Foreclosures dip in first quarter

Foreclosures dip in first quarter

April 12th, 2012 by Staff Report in Business Around the Region

Foreclosure filings in the first quarter fell nearly 9 percent in Georgia and 21 percent in Tennessee, according to RealtyTrac's compilation of default notices, scheduled auctions and bank repossessions.

But RealtyTrac CEO Brandon Moore said bank moratoriums and lawsuits blocking foreclosures artificially depressed filings this winter. "The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared," Moore said.

Georgia had the fourth- highest foreclosure rate with one of every 119 homes entering foreclosure this winter. Tennessee's foreclosure rate was only one-third of Georgia's rate, however.