Georgia Bank Foreclosure Rates: the Highest in the Nation
January 14th, 2007 by 
Joseph Smith
The statistics are in. A US Foreclosure In November 2006, there was 1 foreclosure filed in every 439 households or about 7,056 properties. This placed Georgia at the third spot, behind Colorado and Nevada.
In December of the same year, Georgia experienced increased foreclosure activity which somehow stabilized the state’s housing climate. The dip in the rising interest rates contributed to the increased activity.
But this January 2007, the foreclosure rate in Georgia increased by 27%, or a report of 7,342 real properties entering foreclosure, presently making it the state with the highest foreclosure rate in the nation.
Experts still blame the rising mortgage interest rates for the increase in homes being foreclosed. Many borrowers defaulted on their payments due to the huge hike in the interest rates. Owners who borrowed at an adjustable rate mortgage interest rate of 7% will now be paying up to 12% interest.
Depending on the state, a foreclosure process usually takes 3 to 6 months. Some real estate investors prefer purchasing pre-foreclosure properties being offered by owners. These properties will be usually sold at very, very low prices since the owner would want to recover some of the money he already paid the lender.
Georgia bank foreclosure properties are currently in abundance. The fast appreciation of brand new home prices is driving the investors to the foreclosure market. This is a great opportunity for people who want to move in to this state. Real estate investors should also consider taking advantage of the may Georgia bank foreclosure properties being sold.
Whether you are buying for investment or personal use, you can have exclusive access to the best Georgia bank foreclosure properties through foreclosure listings. Foreclosure Deals has one of the most complete and updated foreclosure listings in the industry.
