The Mortgage Bankers Association released their 2009 4Q mortgage loan delinquency rates last week. The report finds that of Georgia’s 1,654,728 mortgage holders, 17.1 percent are delinquent or in foreclosure. Additionally, 41.38 percent of the state’s mortgage holders with subprime loans were delinquent or in foreclosure at the end of 2009, as compared to 11.68 percent of those with prime loans. Read the rest of this entry »
Foreclosure News
By Beth Malone
We’re in a housing crisis - one that hasn’t even hit its peek. The middle class is starting to feel the direct effects of foreclosure as the balloon that is their adjustable rate loan, bursts. That means more foreclosures to come in 2010. Read the rest of this entry »
Georgia currently ranks 7th in the nation for foreclosures. The following is a list of a few other startling facts that have resulted from the housing crisis. Read the rest of this entry »
Georgia Watch hosted a rally with clergy leaders from across the Metro area on Friday December 4th. Thanks to all those who came out to help advocate for the end of inappropriate home loan lending. High-interest loans with careless and abusive provisions are the major cause of the current housing crisis. Irresponsible lending needs to end with common sense reform and Georgia families need to stay in their homes! Read the rest of this entry »
Atlanta Business Chronicle, September 22, 2009
Georgia, which has been rocked by a high rate of foreclosures in recent years, was given a “D” in housing and home ownership in the Corporation for Enterprise Development’s (CFED) 2009-2010 Assets & Opportunities Scorecard published Tuesday.
The bi-annual assessment of the financial security of households and individuals said Georgia must take several steps to improve financial security, including protecting the real estate market from predatory mortgage lending…more
New report details escalating number of homeowners with negative home equityA report released mid-August by First American CoreLogic detailed more trouble ahead for Georgia homeowners and the state’s unsteady housing market. The numbers released by CoreLogic reiterate the necessity for mortgage reform in the state. Read the rest of this entry »
By Carrie Teegardin
Atlanta Journal-Constitution
Evelyn Perry was worried about missing an upcoming mortgage payment when she saw a television commercial for a company called Peoples First Financial. The California-based business said it helped consumers avoid foreclosure by negotiating with mortgage lenders… Read the rest of this entry »
By ALYSE KNORR
The Atlanta Journal-Constitution, Tuesday August 11, 2009
Thousands lined up outside the Georgia World Congress Center Tuesday hoping to get relief from unaffordable mortgages during the last day of the Neighborhood Assistance Corporation of America’s “Save the Dream” mortgage restructuring tour… Read the rest of this entry »
Georgia remained the state with the seventh-highest rate of foreclosures, according to RealtyTrac’s May 2009 U.S. Foreclosure Market Report released on Wednesday. Read the rest of this entry »
WASHINGTON — Nationwide home sales may have finally hit bottom, new data shows, but a host of thorny problems are hindering any recovery. Read the rest of this entry »
New figures released in early June put Georgia seventh nationally in the number of home foreclosures. The report from Irvine, Calif.-based RealtyTrac Inc. said 11,521 homes in Georgia received foreclosure notices in April, an increase of 21.68 percent over April 2008. The numbers bring Georgia’s 2009 total to 44,979. Read the rest of this entry »
One in eight home loans is past due and on the verge of foreclosure in Georgia. While the subprime market represents just 13 percent of all outstanding loans in Georgia, subprime foreclosures accounted for 40 percent of the total number of Georgia foreclosures in the first quarter of 2009.
As foreclosure signs, boarded up windows and overgrown lawns become increasing prevalent, some of our best experts and leaders prefer to sit idly by and debate statistics.
…more
This video from NY Times photographer Nicole Bengiveno illustrates the process of foreclosure and the effects it has on residents, business men, and the community as a whole. To view the video click here.