Georgia leads in foreclosures - WALB.com, South Georgia News, Weather, Sports

Georgia leads in foreclosures

December 27, 2007

Albany - - The national housing slump continues and Georgia is one of the hardest hit states.

Georgia had the third highest number of home foreclosures last month behind only California and Michigan, states with much higher populations.

Atlanta, St. Louis, and Detroit are among the cities with the most foreclosures. 

Housing research firm, Realty-trac says in November 2006, there were more than 120,000 foreclosure filings nationwide. But this November, the number sky-rocketed to 200,000.

The government is trying to help. The Federal Housing Administration is refinancing loans for tens of thousands of homeowners at risk of foreclosure due to climbing rates.

President Bush also has a plan to freeze interest rates up to five years for some sub-prime borrowers.

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