From the Atlanta Journal Constitution –
Foreclosure actions for metro Atlanta hit an all-time high this month, with 6,809 properties in 13 counties threatened with public auction in November.
The October statistics, released Monday by Alpharetta-based Equity Depot, represent a 38 percent increase over September and a 49 percent jump when compared with October 2006.
"This is the largest swing we have ever seen from month to month," said Barry Bramlett, an Equity Depot vice president.
The total estimated value of properties entering foreclosure in metro Atlanta was $1,076,975,783.
On the other hand, foreclosure statistics are not always correct –
A California company recently reported Georgia foreclosures had jumped by an alarming 75 percent from June to July, branding the state with the nation’s second-highest foreclosure rate.
But there was one problem: The numbers were wrong.
RealtyTrac, one of the nation’s leading sources of foreclosure statistics, reported 12,602 July foreclosure actions for Georgia. But that total counted more than 2,000 properties twice, and sometimes more, The Atlanta Journal-Constitution found in a review of the data.
There is little dispute that Georgia faces a foreclosure crisis, but the company’s July report overstated the magnitude of the problem. After a preliminary investigation, the company said Friday that its data show foreclosure filings in July actually rose by 14 percent —- not by 75 percent.
A RealtyTrac executive acknowledged the mistake in an interview Friday.
"What we’re doing isn’t perfect," said Rick Sharga, the company’s vice president of marketing.
"It’s the best we can do, and we keep trying to get better."