Wednesday, May 25, 2011

Colorado and Georgia Lead Highest U.S. Foreclosure Listings Increase

/PRNewswire/ -- ForeclosureDataOnline.com reports that Colorado and Georgia had the highest increase in foreclosure listings, considered the most in the United States from April to May of 2011, reflecting more accurate statistics and reasons challenging the overall appearance of a downward trend over the previous year.

Colorado foreclosed homes were 6,825 in March and 7,277 listings in April, a 6.62% increase.

Georgia had a bit more at 3,575 foreclosure listings in March and 3,828 listings in April, a 7.08% increase.

Only Georgia, Colorado, New Jersey, Wyoming, Alabama, and Alaska had increases from March to April 2011. Experts suggest that the slight rise in the preceding month has to do with the continuous flow of foreclosures that have been stuck in limbo while courts and lenders wade through the many filings to ensure that all paperwork was correctly and accurately completed. Last year's scrutiny of so-called "robo-signing" of documents by inexperienced personnel hired to help process the many loans in default or in modification, temporarily slowed the process.

As more foreclosure paperwork continues to be processed, more of these homes will appear on the market. In Colorado, the consensus is that the tourism industry has been affected by the lack of spendable income and that has affected jobs in the mountain state. In Georgia, jobs were added in several industry sectors for the second straight month. Yet data reveals a slight relief of the immense backlog of foreclosure listings that have been held up for months by the tight scrutiny of the foreclosure processes that have slowed the process in previous months, and now shows the increase in listings.

Completing the information, ForeclosureDataOnline.com also calculated the percentage of Colorado and Georgia foreclosed homes of the top cities of these states:

COLORADO
Denver: -1.0%
Aurora: +5.4%
Arvada: +7.0%
Colorado Springs: +7.7%
Brighton: +10.4%

GEORGIA
Atlanta: +28.9%
Lawrenceville: +5.4%
Marietta: +23.6%
Douglasville: +129.3%
Savannah: -5.6%

High unemployment, a soft real estate market, and underwater borrowers--all key factors that create foreclosures--are contributing to the long duration of the housing and financial crisis.

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