Atlanta foreclosures down, still high

Foreclosures continue to decline in metro Atlanta, yet the region remains one of the nation’s leaders in the category. During the 12 months ending in May, there were 14,340 completed foreclosures in metro Atlanta, the second-highest number among big U.S. metro areas behind only Tampa-St. Petersburg at 17,044, according to CoreLogic, a California-based real estate research firm. Metro Atlanta’s total was down from more than 20,000 completed foreclosures in the prior 12-month period, according to CoreLogic.

The region’s progress tracks the trend in the national housing market, where completed foreclosures fell 19.2 percent from a year earlier. Among states, Georgia had the sixth -highest number at 26,523 completed foreclosures. The top five were Florida (104,000), Michigan (46,000), Texas (33,000), California (28,000) and Ohio (27,000).

Foreclosures became an epidemic after the burst of the housing bubble in 2006-2007, a collapse followed by plunging prices and a financial crisis that led to a devastating recession – which in further undermined housing.

A flood of foreclosures followed, virtually destroying the market for housing in many areas. Home values in many parts of metro Atlanta have yet to return to pre-recession levels. But as foreclosures recede, the market can build momentum. “With three million jobs created during the past year, the improving labor market has helped more borrowers stay current on their mortgage loan,” said Frank Nothaft, chief economist for CoreLogic. “Because fewer loans are becoming seriously delinquent, the foreclosure inventory has come down to its lowest level in more than seven years, with only 1.3 percent of loans in foreclosure proceedings.” In metro Atlanta, 3.4 percent of mortgages are in serious delinquency, vs. 4.4 percent a year ago, according to CoreLogic.

Down but not OUT!

Save the Date: 13th Annual Fall Affordable Housing Conference

Attention: Housing Counselors, Housing Counseling Managers, Financial Education Providers and Training professionals!

Please save the date for the 13th Annual Fall Affordable Housing Conference, scheduled for October 29, 2014.  We will hold the conference at the State Bar of Georgia Conference Center, 104 Marietta Street, Atlanta, GA 30303.  The conference will have sessions of interest to affordable housing developers as well as housing counselors.  The opening speaker will be Matt Hauer with UGA’s Carl Vinson Institute of Government.  Plan to arrive at 8:30 a.m. for a continental breakfast and then don’t miss a word of Matt’s presentation, beginning shortly after 9 a.m.

 Registration will open September 15th.  

  Kate Little

 

Understanding the Impact of Location on Affordability

The Location Affordability Portal

http://locationaffordability.info/

There is more to housing affordability than how much rent or mortgage you pay. Transportation costs are the second-biggest budget item for most families, but to date there hasn’t been an easy way for people to fully factor transportation costs into decisions about where to live and work. The goal of the Location Affordability Portal is to provide the public with reliable, user-friendly data and resources on combined housing and transportation costs to help consumers, policymakers, and developers make more informed decisions about where to live, work, and invest.  The Portal features two new cutting-edge tools — the Location Affordability Index and My Transportation Cost Calculator—that illustrate from different perspectives how housing and transportation costs impact affordability. In addition to these decision-support tools, the Portal provides access to supporting resources that offer a wide range of information on current research and practice aimed at understanding, and ultimately reducing, the combined housing and transportation cost burden borne by American families.  HUD and DOT are committed to engaging with the public to continually improve and expand this resource. Please email locationaffordability@hud.gov with any questions or comments.

“The costs of transportation now approach or exceed those of housing for many working families, yet federal definitions of housing affordability fail to recognize their interdependence… This index will serve to make transparent the costs of living in a given location, and inform consumers and businesses about their choices in real-time, so they can make intelligent decisions about how to combine transportation and housing choices to lower their cost burdens.”

-Shaun Donovan, HUD Secretary

http://locationaffordability.info/