Georiga Tops Nation with Highest Foreclosure Rate for Third Straight Month

Posted in Foreclosure, August 31st, 2006 |

New statistics show that Georgia currently ranks highest among states in foreclosure rates to date in 2006.

Georgia has had the highest number of new foreclosures in the months of April and May, and now June as well. In terms of active foreclosures, Georgia ranked second in June.

The new report, issued as a six month report, also shows new foreclosures in the United States rose from 23,982 in January to 26,972 in March, and have remained at a high level, ending the first half of the year with 27,064 new foreclosures in May and 26,802 in June.

Despite these figures, the national inventory of foreclosed homes has remained at relatively the same level, and even saw a slight decline in June. This is a result of the high demand for foreclosed homes and their purchase around the country, which has kept inventory levels stable as they are bought up.

Many feel that a slow real estate market has created an interest and demand for foreclosure homes. Foreclosures