Mortgage Delinquency and Foreclosure Trends Georgia Third Quarter 2010 This report for Georgia is part of the Mortgage Delinquency and Foreclosure Trends series, released quarterly, which provides information on mortgage market conditions in the six states that compose the Sixth Federal Reserve District: Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee. The report provides three indicators to track mortgage delinquencies and foreclosures in Georgia: 1. delinquency and foreclosure trends for the entire state beginning in September 2007 through the most recent quarter; 2. a comparison across district states of all past due accounts beginning in September 2007 through the most recent quarter; and 3. maps of delinquency and foreclosure rates by county as of the most recent quarter. About the data: The information in this report comes from Federal Reserve Bank of Atlanta staff calculations based on data provided by Lender Processing Services Inc. (LPS) Applied Analytics (formerly referred to as the McDash Analytics data set). It covers approximately 67 percent of active residential mortgages in the United States, including agency, nonagency, and portfolio products. Generally, participating LPS providers service both prime/near prime (including Alt A) and subprime loans, but the data set under represents subprime loans. The LPS data set is compiled from mortgage servicing firms that collect mortgage payments for investors and lenders and that handle the associated REO. By September 2010, each of the top twelve servicers, including Bank of America/Countrywide and Wells Fargo, provided data to LPS. The data set does not include loans from smaller servicers, which service a larger share of the prime market. Therefore, it is suggested that the credit quality of the average loan in the LPS data set is probably lower than that of a randomly sampled U.S. mortgage.* For more information about foreclosure prevention and response and real estate conditions, visit the Atlanta Fed s Foreclosure Resource Center at frbatlanta.org/commdev/frc/ and the Atlanta Fed s Center for Real Estate Analytics at frbatlanta.org/realestateanalytics/. * L. Cordell, M. Watson, and J. Thomson (2008). McDash Data Warehouse Seminar. The views expressed in this report are not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System. For more information, contact Karen Leone de Nie, Community and Economic Development Research Manager, at 404.498.7237 or Hkaren.leonedenie@atl.frb.orgH. Federal Reserve Bank of Atlanta Community and Economic Development 1000 Peachtree Street NE Atlanta, GA 30309 4470 frbatlanta.org/commdev/
1. Delinquency and Foreclosure Trends in the State More than 14 percent of all first liens in the data set were in some degree of distress. 1a: Georgia, All First Liens 7% 6% 5% 4% 3% 2% 1% 30 DAYS 60 DAYS 90+ DAYS FC Note: All first liens (prime, near prime, and subprime mortgages) that were delinquent (30 days, 60 days, or 90+ days) or in foreclosure September 2007 September 2010. Nearly 13 percent of prime first liens in the data set were in some degree of distress. 1b: Georgia, First Liens, Prime Only 7% 6% 5% 4% 3% 2% 1% 30 DAYS 60 DAYS 90+ DAYS FC Note: Only prime first liens that were delinquent (30 days, 60 days, or 90+ days) or in foreclosure September 2007 September 2010. Federal Reserve Bank of Atlanta 2 Third Quarter 2010
