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Published Thursday, August 06, 2009 in Local
Foreclosures: August total 3rd highest on record in Coweta
By Jeff Bishop
The Newnan Times-Herald
Foreclosures are still on the rise in Coweta County, with 196 being advertised in The Times-Herald this month, a 43 percent increase from the 137 listed in August 2008 and a 75 percent increase from the 112 listed two years ago.
This month's number is also an increase over last month, when 169 foreclosures were listed in The Times-Herald's legal advertisement section.
This month marks the third highest number of foreclosure notices on record, behind June's record number of 253 and the March number of 216.
The areas in Coweta County with the highest rates of foreclosure are in the extreme north and south, according to the latest data from First American CoreLogic, a collector of national, state, and local data on home prices, foreclosure, and delinquency activity.
Homes in the Palmetto, Moreland and Grantville zip codes are listed in the "high" foreclosure rate category, with rates exceeding 2.8 percent. Most of the rest of the county, such as Newnan and Senoia and surrounding areas, have only moderate rates of foreclosure (1.3% to 2%), while the lowest rate of foreclosure is in Sharpsburg, with a moderately low rate of foreclosure (0.8 to 1.3 percent).
Derenda Rowe, director of the Newnan-based One Roof ministry, said that there are many reasons why a family might face foreclosure.
"A lot of people are afraid to call their mortgage companies, believe it or not," she said. "It can't get much worse than getting foreclosed on. It pays to at least try to call the bank or the mortgage company and see if you can work toward a solution."
She said the U.S. Department of Housing and Urban Development (HUD) has programs that might help families facing foreclosure, at www.hud.gov or 1-800-225-5342.
The national foreclosure rate was 2.6 percent in June. U.S. home prices continue to be well below 2008 levels. The latest Standard & Poor's Case-Shiller Home Price Index for 20 U.S. cities indicated May home prices were 17.1 percent lower than a year ago, but showed improvement over April data, when prices were down 18.1 percent.
The index posted record annual declines for 16 consecutive months between October 2007 and January 2009, but now have shown four consecutive months of improvement in annual returns.
"The pace of descent in home price values appears to be slowing," said David M. Blitzer, chairman of the Index Committee for Case-Shiller.
The average home price in metro Atlanta has increased by 0.3 percent between April and May, according to the index. Year-over-year, the average price of a metro Atlanta home dropped by 15 percent.
The mortgage delinquency rate has increased in metro Atlanta, according to First American CoreLogic preview data for June 2009: 7.80 percent of mortgage loans were 90 days or more delinquent compared to 4.90 percent for the same period last year, representing an increase of 2.80 percentage points.
During the past 12 months, from July 2008 to June 2009, there were 189,468 foreclosure filings in metro Atlanta-Sandy Springs-Marietta, or approximately 519.09 per day. That compares to the previous 12-month period of July 2007 to June 2008 when there were 127,703 foreclosure filings, or approximately 349.87 per day.
Public record foreclosure filings include the three steps in the foreclosure process beginning with the pre-foreclosure filing or Notice of Default (NOD), which typically occurs after the 90-day delinquency period, the Notice of Foreclosure Sale when the property is scheduled for auction, and the Notification of Sale filed after the property is sold at auction. If the property isn't sold at auction, it goes back to the lender and is considered Real Estate Owned (REO). Because data is collected from public records, it is subject to limitations with regard to geographic coverage and differences in how various municipalities record foreclosure filings.
Foreclosure data for First American CoreLogic is reported based on the actual number of active mortgage loans rather than the total number of households in a given area, which provides more accurate results by removing paid-in-full mortgages from the equation.
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Month-by-month foreclosure listings in The Times-Herald:
Sept. 2008 -- 177 (up from 109 in 2007, or 62 percent).
Oct. 2008 -- 142 (up from 130 in 2007, or 9 percent).
Nov. 2008 -- 166 (up from 116 in 2007, or 43 percent).
Dec. 2008 -- 126 (up from 118 in 2007, or 6.7 percent).
Jan. 2009 -- 176 (up from 156 in 2008, or 12.8 percent).
Feb. 2009 -- 153 (up from 123 in 2008, or 24.3 percent).
March 2009 -- 216 (up from 128 in 2008, or 68.75 percent).
April 2009 -- 182 (up from 145 in 2008, or 25 percent).
May 2009 -- 176 (up from 128 in 2008, or 37.5 percent).
June 2009 -- 253 (up from 125 in 2008, or 102.4 percent).
July 2009 -- 169 (up from 136 in 2008, or 24 percent).
Aug. 2009 -- 196 (up from 137 in 2008, or 43 percent).
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The gov't didn't make you go out and buy things you couldn't afford. They did not make you try to keep up with the Jones. Your financial situation is what YOU make it- good or bad. The problem with today society is that they get them selfs into trouble and think everybody else should bail them out. Grow up and become responsible people, remember who are an example to the the next generation, teach them to be responsible for themselves.
Posted by Lori at 12:15 PM
Again you are way out in left field. Funny I was in the military in 2000 I don't remember Bush blowing up tents and camels. Funny your Messiah Obama approval rating are falling like a rock off of a cliff. The democrats have been in charge of the country since 2006. But you keep right on listening to MSNBC. If I loose my job I will still keep my house because I managed my money properly.
Posted by Dash Riprock at 9:52 PM
Before everyone believes that only the foolish have been hurt by the Bush mis-administration Deutsche Bank is predicting by 2011 that 41% of prime conforming loans will be "underwater" by the first quarter of 2011.
