First quarter 2014 foreclosures drop in Bartow County
by Jason Lowrey
May 16, 2014 | 1454 views | 0 0 comments | 24 24 recommendations | email to a friend | print
Bartow County foreclosures during the first quarter of 2014 have dropped approximately 45.43 percent from the year before.

According to data provided by the firm RealtyTrac, which follows the foreclosure market nationwide, Bartow County saw 179 foreclosures for the period from January to April. In 2013, the county saw 328 foreclosures during the same time frame.

However, the first quarter numbers were up from the fourth quarter of 2013, by 12.58 percent. The 2013 fourth quarter saw 159 foreclosures.

The 2014 RealtyTrac numbers highlight a trend of shrinking foreclosures in the years following the recession. Though numbers for 2012 were not available at a county level, local real estate investors Bill and Kim Cook were able to provide foreclosure results for 2009, 2010 and most of 2011. The Cooks did not track the numbers for October, November and December 2011.

During the first quarter of 2009, Bartow County saw 1,051 foreclosed properties advertised, move to a sale at the courthouse steps, sold or became real estate-owned properties, according to the Cooks’ numbers. The next year, 2010, the first quarter saw 1,447 properties foreclosed upon, which includes those that went through the short sale process. During 2011, the numbers increased slightly to 1,452 foreclosed properties, including short sales.

Numbers statewide also point to a declining trend in foreclosures. During the first quarter of 2012, Georgia saw approximately 34,212 foreclosures. Foreclosures for the next year, 2013, fell to 20,291. By the first quarter of 2014, Georgia saw 11,751 foreclosures.

Although foreclosure numbers have fallen across the state and the nation, according to RealtyTrac, there was a 4 percent rise in bank repossessions in April. However, the increase was still down 14 percent from April 2013.

Statewide, Georgia’s foreclosures in April inched up by 1.99 percent from March to 3,903. Compared to April 2013, the amount was a 34.5 percent decrease.

“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants left over from the recent housing crisis,” said RealtyTrac Vice President Daren Blomquist in a press release. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months. Investors and other buyers willing to do more extensive rehab will likely be best-suited for these incoming REOs.”