This is a good news bad news story about Georgia foreclosures. For years Georgia either lead the nation in foreclosures or was in the top tier of states with new Georgia foreclosure filings. It was not unusual to be in the top 1 or top 5 or 6 states for new foreclosures filings. The good news if you can believe it is now Georgia is # 9 in the USA for foreclosures! So why so many foreclosures in GA? The reason is that the state of Georgia has an expedited method for dealing with foreclosures. It is meant to avoid a lot of legal appeals in the courts and get the property back in the hands of the lender ASAP. It is called "Non-judicial foreclosure!" The bad news is that in spite of the record foreclosures of previous years month after month, it has just been reported by Realty Trac in their August 2009 U.S. Foreclosure Market Report that there were 11,947 new foreclosure filings in August for the state of GA. These are new default notices, that are scheduled auctions and bank repossessions. This is 36% increase in the number of foreclosures. If we are number 9, I would hate to see the first 8 states with foreclosures.
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