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Metro Atlanta foreclosure rate 16th highest in nation | News

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Metro Atlanta foreclosure rate 16th highest in nation
News, Real Estate
Metro Atlanta foreclosure rate 16th highest in nation

ATLANTA -- Metro Atlanta's foreclosure rate slowed by the middle of 2011, but remains among the metros with the highest rates.

Atlanta had 44,1560 foreclosure filings from January through June, down about 16 percent from the first half of 2010. This gave Atlanta the 16th highest rate of foreclosures, according to RealtyTrac, which publishes the largest list of foreclosures in the country.

The company defines a foreclosure as default notices, scheduled auctions and bank repossessions. 

"Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used," RealtyTrac CEO James J. Saccacio said in a statement. " The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes -- New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts, and Illinois. These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings, and sometimes by both."

RealtyTrac reported foreclosure activity decreased in 178 out of the nation's 211 major metros in the first half of 2011. 

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