Real Estate Pro Articles
   
   

As Mortgage Defaults Rose, Decatur Bank Owned Homes Surged



[Valid RSS feed]  Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265
By : Allana Castro    99 or more times read
As mortgage defaults rose, Decatur bank owned homes surged in April compared to repossession actions in April last year.

Based on data from a housing market research firm, 4.4 percent of all mortgages in Decatur were in default by three months or more in April, a significant increase from 3.2 percent in April last year.

With many of the defaulting mortgages not rescued by homeowners, the number of REO properties listings continued to rise in the area. In April, nearly two percent of homeowners with outstanding home loans in the Decatur area were in foreclosure, up from 1.5 percent one year earlier. The foreclosure rate, however, was lower than the nationwide foreclosure rate in April, which was 3.2 percent.

Like what is happening in most other areas of the country, Decatur bank owned homes are still rising in number because of job losses. The unemployment rate in DeKalb County was still at a seasonally unadjusted rate of 9.8 percent, the same as the seasonally unadjusted jobless rate statewide.

In April, the number of distressed units that became bank owned homes in Georgia was still high at 4,770, although it marked a decrease of 10.9 percent from the 5,351 homes purchased back by lenders in March. In the first four months of this year, there were 18,377 housing units that got repossessed by banks.

The pace of foreclosure activity in April in Georgia was a sharp reversal of that in April. While March foreclosure actions represented a jump of 46 percent from the previous month and 33 percent from one year earlier, April foreclosure actions represented a sharp drop of 22 percent from the previous month.

Efforts of the state and local governments, in partnership with the federal Home Affordable Modification Program, may have made a dent. In the latest Treasury report, there were 36,467 trial and active modifications in April in Georgia.

The Atlanta metro area, which includes Decatur, also posted a significant number of trial and active modifications in April. Nevertheless, the number of Decatur bank owned homes in April still rose.
Original Post: As Mortgage Defaults Rose, Decatur Bank Owned Homes Surged on BankOwnedHome.net.

Related Articles



Actions
Print This Article
Add To Favorites



Sponsors

 

 

© All rights reserved to Real Estate Pro Articles