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Published Sunday, October 11, 2009 in Local
Record 265 foreclosures for October
By Jeff Bishop
The Newnan Times-Herald
It's another record month for foreclosures in Coweta County, with the number of foreclosure-related legal ads in October tying the record number of 265 set in September.
Foreclosure-related advertisements are up 86.6 percent over the 142 ads placed in October 2008, and 103.8 percent from the 130 ads placed in October 2007.
The 265 ads ties the highest number yet on record, set last month.
The Grantville and Palmetto areas are still the hardest hit, according to figures from First American CoreLogic, a collector of national, state and local data on home prices, foreclosure and delinquency activity, real estate sales volume and mortgage loan activity.
The foreclosure rates in the Palmetto and Grantville areas are listed as "high" (over 2.8 percent), with the rest of southern Coweta County (Moreland and Haralson) placed in the "moderately high" category (2 to 2.8 percent), while Newnan and western Coweta are listed as having a "moderate" number of foreclosures (1.3 to 2 percent), and the Sharpsburg/Senoia area is listed as having only a "moderately low" foreclosure rate (0.8 to 1.3 percent).
Foreclosure rates in Atlanta metro area have also increased for the month of August over the same period last year, according to First American CoreLogic.
According to the most recent data, the rate of foreclosures among outstanding mortgage loans in metro Atlanta is 2.58 percent for August, an increase of 1.39 percentage points compared to August 2008 when the rate was 1.19 percent.
Foreclosure activity in the metro Atlanta area is lower than the national foreclosure rate, which was 2.86 percent for August 2009, representing a .28 percentage point difference.
Foreclosures continue to be a problem nationally, which may lead to another federal bailout, some watchers of the housing industry warned on Friday, according to the Associated Press.
A year after Fannie Mae and Freddie Mac teetered, industry executives and Washington policy makers are worrying that another government mortgage giant could be the next housing domino.
Problems at the Federal Housing Administration, which guarantees mortgages with low down payments, are becoming so acute that some experts warn the agency might need a federal bailout.
Running questions about the F.H.A.'s future -- underscored by interviews with policy makers, analysts and home buyers -- came to the fore on Thursday on Capitol Hill. In testimony before a House subcommittee, the F.H.A. commissioner, David H. Stevens, assured lawmakers that his agency would not need a bailout and that it was managing its risks.
But he acknowledged that some 20 percent of F.H.A. loans insured last year -- and as many as 24 percent of those from 2007 -- faced serious problems including foreclosure, offering a preview of a forthcoming audit of the agency's finances.
"Let me simply state at the outset that based on current projections, absent any catastrophic home price decline, F.H.A. will not need to ask Congress and the American taxpayer for extraordinary assistance -- we will not need a bailout," Stevens said in his testimony.
But to its critics, the F.H.A. looks like another Fannie Mae. The hearings on Thursday came on the same day that the federal agency charged with overseeing Fannie Mae and Freddie Mac provided a somber assessment of those giants' health. In the year since the government stepped in to rescue them, the companies have taken $96 billion from the Treasury, and may need more.
Locally, hard-hit developments in Coweta County's recent foreclosure listings include the Walden Pond Estates and Ivy Ridge subdivisions.
---
Month-by-month foreclosure listings in Coweta:
-
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).
Sept. 2009 — 265 (up from 177 in 2008, or 49.7 percent).
Oct. 2009 — 265 (up from 142 in 2008, or 86.6 percent).
Comment On This Story
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It is sad to see but I do think it will get a little worse before it gets better. Maybe our new Washington team could help, NO sorry they have bigger fish to fry.
Posted by superman at 5:04 PM
Ok. How about "out of work". That applies to any situation then. Same principal to the message.
Posted by simplyput at 2:26 PM
Who said cindys husband was laid off? SHe didn't. He can't get unemployment because he gets retirement.
Posted by Joe Cool at 6:19 PM
The unfortunate side effect of being laid off after working for a company for an extended period of time is that you accrue experience. When desperation sets in and you begin looking at ANY place for employment (Burger King, Dollar General, Petsmart, etc.), they usually won't give you the time of day BECAUSE of your experience. I have been there. I have actually gone on interviews and have been told that I have too much experience for the job being offered. Even telling them I understood but was more than willing to perform the tasks asked of me, they refused. Perseverence paid off and I registered with a temp agency. At least there were more opportunities being looked at that I may have missed. Cindy, your husband may want to register with a couple of temp agencies. That may just help him. I am terribly sorry about his loss and I am sure his self esteem has taken a beating, especially after so long at Delta. Take heart and I pray for a good outcome.
Posted by simplyput at 11:39 AM
SO sorry to see you can't anwser the question about the delta retirement. I do know if you worked at delta for 25 years you get a retirement.
Posted by Bubba B Bad at 3:28 AM
Bubba you are so unimformed you make assumptions that you know nothing about. It's time to end this because I refuse to match wits with an unarmed man! Later BUBBA GUMP!
Posted by Cindy at 10:36 PM
Your husband should have stayed at Delta. I know people who have been out there over 30 years. One guy has been there since 1966.
Posted by Joe Cool at 7:44 PM
I see why you don't have a job. I think its called ignorance.
Posted by Dash Riprock at 7:31 PM
Good name for you. I am sure your Messiah Obama will save you. Oh yeah by the way what happened to the 700 billion stimulus money? Must have went to the union and acorn. SOrry you got left out.
Posted by Bubba B Bad at 7:29 PM
I agree with you 100 percent. I know of one lady at the gym who is on unemployment and stated she isn't looking until her benefits run out. SHe was happy they were extended a few more weeks into 2010.
