Coweta foreclosure total slightly up in October

There are 165 foreclosure related advertisements in today’s legal section of The Newnan Times-Herald.
While the majority of the 165 ads is related to foreclosure on single-family homes, there are a few commercial businesses, commercial tracts and one industrial building listed.
The total is up slightly from the past two months, but down significantly from June’s 224, the highest of the year. The monthly foreclosure totals have been between 160 and 170 six of the 10 months in 2012.
Nationally, foreclosure numbers have steadily decreased and there are signs of a slow recovery in housing, according to Core Logic.
According to Core Logic’s National Foreclosure Report for August, there were 57,000 completed foreclosures nationally in August. That’s down from 58,000 in July, and down from 75,000 in August of 2011. Completed foreclosures are an indication of the total number of homes actually lost to foreclosure.
There were approximately 1.3 million homes – 3.2 percent of all homes – in the national foreclosure inventory in August 2012. That’s down slightly from last year, when there were 1.4 million in August. There was no change between July and August. “The foreclosure inventory is the share of all mortgaged homes in any state of the foreclosure process, according to Anand Nallathambi, president and CEO of Core Logic.

“The continuing downward trend in foreclosures and a gradual clearing of the ‘shadow inventory’ are important signals that the recovery in housing is gaining traction,” Nallathambi said. “The reduction in foreclosure volumes is to some degree being facilitated by the rising popularity of alternative resolution methods, such as short sales and loan modifications.”

“August marks the fourth month in a row there were fewer completed foreclosures, which is more evidence that the housing industry is finding its footing,” said Mark Fleming, chief economist for Core Logic. “While we are seeing improvement on a national level, there remain high concentrations of foreclosures in some areas with five states accounting for nearly half of all completed foreclosures nationwide during the last year.”

Georgia is one of those five states, with 55,000 completed foreclosures during the 12 months ending in August 2012. The other four states were California, with 110,000 foreclosures; Florida with 92,000; Michigan with 62,000; and Texas with 58,000. The five states account for 48.1 percent of all completed foreclosures, nationally.

According to Realty Trac, one in every 346 housing units in Coweta received a foreclosure filing in August. Statewide, the ratio was one in every 431 housing units.
 Foreclosure numbers over the last year in Coweta County
• Oct. 2011 - 154 (down from 237 in 2010, or -35 percent)
• Nov. 2011 - 242 (down from 307 in 2010, or -21 percent)
• Dec. 2011 - 155 (down from 199 in 2010, or -22 percent)
• Jan. 2012 - 199 (down from 217 in 2011, or -8.3 percent)
• Feb. 2012 - 165 (down from 227 in 2011, or -27 percent).
• March 2012 - 164 (down from 235 in 2011, or -30 percent)
• April 2012 - 162 (up from 159 in 2011, or 1.8 percent)
• May 2012 - 214 (up from 183 in 2011, or 16.9 percent)
• June 2012 - 185 (up from 166 in 2011, or 10 percent)
• July 2012 - 224 (up from 153 in 2011, or 46 percent)
• Aug. 2012 - 160 (down from 211 in 2011, or 32 percent)
• Sept. 2012 - 163 (up from 120 in 2011, or 35 percent)
• Oct. 2012 - 165 (up from 154 in 2011, or 7 percent)
– Source: The Newnan Times-Herald legal advertising department

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