*Georgia has the highest rate of bank closings in the nation, due to the housing crisis, so it stands to reason that it would have one of the highest foreclosure rates, yet the numbers are off by a mile...hummm, me thinks the government is involved?
When the most frequently quoted source of foreclosure information released its April statistics, it estimated that 3,746 properties in metro Atlanta’s five core counties had been slapped with foreclosure sale notices.
But a review of local legal advertisements – the only official source of Georgia foreclosure information – suggested a decidedly different number for April, with 7,462 properties slated for auction on the courthouse steps.
What’s the right number? That’s a surprisingly difficult question to answer.
At a time when an explosion in the number of distressed mortgage loans has emerged as the most pressing economic issue in decades, there is no official government source for foreclosure statistics.
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RealtyTrac has faced questions for months about the reliability of its numbers.
An AJC review of the company’s data in 2007 prompted RealtyTrac to admit serious inaccuracies in Georgia. The company reported a 75 percent increase in foreclosures from June 2007 to July 2007, but later admitted errors and said the filings actually increased by 14 percent.
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Some economists believe it’s time for the federal government to produce its own foreclosure statistics. And experts say many are kicking around ways to make that happen. more...
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