Foreclosure Filings in the Atlanta Region

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Foreclosure Filings in the Atlanta Region

  1. 1. Foreclosure Filings in the Atlanta Region Atlanta Regional Commission Regional Snapshot: October 2013 For more information contact: mcarnathan@atlantaregional.com
  2. 2. 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 25 Largest Metros: Percent of Seriously Delinquent Mortgages, March 2013 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.
  3. 3. -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 25 Largest Metros: Change in Seriously Delinquent Rate, December 2010 - March 2013 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 2010. As you can see, the serious delinquency rate in metro Atlanta has declined 2.5 percentage points since December 2010, the 7th best rate of change among the top 25 metros.
  4. 4. Map: Percent of Seriously Delinquent Mortgages for All Metro Areas, March 2013 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.Metro Atlanta
  5. 5. 20-County Region: Foreclosure Filings, 2010 - Current 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Looking more locally at the 20-county area, the number of foreclosure filings has dropped steadily since 2010.
  6. 6. 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 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-13 10-County Region: Foreclosure Filings, 2000 - Current 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.
  7. 7. 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 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, 2000 - Current 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).
  8. 8. -10,000 -9,000 -8,000 -7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 Barrow Bartow Carroll Cherokee Clayton Cobb Coweta DeKalb Douglas Fayette Forsyth Fulton Gwinnett Hall Henry Newton Paulding Rockdale Spalding Walton Change from 2010 to 2011 Change from 2011 to 2012 20-County Region: Declining Foreclosure Filings, 2010 - 2012 Although the housing market decline began along with the Great Recession in 2007, foreclosure filings kept increasing every year through 2010. Since then, however, every county in the region has seen dramatic declines in the number of foreclosure filings.
  9. 9. Foreclosure Filings by County, 2010-Current (through September) 0 5,000 10,000 15,000 20,000 25,000 2010 2011 2012 2013 As the chart shows, foreclosure filings have continued their precipitous decline in 2013. Note that these data compare filings through September of each year.
  10. 10. In 2007, foreclosure filings were mostly contained within the region’s core… Foreclosure Filings (per sq. mile), 2007
  11. 11. By 2008, foreclosure filings began moving further out… Foreclosure Filings (per sq. mile), 2008
  12. 12. By 2009, significant foreclosure filing hot spots arose in Gwinnett and Cobb… Foreclosure Filings (per sq. mile), 2009
  13. 13. By 2010, Gwinnett County, as a whole, led the region in foreclosure filings… Foreclosure Filings (per sq. mile), 2010
  14. 14. By 2011, foreclosure filing hot spots began to recede slightly… Foreclosure Filings (per sq. mile), 2011
  15. 15. And, finally in 2012, foreclosure filing hot spots are dissipating, but some areas, like those in Gwinnett , DeKalb and Atlanta, have remained “hot” throughout… Foreclosure Filings (per sq. mile), 2012
  16. 16. 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 2013. 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. Map: Foreclosure Filings Comparison, 2013 to 2012

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