Business Briefs: Georgia has top foreclosure rate

Georgia has top foreclosure rate

Georgia had the highest foreclosure rate of any state during the second quarter, according to a study released today by RealtyTrac Inc.

The online real estate reporting service said that 43.4 percent of all homes sold in Georgia this spring were in foreclosure. The abundance of such homes depressed the average selling price of the 14,724 foreclosed houses sold in Georgia during the quarter to only $104,561, or 38.5 percent less than the U.S. average.

In Tennessee during the second quarter, only 12.3 percent of the homes sold were in foreclosure.

The average home in foreclosure sold for 32 percent less than homes not in foreclosure, RealtyTrac said.

Roundabout planned for Hamilton Place mall

Hamilton Place mall soon will have a roundabout to improve traffic flow near the Gunbarrel Road entrance.

"The new roundabout will facilitate a smoother flow of traffic into and around the mall" said Dan Wolfe, general manager for Hamilton Place.

Once complete, the roundabout will function much more efficiently than the current three-way stop and alleviate back-ups that can occur during peak times, officials said.

The intersection will remain open throughout the construction, and the project is expected to be completed in October. The mall plans to employ off-duty police officers to direct traffic during peak times.