The Atlanta Journal reports that Georgia’s rate of foreclosures remains among the highest in the nation.
Statewide, 12,356 properties had foreclosure filings — including default notices, scheduled auctions and bank repossessions — in February, RealtyTrac reported Thursday. That’s one in every 331 homes, compared with one in every 637 nationally.
Filings in February fell 0.89 percent from the previous month and marked a 3.52 percent drop from a year ago, according to the California-based firm, an online marketplace for foreclosure properties … Atlanta ranked among metro areas with the highest foreclosure rates last month with one in every 244 homes having a filing.
Statistics maintained by the Bankruptcy Clerk’s Office reveal that bankruptcy filings are also up significantly from January to February 2012. In January 2012, there were 1,772 Chapter 7 cases and 1,283 Chapter 13 cases filed in the Northern District. In February, the numbers rose to 2,437 Chapter 7 cases and 1,705 Chapter 13 cases. The increase may be attributed to the end of the voluntary moratorium of some of the larger lenders in late 2011. These numbers are still slightly lower than filings in January and February 2011. Overall, since 2010, filings are above the benchmark level in 2005, when thousands rushed to file before the effective date of the BAPCPA.
Scott Riddle’s practice focuses on bankruptcy and litigation. Scott has represented Chapter 7 and 11 debtors, creditors, trustees and other interested parties in bankruptcy cases and bankruptcy litigation. For more information, click here.