Foreclosure Filings in the Atlanta Region

Transcription

1 Foreclosure Filings in the Atlanta Region Atlanta Regional Commission Regional Snapshot: October 2013 For more information contact:

2 25 Largest Metros: Percent of Seriously Delinquent Mortgages, March % 20.0% 15.0% Of the 25 largest metro areas, metro Atlanta still has a relatively high rate of mortgages that are considered to be seriously delinquent those that are at least 90 days overdue. Overall, however, metro Atlanta ranks 38th out of 100 metros on this measure. 10.0% 5.0% 0.0%

3 25 Largest Metros: Change in Seriously Delinquent Rate, December March % 2.0% 1.0% While metro Atlanta has a relatively high rate of seriously delinquent mortgages when compared to other large metros, metro Atlanta also has among the highest rates of DECLINE in seriously delinquencies since December As you can see, the serious delinquency rate in metro Atlanta has declined 2.5 percentage points since December 2010, the 7 th best rate of change among the top 25 metros. 0.0% -1.0% -2.0% -3.0% -4.0% -5.0%

4 Map: Percent of Seriously Delinquent Mortgages for All Metro Areas, March 2013 Metro Atlanta When compared to ALL metros in the nation, metro Atlanta falls in the middle range of serious delinquent rates. As the map below shows, the housing markets in several metro areas in Florida still are struggling with high delinquency rates and high foreclosure rates. But to foreclose in Florida requires court action, which could take a couple of years. In Georgia a bank can foreclose on a property without legal action, which speeds up the entire process.

5 20-County Region: Foreclosure Filings, Current 18,000 16,000 Looking more locally at the 20-county area, the number of foreclosure filings has dropped steadily since ,000 12,000 10,000 8,000 6,000 4,000 2,000 0

6 Jan-00 Jun-00 Nov-00 Apr-01 Sep-01 Feb-02 Jul-02 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07 Jul-07 Dec-07 May-08 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May County Region: Foreclosure Filings, Current 14,000 12,000 10,000 8,000 In looking back even further back to 2000 we see that with the recent declines, foreclosure filings are back to pre-recession levels. But they are still higher than they were in the early 2000s. Please note that these are for the 10-county region, as we don t have the data going back to 2000 for all 20 counties. 6,000 4,000 2,000 0

7 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Building Permits and Foreclosure Filings: 10-County Region, Current 14,000 12,000 Here we can see the effect a high number of foreclosure filings can have on homebuilding. When foreclosure filings are high (left-axis, orange bars), building permits suffer (right-axis, green line). 7,000 6,000 10,000 5,000 8,000 4,000 6,000 3,000 4,000 2,000 2,000 1,

8 20-County Region: Declining Foreclosure Filings, Change from 2010 to 2011 Change from 2011 to 2012 Although the housing market decline began along with the Great Recession in 2007, foreclosure filings kept increasing every year through Since then, however, every county in the region has seen dramatic declines in the number of foreclosure filings. Walton Spalding Rockdale Paulding Newton Henry Hall Gwinnett Fulton Forsyth Fayette Douglas DeKalb Coweta Cobb Clayton Cherokee Carroll Bartow Barrow -10,000-9,000-8,000-7,000-6,000-5,000-4,000-3,000-2,000-1,000 0

9 Foreclosure Filings by County, 2010-Current (through September) 25,000 20,000 15,000 As the chart shows, foreclosure filings have continued their precipitous decline in Note that these data compare filings through September of each year. 10,000 5,

10 Foreclosure Filings (per sq. mile), 2007 In 2007, foreclosure filings were mostly contained within the region s core

11 Foreclosure Filings (per sq. mile), 2008 By 2008, foreclosure filings began moving further out

12 Foreclosure Filings (per sq. mile), 2009 By 2009, significant foreclosure filing hot spots arose in Gwinnett and Cobb

13 Foreclosure Filings (per sq. mile), 2010 By 2010, Gwinnett County, as a whole, led the region in foreclosure filings

14 Foreclosure Filings (per sq. mile), 2011 By 2011, foreclosure filing hot spots began to recede slightly

15 Foreclosure Filings (per sq. mile), 2012 And, finally in 2012, foreclosure filing hot spots are dissipating, but some areas, like those in Gwinnett, DeKalb and Atlanta, have remained hot throughout

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17 Map: Foreclosure Filings Comparison, 2013 to 2012 This map looks at small-area foreclosure trends. It annualizes the 2013 data to allows comparisons to 2012 (since we don t have all of 2013 data yet). The areas in blue represent greatest declines in the region. These areas are well below 2012 levels AND are below the regional median for The light blue areas represent declines from 2012, but are slightly above the 2013 average. The pinks and reds which there are very little of are areas where foreclosures are on par with or exceeding last year s levels in other words, these areas aren t improving like the blue areas. Fortunately, the pink and red areas are few and relatively scattered throughout the region, with no one area having a heavy concentration.