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.
Foreclosure Projections 2009- 2012: 348,343
Total Foreclosure starts 2008 – 2009: 117,352
Total Foreclosure sales 2008-2009: 48,131
Total past due mortgages 2Q 2009: 243,084
Change in foreclosure starts from 2006-2009: 141.7%
US lost home equity as result of nearby foreclosures 2009 – 2012: $1.9 trillion
GA lost home equity as result of nearby foreclosures 2009 – 2012: $13 billion*
Number of homes experiencing foreclosure related decline: 2,823,007
Georgia average loss per home affected: 4,657
Number of Georgia’s 1,573,628 mortgages “underwater” or
homeowner owes more on mortgage than home is worth: 376,954
Number of mortgages 5% away from being “underwater”: 130,616
*More information can be found in part one of our two part report on
foreclosure, The Rippling Effects of Reckless Lending. For a PDF copy, click here.