In the aftermath of the foreclosure crisis, metro Atlanta leads the country with 35% of homeowners underwater on their mortgage loans (Haas Institute, 2014). Housing recovery in the region has been wildly uneven. The slow rising tide of home prices in affluent neighborhoods has bypassed large portions of metro Atlanta, particularly communities south of I-20 and along portions of the I-85 corridor.
Of the top 10 hardest-hit zip codes in the country for negative equity, nine are located in metro Atlanta. The hardest hit zip code in the country is in Clayton County where a staggering 76% of homeowners are underwater. In this Clayton community, 89% of homeowners are African American. The impact of negative equity is even more significant given the fact that home equity accounts for 92% of personal net worth for the typical African-American household.
SAVE THE DATE: On March 17, Piece by Piece will convene its 150+ partner organizations and more to discuss strategies for addressing the negative equity issue. Make plans to join us for a half-day discussion at The Carter Center. MORE | REGISTER