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Georgia Property Tax Appeals – Foreclosure Filings

 
Now that attorneys general in all 50 states have come to agreement with the major banks on how foreclosures must be handled, the banks now have a clear road map on how to speed up processing and put many new homeowners into the foreclosure process. Foreclosure cases can now move forward after sitting in limbo while delinquent homeowners sat in the properties. Foreclosures dropped in January, but 21 states posted increased foreclosure filings in February. This is the beginning of an increase in foreclosure filings that will peak over the coming months.

Nevada currently has the highest rate of foreclosure filings with one of every 278 households receiving a foreclosure filing. Second on the list is California with one of every 283 households receiving a foreclosure filing. Arizona is third with one in every 312 households receiving. Georgia comes in fourth with one in every 331 households receiving a foreclosure filing.

Repossessions, which is the final stage of foreclosure, were down 4% from January, nationally. However, repossessions were up 76% in Georgia. As the banks work through their backlog of delinquent mortgages the number of distressed properties coming onto the market in Georgia should increase this year. As a result I do not think that this will be the year for price recovery to begin, at least in the Atlanta Metro area.

If you need help with your 2012 Georgia property tax appeals contact your Atlanta-based property tax consultants at Fair Assessments LLC.

 

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