Foreclosure rates drop in GA - WALB.com, South Georgia News, Weather, Sports

Foreclosure rates drop in GA

Royal Baker Royal Baker
Mills Herndon Mills Herndon

THOMASVILLE, GA (WALB) - Home foreclosures dropped significantly last month in Georgia, but the state's foreclosure rate is still sixth in the nation.

New numbers show foreclosures declined nearly 20 percent from August to September.

Business banker Royal Baker says when he first stated working at Commercial Bank two years ago he had three pages full of foreclosures. "Over the last approximately six months we have seen a decline. Like currently we are not advertising for any foreclosures at the moment."

New figures show foreclosure activity slowed by nearly 20 percent last month.

But brokers say it is still an issue for sellers.

"Prices have continued to be flat or even go down in some areas and that is in a large part to the foreclosure market is driving it. Those are driving the prices down and it's still a buyers market," said First Thomasville Realty Owner Mills Herndon.

Herndon says the market is improving, just slowly. "More units have sold this year than last year. We are seeing more activity in the higher prices houses. Not a lot. Not significant, but over the last three years we saw very little activity in the homes that were maybe $300,000 and up."

Baker says he hopes all banks can get all the foreclosures off their hands as they cause a significant financial burden. "Property taxes, you have insurance, you have upkeep costs. You know what a normal homeowner would have to pay."

But Herndon says he and his realtors are staying optimistic. "I think October, November will be slow. People are generally going to wait and see what the outcome of the election is. Regardless I think there are some pluses and minuses to either side."

Baker says the one thing that will turn the market around is jobs.

If people have the income, they can pay their bills, and there will be a smaller supply of foreclosed homes.

Florida's foreclosure rate led the nation in September, followed by California, Illinois, and Arizona.


Copyright 2012 WALB. All rights reserved.

  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Service honors fallen service members at Albany's Field of Crosses

    Service honors fallen service members at Albany's Field of Crosses

    Sunday, May 28 2017 10:19 PM EDT2017-05-29 02:19:11 GMT
    (Source: WALB)(Source: WALB)

    Several dozen people gathered Sunday to remember and honor fallen military service members. It was the annual Field of Crosses Memorial Day Service at the Albany Mall. Speakers talked about the focus of Memorial Day being fallen service members.

    More >>

    Several dozen people gathered Sunday to remember and honor fallen military service members. It was the annual Field of Crosses Memorial Day Service at the Albany Mall. Speakers talked about the focus of Memorial Day being fallen service members.

    More >>
  • "Rabbitman" hosts third annual After School Extravaganza

    "Rabbitman" hosts third annual After School Extravaganza

    Sunday, May 28 2017 10:14 PM EDT2017-05-29 02:14:36 GMT
    (Source: WALB)(Source: WALB)

    A local business rewarded students after another successful school year.  Elijah Williams Jr., owner of Rabbitman Footwear, hosted his After School Extravaganza. It's a chance to celebrate students for their hard work during the school year.

    More >>

    A local business rewarded students after another successful school year.  Elijah Williams Jr., owner of Rabbitman Footwear, hosted his After School Extravaganza. It's a chance to celebrate students for their hard work during the school year.

    More >>
  • WATCH: Airman surprises sister at Mitchell Co. High graduation

    WATCH: Airman surprises sister at Mitchell Co. High graduation

    Sunday, May 28 2017 9:10 PM EDT2017-05-29 01:10:11 GMT
    (Source: Facebook)(Source: Facebook)

    A U.S. Airman pulled off the surprise of a lifetime for his sister this weekend. Jakeria Florence graduated from Mitchell County High School Friday night. Scarlette M Wimberly She did not think her brother, Airman 1st Class Jason Florence, would make it to her graduation. He's been stationed in Alaska for more than two years.

    More >>

    A U.S. Airman pulled off the surprise of a lifetime for his sister this weekend. Jakeria Florence graduated from Mitchell County High School Friday night. Scarlette M Wimberly She did not think her brother, Airman 1st Class Jason Florence, would make it to her graduation. He's been stationed in Alaska for more than two years.

    More >>
Powered by Frankly