Monday, July 18, 2011

Summer Sees More Foreclosures for Carroll County

June brought escalating foreclosure rates in Carroll County, tracking one in every 246 homes experiencing some stage of the foreclosure process. That means there were more empty properties than were filed in May.

According to recent statistical data released by California-based RealtyTrac, June’s 199 foreclosed properties rose from 148 in April and May’s 175 new foreclosures.

Villa Rica ranked with the highest amount of foreclosures in the county, reporting one in every 115 homes in foreclosure, while Bowdon had one in every 542 homes filing foreclosure. Of the 199 Carroll County foreclosures, 85 were in Villa Rica, 71 were in Carrollton, 30 in Temple, eight in Bowdon and five in Whitesburg.

But there’s some positive news in comparison to the last half of 2010. Since December, average monthly foreclosures have dropped by 41 foreclosures a month, averaging a monthly 202.6 foreclosures in 2011. However, evident volatility still exists when analyzing the county’s bouncing numbers. So far, it is too early to tell whether the escalating figures will be long-term.

“The trend has actually been in the downward direction, and some of that is because of the reduction in the tendency for these banks to seek foreclosures because of what happened around December,” said economist Joey Smith, a University of West Georgia professor, in regards to an investigation made by the Justice Department.

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