Mortgage delinquencies tick down in Atlanta, state

By Michelle E. Shaw

The Atlanta Journal-Constitution

Mortgage delinquency rates in Georgia and metro Atlanta have declined slightly for the third quarter in a row, but both remain above the national average, according to a new report from TransUnion.

In the second quarter of this year, 8.9 percent of metro Atlanta mortgage holders were more than 60 days late on payments, down one-tenth of a percent from the first quarter . Statewide the number was 7.6 percent -- down from 7.8 percent but still fifth highest in the nation.

The national average was 6.67 percent, the report said, down from 6.77 percent in the previous quarter.

The national decline “gives further credence to the notion that the credit market is stabilizing,” said FJ Guarrera, financial services business unit vice president for TransUnion. “Although this is good news for the consumer, the economy is still burdened by high unemployment, upcoming (adjustable rate mortgage) resets and a glut of foreclosures.”

Metro Atlanta ranked No. 44 out of 366 metro areas with mortgage holders more than 60 days behind, according to TransUnion. The top spot went to Miami, with a 21.65 percent delinquency rate and at the bottom was Ithaca, N.Y., at 1.49 percent.

The second quarter delinquency rate in metro Atlanta remained well above the same period a year earlier, when it was 7.4 percent. Georgia's year-earlier rate was 6.5 percent.

The average debt per borrower nationally was $191, 284, the report said, down less than 1 percent from the previous quarter. Average mortgage debt was highest in Washington D.C., at $366,627, and lowest in West Virginia, at $99,206. The average debt in Georgia was $168,518.