Colorado and Georgia list highest home foreclosures in April

Anissa Ford's picture

Colorado and Georgia led the nation with the most home foreclosures in April this year.

Colorado had 6,825 foreclosed homes in March. In April that number jumped a full 6.62 percent to 7,277 foreclosure listings.

Georgia listed 3,575 foreclosures in March. In April, there were 3,828, a 7.08% increase.

Georgia, Colorado, New Jersey, Wyoming, Alabama and Alaska were the only states that increased the number of foreclosures from March to April. It has been suggested that the rise in foreclosures are a result of pending foreclosures that were halted while foreclosure paperwork done by foreclosing bands to ensure that all paperwork was correctly and accurately completed. The 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 is processed, more 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 throughout the 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 the previous months, and now shows the increase in listing.

Brighton had the highest percentage of foreclosed homes, followed by Colorado Springs, Arvada and Aurora. Denver saw a decrease in foreclosed homes.

In Georgia, Douglassville had the most foreclosures, and show an increase of 129. 3 percent. Atlanta and Marietta foreclosures were the next highest, followed by Savannah and Lawrenceville.

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.

ForeclosureDataOnline presently lists over two million foreclosed homes in the US. The recent rise in the housing market is attributed to the economic downturn and the foreclosed home purchase process has been a viable option for thousands of new home buyers.

Many foreclosed homes are found online and have been listed on the internet for people to easily find. Local realtors also have foreclosure information and real estate agents should be more than willing to share the information and locate a feasible foreclosed property. Loan processes on home purchases usually only take a few days.

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