Georgia Foreclosure Rates At An All-Time High Push The State to #8 Nationally!

February statistics for foreclosure filings in Georgia were 7,631 including all homes in foreclosure such as ones that were sent default notices, or had been repossessed by the bank/lender, and had been sent the notice for auction sales. The fact that this number was lower by 28.5% as compared to January 2008's filings was only remotely encouraging, because it was almost 5% higher than the number reported in last year February. The foreclosures by state rate for Georgia were 1 for every 494 homes.

National foreclosure filing average was 223,651 homes during the month of Feb. 2008, or a 4% decrease from the month of January this year, but the number was a surprising 60% higher from the foreclosure filings reports for same month last year. The ForeclosureConnections.com report also mentions that there was one foreclosure per 557 homes in US for the month. The 60% increase was much higher than the 19% increase that was recorded in February 2007, leading experts to believe that the country was yet to reach peak activity for foreclosures in the current cycle.

March was no better for Georgia. The ever increasing number of foreclosure homes for sale pushed Georgia to the number four spot for the highest number and sixth spot for highest foreclosure rates for the month of March 2008 as per the March 2008 U.S. Foreclosure Market Report by ForeclosureConnections.com.

An ever expanding Georgia foreclosure list was a reason to be happy for those homebuyers who want to buy a home for cheap. With 11,047 foreclosure homes, Georgia became a happy hunting ground for astute property investors and first time homebuyers.