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Atlanta Foreclosures: Mortgages Delinquency Rates



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By : John Smith    99 or more times read
Mortgage delinquency rates and foreclosure properties continue to be on the increase. According to TransUnion, for the fourth quarter of 2009, Georgia had the fifth highest delinquency rate, with 8 percent of mortgage-holders late on their payments. The national average was just under 7%. Nevada (16%) had the worst, followed by Florida, Arizona and California.

Georgia has recorded an increase in late-payment rates for 12 consecutive quarters. The foreclosure rate for the Atlanta metro region hit 2.8 percent in January 2010, up from 1.6 percent compared to 2009, an increase of roughly 75%.

Meanwhile, the foreclosure rate for the entire state of Georgia was nearly 2.5 percent for the year’s first quarter. This too is up from January 2009, when the rate was under 1.5 percent.

Nationally, the U.S. foreclosure rate in January 2010 was 3.2 percent.

Late-payment rates, classified as those up to 60-days tardy, rose for all of 2009, but the rate of increase had slowed over the first three quarters. Some viewed this as a reason for optimism that the worst was over and a recovery was on the horizon. Surprisingly and unfortunately, the rate rocketed up in the fourth quarter of 2009, as mortgage-holders continue to struggle with job losses and decreased earnings.

Experts said the new data is not all that surprising. The lackluster economy and stagnant unemployment numbers continue to wreak havoc on the housing market. The ripple effect from this continues to impact the broader economy.

Atlanta was one of several regions that experienced a ‘double-dip’ in housing market, when prices again dipped down over the fourth quarter of 2009. This came on the heels of five consecutive months of price increases. The result has been a significant increase in the number of Atlanta foreclosures.

Until the unemployment numbers begin receding, the housing market will remain volatile.
Original Post: Atlanta Foreclosures: Mortgages Delinquency Rates on MostlyForeclosures.com.

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