In November 2011, 473 properties were listed for auction. This month’s numbers show a 44 percent decline over the same month last year.
Legal notices must be published for four consecutive Fridays before a property can be sold at auction. Not all properties advertised end up at auction.
The auction is on the first Tuesday of each month on the steps of the Cherokee County Courthouse in Canton. The next auction is scheduled for Dec. 4.
Dennis Burnette, president and CEO of Cherokee Bank, said the county’s slowing foreclosure rate reflects statewide trends.
“I don’t see foreclosures going away in 2013, but I do think we’ll see the trend continue,” he said.
In Georgia, 28,783 properties had foreclosure filings in October. That figure is up 3 percent when compared to September’s filings, but down 19 percent when compared to October 2011, according to RealtyTrac.
Nationally, 186,455 properties had foreclosure filings last month.
Georgia ranked sixth in foreclosures in October, behind Florida, Nevada, Illinois, California and Arizona.
According to RealtyTrac, one in every 439 properties in Georgia had a foreclosure filing.
Every metro Atlanta county has seen a drop in foreclosure filings this year since 2010, according to the Atlanta Regional Commission.
Burnette noted that problems in the housing market are linked with unemployment and underemployment.
“When we see high levels of unemployment, we have a lot of problems with people paying their obligations,” he said.
So far this year, 3,503 properties have been listed for auction in Cherokee County. At this point last year, 4,088 properties had been listed.