter.

Of the more than 33,000 foreclosure postings in the third quarter, over 22,000 were notices of trustee sales, the stage of the foreclosure process when homeowners are notified that their properties will be sold in an auction if the missed payments, fees and penalties are not paid.

Thurmond explained that although the unemployment rate did not increase in September, underlying trends show the continued deterioration of the employment situation in the state.

Workforce level in the state fell to 4.73 million this September, marking a 2.4-percent drop from 4.85 million during the same month in 2008.

The number of unemployed workers who received jobless benefits from the state in September this year climbed up to 139,000, a jump of nearly 59 percent from 88,121 in the previous September.

An additional number of 150,000 were provided with jobless benefits by the federal government.

Majority of job losses in Georgia occurred in the manufacturing, construction, trade and business support sectors. The cities of Dalton and Rome suffered the highest level of job losses.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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