Posted by Turfkiller at 9:14 PM
I bought a house that was less than I could afford over 10 years ago in another state, watched my spending,did not go into debt for cars or credit cards, paid off that house, then bought a nicer house when we moved here with a small low percent mortgage which I could pay off right now. It didn't matter who was president at the time. I am responsible for my own actions and budgeted accordingly.
Posted by Plan for the future at 9:07 PM
one of those 'can't do anything right' Republicans. I bought my house in '92, refinanced it in '03 with a lower interest rate and knocked some years off the loan which lowered my monthly payment. Lost my job in 2004 and haven't worked since. I still own my home, never late on payments or missed a payment and it's almost paid for. No, I can't blame that on the Bush Administration. But, hey, my grass needs to be cut. Can I blame that on him?
Posted by mdl at 9:00 PM
Dash, you still have a job. Lose it and see what happens. It's the unemployed where almost all of these foreclosures are coming from. Coweta Homeowner, sorry that your Holy Republican Leaders condemned this nation to poverty and lost the 2008 elections. It was Bush allowing banks to leverage 40 to 1 that squandered the trust of foreigners in the banking system. It was Bush who campaigned in 2000 that he would not bother using missiles to blow up tents and camels in the desert. Having heard that, the guy in the tent blew up the Towers. Bush and the entire republican party still blames Clinton for everything he did and still does as late as yesterday. GD, The can't do anything right republicans used round-up and now you blame the democrats for having to buy new sod.
Posted by Turfkiller at 7:43 PM
I bought a house I could afford and still have it. I used common sense.
Posted by Dash Riprock at 6:59 PM
Turfkiller & Bill Lang: If I've learned anything it's that Obama's gonna make it all better so don't sweat Bush anymore. Let's see what your Messiah does for you. He's STILL talking about what he "inherited" so apparently he leads the way in Bush-blame! It's wearing a bit thin. Clinton didn't stop Bin Laden when he could have. Bush INHERITED that but after 9/11 he didn't say a word about Clinton's complete disregard and disserve to our country's security nor did he keep blaming the previous administration for the challenges his admin faced. The havoc Obama plans to wreak on our nation will make Bush's worst day better than Obama's best. Enjoy!
Posted by Coweta Homeowner at 6:09 PM
You mean like your current president and his lemings? Have you been drinking RoundUp turfkller?
Posted by GD at 5:56 PM
The Gramm-Leach-Bliley Act of 1999 was introduced by three Republicans but passed by the Democratic congress and then the Republicans pass The Commodity Futures Modernization Act of 2000. President Bush instead of basing the economy on a sound footing and wanting to win the 2004 election permitted in 2003 the 40 to 1 leverage which undermined the banking system. This is the foundation of the republican spend freely and BORROW government. Read some history there republicans.
Posted by Turfkiller at 5:05 PM
If all that is bad is the fault of the Bush Administration, then good things should be attributed to them as well. After he took office, I bought a nice house that I could afford along with a new car and then voluntarily changed jobs last year for an even better one. Thanks President Bush! People that overlook the fact that some may have gotten themselves into this mess are frustrating to me.
Posted by Carol at 3:57 PM
This is not the fault of Pres. Bush. This is personal responsibility on the purchaser who made the choice to buy a house they could not afford.
Posted by Kelly at 3:48 PM
Lang, do your homework. And then finish your Kool Aid as you skip to the tune of your leaders flute, right off the cliff.
Posted by GD at 3:17 PM
My neighbor has a Harley, Hummer, 2 Mercedes, and a new Denali. More $ in vehicles than the house is worth. Maybe that's why their house is on the list. Common sense says " Make sure the piece of paper you get every Friday is more than the debt to which you commit"
Posted by GD at 3:15 PM
C'mon Mr. Lang---all this is Bush's fault? That's the best you can do? No, it's not Barney Frank's fault for INSISTING on lax lending standards. It's not Chris Dodd's fault for his incompetent role in all this. After all, what's a little special treatment by Countrywide Mortgage got to do with anything? I am amused by your comment. I wondered how long people could/would keep blaming Bush for everything. I think now it's obvious that it will never stop. Everything bad that ever happened up to this point is all his fault. His and his alone. Brilliant, sir!
Posted by Coweta Homeowner at 1:02 PM
Since when did former President Bush take away peoples common sense?
Posted by Joe Citizen at 12:54 PM
I just wanted to Thank the Bush Administration once again for letting Coweta County set another record. The American dream has turned into a nightmare. May God bless us all!
Posted by Bill Lang at 10:38 AM
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Foreclosures
8/11/2009
Link To This Comment
I think you all need to finish your crackers and wake up and smell the coffee!! Any of you know about securitized mortgages? Well, I suggest you read up and you will find out why there are so many foreclosures. More than 83% of the subprime mortgages that are in foreclosure is nothing more than theft by the banks and lenders. It is a sad shame that people are just walking away from their homes without finding out the true facts. By the time the mortgage gets to foreclosure, it has more than likely already been paid; once, twice, who knows how many times. Why do you think AIG was the first to get the bailout money? They paid out so much mortgage insurance on the foreclosures that the consumers had already paid when they closed the loan and did not know nothing about it! If you had a pulse, they would give you a loan. You see now; its a government scam because all these people put all that money in their pockets and the rest of us, well, there is nothing. They make sure the investor gets their money. The people that are taking the banks to court are winning in abundance. The judges are throwing these cases out left and right. Did you know that a new foreclosure starts every 13 seconds? Did you know that within the next year or so that 14 million people will demand their homes free and clear of any mortgages? Something for you Bush blamers to think about!
Posted by N24REAL at 12:46 PM