Foreclosures
| Foreclosure Center: Data, Research and Resources about the Foreclosure Crisis in Metro Atlanta |
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Metropolitan Atlanta, like most of the country's other large metro areas, is suffering from increasing foreclosures which are wiping out millions of dollars of wealth. This crisis isn't just an inner-city problem, either. Most of the recent growth in foreclosure filings are happening in the suburbs. According to Equity Depot, Gwinnett County had the largest number of foreclosure filings in August and is second only to Fulton County in the number of filings this year. Neighborhood Nexus recently was selected to participate in a cross-site initiative (along with Chicago and Washington DC), funded by Fannie Mae and directed by the Urban Institute, to examine how the foreclosure crisis is playing out locally. This study is on-going, so the final report will be out soon. Below, however, are initial findings, data and links to other resources to keep informed about the latest developments. |
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| Foreclosure-Related Maps and Data | ||||||||||||||||
| We've been hearing about foreclosures for some time now. So long, in fact, many people think that the problem has to be getting better. Well it isn't. Last year, through August, the 10-county region had just under 50,000 foreclosure filings. This year through August, we've had almost 70,000. |
Source for data: Equity Depot |
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High-Cost Loans One of the precursors to a property going into foreclosure is the type of loan taken out to secure the property. If the loan was subprime (aka high-cost), meaning that the interest rate was higher than the prevailing rate, then a property is more likely to go into foreclosure than a property that received a standard loan product. The two maps below show where subprime mortgages were concentrated (areas in blue). The bottom two maps show where bank-owned properties (from Fannie Mae's inventory) and foreclosure notices are concentrated. That being said, many properties secured with standard loan products are also going into foreclosure. |
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| (Click here to view larger map in PDF format) Source: HMDA and Atlanta Regional Commission (created the maps) |
(Click here to view larger map in PDF format) Source: HMDA and Atlanta Regional Commission (created the maps) |
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| (Click here to view presentation given by Emory University -Office of University-Community Partnerships (OUCP) ) Data Sources: Fannie Mae (on left), Equity Depot (on right) and Emory University-OUCP (created the maps) |
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Foreclosure-Related Research and Links to More Information |
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Featured Reports: Interim Report from Urban Institute- How Atlanta, Chicago and Washington DC Compare The Urban Institute received funding from Fannie Mae to direct a cross-site research project in three metro areas - Atlanta, Chicago and Washington DC. The research explored how the foreclosure crisis played out in each area using the best data available. It also looked at how each area is responding to the crisis. While the Atlanta report is not quite finished, this links to the Urban Institute's initial report that compares the three metros across a spectrum of demographic and socio-economic, including the sub-prime lending markets. Community Response to the Foreclosure Crisis - Federal Reserve Bank of Atlanta (Dan Immergluck) Dr. Dan Immergluck, a nationally-recognized scholar on foreclosures and their associated problems, catalogues a range of responses that local organizations throughout the country have orchestrated to help stem the foreclosure crisis. Other Reports: Analysis of Home Sale Prices and Appraised Home Values in High Foreclosure Rate Neighborhoods - Atlanta Neighborhood Development Partnership, Inc. High Cost and Investor Mortgages - Urban Institute The Accumulation of Foreclosed Properties - Federal Reserve Bank of Atlanta (Dan Immergluck)
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Featured Links: This is a new Website that helps local communities better respond to the foreclosure crisis by providing data and other resources. It provides the data used to develop funding formulas for the Neighborhood Stabilization Program. www.atlantaregionalhousing.org
This Website is dedicated to housing issues in the Atlanta region and includes data, reports and other information about foreclosures. They post monthly foreclosure filing totals for the 10-county region. The site also contains local governments' NSP responses.
Federal Reserve Bank of Atlanta's Foreclosure Resource Center This portion of their website contains several links to reports and other research, as well as links to national organizations focused on abating foreclosures and the associated impacts they have on communities. Other links:
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