Because of two years of recession and a collapsed real estate market, foreclosures in Northeast Georgia are continuing at a fast pace.
For the first nine months of 2010, foreclosures in Barrow, Jackson, Madison and Banks counties are running ahead of 2009 at the same point.
In Jackson County, foreclosures are up 10 percent year-to-date at 1,162, up 109 over 1,053 at the same point last year.
In Barrow County, foreclosures are up 11 percent at 1,769 YTD.
Banks County has seen 223 so far in 2010, up 16 percent, while Madison County has had 337 for the first nine months, up 19 percent from 2009.
Foreclosures up 10 percent in NEGA over last year
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#1
Grim reaper
on
08/27/10 at 03:18 PM
[Reply]
Wait till the commercial foreclosures start coming home to roost with our local banks. And our local governments on up to the Regime want more taxes. When will we the people say enough and take control of our money from these statists?
#2
Taxed to poverty now
on
09/04/10 at 10:55 AM
[Reply]
Sounds like a major tax increase is coming, we know those buffoons in county and city government can't cut a budget even if someone held a gun to their heads and forced them. Crap, all the cans on the highway have all been picked up - I'm not on welfare, I'm white. I can't get food stamps, I'm white. No free medical, lost my home (actually I didn't lose it, I know exactly where it is, I just can't live in it any longer), wages levied, what's a pauper to do? Ahhh, me csange my name to Hermasito Lopez I do ok now. Now where is that welfare office again??
#3
Larry Cagle
on
09/10/10 at 10:00 AM
[Reply]
The rise in foreclosures is also added to by the loan assurance program of the FDIC for the banks that failed and were taken over by other banks. This program provides these new banks an 80% loss assurance on all loans that go bad. So if you are behind on your payments they can foreclose and FDIC will pay the new bank 80% of the loss. Most properties have declinned in value by 30-40% already because of the current market conditions, so this 80% guaranty gives the bank an incentive to foreclose since these properties are worth about 30% of what they were when the loan was made.