Posted by Dash Riprock at 7:26 PM
Cindy funny thing you didnt anwser about your husbands delta retirement. Thats ok I am sure you will find away to put gas in your mercedes. Turfkiller they do have opening out at delta but you aren't smart enough to do anything except whine.
Posted by Bubba B Bad at 7:23 PM
I am building in Walden Pond in Senoia and the foreclosures int he development are lots. The bank that owned the lots went under and the builder could not get the construction loans to build on them. There are 2 home sin there that are foreclosures however. Beside my home there are actually 3 houses being built and 2 that have just been finished
Posted by newnanguy at 4:23 PM
One common theme among those who know there are jobs are the ones who know SOMEONE ELSE who got a job. Another theme often is living beyond ones means. Well, without a job is the definition of "living beyond" their means. Now thousands of additional homes in this county are headed into foreclosure because of continuing job losses. Several commentators have not been reading about what is happening at One Roof or articles by Peter Ludlow. The only response Bubba, Nicole and Mom of One can muster is feeling everybody else is taking advantage of the system. Hey Bubba, does Delta have 4,000 job openings in Atlanta? How about 50? 25?
Posted by turfkiller at 4:15 PM
Don't let Bad Bubba get to you, he's just a Troll. He thinks he knows everything about anything.
Posted by corndog at 3:34 PM
Bubba you don't know everything or everyones situation. Where did Air Force come from? With all the cuts at Delta since NW has taken us over. You just might one day be laid off too. Then you will walk in others shoes. Snooty Bubba Be Bad!!!
Posted by Cindy at 2:19 PM
I do agree with the one commenter about their being plenty of jobs, just people not wanting to take them. When you can make more money on unemployment than you can make with a minimum wage job, why would you get off unemployment? Our system is messed up (as usual).
Posted by Mom of One at 2:05 PM
You hit the nail on the head.
Posted by Bubba B Bad at 1:53 PM
He must not have tried very hard because my nephew wife just got on with dollar general and they are hiring and I have seen other places hiring. Maybe you should stop being so snooty and take what you can get. I use to deliver pizza when I was going to school. If your husband spent 25 years at Delta he got some kind of retirement from them. I do know that because I work for Delta. I retired from the Air Force.
Posted by Bubba B Bad at 1:52 PM
I think most people, not all of them, were living outside of their means. It's funny to see someone with a brand new car, eat out 1-2 times per week, shopping like there is not tomorrow and their home is in forclosure. Priorities are totally screwed up. So afraid of letting the little things go instead of focusing on the bigger thing. You know what they say after losing their home,"I bought another house".
Posted by Nicole at 11:57 AM
Bubba you are so wrong! My husband has put in for all jobs in Newnan. Grocery stores, Walmart, Pet Smart etc... No one will call for an interview. He has gone to talk to managers at these stores and they always say we are not hiring but will keep your application on file. My husband worked for Delta for 25 years and is now going to school. He is not claiming unemployment. You don't know everything unless you are walking in their shoes!
Posted by Cindy at 11:48 AM
I see 196 listings in the foreclosures, as opposed to the 250+ last month...seems we are doing better. Not sure where the #'s in this article come from...maybe including other listings besides the foreclosures??
Posted by Me at 11:25 AM
I've lost my home before, notice I said I've. I realize that might be an unknown in the American vocabulary, but the fault lies with no one but me.Stop blaming republicans,and stop waiting on the Government for help.
Posted by Lesson learned at 10:31 AM
Lets see the democrats have been in charge of the country since 06. There are jobs out there trouble is nobody is taking them. They rather stay on unemployment. I know a lady with no skills no high school diploma that got a job here in newnan. I also sold my house 3 days after putting it on the market in coweta county. Maybe you should go out and apply for a job instead of whining on here.
Posted by Bubba B Bad at 9:41 AM
And yet, there are people in politics and on the news who tell us every day that things are getting better!
Posted by na at 8:57 AM
And thanks to Republican Senator Jon Kyl of AZ who has objected to extending unemployment. So how many thousands more will lose their homes before the economy here in Coweta turns around? Senator Kyl said he expects "at the appropriate time," Republicans will "be able to work out some kind of agreement". Additionally the Federal Reserve is reporting homes in foreclosure rate year over year in Coweta is 3.21% but with unemployment running out it's accelerated to 3.78%. That percentage would have increased anyway but will dramatically increase now with Sen. Jon Kyl's partisan politics. As for those sub-prime buyers, their foreclosure rate has actually -3.73%. So homes lost now are willing and hard working Americans who have lost their jobs with none to be found.
Posted by turfkiller at 11:58 PM
Two things continue to go up in this county. Foreclosures and taxes. I guess that the more houses forclosed on the more the rest of us have to pay to keep our officials in the style they are accustomed to .
Posted by disgusted at 8:10 PM
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Reply to buba and dash riprock
11/14/2009
Link To This Comment
Dash, if you add up the loses in the list above, it's a loss of more than 2,300. I don't know why I would think you could add as you haven't read what's happening at Oneroof or what Peter Ludow has been say. With out unemployment, the thousands who have lost their jobs would be loosing their homes as well. Bubba is just a gut and not a thinker. Truly if you want to criticize Obama just look at what he did that allows lenders and banks to not have to modify their loans. But to know that you would have to read. Republicans are willing to foreclose and hurt unemployed and the uninsured Americans (which includes veterans) just to gain back power.
Posted by turfkiller at 6:05 PM