Atlanta and National Foreclosure Statistics

Posted by Ryan Ward on March 6, 2010 · Leave a Comment 

The fourth quarter of 2009 offered more of the same with homeowners in foreclosure or at least in default with at least a 30+ day late. There are options if you are one of these people so don’t hesitate to call us. We promise to hold your information in the strictest of confidence and will not disclose any personal information. A short sale may be an option and so is a loan modification to help keep you in your home.

National Foreclosure Statistics Q4 2009

According to the Mortgage Bankers Association:

  • 4.58% of homeowners are in foreclosure
  • 10.44% of homeowners are in default of at least 30 days late
  • 15.02% total

Prime loans:

  • 3.31% are in foreclosure
  • 6.73% are in default
  • 10.04% total

Subprime:

  • 15.58% are in foreclosure
  • 25.26% are in default
  • 40.84% total

That means that over 40% of subprime loans are currently are in or are at risk of going into foreclosure!

FHA:

  • 3.57% in foreclosure
  • 13.57% in default
  • 17.14% total

VA:

  • 2.46% in foreclosure
  • 7.41% in default
  • 9.87% total

Atlanta Foreclosure Statistics

Atlanta foreclosure statistics come from First American CoreLogic.

The Atlanta area foreclosure rate in January of 2009 was 2.81% compared with 1.63% in January of 2009.

Foreclosure Rates Tied to Unemployment

There is no question that the increase in unemployment is placing additional strain on homeowners and part of the reason foreclosure and defaults are still on the rise. The unemployment rate in Georgia is higher than the national unemployment rate.

Many people hoped we were at or near the end of the crisis – at least from the default perspective, but, there appears to be 2 more years of foreclosures and short sales coming onto the market and that will keep resale and new construction values depressed.

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