More than 54 percent of subprime first liens in the data set were in some degree of distress. 1c: Georgia, First Liens, Subprime Only 35% 3 25% 2 15% 1 5% 30 DAYS 60 DAYS 90+ DAYS FC Note: Only subprime first liens that were delinquent (30 days, 60 days, or 90+ days) or in foreclosure September 2007 September 2010. 2. Comparison of Past Due Trends in the District by State 2a: Southeast Comparison of Past Due, All First Liens 25% 2 15% 1 5% DISTRICT 6 AL FL GA LA MS TN US Note: All first liens (prime, near prime, and subprime mortgages) that were past due September 2007 September 2010. Federal Reserve Bank of Atlanta 3 Third Quarter 2010
2b: Southeast Comparison of Past Due, Prime First Liens 25% 2 15% 1 5% DISTRICT 6 AL FL GA LA MS TN US Note: Only prime first liens that were past due September 2007 September 2010. 2c: Southeast Comparison of Past Due, Subprime First Liens 8 7 6 5 4 3 2 1 DISTRICT 6 AL FL GA LA MS TN US Note: Only subprime first liens that were past due September 2007 September 2010. Federal Reserve Bank of Atlanta 4 Third Quarter 2010
3. Delinquency and Foreclosure Rates by County, September 2010 3a: Georgia, All First Liens, 30 Days Delinquent, September 2010 Note: All first liens (prime, near prime, and subprime mortgages) that were 30 days delinquent as of September 2010. 3b: Georgia, All First Liens, 60 Days Delinquent, September 2010 Note: All first liens (prime, near prime, and subprime mortgages) that were 60 days delinquent as of September 2010. Federal Reserve Bank of Atlanta 5 Third Quarter 2010
3c: Georgia, All First Liens, 90+ Days Delinquent, September 2010 Note: All first liens (prime, near prime, and subprime mortgages) that were 90+ days delinquent as of September 2010. 3d: Georgia, All First Liens, in Foreclosure, September 2010 Note: All first liens (prime, near prime, and subprime mortgages) that were in foreclosure as of September 2010. Federal Reserve Bank of Atlanta 6 Third Quarter 2010
Appendix Delinquency and Foreclosure Rates for All Liens by County, September 2010 County 30 Days 60 Days 90+ Days Foreclosure Appling 6.60 1.32 3.96 0.79 Atkinson N/A N/A N/A N/A Bacon 5.11 2.55 2.98 1.70 Baker N/A N/A N/A N/A Baldwin 4.94 2.21 5.12 1.94 Banks 6.30 2.10 4.75 2.65 Barrow 5.99 2.30 5.84 3.51 Bartow 5.40 2.49 5.27 2.71 Ben Hill 6.79 2.79 5.23 1.74 Berrien 4.59 1.81 3.02 1.69 Bibb 5.71 2.05 5.47 2.24 Bleckley 5.92 0.82 2.45 1.22 Brantley 4.74 1.66 4.98 0.71 Brooks 4.16 2.77 6.00 0.92 Bryan 3.55 1.50 2.89 1.34 Bulloch 3.75 1.68 3.78 1.18 Burke 6.24 1.97 5.42 2.13 Butts 6.17 2.59 5.79 3.24 Calhoun N/A N/A N/A N/A Camden 4.34 1.70 4.16 2.83 Candler 5.39 2.02 4.71 2.36 Carroll 6.56 2.66 6.11 3.24 Catoosa 4.78 1.85 4.50 1.56 Charlton 6.98 4.98 4.65 2.33 Chatham 4.01 1.74 3.82 1.75 Chattahoochee N/A N/A N/A N/A Chattooga 6.88 2.83 5.83 2.11 Cherokee 3.72 1.65 3.75 2.00 Clarke 3.15 1.22 2.62 1.41 Clay N/A N/A N/A N/A Clayton 7.73 3.42 10.62 4.92 Clinch N/A N/A N/A N/A Cobb 3.48 1.54 4.10 2.15 Coffee 6.63 1.63 6.83 2.34 Colquitt 5.76 1.44 3.84 1.78 Columbia 3.07 1.27 1.95 0.88 Cook 5.83 2.52 7.40 2.36 Coweta 4.26 1.71 3.73 1.87 Crawford 8.19 0.86 5.17 3.02 Crisp 8.03 1.61 6.43 0.80 Dade 5.19 1.77 4.72 2.24 Dawson 4.11 2.23 4.18 2.26 Decatur 6.35 2.41 6.60 1.52 DeKalb 5.17 2.35 6.86 3.31 Dodge 6.43 2.41 2.01 1.41 Dooly 5.91 2.36 5.12 0.39 Federal Reserve Bank of Atlanta 7 Third Quarter 2010
