Georgia Foreclosure Rates Drop to Record Lows
Georgia foreclosures rates have dropped to record lows as the number of home being taking back by lenders is now at the lowest level in 18 months. This change is a direct result of the foreclosure delays being caused by freezes placed on banks to make sure their paperwork is correct. The number of homes taken back by lenders is now at the fewest since May 2009. Yet, even with the sharp decline in foreclosure filings for the end of the year, the total number of all repossessions in 2010 was the highest since 2005. It was estimated that banks were to foreclosure on a record 1.2 million homes in the United States before the trouble with filing documentation was discovered in late September 2010. The temporary delay in the foreclosure was given to allow banks to check to see if they had employee errors in any of their loan documents.
Carterville foreclosures showed the most impact of this freeze than any other city in Georgia, with enormous decline of -31.7% from November to December 2010. But, this is likely to only be short-lived, as banks are now in the process of adapting new ways to scrutinize their documents better. With the trouble of bank foreclosure documents now being corrected; there are still many factors that will need to be taken into consideration when looking at the foreclosure crisis in its entirety. One of these is the still high unemployment rate, and the ever weak housing market, both of which are causing home values to drop as lenders are tightening up, and making it harder for buyers to qualify for a home. It should also be noted, that most borrowers are at least two months delinquent on their mortgage, and other bills. Many of these homeowners own more on their mortgage than their home is actually worth, which also makes it difficult for them to refinance their way out of their financial troubles. But, as the freeze on foreclosure filings continue, there will continue to be a decline in the number of home repos. Lawrenceville foreclosures were at 
-31.7, Savannah foreclosures were at -19.02% and Decatur foreclosures were at -11.94% during November to December 2010, demonstrating this impact on filings numbers.
However, Duluth foreclosures were at 12.72% and Lithonia foreclosures were at 3.78% from November to December 2010, showing that filings in some areas of Georgia are now beginning to process again. The increase in these cities show how temporary the freeze on foreclosure filings was, experts are expecting that the numbers will continue to increase throughout 2011, as more and more homeowners become at risk of losing their homes. In spite of the problems that lie ahead with Georgia foreclosures, there is good news to report as farmers got word that the state’s special tax study committee will recommend elimination of the tax on energy used for agriculture. This will be a boost to the economy by allowing farmers to remain more of their earnings instead of paying them in state taxes. There is also good news to report about the women in Georgia taking action to prevent health risks. More than 90% of the women in Georgia have been screened for cervical cancer, avoiding early death from cervical cancer that will leave families without a mother, wife, sister, daughter, and friend. When it is caught early enough, the survival rate for pre-cancer of the cervix is close to 100%. Every year, women are diagnosed with this form of cancer and it is unfortunate that 120 women die each year in Georgia from the disease. If you are a woman and you have not been screened, you need to schedule one with your doctor ASAP. It could save your life.