County 30 Days 60 Days 90+ Days Foreclosure Dougherty 5.35 2.10 4.38 1.76 Douglas 6.00 3.01 8.11 3.78 Early 5.28 0.00 3.25 2.03 Echols N/A N/A N/A N/A Effingham 4.98 2.37 3.97 1.99 Elbert 5.99 3.50 6.24 1.37 Emanuel 7.11 1.78 5.04 2.07 Evans 5.37 2.39 4.18 1.79 Fannin 2.42 0.81 1.83 2.13 Fayette 2.95 1.22 3.19 1.89 Floyd 5.29 2.04 4.28 1.85 Forsyth 2.76 1.21 2.82 1.61 Franklin 4.12 1.37 2.83 1.86 Fulton 3.42 1.51 4.82 2.79 Gilmer 2.42 1.40 2.46 2.15 Glascock N/A N/A N/A N/A Glynn 3.79 1.29 3.62 1.92 Gordon 6.17 2.56 5.93 3.07 Grady 4.64 1.50 3.42 2.73 Greene 3.33 1.17 2.63 2.75 Gwinnett 4.02 1.89 5.83 3.14 Habersham 4.57 1.41 2.88 2.64 Hall 4.36 1.88 4.60 2.69 Hancock 3.87 2.06 4.64 2.58 Haralson 5.89 2.23 4.23 2.63 Harris 4.52 1.54 2.54 1.62 Hart 2.60 1.34 3.69 1.42 Heard 8.15 3.46 3.67 3.05 Henry 5.91 2.66 7.50 3.31 Houston 3.86 1.39 2.52 1.28 Irwin N/A N/A N/A N/A Jackson 4.71 1.92 4.39 2.52 Jasper 7.14 2.88 5.30 2.88 Jeff Davis 5.06 1.20 5.06 2.41 Jefferson 6.76 2.33 7.23 1.17 Jenkins N/A N/A N/A N/A Johnson N/A N/A N/A N/A Jones 5.13 2.57 3.34 2.18 Lamar 8.42 3.35 7.45 3.89 Lanier 4.49 1.65 3.07 1.65 Laurens 6.47 2.59 4.75 1.58 Lee 4.95 2.21 2.79 1.13 Liberty 4.75 1.93 3.42 1.08 Lincoln 3.44 1.94 5.81 1.72 Long 4.21 1.95 2.86 0.60 Lowndes 3.48 1.37 3.22 1.10 Lumpkin 4.48 1.35 3.18 1.88 Macon 7.46 3.05 6.44 0.68 Madison 4.84 2.51 4.62 1.88 Marion 6.31 3.88 3.88 3.88 Federal Reserve Bank of Atlanta 8 Third Quarter 2010
County 30 Days 60 Days 90+ Days Foreclosure McDuffie 6.76 3.47 6.22 1.37 McIntosh 4.76 1.49 6.25 2.17 Meriwether 7.12 3.22 5.85 3.22 Miller N/A N/A N/A N/A Mitchell 5.49 2.75 5.49 2.10 Monroe 4.40 1.92 4.33 1.85 Montgomery N/A N/A N/A N/A Morgan 4.96 1.68 5.10 2.41 Murray 5.64 2.72 5.33 3.13 Muscogee 4.72 1.81 3.65 1.48 Newton 7.28 3.10 9.43 4.03 Oconee 2.23 1.11 2.55 1.41 Oglethorpe 4.16 2.08 3.64 2.08 Paulding 5.81 2.83 6.91 3.15 Peach 6.00 1.95 4.17 1.91 Pickens 3.71 1.29 3.05 2.33 Pierce 4.60 1.44 3.60 2.30 Pike 6.85 3.23 5.77 2.77 Polk 6.74 3.63 6.82 3.01 Pulaski 4.83 2.21 4.02 1.21 Putnam 3.27 0.79 2.90 1.48 Quitman N/A N/A N/A N/A Rabun 3.03 1.36 2.57 2.12 Randolph N/A N/A N/A N/A Richmond 5.90 2.36 4.71 1.58 Rockdale 6.10 2.71 8.20 3.88 Schley N/A N/A N/A N/A Screven 7.00 1.96 7.28 1.40 Seminole 3.29 1.20 2.99 1.20 Spalding 6.35 3.04 6.72 2.92 Stephens 6.09 2.29 3.09 3.09 Stewart N/A N/A N/A N/A Sumter 4.61 1.68 3.78 1.34 Talbot 7.87 0.98 1.97 0.98 Taliaferro N/A N/A N/A N/A Tattnall 5.92 2.54 2.82 0.99 Taylor N/A N/A N/A N/A Telfair N/A N/A N/A N/A Terrell N/A N/A N/A N/A Thomas 3.96 1.62 3.07 1.41 Tift 5.29 1.89 4.22 1.51 Toombs 5.45 2.73 3.22 0.87 Towns 2.29 0.86 2.00 1.15 Treutlen N/A N/A N/A N/A Troup 5.80 2.43 4.99 2.08 Turner 4.23 2.69 8.46 1.54 Twiggs 8.25 4.62 7.92 0.66 Union 2.96 0.85 2.11 1.34 Upson 6.77 3.07 7.20 3.17 Walker 5.81 2.41 6.00 2.32 Federal Reserve Bank of Atlanta 9 Third Quarter 2010
County 30 Days 60 Days 90+ Days Foreclosure Walton 5.52 2.53 5.99 2.88 Ware 5.69 1.68 5.83 1.90 Warren N/A N/A N/A N/A Washington 6.30 1.15 5.34 2.86 Wayne 6.49 1.79 3.98 2.03 Webster N/A N/A N/A N/A Wheeler N/A N/A N/A N/A White 3.89 1.58 3.61 3.06 Whitfield 5.47 2.50 4.65 2.67 Wilcox N/A N/A N/A N/A Wilkes 8.05 3.02 4.36 3.02 Wilkinson 8.13 2.46 8.13 0.99 Worth 5.41 2.16 6.03 2.01 Note: Delinquency (30 days, 60 days, or 90+ days past due) and foreclosure rates (total number of loans in the data set divided by the corresponding number of loans that are delinquent or in foreclosure) for first liens (including prime, near prime, and subprime mortgages) by county as of September 2010. Fields showing N/A indicate counties where the data set contains insufficient information to calculate rates. Federal Reserve Bank of Atlanta 10 Third Quarter 2010